# EDGAR Filing Document

**Accession Number:** 0000353905
**File Stem:** 0002071691-25-004723
**Filing Date:** 2025-11
**Character Count:** 134122
**Document Hash:** f8705549554cbabb3e613394425b29f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-004723.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0002071691-25-004723

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONWIDE VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000353905

**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:** 811-03213
- **FILM NUMBER:** 251478362

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 5-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 614-435-5749

**MAIL ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 5-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GARTMORE VARIABLE INSURANCE TRUST
- **DATE OF NAME CHANGE:** 20020125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE SEPARATE ACCOUNT TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE SEPARATE ACCOUNT MONEY MARKET TRUST
- **DATE OF NAME CHANGE:** 19860226

## Series and Classes Contracts Data

### NVIT Strategic Income Fund (Series ID: S000005423)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014754 | Class I      |  |

## Nport-Ex

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## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Nationwide Variable Insurance Trust

- **b. Investment Company Act file number:** 811-03213

- **c. CIK number of Registrant:** 0000353905

- **d. LEI of Registrant:** 549300WLMVM3JP578846

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

  - **Street Address 1:** One Nationwide Plaza

  - **City:** Columbus

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 43215

  - **Telephone number:** 614-435-3820

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

- **a. Name of Series:** NVIT Strategic Income Fund

- **b. EDGAR series identifier (if any):** S000005423

- **c. LEI of Series:** 5493003NBLEW4UFF5S87

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $407640941.95

**Total Liabilities:** $92766239.61

**Net Assets:** $314874702.34

**Cash Not Reported:** $5762939.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 2669.26951200 | **5-Year:** 23086.23916000 | **10-Year:** 50995.45782300 | **30-Year:** 14967.43445300

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

- **3-Month:** 164.01722500 | **1-Year:** 5432.72696500 | **5-Year:** 21002.32640400 | **10-Year:** 5996.81046300 | **30-Year:** 149.53021400

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000014754 | 1.12%                | 1.11%                | 0.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $93990.61                | $124043.46                                 |
| Month 2  | $713266.99               | $2818665.89                                |
| Month 3  | $924120.49               | $1642394.01                                |

**Designated Index Information**

- **Index Name:** Portfolio Excluding Derivatives

- **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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MPLX LP                                             | MPLX LP                                                                      | CUSIP: 55336VCC2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $2129616.20   | 0.68%             | 2035-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| Resorts World Las Vegas LLC                         | Resorts World Las Vegas LLC                                                  | CUSIP: 76120HAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1320715.50   | 0.42%             | 2030-07-27      | Fixed         | 8.45%                 | Yes           |                  2 | On Loan: —       |
| GCAT Trust                                          | GCAT Trust, Series 2021-CM1, Class M1                                        | CUSIP: 36168AAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    805000 | PA      | $715135.19    | 0.23%             | 2065-04-25      | Variable      | 3.28%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2021-SFR7, Class F                        | CUSIP: 74333PAN7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1710000 | PA      | $1610913.20   | 0.51%             | 2040-08-17      | Fixed         | 3.83%                 | Yes           |                  2 | On Loan: No      |
| Lending Funding Trust                               | Lending Funding Trust, Series 2020-2A, Class D                               | CUSIP: 51507KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    910000 | PA      | $911940.76    | 0.29%             | 2031-04-21      | Fixed         | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Nordea Bank Abp                                     | Nordea Bank Abp                                                              | CUSIP: 65558RAQ2<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    450000 | PA      | $456522.30    | 0.14%             | 2033-11-10      | Variable      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                                             | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1465000 | PA      | $1231983.11   | 0.39%             | 2029-01-31      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Aquila Re I Ltd.                                    | Aquila Re I Ltd., Series C-1                                                 | CUSIP: 03843AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $471375.00    | 0.15%             | 2026-06-08      | Floating      | 12.78%                | Yes           |                  2 | On Loan: No      |
| Gateway Re Ltd.                                     | Gateway Re Ltd., Series A                                                    | CUSIP: 36779CAC0<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |    450000 | PA      | $471375.00    | 0.15%             | 2026-02-24      | Floating      | 13.94%                | Yes           |                  2 | On Loan: No      |
| River Rock Entertainment                            | River Rock Entertainment, First Lien Term Loan                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3705000 | PA      | $3612375.00   | 1.15%             | 2031-06-25      | Variable      | 10.00%                | No            |                  2 | On Loan: No      |
| United Mexican States                               | United Mexican States                                                        | CUSIP: N/A<br>LEI: 254900EGTWEU67VP6075       | Long             | DBT              | NUSS              | MX        |   3550000 | PA      | $4269464.43   | 1.36%             | 2037-05-04      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| Mona Lisa Re Ltd.                                   | Mona Lisa Re Ltd., Series B                                                  | CUSIP: 608800AG3<br>LEI: 549300R6SO6XBFDC7M25 | Long             | DBT              | CORP              | BM        |    450000 | PA      | $460800.00    | 0.15%             | 2026-01-08      | Floating      | 16.40%                | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                       | Freedom Mortgage Holdings LLC                                                | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    125000 | PA      | $131018.75    | 0.04%             | 2032-04-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: —       |
| Four Lakes Re Ltd.                                  | Four Lakes Re Ltd., Series A                                                 | CUSIP: 35087TAD0<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |    450000 | PA      | $454860.00    | 0.14%             | 2026-01-07      | Floating      | 10.71%                | Yes           |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                           | Nippon Life Insurance Co.                                                    | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |   2137000 | PA      | $2300986.97   | 0.73%             | 2055-04-30      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Regions Financial Corp.                             | Regions Financial Corp.                                                      | CUSIP: 7591EPAV2<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    955000 | PA      | $981806.23    | 0.31%             | 2035-09-06      | Variable      | 5.50%                 | No            |                  2 | On Loan: —       |
| Borr IHC Ltd.                                       | Borr IHC Ltd.                                                                | CUSIP: 100018AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1569723 | PA      | $1569445.20   | 0.50%             | 2030-11-15      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: —       |
| Hyundai Capital America                             | Hyundai Capital America                                                      | CUSIP: 44891ACR6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    690000 | PA      | $731405.23    | 0.23%             | 2029-01-16      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: —       |
| Allianz SE                                          | Allianz SE                                                                   | CUSIP: 018820AD2<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |   2000000 | PA      | $2052044.00   | 0.65%             | 2054-09-03      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Blackbird Capital II Aircraft Lease Ltd.            | Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class B            | CUSIP: 09229CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1568238 | PA      | $1494714.87   | 0.47%             | 2046-07-15      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2019-159, Class CI                                              | CUSIP: 38382BHB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    775755 | PA      | $127136.12    | 0.04%             | 2049-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Solomon Re Ltd.                                     | Solomon Re Ltd., Series A                                                    | CUSIP: 83427GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $461025.00    | 0.15%             | 2026-06-08      | Floating      | 9.47%                 | Yes           |                  2 | On Loan: No      |
| Global Aircraft Leasing Co. Ltd.                    | Global Aircraft Leasing Co. Ltd.                                             | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1435000 | PA      | $1482553.03   | 0.47%             | 2027-09-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: —       |
| TransDigm, Inc.                                     | TransDigm, Inc.                                                              | CUSIP: 893647BZ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    248000 | PA      | $255047.91    | 0.08%             | 2034-01-31      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Chile                                   | Republic of Chile                                                            | CUSIP: N/A<br>LEI: 549300FLZTJM5YJF8D34       | Long             | DBT              | NUSS              | CL        |    680000 | PA      | $815497.91    | 0.26%             | 2032-01-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bills                                 | U.S. Treasury Bills                                                          | CUSIP: 912797RP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   6000000 | PA      | $5968080.00   | 1.90%             | 2025-11-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WOM Chile Holdco SpA                                | WOM Chile Holdco SpA                                                         | CUSIP: 97810KAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |    358196 | PA      | $320585.42    | 0.10%             | 2032-04-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sanders Re III Ltd.                                 | Sanders Re III Ltd., Series A                                                | CUSIP: 799927AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $262525.00    | 0.08%             | 2028-04-07      | Floating      | 9.46%                 | Yes           |                  2 | On Loan: No      |
| Sanders Re III Ltd.                                 | Sanders Re III Ltd., Series A                                                | CUSIP: 799925AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $469395.00    | 0.15%             | 2026-06-05      | Floating      | 11.62%                | Yes           |                  2 | On Loan: No      |
| Champions Financing, Inc.                           | Champions Financing, Inc.                                                    | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |    620000 | PA      | $598770.33    | 0.19%             | 2029-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: —       |
| United Mexican States                               | United Mexican States                                                        | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    820000 | PA      | $884370.00    | 0.28%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| Citigroup, Inc.                                     | Citigroup, Inc., Series GG                                                   | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1030557.00   | 0.33%             | 2030-08-15      | Variable      | 6.87%                 | No            |                  2 | On Loan: —       |
| Meiji Yasuda Life Insurance Co.                     | Meiji Yasuda Life Insurance Co.                                              | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |   2890000 | PA      | $3006940.96   | 0.95%             | 2055-06-11      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: —       |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                            | CUSIP: 404280EV7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1205000 | PA      | $1259933.54   | 0.40%             | 2031-08-27      | Variable      | 6.95%                 | No            |                  2 | On Loan: —       |
| Arbor Realty Commercial Real Estate Notes Ltd.      | Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A     | CUSIP: 03880KAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    269372 | PA      | $269370.72    | 0.09%             | 2034-08-15      | Floating      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                      | BNP Paribas SA                                                               | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1530000 | PA      | $1596932.91   | 0.51%             | 2035-06-27      | Variable      | 7.45%                 | Yes           |                  2 | On Loan: —       |
| Cape Lookout Re Ltd.                                | Cape Lookout Re Ltd., Series A                                               | CUSIP: 13947LAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $465930.00    | 0.15%             | 2026-04-28      | Floating      | 11.15%                | Yes           |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                 | Macquarie Bank Ltd.                                                          | CUSIP: 556079AG6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   1550000 | PA      | $1570094.03   | 0.50%             | 2036-08-13      | Variable      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Galileo Re Ltd.                                     | Galileo Re Ltd., Series B                                                    | CUSIP: 36354TAP7<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $253500.00    | 0.08%             | 2026-01-08      | Floating      | 10.95%                | Yes           |                  2 | On Loan: No      |
| CNO Financial Group, Inc.                           | CNO Financial Group, Inc.                                                    | CUSIP: 12621EAM5<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |   2191000 | PA      | $2325031.18   | 0.74%             | 2034-06-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: —       |
| Towd Point Mortgage Trust                           | Towd Point Mortgage Trust, Series 2022-SJ1, Class B1                         | CUSIP: 89180GAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1829000 | PA      | $1796314.12   | 0.57%             | 2062-03-25      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                          | Verus Securitization Trust, Series 2023-3, Class B2                          | CUSIP: 92539GAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1399130.04   | 0.44%             | 2068-03-25      | Variable      | 7.73%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                               | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    375000 | PA      | $392623.80    | 0.12%             | 2039-02-07      | Variable      | 5.94%                 | No            |                  2 | On Loan: —       |
| UniCredit SpA                                       | UniCredit SpA                                                                | CUSIP: 904678AF6<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |   1760000 | PA      | $1787454.42   | 0.57%             | 2032-06-19      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: —       |
| NatWest Group plc                                   | NatWest Group plc                                                            | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    595000 | PA      | $669824.23    | 0.21%             | 2033-11-10      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Residential Reinsurance 2023 Ltd.                   | Residential Reinsurance 2023 Ltd., Series 3                                  | CUSIP: 76090WAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $266400.00    | 0.08%             | 2027-12-06      | Floating      | 12.65%                | Yes           |                  2 | On Loan: No      |
| N/A                                                 | Euro-Bobl                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |       -11 | NC      | $-504.19      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Residential Reinsurance 2023 Ltd.                   | Residential Reinsurance 2023 Ltd., Series 5                                  | CUSIP: 76090WAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $263200.00    | 0.08%             | 2027-12-06      | Floating      | 9.92%                 | Yes           |                  2 | On Loan: No      |
| Gateway Re Ltd.                                     | Gateway Re Ltd., Series AA                                                   | CUSIP: 36779CAG1<br>LEI: 549300ZYFWQV9RCIN520 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $259900.00    | 0.08%             | 2027-07-08      | Floating      | 9.85%                 | Yes           |                  2 | On Loan: No      |
| Element Fleet Management Corp.                      | Element Fleet Management Corp.                                               | CUSIP: 286181AP7<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   1815000 | PA      | $1851408.12   | 0.59%             | 2030-03-25      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: —       |
| Summit Midstream Holdings LLC                       | Summit Midstream Holdings LLC                                                | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1507383.00   | 0.48%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: —       |
| Hyundai Capital America                             | Hyundai Capital America                                                      | CUSIP: 44891AEA1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    810000 | PA      | $806143.44    | 0.26%             | 2030-09-18      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: —       |
| Genting New York LLC                                | Genting New York LLC                                                         | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1766363.43   | 0.56%             | 2029-10-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: —       |
| WOM Mobile SA                                       | WOM Mobile SA                                                                | CUSIP: N/A<br>LEI: 549300T600VUO0QJ3063       | Long             | EC               | CORP              | CL        |       579 | NS      | $13317.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Level 3 Financing, Inc.                             | Level 3 Financing, Inc.                                                      | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1508386.40   | 0.48%             | 2033-06-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development, Series C                | CUSIP: N/A<br>LEI: ZTMSNXROF84AHWJNKQ93       | Long             | DBT              | NUSS              | US        |    250000 | PA      | $271825.00    | 0.09%             | 2028-04-24      | Floating      | 17.84%                | Yes           |                  2 | On Loan: No      |
| Bonanza RE Ltd.                                     | Bonanza RE Ltd., Series C                                                    | CUSIP: 09785EAQ4<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $255875.00    | 0.08%             | 2027-12-19      | Floating      | 9.53%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | Euro-Bund                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |       -27 | NC      | $-25517.03    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Kendall Re Ltd.                                     | Kendall Re Ltd., Series A                                                    | CUSIP: 48878QAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $263225.00    | 0.08%             | 2027-04-30      | Floating      | 10.20%                | Yes           |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                       | HTL Commercial Mortgage Trust, Series 2024-T53, Class D                      | CUSIP: 404300AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    990000 | PA      | $1016153.62   | 0.32%             | 2039-05-10      | Variable      | 8.47%                 | Yes           |                  2 | On Loan: No      |
| Delek Logistics Partners LP                         | Delek Logistics Partners LP                                                  | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1970000 | PA      | $2054316.02   | 0.65%             | 2029-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: —       |
| Avolon Holdings Funding Ltd.                        | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    545000 | PA      | $559052.99    | 0.18%             | 2030-05-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR Trust                                   | FHLMC STACR Trust, Series 2018-HQA2, Class B2                                | CUSIP: 35563XBE1<br>LEI: 5493005RUXPCBST1N217 | Long             | ABS-MBS          | CORP              | US        |   2800000 | PA      | $3473875.72   | 1.10%             | 2048-10-25      | Floating      | 15.47%                | Yes           |                  2 | On Loan: No      |
| Borr IHC Ltd.                                       | Borr IHC Ltd.                                                                | CUSIP: 100018AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    378354 | PA      | $374932.68    | 0.12%             | 2028-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: —       |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2021-4A, Class E                   | CUSIP: 36263DAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1640000 | PA      | $1618267.21   | 0.51%             | 2028-10-16      | Fixed         | 4.43%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2024-4A, Class E                 | CUSIP: 30166UAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1480000 | PA      | $1540793.37   | 0.49%             | 2032-02-17      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Tricon American Homes                               | Tricon American Homes, Series 2020-SFR1, Class F                             | CUSIP: 89613GAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    980000 | PA      | $974260.83    | 0.31%             | 2038-07-17      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                       | HTL Commercial Mortgage Trust, Series 2024-T53, Class C                      | CUSIP: 404300AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    410000 | PA      | $417925.38    | 0.13%             | 2039-05-10      | Variable      | 7.32%                 | Yes           |                  2 | On Loan: No      |
| STACR Trust                                         | STACR Trust, Series 2018-HRP2, Class B2                                      | CUSIP: 35564ACC3<br>LEI: 549300YG8OJES76WL398 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2449126.40   | 0.78%             | 2047-02-25      | Floating      | 14.97%                | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                             | FHLMC STACR REMIC Trust, Series 2020-DNA6, Class B2                          | CUSIP: 35566CBE4<br>LEI: 5493000ITBQFEOXM0S98 | Long             | ABS-MBS          | CORP              | US        |   2115000 | PA      | $2433339.23   | 0.77%             | 2050-12-25      | Floating      | 10.01%                | Yes           |                  2 | On Loan: No      |
| Resorts World Las Vegas LLC                         | Resorts World Las Vegas LLC                                                  | CUSIP: 76120HAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $342791.88    | 0.11%             | 2031-04-06      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: —       |
| Lottomatica Group Spa                               | Lottomatica Group Spa                                                        | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | DBT              | CORP              | IT        |   1335000 | PA      | $1614985.39   | 0.51%             | 2031-01-31      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Hundred Acre Wood Trust                             | Hundred Acre Wood Trust, Series 2021-INV1, Class AX1                         | CUSIP: 44590HBJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  24065673 | PA      | $305650.89    | 0.10%             | 2051-07-25      | Variable      | 0.23%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class D | CUSIP: 61690FAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1200000.00   | 0.38%             | 2048-04-15      | Variable      | 4.11%                 | Yes           |                  2 | On Loan: No      |
| CF SECURED LLC                                      | Government Agency Repurchase Agreement                                       | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   5000000 | PA      | $5000000.00   | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Finance Ltd.                               | Woodside Finance Ltd.                                                        | CUSIP: 980236AV5<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |   1105000 | PA      | $1153417.61   | 0.37%             | 2035-05-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Minerva Luxembourg SA                               | Minerva Luxembourg SA                                                        | CUSIP: 603374AF6<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |   1625000 | PA      | $1485398.04   | 0.47%             | 2031-03-18      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury Long Bond                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -33 | NC      | $-77163.77    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                   | Corp. Nacional del Cobre de Chile                                            | CUSIP: 21987BBM9<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | NUSS              | CL        |    765000 | PA      | $820692.00    | 0.26%             | 2055-01-13      | Fixed         | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Transocean International Ltd.                       | Transocean International Ltd.                                                | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   2175000 | PA      | $1842200.79   | 0.59%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: —       |
| CoreWeave, Inc.                                     | CoreWeave, Inc.                                                              | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1537318.50   | 0.49%             | 2031-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: —       |
| Verus Securitization Trust                          | Verus Securitization Trust, Series 2023-5, Class B2                          | CUSIP: 924934AF9<br>LEI: 984500BADC7CFE3B0756 | Long             | ABS-MBS          | CORP              | US        |    340000 | PA      | $339612.13    | 0.11%             | 2068-06-25      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                     | TransDigm, Inc.                                                              | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    450000 | PA      | $465281.56    | 0.15%             | 2034-01-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: —       |
| VRTX Trust                                          | VRTX Trust, Series 2025-HQ, Class C                                          | CUSIP: 91835XAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $323809.70    | 0.10%             | 2042-08-05      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| African Export-Import Bank (The)                    | African Export-Import Bank (The)                                             | CUSIP: 008281BK2<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | NUSS              | US        |   1045000 | PA      | $1045000.00   | 0.33%             | 2035-05-07      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC            | Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class C            | CUSIP: 05377RJA3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $560430.58    | 0.18%             | 2030-06-20      | Fixed         | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Alamo Re Ltd.                                       | Alamo Re Ltd., Series B                                                      | CUSIP: 011395AP5<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $268275.00    | 0.09%             | 2027-06-07      | Floating      | 12.38%                | Yes           |                  2 | On Loan: No      |
| Barclays plc                                        | Barclays plc                                                                 | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $370889.40    | 0.12%             | 2035-03-15      | Variable      | 7.62%                 | No            |                  2 | On Loan: —       |
| Verus Securitization Trust                          | Verus Securitization Trust, Series 2023-INV3, Class B2                       | CUSIP: 92540CAF4<br>LEI: 9845008F97BFO762AF95 | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $583291.79    | 0.19%             | 2068-11-25      | Variable      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development, Series A                | CUSIP: N/A<br>LEI: ZTMSNXROF84AHWJNKQ93       | Long             | DBT              | NUSS              | US        |    250000 | PA      | $257050.00    | 0.08%             | 2028-04-24      | Floating      | 8.35%                 | Yes           |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                             | Flagstar Mortgage Trust, Series 2021-4, Class AX1                            | CUSIP: 33852FBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  75856518 | PA      | $937252.79    | 0.30%             | 2051-06-01      | Variable      | 0.20%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                 | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2              | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1556597.10   | 0.49%             | 2041-10-25      | Floating      | 10.36%                | Yes           |                  2 | On Loan: No      |
| Farmers Exchange Capital III                        | Farmers Exchange Capital III                                                 | CUSIP: 30958QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2010000 | PA      | $1881737.68   | 0.60%             | 2054-10-15      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Long Point Re IV Ltd.                               | Long Point Re IV Ltd., Series 2022                                           | CUSIP: 54279PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $456750.00    | 0.15%             | 2026-06-01      | Floating      | 8.17%                 | Yes           |                  2 | On Loan: No      |
| Blue Ridge Re Ltd.                                  | Blue Ridge Re Ltd., Series B                                                 | CUSIP: 096003AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $264675.00    | 0.08%             | 2027-01-08      | Floating      | 12.05%                | Yes           |                  2 | On Loan: No      |
| LoanCore Issuer Ltd.                                | LoanCore Issuer Ltd., Series 2022-CRE7, Class A                              | CUSIP: 53946PAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1035756 | PA      | $1037199.19   | 0.33%             | 2037-01-17      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                               | OneMain Finance Corp.                                                        | CUSIP: 682691AM2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1975000 | PA      | $1978120.50   | 0.63%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| BHG Securitization Trust                            | BHG Securitization Trust, Series 2022-C, Class E                             | CUSIP: 08860DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    830000 | PA      | $896206.94    | 0.28%             | 2035-10-17      | Fixed         | 9.73%                 | Yes           |                  2 | On Loan: No      |
| KeySpan Gas East Corp.                              | KeySpan Gas East Corp.                                                       | CUSIP: 49338CAD5<br>LEI: K8TS3HOE1568DUBUJL44 | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1874356.99   | 0.60%             | 2033-03-06      | Fixed         | 5.99%                 | Yes           |                  2 | On Loan: —       |
| VRTX Trust                                          | VRTX Trust, Series 2025-HQ, Class D                                          | CUSIP: 91835XAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160000 | PA      | $162865.92    | 0.05%             | 2042-08-05      | Variable      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR Trust                                   | FHLMC STACR Trust, Series 2019-DNA3, Class B2                                | CUSIP: 35564TBE9<br>LEI: 549300KB1O80CETXGJ21 | Long             | ABS-MBS          | CORP              | US        |   1360000 | PA      | $1528177.46   | 0.49%             | 2049-07-25      | Floating      | 12.62%                | Yes           |                  2 | On Loan: No      |
| MC Brazil Downstream Trading SARL                   | MC Brazil Downstream Trading SARL                                            | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |    801832 | PA      | $686584.31    | 0.22%             | 2031-06-30      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Kilimanjaro II Re Ltd.                              | Kilimanjaro II Re Ltd., Series D-1                                           | CUSIP: 49407QAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $260225.00    | 0.08%             | 2029-07-09      | Floating      | 10.45%                | Yes           |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corp.                   | Algonquin Power & Utilities Corp.                                            | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   1330000 | PA      | $1297747.13   | 0.41%             | 2082-01-18      | Variable      | 4.75%                 | No            |                  2 | On Loan: —       |
| Enbridge, Inc.                                      | Enbridge, Inc.                                                               | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    990000 | PA      | $1132277.85   | 0.36%             | 2084-01-15      | Variable      | 8.50%                 | No            |                  2 | On Loan: —       |
| N/A                                                 | Forward Foreign Currency Contract                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1706.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MF1                                                 | MF1, Series 2024-FL16, Class A                                               | CUSIP: 55287EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1185000 | PA      | $1187962.97   | 0.38%             | 2039-11-18      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Home RE Ltd.                                        | Home RE Ltd., Series 2023-1, Class M1B                                       | CUSIP: 43731BAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    513992 | PA      | $527127.62    | 0.17%             | 2033-10-25      | Floating      | 8.96%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                              | Standard Chartered plc                                                       | CUSIP: 85325C2E1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    890000 | PA      | $962766.24    | 0.31%             | 2036-01-21      | Variable      | 6.23%                 | Yes           |                  2 | On Loan: —       |
| Saluda Grade Alternative Mortgage Trust             | Saluda Grade Alternative Mortgage Trust, Series 2025-LOC4, Class A1A         | CUSIP: 79589VAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1126191 | PA      | $1128079.82   | 0.36%             | 2055-06-25      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                  | Venture Global Plaquemines LNG LLC                                           | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    710000 | PA      | $747386.75    | 0.24%             | 2034-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: —       |
| Galileo Re Ltd.                                     | Galileo Re Ltd., Series A                                                    | CUSIP: 36354TAN2<br>LEI: 549300MXI75DHMS7JH38 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $262750.00    | 0.08%             | 2028-01-07      | Floating      | 10.95%                | Yes           |                  2 | On Loan: No      |
| Citadel Securities Global Holdings LLC              | Citadel Securities Global Holdings LLC                                       | CUSIP: 17289RAA4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |   2090000 | PA      | $2145088.37   | 0.68%             | 2030-06-18      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: —       |
| Truist Financial Corp.                              | Truist Financial Corp.                                                       | CUSIP: 89788NAA8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1355619.10   | 0.43%             | 2033-07-28      | Variable      | 4.92%                 | No            |                  2 | On Loan: —       |
| Freedom Mortgage Holdings LLC                       | Freedom Mortgage Holdings LLC                                                | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    845000 | PA      | $889088.39    | 0.28%             | 2029-02-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: —       |
| A&D Mortgage Trust                                  | A&D Mortgage Trust, Series 2023-NQM4, Class B1                               | CUSIP: 00002MAE9<br>LEI: 9845002EOD0CFAFA4F48 | Long             | ABS-MBS          | CORP              | US        |    930000 | PA      | $943320.67    | 0.30%             | 2068-09-25      | Variable      | 8.06%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                 | Societe Generale SA                                                          | CUSIP: 83368RCF7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1053888.06   | 0.33%             | 2033-04-13      | Variable      | 6.10%                 | Yes           |                  2 | On Loan: —       |
| Mystic Re IV Ltd.                                   | Mystic Re IV Ltd., Series A                                                  | CUSIP: 62865LAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $459405.00    | 0.15%             | 2026-01-08      | Floating      | 12.83%                | Yes           |                  2 | On Loan: No      |
| Grupo Aeromexico SAB de CV                          | Grupo Aeromexico SAB de CV                                                   | CUSIP: 40054JAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    575000 | PA      | $574223.75    | 0.18%             | 2029-11-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| U.S. Treasury Bills                                 | U.S. Treasury Bills                                                          | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   6000000 | PA      | $5980404.78   | 1.90%             | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust             | Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1          | CUSIP: 795935AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    430000 | PA      | $435124.31    | 0.14%             | 2030-04-25      | Variable      | 7.76%                 | Yes           |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                          | Sotera Health Holdings LLC, First Lien Term Loan                             | CUSIP: 83600VAH4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    497727 | PA      | $497936.22    | 0.16%             | 2031-05-30      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| Hanwha Life Insurance Co. Ltd.                      | Hanwha Life Insurance Co. Ltd.                                               | CUSIP: 41135UAC9<br>LEI: 988400ZKCI3R9DQHR320 | Long             | DBT              | CORP              | KR        |    610000 | PA      | $638640.08    | 0.20%             | 2055-06-24      | Variable      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Ursa Re Ltd.                                        | Ursa Re Ltd., Series Aa                                                      | CUSIP: 90323WAL4<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |    450000 | PA      | $452520.00    | 0.14%             | 2025-12-06      | Floating      | 9.42%                 | Yes           |                  2 | On Loan: No      |
| Kinetic Advantage Master Owner Trust                | Kinetic Advantage Master Owner Trust, Series 2024-1A, Class A                | CUSIP: 49462DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1780000 | PA      | $1782660.57   | 0.57%             | 2027-11-15      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Jane Street Group                                   | Jane Street Group                                                            | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1452000 | PA      | $1508097.02   | 0.48%             | 2033-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer LLC                                    | BSPRT Issuer LLC, Series 2025-FL12, Class A                                  | CUSIP: 05619BAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1490000 | PA      | $1486255.03   | 0.47%             | 2043-01-17      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Securities Trust          | JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class D          | CUSIP: 46590LAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $1188548.50   | 0.38%             | 2049-06-15      | Variable      | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Atlas Capital DAC                                   | Atlas Capital DAC, Series A                                                  | CUSIP: 049207AA1<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |    450000 | PA      | $466290.00    | 0.15%             | 2026-06-05      | Floating      | 11.71%                | Yes           |                  2 | On Loan: No      |
| Aquila Re I Ltd.                                    | Aquila Re I Ltd., Series A-1.                                                | CUSIP: 037987AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $259200.00    | 0.08%             | 2027-06-07      | Floating      | 9.47%                 | Yes           |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                               | Foundry JV Holdco LLC                                                        | CUSIP: 350930AC7<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1442926.35   | 0.46%             | 2032-01-25      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: —       |
| Carnival Corp.                                      | Carnival Corp.                                                               | CUSIP: N/A<br>LEI: F1OF2ZSX47CR0BCWA982       | Long             | DBT              | CORP              | PA        |   1060000 | PA      | $1342081.37   | 0.43%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                            | BX Trust, Series 2021-ARIA, Class D                                          | CUSIP: 05608RAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1700000 | PA      | $1700000.00   | 0.54%             | 2036-10-15      | Floating      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | Avation plc                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               |  | GB        |     35000 | NS      | $18828.59     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Torrey Pines Re Ltd.                                | Torrey Pines Re Ltd., Series A                                               | CUSIP: 89141WAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $260300.00    | 0.08%             | 2027-06-07      | Floating      | 9.98%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2021-SFR8, Class G                        | CUSIP: 74333TAQ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2100000 | PA      | $2059606.50   | 0.65%             | 2038-10-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C33, Class D | CUSIP: 61767CAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3250000 | PA      | $2820884.95   | 0.90%             | 2050-05-15      | Fixed         | 3.36%                 | Yes           |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                        | Santander Holdings USA, Inc.                                                 | CUSIP: 80282KBL9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $2024955.31   | 0.64%             | 2035-05-31      | Variable      | 6.34%                 | No            |                  2 | On Loan: —       |
| Venture Global Plaquemines LNG LLC                  | Venture Global Plaquemines LNG LLC                                           | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1305000 | PA      | $1386140.99   | 0.44%             | 2036-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: —       |
| CaixaBank SA                                        | CaixaBank SA                                                                 | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | DBT              | CORP              | ES        |   1000000 | PA      | $1134443.42   | 0.36%             | 2028-09-14      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| COPT Defense Properties LP                          | COPT Defense Properties LP                                                   | CUSIP: 22003BAP1<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $2665654.87   | 0.85%             | 2033-12-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                        | Royal Caribbean Cruises Ltd.                                                 | CUSIP: 78017TAB9<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    385000 | PA      | $387245.21    | 0.12%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Credit Risk            | FHLMC Multifamily Structured Credit Risk, Series 2021-MN1, Class M2          | CUSIP: 35563FAB7<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |   1275000 | PA      | $1313074.82   | 0.42%             | 2051-01-25      | Floating      | 8.11%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                      | Morgan Stanley Capital I Trust, Series 2016-UBS9, Class D                    | CUSIP: 61766CAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    715000 | PA      | $543618.86    | 0.17%             | 2049-03-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes      | FHLMC Structured Agency Credit Risk REMIC Trust, Series 2020-HQA5, Class B2  | CUSIP: 35565TBE8<br>LEI: 5493000IT2BRJ2Q9YQ96 | Long             | ABS-MBS          | CORP              | US        |   1140000 | PA      | $1395185.35   | 0.44%             | 2050-11-25      | Floating      | 11.76%                | Yes           |                  2 | On Loan: No      |
| Czechoslovak Group A/S                              | Czechoslovak Group A/S                                                       | CUSIP: N/A<br>LEI: 315700SWFD7G70AVG768       | Long             | DBT              | CORP              | CZ        |    465000 | PA      | $567208.62    | 0.18%             | 2031-01-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Torrey Pines Re Ltd.                                | Torrey Pines Re Ltd., Series A                                               | CUSIP: 89141WAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $457110.00    | 0.15%             | 2026-06-05      | Floating      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                           | SCF Equipment Leasing LLC, Series 2022-1A, Class E                           | CUSIP: 784033AL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    940000 | PA      | $936048.52    | 0.30%             | 2032-07-20      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                        | Avolon Holdings Funding Ltd.                                                 | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1665000 | PA      | $1736791.99   | 0.55%             | 2028-05-04      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| VRTX Trust                                          | VRTX Trust, Series 2025-HQ, Class B                                          | CUSIP: 91835XAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    670000 | PA      | $676646.87    | 0.21%             | 2042-08-05      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| US Acute Care Solutions LLC                         | US Acute Care Solutions LLC                                                  | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1535000 | PA      | $1571812.88   | 0.50%             | 2029-05-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: —       |
| Herbie Re Ltd.                                      | Herbie Re Ltd., Series A                                                     | CUSIP: 42703VAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $253475.00    | 0.08%             | 2028-01-07      | Floating      | 10.98%                | Yes           |                  2 | On Loan: No      |
| N/A                                                 | CDI                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  99400000 | PA      | $-3436095.89  | -1.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Capital DAC                                   | Atlas Capital DAC, Series 2024                                               | CUSIP: 049207AB9<br>LEI: 635400CBPJFGGWD2AH20 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $278725.00    | 0.09%             | 2027-06-08      | Floating      | 16.41%                | Yes           |                  2 | On Loan: No      |
| Merna Reinsurance II Ltd.                           | Merna Reinsurance II Ltd., Series B                                          | CUSIP: 59013MAJ1<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    450000 | PA      | $479880.00    | 0.15%             | 2026-07-07      | Floating      | 14.37%                | Yes           |                  2 | On Loan: No      |
| Merna Reinsurance II Ltd.                           | Merna Reinsurance II Ltd., Series C                                          | CUSIP: 59013MAM4<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $260950.00    | 0.08%             | 2027-07-07      | Floating      | 12.39%                | Yes           |                  2 | On Loan: No      |
| Four Lakes Re Ltd.                                  | Four Lakes Re Ltd., Series A                                                 | CUSIP: 35087TAE8<br>LEI: 549300MG4RRU6DT7MN54 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $255575.00    | 0.08%             | 2027-01-07      | Floating      | 9.70%                 | Yes           |                  2 | On Loan: No      |
| Darling Global Finance BV                           | Darling Global Finance BV                                                    | CUSIP: N/A<br>LEI: 724500R2BQXOR6YG2Y67       | Long             | DBT              | CORP              | NL        |    955000 | PA      | $1132011.92   | 0.36%             | 2032-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, Series 2018-42, Class SB                                               | CUSIP: 3136B2AS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2851963 | PA      | $366679.14    | 0.12%             | 2048-06-25      | Floating      | 1.73%                 | No            |                  2 | On Loan: No      |
| Imperial Fund Mortgage Trust                        | Imperial Fund Mortgage Trust, Series 2022-NQM5, Class B1                     | CUSIP: 45276QAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    990000 | PA      | $986219.59    | 0.31%             | 2067-08-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                           | Republic of Cote d'Ivoire                                                    | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |   2092000 | PA      | $2339702.96   | 0.74%             | 2032-01-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BP Capital Markets plc                              | BP Capital Markets plc                                                       | CUSIP: 05565QDX3<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   2605000 | PA      | $2698131.36   | 0.86%             | 2035-03-18      | Variable      | 6.12%                 | No            |                  2 | On Loan: —       |
| First Coast Re IV Ltd.                              | First Coast Re IV Ltd., Series A                                             | CUSIP: 31969UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    400000 | PA      | $413600.00    | 0.13%             | 2026-04-07      | Floating      | 9.94%                 | Yes           |                  2 | On Loan: No      |
| Marlon Ltd.                                         | Marlon Ltd., Series A                                                        | CUSIP: 571253AA1<br>LEI: 98450044CD0YE4DAFC06 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $267800.00    | 0.09%             | 2027-06-07      | Floating      | 11.23%                | Yes           |                  2 | On Loan: No      |
| Champions Financing, Inc.                           | Champions Financing, Inc., First Lien Term Loan                              | CUSIP: 15870MAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1584000 | PA      | $1481040.00   | 0.47%             | 2029-02-06      | Variable      | 8.95%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer LLC                                | FS Rialto Issuer LLC, Series 2022-FL4, Class A                               | CUSIP: 30326MAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    335212 | PA      | $335213.02    | 0.11%             | 2039-01-19      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| Wynn Macau Ltd.                                     | Wynn Macau Ltd.                                                              | CUSIP: 98313RAL0<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   1220000 | PA      | $1236783.21   | 0.39%             | 2034-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: —       |
| Jefferies Financial Group, Inc.                     | Jefferies Financial Group, Inc.                                              | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1339627.62   | 0.43%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: —       |
| Hilcorp Energy I LP                                 | Hilcorp Energy I LP                                                          | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1930000 | PA      | $1855597.34   | 0.59%             | 2034-05-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                 | Societe Generale SA                                                          | CUSIP: 83368RBL5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   2300000 | PA      | $2416772.96   | 0.77%             | 2033-06-15      | Variable      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust      | Morgan Stanley Residential Mortgage Loan Trust, Series 2023-NQM1, Class B2   | CUSIP: 61775VAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1300555.36   | 0.41%             | 2068-09-25      | Variable      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| Lightning Re                                        | Lightning Re, Series 2023-1                                                  | CUSIP: 532242AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    400000 | PA      | $417920.00    | 0.13%             | 2026-03-31      | Floating      | 14.95%                | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                          | J.P. Morgan Mortgage Trust, Series 2021-10, Class AX1                        | CUSIP: 46654ABS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  46793371 | PA      | $301419.50    | 0.10%             | 2051-12-25      | Variable      | 0.11%                 | Yes           |                  2 | On Loan: No      |
| Nordea Bank Abp                                     | Nordea Bank Abp                                                              | CUSIP: 65559CAD3<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   1525000 | PA      | $1414434.60   | 0.45%             | 2029-03-01      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Dai-ichi Life Insurance Co. Ltd. (The)              | Dai-ichi Life Insurance Co. Ltd. (The)                                       | CUSIP: 23381LAA2<br>LEI: 3538001235ACEIORUV72 | Long             | DBT              | CORP              | JP        |   3560000 | PA      | $3700484.72   | 1.18%             | 2035-01-16      | Variable      | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Blue Ridge Re Ltd.                                  | Blue Ridge Re Ltd., Series A                                                 | CUSIP: 096003AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258800.00    | 0.08%             | 2027-01-08      | Floating      | 9.17%                 | Yes           |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                   | American Electric Power Co., Inc., Series D                                  | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    540000 | PA      | $540759.38    | 0.17%             | 2056-03-15      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Ball Corp.                                          | Ball Corp.                                                                   | CUSIP: N/A<br>LEI: 0BGI85ALH27ZJP15DY16       | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1428997.85   | 0.45%             | 2032-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2024-B, Class E                           | CUSIP: 12627SAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    930000 | PA      | $982379.65    | 0.31%             | 2031-11-17      | Fixed         | 8.36%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 2 Year Note                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       130 | NC      | $-24172.85    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                      | CUSIP: 44891ACP0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    770000 | PA      | $821295.64    | 0.26%             | 2030-09-21      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| ING Groep NV                                        | ING Groep NV, Series NC10                                                    | CUSIP: 456837AZ6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   2208000 | PA      | $1968452.62   | 0.63%             | 2031-05-16      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer                                     | DataBank Issuer, Series 2024-1A, Class A2                                    | CUSIP: 23802WAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    290000 | PA      | $290179.60    | 0.09%             | 2054-01-26      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Grupo Aeromexico SAB de CV                          | Grupo Aeromexico SAB de CV                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     43743 | NS      | $701641.21    | 0.22%             |  |  |  | No            |                  3 | On Loan: No      |
| Sanders Re III Ltd.                                 | Sanders Re III Ltd.                                                          | CUSIP: 80001QAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $465525.00    | 0.15%             | 2027-04-07      | Floating      | 9.37%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                 | Hilcorp Energy I LP                                                          | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $469097.62    | 0.15%             | 2035-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: —       |
| Uniti Group LP                                      | Uniti Group LP                                                               | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $281828.93    | 0.09%             | 2032-06-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: —       |
| Republic of Colombia                                | Republic of Colombia                                                         | CUSIP: 195325ES0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   1235000 | PA      | $1366527.50   | 0.43%             | 2035-04-25      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| COPT Defense Properties LP                          | COPT Defense Properties LP                                                   | CUSIP: 12713UAA4<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49670.28     | 0.02%             | 2030-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                    | Boeing Co. (The)                                                             | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2120000 | PA      | $2418290.57   | 0.77%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: —       |
| Ford Motor Credit Co. LLC                           | Ford Motor Credit Co. LLC                                                    | CUSIP: 345397G31<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1355000 | PA      | $1384914.84   | 0.44%             | 2031-11-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: —       |
| Citrus Re Ltd.                                      | Citrus Re Ltd., Series A                                                     | CUSIP: 177510AL8<br>LEI: 549300VWWT5SE805NK88 | Long             | DBT              | CORP              | BM        |    450000 | PA      | $467010.00    | 0.15%             | 2026-06-07      | Floating      | 10.54%                | Yes           |                  2 | On Loan: No      |
| Kosmos Energy Ltd.                                  | Kosmos Energy Ltd.                                                           | CUSIP: 500688AF3<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1653250.00   | 0.53%             | 2027-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Goat Holdco LLC                                     | Goat Holdco LLC                                                              | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $594499.83    | 0.19%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: —       |
| Purple Re Ltd.                                      | Purple Re Ltd., Series A                                                     | CUSIP: 74639NAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    500000 | PA      | $530300.00    | 0.17%             | 2027-06-07      | Floating      | 13.07%                | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                    | Boeing Co. (The)                                                             | CUSIP: 097023DU6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    415000 | PA      | $480426.14    | 0.15%             | 2064-05-01      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                      | CUSIP: 44891ADX2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    760000 | PA      | $782473.44    | 0.25%             | 2032-06-23      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: —       |
| Diamond Sports Group LLC                            | Diamond Sports Group LLC                                                     | CUSIP: N/A<br>LEI: 5493002K6DHWNZH8YA34       | Long             | EC               | CORP              | US        |       171 | NS      | $1752.75      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FloodSmart Re Ltd.                                  | FloodSmart Re Ltd., Series A                                                 | CUSIP: 33975CAP0<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $530600.00    | 0.17%             | 2027-03-12      | Floating      | 18.31%                | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 10 Year Note                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        55 | NC      | $31667.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                 | U.S. Treasury 5 Year Note                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -462 | NC      | $-40000.20    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                           | APA Corp.                                                                    | CUSIP: 03743QAT5<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |   2960000 | PA      | $2983815.04   | 0.95%             | 2055-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Arbor Realty Commercial Real Estate Notes Ltd.      | Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A     | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    652958 | PA      | $652957.99    | 0.21%             | 2037-01-15      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2015-CR26, Class D                         | CUSIP: 12593QBK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2433949.50   | 0.77%             | 2048-10-10      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Amentum Holdings, Inc.                              | Amentum Holdings, Inc., First Lien Term Loan                                 | CUSIP: 02351XAB4<br>LEI: 2549009FJIBLW40CU216 | Long             | LON              | CORP              | US        |    504000 | PA      | $503400.07    | 0.16%             | 2031-09-29      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| Topanga Re Ltd.                                     | Topanga Re Ltd., Series A                                                    | CUSIP: 89055TAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $443700.00    | 0.14%             | 2026-01-08      | Floating      | 4.77%                 | Yes           |                  2 | On Loan: No      |
| PennyMac Financial Services, Inc.                   | PennyMac Financial Services, Inc.                                            | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    520000 | PA      | $530444.72    | 0.17%             | 2034-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: —       |
| Ally Financial, Inc.                                | Ally Financial, Inc.                                                         | CUSIP: 02005NBT6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1098092.13   | 0.35%             | 2029-06-13      | Variable      | 6.99%                 | No            |                  2 | On Loan: —       |
| High Point Re Ltd.                                  | High Point Re Ltd., Series A                                                 | CUSIP: 429932AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $256575.00    | 0.08%             | 2027-01-06      | Floating      | 9.71%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                 | CUSIP: 902613BS6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    220000 | PA      | $224274.38    | 0.07%             | 2035-02-05      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: —       |
| Titania RE Ltd.                                     | Titania RE Ltd., Series A                                                    | CUSIP: 888329AC3<br>LEI: 5493008E73M6FH2NSB56 | Long             | DBT              | CORP              | BM        |    450000 | PA      | $468990.00    | 0.15%             | 2026-02-27      | Floating      | 17.08%                | Yes           |                  2 | On Loan: No      |
| Melco Resorts Finance Ltd.                          | Melco Resorts Finance Ltd.                                                   | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    255000 | PA      | $255201.45    | 0.08%             | 2033-09-24      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Kendall Re Ltd.                                     | Kendall Re Ltd., Series B                                                    | CUSIP: 48878QAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $262825.00    | 0.08%             | 2027-04-30      | Floating      | 11.78%                | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC             | Volkswagen Group of America Finance LLC                                      | CUSIP: 928668CS9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1281674.46   | 0.41%             | 2035-03-27      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: —       |
| Hyundai Capital America                             | Hyundai Capital America                                                      | CUSIP: 44891ACH8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    950000 | PA      | $980549.43    | 0.31%             | 2028-06-26      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: —       |
| Locke Tavern Re Ltd.                                | Locke Tavern Re Ltd., Series A                                               | CUSIP: 539694AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $459270.00    | 0.15%             | 2026-04-09      | Floating      | 8.91%                 | Yes           |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                     | 1261229 BC Ltd., First Lien Term Loan                                        | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   2044875 | PA      | $2012279.69   | 0.64%             | 2030-10-08      | Variable      | 10.41%                | No            |                  2 | On Loan: No      |
| Alamo Re Ltd.                                       | Alamo Re Ltd., Series A                                                      | CUSIP: 011395AJ9<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |    700000 | PA      | $736750.00    | 0.23%             | 2026-06-07      | Floating      | 9.08%                 | Yes           |                  2 | On Loan: No      |
| Wildfire Intermediate Holdings LLC                  | Wildfire Intermediate Holdings LLC                                           | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1399369.38   | 0.44%             | 2029-10-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: —       |
| Total Play Telecomunicaciones SA de CV              | Total Play Telecomunicaciones SA de CV                                       | CUSIP: 89157PAD0<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |   3777250 | PA      | $3725672.78   | 1.18%             | 2032-12-31      | Fixed         | 11.12%                | Yes           |                  2 | On Loan: No      |
| Merna Reinsurance II Ltd.                           | Merna Reinsurance II Ltd., Series A                                          | CUSIP: 59013MAH5<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    400000 | PA      | $419680.00    | 0.13%             | 2026-07-07      | Floating      | 12.28%                | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                       | Starwood Property Trust, Inc.                                                | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   2365000 | PA      | $2365684.93   | 0.75%             | 2028-10-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Aker BP ASA                                         | Aker BP ASA                                                                  | CUSIP: 00973RAM5<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |   2005000 | PA      | $2103818.47   | 0.67%             | 2033-06-13      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| International Petroleum Corp.                       | International Petroleum Corp.                                                | CUSIP: N/A<br>LEI: 54930025D80LU0SMR645       | Long             | DBT              | CORP              | CA        |   3190000 | PA      | $3190000.00   | 1.01%             | 2030-10-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                          | J.P. Morgan Mortgage Trust, Series 2021-8, Class AX1                         | CUSIP: 46592TBS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  41741148 | PA      | $264484.44    | 0.08%             | 2051-12-25      | Variable      | 0.11%                 | Yes           |                  2 | On Loan: No      |
| Mystic Re IV Ltd.                                   | Mystic Re IV Ltd., Series A                                                  | CUSIP: 62865LAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $266075.00    | 0.08%             | 2027-01-08      | Floating      | 15.95%                | Yes           |                  2 | On Loan: No      |
| Saudi Arabian Oil Co.                               | Saudi Arabian Oil Co.                                                        | CUSIP: 80414L3F0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | NUSS              | SA        |   1436000 | PA      | $1530738.98   | 0.49%             | 2055-06-02      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: —       |
| Aquila Re I Ltd.                                    | Aquila Re I Ltd., Series A-1                                                 | CUSIP: 03843AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $463050.00    | 0.15%             | 2026-06-08      | Floating      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Radnor RE Ltd.                                      | Radnor RE Ltd., Series 2023-1, Class M1A                                     | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |         0 | PA      | $0.04         | 0.00%             | 2033-07-25      | Floating      | 7.06%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp. Trust                  | GS Mortgage Securities Corp. Trust, Series 2021-IP, Class E                  | CUSIP: 36262MAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $295934.13    | 0.09%             | 2036-10-15      | Floating      | 7.82%                 | Yes           |                  2 | On Loan: No      |
| Enbridge, Inc.                                      | Enbridge, Inc.                                                               | CUSIP: 29250NCG8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    185000 | PA      | $195728.15    | 0.06%             | 2055-03-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: —       |
| Uniti Group LP                                      | Uniti Group LP                                                               | CUSIP: 91327AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3200000 | PA      | $2897298.37   | 0.92%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Kilimanjaro II Re Ltd.                              | Kilimanjaro II Re Ltd., Series C-1                                           | CUSIP: 49407QAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $257500.00    | 0.08%             | 2029-07-09      | Floating      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Merna Reinsurance II Ltd.                           | Merna Reinsurance II Ltd., Series A                                          | CUSIP: 59013MAK8<br>LEI: 549300478X5RX87PYX60 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $264750.00    | 0.08%             | 2027-07-07      | Floating      | 11.38%                | Yes           |                  2 | On Loan: No      |
| Directv Financing LLC                               | Directv Financing LLC, First Lien Term Loan B                                | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    383338 | PA      | $383617.34    | 0.12%             | 2029-08-02      | Variable      | 9.82%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC                        | Treasury Repurchase Agreement                                                | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Long             | RA               | CORP              | US        |   5000000 | PA      | $5000000.00   | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Mutual Insurance Co.                        | Liberty Mutual Insurance Co.                                                 | CUSIP: 53079QAD9<br>LEI: CNC20I6IOMGF7KY49D67 | Long             | DBT              | CORP              | US        |    730000 | PA      | $838341.64    | 0.27%             | 2097-10-15      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.                  | General Motors Financial Co., Inc.                                           | CUSIP: 37045XED4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2340000 | PA      | $2509297.17   | 0.80%             | 2033-01-09      | Fixed         | 6.40%                 | No            |                  2 | On Loan: —       |
| Avianca Midco 2 plc                                 | Avianca Midco 2 plc                                                          | CUSIP: 05369YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1464000 | PA      | $1456240.80   | 0.46%             | 2030-02-14      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Sumitomo Life Insurance Co.                         | Sumitomo Life Insurance Co.                                                  | CUSIP: 86564CAF7<br>LEI: 549300I5OQCDADQSPI57 | Long             | DBT              | CORP              | JP        |   2950000 | PA      | $3003412.70   | 0.95%             | 2055-09-10      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                  | Energy Transfer LP, Series G                                                 | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    620000 | PA      | $640644.14    | 0.20%             | 2030-05-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2021-SFR9, Class F                        | CUSIP: 74333QAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    780000 | PA      | $741018.72    | 0.24%             | 2040-11-17      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                  | Ally Bank Auto Credit-Linked Notes, Series 2025-A, Class E                   | CUSIP: 02007G5H2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1263937 | PA      | $1268227.60   | 0.40%             | 2033-06-15      | Fixed         | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Mayflower Re Ltd.                                   | Mayflower Re Ltd., Series A                                                  | CUSIP: 57839MAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $258025.00    | 0.08%             | 2027-07-08      | Floating      | 8.87%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                       | Novelis Corp.                                                                | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1830000 | PA      | $1848914.33   | 0.59%             | 2033-08-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: —       |
| American Electric Power Co., Inc.                   | American Electric Power Co., Inc., Series C                                  | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1355234.56   | 0.43%             | 2056-03-15      | Variable      | 5.80%                 | No            |                  2 | On Loan: —       |
| N/A                                                 | CDS                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    533898 | PA      | $-3228.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Darden Restaurants, Inc.                            | Darden Restaurants, Inc.                                                     | CUSIP: 237194AN5<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |   2960000 | PA      | $3205343.09   | 1.02%             | 2033-10-10      | Fixed         | 6.30%                 | No            |                  2 | On Loan: —       |
| A&D Mortgage Trust                                  | A&D Mortgage Trust, Series 2023-NQM3, Class B1                               | CUSIP: 00249FAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    770000 | PA      | $776490.95    | 0.25%             | 2068-07-25      | Variable      | 8.13%                 | Yes           |                  2 | On Loan: No      |
| PFP Ltd.                                            | PFP Ltd., Series 2024-11, Class A                                            | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    386421 | PA      | $387025.24    | 0.12%             | 2039-09-17      | Floating      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                               | CUSIP: 61747YES0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1329028.27   | 0.42%             | 2037-04-20      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2019-159, Class HI                                              | CUSIP: 38382BKH5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1556148 | PA      | $260057.77    | 0.08%             | 2049-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Receivables Trust        | Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class B        | CUSIP: 039943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    870000 | PA      | $892660.11    | 0.28%             | 2030-06-17      | Fixed         | 6.87%                 | Yes           |                  2 | On Loan: No      |
| MFA Trust                                           | MFA Trust, Series 2023-RTL2, Class A1                                        | CUSIP: 55286UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    718000 | PA      | $723391.03    | 0.23%             | 2028-11-25      | Variable      | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Cruise Yacht Upper HoldCo Ltd.                      | Cruise Yacht Upper HoldCo Ltd.                                               | CUSIP: N/A<br>LEI: 984500DE088QEE80G074       | Long             | DBT              | CORP              | MT        |    800000 | PA      | $692431.51    | 0.22%             | 2028-07-05      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| Citadel Securities Global Holdings LLC              | Citadel Securities Global Holdings LLC                                       | CUSIP: 17289RAB2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |    800000 | PA      | $840380.35    | 0.27%             | 2035-06-18      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Grupo Aeromexico SAB de CV                          | Grupo Aeromexico SAB de CV                                                   | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |   1235000 | PA      | $1233332.75   | 0.39%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Vitality Re XIII Ltd.                               | Vitality Re XIII Ltd., Series A                                              | CUSIP: 92849MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    450000 | PA      | $450405.00    | 0.14%             | 2026-01-06      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                               | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    695000 | PA      | $728693.58    | 0.23%             | 2038-01-19      | Variable      | 5.95%                 | No            |                  2 | On Loan: —       |
| Residential Reinsurance 2004 Ltd.                   | Residential Reinsurance 2004 Ltd., Series 4                                  | CUSIP: 76112AAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $258975.00    | 0.08%             | 2028-12-06      | Floating      | 9.33%                 | Yes           |                  2 | On Loan: No      |
| Sanders Re III Ltd.                                 | Sanders Re III Ltd., Series A                                                | CUSIP: 80000XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    450000 | PA      | $454050.00    | 0.14%             | 2026-04-07      | Floating      | 7.29%                 | Yes           |                  2 | On Loan: No      |
| Residential Reinsurance 2004 Ltd.                   | Residential Reinsurance 2004 Ltd., Series 3                                  | CUSIP: 76112AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $260625.00    | 0.08%             | 2028-12-06      | Floating      | 10.89%                | Yes           |                  2 | On Loan: No      |
| NMEF Funding LLC                                    | NMEF Funding LLC, Series 2025-B, Class E                                     | CUSIP: 62919WAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $504095.30    | 0.16%             | 2033-01-18      | Fixed         | 7.66%                 | Yes           |                  2 | On Loan: No      |
| Allianz SE                                          | Allianz SE                                                                   | CUSIP: 018820AE0<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $619440.00    | 0.20%             | 2033-10-30      | Variable      | 6.55%                 | Yes           |                  2 | On Loan: —       |
| International Bank for Reconstruction & Development | International Bank for Reconstruction & Development, Series D                | CUSIP: N/A<br>LEI: ZTMSNXROF84AHWJNKQ93       | Long             | DBT              | NUSS              | US        |    250000 | PA      | $262950.00    | 0.08%             | 2028-04-24      | Floating      | 16.34%                | Yes           |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                     | 1261229 BC Ltd.                                                              | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    775000 | PA      | $794415.33    | 0.25%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: —       |
| PERSHING LLC                                        | Government Agency Repurchase Agreement                                       | CUSIP: N/A<br>LEI: ZI8Q1A8EI8LQFJNM0D94       | Long             | RA               | CORP              | US        |   4000000 | PA      | $4000000.00   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Vitality Re XIII Ltd.                               | Vitality Re XIII Ltd., Series B                                              | CUSIP: 92849MAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $250425.00    | 0.08%             | 2026-01-06      | Floating      | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                       | Freedom Mortgage Holdings LLC                                                | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1074187.52   | 0.34%             | 2031-05-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| CANTOR FITZGERAL & CO                               | Government Agency Repurchase Agreement                                       | CUSIP: N/A<br>LEI: 5493004J7H4GCPG6OB62       | Long             | RA               | CORP              | US        |   1669199 | PA      | $1669199.00   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                   | GLS Auto Select Receivables Trust, Series 2024-1A, Class D                   | CUSIP: 37988XAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1650000 | PA      | $1717117.22   | 0.55%             | 2031-01-15      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands II BV       | Teva Pharmaceutical Finance Netherlands II BV                                | CUSIP: N/A<br>LEI: 549300HSQCIKJAOYIT23       | Long             | DBT              | CORP              | NL        |   1598000 | PA      | $1920761.44   | 0.61%             | 2030-05-09      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                 | CUSIP: 902613AV0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1890000 | PA      | $2021755.09   | 0.64%             | 2034-01-12      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Comerica Bank                                       | Comerica Bank                                                                | CUSIP: 200339EX3<br>LEI: 70WY0ID1N53Q4254VH70 | Long             | DBT              | CORP              | US        |    989000 | PA      | $988271.27    | 0.31%             | 2033-08-25      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| ABRA Global Finance                                 | ABRA Global Finance                                                          | CUSIP: 000852AC7<br>LEI: 2549007QS3P0D4KT9G26 | Long             | DBT              | CORP              | KY        |   2665507 | PA      | $2597203.38   | 0.82%             | 2029-10-22      | Fixed         | 14.00%                | Yes           |                  2 | On Loan: No      |
| FloodSmart Re Ltd.                                  | FloodSmart Re Ltd., Series A                                                 | CUSIP: 33975CAM7<br>LEI: 549300KK1LNVFW95S875 | Long             | DBT              | CORP              | BM        |    800000 | PA      | $818000.00    | 0.26%             | 2026-03-11      | Floating      | 21.07%                | Yes           |                  2 | On Loan: No      |
| N/A                                                 | Forward Foreign Currency Contract                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $35105.34     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                         | First Quantum Minerals Ltd.                                                  | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    450000 | PA      | $465278.85    | 0.15%             | 2034-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Corp. Trust                  | GS Mortgage Securities Corp. Trust, Series 2021-IP, Class D                  | CUSIP: 36262MAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $696533.95    | 0.22%             | 2036-10-15      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust     | Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class CE    | CUSIP: 62547NAD1<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |   2136000 | PA      | $2183084.49   | 0.69%             | 2049-10-25      | Floating      | 13.22%                | Yes           |                  2 | On Loan: No      |
| WOM Mobile SA                                       | WOM Mobile SA                                                                | CUSIP: 97810LAA7<br>LEI: 549300T600VUO0QJ3063 | Long             | DBT              | CORP              | CL        |    186969 | PA      | $180658.80    | 0.06%             | 2031-04-01      | Variable      | 11.00%                | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury Ultra Bond                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -77 | NC      | $-213796.37   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Integrity Re Ltd.                                   | Integrity Re Ltd., Series B                                                  | CUSIP: 45833UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $270100.00    | 0.09%             | 2026-06-06      | Floating      | 17.27%                | Yes           |                  2 | On Loan: No      |
| Tricida, Inc.                                       | Tricida, Inc.                                                                | CUSIP: 896LIQAM6<br>LEI: 549300QVPFFJC8SZXG25 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $0.00         | 0.00%             | 2027-05-15      | Fixed         | 3.50%                 | No            |                  3 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                            | CUSIP: 404280FB0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    440000 | PA      | $448936.84    | 0.14%             | 2036-09-10      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Tricida, Inc.                                       | Tricida, Inc.                                                                | CUSIP: 896CPTAN0<br>LEI: 549300QVPFFJC8SZXG25 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $0.00         | 0.00%             | 2027-05-15      | Fixed         | 3.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                 | U.S. Treasury 10 Year Ultra Note                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -496 | NC      | $-555044.27   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| FARM Mortgage Trust                                 | FARM Mortgage Trust, Series 2021-1, Class B                                  | CUSIP: 30768WAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    544294 | PA      | $420222.80    | 0.13%             | 2051-07-25      | Variable      | 3.23%                 | Yes           |                  2 | On Loan: No      |
| Queen Street 2023 RE DAC                            | Queen Street 2023 RE DAC, Series A                                           | CUSIP: 747977AA4<br>LEI: 635400VHHVVMXL5BJI05 | Long             | DBT              | CORP              | IE        |    450000 | PA      | $454500.00    | 0.14%             | 2025-12-08      | Floating      | 11.45%                | Yes           |                  2 | On Loan: No      |
| Bonanza RE Ltd.                                     | Bonanza RE Ltd., Series A                                                    | CUSIP: 09785EAK7<br>LEI: 5493003F0CXUQ2C83105 | Long             | DBT              | CORP              | BM        |    450000 | PA      | $456525.00    | 0.14%             | 2026-01-08      | Floating      | 11.98%                | Yes           |                  2 | On Loan: No      |
| RGA Global Funding                                  | RGA Global Funding                                                           | CUSIP: 76209PAJ2<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1025630.70   | 0.33%             | 2032-08-25      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: —       |
| Vitality Re XIV Ltd.                                | Vitality Re XIV Ltd., Series A                                               | CUSIP: 92851QAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    500000 | PA      | $512150.00    | 0.16%             | 2027-01-05      | Floating      | 7.45%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                         | Treasury Repurchase Agreement                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | RA               | CORP              | FR        |  35000000 | PA      | $35000000.00  | 11.12%            |  |  |  | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                             | American Airlines, Inc.                                                      | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $346319.75    | 0.11%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: —       |
| Palm RE Ltd.                                        | Palm RE Ltd., Series A                                                       | CUSIP: 69664FAA6<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $266600.00    | 0.08%             | 2027-06-07      | Floating      | 13.65%                | Yes           |                  2 | On Loan: No      |
| Ally Financial, Inc.                                | Ally Financial, Inc.                                                         | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1082962.65   | 0.34%             | 2035-07-26      | Variable      | 6.18%                 | No            |                  2 | On Loan: —       |
| Grupo Nutresa SA                                    | Grupo Nutresa SA                                                             | CUSIP: 40055CAB9<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |   3015000 | PA      | $3419914.50   | 1.09%             | 2035-05-12      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: —       |
| Royalty Pharma plc                                  | Royalty Pharma plc                                                           | CUSIP: 78081BAU7<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   1241000 | PA      | $1239946.37   | 0.39%             | 2035-09-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                      | Enbridge, Inc.                                                               | CUSIP: 29250NCF0<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    185000 | PA      | $196179.18    | 0.06%             | 2054-06-27      | Variable      | 7.20%                 | No            |                  2 | On Loan: —       |
| Hypatia Ltd.                                        | Hypatia Ltd., Series A                                                       | CUSIP: 44914CAC0<br>LEI: 98450041F85DB4C2C372 | Long             | DBT              | CORP              | BM        |    450000 | PA      | $469575.00    | 0.15%             | 2026-04-08      | Floating      | 14.42%                | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Credit Risk            | FHLMC Multifamily Structured Credit Risk, Series 2021-MN3, Class M2          | CUSIP: 35563GAB5<br>LEI: 549300FK6HM4FW58SP67 | Long             | ABS-MBS          | USGSE             | US        |   1615000 | PA      | $1674699.93   | 0.53%             | 2051-11-25      | Floating      | 8.36%                 | Yes           |                  2 | On Loan: No      |
| Farmers Insurance Exchange                          | Farmers Insurance Exchange                                                   | CUSIP: 309601AG7<br>LEI: 549300UWG2TLX1GZVT44 | Long             | DBT              | CORP              | US        |    410000 | PA      | $425580.06    | 0.14%             | 2064-10-15      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Alamo Re Ltd.                                       | Alamo Re Ltd., Series A                                                      | CUSIP: 011395AN0<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $528900.00    | 0.17%             | 2027-06-07      | Floating      | 10.49%                | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd.    | Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class B  | CUSIP: 03881UAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1440000 | PA      | $1436400.43   | 0.46%             | 2041-01-20      | Floating      | 7.32%                 | Yes           |                  2 | On Loan: No      |
| Alpha Generation LLC                                | Alpha Generation LLC, First Lien Term Loan B                                 | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |    831601 | PA      | $829937.54    | 0.26%             | 2031-09-30      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corp.                          | Garda World Security Corp.                                                   | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   1710000 | PA      | $1775025.59   | 0.56%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: —       |
| Acuris Finance US, Inc.                             | Acuris Finance US, Inc.                                                      | CUSIP: 00511BAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2485000 | PA      | $2596825.00   | 0.82%             | 2029-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: —       |

### Signature

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

**Name of Applicant:** Nationwide Variable Insurance Trust

**Signature:** David Majewski

**Name of Signer:** David Majewski

**Title:** Treasurer