# EDGAR Filing Document

**Accession Number:** 0000930007
**File Stem:** 0001410368-25-012225
**Filing Date:** 2025-9
**Character Count:** 113009
**Document Hash:** 5c18471f433fb279eae2de38f397fc1f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-012225.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001410368-25-012225

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PACE SELECT ADVISORS TRUST
- **CENTRAL INDEX KEY:** 0000930007

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08764
- **FILM NUMBER:** 251349612

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC
- **STREET 2:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-821-3000

**MAIL ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC
- **STREET 2:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UBS PACE SELECT ADVISORS TRUST
- **DATE OF NAME CHANGE:** 20020716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAINEWEBBER PACE SELECT ADVISORS TRUST
- **DATE OF NAME CHANGE:** 19980212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGED ACCOUNTS SERVICES PORTFOLIO TRUST
- **DATE OF NAME CHANGE:** 19941212

## Series and Classes Contracts Data

### PACE Intermediate Fixed Income Investments (Series ID: S000002697)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007354 | Class P      | PCIFX           |
| C000007355 | Class A      | PIFAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** PACE SELECT ADVISORS TRUST

- **b. Investment Company Act file number:** 811-08764

- **c. CIK number of Registrant:** 0000930007

- **d. LEI of Registrant:** 549300TPB2UX3QR3SC50

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

  - **Street Address 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC.

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 212-821-3000

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

- **a. Name of Series:** PACE Intermediate Fixed Income Investments

- **b. EDGAR series identifier (if any):** S000002697

- **c. LEI of Series:** 5493004WT2PUPHDKF193

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $210199464.15

**Total Liabilities:** $12310262.49

**Net Assets:** $197889201.66

**Delayed Delivery Securities:** $779999.91

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -503.64000000 | **1-Year:** -9878.88000000 | **5-Year:** -17685.86000000 | **10-Year:** -6383.80000000 | **30-Year:** -238.50000000

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

- **3-Month:** -299.84000000 | **1-Year:** -5054.38000000 | **5-Year:** -8657.43000000 | **10-Year:** -2150.98000000 | **30-Year:** -652.33000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007355 | -0.34%               | 1.84%                | -0.20%               |
| Class ID C000007354 | -0.32%               | 1.86%                | -0.18%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $69905.20                | $35328.89                                  |
| Month 2  | $-15793.51               | $1388379.64                                |
| Month 3  | $84971.82                | $-640097.57                                |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Aggregate (Returns Universe)

- **Index Identifier:** LEHM.MC.LEHM000001UUSD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Eastern Power LLC                                 | Eastern Power LLC                                                                 | CUSIP: 87264NAB3<br>LEI: 5493000R3E1L1VM1V279 | Long             | LON              | CORP              | US        |   1513530 | PA      | $1518267.49   | 0.77%             | 2028-04-03      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| OAKST Commercial Mortgage Trust                   | OAKST Commercial Mortgage Trust                                                   | CUSIP: 67630KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2050000 | PA      | $2049700.50   | 1.04%             | 2040-03-15      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                             | American Airlines, Inc.                                                           | CUSIP: 02376CBT1<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    533662 | PA      | $536997.89    | 0.27%             | 2032-05-28      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| OFS CAPITAL CORP                                  | OFS Capital Corp.                                                                 | CUSIP: 67103B803<br>LEI: 549300XTK3HSWPDBJD13 | Long             | EP               | CORP              | US        |     21000 | NS      | $527100.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BCP Renaissance Parent LLC                        | BCP Renaissance Parent LLC                                                        | CUSIP: 05549PAG6<br>LEI: 549300GVXMQFQZDSJR97 | Long             | LON              | CORP              | US        |    978199 | PA      | $979597.54    | 0.50%             | 2028-10-31      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority    | New Jersey Transportation Trust Fund Authority                                    | CUSIP: 646136XR7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    105000 | PA      | $114592.30    | 0.06%             | 2040-12-15      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| FIDELIS INSUR HLD LTD                             | Fidelis Insurance Holdings Ltd.                                                   | CUSIP: 31575FAC0<br>LEI: 549300CDMGCAGJQ7DX03 | Long             | DBT              | CORP              | BM        |    645000 | PA      | $677252.58    | 0.34%             | 2055-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| MIP V Waste Holdings LLC                          | MIP V Waste Holdings LLC                                                          | CUSIP: 55316XAD2<br>LEI: 254900RELOGHR3ZGIQ56 | Long             | LON              | CORP              | US        |   1106403 | PA      | $1109168.90   | 0.56%             | 2028-12-08      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | Future                                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       247 | NC      | $522432.42    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                           | Macy's Retail Holdings LLC                                                        | CUSIP: 55617LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    865000 | PA      | $854026.87    | 0.43%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| Bankers Healthcare Group Securitization Trust     | BHG Securitization Trust                                                          | CUSIP: 08860DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1019496 | PA      | $1022360.27   | 0.52%             | 2035-10-17      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust                                                  | CUSIP: 83208AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102194 | PA      | $92858.93     | 0.05%             | 2053-01-15      | Fixed         | 1.39%                 | No            |                  2 | On Loan: No      |
| ADAMS OUTDOOR ADVERTISING                         | Adams Outdoor Advertising LP                                                      | CUSIP: 006346AW0<br>LEI: 549300BTFXNHDCUHER30 | Long             | ABS-O            | CORP              | US        |    760000 | PA      | $776328.52    | 0.39%             | 2053-07-15      | Fixed         | 6.97%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC       | BBCMS Mortgage Trust                                                              | CUSIP: 05550MAY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90000 | PA      | $84507.38     | 0.04%             | 2052-05-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Gloves Buyer Inc                                  | Gloves Buyer, Inc.                                                                | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |    530000 | PA      | $518472.50    | 0.26%             | 2032-01-17      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                          | Capital One Financial Corp.                                                       | CUSIP: 14040HCT0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    164000 | PA      | $165257.24    | 0.08%             | 2033-05-10      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                           | Metropolitan Life Global Funding I                                                | CUSIP: 59217GFD6<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    845000 | PA      | $838744.22    | 0.42%             | 2029-08-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2020-AA                           | Delta Air Lines Pass-Through Trust                                                | CUSIP: 247361ZV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45567 | PA      | $42954.13     | 0.02%             | 2028-06-10      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS LLC                      | MPH Acquisition Holdings LLC                                                      | CUSIP: 55328HAQ4<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |   1130856 | PA      | $1009526.26   | 0.51%             | 2030-12-31      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| EDvestinU Private Education Loan Issue No. 1, LLC | EDvestinU Private Education Loan Issue No. 3 LLC                                  | CUSIP: 28166LAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41390 | PA      | $37885.99     | 0.02%             | 2045-11-25      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                   | SBA Tower Trust                                                                   | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              |  | US        |   2300000 | PA      | $2358191.61   | 1.19%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                  | NMEF Funding LLC                                                                  | CUSIP: 62890MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    242057 | PA      | $242440.31    | 0.12%             | 2029-06-15      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| AEGON LTD                                         | Aegon Ltd.                                                                        | CUSIP: 007924AJ2<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | DBT              | CORP              | BM        |    870000 | PA      | $871304.13    | 0.44%             | 2048-04-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 17-1 AA PTT                          | American Airlines Pass-Through Trust                                              | CUSIP: 023761AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25215 | PA      | $24260.85     | 0.01%             | 2029-02-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                            | Global Atlantic Fin Co.                                                           | CUSIP: 37959GAD9<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |   1065000 | PA      | $1204925.14   | 0.61%             | 2033-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                            | Mosaic Solar Loan Trust                                                           | CUSIP: 61946QAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    134386 | PA      | $115032.02    | 0.06%             | 2053-01-20      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                              | Edison International                                                              | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1293199.44   | 0.65%             | 2026-03-09      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                            | Blackstone Private Credit Fund                                                    | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    209000 | PA      | $203378.85    | 0.10%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust                                                  | CUSIP: 78448YAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60398 | PA      | $58698.24     | 0.03%             | 2053-01-15      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                           | American National Group, Inc.                                                     | CUSIP: 025676AN7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41829.41     | 0.02%             | 2029-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bills                                                               | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1100000 | PA      | $1079747.78   | 0.55%             | 2026-01-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                          | F&G Annuities & Life, Inc.                                                        | CUSIP: 30190AAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2110000 | PA      | $2208154.01   | 1.12%             | 2028-01-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust                                                  | CUSIP: 83189DAC4<br>LEI: 549300NWENTZ8X7JUC78 | Long             | ABS-O            | CORP              | US        |     13867 | PA      | $13845.03     | 0.01%             | 2035-10-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Notes                                                               | CUSIP: 91282CLD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    725000 | PA      | $727520.51    | 0.37%             | 2031-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SIRIUSPOINT LTD                                   | SiriusPoint Ltd.                                                                  | CUSIP: 82969BAA0<br>LEI: 549300OGXFI85N3YZZ51 | Long             | DBT              | CORP              | BM        |    795000 | PA      | $833908.25    | 0.42%             | 2029-04-05      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                          | Corebridge Financial, Inc.                                                        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1314651.02   | 0.66%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Willis Engine Securitization Trust                | Willis Engine Structured Trust VII                                                | CUSIP: 97064YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    456231 | PA      | $469459.90    | 0.24%             | 2048-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS LLC                      | MPH Acquisition Holdings LLC                                                      | CUSIP: 55328HAP6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |    136423 | PA      | $135604.10    | 0.07%             | 2030-12-31      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| ASB BANK LIMITED                                  | ASB Bank Ltd.                                                                     | CUSIP: 04342JAA5<br>LEI: 549300IBZWZL1KTPF918 | Long             | DBT              | CORP              | NZ        |   1500000 | PA      | $1505879.94   | 0.76%             | 2032-06-17      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC              | SoFi Professional Loan Program LLC                                                | CUSIP: 83406EAC9<br>LEI: 5493002WMPR84WZ75V46 | Long             | ABS-O            | CORP              | US        |      3347 | PA      | $3338.45      | 0.00%             | 2042-02-25      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| JAZZ FINANCING LUX SARL                           | Jazz Financing Lux SARL                                                           | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |    830037 | PA      | $832759.66    | 0.42%             | 2028-05-05      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Aligned Data Centers Issuers LLC                  | Aligned Data Centers Issuer LLC                                                   | CUSIP: 01627AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2300000 | PA      | $2303220.46   | 1.16%             | 2047-10-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                          | Benchmark Mortgage Trust                                                          | CUSIP: 08160KAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    111000 | PA      | $88315.49     | 0.04%             | 2072-12-15      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                             | One Bryant Park Trust                                                             | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2300000 | PA      | $2083291.93   | 1.05%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2018-1 AA PTT                          | United Airlines Pass-Through Trust                                                | CUSIP: 909318AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     13606 | PA      | $12823.76     | 0.01%             | 2030-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust                                                  | CUSIP: 78449PAC3<br>LEI: 549300QHI21JZK7YIR34 | Long             | ABS-O            | CORP              | US        |     81185 | PA      | $81139.38     | 0.04%             | 2036-02-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Enstar Group Ltd                                  | Enstar Group Ltd.                                                                 | CUSIP: 29359UAB5<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    695000 | PA      | $696118.95    | 0.35%             | 2029-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                          | Connect Finco SARL/Connect U.S. Finco LLC                                         | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1050000 | PA      | $1060301.55   | 0.54%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA                            | Skandinaviska Enskilda Banken AB                                                  | CUSIP: 830505BB8<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    680000 | PA      | $698841.10    | 0.35%             | 2029-03-05      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                                               | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2125000 | PA      | $1881704.10   | 0.95%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Cogent IPv4 LLC                                   | Cogent Ipv4 LLC                                                                   | CUSIP: 19240JAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1830000 | PA      | $1915103.05   | 0.97%             | 2054-05-25      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                 | HSBC Holdings PLC                                                                 | CUSIP: 404280DR7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    905000 | PA      | $957419.59    | 0.48%             | 2028-11-03      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| Cantor Commercial Real Estate Lending             | Cantor Commercial Real Estate Lending                                             | CUSIP: 12529TBB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    101000 | PA      | $87699.87     | 0.04%             | 2053-01-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | Future                                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       132 | NC      | $537969.04    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP                                 | State Street Corp.                                                                | CUSIP: 857477BY8<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    555000 | PA      | $572273.17    | 0.29%             | 2028-11-04      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                         | Sunoco LP                                                                         | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    915000 | PA      | $947087.22    | 0.48%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                      | State Street Navigator Securities Lending Government Money Market Portfolio       | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   4750352 | NS      | $4750352.50   | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | CUSIP: 3137H7QH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    605000 | PA      | $537859.22    | 0.27%             | 2032-05-25      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust 2022-LPFL           | MTN Commercial Mortgage Trust                                                     | CUSIP: 62475WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2000625.00   | 1.01%             | 2039-03-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| SCOTT Trust 2023-SFS                              | SCOTT Trust                                                                       | CUSIP: 810064AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    870000 | PA      | $889477.30    | 0.45%             | 2040-03-10      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| STONEPEAK NILE PARENT LLC                         | Stonepeak Nile Parent LLC                                                         | CUSIP: 86184XAB0<br>LEI: 254900TJV3VAFZD0GU41 | Long             | LON              | CORP              | US        |    985000 | PA      | $986723.75    | 0.50%             | 2032-04-09      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                               | Medline Borrower LP                                                               | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |   1098601 | PA      | $1099292.80   | 0.56%             | 2028-10-23      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                            | Bank of New York Mellon Corp.                                                     | CUSIP: 06406RAB3<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1381980.22   | 0.70%             | 2028-02-07      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                             | Southern California Gas Co.                                                       | CUSIP: 842434DB5<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    850000 | PA      | $850370.86    | 0.43%             | 2034-09-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                          | Blue Owl Technology Finance Corp.                                                 | CUSIP: 095924AA4<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    395000 | PA      | $397281.99    | 0.20%             | 2028-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust                                                      | CUSIP: 12434FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    189124 | PA      | $189182.80    | 0.10%             | 2038-12-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Eagle Broadband Investments LLC                   | Eagle Broadband Investments LLC                                                   | CUSIP: 26943PAB5<br>LEI: 254900W09ZHD1OM4I757 | Long             | LON              | CORP              | US        |    522266 | PA      | $518186.73    | 0.26%             | 2027-11-12      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| The BAHA Trust                                    | BAHA Trust                                                                        | CUSIP: 05493XAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1090000 | PA      | $1124835.75   | 0.57%             | 2041-12-10      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                            | HAT Holdings I LLC/HAT Holdings II LLC                                            | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1515000 | PA      | $1486108.95   | 0.75%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust                                                         | CUSIP: 64035DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    246047 | PA      | $231171.45    | 0.12%             | 2062-04-20      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pass-Through Certifica | FRESB Mortgage Trust                                                              | CUSIP: 30308GAH3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    152016 | PA      | $147453.31    | 0.07%             | 2039-01-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust            | Santander Drive Auto Receivables Trust                                            | CUSIP: 80287FAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2200000 | PA      | $2243247.38   | 1.13%             | 2031-03-17      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| Rockpoint Gas Storage Partners LP                 | Rockpoint Gas Storage Partners LP                                                 | CUSIP: 000000000<br>LEI: 549300ZXM0KTRM0NMI59 | Long             | LON              | CORP              | US        |   1592000 | PA      | $1595390.96   | 0.81%             | 2031-09-18      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL                               | Ellington Financial, Inc.                                                         | CUSIP: 28852N406<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               |  | US        |     93400 | NS      | $2343406.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CION INVESTMENT CORP                              | CION Investment Corp.                                                             | CUSIP: 17259U303<br>LEI: 549300XN70JLF94XKX80 | Long             | EP               | CORP              | US        |     36000 | NS      | $894600.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                      | State Street Institutional U.S. Government Money Market Fund                      | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   3241274 | NS      | $3241273.91   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE OWL CREDIT INCOME                            | Blue Owl Credit Income Corp.                                                      | CUSIP: 69120VAP6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    710000 | PA      | $741632.54    | 0.37%             | 2027-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GF                              | American National Global Funding                                                  | CUSIP: 02771D2B9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    685000 | PA      | $688805.18    | 0.35%             | 2030-06-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENSTAR FINANCE LLC                                | Enstar Finance LLC                                                                | CUSIP: 29360AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1655000 | PA      | $1626898.27   | 0.82%             | 2042-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                                  | Enstar Group Ltd.                                                                 | CUSIP: 29359UAD1<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    600000 | PA      | $619627.80    | 0.31%             | 2045-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALEXANDER FUND TRUST II                           | Alexander Funding Trust II                                                        | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1216451.09   | 0.61%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                     | CoreWeave, Inc.                                                                   | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    330000 | PA      | $331666.80    | 0.17%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                               | Arbor Realty SR, Inc.                                                             | CUSIP: 03881NAC1<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              |  | US        |   1790000 | PA      | $1771918.74   | 0.90%             | 2027-10-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | CUSIP: 3137H73P6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    385000 | PA      | $339848.62    | 0.17%             | 2032-03-25      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW ZEALAND                               | Bank of New Zealand                                                               | CUSIP: 06407EAG0<br>LEI: N7LGVZM7X4UQ66T7LT74 | Long             | DBT              | CORP              | NZ        |   1075000 | PA      | $1087310.35   | 0.55%             | 2028-02-07      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                         | College Avenue Student Loans LLC                                                  | CUSIP: 19424KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37404 | PA      | $37162.45     | 0.02%             | 2051-07-25      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                         | College Avenue Student Loans LLC                                                  | CUSIP: 19424WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79900 | PA      | $72144.30     | 0.04%             | 2055-07-26      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust  | GoodLeap Sustainable Home Solutions Trust                                         | CUSIP: 38237HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83011 | PA      | $67996.15     | 0.03%             | 2048-10-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Commercial Mortgage Trust                                                      | CUSIP: 05609KAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     93709 | PA      | $93738.02     | 0.05%             | 2038-10-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| EdgeConneX Data Centers Issuer, LLC               | Edgeconnex Data Centers Issuer LLC                                                | CUSIP: 28000XAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    823900 | PA      | $825978.81    | 0.42%             | 2054-07-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STEWART INFORMATION SERV                          | Stewart Information Services Corp.                                                | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $916077.28    | 0.46%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                             | Truist Financial Corp.                                                            | CUSIP: 89788MAK8<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    580000 | PA      | $615895.69    | 0.31%             | 2033-10-28      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                       | Extended Stay America Trust                                                       | CUSIP: 30227FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    351668 | PA      | $351887.80    | 0.18%             | 2038-07-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| CARGILL INC                                       | Cargill, Inc.                                                                     | CUSIP: 141781BZ6<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |    810000 | PA      | $829298.12    | 0.42%             | 2032-10-11      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                | New York State Dormitory Authority                                                | CUSIP: 64990FD92<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    120000 | PA      | $108394.14    | 0.05%             | 2030-03-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                | Regional Management Issuance Trust                                                | CUSIP: 75907UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245000 | PA      | $233286.45    | 0.12%             | 2033-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Arbor Multifamily Mortgage Securities Trust       | Arbor Multifamily Mortgage Securities Trust                                       | CUSIP: 03881BAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    465000 | PA      | $427489.05    | 0.22%             | 2053-05-15      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                                               | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1775000 | PA      | $1428250.98   | 0.72%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                | Ally Financial, Inc.                                                              | CUSIP: 02005NBU3<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1005000 | PA      | $1059541.07   | 0.54%             | 2030-01-03      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| SUTTER HEALTH                                     | Sutter Health                                                                     | CUSIP: 86944BAP8<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |    580000 | PA      | $592984.07    | 0.30%             | 2032-08-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                            | Blackstone Private Credit Fund                                                    | CUSIP: 09261HBC0<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1618887.94   | 0.82%             | 2028-11-27      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                          | Benchmark Mortgage Trust                                                          | CUSIP: 08160KAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210000 | PA      | $181073.51    | 0.09%             | 2072-12-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| NextGear Floorplan Master Owner Trust             | NextGear Floorplan Master Owner Trust                                             | CUSIP: 65345GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1740000 | PA      | $1751024.64   | 0.88%             | 2028-03-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                      | Business Jet Securities LLC                                                       | CUSIP: 12326TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1026459 | PA      | $1022776.52   | 0.52%             | 2039-09-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| XPLR INFRASTRUCTURE LP                            | XPLR Infrastructure LP                                                            | CUSIP: 65341BAD8<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | DBT              | CORP              | US        |    615000 | PA      | $602605.29    | 0.30%             | 2025-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                 | NatWest Group PLC                                                                 | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1030000 | PA      | $1037331.52   | 0.52%             | 2026-11-10      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                          | Capital One Financial Corp.                                                       | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1407800.21   | 0.71%             | 2028-05-10      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                             | Athene Global Funding                                                             | CUSIP: 04685A4C2<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    675000 | PA      | $671065.87    | 0.34%             | 2029-10-08      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                  | OneMain Financial Issuance Trust                                                  | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    861792 | PA      | $865877.92    | 0.44%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp                                    | Whirlpool Corp.                                                                   | CUSIP: 000000000<br>LEI: WHENKOULSSK7WUM60H03 | Long             | LON              | CORP              | US        |    371000 | PA      | $371000.00    | 0.19%             | 2025-09-23      | Floating      | 5.71%                 | No            |                  3 | On Loan: No      |
| Los Angeles Department of Water & Power           | Los Angeles Department of Water & Power                                           | CUSIP: 544495VY7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    145000 | PA      | $151369.62    | 0.08%             | 2045-07-01      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                             | Southern California Gas Co.                                                       | CUSIP: 842434DC3<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    530000 | PA      | $540230.33    | 0.27%             | 2035-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| OXFORD FIN LLC/CO-ISS II                          | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.                              | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1246951.88   | 0.63%             | 2027-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                            | Lendmark Funding Trust                                                            | CUSIP: 52607MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $201253.35    | 0.10%             | 2031-11-20      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Refi Loan Trust                                         | CUSIP: 63942CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185437 | PA      | $182984.42    | 0.09%             | 2060-04-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                              | Bank of America Corp.                                                             | CUSIP: 06051GGF0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    840000 | PA      | $830977.05    | 0.42%             | 2028-01-20      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                            | SLM Private Education Loan Trust                                                  | CUSIP: 78445QAE1<br>LEI: 549300JEA36NHBYED811 | Long             | ABS-O            | CORP              | US        |    262791 | PA      | $275110.20    | 0.14%             | 2041-10-15      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust                                             | CUSIP: 95001JAX5<br>LEI: 549300AGZIS1CJS4RM30 | Long             | ABS-MBS          | CORP              | US        |    445000 | PA      | $438089.24    | 0.22%             | 2051-05-15      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                            | Santander Holdings USA, Inc.                                                      | CUSIP: 80282KBE5<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    855000 | PA      | $855673.55    | 0.43%             | 2026-09-09      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                       | KeyBank NA                                                                        | CUSIP: 49327M3F9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1110060.28   | 0.56%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Tidal Waste & Recycling Holdings LLC              | Tidal Waste & Recycling Holdings LLC                                              | CUSIP: 88636PAK7<br>LEI: 254900IQT82RE5KFAZ50 | Long             | LON              | CORP              | US        |    620445 | PA      | $623938.11    | 0.32%             | 2031-10-24      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                          | Lloyds Banking Group PLC                                                          | CUSIP: 53944YAS2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1420000 | PA      | $1400577.28   | 0.71%             | 2028-03-18      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST                         | Nelnet Student Loan Trust                                                         | CUSIP: 64035GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223448 | PA      | $222284.79    | 0.11%             | 2062-04-20      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                          | Benchmark Mortgage Trust                                                          | CUSIP: 08163RBQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270000 | PA      | $259297.25    | 0.13%             | 2055-05-15      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                          | Lloyds Banking Group PLC                                                          | CUSIP: 539439AW9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    610000 | PA      | $698838.86    | 0.35%             | 2033-11-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| INTOWN Mortgage Trust                             | INTOWN Mortgage Trust                                                             | CUSIP: 46117WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1310000 | PA      | $1310000.00   | 0.66%             | 2042-03-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Ondeck Asset Securitization Trust LLC             | OnDeck Asset Securitization Trust IV LLC                                          | CUSIP: 67118NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1090000 | PA      | $1098131.40   | 0.55%             | 2031-06-17      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| XPLR INFRASTRUCTURE LP                            | XPLR Infrastructure LP                                                            | CUSIP: 65341BAG1<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1430175.01   | 0.72%             | 2026-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: —       |
| SOTERA HEALTH HOLDINGS LLC                        | Sotera Health Holdings LLC                                                        | CUSIP: 83600VAG6<br>LEI: 549300OVT7MBXFLOFU20 | Long             | LON              | CORP              | US        |    615350 | PA      | $616506.86    | 0.31%             | 2031-05-30      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | CUSIP: 3137H7M91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    270000 | PA      | $238489.89    | 0.12%             | 2032-04-25      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L                          | RenaissanceRe Holdings Ltd.                                                       | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |   1645000 | PA      | $1694124.96   | 0.86%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust       | MF1 Trust                                                                         | CUSIP: 55284DAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    370000 | PA      | $368514.19    | 0.19%             | 2034-12-15      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| BX Trust                                          | BX Trust                                                                          | CUSIP: 05609XAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2020000 | PA      | $2027846.89   | 1.02%             | 2027-10-13      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                      | ams-OSRAM AG                                                                      | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |   1400000 | PA      | $1503593.60   | 0.76%             | 2029-03-30      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| AAG US GSI BIDCO INC                              | A-AG U.S. GSI Bidco, Inc.                                                         | CUSIP: 00033RAB7<br>LEI: 25490004WTN5CN5TXD48 | Long             | LON              | CORP              | US        |    523688 | PA      | $521723.67    | 0.26%             | 2031-10-31      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                            | Lendmark Funding Trust                                                            | CUSIP: 52590AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1280000 | PA      | $1270579.97   | 0.64%             | 2034-02-21      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | CUSIP: 3137F83S0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1167022 | PA      | $48847.70     | 0.02%             | 2030-10-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                         | IQVIA, Inc.                                                                       | CUSIP: 44969CBP4<br>LEI: 549300PLWY28YB00C717 | Long             | LON              | CORP              | US        |    985050 | PA      | $989975.25    | 0.50%             | 2031-01-02      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| CRSO TR 2023 BRND                                 | CRSO Trust                                                                        | CUSIP: 228925AG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    880000 | PA      | $912582.18    | 0.46%             | 2028-07-10      | Variable      | 7.91%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                    | Federal National Mortgage Association-ACES                                        | CUSIP: 3136BLN89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    325000 | PA      | $272882.22    | 0.14%             | 2034-01-01      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | Future                                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -111 | NC      | $-41898.06    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| State of California                               | State of California                                                               | CUSIP: 13063A5G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $83682.44     | 0.04%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC             | New Economy Assets - Phase 1 Sponsor LLC                                          | CUSIP: 643821AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1150000 | PA      | $943289.00    | 0.48%             | 2061-10-20      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                           | Avis Budget Car Rental LLC/Avis Budget Finance, Inc.                              | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $643146.88    | 0.33%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| Wells Fargo Commercial Mortgage Trust             | Wells Fargo Commercial Mortgage Trust                                             | CUSIP: 95001QAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135000 | PA      | $132610.50    | 0.07%             | 2051-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| DataBank Issuer LLC                               | DataBank Issuer LLC                                                               | CUSIP: 23802WAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    995000 | PA      | $987871.82    | 0.50%             | 2053-02-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | JP Morgan Chase Commercial Mortgage Securities Trust                              | CUSIP: 46593EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    360000 | PA      | $360225.00    | 0.18%             | 2039-03-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| MIDCONTINENT COMMUNICATIONS                       | Midcontinent Communications                                                       | CUSIP: 59565TAM1<br>LEI: 549300ZI9GDQBS28C408 | Long             | LON              | CORP              | US        |   1061975 | PA      | $1061093.56   | 0.54%             | 2031-08-16      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| OAKTREE STRATEGIC CREDIT                          | Oaktree Strategic Credit Fund                                                     | CUSIP: 67403AAE9<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1087586.03   | 0.55%             | 2029-07-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| WELLS FARGO & COMPANY                             | Wells Fargo & Co.                                                                 | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1396031.83   | 0.71%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                               | Southern California Edison Co.                                                    | CUSIP: 842400HT3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    585000 | PA      | $605789.40    | 0.31%             | 2032-11-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                         | College Avenue Student Loans LLC                                                  | CUSIP: 19424WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70246 | PA      | $63664.25     | 0.03%             | 2055-07-26      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GF                              | American National Global Funding                                                  | CUSIP: 02771D2A1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    565000 | PA      | $574911.26    | 0.29%             | 2030-01-28      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                   | Republic Finance Issuance Trust                                                   | CUSIP: 76041RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1490000 | PA      | $1506930.57   | 0.76%             | 2032-08-20      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                    | Mariner Finance Issuance Trust                                                    | CUSIP: 56848DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180000 | PA      | $174443.00    | 0.09%             | 2036-03-20      | Fixed         | 1.86%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD                                   | Ascot Group Ltd.                                                                  | CUSIP: 04365XAB4<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |    465000 | PA      | $474540.29    | 0.24%             | 2035-06-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| BLACKROCK TCP CAP CORP                            | BlackRock TCP Capital Corp.                                                       | CUSIP: 09259EAC2<br>LEI: 549300JU1XG1HF56J989 | Long             | DBT              | CORP              | US        |    440000 | PA      | $454296.64    | 0.23%             | 2029-05-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: —       |
| University of Minnesota                           | University of Minnesota                                                           | CUSIP: 914460WT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     78000 | PA      | $62310.55     | 0.03%             | 2052-04-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| PRIORITY HOLDINGS LLC                             | Priority Holdings LLC                                                             | CUSIP: 74275TAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1043545 | PA      | $1043545.49   | 0.53%             | 2031-05-16      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                             | Huntington Bancshares, Inc.                                                       | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    647000 | PA      | $645205.22    | 0.33%             | 2028-08-04      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust       | MF1 Trust                                                                         | CUSIP: 55284DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99731.52     | 0.05%             | 2034-12-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers Issuer, LLC         | Retained Vantage Data Centers Issuer LLC                                          | CUSIP: 76134KAA2<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |   1370000 | PA      | $1351069.07   | 0.68%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily WI Certificates                 | Federal Home Loan Mortgage Corp. Multifamily WI Certificates                      | CUSIP: 3137H74J9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    170000 | PA      | $154301.23    | 0.08%             | 2032-07-25      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| SWISS RE FINANCE LUX                              | Swiss Re Finance Luxembourg SA                                                    | CUSIP: 87089NAA8<br>LEI: 549300CLQZ6TM98LW631 | Long             | DBT              | CORP              | LU        |   2600000 | PA      | $2595356.40   | 1.31%             | 2049-04-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AL NGPL Holdings LLC                              | AL NGPL Holdings LLC                                                              | CUSIP: 01021AAB6<br>LEI: 254900WKSN3ZUJ0TO315 | Long             | LON              | CORP              | US        |   1088291 | PA      | $1090467.13   | 0.55%             | 2030-12-09      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                                               | CUSIP: 912810PT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1750000 | PA      | $1803457.04   | 0.91%             | 2037-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | CUSIP: 3137F84J9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    712159 | PA      | $34772.25     | 0.02%             | 2029-12-25      | Variable      | 1.36%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust                                                  | CUSIP: 78449QAC1<br>LEI: 549300V1P5RKG8RJI005 | Long             | ABS-O            | CORP              | US        |    120260 | PA      | $120009.24    | 0.06%             | 2035-11-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| University of Michigan                            | University of Michigan                                                            | CUSIP: 914455UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     93000 | PA      | $67773.78     | 0.03%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                          | Nexstar Broadcasting, Inc.                                                        | CUSIP: 65336RBB3<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |    545000 | PA      | $545545.00    | 0.28%             | 2032-06-28      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC          | Avis Budget Rental Car Funding AESOP LLC                                          | CUSIP: 05377RGY4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1620000 | PA      | $1656692.68   | 0.84%             | 2029-06-20      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | Future                                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       131 | NC      | $201281.76    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Refi Loan Trust                                         | CUSIP: 63942BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35934 | PA      | $32694.04     | 0.02%             | 2069-05-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                             | Bread Financial Holdings, Inc.                                                    | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1512602.88   | 0.76%             | 2029-03-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co                             | MidAmerican Energy Co.                                                            | CUSIP: 595620AT2<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |    204000 | PA      | $199440.80    | 0.10%             | 2029-04-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Zayo Issuer LLC                                   | Zayo Issuer LLC                                                                   | CUSIP: 98919WAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    790000 | PA      | $797780.71    | 0.40%             | 2055-03-20      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC              | SoFi Professional Loan Program LLC                                                | CUSIP: 83390UAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54022 | PA      | $50350.80     | 0.03%             | 2046-02-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                | City of Houston                                                                   | CUSIP: 4423313K8<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |     85000 | PA      | $70184.38     | 0.04%             | 2047-03-01      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust     | JP Morgan Chase Commercial Mortgage Securities Trust                              | CUSIP: 466330AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     77935 | PA      | $77935.26     | 0.04%             | 2038-04-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust               | Citigroup Commercial Mortgage Trust                                               | CUSIP: 17331LAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    880000 | PA      | $905249.49    | 0.46%             | 2028-07-10      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Refi Loan Trust                                         | CUSIP: 63942AAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $85018.32     | 0.04%             | 2069-04-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers LLC                          | Vantage Data Centers Issuer LLC                                                   | CUSIP: 92212KAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1070000 | PA      | $1074059.15   | 0.54%             | 2048-03-16      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL                                | Connect Finco SARL                                                                | CUSIP: 000000000<br>LEI: 2594001KNYIQ456J2792 | Long             | LON              | CORP              | LU        |    299007 | PA      | $298149.18    | 0.15%             | 2026-12-11      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| LENDINGTREE INC                                   | LendingTree, Inc.                                                                 | CUSIP: 52602KAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1213719 | PA      | $1213718.60   | 0.61%             | 2028-09-15      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                            | HA Sustainable Infrastructure Capital, Inc.                                       | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1075071.88   | 0.54%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                         | Nelnet Student Loan Trust                                                         | CUSIP: 64034QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    347977 | PA      | $346187.05    | 0.17%             | 2062-04-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Private Education Refi Loan Trust                                         | CUSIP: 63941CAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83600 | PA      | $83220.05     | 0.04%             | 2059-12-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Capital Automotive Reit                           | Capital Automotive REIT                                                           | CUSIP: 12510HAX8<br>LEI: N/A                  | Long             | ABS-O            |  | US        |   1113521 | PA      | $1101379.72   | 0.56%             | 2054-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MUNICH RE                                         | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen                         | CUSIP: 62582PAA8<br>LEI: 529900MUF4C20K50JS49 | Long             | DBT              | CORP              | DE        |    800000 | PA      | $818000.00    | 0.41%             | 2042-05-23      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                            | Global Atlantic Fin Co.                                                           | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    395000 | PA      | $412776.98    | 0.21%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                           | Macy's Retail Holdings LLC                                                        | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    495000 | PA      | $496885.53    | 0.25%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                      | DC Commercial Mortgage Trust                                                      | CUSIP: 24023AAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    660000 | PA      | $691331.45    | 0.35%             | 2040-09-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMorgan Chase & Co.                                                              | CUSIP: 46625HRY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    793000 | PA      | $784471.86    | 0.40%             | 2028-02-01      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Funding Trust                      | Oxford Finance Funding Trust                                                      | CUSIP: 69145CAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1723200 | PA      | $1738621.97   | 0.88%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LLC                   | Stack Infrastructure Issuer LLC                                                   | CUSIP: 85236KAF9<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |    740000 | PA      | $742177.23    | 0.38%             | 2048-03-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Antares CLO                                       | Antares CLO Ltd.                                                                  | CUSIP: 03664TAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1730000 | PA      | $1741767.46   | 0.88%             | 2036-01-20      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                             | Truist Financial Corp.                                                            | CUSIP: 89788MAG7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1363089.77   | 0.69%             | 2028-06-06      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                        | Navient Student Loan Trust                                                        | CUSIP: 63890BAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4841 | PA      | $4827.11      | 0.00%             | 2059-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATIONAL BANK                          | Huntington National Bank                                                          | CUSIP: 44644MAJ0<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |    787000 | PA      | $815181.94    | 0.41%             | 2030-01-10      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| State of Texas                                    | State of Texas                                                                    | CUSIP: 882724YC5<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     50000 | PA      | $36997.33     | 0.02%             | 2041-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                            | XPLR Infrastructure Operating Partners LP                                         | CUSIP: 98380MAB1<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1080357.48   | 0.55%             | 2033-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: —       |
| Capital Automotive Reit                           | CARS-DB7 LP                                                                       | CUSIP: 12510HAT7<br>LEI: N/A                  | Long             | ABS-O            |  | US        |    881625 | PA      | $888614.08    | 0.45%             | 2053-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                            | HA Sustainable Infrastructure Capital, Inc.                                       | CUSIP: 40408AAB7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    990000 | PA      | $997674.72    | 0.50%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MARS INC                                          | Mars, Inc.                                                                        | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    795000 | PA      | $802319.70    | 0.41%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 16-3 AA PTT                          | American Airlines Pass-Through Trust                                              | CUSIP: 023771R91<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     77180 | PA      | $73361.73     | 0.04%             | 2028-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ASB BANK LIMITED                                  | ASB Bank Ltd.                                                                     | CUSIP: 00216LAF0<br>LEI: 549300IBZWZL1KTPF918 | Long             | DBT              | CORP              | NZ        |   1260000 | PA      | $1287332.17   | 0.65%             | 2027-11-29      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                      | CD Mortgage Trust                                                                 | CUSIP: 12515GAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $288603.30    | 0.15%             | 2050-02-10      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Bank                                              | Bank                                                                              | CUSIP: 06541MBN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220000 | PA      | $212944.45    | 0.11%             | 2055-06-15      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                               | Fifth Third Bancorp                                                               | CUSIP: 316773DG2<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25102.38     | 0.01%             | 2030-07-28      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                    | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    885000 | PA      | $959021.08    | 0.48%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2015-1 AA PTT                          | United Airlines Pass-Through Trust                                                | CUSIP: 90932LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     26547 | PA      | $25691.33     | 0.01%             | 2027-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                         | College Avenue Student Loans LLC                                                  | CUSIP: 19424WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    158616 | PA      | $157040.00    | 0.08%             | 2055-07-26      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| DAVINCIRE HOLDINGS LTD                            | DaVinciRe Holdings Ltd.                                                           | CUSIP: 23879AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    425000 | PA      | $427160.63    | 0.22%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Geon Performance Solutions LLC                    | GEON Performance Solutions LLC                                                    | CUSIP: 37254YAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1010144 | PA      | $912160.18    | 0.46%             | 2028-08-18      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| TierPoint Issuer LLC                              | TierPoint Issuer LLC                                                              | CUSIP: 88651CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    131667 | PA      | $131591.78    | 0.07%             | 2053-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                 | Credit Acceptance Auto Loan Trust                                                 | CUSIP: 22534QAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2300000 | PA      | $2330062.84   | 1.18%             | 2033-02-15      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST INC                       | Starwood Property Trust, Inc.                                                     | CUSIP: 85570DAK8<br>LEI: 5493008SB15CNJRIOK13 | Long             | LON              |  | US        |    745975 | PA      | $745042.94    | 0.38%             | 2027-11-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                               | United Airlines, Inc.                                                             | CUSIP: 90932RAP9<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |    973730 | PA      | $976163.90    | 0.49%             | 2031-02-22      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| COMERICA BANK                                     | Comerica Bank                                                                     | CUSIP: 200339EX3<br>LEI: 70WY0ID1N53Q4254VH70 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1246115.06   | 0.63%             | 2033-08-25      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                             | Athene Global Funding                                                             | CUSIP: 04685A4R9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $1030611.29   | 0.52%             | 2030-07-17      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| ACADIAN ASSET MANAGEMENT                          | Acadian Asset Management, Inc.                                                    | CUSIP: 10948WAA1<br>LEI: 5493004FTLQNQTBOP608 | Long             | DBT              | CORP              | US        |    585000 | PA      | $578750.04    | 0.29%             | 2026-07-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| WMRK Commercial Mortgage Trust                    | WMRK Commercial Mortgage Trust                                                    | CUSIP: 929342AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2330000 | PA      | $2335825.00   | 1.18%             | 2027-11-15      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                 | NatWest Group PLC                                                                 | CUSIP: 639057AR9<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    940000 | PA      | $948026.20    | 0.48%             | 2028-11-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bonds                                                               | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6450000 | PA      | $3135304.69   | 1.58%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                            | PNC Financial Services Group, Inc.                                                | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    775000 | PA      | $746767.82    | 0.38%             | 2026-09-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                  | SMB Private Education Loan Trust                                                  | CUSIP: 78448YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    321663 | PA      | $317936.59    | 0.16%             | 2053-01-15      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | Future                                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       105 | NC      | $261077.47    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                            | U.S. Treasury Bills                                                               | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1200000 | PA      | $1190218.97   | 0.60%             | 2025-10-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IRIDIUM SATELLITE LLC                             | Iridium Satellite LLC                                                             | CUSIP: 46269KAT1<br>LEI: 254900615BJ7139TFM33 | Long             | LON              | CORP              | US        |   1061321 | PA      | $1055069.66   | 0.53%             | 2030-09-20      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                     | CoreWeave, Inc.                                                                   | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    430000 | PA      | $428166.64    | 0.22%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                            | Lumen Technologies, Inc.                                                          | CUSIP: 55024EAD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    310272 | PA      | $316734.75    | 0.16%             | 2028-06-01      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| ATLANTICA SUSTAIN INFRA                           | Atlantica Sustainable Infrastructure Ltd.                                         | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |   1110000 | PA      | $1071911.13   | 0.54%             | 2028-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                               | Ashtead Capital, Inc.                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1519551.12   | 0.77%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2019-1 AA PTT                          | United Airlines Pass-Through Trust                                                | CUSIP: 90931CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49319 | PA      | $47035.41     | 0.02%             | 2031-08-25      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                               | COMM Mortgage Trust                                                               | CUSIP: 20047UAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    780000 | PA      | $779139.12    | 0.39%             | 2041-08-10      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I LP                               | Hilcorp Energy I LP                                                               | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |    374062 | PA      | $374414.12    | 0.19%             | 2030-02-11      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust  | GoodLeap Sustainable Home Solutions Trust                                         | CUSIP: 38237GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148739 | PA      | $118406.85    | 0.06%             | 2048-07-20      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                               | Fifth Third Bancorp                                                               | CUSIP: 316773DJ6<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   1885000 | PA      | $1960750.95   | 0.99%             | 2028-10-27      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Central Parent Inc                                | Central Parent, Inc.                                                              | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1132815 | PA      | $920411.93    | 0.47%             | 2029-07-06      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| SYSTEM ONE HOLDINGS LLC                           | System One Holdings LLC                                                           | CUSIP: 67114AAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1708052 | PA      | $1714457.09   | 0.87%             | 2028-03-02      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | BNP Paribas SA                                                                    | CUSIP: 09659W3D4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    600000 | PA      | $605796.16    | 0.31%             | 2031-05-09      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 16-1 AA PTT                          | American Airlines Pass-Through Trust                                              | CUSIP: 02376UAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40035 | PA      | $38872.62     | 0.02%             | 2028-01-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| AIR CANADA 2017-1AA PTT                           | Air Canada Pass-Through Trust                                                     | CUSIP: 00908PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     35930 | PA      | $33534.61     | 0.02%             | 2030-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                         | College Avenue Student Loans LLC                                                  | CUSIP: 19425AAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50433 | PA      | $45191.84     | 0.02%             | 2052-06-25      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                                         | Olin Corp.                                                                        | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    885000 | PA      | $861194.47    | 0.44%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                               | FS KKR Capital Corp.                                                              | CUSIP: 302635AM9<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |   1830000 | PA      | $1938294.81   | 0.98%             | 2029-01-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| STORE Master Funding LLC                          | Store Master Funding I-VII XIV XIX XX                                             | CUSIP: 86190BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    999175 | PA      | $922636.63    | 0.47%             | 2051-06-20      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| UGI ENERGY SERVICES LLC                           | UGI Energy Services LLC                                                           | CUSIP: 90276DAE9<br>LEI: 5493001O7RUKEUP5XR11 | Long             | LON              | CORP              | US        |   1152390 | PA      | $1155892.79   | 0.58%             | 2030-02-22      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                | New York State Dormitory Authority                                                | CUSIP: 64990FE26<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    165000 | PA      | $146086.81    | 0.07%             | 2031-03-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| TRINITY CAPITAL INC/MD                            | Trinity Capital, Inc.                                                             | CUSIP: 896442605<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EP               | CORP              | US        |     50000 | NS      | $1264500.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED AIR 2019-2 AA PTT                          | United Airlines Pass-Through Trust                                                | CUSIP: 90932JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37844 | PA      | $33847.74     | 0.02%             | 2032-05-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                 | HSBC Holdings PLC                                                                 | CUSIP: 404280CH0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1800000 | PA      | $1648124.75   | 0.83%             | 2031-06-04      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA                            | Santander Holdings USA, Inc.                                                      | CUSIP: 80282KBF2<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    755000 | PA      | $786042.14    | 0.40%             | 2029-03-09      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance Designated Activity Co            | Prodigy Finance DAC                                                               | CUSIP: 742855AA7<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |     63937 | PA      | $63876.70     | 0.03%             | 2051-07-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** PACE SELECT ADVISORS TRUST

**Signature:** Joanne Kilkeary

**Name of Signer:** Joanne Kilkeary

**Title:** Vice President and Treasurer