# EDGAR Filing Document

**Accession Number:** 0001260667
**File Stem:** 0001162044-25-001204
**Filing Date:** 2025-11
**Character Count:** 72718
**Document Hash:** 87af85d24dbf1bdc50c08c79c1dfdb78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001204.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001162044-25-001204

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ANCORA TRUST
- **CENTRAL INDEX KEY:** 0001260667

**ORGANIZATION NAME:**
- **EIN:** 020712385
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21418
- **FILM NUMBER:** 251532883

**BUSINESS ADDRESS:**
- **STREET 1:** 6060 PARKLAND BOULEVARD, SUITE 200
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44124
- **BUSINESS PHONE:** 216-825-4000

**MAIL ADDRESS:**
- **STREET 1:** 6060 PARKLAND BOULEVARD, SUITE 200
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44124

## Series and Classes Contracts Data

### Ancora Income Fund (Series ID: S000004758)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012949 | Class I      | AAIIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Ancora Trust** | | |
| **Ancora Income Fund** | | |
| **Schedule of Investments** | | |
| **September 30, 2025 (Unaudited)** | | |
|  | <br>**Shares** | <br>**Value** |
| **Bonds & Corporate Bond Trust Certificated - 10.06%** |  |  |
| **Trust Certificates - 1.57%** |  |  |
| Citigroup, Inc., 7.125%, due 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243802  |
| Dominion Energy, Inc., 6.625%, due 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259264  |
| Wells Fargo & Co., 6.850%, due 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262759  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765825  |
| **Traditional Corporate Bonds - 8.49%** | **Principal Amount** | **Value** |
| Citigroup, Inc., 7.625%, due 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787539  |
| Energy Transfer LP, 7.125%, due 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361646  |
| Fifth Third Bancorp, 7.99428%, due 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851051  |
| The Allstate Corp., 8.5066%, due 08/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349971  |
| The Bank of Nova Scotia, 8.625%, due 10/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531306  |
| The Goldman Sachs Group, Inc., 7.500%, due 02/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530522  |
| The Toronto Dominion Bank, 8.125%, due 10/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528565  |
| USB Float, 5.93751%, due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207465  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148064  |
| **TOTAL BONDS & CORPORATE BOND TRUST CERTIFICATES (Cost $4,698,472)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4913889  |
| **Traditional Preferred Securities - 76.85%** |  |  |
| Arbor Realty Trust, Inc., 6.375%, due 06/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650650  |
| American Financial Group, Inc., 5.125%, due 12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307350  |
| American Financial Group, Inc., 5.625%, due 6/01/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442000  |
| American Financial Group, Inc., 4.500% Due 9/15/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471500  |
| Federal Agricultural Mortgage Corp., 5.750%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563225  |
| Federal Agricultural Mortgage Corp., 5.250%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41700  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861522  |
| AGNC Investment Corp., 6.875%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575690  |
| AGNC Investment Corp., 6.125%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507200  |
| Aspen Insurance Holdings Ltd., 5.625%, due 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383040  |
| Aspen Insurance Holdings Ltd., 5.625%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39829  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853535  |
| Aspen Insurance Holdings Ltd., 7.000%, due 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23123  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582931  |
| Assurant, Inc., 5.250%, 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602100  |
| Apollo Global Management, Inc., 7.625%, due 09/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524800  |
| Associated Banc-Corp., 5.625%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15969  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338064  |
| Athene Holding Ltd., 5.625%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40240  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883670  |
| Athene Holding Ltd., 6.350%, due 6/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509000  |
| Athene Holding Ltd., 4.875%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272700  |
| Athene Holding Ltd., 7.250%, due 3/30/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110854  |
| Atlanticus Holdings Corp., 6.125%, due 11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755510  |
| Atlanticus Holdings Corp.,7.625%, 06/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245562  |
| Atlanticus Holdings Corp., 9.250%, due 1/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579825  |
| Axis Capital Holdings Ltd., 5.500%, due 12/31/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000  |
| Brunswick Corp., 6.500%, Call @ 10/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880600  |
| Brunswick Corp., 6.375%, Due 4/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375750  |
| Brighthouse Financial, Inc., 5.375%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135300  |
| Brookfield Infrastructure Partners LP, 5.125%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176400  |
| Brookfield Infrastructure Finance ULC, 7.250%, due 5/31/2084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43324  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061438  |
| Carlyle Finance LLC., 4.625%, due 05/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078800  |
| Comerica, Inc., 6.875%, due 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30850  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778346  |
| Corebridge Financial, Inc., 6.375%, due 12/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368250  |
| Enterprise Financial Services Corp., 5.000%, due 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515028  |
| First Citizens Bancshares, Inc., 5.625%, due 01/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388500  |
| F&G Annuities & Life, Inc., 7.300%, due 1/15/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489600  |
| Globe Life, Inc., 4.250%, 06/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581000  |
| Global Net Lease, Inc., 6.875%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582250  |
| Green Brick Partners, Inc., 5.750%, due 12/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533475  |
| Huntington Bancshares, Inc., 6.875%, due 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17550  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448578  |
| Summit Hotel Properties, Inc., 6.250%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388200  |
| Jackson Financial Inc., 8.000%, due 03/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599150  |
| KeyCorp, 5.650%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460600  |
| KeyCorp, 6.200%, due 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631000  |
| KKR & Co., Inc., 6.250%, Due 3/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392625  |
| Merchants Bancorp, 7.625%, due 1/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155000  |
| MFA Financial, Inc., 7.500%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419200  |
| MFA Financial, Inc., 8.875%, due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251300  |
| Affiliated Managers Group, Inc., 5.875%, due 03/30/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184981  |
| Affiliated Managers Group, Inc., 4.750%, due 09/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450750  |
| Affiliated Managers Group, 4.200%, 09/30/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7190  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115615  |
| Affiliated Managers Group, Inc. 6.750%, due 3/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634400  |
| Annaly Capital Management, Inc., 6.750%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380100  |
| Brookfield Oaktree Holdings, LLC, 6.550%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237930  |
| Oaktree Capital Group, 6.625% Perp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439200  |
| OFS Credit Co., 6.125%, due 04/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18009  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449505  |
| Old National Bancorp, 7.000%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981  |
| PennyMac Mortgage Investment Trust, 6.750%, due 08/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437000  |
| Regions Financial Corp., 6.950%, due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515200  |
| Rithm Capital Corp., 11.0197%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16227  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412490  |
| Rithm Capital Corp., 7.000%, due 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368400  |
| Rithm Capital Corp., 8.750%, due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994400  |
| RenaissanceRe Holding Ltd., 4.200%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502500  |
| Redwood Trust, Inc., 10.00%, Cumulative Perp Call 04/15/28@25.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761367  |
| Redwood Trust, Inc., 9.000%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19700  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480680  |
| Redwood Trust, Inc., 9.125%, due 3/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244380  |
| Reinsurance Group of America, Inc., 7.125%, due 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258500  |
| Stifel Financial Corp., 4.500%, due 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560400  |
| Steel Partners Holding LP., 6.000%, due 02/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496400  |
| Synchrony Financial, 5.625%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322750  |
| Synchrony Financials, 8.250%, due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582300  |
| Texas Capital Bancshares, Inc., 5.750%, due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51055  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090024  |
| TPG Operating Group II, LP, 6.950, due 3/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516400  |
| Webster Financial Corp., 5.250%, due 12/31/2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16673  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337628  |
| WesBanco, Inc.,7.375%, Due 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507600  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37527998  |
| **TOTAL TRADITIONAL PREFERRED (Cost $37,427,354)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37527998  |
| **REIT Senior Securities - 1.87%** |  |  |
| Pebblebrook Hotel Trust, 6.300%, due 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000  |
| UMH Properties, Inc., 6.375%, Series D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407700  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912700  |
| **TOTAL REIT SENIOR SECURITIES (Cost $989,511)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912700  |
| **Common Stocks - 7.67%** |  |  |
| **Air Freight & Logistics - 1.37%** |  |  |
| United Parcel Service, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668240  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668240  |
| **Chemicals - 1%** |  |  |
| LyondellBasell Industries N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490400  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490400  |
| **Consumer Staples - 1.75%** |  |  |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852150  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852150  |
| **Media - 0.71%** |  |  |
| Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349125  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349125  |
| **Pharmaceuticals - 1.3%** |  |  |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637000  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637000  |
| **Oil, Gas & Consumable Fuels - 1.54%** |  |  |
| Energy Transfer LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343200  |
| Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406510  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749710  |
| **TOTAL COMMON STOCKS (Cost $4,147,400)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746625  |
| **Money Market Funds - 3.31%** |  |  |
| Federated Hermes Government Obligations Fund - Institutional Class 3.98% (a) | 1615764 | 1615764 |
|  |  | 1615764 |
| **TOTAL MONEY MARKET FUNDS (Cost $1,615,764)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615764  |
| **TOTAL INVESTMENTS (Cost $48,878,502) - 99.77%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48716977  |
| **Liabilities In Excess of Other Assets - (0.38)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112702  |
| **TOTAL NET ASSETS - 100.00%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48829679  |
| (a) Variable rate security; the coupon rate shown represents the 7-day yield as of September 30, 2025. | (a) Variable rate security; the coupon rate shown represents the 7-day yield as of September 30, 2025. | (a) Variable rate security; the coupon rate shown represents the 7-day yield as of September 30, 2025. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** ANCORA TRUST

- **b. Investment Company Act file number:** 811-21418

- **c. CIK number of Registrant:** 0001260667

- **d. LEI of Registrant:** 549300QN8N2QFNY1O803

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

  - **Street Address 1:** 6060 Parkland Boulevard

  - **City:** Cleveland

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44124

  - **Telephone number:** 216-593-5020

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

- **a. Name of Series:** Ancora Income Fund

- **b. EDGAR series identifier (if any):** S000004758

- **c. LEI of Series:** 54930001436ZA2EMS338

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $48895130.99

**Total Liabilities:** $65452.36

**Net Assets:** $48829678.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012949 | 1.85%                | 1.82%                | 0.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $63964.31                | $554006.28                                 |
| Month 2  | $37093.07                | $495277.65                                 |
| Month 3  | $-185715.97              | $288360.45                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGNC Investment Corp.                                              | AGNC Investment Corp., 6.125%, due 12/31/2099                      | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     20000 | NS      | $507200.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC Investment Corp.                                              | AGNC Investment Corp., 6.875%, due 12/31/2099                      | CUSIP: 00123Q609<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     23000 | NS      | $575690.00    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.                                    | Affiliated Managers Group, 4.200%, 09/30/2061                      | CUSIP: 008252835<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |      7190 | NS      | $115615.20    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.                                    | Affiliated Managers Group, Inc. 6.750%, due 3/30/2029              | CUSIP: 008252827<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     26000 | NS      | $634400.00    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.                                    | Affiliated Managers Group, Inc., 4.750%, due 09/30/2060            | CUSIP: 008252843<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |     25000 | NS      | $450750.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.                                    | Affiliated Managers Group, Inc., 5.875%, due 03/30/2059            | CUSIP: 008252850<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |      8310 | NS      | $184980.60    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.                                     | American Financial Group, Inc., 4.500% Due 9/15/2060               | CUSIP: 025932864<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25000 | NS      | $471500.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.                                     | American Financial Group, Inc., 5.125%, due 12/15/2059             | CUSIP: 025932880<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15000 | NS      | $307350.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group, Inc.                                     | American Financial Group, Inc., 5.625%, due 6/01/2060              | CUSIP: 025932872<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $442000.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management, Inc.                                    | Annaly Capital Management, Inc., 6.750%, due 12/31/2099            | CUSIP: 035710847<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15000 | NS      | $380100.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management, Inc.                                     | Apollo Global Management, Inc., 7.625%, due 09/15/2053             | CUSIP: 03769M205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $524800.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Arbor Realty Trust, Inc.                                           | Arbor Realty Trust, Inc., 6.375%, due 06/02/2026                   | CUSIP: 038923876<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |     35000 | NS      | $650650.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd.                                      | Aspen Insurance Holdings Ltd., 5.625%, due 01/01/2027              | CUSIP: G05384162<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |     18000 | NS      | $383040.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd.                                      | Aspen Insurance Holdings Ltd., 5.625%, due 12/31/2099              | CUSIP: G05384204<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |     39829 | NS      | $853535.47    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd.                                      | Aspen Insurance Holdings Ltd., 7.000%, due 11/30/2029              | CUSIP: G05384170<br>LEI: N/A                  | Long             | EP               | CORP              | BM        |     23123 | NS      | $582930.83    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                                               | Associated Banc-Corp., 5.625%, due 12/31/2099                      | CUSIP: 045487402<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15969 | NS      | $338063.73    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant, Inc.                                                     | Assurant, Inc., 5.250%, 01/15/2026                                 | CUSIP: 04621X306<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30000 | NS      | $602100.00    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Athene Holding Ltd.                                                | Athene Holding Ltd., 4.875%, due 12/31/2099                        | CUSIP: 04686J408<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15000 | NS      | $272700.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Athene Holding Ltd.                                                | Athene Holding Ltd., 5.625%, due 12/31/2099                        | CUSIP: 04686J200<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | BM        |     40240 | NS      | $883670.40    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Athene Holding Ltd.                                                | Athene Holding Ltd., 6.350%, due 6/30/2029                         | CUSIP: 04686J861<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | US        |     20000 | NS      | $509000.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Athene Holding Ltd.                                                | Athene Holding Ltd., 7.250%, due 3/30/2064                         | CUSIP: 04686J838<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      4337 | NS      | $110853.72    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanticus Holdings Corp.                                          | Atlanticus Holdings Corp., 6.125%, due 11/30/2026                  | CUSIP: 04914Y300<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30100 | NS      | $755510.00    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanticus Holdings Corp.                                          | Atlanticus Holdings Corp., 9.250%, due 1/31/2029                   | CUSIP: 04914Y409<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     22500 | NS      | $579825.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanticus Holdings Corp.                                          | Atlanticus Holdings Corp.,7.625%, 06/11/2026                       | CUSIP: 04914Y201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10000 | NS      | $245562.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd.                                         | Axis Capital Holdings Ltd., 5.500%, due 12/31/2049                 | CUSIP: 05461T305<br>LEI: N/A                  | Long             | EP               | CORP              | BM        |     25000 | NS      | $535000.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial, Inc.                                        | Brighthouse Financial, Inc., 5.375%, due 12/31/2099                | CUSIP: 10922N707<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |     10000 | NS      | $135300.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Finance ULC                              | Brookfield Infrastructure Finance ULC, 7.250%, due 5/31/2084       | CUSIP: 11276B208<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     43324 | NS      | $1061438.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Partners LP                              | Brookfield Infrastructure Partners LP, 5.125%, due 12/31/2099      | CUSIP: G16252267<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |     10000 | NS      | $176400.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Oaktree Holdings                                        | Brookfield Oaktree Holdings, LLC, 6.550%, due 12/31/2099           | CUSIP: 674001409<br>LEI: 254900T1ODNFOK2L6090 | Long             | EP               | CORP              | CA        |     11000 | NS      | $237930.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp.                                                    | Brunswick Corp., 6.375%, Due 4/15/2049                             | CUSIP: 117043604<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15000 | NS      | $375750.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp.                                                    | Brunswick Corp., 6.500%, Call @ 10/15/2048                         | CUSIP: 117043406<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EP               | CORP              | US        |     35000 | NS      | $880600.00    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| The Carlyle Group, Inc.                                            | Carlyle Finance LLC., 4.625%, due 05/15/2061                       | CUSIP: 14314C105<br>LEI: 529900NGGVF94UK6PG95 | Long             | EP               | CORP              | US        |     60000 | NS      | $1078800.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup, Inc.                                                    | Citigroup, Inc., 7.125%, due 8/15/2029                             | CUSIP: 172967PK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    236000 | PA      | $243802.40    | 0.50%             | 2029-08-15      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                    | Citigroup, Inc., 7.625%, due 11/15/2028                            | CUSIP: 172967PE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $787539.00    | 1.61%             | 2028-11-15      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| Comerica, Inc.                                                     | Comerica, Inc., 6.875%, due 10/01/2030                             | CUSIP: 200340701<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30850 | NS      | $778345.50    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial, Inc.                                         | Corebridge Financial, Inc., 6.375%, due 12/15/2064                 | CUSIP: 21871X208<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15000 | NS      | $368250.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy, Inc.                                              | Dominion Energy, Inc., 6.625%, due 2/15/2035                       | CUSIP: 25746UDV8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $259263.50    | 0.53%             | 2050-12-31      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| Energy Transfer Operating LP                                       | Energy Transfer LP, 7.125%, due 5/15/2030                          | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    350000 | PA      | $361645.90    | 0.74%             | 2030-05-15      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                 | Energy Transfer LP.                                                | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |     20000 | NS      | $343200.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services Corp.                                | Enterprise Financial Services Corp., 5.000%, due 12/15/2026        | CUSIP: 293712303<br>LEI: 5493001XTU5DLD632129 | Long             | EP               | CORP              | US        |     25000 | NS      | $515027.50    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners LP                                    | Enterprise Products Partners LP                                    | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |     13000 | NS      | $406510.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| F&G Annuities & Life, Inc.                                         | F&G Annuities & Life, Inc., 7.300%, due 1/15/2065                  | CUSIP: 30190A609<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $489600.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp.                                | Federal Agricultural Mortgage Corp., 5.250%, due 12/31/2099        | CUSIP: 313148843<br>LEI: 549300MS654K78GYF580 | Long             | EP               | CORP              | US        |     41700 | NS      | $861522.00    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp.                                | Federal Agricultural Mortgage Corp., 5.750%, due 12/31/2099        | CUSIP: 313148850<br>LEI: 549300MS654K78GYF580 | Long             | EP               | CORP              | US        |     25000 | NS      | $563225.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Government Obligations Fund - Institutional Class | Federated Hermes Government Obligations Fund - Institutional Class | CUSIP: 60934N104<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |   1615764 | NS      | $1615764.47   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                                                | Fifth Third Bancorp, 7.99428%, due 12/31/2099                      | CUSIP: 316773CR9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    850000 | PA      | $851050.60    | 1.74%             | 2050-12-31      | Fixed         | 7.99%                 | No            |                  2 | On Loan: No      |
| First-Citizens Bank & Trust Co.                                    | First Citizens Bancshares, Inc., 5.625%, due 01/04/2027            | CUSIP: 31959X202<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     17500 | NS      | $388500.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease, Inc.                                             | Global Net Lease, Inc., 6.875%, due 12/31/2099                     | CUSIP: 379378409<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     25000 | NS      | $582250.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life, Inc.                                                   | Globe Life, Inc., 4.250%, 06/15/2061                               | CUSIP: 37959E300<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EP               | CORP              | US        |     35000 | NS      | $581000.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners, Inc.                                         | Green Brick Partners, Inc., 5.750%, due 12/23/2026                 | CUSIP: 392709200<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EP               | CORP              | US        |     22500 | NS      | $533475.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares, Inc.                                        | Huntington Bancshares, Inc., 6.875%, due 04/15/2028                | CUSIP: 446150773<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EP               | CORP              | US        |     17550 | NS      | $448578.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial, Inc.                                            | Jackson Financial Inc., 8.000%, due 03/30/2028                     | CUSIP: 46817M206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     23000 | NS      | $599150.00    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co., Inc.                                                    | KKR & Co., Inc., 6.250%, Due 3/01/2025                             | CUSIP: 48251W500<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      7500 | NS      | $392625.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                                            | KeyCorp, 5.650%, due 12/31/2099                                    | CUSIP: 493267876<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $460600.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                                            | KeyCorp, 6.200%, due 12/15/2027                                    | CUSIP: 493267843<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     25000 | NS      | $631000.00    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyondellbasell Industries N.V.                                     | LyondellBasell Industries N.V.                                     | CUSIP: N53745100<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |     10000 | NS      | $490400.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA Financial, Inc.                                                | MFA Financial, Inc., 7.500%, due 12/31/2099                        | CUSIP: 55272X409<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $419200.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA Financial, Inc.                                                | MFA Financial, Inc., 8.875%, due 2/15/2029                         | CUSIP: 55272X706<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10000 | NS      | $251300.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp                                                  | Merchants Bancorp, 7.625%, due 1/01/2030                           | CUSIP: 58844R850<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     50000 | NS      | $1155000.00   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| OFS Credit Co.                                                     | OFS Credit Co., 6.125%, due 04/30/2026                             | CUSIP: 67111Q305<br>LEI: 549300T3DWVI18ZWUJ64 | Long             | EP               | CORP              | US        |     18009 | NS      | $449504.64    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Oaktree Capital Group                                              | Oaktree Capital Group, 6.625% Perp.                                | CUSIP: 674001300<br>LEI: 254900T1ODNFOK2L6090 | Long             | EC               | CORP              | US        |     20000 | NS      | $439200.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                                               | Old National Bancorp, 7.000%, due 12/31/2099                       | CUSIP: 68003D303<br>LEI: 549300MMK90CL5KMVX16 | Long             | EP               | CORP              | US        |        39 | NS      | $980.85       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                                            | Pebblebrook Hotel Trust, 6.300%, due 12/31/2099                    | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |     25000 | NS      | $505000.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Mortgage Investment Trust                                 | PennyMac Mortgage Investment Trust, 6.750%, due 08/24/2026         | CUSIP: 70931T509<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |     23000 | NS      | $437000.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer, Inc.                                                       | Pfizer, Inc.                                                       | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     25000 | NS      | $637000.00    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwood Trust, Inc.                                                | Redwood Trust, Inc., 10.00%, Cumulative Perp Call 04/15/28@25.00   | CUSIP: 758075808<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30000 | NS      | $761367.00    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwood Trust, Inc.                                                | Redwood Trust, Inc., 9.000%, 09/01/2029                            | CUSIP: 758075873<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     19700 | NS      | $480680.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwood Trust, Inc.                                                | Redwood Trust, Inc., 9.125%, due 3/01/2030                         | CUSIP: 758075865<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10000 | NS      | $244380.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp.                                            | Regions Financial Corp., 6.950%, due 9/15/2029                     | CUSIP: 7591EP860<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |     20000 | NS      | $515200.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America                                       | Reinsurance Group of America, Inc., 7.125%, due 10/15/2027         | CUSIP: 759351885<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     10000 | NS      | $258500.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holding Ltd.                                         | RenaissanceRe Holding Ltd., 4.200%, 7/15/2026                      | CUSIP: G7498P127<br>LEI: N/A                  | Long             | EP               | CORP              | BM        |     30000 | NS      | $502500.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp.                                                | Rithm Capital Corp., 11.0197%, due 12/31/2099                      | CUSIP: 64828T409<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     16227 | NS      | $412490.34    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp.                                                | Rithm Capital Corp., 7.000%, due 11/15/2026                        | CUSIP: 64828T706<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15000 | NS      | $368400.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp.                                                | Rithm Capital Corp., 8.750%, due 11/15/2030                        | CUSIP: 64828T805<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |     40000 | NS      | $994400.00    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings, Inc.                                           | Sirius XM Holdings, Inc.                                           | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $349125.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Partners Holdings LP                                         | Steel Partners Holding LP., 6.000%, due 02/07/2026                 | CUSIP: 85814R206<br>LEI: 5493009U8Z59G5SIZ389 | Long             | EP               | CORP              | US        |     20000 | NS      | $496400.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp.                                             | Stifel Financial Corp., 4.500%, due 08/15/2026                     | CUSIP: 860630862<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30000 | NS      | $560400.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties, Inc.                                      | Summit Hotel Properties, Inc., 6.250%, due 12/31/2099              | CUSIP: 866082605<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |     20000 | NS      | $388200.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                                                | Synchrony Financial, 5.625%, due 12/31/2099                        | CUSIP: 87165B202<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |     65000 | NS      | $1322750.00   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financials                                               | Synchrony Financials, 8.250%, due 5/15/2029                        | CUSIP: 87165B400<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |     22500 | NS      | $582300.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Operating Group II, LP                                         | TPG Operating Group II, LP, 6.950, due 3/15/2064                   | CUSIP: 872652102<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $516400.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp.                                                       | Target Corp.                                                       | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      9500 | NS      | $852150.00    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares, Inc.                                     | Texas Capital Bancshares, Inc., 5.750%, due 6/15/2026              | CUSIP: 88224Q305<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     51055 | NS      | $1090024.25   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corp.                                                 | The Allstate Corp., 8.5066%, due 08/15/2053                        | CUSIP: 020002BB6<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349971.09    | 0.72%             | 2050-12-31      | Variable      | 8.51%                 | No            |                  2 | On Loan: No      |
| The Bank of Nova Scotia                                            | The Bank of Nova Scotia, 8.625%, due 10/27/2027                    | CUSIP: 0641598S8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $531306.00    | 1.09%             | 2050-12-31      | Variable      | 8.63%                 | No            |                  2 | On Loan: No      |
| The Goldman Sachs Group, Inc.                                      | The Goldman Sachs Group, Inc., 7.500%, due 02/10/2029              | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $530522.00    | 1.09%             | 2029-02-10      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| The Toronto Dominion Bank                                          | The Toronto Dominion Bank, 8.125%, due 10/31/2027                  | CUSIP: 89117F8Z5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $528564.50    | 1.08%             | 2050-12-31      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| UMH Properties, Inc.                                               | UMH Properties, Inc., 6.375%, Series D                             | CUSIP: 903002509<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EP               | CORP              | US        |     18000 | NS      | $407700.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| USB Capital IX                                                     | USB Float, 5.93751%, due 12/31/2099                                | CUSIP: 91731KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $207464.83    | 0.42%             | 2050-12-31      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                        | United Parcel Service, Inc.                                        | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      8000 | NS      | $668240.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp.                                            | Webster Financial Corp., 5.250%, due 12/31/2099                    | CUSIP: 947890505<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EP               | CORP              | US        |     16673 | NS      | $337628.25    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                  | Wells Fargo & Co., 6.850%, due 09/15/2029                          | CUSIP: 95002YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $262759.00    | 0.54%             | 2029-09-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| WesBanco, Inc.                                                     | WesBanco, Inc.,7.375%, Due 10/1/2030                               | CUSIP: 950810887<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     20000 | NS      | $507600.00    | 1.04%             | 2030-10-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Ancora Trust

**Signature:** /s/ Bradley Zucker

**Name of Signer:** Bradley Zucker

**Title:** President, Treasurer and Secretary