# EDGAR Filing Document

**Accession Number:** 0002042316
**File Stem:** 0000940400-25-002592
**Filing Date:** 2025-9
**Character Count:** 126186
**Document Hash:** 69e699611bb659abd4a296970a1422cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002592.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0000940400-25-002592

**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:** Victory Portfolios IV
- **CENTRAL INDEX KEY:** 0002042316

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24019
- **FILM NUMBER:** 251346111

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** (210) 697-3624

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

## Series and Classes Contracts Data

### Victory Pioneer Securitized Income Fund (Series ID: S000089769)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256535 | Class Y      | SYFFX           |
| C000256536 | Class A      | SIFFX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Victory Portfolios IV

- **b. Investment Company Act file number:** 811-24019

- **c. CIK number of Registrant:** 0002042316

- **d. LEI of Registrant:** 25490054DPU07WNNLY79

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

  - **Street Address 1:** 15935 LA CANTERA PARKWAY

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 210-697-3624

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

- **a. Name of Series:** Victory Pioneer Securitized Income Fund

- **b. EDGAR series identifier (if any):** S000089769

- **c. LEI of Series:** 549300NPIBL3LB916817

**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:** $262468592.92

**Total Liabilities:** $24955906.80

**Net Assets:** $237512686.12

**Stand-by Commitments:** $23422282.79

**Cash Not Reported:** $1333606.96

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -153.00000000 | **1-Year:** -844.00000000 | **5-Year:** -12835.00000000 | **10-Year:** -4989.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -73.00000000 | **1-Year:** -6565.00000000 | **5-Year:** -38025.00000000 | **10-Year:** 1953.00000000 | **30-Year:** 1521.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256536 | 0.73%                | 1.13%                | 0.62%                |
| Class ID C000256535 | 0.75%                | 1.15%                | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14439.29               | $622232.72                                 |
| Month 2  | $3154.20                 | $1122174.54                                |
| Month 3  | $-5103.44                | $242087.94                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Barclays US High Yield

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2021-8                                  | CUSIP: 46592TBS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6160878 | PA      | $38821.54     | 0.02%             | 2051-12-25      | Variable      | 0.11%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2024-N3                           | CUSIP: 14687WAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1418076.38   | 0.60%             | 2032-04-12      | Fixed         | 7.66%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-1                                | CUSIP: 92540EAE3<br>LEI: 984500A3F1D749452747 | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $172435.78    | 0.07%             | 2069-01-25      | Variable      | 7.91%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2022-1                       | CUSIP: 30167JAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2140000 | PA      | $2095527.38   | 0.88%             | 2029-10-15      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor Re 2024-1 Ltd                                             | CUSIP: 75049AAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    360000 | PA      | $362968.96    | 0.15%             | 2034-09-25      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-TWA Mortgage Trust                                      | CUSIP: 582923AF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $508890.90    | 0.21%             | 2039-06-12      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R02                     | CUSIP: 20754GAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540000 | PA      | $556528.16    | 0.23%             | 2044-02-25      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Avid Automobile Receivables Tr              | Avid Automobile Receivables Trust 2021-1                         | CUSIP: 05369LAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $349111.14    | 0.15%             | 2028-10-16      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2024-1                    | CUSIP: 80288AAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101211.78    | 0.04%             | 2030-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                     | Flagstar Mortgage Trust 2021-4                                   | CUSIP: 33852FBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5658208 | PA      | $72114.43     | 0.03%             | 2051-06-01      | Variable      | 0.21%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                      | CUSIP: 912797QL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11964183.36  | 5.04%             | 2025-08-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Wealth Management               | JPMorgan Chase Bank NA - JPMWM                                   | CUSIP: 46591HBM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    227964 | PA      | $225233.36    | 0.09%             | 2051-03-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Kinetic Advantage Master Owner              | Kinetic Advantage Master Owner Trust                             | CUSIP: 49462DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    565000 | PA      | $566426.63    | 0.24%             | 2027-11-15      | Floating      | 6.99%                 | No            |                  2 | On Loan: No      |
| Harvest SBA Loan Trust                      | Harvest SBA Loan Trust 2024-1                                    | CUSIP: 41756NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    602046 | PA      | $605263.81    | 0.25%             | 2051-12-25      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2021-2 Ltd                                              | CUSIP: 26982AAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    290000 | PA      | $299218.29    | 0.13%             | 2034-04-25      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                            | Westgate Resorts 2024-1 LLC                                      | CUSIP: 96034KAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    362012 | PA      | $366781.18    | 0.15%             | 2038-01-20      | Fixed         | 9.26%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se              | Natixis Commercial Mortgage Securities Trust 2019-FAME           | CUSIP: 63873VAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $250386.25    | 0.11%             | 2036-08-15      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R05                     | CUSIP: 20754XAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    680000 | PA      | $682520.49    | 0.29%             | 2044-07-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva              | Amur Equipment Finance Receivables XIV LLC                       | CUSIP: 03238BAF0<br>LEI: 254900VBZK8DVZNJFJ70 | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $712140.52    | 0.30%             | 2032-10-20      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                        | Libra Solutions 2024-1 LLC                                       | CUSIP: 53161XAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $246889.98    | 0.10%             | 2038-09-30      | Fixed         | 7.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R01                     | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1720000 | PA      | $1795014.53   | 0.76%             | 2041-10-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2022-5                       | CUSIP: 30167FAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $203497.72    | 0.09%             | 2029-02-15      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL3                                   | CUSIP: 50205GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1520000 | PA      | $1534291.34   | 0.65%             | 2029-05-25      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| MMP Capital                                 | MMP Capital 2025-A LLC                                           | CUSIP: 55317QAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    680000 | PA      | $692683.70    | 0.29%             | 2031-12-15      | Fixed         | 8.41%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                              | CPS Auto Receivables Trust 2024-B                                | CUSIP: 12627SAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1160000 | PA      | $1227950.60   | 0.52%             | 2031-11-17      | Fixed         | 8.36%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2025-2                       | CUSIP: 30168JAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2640000 | PA      | $2731869.10   | 1.15%             | 2032-10-15      | Fixed         | 7.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                        | CUSIP: 01F032682<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2600000 | PA      | $2322393.45   | 0.98%             | 2055-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                            | Bellemeade Re Ltd                                                | CUSIP: 078915AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    450000 | PA      | $454762.80    | 0.19%             | 2034-08-25      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin              | Santander Bank Auto Credit-Linked Notes Series 2024-B            | CUSIP: 80280BAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $498056.45    | 0.21%             | 2033-01-18      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issu              | GreenSky Home Improvement Issuer Trust 2025-2                    | CUSIP: 39571VAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1460000 | PA      | $1469918.22   | 0.62%             | 2060-06-25      | Fixed         | 7.79%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | U.S. TREASURY BOND                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -19 | NC      | $6181.19      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Purchasing Power Funding                    | Purchasing Power Funding 2024-A LLC                              | CUSIP: 745935AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    280000 | PA      | $280817.29    | 0.12%             | 2028-08-15      | Fixed         | 7.26%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL15                                                    | CUSIP: 58003MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1790000 | PA      | $1790216.59   | 0.75%             | 2041-08-18      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| STREAM INNOVATIONS ISSUER TRUS              | Stream Innovations 2024-1 Issuer Trust                           | CUSIP: 86324CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360000 | PA      | $383201.06    | 0.16%             | 2044-07-15      | Fixed         | 7.89%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL16                                                    | CUSIP: 55287EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    850000 | PA      | $851380.40    | 0.36%             | 2039-11-18      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| LFT CRE LLC                                 | LFT CRE 2021-FL1 Ltd                                             | CUSIP: 50203JAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    302280 | PA      | $302340.75    | 0.13%             | 2039-06-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                      | Cascade MH Asset Trust 2022-MH1                                  | CUSIP: 14732KAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1212637 | PA      | $1058904.74   | 0.45%             | 2054-08-25      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL2                                   | CUSIP: 50205JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1510000 | PA      | $1522519.26   | 0.64%             | 2029-03-25      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-AIRC                           | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    617889 | PA      | $619962.10    | 0.26%             | 2039-08-15      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2023-NQM7                        | CUSIP: 10569HAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    680000 | PA      | $682070.53    | 0.29%             | 2063-09-25      | Variable      | 7.93%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2023-1 Ltd                                             | CUSIP: 75050KAB2<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    300000 | PA      | $309368.34    | 0.13%             | 2033-07-25      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Maste              | Mission Lane Credit Card Master Trust                            | CUSIP: 60510MBF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410000 | PA      | $411950.29    | 0.17%             | 2030-01-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                 | HOMES 2024-NQM1 Trust                                            | CUSIP: 40390TAE0<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-MBS          | CORP              | US        |    825000 | PA      | $836017.30    | 0.35%             | 2069-07-25      | Variable      | 7.35%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2023-1                         | CUSIP: 36266XAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $178623.66    | 0.08%             | 2029-01-16      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2025-1                         | CUSIP: 36271KAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1074070.20   | 0.45%             | 2032-03-15      | Fixed         | 7.19%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                          | A&D Mortgage Trust 2024-NQM5                                     | CUSIP: 00039KAG5<br>LEI: 9845006Z1DC68561N347 | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $480821.75    | 0.20%             | 2069-11-25      | Variable      | 7.71%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2024-4                         | CUSIP: 36270YAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2607706.75   | 1.10%             | 2031-08-15      | Fixed         | 7.51%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                            | HILT COMMERCIAL MORTGAGE TRUST 2024-ORL                          | CUSIP: 403956AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $149812.86    | 0.06%             | 2037-05-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor              | Morgan Stanley Residential Mortgage Loan Trust 2023-NQM1         | CUSIP: 61775VAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1920000 | PA      | $1911275.14   | 0.80%             | 2068-09-25      | Variable      | 7.39%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2024-NQM3                        | CUSIP: 10569LAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    630000 | PA      | $642314.48    | 0.27%             | 2064-03-25      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                 | PRKCM 2023-AFC3 Trust                                            | CUSIP: 693984AE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $231359.32    | 0.10%             | 2058-09-25      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                  | MFA 2024-NQM2 Trust                                              | CUSIP: 58004JAE2<br>LEI: 254900MMVXALAH2X8D73 | Long             | ABS-MBS          | CORP              | US        |    410000 | PA      | $408536.51    | 0.17%             | 2069-08-25      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd           | CUSIP: 03880KAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $998132.00    | 0.42%             | 2034-08-15      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2024-2                       | CUSIP: 30166DAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1385479.39   | 0.58%             | 2031-10-15      | Fixed         | 7.98%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Issuer Trust 2025-1                                          | CUSIP: 30340RAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    816000 | PA      | $823654.32    | 0.35%             | 2032-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                | Huntington Bank Auto Credit-Linked Notes Series 2024-1           | CUSIP: 44644NAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    140206 | PA      | $141652.54    | 0.06%             | 2032-05-20      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Trust Llc                     | SCF Equipment Leasing 2024-1 LLC                                 | CUSIP: 783896AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $239891.04    | 0.10%             | 2033-06-21      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -27 | NC      | $21272.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MCR Mortgage Trust                          | MCR 2024-TWA Mortgage Trust                                      | CUSIP: 582923AD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $653370.32    | 0.28%             | 2039-06-12      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Tru              | Newtek Small Business Loan Trust 2021-1                          | CUSIP: 65254BAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    302416 | PA      | $304775.24    | 0.13%             | 2049-10-25      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Blackbird Capital Aircraft                  | Blackbird Capital II Aircraft Lease Ltd                          | CUSIP: 09229CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365477 | PA      | $344856.48    | 0.15%             | 2046-07-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA5                          | CUSIP: 35564KJB6<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $2128838.76   | 0.90%             | 2034-01-25      | Floating      | 9.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-1    | CUSIP: 35563PES4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    151172 | PA      | $147277.83    | 0.06%             | 2057-05-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2024-3                         | CUSIP: 37989AAN4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2626000 | PA      | $2706709.58   | 1.14%             | 2031-06-16      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                      | CUSIP: 912797QK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $997857.00    | 0.42%             | 2025-08-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-5                                | CUSIP: 924934AF9<br>LEI: 984500BADC7CFE3B0756 | Long             | ABS-MBS          | CORP              | US        |    560000 | PA      | $556439.46    | 0.23%             | 2068-06-25      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| GSAT Trust 2025-BMF                         | GSAT Trust 2025-BMF                                              | CUSIP: 36271XAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1380000 | PA      | $1380413.03   | 0.58%             | 2040-07-15      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| KREF 2022-Fl3 Ltd                           | KREF 2022-FL3 Ltd                                                | CUSIP: 48275EAA4<br>LEI: 549300DG0FGL1EU1CT79 | Long             | ABS-CBDO         | CORP              | KY        |    473070 | PA      | $472932.97    | 0.20%             | 2039-02-17      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2024-2                         | CUSIP: 37964VAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1170000 | PA      | $1225338.43   | 0.52%             | 2031-05-15      | Fixed         | 7.98%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                              | Crockett Partners Equipment Co IIA LLC                           | CUSIP: 22689LAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    212473 | PA      | $218930.22    | 0.09%             | 2031-01-20      | Fixed         | 10.16%                | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB13 LLC                                               | CUSIP: 12530VAE5<br>LEI: 984500D67D63D8645054 | Long             | ABS-O            | CORP              | US        |   1167500 | PA      | $1051896.95   | 0.44%             | 2034-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R06                     | CUSIP: 20755RAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    229078 | PA      | $229007.48    | 0.10%             | 2044-09-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-6                                | CUSIP: 92539XAE4<br>LEI: 984500915DDB7T2ACA27 | Long             | ABS-MBS          | CORP              | US        |   2620000 | PA      | $2634317.25   | 1.11%             | 2068-09-25      | Variable      | 7.79%                 | No            |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE              | Multifamily Connecticut Avenue Securities Trust 2020-01          | CUSIP: 62548QAD3<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |    460246 | PA      | $472027.85    | 0.20%             | 2050-03-25      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-DNA3                                | CUSIP: 35564TBE9<br>LEI: 549300KB1O80CETXGJ21 | Long             | ABS-MBS          | CORP              | US        |    434000 | PA      | $494433.89    | 0.21%             | 2049-07-25      | Floating      | 12.61%                | No            |                  2 | On Loan: No      |
| Continental Finance Credit Cre              | Continental Finance Credit Card ABS Master Trust                 | CUSIP: 66981PAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $292244.48    | 0.12%             | 2032-12-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2022-2                                  | CUSIP: 67578XAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410000 | PA      | $421695.37    | 0.18%             | 2030-02-20      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru              | Vista Point Securitization Trust 2024-CES1                       | CUSIP: 92839HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    533330 | PA      | $538630.46    | 0.23%             | 2054-05-25      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                    | Purchasing Power Funding 2024-A LLC                              | CUSIP: 745935AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $303250.86    | 0.13%             | 2028-08-15      | Fixed         | 10.18%                | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-LUNR                                               | CUSIP: 05594CAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1030000 | PA      | $1033779.69   | 0.44%             | 2040-06-15      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2024-NQM5                        | CUSIP: 105925AF8<br>LEI: 254900RBHU9OC1RNXD92 | Long             | ABS-MBS          | CORP              | US        |    790000 | PA      | $800110.26    | 0.34%             | 2064-06-25      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac Stacr Remic Trust 2025-Hqa1                          | CUSIP: 35564NHA4<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | CORP              | US        |    290000 | PA      | $291145.50    | 0.12%             | 2045-02-25      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Short D              | Golub Capital Partners Short Duration 2022-1                     | CUSIP: 38179FAY7<br>LEI: 2549003BCD47A99URJ88 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250610.50    | 0.11%             | 2033-07-25      | Floating      | 8.92%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-7                                | CUSIP: 92539YAE2<br>LEI: 213800W65K5FH3AI2J91 | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $553938.66    | 0.23%             | 2068-10-25      | Variable      | 7.89%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Mscr Trust Mn3                                       | CUSIP: 35563GAB5<br>LEI: 549300FK6HM4FW58SP67 | Long             | ABS-MBS          | USGSE             | US        |    250000 | PA      | $258754.53    | 0.11%             | 2051-11-25      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                          | A&D Mortgage Trust 2024-NQM4                                     | CUSIP: 002939AH9<br>LEI: 98450000E04EA82B8915 | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $902036.34    | 0.38%             | 2069-08-25      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                          | BSPRT 2024-FL11 Issuer LLC                                       | CUSIP: 05613RAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    510000 | PA      | $510318.95    | 0.21%             | 2039-07-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2023-1                     | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $338006.79    | 0.14%             | 2028-11-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Hundred Acre Wood Trust                     | Hundred Acre Wood Trust 2021-INV1                                | CUSIP: 44590HBJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3548397 | PA      | $47032.94     | 0.02%             | 2051-07-25      | Variable      | 0.23%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2024-6 Mortgage Loan Trust                                  | CUSIP: 19688XAE6<br>LEI: 213800U2X2TO1PQH1O75 | Long             | ABS-MBS          | CORP              | US        |    840000 | PA      | $854523.77    | 0.36%             | 2069-11-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable              | Westlake Automobile Receivables Trust 2023-2                     | CUSIP: 959926AG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $356955.69    | 0.15%             | 2028-11-15      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA3                          | CUSIP: 35564KWA3<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |    635000 | PA      | $678539.16    | 0.29%             | 2042-04-25      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2024-5                       | CUSIP: 30165BAH6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2130000 | PA      | $2187779.66   | 0.92%             | 2032-05-17      | Fixed         | 7.22%                 | No            |                  2 | On Loan: No      |
| Oaktown Re Ltd                              | Oaktown Re VI Ltd                                                | CUSIP: 67401FAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    150000 | PA      | $153895.97    | 0.06%             | 2033-10-25      | Floating      | 9.85%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                    | FHF Issuer Trust 2024-3                                          | CUSIP: 30339EAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    503000 | PA      | $504066.46    | 0.21%             | 2031-12-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                        | CUSIP: 01F060683<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2300000 | PA      | $2331790.21   | 0.98%             | 2055-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                               | CUSIP: 05608RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1530000 | PA      | $1524262.50   | 0.64%             | 2036-10-15      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-INV3                             | CUSIP: 92540CAE7<br>LEI: 9845008F97BFO762AF95 | Long             | ABS-MBS          | CORP              | US        |    530000 | PA      | $537531.67    | 0.23%             | 2068-11-25      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2023-2                           | CUSIP: 74113VAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220000 | PA      | $228996.97    | 0.10%             | 2029-08-15      | Fixed         | 7.71%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust                          | A&D Mortgage Trust 2023-NQM4                                     | CUSIP: 00002MAE9<br>LEI: 9845002EOD0CFAFA4F48 | Long             | ABS-MBS          | CORP              | US        |    460000 | PA      | $462471.35    | 0.19%             | 2068-09-25      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor RE 2023-1 Ltd                                             | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    129708 | PA      | $130299.26    | 0.05%             | 2033-07-25      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR4                                | CUSIP: 35565GAE7<br>LEI: 549300K0XW5MBR2WNZ55 | Long             | ABS-MBS          | CORP              | US        |    580000 | PA      | $632910.04    | 0.27%             | 2047-11-25      | Floating      | 9.46%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2024-3                             | CUSIP: 52609YAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $762384.75    | 0.32%             | 2031-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R03                     | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    430000 | PA      | $433490.96    | 0.18%             | 2044-03-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Blue Owl Asset Leasing Trust                | Blue Owl Asset Leasing Trust 2024-1 LLC                          | CUSIP: 095921AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $483378.24    | 0.20%             | 2031-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R06                     | CUSIP: 20755RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    874832 | PA      | $876473.43    | 0.37%             | 2044-09-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun              | Bayview Opportunity Master Fund VII 2024-EDU1 LLC                | CUSIP: 07336PAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    158127 | PA      | $161136.04    | 0.07%             | 2047-06-25      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2025-A                                    | CUSIP: 68377TAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2500889.75   | 1.05%             | 2033-02-08      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2023-2                           | CUSIP: 74113VAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $2055253.94   | 0.87%             | 2030-11-15      | Fixed         | 9.90%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                              | ACM Auto Trust 2024-2                                            | CUSIP: 00461WAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $247155.48    | 0.10%             | 2031-08-20      | Fixed         | 9.21%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2024-1                              | CUSIP: 92512WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1078894.11   | 0.45%             | 2028-12-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Funding Trust 2024-3                                     | CUSIP: 68377NAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $351161.23    | 0.15%             | 2029-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB13 LLC                                               | CUSIP: 12530VAD7<br>LEI: 984500D67D63D8645054 | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $559840.20    | 0.24%             | 2034-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust              | Carvana Auto Receivables Trust 2022-N1                           | CUSIP: 14686GAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270470 | PA      | $267287.20    | 0.11%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                           | Imperial Fund Mortgage Trust 2022-NQM5                           | CUSIP: 45276QAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1130000 | PA      | $1111132.50   | 0.47%             | 2067-08-25      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-HQA2                          | CUSIP: 35564NEC3<br>LEI: 5299002OYNAPMJKK2A73 | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $523738.80    | 0.22%             | 2044-08-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| GCAT                                        | GCAT 2021-CM1 Trust                                              | CUSIP: 36168AAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    510000 | PA      | $440389.28    | 0.19%             | 2065-04-25      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                           | PRPM 2023-NQM2 Trust                                             | CUSIP: 74390KAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    390000 | PA      | $389551.23    | 0.16%             | 2068-08-25      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2023-HE2                                | CUSIP: 46657FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    209030 | PA      | $210193.36    | 0.09%             | 2054-03-20      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin              | Santander Bank Auto Credit-Linked Notes Series 2023-B            | CUSIP: 80290CCE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    409398 | PA      | $414159.68    | 0.17%             | 2033-12-15      | Fixed         | 8.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                        | CUSIP: 01F052482<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2300000 | PA      | $2338704.98   | 0.98%             | 2040-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR1                                | CUSIP: 35564PAC2<br>LEI: 549300MHCI0CUXMJQS62 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1778362.80   | 0.75%             | 2048-01-25      | Floating      | 12.81%                | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                  | GLS Auto Receivables Issuer Trust 2023-2                         | CUSIP: 379928AJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $66353.51     | 0.03%             | 2029-03-15      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| STAR 2022-SFR3 Trust                        | STAR 2022-SFR3 Trust                                             | CUSIP: 78474PAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $403225.56    | 0.17%             | 2039-05-17      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2023-A                                  | CUSIP: 08860FAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $237260.54    | 0.10%             | 2036-04-17      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R04                     | CUSIP: 20753YAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2470000 | PA      | $2744787.50   | 1.16%             | 2042-03-25      | Floating      | 13.85%                | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-SLCT                           | CUSIP: 12433JAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1590000 | PA      | $1574104.13   | 0.66%             | 2042-01-15      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| GCAT                                        | GCAT 2024-NQM1 Trust                                             | CUSIP: 36169HAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160000 | PA      | $162444.14    | 0.07%             | 2059-01-25      | Variable      | 7.89%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                          | Tricon Residential 2025-SFR1 Trust                               | CUSIP: 895974AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520000 | PA      | $522613.21    | 0.22%             | 2042-03-17      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N              | Ally Bank Auto Credit-Linked Notes Series 2024-A                 | CUSIP: 02007GZ97<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    738349 | PA      | $758281.86    | 0.32%             | 2032-05-17      | Fixed         | 9.89%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3    | CUSIP: 35563PLU1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    247169 | PA      | $240196.14    | 0.10%             | 2058-10-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA2                          | CUSIP: 35564KGS2<br>LEI: 5493000ISM9M3KNO6J64 | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $303812.03    | 0.13%             | 2033-12-25      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| Pear LLC                                    | PEAR 2023-1 LLC                                                  | CUSIP: 70473AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    269965 | PA      | $274392.55    | 0.12%             | 2035-07-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| Enact Mortgage Insurance Corpo              | Triangle Re 2023-1 Ltd                                           | CUSIP: 89589AAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    290000 | PA      | $304476.66    | 0.13%             | 2033-11-25      | Floating      | 9.60%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                 | Onity Loan Investment Trust 2024-HB2                             | CUSIP: 68278DAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $164580.32    | 0.07%             | 2037-08-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-3                                | CUSIP: 92540MAE5<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |    686000 | PA      | $700825.56    | 0.30%             | 2069-04-25      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| GCAT                                        | GCAT 2023-NQM2 Trust                                             | CUSIP: 36169DAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1980000 | PA      | $1970899.92   | 0.83%             | 2067-11-25      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-7                                | CUSIP: 924925AG5<br>LEI: 213800HQOHEFNJCQYJ07 | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $1040609.22   | 0.44%             | 2069-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se              | Natixis Commercial Mortgage Securities Trust 2019-MILE           | CUSIP: 63875FAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $357240.00    | 0.15%             | 2036-07-15      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-4                                | CUSIP: 92540GAE8<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-MBS          | CORP              | US        |    420000 | PA      | $428451.41    | 0.18%             | 2069-06-25      | Variable      | 7.64%                 | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                   | RMF Buyout Issuance Trust 2022-HB1                               | CUSIP: 76970HAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $27450.00     | 0.01%             | 2032-04-25      | Variable      | 4.50%                 | No            |                  3 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                        | CUSIP: 01F052680<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4700000 | PA      | $4675117.03   | 1.97%             | 2055-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R02                     | CUSIP: 20754KAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2922000 | PA      | $3056636.41   | 1.29%             | 2041-11-25      | Floating      | 10.55%                | No            |                  2 | On Loan: No      |
| BOF URSA FUNDING                            | Bayview Opportunity Master Fund VII Trust 2024-CAR1F             | CUSIP: 07336MAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    437652 | PA      | $438049.78    | 0.18%             | 2032-07-29      | Fixed         | 6.97%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec              | Arivo Acceptance Auto Loan Receivables Trust 2022-1              | CUSIP: 04047EAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $391825.24    | 0.16%             | 2029-09-17      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R01                     | CUSIP: 20754LAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3420000 | PA      | $3587785.20   | 1.51%             | 2041-12-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Collateralized Loan Obligation Ltd                  | CUSIP: 03881UAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1880000 | PA      | $1875305.08   | 0.79%             | 2041-01-20      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                           | PRPM 2024-NQM3                                                   | CUSIP: 69381FAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1020000 | PA      | $1036456.48   | 0.44%             | 2069-08-25      | Variable      | 7.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2020-HQA1                          | CUSIP: 35565JBE0<br>LEI: 549300TCRXCIFPAC3B85 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1100630.30   | 0.46%             | 2050-01-25      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card               | Mercury Financial Credit Card Master Trust                       | CUSIP: 58940BBB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380000 | PA      | $381379.13    | 0.16%             | 2029-07-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-3                                | CUSIP: 92539GAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1990000 | PA      | $1985222.81   | 0.84%             | 2068-03-25      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R02                     | CUSIP: 20754BAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2650000 | PA      | $2838201.41   | 1.19%             | 2042-01-25      | Floating      | 12.00%                | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin              | Santander Bank Auto Credit-Linked Notes Series 2024-A            | CUSIP: 80290CCN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    657734 | PA      | $666527.15    | 0.28%             | 2032-06-15      | Fixed         | 10.17%                | No            |                  2 | On Loan: No      |
| Home Re Ltd                                 | Home RE 2022-1 Ltd                                               | CUSIP: 43730GAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $195533.47    | 0.08%             | 2034-10-25      | Floating      | 13.35%                | No            |                  2 | On Loan: No      |
| Home Partners of America Trust              | Home Partners of America 2019-1 Trust                            | CUSIP: 43731QAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320455 | PA      | $307353.99    | 0.13%             | 2039-09-17      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        83 | NC      | $-18369.48    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        43 | NC      | $10977.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NMEF Funding LLC                            | NMEF Funding 2024-A LLC                                          | CUSIP: 62919UAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    620000 | PA      | $626382.34    | 0.26%             | 2031-12-15      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2021-10                                 | CUSIP: 46654ACD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    721716 | PA      | $553037.94    | 0.23%             | 2051-12-25      | Variable      | 2.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R06                     | CUSIP: 20755RAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $803424.40    | 0.34%             | 2044-09-25      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R01                     | CUSIP: 20753UAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1450000 | PA      | $1508868.26   | 0.64%             | 2044-01-25      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                        | CUSIP: 01F062689<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1100000 | PA      | $1134553.51   | 0.48%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin              | Santander Bank NA - SBCLN                                        | CUSIP: 80290CAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    376376 | PA      | $376562.89    | 0.16%             | 2031-12-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2024-2                                    | CUSIP: 68377KAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    640000 | PA      | $645135.23    | 0.27%             | 2032-02-09      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                  | Progress Residential 2021-SFR9 Trust                             | CUSIP: 74333QAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $95107.83     | 0.04%             | 2040-11-17      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2022-SJ1                               | CUSIP: 89180GAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $230312.83    | 0.10%             | 2062-03-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                            | NMEF Funding 2022-B LLC                                          | CUSIP: 62890MAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $215281.14    | 0.09%             | 2029-06-15      | Fixed         | 8.54%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2024-5 Mortgage Loan Trust                                  | CUSIP: 19685AAE9<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |   1370000 | PA      | $1386225.60   | 0.58%             | 2069-08-25      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-8                                | CUSIP: 92540DAE5<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    920000 | PA      | $937644.77    | 0.39%             | 2068-12-25      | Variable      | 8.08%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                | Veros Auto Receivables Trust 2025-1                              | CUSIP: 92511BAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1270000 | PA      | $1320280.57   | 0.56%             | 2032-05-17      | Fixed         | 8.79%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust                              | CUSIP: 30166XAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1390000 | PA      | $1422592.16   | 0.60%             | 2032-12-15      | Fixed         | 7.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2020-R01                     | CUSIP: 20754CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    970000 | PA      | $993648.60    | 0.42%             | 2040-01-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                  | MFRA 2024-NQM3 Trust                                             | CUSIP: 55287GAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1480000 | PA      | $1489591.73   | 0.63%             | 2069-12-25      | Variable      | 7.61%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue              | Multifamily Connecticut Avenue Securities Trust 2019-01          | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |    274049 | PA      | $278157.78    | 0.12%             | 2049-10-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                   | Auxilior Term Funding 2023-1 LLC                                 | CUSIP: 05335JAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $207574.94    | 0.09%             | 2032-12-15      | Fixed         | 10.97%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-FTR3                                | CUSIP: 35565EAE2<br>LEI: 5493009ZFZYH4FRCW638 | Long             | ABS-MBS          | CORP              | US        |   1950000 | PA      | $2114499.08   | 0.89%             | 2047-09-25      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                        | LHOME Mortgage Trust 2024-RTL1                                   | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    820000 | PA      | $825090.72    | 0.35%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2021-FL3                                               | CUSIP: 30323CAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1576000 | PA      | $1576620.94   | 0.66%             | 2036-11-16      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                        | CUSIP: 01F050684<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3600000 | PA      | $3503511.65   | 1.48%             | 2055-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-2                                | CUSIP: 92539UAE0<br>LEI: 213800KSJFZ5H8FZ7C61 | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1115151.07   | 0.47%             | 2069-02-25      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                | Hilton Grand Vacations Trust 2024-2                              | CUSIP: 43283JAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    201200 | PA      | $205181.96    | 0.09%             | 2038-03-25      | Fixed         | 6.91%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                           | PRPM 2025-NQM1 Trust                                             | CUSIP: 74391EAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1430000 | PA      | $1444182.88   | 0.61%             | 2069-11-25      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2022-1                           | CUSIP: 74113RAL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $178316.09    | 0.08%             | 2028-08-15      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2025-1                        | CUSIP: 89617CAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $633345.30    | 0.27%             | 2032-04-15      | Fixed         | 10.37%                | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2024-4 Mortgage Loan Trust                                  | CUSIP: 19688WAE8<br>LEI: 213800KKXAZ8LJ3W5A65 | Long             | ABS-MBS          | CORP              | US        |   1160000 | PA      | $1184089.26   | 0.50%             | 2069-07-25      | Variable      | 7.85%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin              | Santander Bank Auto Credit-Linked Notes Series 2022-A            | CUSIP: 80290CAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $664089.21    | 0.28%             | 2032-05-15      | Fixed         | 12.66%                | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                               | CUSIP: 05608RAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    764000 | PA      | $763999.85    | 0.32%             | 2036-10-15      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                       | CUSIP: 21H060689<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2300000 | PA      | $2330815.35   | 0.98%             | 2055-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HOA Funding LLC                             | HOA Funding LLC - HOA                                            | CUSIP: 40390GAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $10900.00     | 0.00%             | 2051-08-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1    | CUSIP: 35563PJQ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    931777 | PA      | $902611.19    | 0.38%             | 2058-07-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Trust Llc                     | SCF Equipment Leasing 2022-1 LLC                                 | CUSIP: 784033AL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    560000 | PA      | $551149.09    | 0.23%             | 2032-07-20      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                            | NMEF Funding 2024-A LLC                                          | CUSIP: 62919UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $510926.85    | 0.22%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finan              | Trafigura Securitisation Finance PLC                             | CUSIP: 892725AZ5<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |    390000 | PA      | $394770.48    | 0.17%             | 2027-11-15      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2022-1                        | CUSIP: 89616BAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502327.70    | 0.21%             | 2029-07-16      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-INV3                             | CUSIP: 92540CAF4<br>LEI: 9845008F97BFO762AF95 | Long             | ABS-MBS          | CORP              | US        |    730000 | PA      | $734973.20    | 0.31%             | 2068-11-25      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2018-HQA2                                | CUSIP: 35563XBE1<br>LEI: 5493005RUXPCBST1N217 | Long             | ABS-MBS          | CORP              | US        |   1810000 | PA      | $2265489.22   | 0.95%             | 2048-10-25      | Floating      | 15.46%                | No            |                  2 | On Loan: No      |
| SLG Office Trust                            | SLG Office Trust 2021-OVA                                        | CUSIP: 78449RAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    174000 | PA      | $138034.13    | 0.06%             | 2041-07-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA1                          | CUSIP: 35564KBE8<br>LEI: 5493000IT1PBTE7DAT80 | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $722299.76    | 0.30%             | 2051-01-25      | Floating      | 9.10%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec              | Arivo Acceptance Auto Loan Receivables Trust 2022-2              | CUSIP: 04047JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $103349.68    | 0.04%             | 2029-03-15      | Fixed         | 9.84%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N              | Ally Bank Auto Credit-Linked Notes Series 2024-B                 | CUSIP: 02007G4H3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    572521 | PA      | $568811.92    | 0.24%             | 2032-09-15      | Fixed         | 11.39%                | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch               | BAMLL Commercial Mortgage Securities Trust 2024-NASH             | CUSIP: 05555CAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    685000 | PA      | $687328.38    | 0.29%             | 2039-05-15      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R06                     | CUSIP: 20754NAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    610000 | PA      | $699212.50    | 0.29%             | 2042-05-25      | Floating      | 14.95%                | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2022-6                       | CUSIP: 30168AAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1505000 | PA      | $1652840.21   | 0.70%             | 2030-06-17      | Fixed         | 11.61%                | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC              | PEAC Solutions Receivables 2024-2 LLC                            | CUSIP: 69392BAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    990000 | PA      | $991901.69    | 0.42%             | 2031-10-20      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2024-4                       | CUSIP: 30166UAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1480000 | PA      | $1543332.75   | 0.65%             | 2032-02-17      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2025-LOC4                | CUSIP: 79589VAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    699000 | PA      | $698992.66    | 0.29%             | 2055-06-25      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                               | Radnor Re 2024-1 Ltd                                             | CUSIP: 75049AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    154447 | PA      | $154587.98    | 0.07%             | 2034-09-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB14 LLC                                               | CUSIP: 12530XAD3<br>LEI: 9845005986F840FBE847 | Long             | ABS-MBS          | CORP              | US        |    610000 | PA      | $574714.73    | 0.24%             | 2034-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                      | MPOWER Education Trust 2025-A                                    | CUSIP: 624930AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    890000 | PA      | $906730.40    | 0.38%             | 2042-07-21      | Fixed         | 10.84%                | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2024-1CON                               | CUSIP: 08862HAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $255764.45    | 0.11%             | 2035-04-17      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust                               | CUSIP: 89617QAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    870000 | PA      | $896581.89    | 0.38%             | 2031-04-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2024-2                        | CUSIP: 89616PAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340000 | PA      | $345712.85    | 0.15%             | 2028-08-15      | Fixed         | 7.61%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                        | FS Rialto 2024-FL9 Issuer LLC                                    | CUSIP: 30338WAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2160000 | PA      | $2155358.16   | 0.91%             | 2039-10-19      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| MPOWER Education Trust                      | MPOWER Education Trust 2025-A                                    | CUSIP: 624930AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1700000 | PA      | $1718194.25   | 0.72%             | 2042-07-21      | Fixed         | 8.47%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Tr              | GLS Auto Select Receivables Trust 2024-1                         | CUSIP: 37988XAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1270000 | PA      | $1313634.66   | 0.55%             | 2031-01-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2025-1                       | CUSIP: 30167MAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2090000 | PA      | $2151915.41   | 0.91%             | 2032-09-15      | Fixed         | 7.48%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Mscr Trust Mn1                                       | CUSIP: 35563FAC5<br>LEI: 549300XWC4JMK6CH6K84 | Long             | ABS-MBS          | USGSE             | US        |    700000 | PA      | $773566.99    | 0.33%             | 2051-01-25      | Floating      | 12.10%                | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2024-2                           | CUSIP: 74113SAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    970000 | PA      | $968275.44    | 0.41%             | 2031-11-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-4                                | CUSIP: 92539TAE3<br>LEI: 2138008DC17PCNG48R87 | Long             | ABS-MBS          | CORP              | US        |   1030000 | PA      | $1034120.10   | 0.44%             | 2068-05-25      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2024-NQM2                        | CUSIP: 10569KAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    530000 | PA      | $538266.57    | 0.23%             | 2064-02-25      | Fixed         | 7.91%                 | No            |                  2 | On Loan: No      |
| Enact Mortgage Insurance Corpo              | Triangle Re 2021-3 Ltd                                           | CUSIP: 89600HAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    200000 | PA      | $203442.86    | 0.09%             | 2034-02-25      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R05                     | CUSIP: 20754DAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2480000 | PA      | $2683831.20   | 1.13%             | 2042-04-25      | Floating      | 11.35%                | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                       | CUSIP: 21H062685<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2300000 | PA      | $2360723.84   | 0.99%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                             | AREIT 2024-CRE9 Ltd                                              | CUSIP: 00193AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    464577 | PA      | $463022.35    | 0.19%             | 2041-05-17      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2023-H12 LLC                                                | CUSIP: 12530QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $191917.16    | 0.08%             | 2033-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R04                     | CUSIP: 20753GAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1004947.50   | 0.42%             | 2044-05-25      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA3                          | CUSIP: 35564KWG0<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2779244.50   | 1.17%             | 2042-04-25      | Floating      | 14.10%                | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked N              | Ally Bank Auto Credit-Linked Notes Series 2024-A                 | CUSIP: 02007G2A0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    354408 | PA      | $359342.52    | 0.15%             | 2032-05-17      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                         | CUSIP: 05377RKH6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    990000 | PA      | $995378.77    | 0.42%             | 2028-02-20      | Fixed         | 7.32%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust               | Lendbuzz Securitization Trust 2024-2                             | CUSIP: 525920AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $409701.36    | 0.17%             | 2029-07-16      | Fixed         | 6.52%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust                               | CUSIP: 89617QAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $421895.60    | 0.18%             | 2032-03-15      | Fixed         | 11.23%                | No            |                  2 | On Loan: No      |
| PFP III                                     | PFP 2024-11 Ltd                                                  | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    122728 | PA      | $123008.57    | 0.05%             | 2039-09-17      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| PRM Trust                                   | PRM Trust 2025-PRM6                                              | CUSIP: 74277DAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    970000 | PA      | $956158.49    | 0.40%             | 2033-07-05      | Variable      | 7.06%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                  | Progress Residential 2021-SFR8 Trust                             | CUSIP: 74333TAQ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $194585.48    | 0.08%             | 2038-10-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-2    | CUSIP: 35563PKR9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    855000 | PA      | $825441.28    | 0.35%             | 2058-08-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                | Eagle RE 2023-1 Ltd                                              | CUSIP: 26982EAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    240000 | PA      | $246582.62    | 0.10%             | 2033-09-26      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2021-ESH                             | CUSIP: 30227FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1423828 | PA      | $1423828.05   | 0.60%             | 2038-07-15      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Farmer Mac Agricultural Real E              | FARM 21-1 Mortgage Trust                                         | CUSIP: 30768WAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75530 | PA      | $57392.34     | 0.02%             | 2051-07-25      | Variable      | 3.23%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                     | BDS 2024-FL13 LLC                                                | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    375000 | PA      | $375896.63    | 0.16%             | 2039-09-19      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 B PTT                     | United Airlines 2020-1 Class B Pass Through Trust                | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21898 | PA      | $21862.76     | 0.01%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 20-1 B PTT                      | British Airways 2020-1 Class B Pass Through Trust                | CUSIP: 11042WAA4<br>LEI: 635400FQKDVFBRDDER80 | Long             | DBT              | CORP              | US        |     52203 | PA      | $54736.78     | 0.02%             | 2028-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2024-NQM5                        | CUSIP: 105925AE1<br>LEI: 254900RBHU9OC1RNXD92 | Long             | ABS-MBS          | CORP              | US        |    620000 | PA      | $628579.56    | 0.26%             | 2064-06-25      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                         | Oportun Issuance Trust 2024-2                                    | CUSIP: 68377KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $731150.84    | 0.31%             | 2032-02-09      | Fixed         | 10.47%                | No            |                  2 | On Loan: No      |
| MFRA Trust                                  | MFA 2023-RTL2 Trust                                              | CUSIP: 55286UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $303535.77    | 0.13%             | 2028-11-25      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur              | BHG Securitization Trust 2023-B                                  | CUSIP: 08862GAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $155499.12    | 0.07%             | 2036-12-17      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 Multifamily Housing Mortgage Loan Trust                      | CUSIP: 55282XAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249289.85    | 0.10%             | 2036-07-15      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R04                     | CUSIP: 20753GAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1825000 | PA      | $1852705.69   | 0.78%             | 2044-05-25      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T              | Tricolor Auto Securitization Trust 2025-1                        | CUSIP: 89617CAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1310000 | PA      | $1338485.82   | 0.56%             | 2031-04-15      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Trust 2019-DNA4                                | CUSIP: 35565ABE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $392488.74    | 0.17%             | 2049-10-25      | Floating      | 10.71%                | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                | Pawneee Equipment Receivables Series 2021-1 LLC                  | CUSIP: 704100AF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $399371.36    | 0.17%             | 2028-05-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2020-R02                     | CUSIP: 20754WAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1240000 | PA      | $1265581.20   | 0.53%             | 2040-01-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA1                          | CUSIP: 35564KQC6<br>LEI: 5493000ISBDRXIMCHZ70 | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $488806.18    | 0.21%             | 2042-01-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust               | HTL Commercial Mortgage Trust 2024-T53                           | CUSIP: 404300AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1315000 | PA      | $1348569.98   | 0.57%             | 2039-05-10      | Variable      | 8.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R03                     | CUSIP: 20754AAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1510000 | PA      | $1573952.43   | 0.66%             | 2041-12-25      | Floating      | 9.85%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru              | Vista Point Securitization Trust 2020-2                          | CUSIP: 92838TAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $160379.48    | 0.07%             | 2065-04-25      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                           | Imperial Fund Mortgage Trust 2021-NQM2                           | CUSIP: 452761AF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    205000 | PA      | $154148.77    | 0.06%             | 2056-09-25      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-5                                | CUSIP: 92540HAE6<br>LEI: 213800YE6HC7EZSFHW30 | Long             | ABS-MBS          | CORP              | US        |    510000 | PA      | $520184.04    | 0.22%             | 2069-06-25      | Variable      | 7.79%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                | Upstart Securitization Trust 2025-2                              | CUSIP: 91679EAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1060000 | PA      | $1067203.02   | 0.45%             | 2035-06-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Bellemeade Re 2021-3 Ltd                    | Bellemeade RE 2021-3 Ltd                                         | CUSIP: 078777AF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    356000 | PA      | $366109.37    | 0.15%             | 2031-09-25      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Cre              | Continental Finance Credit Card ABS Master Trust                 | CUSIP: 66981PAK4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $205849.10    | 0.09%             | 2030-10-15      | Fixed         | 9.33%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2024-RTL4                | CUSIP: 79584CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    185000 | PA      | $185881.71    | 0.08%             | 2030-02-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES               | GS MORTGAGE-BACKED SECURITIES TRUST 2025-HE1                     | CUSIP: 36272NAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $750000.00    | 0.32%             | 2055-10-25      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R02                     | CUSIP: 20754GAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    510000 | PA      | $521958.43    | 0.22%             | 2044-02-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                    | Octane Receivables Trust 2023-1                                  | CUSIP: 67571BAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $322963.02    | 0.14%             | 2030-03-20      | Fixed         | 7.76%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                      | CUSIP: 912797QH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4400000 | PA      | $4397889.63   | 1.85%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2024-HE3                                             | CUSIP: 31684GAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1010945 | PA      | $1021572.74   | 0.43%             | 2054-07-25      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2023-FIG4                | CUSIP: 79581UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    294797 | PA      | $302503.18    | 0.13%             | 2053-11-25      | Variable      | 6.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R05                     | CUSIP: 20754DAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $524690.00    | 0.22%             | 2042-04-25      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                           | PRPM 2025-NQM2 Trust                                             | CUSIP: 693983AF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $507454.65    | 0.21%             | 2070-04-25      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance                 | Post Road Equipment Finance 2024-1 LLC                           | CUSIP: 737473AF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $256251.50    | 0.11%             | 2031-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2024-FL14 LLC                                                | CUSIP: 55416AAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    770000 | PA      | $770706.86    | 0.32%             | 2039-03-19      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2025-FL4 LLC                                 | CUSIP: 39810MAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1110000 | PA      | $1107352.65   | 0.47%             | 2043-01-15      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                 | Hertz Vehicle Financing III LLC                                  | CUSIP: 42806MDE6<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    760000 | PA      | $767218.78    | 0.32%             | 2029-12-26      | Fixed         | 8.55%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                         | BWAY 2013-1515 Mortgage Trust                                    | CUSIP: 05604FAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1700000 | PA      | $1533238.84   | 0.65%             | 2033-03-10      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Ascent Career Funding Trust                 | Ascent Career Funding Trust 2024-1                               | CUSIP: 04363LAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    655000 | PA      | $672282.90    | 0.28%             | 2032-10-25      | Fixed         | 9.73%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI | CUSIP: 46593JAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99063.66     | 0.04%             | 2039-10-05      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg              | Saluda Grade Alternative Mortgage Trust 2024-RTL5                | CUSIP: 795935AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170000 | PA      | $171523.23    | 0.07%             | 2030-04-25      | Variable      | 7.76%                 | No            |                  2 | On Loan: No      |
| Oaktown Re Ltd                              | Oaktown Re VII Ltd                                               | CUSIP: 67389JAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    300000 | PA      | $306473.19    | 0.13%             | 2034-04-25      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | STACR Trust 2018-HRP2                                            | CUSIP: 35564ACC3<br>LEI: 549300YG8OJES76WL398 | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $744775.20    | 0.31%             | 2047-02-25      | Floating      | 14.96%                | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2021-10                                 | CUSIP: 46654ABS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7274670 | PA      | $46899.80     | 0.02%             | 2051-12-25      | Variable      | 0.11%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus              | Prestige Auto Receivables Trust 2024-2                           | CUSIP: 74113SAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1197780.12   | 0.50%             | 2030-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor              | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1         | CUSIP: 61775UAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1580000 | PA      | $1587803.30   | 0.67%             | 2068-12-25      | Variable      | 7.84%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Tru              | THPT 2023-THL Mortgage Trust                                     | CUSIP: 87252LAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $302636.49    | 0.13%             | 2034-12-10      | Variable      | 8.53%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-HQA1                          | CUSIP: 35564KCP2<br>LEI: 5493000ISMYB8CLVZD05 | Long             | ABS-MBS          | CORP              | US        |    720000 | PA      | $827732.81    | 0.35%             | 2033-08-25      | Floating      | 9.35%                 | No            |                  2 | On Loan: No      |
| Equify ABS, LLC                             | Equify ABS 2024-1 LLC                                            | CUSIP: 29445TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    423015 | PA      | $422710.89    | 0.18%             | 2033-04-18      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| PRM Trust                                   | PRM Trust 2025-PRM6                                              | CUSIP: 74277DAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1140000 | PA      | $1131051.68   | 0.48%             | 2033-07-05      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                                 | FIGRE Trust 2023-HE3                                             | CUSIP: 31684CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    126975 | PA      | $129385.56    | 0.05%             | 2053-11-25      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| Ascent Career Funding Trust                 | Ascent Career Funding Trust 2024-1                               | CUSIP: 04363LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    554233 | PA      | $556698.13    | 0.23%             | 2032-10-25      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo              | Velocity Commercial Capital Loan Trust 2020-1                    | CUSIP: 92259LAR9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    248235 | PA      | $178094.04    | 0.07%             | 2050-02-25      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2017-4                       | CUSIP: 64829NAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135129 | PA      | $128016.09    | 0.05%             | 2057-05-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | Cascade Funding Mortgage Trust                                   | CUSIP: 12531BAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    660000 | PA      | $613095.91    | 0.26%             | 2035-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2023-3                                | CUSIP: 92539GAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    893000 | PA      | $894901.82    | 0.38%             | 2068-03-25      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding              | Avis Budget Rental Car Funding AESOP LLC                         | CUSIP: 05377REU4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    840000 | PA      | $810714.83    | 0.34%             | 2028-02-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                           | Imperial Fund Mortgage Trust 2023-NQM1                           | CUSIP: 45290BAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    940000 | PA      | $941535.77    | 0.40%             | 2068-02-25      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                        | CUSIP: 01F030686<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2700000 | PA      | $2310260.16   | 0.97%             | 2055-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust              | CFMT 2024-HB15 LLC                                               | CUSIP: 15723AAF8<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $725078.56    | 0.31%             | 2034-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                            | NMEF Funding 2025-A LLC                                          | CUSIP: 62919VAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    570000 | PA      | $574818.55    | 0.24%             | 2032-07-15      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Funding Trust                | Oxford Finance Funding 2022-1 LLC                                | CUSIP: 69145BAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    128525 | PA      | $125276.26    | 0.05%             | 2030-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                               | CUSIP: 05608RAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $499375.00    | 0.21%             | 2036-10-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage T              | Ready Capital Mortgage Financing 2023-FL11 LLC                   | CUSIP: 75575RAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    210000 | PA      | $210328.00    | 0.09%             | 2039-10-25      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2024-3                       | CUSIP: 30165AAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2637000 | PA      | $2760796.34   | 1.16%             | 2031-10-15      | Fixed         | 7.84%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-24

**Name of Applicant:** Victory Portfolios IV

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer