# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-25-154347
**Filing Date:** 2025-6
**Character Count:** 64445
**Document Hash:** a2afc8d9077379dc804c2bc6ba749253
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-154347.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-154347

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251071205

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Westwood Income Opportunity Fund (Series ID: S000072841)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229472 | Westwood Income Opportunity Fund C Class Shares       | WWICX           |
| C000229473 | Westwood Income Opportunity Fund Institutional Shares | WHGIX           |
| C000229474 | Westwood Income Opportunity Fund A Class Shares       | WWIAX           |
| C000240107 | Westwood Income Opportunity Fund Ultra Shares         | WHGOX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Ultimus Managers Trust

- **b. Investment Company Act file number:** 811-22680

- **c. CIK number of Registrant:** 0001545440

- **d. LEI of Registrant:** 549300FU214TAR7BFY91

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

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

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

- **a. Name of Series:** WESTWOOD INCOME OPPORTUNITY FUND

- **b. EDGAR series identifier (if any):** S000072841

- **c. LEI of Series:** 549300SJOJ6MJI123D95

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $509943923.42

**Total Liabilities:** $3338315.56

**Net Assets:** $506605607.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 7808.37503277 | **5-Year:** 25130.83278313 | **10-Year:** 32559.88645434 | **30-Year:** 31593.22749420

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

- **3-Month:** 0.00000000 | **1-Year:** 1594.55924999 | **5-Year:** 6727.44830766 | **10-Year:** 721.26739253 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229472 | -0.51%               | -3.56%               | -2.93%               |
| Class ID C000229473 | 0.57%                | -2.51%               | -1.93%               |
| Class ID C000229474 | 0.57%                | -2.48%               | -1.94%               |
| Class ID C000240107 | 0.65%                | -2.57%               | -1.85%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6545569.46              | $-6190558.33                               |
| Month 2  | $6011182.39              | $-20608828.10                              |
| Month 3  | $-10629870.04            | $-753701.65                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| General Dynamics Corporation                                                         | General Dynamics Corporation                                           | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     17777 | NS      | $4837477.24   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International, Inc.                                      | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     22217 | NS      | $3807105.12   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley 5.942%, Due 02/07/39                                    | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1830000 | PA      | $1839310.00   | 0.36%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                | Lowe's Companies, Inc.                                                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     25980 | NS      | $5808088.80   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | Kinder Morgan, Inc.                                                    | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    141059 | NS      | $3709851.70   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating, LLC 6.384%, Due 10/23/35             | CUSIP: 161175AZ7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   2430000 | PA      | $2455959.98   | 0.48%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Inc.                                                              | Berkshire Hathaway, Inc. Class B                                       | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     12990 | NS      | $6926917.50   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                                                        | ISHARES CORE S&P MID-CAP ETF                                           | CUSIP: 464287507<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    117500 | NS      | $6686925.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                                                           | Apple, Inc.                                                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     18240 | NS      | $3876000.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                                                         | National Retail Properties, Inc. REIT                                  | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     66596 | NS      | $2737761.56   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                                                         | The Southern Company 5.700%, Due 03/15/34                              | CUSIP: 842587DT1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |   2770000 | PA      | $2861718.88   | 0.56%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                     | Federal Home Loan Mortgage Corporation 4.000%, Due 10/01/2052          | CUSIP: 3140XJXY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2703110 | PA      | $2518628.01   | 0.50%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mercury General Corporation                                                          | Mercury General Corporation                                            | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |     73702 | NS      | $4084564.84   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corporation                                          | International Business Machines Corporation                            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     22089 | NS      | $5341561.98   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Corners Funding Trust IV                                                        | Five Corners Funding Trust IV 5.997%, Due 02/15/53                     | CUSIP: 33835PAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1925000 | PA      | $1946779.58   | 0.38%             | 2053-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Abbott Laboratories                                                                  | Abbott Laboratories                                                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     32090 | NS      | $4195767.50   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                                                                   | Domino's Pizza, Inc.                                                   | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      6019 | NS      | $2951537.03   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods, Inc.                                                                    | Tyson Foods, Inc.                                                      | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     61485 | NS      | $3765341.40   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | Goldman Sachs Group, Inc. (The)                                        | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     15023 | NS      | $8225843.65   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | Federal Home Loan Mortgage Corporation 6.500%, Due 11/1/2053           | CUSIP: 31418EXW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2767136 | PA      | $2848492.48   | 0.56%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                               | 5-YEAR U.S. TREASURY NOTE FUTURE 6/30/2025                             | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DE               | CORP              | US        |        82 | NS      | $173135.63    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd.                                                                            | Flex Ltd 6.000%, Due 01/15/28                                          | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | US        |   2735000 | PA      | $2794421.54   | 0.55%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup, Inc. Floating rate, Due 12/31/2049                          | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3330000 | PA      | $3307138.88   | 0.65%             | 2049-12-31      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                   | Boeing Co/The                                                          | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     71350 | NS      | $4379463.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 5.500%, Due 04/01/2053          | CUSIP: 3132DP3N6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   2480726 | PA      | $2481024.05   | 0.49%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corporation                                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     55891 | NS      | $6087647.72   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corporation                                                           | Exact Sciences Corporation 0.375%, Due 03/15/2027                      | CUSIP: 30063PAB1<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |   2273000 | PA      | $2116163.00   | 0.42%             | 2027-03-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                               | 2-Year U.S. Treasury Note Future 6/30/2025                             | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DE               | CORP              | US        |        55 | NS      | $67304.49     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.625%, Due 05/15/354                 | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8871000 | PA      | $8762884.69   | 1.73%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | Hewlett Packard Enterprise Company                                     | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               | CORP              | US        |     75800 | NS      | $3805160.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                                                | JPMorgan Nasdaq Equity Premium Income ETF                              | CUSIP: 46654Q203<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |    126318 | NS      | $6485166.12   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                                                               | Micron Technology, Inc.                                                | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     58827 | NS      | $4526737.65   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                                                          | RenaissanceRe Holdings Ltd 5.75%, Due 06/05/2033                       | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | US        |   2440000 | PA      | $2487920.21   | 0.49%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | NVIDIA Corp Call @ $130, Expiring July 2025                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -558 | NS      | $-170190.00   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Discover Financial Services Inc.                                                     | Discover Financial Services                                            | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |     33167 | NS      | $6058615.89   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                               | WNM5 US ULTRA BOND CBT                                                 | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DE               | CORP              | US        |        26 | NS      | $33857.98     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                                         | UNITED STATES TREAS BDS 4.25% 02/15/54                                 | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3820000 | PA      | $3785978.13   | 0.75%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Company 5.299%, Due 07/24/29                          | CUSIP: 46647PDU7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3396000 | PA      | $3477559.73   | 0.69%             | 2029-07-24      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | Cisco Systems, Inc.                                                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     67670 | NS      | $3906589.10   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                                                                   | State Street Corporation Floating rate, Due 12/31/2049                 | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   5470000 | PA      | $5486601.45   | 1.08%             | 2049-12-31      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer, L.P.                                                  | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |    490825 | NS      | $8118245.50   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corporation                                                           | Alliant Energy Corporation                                             | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     46252 | NS      | $2823222.08   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company 5.198%, Due 1/23/2030                            | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3595000 | PA      | $3663700.20   | 0.72%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                           | Pilgrim's Pride Corp 6.250%, Due 07/01/33                              | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   3720000 | PA      | $3876920.76   | 0.77%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                                                | JPMorgan Equity Premium Income ETF                                     | CUSIP: 46641Q332<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     93780 | NS      | $5213230.20   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                                                          | Walmart, Inc.                                                          | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     39910 | NS      | $3881247.50   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.                                                         | Honeywell International, Inc.                                          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     24783 | NS      | $5216821.50   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                                                            | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND - CLASS U                   | CUSIP: 31846V211<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   5073552 | PA      | $5073551.67   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | Micron Technology Inc Call @ $90, Expiring July 2025                   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -588 | NS      | $-205800.00   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.750%, Due 11/15/53                  | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5030000 | PA      | $5066742.59   | 1.00%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Blackline Inc                                                                        | BlackLine Inc 1.0% Due 6/01/2029                                       | CUSIP: 09239BAE9<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   2105000 | PA      | $2076092.18   | 0.41%             | 2029-06-01      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corp 5.518% Due 10/25/2035                             | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3140000 | PA      | $3073335.63   | 0.61%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note/Bond 4.0% Due 03/31/2030                   | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5090000 | PA      | $5146069.51   | 1.02%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                                                      | Salesforce, Inc.                                                       | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     10648 | NS      | $2861224.08   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                                               | Intesa Sanpaolo S.p.A. 7.778%, Due 06/20/54                            | CUSIP: 46115HCB1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2313833.89   | 0.46%             | 2054-06-20      | Fixed         | 7.78%                 | Yes           |                  2 | On Loan: No      |
| Medtronic PLC                                                                        | Medtronic plc                                                          | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |     42985 | NS      | $3643408.60   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Sixth Street Lending Partners                                                        | Sixth Street Lending Partners 5.75%, Due 01/15/2030                    | CUSIP: 829932AD4<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |   2085000 | PA      | $2059436.15   | 0.41%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley 6.296%, Due 10/18/2028                                  | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2385000 | PA      | $2483580.61   | 0.49%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup, Inc. 6.174%, Due 05/25/34                                   | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $2111360.96   | 0.42%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Potlatchdeltic Corp.                                                                 | PotlatchDeltic Corporation REIT                                        | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |     73745 | NS      | $2831070.55   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinclair Television Group, Inc.                                                      | Sinclair Television Group Inc 8.125% Due 2/15/2033                     | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   2566000 | PA      | $2535631.39   | 0.50%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NextEra Energy Capital Holdings Inc 3.0% Due 3/1/2027                  | CUSIP: 65339KCY4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   2920000 | PA      | $3266020.00   | 0.64%             | 2027-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Northern Oil And Gas, Inc.                                                           | Northern Oil and Gas Inc 3.625%, Due 04/15/29                          | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1867905.00   | 0.37%             | 2029-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                   | Ares Capital Corporation 7.000%, Due  01/15/27                         | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   4210000 | PA      | $4324513.56   | 0.85%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                                                    | FedEx Corporation                                                      | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     20635 | NS      | $4340159.55   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | U.S. Treasury Notes 4.625%, Due 02/15/2035                             | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7565000 | PA      | $7835685.16   | 1.55%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Becton, Dickinson and Company                                                        | Becton, Dickinson and Company                                          | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     13902 | NS      | $2878965.18   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                                                               | Diamondback Energy, Inc. 5.900%, Due 04/18/2064                        | CUSIP: 25278XBB4<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   2490000 | PA      | $2214781.00   | 0.44%             | 2064-04-18      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Corporate Office Properties LP                                                       | Corporate Office Properties LP 5.250%, Due 09/15/28                    | CUSIP: 22003BAQ9<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |   2045000 | PA      | $2242342.50   | 0.44%             | 2028-09-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Notes 4.375%, Due 05/15/2034                    | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6315000 | PA      | $6424772.45   | 1.27%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Inc                                                               | CenterPoint Energy Inc 4.25% Due 8/15/2026                             | CUSIP: 15189TBD8<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |   3615000 | PA      | $4077720.00   | 0.80%             | 2026-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer Operating LP 7.125%, Perpetual                         | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   4455000 | PA      | $4383841.18   | 0.87%             | 2165-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                                                 | Columbia Pipelines Operating Co LLC 6.544%, Due 11/15/53               | CUSIP: 19828TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3705000 | PA      | $3778384.56   | 0.75%             | 2053-11-15      | Fixed         | 6.54%                 | Yes           |                  2 | On Loan: No      |
| Kimco Realty OP LLC                                                                  | Kimco Realty OP LLC 4.85%, Due 3/1/2025                                | CUSIP: 49447BAB9<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |   2545000 | PA      | $2435413.09   | 0.48%             | 2035-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Dell International L.L.C. and EMC Corporation                                        | Dell International, LLC / EMC Corporation 8.350%, Due 07/15/2046       | CUSIP: 24703TAK2<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   1314000 | PA      | $1596029.96   | 0.32%             | 2046-07-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NextEra Energy Capital Holdings, Inc. 6.750%, Due 06/15/2054           | CUSIP: 65339KDB3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   3090000 | PA      | $3124271.19   | 0.62%             | 2054-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                                | WEC Energy Group, Inc.                                                 | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     56776 | NS      | $6218107.52   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia                                                                  | The Bank of Nova Scotia 8.625%, Due 10/27/2082                         | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3381520.51   | 0.67%             | 2082-10-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                          | EURO FX CURR FUT  Jun25 6/16/2025                                      | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |        71 | NS      | $144387.73    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Truck Leasing Co LP / PTL Finance Corp.                                       | Penske Truck Leasing Co./ PTL Finance Corporation 6.200%, Due 06/15/30 | CUSIP: 709599BV5<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |   2815000 | PA      | $2972603.63   | 0.59%             | 2030-06-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company                                                  | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     66407 | NS      | $4715561.07   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Company                                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     22935 | NS      | $5610359.70   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                                                        | US Bancorp Floating Rate, Due 12/31/2049                               | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   4025000 | PA      | $3760816.31   | 0.74%             | 2049-12-31      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corp.                                                               | Lincoln National Corporation Floating rate, Due 12/31/2049             | CUSIP: 534187BR9<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $2184542.85   | 0.43%             | 2049-12-31      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Golub Capital Private Credit Fund                                                    | Golub Capital Private Credit Fund 5.875% Due 05/01/2030                | CUSIP: 38179RAC9<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |   3635000 | PA      | $3561740.65   | 0.70%             | 2030-05-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Compass Group Diversified Holdings LLC                                               | Compass Group Diversified Holdings 5.250%, Due 04/15/2029              | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2735125.43   | 0.54%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Piedmont Natural Gas Company, Inc.                                                   | Piedmont Natural Gas Company, Inc. 5.050%, Due 05/15/2052              | CUSIP: 720186AP0<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |   2166000 | PA      | $1895117.90   | 0.37%             | 2052-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Public Storage                                                                       | Public Storage REIT                                                    | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10197 | NS      | $3063484.71   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                                       | Mexico Government International Bond 7.375%, Due 05/13/2055            | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   3980000 | PA      | $3938970.30   | 0.78%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | Barclays, PLC Floating rate, Due 12/31/2049                            | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3245731.65   | 0.64%             | 2049-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Essex Property Trust, Inc.                                                           | Essex Property Trust, Inc. REIT                                        | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     12694 | NS      | $3543530.10   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                                                                 | Gilead Sciences, Inc.                                                  | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     80670 | NS      | $8594581.80   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                                                               | Sempra Energy 6.400%, Due 10/01/2054                                   | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   2430000 | PA      | $2215158.60   | 0.44%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Hess Corporation                                                                     | Hess Corporation                                                       | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     14964 | NS      | $1931104.20   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                                                         | Barclays PLC 7.385%, Due 11/02/28                                      | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | US        |   2845000 | PA      | $3017048.25   | 0.60%             | 2028-11-02      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 4.500%, Due 12/01/2052          | CUSIP: 3132DWFQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   2564674 | PA      | $2452722.70   | 0.48%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Connect Finco SARL/Connect US Finco LLC                                              | Connect Finco SARL / Connect US Finco LLC 9.0%, Due 9/15/2029          | CUSIP: 20752TAB0<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | US        |   2585000 | PA      | $2417750.76   | 0.48%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Barrick Mining Corp.                                                                 | Barrick Gold Corporation                                               | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    208382 | NS      | $3967593.28   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                                                                    | Intel Corporation                                                      | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    212733 | NS      | $4275933.30   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Health Systems Incorporated                                                | CHS / Community Health Systems, Inc. 10.875%, Due 01/15/2032           | CUSIP: 12543DBN9<br>LEI: 549300BQWM4WENQ3YW73 | Long             | DBT              | CORP              | US        |   2675000 | PA      | $2760161.30   | 0.54%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | Charter Communications 6.484%, Due 10/23/2045                          | CUSIP: 161175BA1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   4950000 | PA      | $4607496.78   | 0.91%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet, Inc. Class A                                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     47555 | NS      | $7551734.00   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 5.000%, Due 01/01/2053          | CUSIP: 3132DWF57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   2497768 | PA      | $2448112.32   | 0.48%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Integer Holdings Corp.                                                               | Integer Holdings Corp 2.125%, Due 02/15/28                             | CUSIP: 45826HAB5<br>LEI: 549300SUD2ED5XG6X569 | Long             | DBT              | CORP              | US        |   2575000 | PA      | $3957775.00   | 0.78%             | 2028-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | Capital One Financial Corporation 7.624%, Due 10/30/2031               | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2560000 | PA      | $2848666.75   | 0.56%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                  | Ally Financial, Inc. 6.992%, Due 06/13/29                              | CUSIP: 02005NBT6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   3175000 | PA      | $3295011.35   | 0.65%             | 2029-06-13      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.375%, Due 08/15/2043                | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5250000 | PA      | $5061533.19   | 1.00%             | 2043-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HP Inc                                                                               | HP Inc 6.1% Due 04/25/2035                                             | CUSIP: 40434LAS4<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |   1435000 | PA      | $1449051.76   | 0.29%             | 2035-04-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BAT Capital Corp 7.75%, Due 10/19/2032                                 | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   3576000 | PA      | $4083975.38   | 0.81%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                                      | MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    768200 | PA      | $768200.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | Intel Corp Call @ $25, Expiring July 2025                              | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |     -2120 | NS      | $-95400.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp.                                                                     | South State Corporation                                                | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |     60448 | NS      | $5245677.44   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC Holdings PLC Floating rate, Due 12/31/2049                        | CUSIP: 404280DT3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | US        |   3455000 | PA      | $3588325.00   | 0.71%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SBL Holdings Inc.                                                                    | SBL Holdings Inc 7.2%, Due 10/30/2034                                  | CUSIP: 78397DAD0<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3371313.56   | 0.67%             | 2034-10-30      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc 5.30% Due 05/15/2065                                      | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   2225000 | PA      | $2191388.46   | 0.43%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.5%, Due 11/15/2054                  | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5430000 | PA      | $5265403.13   | 1.04%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                            | Mars Inc 5.7% Due 11/1/2025                                            | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1598786.31   | 0.32%             | 2055-05-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Deluxe Corporation                                                                   | Deluxe Corp 8.125%, Due 9/15/2029                                      | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2603130.40   | 0.51%             | 2029-09-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                               | MPT Operating Partnership, L.P. 4.625%, Due 08/01/2029                 | CUSIP: 55342UAJ3<br>LEI: 254900U6E39J1MQCCY14 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2280155.85   | 0.45%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Partners L.P.                                                    | Enterprise Products Partners L.P.                                      | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    124104 | NS      | $3710709.60   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                                                          | Ventas, Inc. REIT                                                      | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     70060 | NS      | $4909804.80   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | U.S. Treasury Notes 4.125, Due 11/15/2032                              | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1310000 | PA      | $1320541.41   | 0.26%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                                         | National Australia Bank Ltd 6.429%, Due 01/12/33                       | CUSIP: 632525BC4<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $3011906.03   | 0.59%             | 2033-01-12      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Meritage Homes Corp                                                                  | Meritage Homes Corporation 1.750%, Due 05/15/28                        | CUSIP: 59001ABE1<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   2680000 | PA      | $2602280.00   | 0.51%             | 2028-05-15      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | PepsiCo, Inc.                                                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     24719 | NS      | $3351402.02   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | UNITED STATES TREAS NTS 4.00% Due 02/28/2030                           | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5250000 | PA      | $5310703.13   | 1.05%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Farmers Exchange Capital                                                             | Farmers Exchange Capital 7.050%, Due 07/15/2028                        | CUSIP: 309588AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3858224.72   | 0.76%             | 2028-07-15      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                             | Celanese US Holdings LLC 6.350%, due 11/15/28                          | CUSIP: 15089QAW4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   5200000 | PA      | $5265093.60   | 1.04%             | 2028-11-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                               | Sempra Energy 5.500%, Due 08/01/2033                                   | CUSIP: 816851BR9<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   4040000 | PA      | $4061868.96   | 0.80%             | 2033-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Merit Medical Systems Inc.                                                           | Merit Medical Systems, Inc. 3.000%, Due 02/01/29                       | CUSIP: 589889AA2<br>LEI: 549300OYTY138SP2CE83 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2673300.00   | 0.53%             | 2029-02-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Aptiv PLC / Aptiv Global Financing DAC                                               | Aptiv PLC / Aptiv Global Financing DAC 6.875%, Due 12/15/2054          | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1810000 | PA      | $1695375.23   | 0.33%             | 2054-12-15      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corporation                                                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     21921 | NS      | $8664494.46   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TransCanada Trust                                                                    | Transcanada Trust 5.600%, Due 03/07/2082                               | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | US        |   2918000 | PA      | $2692452.61   | 0.53%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corporation 6.900%, Due 11/09/52                                | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $2241394.40   | 0.44%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                                         | U.S. Treasury Bill 0.000%, Due 06/25/2025                              | CUSIP: 912797NW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  19700000 | PA      | $19570148.04  | 3.86%             | 2025-06-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mylan Inc                                                                            | Mylan, Inc. 5.200%, Due 04/15/2048                                     | CUSIP: 628530BJ5<br>LEI: 30ZMPDNA1RHIBH89C294 | Long             | DBT              | CORP              | US        |   2650000 | PA      | $1972452.53   | 0.39%             | 2048-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Sitios Latinoamerica S.A.B. De C.V                                                   | America Movil SAB de CV 5.375%, Due 04/04/2032                         | CUSIP: 03217KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3050000 | PA      | $2906937.31   | 0.57%             | 2032-04-04      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                                               | UXYM5 US 10YR ULTRA JUN 2025                                           | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DE               | CORP              | US        |        88 | NS      | $256168.44    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-21

**Name of Applicant:** Westwood Income Opportunity Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** Treasurer