# EDGAR Filing Document

**Accession Number:** 0001065698
**File Stem:** 0001752724-23-037787
**Filing Date:** 2023-2
**Character Count:** 152059
**Document Hash:** cdfad897a527d13cdd2334303b786176
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037787.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037787

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS VARIABLE INSURANCE TRUST III
- **CENTRAL INDEX KEY:** 0001065698
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08879
- **FILM NUMBER:** 23663332

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-954-5000

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SUN CAPITAL ADVISERS TRUST
- **DATE OF NAME CHANGE:** 19980709

## Series and Classes Contracts Data

### MFS Limited Maturity Portfolio (Series ID: S000018844)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000052151 | Initial Class |  |
| C000052152 | Service Class |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MFS VARIABLE INSURANCE TRUST III

- **b. Investment Company Act file number:** 811-08879

- **c. CIK number of Registrant:** 0001065698

- **d. LEI of Registrant:** 549300QPPZUNGK3D0K61

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

  - **Street Address 1:** 111 HUNTINGTON AVENUE

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

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

- **a. Name of Series:** MFS Limited Maturity Portfolio

- **b. EDGAR series identifier (if any):** S000018844

- **c. LEI of Series:** 549300278SPJGR06E765

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $332907296.19

**Total Liabilities:** $297581.76

**Net Assets:** $332609714.43

**Cash Not Reported:** $297122.91

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1236.70000000 | **1-Year:** -21022.09000000 | **5-Year:** -21951.70000000 | **10-Year:** -961.61000000 | **30-Year:** 0.00000000

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

- **3-Month:** -6.69000000 | **1-Year:** -458.58000000 | **5-Year:** 13916.49000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000052152 | -0.42%               | 1.49%                | 0.21%                |
| Class ID C000052151 | -0.32%               | 1.49%                | 0.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-201262.75              | $-1197408.30                               |
| Month 2  | $-954803.22              | $4408304.96                                |
| Month 3  | $-42893.95               | $189088.31                                 |

**Designated Index Information**

- **Index Name:** Barclays US Govt Credit 1 to 3 yr Index

- **Index Identifier:** LD01TRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ELEMENT FLEET MANAGEMENT                         | Element Fleet Management Corp                                                                                        | CUSIP: 286181AF9<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   2849000 | PA      | $2698909.35   | 0.81%             | 2024-04-06      | Fixed         | 1.60%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                           | NextEra Energy Capital Holdings Inc                                                                                  | CUSIP: 65339KBU3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1049000 | PA      | $1041816.97   | 0.31%             | 2023-03-01      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                                                                  | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    862000 | PA      | $757407.04    | 0.23%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                | NatWest Group PLC                                                                                                    | CUSIP: 780097BK6<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   2018000 | PA      | $1973359.46   | 0.59%             | 2025-03-22      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Shelter Growth CRE                               | Shelter Growth CRE Issuer Ltd                                                                                        | CUSIP: 822866AG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    516000 | PA      | $476843.80    | 0.14%             | 2036-09-15      | Floating      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                              | Carrier Global Corp                                                                                                  | CUSIP: 14448CAN4<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188386.99    | 0.06%             | 2025-02-15      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                       | GLS Auto Receivables Issuer Trust 2021-3                                                                             | CUSIP: 36263LAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    704072 | PA      | $684857.31    | 0.21%             | 2025-11-17      | Fixed         | 0.78%                 | Yes           |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd                               | ACREC 2021-FL1 Ltd                                                                                                   | CUSIP: 00500RAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    898000 | PA      | $845232.62    | 0.25%             | 2036-10-16      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Trust 2020-GC47                                                                               | CUSIP: 36258RBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8339877 | PA      | $520415.00    | 0.16%             | 2053-05-12      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                             | Glencore Funding LLC                                                                                                 | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1191000 | PA      | $1049380.86   | 0.32%             | 2026-04-27      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority    | MASSACHUSETTS ST EDUCTNL FING AUTH                                                                                   | CUSIP: 57563RQY8<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    150000 | PA      | $139974.54    | 0.04%             | 2025-07-01      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                | Hyatt Hotels Corp                                                                                                    | CUSIP: 448579AN2<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   1134000 | PA      | $1062570.36   | 0.32%             | 2024-10-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                           | CNH Industrial Capital LLC                                                                                           | CUSIP: 12592BAL8<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    448000 | PA      | $406243.35    | 0.12%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                           | Mitsubishi UFJ Financial Group Inc                                                                                   | CUSIP: 606822CA0<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    437000 | PA      | $401800.65    | 0.12%             | 2025-10-11      | Fixed         | 0.96%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                                                          | CUSIP: 38141GXJ8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    750000 | PA      | $721231.80    | 0.22%             | 2025-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                                                     | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    734000 | PA      | $679684.72    | 0.20%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                | Credit Acceptance Auto Loan Trust 2021-4                                                                             | CUSIP: 22535BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    261000 | PA      | $244706.27    | 0.07%             | 2030-10-15      | Fixed         | 1.26%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                                                              | CUSIP: 44891ABR7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    154000 | PA      | $146501.79    | 0.04%             | 2024-01-08      | Fixed         | 0.80%                 | Yes           |                  2 | On Loan: No      |
| TPG Real Estate Finance                          | TRTX 2021-FL4 Issuer Ltd                                                                                             | CUSIP: 87276WAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1851968.00   | 0.56%             | 2038-03-15      | Floating      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                                                                  | CUSIP: 46647PBH8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1642000 | PA      | $1519762.67   | 0.46%             | 2026-03-13      | Fixed         | 2.01%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                  | AREIT 2019-CRE3 Trust                                                                                                | CUSIP: 00217LAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    319500 | PA      | $306883.58    | 0.09%             | 2036-09-14      | Floating      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                                                              | CUSIP: 6461366Q9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    440000 | PA      | $423360.65    | 0.13%             | 2024-06-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                | NatWest Group PLC                                                                                                    | CUSIP: 780097BN0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1038000 | PA      | $1023133.88   | 0.31%             | 2024-05-22      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                             | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc                                                               | CUSIP: 46590XAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1669000 | PA      | $1381338.84   | 0.42%             | 2029-02-02      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                           | Standard Chartered PLC                                                                                               | CUSIP: 853254BY5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    907000 | PA      | $855889.43    | 0.26%             | 2025-01-12      | Fixed         | 0.99%                 | Yes           |                  2 | On Loan: No      |
| BDS Ltd                                          | BDS 2021-FL10 Ltd                                                                                                    | CUSIP: 07335YAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    519000 | PA      | $485120.46    | 0.15%             | 2036-12-16      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                         | Volkswagen Group of America Finance LLC                                                                              | CUSIP: 928668BE1<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    650000 | PA      | $620755.88    | 0.19%             | 2025-05-13      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Trust 2021-C10                                                                                                 | CUSIP: 05551VBK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5751321 | PA      | $416338.69    | 0.13%             | 2054-07-15      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                     | TICP CLO III-2 Ltd                                                                                                   | CUSIP: 87249FAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1528084 | PA      | $1502971.47   | 0.45%             | 2028-04-20      | Floating      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                            | Stellantis Finance US Inc                                                                                            | CUSIP: 85855CAA8<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1094030.15   | 0.33%             | 2027-01-29      | Fixed         | 1.71%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT                         | Sumitomo Mitsui Trust Bank Ltd                                                                                       | CUSIP: 86563VAU3<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    944000 | PA      | $892839.92    | 0.27%             | 2024-03-25      | Fixed         | 0.85%                 | Yes           |                  2 | On Loan: No      |
| Commerical Equipment Finance 2021-A, LLC         | Commercial Equipment Finance 2021-A LLC                                                                              | CUSIP: 20166QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    448754 | PA      | $432162.10    | 0.13%             | 2027-02-16      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| DAE FUNDING LLC                                  | DAE Funding LLC                                                                                                      | CUSIP: 23371DAJ3<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |    619000 | PA      | $575242.59    | 0.17%             | 2024-08-01      | Fixed         | 1.55%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2022-S1                                                                             | CUSIP: 68267HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    712000 | PA      | $671315.47    | 0.20%             | 2035-05-14      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| NORDSTROM INC                                    | Nordstrom Inc                                                                                                        | CUSIP: 655664AX8<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    519000 | PA      | $485368.80    | 0.15%             | 2024-04-08      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                             | Glencore Funding LLC                                                                                                 | CUSIP: 378272AX6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $995598.21    | 0.30%             | 2025-09-01      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                                                         | CUSIP: 06738EBL8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    550000 | PA      | $511073.78    | 0.15%             | 2026-05-07      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                                                                    | CUSIP: 404280CM9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    623000 | PA      | $537157.74    | 0.16%             | 2027-05-24      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority    | MASSACHUSETTS ST EDUCTNL FING AUTH                                                                                   | CUSIP: 57563RQX0<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    190000 | PA      | $182077.08    | 0.05%             | 2024-07-01      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                         | Volkswagen Group of America Finance LLC                                                                              | CUSIP: 928668BA9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    602000 | PA      | $576119.36    | 0.17%             | 2024-09-26      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd.                  | LoanCore 2018-CRE1 Issuer Ltd                                                                                        | CUSIP: 53946MAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    741500 | PA      | $711893.39    | 0.21%             | 2028-05-15      | Floating      | 6.87%                 | Yes           |                  2 | On Loan: No      |
| Ballyrock Ltd                                    | Ballyrock CLO 2018-1 Ltd                                                                                             | CUSIP: 05875HAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    741069 | PA      | $698080.34    | 0.21%             | 2031-04-20      | Floating      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                              | Southern California Edison Co                                                                                        | CUSIP: 842400HK2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    667000 | PA      | $623724.83    | 0.19%             | 2024-08-01      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                                                               | CUSIP: 03880RAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    663500 | PA      | $610490.93    | 0.18%             | 2036-11-15      | Floating      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Michigan Finance Authority                       | MICHIGAN ST FIN AUTH REVENUE                                                                                         | CUSIP: 59447TH89<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    398229 | PA      | $359673.59    | 0.11%             | 2030-06-01      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                      | Equinix Inc                                                                                                          | CUSIP: 29444UBF2<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    607000 | PA      | $548858.06    | 0.17%             | 2025-07-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                         | Sumitomo Mitsui Financial Group Inc                                                                                  | CUSIP: 86562MCA6<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1613000 | PA      | $1469713.19   | 0.44%             | 2025-07-08      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Baidu Inc                                        | Baidu Inc                                                                                                            | CUSIP: 056752AK4<br>LEI: 254900AL64IANZYI1E02 | Long             | DBT              | CORP              | KY        |    676000 | PA      | $667955.60    | 0.20%             | 2023-09-29      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                                                               | CUSIP: 03880XAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1737500 | PA      | $1619156.62   | 0.49%             | 2037-01-15      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| VALERO ENERGY CORP                               | Valero Energy Corp                                                                                                   | CUSIP: 91913YBA7<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1263297.06   | 0.38%             | 2024-03-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                          | CUSIP: 694308JY4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    443000 | PA      | $428744.40    | 0.13%             | 2023-11-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                             | Abu Dhabi Government International Bond                                                                              | CUSIP: 29135LAL4<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |   1572000 | PA      | $1522786.97   | 0.46%             | 2023-09-02      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority    | MASSACHUSETTS ST EDUCTNL FING AUTH                                                                                   | CUSIP: 57563RQZ5<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    185000 | PA      | $169347.19    | 0.05%             | 2026-07-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                 | FirstEnergy Corp                                                                                                     | CUSIP: 337932AN7<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    513000 | PA      | $452722.18    | 0.14%             | 2026-01-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                 | BAT Capital Corp                                                                                                     | CUSIP: 05526DAZ8<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   1047000 | PA      | $1008142.64   | 0.30%             | 2024-08-15      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust          | Securitized Term Auto Loan Receivables Trust 2019-CRT                                                                | CUSIP: 81379MAC8<br>LEI: 549300DC604TIE09UO03 | Long             | ABS-O            | CORP              | CA        |     74841 | PA      | $74375.85     | 0.02%             | 2026-03-25      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                         | Rogers Communications Inc                                                                                            | CUSIP: 775109CB5<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |    683000 | PA      | $631956.64    | 0.19%             | 2027-03-15      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                            | CUSIP: 00774MAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1585000 | PA      | $1569878.77   | 0.47%             | 2024-01-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                               | BSPRT 2022-FL8 Issuer Ltd                                                                                            | CUSIP: 055983AG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    463500 | PA      | $435409.91    | 0.13%             | 2037-02-15      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd                               | ACREC 2021-FL1 Ltd                                                                                                   | CUSIP: 00500RAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1596000 | PA      | $1502903.25   | 0.45%             | 2036-10-16      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| AT&T INC                                         | AT&T Inc                                                                                                             | CUSIP: 00206RMJ8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   2621000 | PA      | $2488952.68   | 0.75%             | 2024-03-25      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                                     | 7-Eleven Inc                                                                                                         | CUSIP: 817826AB6<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   1339000 | PA      | $1274219.77   | 0.38%             | 2024-02-10      | Fixed         | 0.80%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                | Credit Acceptance Auto Loan Trust 2021-4                                                                             | CUSIP: 22535BAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    478000 | PA      | $438912.36    | 0.13%             | 2030-12-16      | Fixed         | 1.74%                 | Yes           |                  2 | On Loan: No      |
| Brookfield Finance Inc                           | Brookfield Finance Inc                                                                                               | CUSIP: 11271LAC6<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |   1942000 | PA      | $1780631.43   | 0.54%             | 2028-01-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| JDE PEET'S NV                                    | JDE Peet's NV                                                                                                        | CUSIP: 47216QAA1<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |   1392000 | PA      | $1271375.82   | 0.38%             | 2024-09-24      | Fixed         | 0.80%                 | Yes           |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                               | Royalty Pharma PLC                                                                                                   | CUSIP: 78081BAG8<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   1481000 | PA      | $1434770.70   | 0.43%             | 2023-09-02      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                      | Balboa Bay Loan Funding 2020-1 Ltd                                                                                   | CUSIP: 05766BAL2<br>LEI: 549300MALKZHG9DP8554 | Long             | ABS-CBDO         | CORP              | KY        |   1039826 | PA      | $995455.58    | 0.30%             | 2032-01-20      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                | Jamestown CLO XV Ltd                                                                                                 | CUSIP: 47050EAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1998469 | PA      | $1874178.22   | 0.56%             | 2033-04-15      | Floating      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| CORPORATE OFFICE PROP LP                         | Corporate Office Properties LP                                                                                       | CUSIP: 22003BAL0<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |   1092000 | PA      | $957381.11    | 0.29%             | 2026-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                          | Dell International LLC / EMC Corp                                                                                    | CUSIP: 24703TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1415000 | PA      | $1390626.55   | 0.42%             | 2024-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2020-2                                                                              | CUSIP: 682696AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1108000 | PA      | $967916.00    | 0.29%             | 2035-09-14      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                                     | Enbridge Inc                                                                                                         | CUSIP: 29250NBL8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    496000 | PA      | $467916.27    | 0.14%             | 2025-02-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank                                             | BANK 2019-BNK24                                                                                                      | CUSIP: 06540VBC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8812586 | PA      | $308648.48    | 0.09%             | 2062-11-15      | Variable      | 0.64%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd.                  | LoanCore 2019-CRE3 Issuer Ltd                                                                                        | CUSIP: 53947DAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1807643 | PA      | $1799602.21   | 0.54%             | 2034-04-15      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                | Credit Acceptance Auto Loan Trust 2021-3                                                                             | CUSIP: 22535GAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $225393.93    | 0.07%             | 2030-09-16      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                           | Mizuho Financial Group Inc                                                                                           | CUSIP: 60687YBJ7<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    600000 | PA      | $579052.61    | 0.17%             | 2024-09-08      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                    | UniCredit SpA                                                                                                        | CUSIP: 904678AU3<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    421000 | PA      | $372805.66    | 0.11%             | 2026-09-22      | Fixed         | 2.57%                 | Yes           |                  2 | On Loan: No      |
| Shackleton CLO LTD                               | Shackleton 2015-VIII CLO Ltd                                                                                         | CUSIP: 81882EAS1<br>LEI: 549300VJPG28RMYCYW83 | Long             | ABS-CBDO         | CORP              | KY        |    709957 | PA      | $689538.64    | 0.21%             | 2027-10-20      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                      | BNP Paribas SA                                                                                                       | CUSIP: 09659W2T0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1764000 | PA      | $1551442.29   | 0.47%             | 2028-01-20      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                         | Equitable Financial Life Global Funding                                                                              | CUSIP: 29449WAA5<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |    882000 | PA      | $799768.72    | 0.24%             | 2025-07-07      | Fixed         | 1.40%                 | Yes           |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                  | Oaktree CLO 2019-1 Ltd                                                                                               | CUSIP: 67401XAN1<br>LEI: 549300BJ8TRWJ20BLC43 | Long             | ABS-CBDO         | CORP              | KY        |   1129454 | PA      | $1055690.49   | 0.32%             | 2030-04-22      | Floating      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| Southwick Park CLO, Ltd.                         | Southwick Park CLO LLC                                                                                               | CUSIP: 846031AS1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1001000 | PA      | $940517.58    | 0.28%             | 2032-07-20      | Floating      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                          | Dell International LLC / EMC Corp                                                                                    | CUSIP: 24703TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $343614.29    | 0.10%             | 2025-07-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| SES SA                                           | SES SA                                                                                                               | CUSIP: 78413HAA7<br>LEI: 5493008JPA4HYMH1HX51 | Long             | DBT              | CORP              | LU        |   2469000 | PA      | $2446787.91   | 0.74%             | 2023-04-04      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                        | Boeing Co/The                                                                                                        | CUSIP: 097023DD4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    438000 | PA      | $436317.47    | 0.13%             | 2023-02-04      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Southwick Park CLO, Ltd.                         | Southwick Park CLO LLC                                                                                               | CUSIP: 846031AR3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    735000 | PA      | $610524.81    | 0.18%             | 2032-07-20      | Fixed         | 2.46%                 | Yes           |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                      | Balboa Bay Loan Funding 2020-1 Ltd                                                                                   | CUSIP: 05766BAN8<br>LEI: 549300MALKZHG9DP8554 | Long             | ABS-CBDO         | CORP              | KY        |    563239 | PA      | $526275.31    | 0.16%             | 2032-01-20      | Floating      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                                                          | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    821000 | PA      | $723732.89    | 0.22%             | 2026-12-09      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                   | CUSIP: 3137BNPS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    473536 | PA      | $434370.67    | 0.13%             | 2045-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                          | CUSIP: 05401AAP6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    678000 | PA      | $544253.45    | 0.16%             | 2028-02-21      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| TICP CLO Ltd                                     | TICP CLO III-2 Ltd                                                                                                   | CUSIP: 87249FAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    870756 | PA      | $860025.67    | 0.26%             | 2028-04-20      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, LLC                     | Business Jet Securities 2021-1 LLC                                                                                   | CUSIP: 12327BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    289222 | PA      | $253952.15    | 0.08%             | 2036-04-15      | Fixed         | 2.16%                 | Yes           |                  2 | On Loan: No      |
| QORVO INC                                        | Qorvo Inc                                                                                                            | CUSIP: 74739DAA2<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |    515000 | PA      | $474289.25    | 0.14%             | 2024-12-15      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Bank                                             | BANK 2021-BNK31                                                                                                      | CUSIP: 06541ABM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9113465 | PA      | $684557.92    | 0.21%             | 2054-02-15      | Variable      | 1.33%                 | No            |                  2 | On Loan: No      |
| PFP III                                          | PFP 2021-8 Ltd                                                                                                       | CUSIP: 69357XAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    490500 | PA      | $441968.95    | 0.13%             | 2037-08-09      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B23 Mortgage Trust                                                                                    | CUSIP: 08162RAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10373127 | PA      | $699482.75    | 0.21%             | 2054-02-15      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                           | Banque Federative du Credit Mutuel SA                                                                                | CUSIP: 06675FAV9<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   1833000 | PA      | $1735292.47   | 0.52%             | 2024-02-27      | Fixed         | 0.65%                 | Yes           |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust          | Securitized Term Auto Loan Receivables Trust 2019-CRT                                                                | CUSIP: 81379MAB0<br>LEI: 549300DC604TIE09UO03 | Long             | ABS-O            | CORP              | CA        |     58371 | PA      | $57973.76     | 0.02%             | 2026-03-25      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                                                               | CUSIP: 03880RAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1102500 | PA      | $1037870.13   | 0.31%             | 2036-11-15      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                             | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc                                                               | CUSIP: 46590XAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    546000 | PA      | $517265.47    | 0.16%             | 2028-02-01      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                                     | UBS Group AG                                                                                                         | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    374000 | PA      | $361466.33    | 0.11%             | 2027-08-05      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                  | AREIT 2022-CRE6 Trust                                                                                                | CUSIP: 04002VAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    237500 | PA      | $219407.73    | 0.07%             | 2037-01-16      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                    | SALES TAX SECURITIZATION CORP IL                                                                                     | CUSIP: 79467BDB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.09%             | 2023-01-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                                                         | CUSIP: 06738EBU8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1474000 | PA      | $1274090.89   | 0.38%             | 2027-11-24      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                   | Air Lease Corp                                                                                                       | CUSIP: 00914AAR3<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1101000 | PA      | $959475.41    | 0.29%             | 2027-01-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                             | Bank of America Corp                                                                                                 | CUSIP: 06051GFL8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    575000 | PA      | $555420.89    | 0.17%             | 2026-10-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                                     | 7-Eleven Inc                                                                                                         | CUSIP: 817826AA8<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   1785000 | PA      | $1775850.48   | 0.53%             | 2023-02-10      | Fixed         | 0.63%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                  | AREIT 2019-CRE3 Trust                                                                                                | CUSIP: 00217LAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    264000 | PA      | $249949.92    | 0.08%             | 2036-09-14      | Floating      | 6.34%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                         | Huntington Ingalls Industries Inc                                                                                    | CUSIP: 446413AS5<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |   1049000 | PA      | $1013552.46   | 0.30%             | 2025-05-01      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| Fortress CBO Investments Ltd                     | FORT CRE 2022-FL3 Issuer LLC                                                                                         | CUSIP: 34706CAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1241500 | PA      | $1214137.34   | 0.37%             | 2039-02-23      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey          | PORT AUTH OF NEW YORK & NEW JERSEY NY                                                                                | CUSIP: 73358W4V3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1041174.82   | 0.31%             | 2023-07-01      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                         | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    464000 | PA      | $393417.44    | 0.12%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                         | CUSIP: 251526CJ6<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    421000 | PA      | $393652.67    | 0.12%             | 2024-05-28      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BN35                                   | BANK 2021-BNK35                                                                                                      | CUSIP: 06540CBL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4932345 | PA      | $293636.32    | 0.09%             | 2064-06-15      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2017-H1                                                                               | CUSIP: 61691JAW4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6848811 | PA      | $257362.58    | 0.08%             | 2050-06-15      | Variable      | 1.33%                 | No            |                  2 | On Loan: No      |
| ATMOS ENERGY CORP                                | Atmos Energy Corp                                                                                                    | CUSIP: 049560AU9<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |   1055000 | PA      | $1047239.20   | 0.31%             | 2023-03-09      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| GSK CONSUMER HEALTHCARE                          | GSK Consumer Healthcare Capital US LLC                                                                               | CUSIP: 36264FAK7<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    345000 | PA      | $321179.75    | 0.10%             | 2027-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SM11274   IRS USD R F  4.20070 SM11274_FIX CCPOIS / Short: SM11274   IRS USD P V 12MSOFR SM11274_FLO CCPOIS    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   8400000 | OU      | $13421.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                                                       | CUSIP: 6174468T9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1637000 | PA      | $1632195.83   | 0.49%             | 2023-11-10      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                              | Global Payments Inc                                                                                                  | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1263903.06   | 0.38%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC                                | General Mills Inc                                                                                                    | CUSIP: 370334CS1<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    834000 | PA      | $836076.62    | 0.25%             | 2025-11-18      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                             | ERAC USA Finance LLC                                                                                                 | CUSIP: 26884TAT9<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |    872000 | PA      | $853819.50    | 0.26%             | 2023-11-01      | Fixed         | 2.70%                 | Yes           |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd                   | LoanCore 2021-CRE5 Issuer Ltd                                                                                        | CUSIP: 53947XAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    567500 | PA      | $531420.56    | 0.16%             | 2036-07-15      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                                                        | CUSIP: 571903AP8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    370000 | PA      | $354837.00    | 0.11%             | 2025-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DAE FUNDING LLC                                  | DAE Funding LLC                                                                                                      | CUSIP: 23371DAF1<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |    344000 | PA      | $321227.20    | 0.10%             | 2025-03-20      | Fixed         | 2.63%                 | Yes           |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                         | Canadian Pacific Railway Co                                                                                          | CUSIP: 13645RBD5<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |   1588000 | PA      | $1480176.61   | 0.45%             | 2024-12-02      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                         | CUSIP: 3137BYPS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    411778 | PA      | $3856.30      | 0.00%             | 2024-04-25      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                        | Boeing Co/The                                                                                                        | CUSIP: 097023DE2<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    876000 | PA      | $839477.06    | 0.25%             | 2024-02-04      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                             | Mercedes-Benz Finance North America LLC                                                                              | CUSIP: 233851EB6<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    870000 | PA      | $826061.78    | 0.25%             | 2024-03-01      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority    | MASSACHUSETTS ST EDUCTNL FING AUTH                                                                                   | CUSIP: 57563RQW2<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |     65000 | PA      | $64072.87     | 0.02%             | 2023-07-01      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                                                              | CUSIP: 44891ABK2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    958000 | PA      | $961711.68    | 0.29%             | 2025-04-07      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                              | Macquarie Group Ltd                                                                                                  | CUSIP: 55608JBA5<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    654000 | PA      | $600170.00    | 0.18%             | 2025-10-14      | Fixed         | 1.20%                 | Yes           |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                         | Plains All American Pipeline LP / PAA Finance Corp                                                                   | CUSIP: 72650RBJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    992000 | PA      | $970695.32    | 0.29%             | 2025-10-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Avery Point CLO Ltd                              | Avery Point IV CLO Ltd                                                                                               | CUSIP: 05363UAW3<br>LEI: 549300RWY6OWBAXCT467 | Long             | ABS-CBDO         | CORP              | KY        |      7600 | PA      | $7572.76      | 0.00%             | 2026-04-25      | Floating      | 6.71%                 | Yes           |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B28 Mortgage Trust                                                                                    | CUSIP: 08163GAZ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8246491 | PA      | $581169.00    | 0.17%             | 2054-08-15      | Variable      | 1.28%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                          | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    506000 | PA      | $458714.94    | 0.14%             | 2026-04-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| LCH Limited                                      | Long: SM11291   IRS USD R F  3.82100 SM11291_FIX CCPOIS / Short: SM11291   IRS USD P V 12MSOFR SM11291_FLO CCPOIS    | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  28500000 | OU      | $-221376.60   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Fortress CBO Investments Ltd                     | FORT CRE 2022-FL3 Issuer LLC                                                                                         | CUSIP: 34706CAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1154000 | PA      | $1104409.16   | 0.33%             | 2039-02-23      | Floating      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co                              | JPMorgan Chase & Co                                                                                                  | CUSIP: 46647PAU0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1366288.04   | 0.41%             | 2024-07-23      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                         | BXMT 2020-FL2 LTD                                                                                                    | CUSIP: 12434LAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1445000 | PA      | $1363020.82   | 0.41%             | 2038-02-15      | Floating      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                           | Standard Chartered PLC                                                                                               | CUSIP: 853254CB4<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    437000 | PA      | $411342.13    | 0.12%             | 2025-03-23      | Fixed         | 1.21%                 | Yes           |                  2 | On Loan: No      |
| Sales Tax Securitization Corp                    | SALES TAX SECURITIZATION CORP IL                                                                                     | CUSIP: 79467BDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $710220.80    | 0.21%             | 2024-01-01      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                         | Pioneer Natural Resources Co                                                                                         | CUSIP: 723787AU1<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |    204000 | PA      | $200640.51    | 0.06%             | 2023-05-15      | Fixed         | 0.55%                 | No            |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd                               | ACREC 2021-FL1 Ltd                                                                                                   | CUSIP: 00500RAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    902000 | PA      | $831907.20    | 0.25%             | 2036-10-16      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                  | Long: BM05102P  CDS USD R V 03MEVENT SM05102P_PRO CCPCDX / Short: BM05102P  CDS USD P F  1.00000 SM05102P_FEE CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |  33200000 | OU      | $264606.32    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                     | UBS Group AG                                                                                                         | CUSIP: 902613AB4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    924000 | PA      | $898447.91    | 0.27%             | 2024-07-30      | Fixed         | 1.01%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, LLC                     | Business Jet Securities 2021-1 LLC                                                                                   | CUSIP: 12327BAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74594 | PA      | $63222.26     | 0.02%             | 2036-04-15      | Fixed         | 2.92%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                          | CUSIP: 05401AAF8<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1214000 | PA      | $1162163.21   | 0.35%             | 2024-07-01      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                               | BSPRT 2022-FL8 Issuer Ltd                                                                                            | CUSIP: 055983AE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    287500 | PA      | $274179.81    | 0.08%             | 2037-02-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC                         | Microchip Technology Inc                                                                                             | CUSIP: 595017BC7<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   2095000 | PA      | $1939886.64   | 0.58%             | 2024-09-01      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                                  | Xcel Energy Inc                                                                                                      | CUSIP: 98389BAZ3<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |   1753000 | PA      | $1689378.84   | 0.51%             | 2023-10-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                                                                     | CUSIP: 22822VAS0<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    257000 | PA      | $233794.76    | 0.07%             | 2025-07-15      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| California Earthquake Authority                  | CALIFORNIA ST EARTHQUAKE AUTH                                                                                        | CUSIP: 13017HAK2<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |    440000 | PA      | $432575.48    | 0.13%             | 2023-07-01      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                           | General Motors Financial Co Inc                                                                                      | CUSIP: 37045XCZ7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1491000 | PA      | $1456796.49   | 0.44%             | 2023-08-18      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                             | Bank of America Corp                                                                                                 | CUSIP: 06051GFH7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    692000 | PA      | $681294.14    | 0.20%             | 2024-08-26      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                           | PNC Financial Services Group Inc/The                                                                                 | CUSIP: 693475BK0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1717000 | PA      | $1730513.56   | 0.52%             | 2028-12-02      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                                                                   | CUSIP: 29278NAP8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    635000 | PA      | $598007.97    | 0.18%             | 2025-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| NATIONAL SECS CLEARING                           | National Securities Clearing Corp                                                                                    | CUSIP: 637639AE5<br>LEI: 549300RYC9NELN2ICA34 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $886094.41    | 0.27%             | 2025-12-07      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                        | Boeing Co/The                                                                                                        | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1118000 | PA      | $1015773.02   | 0.31%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                   | Morgan Stanley                                                                                                       | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1309827.48   | 0.39%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                         | Western Midstream Operating LP                                                                                       | CUSIP: 958667AD9<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   1222000 | PA      | $1220167.00   | 0.37%             | 2023-01-13      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                          | CUSIP: 05401AAM3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1574000 | PA      | $1354703.60   | 0.41%             | 2026-02-21      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| Engie Energia Chile SA                           | Engie Energia Chile SA                                                                                               | CUSIP: 268270AD7<br>LEI: 5493000FIKCC3ZDWTO77 | Long             | DBT              | CORP              | CL        |   2071000 | PA      | $2029580.00   | 0.61%             | 2025-01-29      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Shackleton CLO LTD                               | Shackleton 2013-IV-R CLO Ltd                                                                                         | CUSIP: 81882HAE5<br>LEI: 5493000LHXWSIZGUY418 | Long             | ABS-CBDO         | CORP              | KY        |    927055 | PA      | $854126.36    | 0.26%             | 2031-04-13      | Floating      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp                             | Bank of America Corp                                                                                                 | CUSIP: 06051GGC7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    959000 | PA      | $909612.09    | 0.27%             | 2027-11-25      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                          | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    886000 | PA      | $708175.02    | 0.21%             | 2027-11-18      | Fixed         | 2.53%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2020-FL4 Ltd                                                                                                     | CUSIP: 58003UAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1946000 | PA      | $1878164.19   | 0.56%             | 2035-11-15      | Floating      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                  | AREIT 2019-CRE3 Trust                                                                                                | CUSIP: 00217LAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    647000 | PA      | $630113.30    | 0.19%             | 2036-09-14      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| HCA INC                                          | HCA Inc                                                                                                              | CUSIP: 404119CD9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    411000 | PA      | $373672.33    | 0.11%             | 2027-03-15      | Fixed         | 3.13%                 | Yes           |                  2 | On Loan: No      |
| KOHL'S CORPORATION                               | Kohl's Corp                                                                                                          | CUSIP: 500255AW4<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |   1587000 | PA      | $1673094.75   | 0.50%             | 2025-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                                                      | CUSIP: 718172CV9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    324000 | PA      | $326366.30    | 0.10%             | 2027-11-17      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| VMWARE INC                                       | VMware Inc                                                                                                           | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    649000 | PA      | $565776.49    | 0.17%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | United States Treasury Note/Bond                                                                                     | CUSIP: 91282CBA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  24482000 | PA      | $23452034.67  | 7.05%             | 2023-12-15      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                                                                   | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    436000 | PA      | $432481.48    | 0.13%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| NATIONAL SECS CLEARING                           | National Securities Clearing Corp                                                                                    | CUSIP: 637639AB1<br>LEI: 549300RYC9NELN2ICA34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $231738.74    | 0.07%             | 2025-04-23      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2021-FL6 Ltd                                                                                                     | CUSIP: 55283TAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1598887 | PA      | $1499966.10   | 0.45%             | 2036-07-16      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                 | Berry Global Inc                                                                                                     | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    432000 | PA      | $384832.40    | 0.12%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust            | Wells Fargo Commercial Mortgage Trust 2021-C61                                                                       | CUSIP: 95003QBC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4005055 | PA      | $300154.42    | 0.09%             | 2054-11-15      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                           | Mitsubishi UFJ Financial Group Inc                                                                                   | CUSIP: 606822BW3<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   1003000 | PA      | $931954.17    | 0.28%             | 2025-07-19      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                                                           | CUSIP: 14040HCM5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1545000 | PA      | $1447118.78   | 0.44%             | 2026-03-03      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| GSK CONSUMER HEALTHCARE                          | GSK Consumer Healthcare Capital UK PLC                                                                               | CUSIP: 36264NAB0<br>LEI: 5493004B26DRJNN0OV17 | Long             | DBT              | CORP              | GB        |    591000 | PA      | $562037.80    | 0.17%             | 2025-03-24      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                 | Berry Global Inc                                                                                                     | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1534000 | PA      | $1311985.94   | 0.39%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                                                                    | CUSIP: 404280CG2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    910000 | PA      | $828096.83    | 0.25%             | 2026-06-04      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                      | CUSIP: 3138EKBW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    198134 | PA      | $200636.44    | 0.06%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA LLC                            | Entergy Louisiana LLC                                                                                                | CUSIP: 29364WBK3<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |   2993000 | PA      | $2786006.81   | 0.84%             | 2024-10-01      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | United States Treasury Note/Bond                                                                                     | CUSIP: 91282CDH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11578000 | PA      | $10806434.90  | 3.25%             | 2024-11-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                         | Lloyds Banking Group PLC                                                                                             | CUSIP: 53944YAR4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    450000 | PA      | $427515.07    | 0.13%             | 2026-03-18      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| 3650R Commercial Mortgage Trust                  | 3650R 2021-PF1 Commercial Mortgage Trust                                                                             | CUSIP: 88581EAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13060655 | PA      | $769468.48    | 0.23%             | 2054-11-15      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                                                       | CUSIP: 6174468R3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1635000 | PA      | $1500070.82   | 0.45%             | 2025-10-21      | Fixed         | 0.86%                 | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio         | MFS Institutional Money Market Portfolio                                                                             | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   4855439 | NS      | $4856896.10   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                         | Sumitomo Mitsui Financial Group Inc                                                                                  | CUSIP: 86562MCC2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    455000 | PA      | $433151.20    | 0.13%             | 2024-01-12      | Fixed         | 0.51%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                          | GLP Capital LP / GLP Financing II Inc                                                                                | CUSIP: 361841AJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1084000 | PA      | $1065587.76   | 0.32%             | 2025-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                              | Southern California Edison Co                                                                                        | CUSIP: 842400HH9<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    900000 | PA      | $876729.57    | 0.26%             | 2023-08-01      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                          | GLP Capital LP / GLP Financing II Inc                                                                                | CUSIP: 361841AF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1459000 | PA      | $1453929.98   | 0.44%             | 2023-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                          | CF Hippolyta Issuer LLC                                                                                              | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    339267 | PA      | $302827.14    | 0.09%             | 2060-07-15      | Fixed         | 1.69%                 | Yes           |                  2 | On Loan: No      |
| ERAC USA Finance LLC                             | ERAC USA Finance LLC                                                                                                 | CUSIP: 26884TAL6<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |    551000 | PA      | $532378.13    | 0.16%             | 2024-11-15      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| JDE PEET'S NV                                    | JDE Peet's NV                                                                                                        | CUSIP: 47216QAB9<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |    678000 | PA      | $572273.13    | 0.17%             | 2027-01-15      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority           | CALIFORNIA ST MUNI FIN AUTH REVENUE                                                                                  | CUSIP: 13048VQB7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    280000 | PA      | $271486.91    | 0.08%             | 2023-11-01      | Fixed         | 1.61%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                    | CCUBS Commercial Mortgage Trust 2017-C1                                                                              | CUSIP: 12508GAV8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9271530 | PA      | $330611.63    | 0.10%             | 2050-11-15      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCKS FINAN NA                          | Daimler Trucks Finance North America LLC                                                                             | CUSIP: 233853AD2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   1487000 | PA      | $1379993.67   | 0.41%             | 2024-12-13      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                         | Plains All American Pipeline LP / PAA Finance Corp                                                                   | CUSIP: 72650RBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $739454.35    | 0.22%             | 2023-10-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                          | BPCE SA                                                                                                              | CUSIP: 05583JAD4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1385000 | PA      | $1387066.93   | 0.42%             | 2023-09-12      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| HOWARD UNIVERSITY                                | Howard University                                                                                                    | CUSIP: 442851AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    144000 | PA      | $134492.12    | 0.04%             | 2025-10-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                     | CD 2017-CD4 Mortgage Trust                                                                                           | CUSIP: 12515DAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14021614 | PA      | $555272.73    | 0.17%             | 2050-05-10      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                         | Volkswagen Group of America Finance LLC                                                                              | CUSIP: 928668BL5<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    494000 | PA      | $440377.34    | 0.13%             | 2025-11-24      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                             | Enel Finance International NV                                                                                        | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    630000 | PA      | $646902.06    | 0.19%             | 2025-10-14      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                            | CUSIP: 00774MAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1212000 | PA      | $1228092.88   | 0.37%             | 2025-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                              | Macquarie Group Ltd                                                                                                  | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   1200000 | PA      | $1045864.60   | 0.31%             | 2027-01-12      | Fixed         | 1.34%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                   | CUSIP: 3137B2BP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1658704 | PA      | $1539998.44   | 0.46%             | 2033-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTLAKE CORP                                    | Westlake Corp                                                                                                        | CUSIP: 960413AX0<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |    500000 | PA      | $464257.40    | 0.14%             | 2024-08-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Trust 2017-GS7                                                                                | CUSIP: 36254CAX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15019559 | PA      | $536040.55    | 0.16%             | 2050-08-10      | Variable      | 1.08%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                         | Madison Park Funding XIII Ltd                                                                                        | CUSIP: 55818MBC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2779008 | PA      | $2717639.17   | 0.82%             | 2030-04-19      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd                                                               | CUSIP: 03880KAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    264000 | PA      | $238268.98    | 0.07%             | 2034-08-15      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                                                      | CUSIP: 718172CT4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    800000 | PA      | $801057.46    | 0.24%             | 2024-11-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC                         | Thermo Fisher Scientific Inc                                                                                         | CUSIP: 883556CS9<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1407765.24   | 0.42%             | 2024-10-18      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                                                                     | CUSIP: 22822VAJ0<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1037000 | PA      | $1025397.55   | 0.31%             | 2023-07-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LTD                             | Tencent Holdings Ltd                                                                                                 | CUSIP: 88032WAT3<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |   1481000 | PA      | $1335224.99   | 0.40%             | 2026-01-26      | Fixed         | 1.81%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                | Credit Acceptance Auto Loan Trust 2021-2                                                                             | CUSIP: 22537CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    373000 | PA      | $358712.31    | 0.11%             | 2030-02-15      | Fixed         | 0.96%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                    | CUSIP: 3136APK43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    222346 | PA      | $213721.86    | 0.06%             | 2044-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                         | Vistra Operations Co LLC                                                                                             | CUSIP: 92840VAK8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    952000 | PA      | $932817.20    | 0.28%             | 2024-05-13      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                                                      | CUSIP: 718172CU1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    364000 | PA      | $365635.40    | 0.11%             | 2025-11-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                             | Edison International                                                                                                 | CUSIP: 281020AU1<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    750000 | PA      | $733840.47    | 0.22%             | 2025-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| LoanCore 2018-CRE1 Issuer, Ltd.                  | LoanCore 2018-CRE1 Issuer Ltd                                                                                        | CUSIP: 53946MAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1317894 | PA      | $1313077.44   | 0.39%             | 2028-05-15      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                    | UBS Commercial Mortgage Trust 2018-C14                                                                               | CUSIP: 90278KBB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7842420 | PA      | $322358.75    | 0.10%             | 2051-12-15      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                          | CF Hippolyta Issuer LLC                                                                                              | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    107323 | PA      | $93669.13     | 0.03%             | 2060-07-15      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                      | CUSIP: 31416CLL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    242017 | PA      | $245073.78    | 0.07%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                                                          | CUSIP: 38141GES9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1439000 | PA      | $1476849.92   | 0.44%             | 2027-01-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                           | Westinghouse Air Brake Technologies Corp                                                                             | CUSIP: 960386AN0<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |   2237000 | PA      | $2200546.12   | 0.66%             | 2024-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2021-L6                                                                               | CUSIP: 61692CBK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6832152 | PA      | $432659.02    | 0.13%             | 2054-06-15      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                             | ERAC USA Finance LLC                                                                                                 | CUSIP: 26884TAP7<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |    551000 | PA      | $526873.51    | 0.16%             | 2025-11-01      | Fixed         | 3.80%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2021-L5                                                                               | CUSIP: 61691YAP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7303954 | PA      | $504015.89    | 0.15%             | 2054-05-15      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                            | Toronto-Dominion Bank/The                                                                                            | CUSIP: 89114QCM8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    910000 | PA      | $909586.37    | 0.27%             | 2023-01-06      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                         | CUSIP: 251526CG2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   2012000 | PA      | $1868646.27   | 0.56%             | 2025-04-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                                                                  | CUSIP: 46647PBW5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1071000 | PA      | $931629.16    | 0.28%             | 2027-02-04      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| Indian Oil Corp Ltd                              | Indian Oil Corp Ltd                                                                                                  | CUSIP: 000000000<br>LEI: 335800J8OBWE4VFUDG88 | Long             | DBT              | CORP              | IN        |    933000 | PA      | $934378.37    | 0.28%             | 2023-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                            | CUSIP: 00774MBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    798000 | PA      | $733805.15    | 0.22%             | 2024-10-29      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 2YR NOTE (CBT) MAR23                                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        61 | NC      | $9032.15      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BDS Ltd                                          | BDS 2021-FL10 Ltd                                                                                                    | CUSIP: 07335YAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    377500 | PA      | $351579.42    | 0.11%             | 2036-12-16      | Floating      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust    | JPMCC Commercial Mortgage Securities Trust 2017-JP7                                                                  | CUSIP: 465968AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13545029 | PA      | $434105.99    | 0.13%             | 2050-09-15      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                 | FirstEnergy Corp                                                                                                     | CUSIP: 337932AK3<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    929000 | PA      | $857657.37    | 0.26%             | 2025-03-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                                      | PNC Bank NA                                                                                                          | CUSIP: 05552JAA7<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   1183000 | PA      | $1134280.45   | 0.34%             | 2024-08-27      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                | Credit Acceptance Auto Loan Trust 2021-2                                                                             | CUSIP: 22537CAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $228311.75    | 0.07%             | 2030-04-15      | Fixed         | 1.26%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                | Credit Acceptance Auto Loan Trust 2021-3                                                                             | CUSIP: 22535GAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $229370.80    | 0.07%             | 2030-07-15      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                          | Hyundai Capital America                                                                                              | CUSIP: 44891ABJ5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1733000 | PA      | $1734074.46   | 0.52%             | 2023-04-06      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd                   | LoanCore 2021-CRE5 Issuer Ltd                                                                                        | CUSIP: 53947XAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1344000 | PA      | $1263352.61   | 0.38%             | 2036-07-15      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Bank                                             | BANK 2021-BNK34                                                                                                      | CUSIP: 06541JAR2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8864986 | PA      | $491788.64    | 0.15%             | 2063-06-15      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA                          | National Bank of Canada                                                                                              | CUSIP: 63307A2M6<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $239276.12    | 0.07%             | 2024-11-15      | Fixed         | 0.55%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                                                       | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    411000 | PA      | $356660.86    | 0.11%             | 2027-07-20      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                   | Morgan Stanley                                                                                                       | CUSIP: 61746BEF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    381000 | PA      | $359288.73    | 0.11%             | 2027-01-20      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| SKYWORKS SOLUTIONS INC                           | Skyworks Solutions Inc                                                                                               | CUSIP: 83088MAJ1<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |    590000 | PA      | $578328.76    | 0.17%             | 2023-06-01      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2018-H4                                                                               | CUSIP: 61691RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17406657 | PA      | $634376.91    | 0.19%             | 2051-12-15      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                                                     | CUSIP: 87264ABB0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1901000 | PA      | $1828201.66   | 0.55%             | 2025-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                                                          | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1205000 | PA      | $1053633.86   | 0.32%             | 2027-10-21      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| GENUINE PARTS CO                                 | Genuine Parts Co                                                                                                     | CUSIP: 372460AB1<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |    792000 | PA      | $739471.64    | 0.22%             | 2025-02-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                                                                    | CUSIP: 404280CX5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    900000 | PA      | $779440.64    | 0.23%             | 2027-11-22      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                              | American Express Co                                                                                                  | CUSIP: 025816CQ0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    773000 | PA      | $729613.09    | 0.22%             | 2025-03-04      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                                                     | CUSIP: 95000U2K8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2242000 | PA      | $2090066.48   | 0.63%             | 2026-02-11      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                             | Glencore Funding LLC                                                                                                 | CUSIP: 378272AT5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1354000 | PA      | $1332289.00   | 0.40%             | 2024-03-12      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                            | CUSIP: 00774MAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1399000 | PA      | $1352353.60   | 0.41%             | 2024-02-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | United States Treasury Note/Bond                                                                                     | CUSIP: 912828M56<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17716000 | PA      | $16767917.28  | 5.04%             | 2025-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                                                          | CUSIP: 38141GZH0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1426000 | PA      | $1364899.89   | 0.41%             | 2025-01-24      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                         | EQT Corp                                                                                                             | CUSIP: 26884LAQ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    350000 | PA      | $348119.33    | 0.10%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                                                       | CUSIP: 6174468W2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2151000 | PA      | $2136571.97   | 0.64%             | 2024-01-25      | Fixed         | 0.53%                 | No            |                  2 | On Loan: No      |
| Eni SpA                                          | Eni SpA                                                                                                              | CUSIP: 26874RAG3<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |   1857000 | PA      | $1831026.79   | 0.55%             | 2023-09-12      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                   | CUSIP: 3137AV5K9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    320136 | PA      | $289607.67    | 0.09%             | 2042-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                           | Standard Chartered PLC                                                                                               | CUSIP: 853254CE8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    444000 | PA      | $405524.62    | 0.12%             | 2025-11-23      | Fixed         | 1.82%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities, LLC                     | Business Jet Securities 2020-1 LLC                                                                                   | CUSIP: 12327FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183882 | PA      | $167486.71    | 0.05%             | 2035-11-15      | Fixed         | 2.98%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2020-A                                                                              | CUSIP: 68269LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    775875 | PA      | $770216.98    | 0.23%             | 2032-05-14      | Fixed         | 3.84%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                   | Morgan Stanley                                                                                                       | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    135000 | PA      | $127493.05    | 0.04%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                | Hyatt Hotels Corp                                                                                                    | CUSIP: 448579AL6<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   1224000 | PA      | $1189795.04   | 0.36%             | 2023-10-01      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Southwick Park CLO, Ltd.                         | Southwick Park CLO LLC                                                                                               | CUSIP: 846031AQ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    422000 | PA      | $406011.69    | 0.12%             | 2032-07-20      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP                                         | EQT Corp                                                                                                             | CUSIP: 26884LAP4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    351000 | PA      | $349293.96    | 0.11%             | 2025-10-01      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | United States Treasury Note/Bond                                                                                     | CUSIP: 91282CEQ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7016000 | PA      | $6765506.91   | 2.03%             | 2025-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Capital Automotive Reit                          | CARS-DB4 LP                                                                                                          | CUSIP: 12510HAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    552965 | PA      | $516648.73    | 0.16%             | 2050-02-15      | Fixed         | 3.19%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2021-C11                                                                                        | CUSIP: 05493MAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5952346 | PA      | $455395.51    | 0.14%             | 2054-09-15      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                          | CUSIP: 694308KE6<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    550000 | PA      | $541510.44    | 0.16%             | 2025-06-08      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                          | HCA Inc                                                                                                              | CUSIP: 404119BN8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1692000 | PA      | $1682278.97   | 0.51%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                                                                     | CUSIP: 22822VAZ4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    206000 | PA      | $187368.48    | 0.06%             | 2027-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                              | JPMorgan Chase & Co                                                                                                  | CUSIP: 46625HNJ5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    959000 | PA      | $924001.13    | 0.28%             | 2027-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                      | LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                                                                             | CUSIP: 542691DP2<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    595000 | PA      | $591156.36    | 0.18%             | 2023-03-01      | Fixed         | 0.76%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                               | BSPRT 2022-FL8 Issuer Ltd                                                                                            | CUSIP: 055983AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2069500 | PA      | $1999668.65   | 0.60%             | 2037-02-15      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                         | CUSIP: 3137FTG27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6124257 | PA      | $528743.25    | 0.16%             | 2030-04-25      | Variable      | 1.58%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                             | Bank of America Corp                                                                                                 | CUSIP: 06051GFU8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    995000 | PA      | $974966.85    | 0.29%             | 2026-03-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2022-FL9 LLC                                                                                                     | CUSIP: 55285AAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1885500 | PA      | $1855741.15   | 0.56%             | 2037-06-19      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RES                           | CenterPoint Energy Resources Corp                                                                                    | CUSIP: 15189WAM2<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |   1302000 | PA      | $1292607.85   | 0.39%             | 2023-03-02      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                          | CUSIP: 694308KA4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1338000 | PA      | $1305957.95   | 0.39%             | 2024-02-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                                                         | CUSIP: 06738EBQ7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    207000 | PA      | $197044.75    | 0.06%             | 2024-12-10      | Fixed         | 1.01%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                           | APA Infrastructure Ltd                                                                                               | CUSIP: 00205GAB3<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |   1960000 | PA      | $1892523.30   | 0.57%             | 2025-03-23      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                         | Sumitomo Mitsui Financial Group Inc                                                                                  | CUSIP: 86562MCM0<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1184000 | PA      | $1049548.11   | 0.32%             | 2027-01-14      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                  | Oaktree CLO 2019-1 Ltd                                                                                               | CUSIP: 67401XAL5<br>LEI: 549300BJ8TRWJ20BLC43 | Long             | ABS-CBDO         | CORP              | KY        |   1129454 | PA      | $1081431.87   | 0.33%             | 2030-04-22      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust               | STWD 2021-FL2 Ltd                                                                                                    | CUSIP: 78486BAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    764000 | PA      | $714990.47    | 0.21%             | 2038-04-18      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Trust 2017-GS6                                                                                | CUSIP: 36253PAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15254437 | PA      | $542328.80    | 0.16%             | 2050-05-10      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B29 Mortgage Trust                                                                                    | CUSIP: 08163JAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11886078 | PA      | $661297.43    | 0.20%             | 2054-09-15      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| RAYTHEON TECH CORP                               | Raytheon Technologies Corp                                                                                           | CUSIP: 913017DB2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    114000 | PA      | $113040.42    | 0.03%             | 2023-08-16      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                                                                              | CUSIP: 6461366P1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    465000 | PA      | $459832.97    | 0.14%             | 2023-06-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                             | WEC Energy Group Inc                                                                                                 | CUSIP: 92939UAF3<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    612000 | PA      | $579802.20    | 0.17%             | 2024-03-15      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                           | Anglo American Capital PLC                                                                                           | CUSIP: 034863AR1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    766000 | PA      | $740332.45    | 0.22%             | 2027-04-10      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Economic Development Authority        | NEW JERSEY ST ECON DEV AUTH LEASE REVENUE                                                                            | CUSIP: 645913BB9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4091000 | PA      | $4068644.32   | 1.22%             | 2023-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FIBRIA OVERSEAS FINANCE                          | Fibria Overseas Finance Ltd                                                                                          | CUSIP: 31572UAF3<br>LEI: 549300WABWKSHESAMG92 | Long             | DBT              | CORP              | KY        |    829000 | PA      | $831793.61    | 0.25%             | 2027-01-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EMERA US FINANCE LP                              | Emera US Finance LP                                                                                                  | CUSIP: 29103DAS5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    589000 | PA      | $549637.72    | 0.17%             | 2024-06-15      | Fixed         | 0.83%                 | No            |                  2 | On Loan: No      |
| GRAY OAK PIPELINE LLC                            | Gray Oak Pipeline LLC                                                                                                | CUSIP: 38937LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    968000 | PA      | $941640.75    | 0.28%             | 2023-09-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                        | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33                                                          | CUSIP: 61767CAW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13374983 | PA      | $523693.46    | 0.16%             | 2050-05-15      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd                                                               | CUSIP: 03880KAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    455000 | PA      | $414075.03    | 0.12%             | 2034-08-15      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                            | Alibaba Group Holding Ltd                                                                                            | CUSIP: 01609WAS1<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |   1223000 | PA      | $1208989.30   | 0.36%             | 2023-06-06      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                         | Warnermedia Holdings Inc                                                                                             | CUSIP: 55903VAU7<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   2271000 | PA      | $2169142.33   | 0.65%             | 2025-03-15      | Fixed         | 3.79%                 | Yes           |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                          | Imperial Brands Finance PLC                                                                                          | CUSIP: 45262BAF0<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    305000 | PA      | $303524.95    | 0.09%             | 2027-07-27      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                          | Nationwide Building Society                                                                                          | CUSIP: 63861VAF4<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    750000 | PA      | $659247.21    | 0.20%             | 2028-02-16      | Fixed         | 2.97%                 | Yes           |                  2 | On Loan: No      |
| Ballyrock Ltd                                    | Ballyrock CLO 2018-1 Ltd                                                                                             | CUSIP: 05875HAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1748737 | PA      | $1685820.24   | 0.51%             | 2031-04-20      | Floating      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust         | AmeriCredit Automobile Receivables Trust 2020-1                                                                      | CUSIP: 03067DAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    659000 | PA      | $637672.52    | 0.19%             | 2025-10-20      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                          | BPCE SA                                                                                                              | CUSIP: 05583JAF9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1385000 | PA      | $1367133.50   | 0.41%             | 2023-09-12      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B27 Mortgage Trust                                                                                    | CUSIP: 08163HAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11291848 | PA      | $795708.29    | 0.24%             | 2054-07-15      | Variable      | 1.27%                 | No            |                  2 | On Loan: No      |
| VMWARE INC                                       | VMware Inc                                                                                                           | CUSIP: 928563AH8<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    839000 | PA      | $780686.59    | 0.23%             | 2024-08-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2018-C2                                                                                         | CUSIP: 05491UBE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21812251 | PA      | $746932.18    | 0.22%             | 2051-12-15      | Variable      | 0.76%                 | Yes           |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                           | CNH Industrial Capital LLC                                                                                           | CUSIP: 12592BAJ3<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |   1121000 | PA      | $1104905.29   | 0.33%             | 2024-01-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                         | Warnermedia Holdings Inc                                                                                             | CUSIP: 55903VAG8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    679000 | PA      | $611459.50    | 0.18%             | 2027-03-15      | Fixed         | 3.76%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                             | Bank of America Corp                                                                                                 | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2531000 | PA      | $2217450.58   | 0.67%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| HOWARD UNIVERSITY                                | Howard University                                                                                                    | CUSIP: 442851AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    117000 | PA      | $110481.81    | 0.03%             | 2024-10-01      | Fixed         | 2.42%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                                                               | CUSIP: 03880RAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1102500 | PA      | $1030936.84   | 0.31%             | 2036-11-15      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                         | Western Midstream Operating LP                                                                                       | CUSIP: 958667AB3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    796000 | PA      | $753191.12    | 0.23%             | 2025-02-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ROSS STORES INC                                  | Ross Stores Inc                                                                                                      | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   1622000 | PA      | $1423468.89   | 0.43%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-17

**Name of Applicant:** MFS VARIABLE INSURANCE TRUST III

**Signature:** Kasey Phillips

**Name of Signer:** Kasey Phillips

**Title:** Assistant Treasurer