# EDGAR Filing Document

**Accession Number:** 0000883622
**File Stem:** 0000940400-26-022032
**Filing Date:** 2026-5
**Character Count:** 179364
**Document Hash:** 82a68871d8c92cb7134343ce6126dffb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-022032.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-022032

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IVY FUNDS
- **CENTRAL INDEX KEY:** 0000883622

**ORGANIZATION NAME:**
- **EIN:** 481112076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06569
- **FILM NUMBER:** 261036708

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** 18005231918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IVY FUNDS INC
- **DATE OF NAME CHANGE:** 20030630

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R FUNDS INC
- **DATE OF NAME CHANGE:** 20000829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WADDELL & REED FUNDS INC
- **DATE OF NAME CHANGE:** 19920717

## Series and Classes Contracts Data

### Nomura Global Bond Fund (Series ID: S000024837)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000073939 | Class C             | IVSCX           |
| C000073940 | Institutional Class | IVSIX           |
| C000073941 | Class Y             | IVSYX           |
| C000073942 | Class A             | IVSAX           |
| C000122165 | Class R             | IYGOX           |
| C000146697 | Class R6            | IVBDX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** IVY FUNDS

- **b. Investment Company Act file number:** 811-06569

- **c. CIK number of Registrant:** 0000883622

- **d. LEI of Registrant:** UJ5MWG3K37CY01MVRY13

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

  - **Telephone number:** 215-255-1200

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

- **a. Name of Series:** Nomura Global Bond Fund

- **b. EDGAR series identifier (if any):** S000024837

- **c. LEI of Series:** 549300BUZB6CSOP46X59

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $409387143.97

**Total Liabilities:** $3173323.55

**Net Assets:** $406213820.42

**Delayed Delivery Securities:** $986174.30

**Cash Not Reported:** $7288009.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 192.56283000 | **1-Year:** 9248.66888000 | **5-Year:** 72261.48224000 | **10-Year:** 57155.28077000 | **30-Year:** 8451.99791000

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

- **3-Month:** 1.25337000 | **1-Year:** 2321.94957000 | **5-Year:** 18981.54087000 | **10-Year:** 21751.65355000 | **30-Year:** 4898.77666000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000073940 | 0.30%                | 1.39%                | -1.96%               |
| Class ID C000073939 | 0.21%                | 1.32%                | -2.05%               |
| Class ID C000122165 | 0.26%                | 1.35%                | -2.00%               |
| Class ID C000073942 | 0.28%                | 1.36%                | -1.98%               |
| Class ID C000073941 | 0.39%                | 1.37%                | -1.98%               |
| Class ID C000146697 | 0.31%                | 1.40%                | -1.95%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $353396.89               | $1007763.85                                |
| Month 2  | $237569.18               | $4714086.46                                |
| Month 3  | $-6465.94                | $-13723970.43                              |

**Designated Index Information**

- **Index Name:** BBG Global Aggregate Index (USD Hedged)

- **Index Identifier:** LGAINXUSDH

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chile (Republic Of)                                                                                                        | CHILE 2.55 01/27/32                                    | CUSIP: 168863DN5<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     713000 | PA      | $632402.48    | 0.16%             | 2032-01-27      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Paraguay (Republic of)                                                                                                     | PARGUY 2.739 01/29/33 144A                             | CUSIP: 699149AK6<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     482000 | PA      | $424521.50    | 0.10%             | 2033-01-29      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                                          | WFC V4.96 01/23/37                                     | CUSIP: 95000U4E0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     155000 | PA      | $151049.83    | 0.04%             | 2037-01-23      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                                                                      | BBWI 6.875 11/01/35                                    | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    1003000 | PA      | $987776.17    | 0.24%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                                                                 | SOAF 7.95 11/19/54 144A                                | CUSIP: 836205BG8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     500000 | PA      | $494780.30    | 0.12%             | 2054-11-19      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc.                                                                                                     | GILCN 4.7 10/07/30 144A                                | CUSIP: 375916AF0<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |     695000 | PA      | $687912.25    | 0.17%             | 2030-10-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| QXO INC                                                                                                                    | BECN 6.75 04/30/32 144A                                | CUSIP: 74825NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     115000 | PA      | $117399.59    | 0.03%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                                                                                  | ORAFP 4.25 01/13/31 144A                               | CUSIP: 685218AD1<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |     515000 | PA      | $505354.77    | 0.12%             | 2031-01-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MA7472                                              | CUSIP: 36179WJR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2368661 | PA      | $2039056.62   | 0.50%             | 2051-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                                                         | ARCC 5.1 01/15/31                                      | CUSIP: 04010LBL6<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     770000 | PA      | $740822.70    | 0.18%             | 2031-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                                                               | AVOL 4.95 01/15/28 144A                                | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     380000 | PA      | $381424.28    | 0.09%             | 2028-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd Finance Corp.                                                                                                    | BG 4.2 09/17/29                                        | CUSIP: 120568BE9<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |     650000 | PA      | $643988.67    | 0.16%             | 2029-09-17      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                                                                   | CE 6.5 04/15/30                                        | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |      27000 | PA      | $27571.54     | 0.01%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                                                                         | DOMREP 4.875 09/23/32 144A                             | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    1910000 | PA      | $1764649.00   | 0.43%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JBS NV                                                                                                                     | JBS 5.625 03/10/37 144A                                | CUSIP: 46590XBA3<br>LEI: 254900JSFON4WL81TW77 | Long             | DBT              | CORP              | NL        |     505000 | PA      | $506896.28    | 0.12%             | 2037-03-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MNSN HOLDINGS INC                                                                                                          | MNSN Holdings Inc. COM                                 | CUSIP: 55339C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       1112 | NS      | $67461.70     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Electricite de France SA                                                                                                   | EDF 4.25 01/25/32 EMTN                                 | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     300000 | PA      | $357203.65    | 0.09%             | 2032-01-25      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Spain (Kingdom of)                                                                                                         | SPGB 1.9 10/31/52                                      | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |    7120000 | PA      | $5337056.88   | 1.31%             | 2052-10-31      | Fixed         | 1.90%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                                                                                         | ET 6.3 01/15/56                                        | CUSIP: 29273VBL3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     290000 | PA      | $285828.21    | 0.07%             | 2056-01-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                                                                                             | CAD/USD FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |          1 | NC      | $2058.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                                                         | SANTAN V4.625 10/18/27 EMTN                            | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    1400000 | PA      | $1633756.47   | 0.40%             | 2027-10-18      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V5.065 01/21/37                                     | CUSIP: 38145GAS9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    1070000 | PA      | $1046507.83   | 0.26%             | 2037-01-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                                                                                            | CRM 4.9 09/15/31                                       | CUSIP: 79466LAS3<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     895000 | PA      | $893944.08    | 0.22%             | 2031-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Smbc Aviation Capital Finance                                                                                              | SMBCAC 5.25 11/26/35 144A                              | CUSIP: 78448TAP7<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |     555000 | PA      | $542233.50    | 0.13%             | 2035-11-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                                                               | T 4.75 05/15/55                                        | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5345000 | PA      | $5206155.07   | 1.28%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                                                            | LLY 4.55 10/15/32                                      | CUSIP: 532457DD7<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     164000 | PA      | $164123.85    | 0.04%             | 2032-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                                          | WFC V6.491 10/23/34                                    | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     240000 | PA      | $259938.98    | 0.06%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                                                             | FDX 5.25 03/15/36 144A                                 | CUSIP: 314352AG0<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     355000 | PA      | $343592.15    | 0.08%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                                                              | OMF 7.125 09/15/32                                     | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     485000 | PA      | $478261.60    | 0.12%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                                                               | MAR 4.5 05/01/33                                       | CUSIP: 571903BY8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     210000 | PA      | $202991.19    | 0.05%             | 2033-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cargill Inc.                                                                                                               | CARGIL 4.125 10/23/30 144A                             | CUSIP: 141781CF9<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |     360000 | PA      | $354892.21    | 0.09%             | 2030-10-23      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MB0744                                              | CUSIP: 3618N5ZJ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1305308 | PA      | $1262292.99   | 0.31%             | 2055-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEVELOPMENT BOARD (TX)                                                                                         | TX TXSWTR 4.75 10/15/2055                              | CUSIP: 88285AKD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     850000 | PA      | $842154.50    | 0.21%             | 2055-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                                                        | ABT 4.3 03/15/33                                       | CUSIP: 002824BT6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     500000 | PA      | $489473.40    | 0.12%             | 2033-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Fideicomiso Irrevocable 1721 Banco Actinver Sa Institucion DE Banca Multiple Grupo Financiero Actinver Division Fiduciaria | FIBRAP 5.5 11/26/35 144A                               | CUSIP: 31575KAA3<br>LEI: 549300JMTSVQ6LKX5222 | Long             | DBT              | CORP              | MX        |     300000 | PA      | $290151.60    | 0.07%             | 2035-11-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V3.648 03/31/29 EMTN                               | CUSIP: 000000000<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    1500000 | PA      | $1743191.36   | 0.43%             | 2029-03-31      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V1.662 04/25/28 EMTN                               | CUSIP: 000000000<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    1700000 | PA      | $1935767.45   | 0.48%             | 2028-04-25      | Fixed         | 1.66%                 | Yes           |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri AS                                                                                            | TCELLT 7.45 01/24/30 144A                              | CUSIP: 900111AC9<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     350000 | PA      | $354810.47    | 0.09%             | 2030-01-24      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                                                      | LOW 4.25 03/15/31                                      | CUSIP: 548661EV5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     420000 | PA      | $412404.34    | 0.10%             | 2031-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Duke Energy Florida LLC                                                                                                    | DUK 4.2 12/01/30                                       | CUSIP: 26444HAT8<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |     350000 | PA      | $346282.20    | 0.09%             | 2030-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Galaxy Pipeline Assets Bidco Ltd.                                                                                          | ADGLXY 2.16 03/31/34 REGS                              | CUSIP: 000000000<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     139838 | PA      | $124181.36    | 0.03%             | 2034-03-31      | Fixed         | 2.16%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp                                                                                                            | CVS 5.05 03/25/48                                      | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     185000 | PA      | $158834.95    | 0.04%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Jordan (Kingdom Of)                                                                                                        | JORDAN 5.75 11/12/32 144A                              | CUSIP: 418097AP6<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     435000 | PA      | $419468.28    | 0.10%             | 2032-11-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Colbun S.A.                                                                                                                | COLBUN 5.375 09/11/35 144A                             | CUSIP: 192714AF0<br>LEI: 5493003VQJLE2QB8IF36 | Long             | DBT              | CORP              | CL        |     200000 | PA      | $195870.22    | 0.05%             | 2035-09-11      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V4.751 05/12/28 144A                               | CUSIP: 902613AP3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     800000 | PA      | $802357.92    | 0.20%             | 2028-05-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                                           | FR QN7406                                              | CUSIP: 3133GEGP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2170400 | PA      | $1997954.63   | 0.49%             | 2036-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                                                                  | USD/CNH FORWARD                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |          1 | NC      | $-15881.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Axian Telecom Holding & Management PLC                                                                                     | AXNTLC 7.25 07/11/30 144A                              | CUSIP: 05465QAA7<br>LEI: 984500B7DCD97EB04857 | Long             | DBT              | CORP              | AE        |     200000 | PA      | $197846.00    | 0.05%             | 2030-07-11      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                                                                                                       | ENTERP 4.6 05/01/28 144A                               | CUSIP: 26884TAV4<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |     130000 | PA      | $130660.92    | 0.03%             | 2028-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SINGAPORE EXCHANGE LIMITED                                                                                                 | MINI JAP GOVT BOND FUTURES, June 2026                  | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | N/A              | DIR              | CORP              | SG        |         -4 | NC      | $3344.49      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                                                            | LLY 4.9 10/15/35                                       | CUSIP: 532457DE5<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     350000 | PA      | $349962.73    | 0.09%             | 2035-10-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NBK SPC Ltd.                                                                                                               | NTBKKK V5.5 06/06/30 144A                              | CUSIP: 62877P2A1<br>LEI: 549300P1ANDK86KWB419 | Long             | DBT              | CORP              | AE        |     700000 | PA      | $710810.80    | 0.17%             | 2030-06-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Zealand (Government Of)                                                                                                | NZGB 1.5 05/15/31 0531                                 | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |    2500000 | PA      | $1256518.56   | 0.31%             | 2031-05-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Angola (Republic of)                                                                                                       | ANGOL 9.125 11/26/49 REGS                              | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     231000 | PA      | $201450.76    | 0.05%             | 2049-11-26      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| MHP Lux S.A.                                                                                                               | MHPSA 10.5 07/28/29 144A                               | CUSIP: 59318YAC2<br>LEI: 222100RHC7R1WZ1J3M44 | Long             | DBT              | CORP              | LU        |     280000 | PA      | $282332.40    | 0.07%             | 2029-07-28      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                                                                   | VST 4.7 01/31/31 144A                                  | CUSIP: 92840VAY8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     330000 | PA      | $324873.25    | 0.08%             | 2031-01-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -58 | NC      | $186751.39    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                                                           | DB V7.146 07/13/27                                     | CUSIP: 25160PAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     360000 | PA      | $362450.27    | 0.09%             | 2027-07-13      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Bank Gospodarstwa Krajowego                                                                                                | BGOSK 5.75 07/09/34 144A                               | CUSIP: 06237MAC7<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | NUSS              | PL        |     800000 | PA      | $826602.96    | 0.20%             | 2034-07-09      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT                                                                           | EBRD 0 05/28/27 emtn                                   | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | GB        |   13630000 | PA      | $203374.78    | 0.05%             | 2027-05-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                                                                  | EUR/USD FORWARD                                        | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |          1 | NC      | $2459004.83   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                                                                   | CE 6.75 04/15/33                                       | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     228000 | PA      | $234063.18    | 0.06%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                                                                                          | Euro(FGBM) Bobl Futures                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        901 | NC      | $-1827332.03  | -0.45%            |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                                                                                        | ABT 4.65 03/15/36                                      | CUSIP: 002824BU3<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    1020000 | PA      | $997807.76    | 0.25%             | 2036-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA5139                                              | CUSIP: 31418EV98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3110783 | PA      | $3178839.66   | 0.78%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                                                           | FN FA3106                                              | CUSIP: 3140W3NY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3425986 | PA      | $2912443.23   | 0.72%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Albania(Republic Of)                                                                                                       | ALBANI 4.75 02/14/35 144A                              | CUSIP: 000000000<br>LEI: 254900EDM43U3SGRND29 | Long             | DBT              | NUSS              | AL        |     250000 | PA      | $283722.82    | 0.07%             | 2035-02-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CrossCountry Intermediate HoldCo LLC                                                                                       | CROSIN 6.5 10/01/30 144A                               | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     964000 | PA      | $920030.61    | 0.23%             | 2030-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                                                                                                         | 10-YEAR JGB TRADE FUTURE, JUN 2026                     | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              | CORP              | JP        |         -5 | NC      | $45986.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Electric Company                                                                                                     | AEE 5.55 03/15/56                                      | CUSIP: 906548DC3<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     320000 | PA      | $309058.05    | 0.08%             | 2056-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                                                           | CP 5.5 03/15/56                                        | CUSIP: 13645RBS2<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     395000 | PA      | $378393.33    | 0.09%             | 2056-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MB0260                                              | CUSIP: 3618N5JE0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     851820 | PA      | $867346.83    | 0.21%             | 2055-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Banco Santander (Mx) SA Institucion De Banca Multiple Grupo Financiero Santander                                           | BSMXB 5.621 12/10/29 144A                              | CUSIP: 05969BAF0<br>LEI: SCRYQ25DTVRHYYMM6P89 | Long             | DBT              | CORP              | MX        |     210000 | PA      | $215187.00    | 0.05%             | 2029-12-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| France (Republic Of)                                                                                                       | FRTR 3 05/25/54 OAT                                    | CUSIP: 000000000<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    2760000 | PA      | $2457908.60   | 0.61%             | 2054-05-25      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                                             | C V5.174 09/11/36                                      | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     475000 | PA      | $471037.69    | 0.12%             | 2036-09-11      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                                                                                          | FDX 3.25 05/15/41 *                                    | CUSIP: 31428XDL7<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     535000 | PA      | $403480.74    | 0.10%             | 2041-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4563                                              | CUSIP: 31418EB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2910817 | PA      | $2463270.52   | 0.61%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ireland (Republic Of)                                                                                                      | IRISH 0.55 04/22/41                                    | CUSIP: 000000000<br>LEI: 549300KXBEJAOJ9OVF93 | Long             | DBT              | NUSS              | IE        |    2930000 | PA      | $2229849.62   | 0.55%             | 2041-04-22      | Fixed         | 0.55%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                                              | JEF 6.2 04/14/34                                       | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     345000 | PA      | $352023.86    | 0.09%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)                                        | AER 3 10/29/28                                         | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    1115000 | PA      | $1073563.59   | 0.26%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Union Electric Company                                                                                                     | AEE 4.8 03/15/36                                       | CUSIP: 906548DB5<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     225000 | PA      | $219772.64    | 0.05%             | 2036-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                                                         | HBAN V5.605 01/28/41                                   | CUSIP: 446150BL7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     410000 | PA      | $400313.55    | 0.10%             | 2041-01-28      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corporation                                                                                                 | S 6.875 11/15/28                                       | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    2060000 | PA      | $2178479.05   | 0.54%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Paraguay (Republic of)                                                                                                     | PARGUY 5.4 03/30/50 REGS                               | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     460000 | PA      | $410320.00    | 0.10%             | 2050-03-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Athene Holding Ltd                                                                                                         | ATH V6.875 06/28/55                                    | CUSIP: 04686JAM3<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |     235000 | PA      | $219832.51    | 0.05%             | 2055-06-28      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                                           | FR SD8257                                              | CUSIP: 3132DWE66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1704033 | PA      | $1651644.63   | 0.41%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Takeoff Merger Subordinated Inc.                                                                                           | SUMIAL 4.85 03/24/31 144A                              | CUSIP: 873923AE6<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |     315000 | PA      | $311182.48    | 0.08%             | 2031-03-24      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                                                          | HRI 7 06/15/30 144A                                    | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     100000 | PA      | $102608.40    | 0.03%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN MA5822                                              | CUSIP: 31418FPG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     398071 | PA      | $400076.59    | 0.10%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HTA Group Limited (Mauritius)                                                                                              | HLSTWR 6.75 04/01/31 144A                              | CUSIP: 40435WAD2<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |     215000 | PA      | $212754.67    | 0.05%             | 2031-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | 5-Year T-Note Futures, Jun-2026,ETH                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        588 | NC      | $-716110.27   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC                                                                                                          | NGGLN 0.25 09/01/28 EMTN                               | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |    1200000 | PA      | $1291151.24   | 0.32%             | 2028-09-01      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Serbia (Republic Of)                                                                                                       | SERBIA 6 06/12/34 144A                                 | CUSIP: 817477AJ1<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     625000 | PA      | $626724.13    | 0.15%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morocco (Kingdom of)                                                                                                       | MOROC 4 12/15/50 REGS                                  | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |     600000 | PA      | $413069.58    | 0.10%             | 2050-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                                                              | STACR 2026-DNA2 B1                                     | CUSIP: 35564UEP8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    1250000 | PA      | $1247656.25   | 0.31%             | 2046-03-26      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                                                          | HRI 7.25 06/15/33 144A                                 | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |      75000 | PA      | $76919.40     | 0.02%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                                                                                  | ORAFP 4.75 01/13/33 144A                               | CUSIP: 685218AE9<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |     430000 | PA      | $425348.30    | 0.10%             | 2033-01-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                                                           | MRK 3.85 03/15/29                                      | CUSIP: 58933YBW4<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     275000 | PA      | $273059.00    | 0.07%             | 2029-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Italy (Republic Of)                                                                                                        | BTPS 3.45 07/15/27 3Y                                  | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    2200000 | PA      | $2564472.80   | 0.63%             | 2027-07-15      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FS2660                                              | CUSIP: 3140XH5W3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2184330 | PA      | $1840396.92   | 0.45%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)                                        | AER 5.1 01/19/29                                       | CUSIP: 00774MBJ3<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |     555000 | PA      | $562383.50    | 0.14%             | 2029-01-19      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                                                                                      | ROMANI 7.125 01/17/33 REGS                             | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     400000 | PA      | $418793.56    | 0.10%             | 2033-01-17      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                                                               | RCL 4.75 05/15/33                                      | CUSIP: 78017TAC7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     595000 | PA      | $574679.44    | 0.14%             | 2033-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL FINANCE CORP                                                                                                 | IFC 0 10/07/41 GMTN                                    | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | US        |   16700000 | PA      | $214939.24    | 0.05%             | 2041-10-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                                                                                            | PFSI 6.875 05/15/32 144A                               | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     470000 | PA      | $454028.13    | 0.11%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                                                          | SYY 5.1 09/23/30                                       | CUSIP: 871829BU0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     325000 | PA      | $327670.75    | 0.08%             | 2030-09-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Standard Building Solutions Inc.                                                                                           | BMCAUS 6.25 08/01/33 144A                              | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     131000 | PA      | $129652.73    | 0.03%             | 2033-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                                                                                     | COLOM 7.5 02/02/34                                     | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     405000 | PA      | $414975.15    | 0.10%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                                                                 | AMGN 4.85 02/19/36                                     | CUSIP: 031162DW7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     505000 | PA      | $496370.36    | 0.12%             | 2036-02-19      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| SoftBank Corp                                                                                                              | SOBKCO 5.332 07/09/35 144A                             | CUSIP: 83405KAB8<br>LEI: 353800M1YCTS9JRBJ535 | Long             | DBT              | CORP              | JP        |    1025000 | PA      | $1009704.75   | 0.25%             | 2035-07-09      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                                                                | ETN 4.8 03/06/36                                       | CUSIP: 278058DZ2<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |     255000 | PA      | $251857.92    | 0.06%             | 2036-03-06      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Spain (Kingdom of)                                                                                                         | SPGB 3.25 04/30/34                                     | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |    3669000 | PA      | $4217558.09   | 1.04%             | 2034-04-30      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Takeoff Merger Subordinated Inc.                                                                                           | SUMIAL 5.5 03/24/36 144A                               | CUSIP: 873923AG1<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |     150000 | PA      | $147840.81    | 0.04%             | 2036-03-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (WORLD BANK)                                                         | IBRD 2.75 07/26/34 EMTN                                | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |  100000000 | PA      | $15626841.38  | 3.85%             | 2034-07-26      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                                                         | ET V6.5 02/15/56                                       | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     860000 | PA      | $850207.95    | 0.21%             | 2056-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MA6930                                              | CUSIP: 36179VVX5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1974386 | PA      | $1632903.92   | 0.40%             | 2050-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Midcontinent Communications/Midcontinent Communications Finance Corp                                                       | MIDCON 8 08/15/32 144A                                 | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |     515000 | PA      | $480306.87    | 0.12%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| New Zealand (Government Of)                                                                                                | NZGB 4.5 05/15/35 0535                                 | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |   16190000 | PA      | $9205260.90   | 2.27%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                                                               | BACR V4.973 05/31/36 EMTN                              | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    1200000 | PA      | $1422235.90   | 0.35%             | 2036-05-31      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| CDW FINANCE CORP                                                                                                           | CDW 3.276 12/01/28                                     | CUSIP: 12513GBH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2160000 | PA      | $2076219.00   | 0.51%             | 2028-12-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Mazoon Assets Company SAOC                                                                                                 | MAZOON 5.25 10/09/31 144A                              | CUSIP: 57886LAD4<br>LEI: 6354003TDIRN5Y6LJP91 | Long             | DBT              | CORP              | OM        |     850000 | PA      | $850278.63    | 0.21%             | 2031-10-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                                                                               | BRAZIL 4.75 01/14/50                                   | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     406000 | PA      | $294106.40    | 0.07%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Spain (Kingdom of)                                                                                                         | SPGB 3.15 04/30/35                                     | CUSIP: 000000000<br>LEI: 9598007A56S18711AH60 | Long             | DBT              | NUSS              | ES        |   17038000 | PA      | $19287511.59  | 4.75%             | 2035-04-30      | Fixed         | 3.15%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V1.638 05/18/28 EMTN                               | CUSIP: 000000000<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    1100000 | PA      | $1250187.50   | 0.31%             | 2028-05-18      | Fixed         | 1.64%                 | Yes           |                  2 | On Loan: No      |
| Japan (Government Of)                                                                                                      | JGB 2.4 03/20/55 86                                    | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  351200000 | PA      | $1711077.91   | 0.42%             | 2055-03-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland                                                                       | UKT 4.5 12/07/42                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |       3000 | PA      | $3593.28      | 0.00%             | 2042-12-07      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                                                                                    | BPCEGP V6.347 01/13/47 144A                            | CUSIP: 05571ABG9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     310000 | PA      | $296893.94    | 0.07%             | 2047-01-13      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V5.01 03/23/37 144A                                | CUSIP: 225401BP2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     580000 | PA      | $561117.35    | 0.14%             | 2037-03-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                                                              | USB V5.046 02/12/31                                    | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     525000 | PA      | $532792.79    | 0.13%             | 2031-02-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SoftBank Corp                                                                                                              | SOBKCO 4.699 07/09/30 144A                             | CUSIP: 83405KAA0<br>LEI: 353800M1YCTS9JRBJ535 | Long             | DBT              | CORP              | JP        |     850000 | PA      | $845329.68    | 0.21%             | 2030-07-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management Inc                                                                                               | APO 5.15 08/12/35                                      | CUSIP: 03769MAE6<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |     240000 | PA      | $232527.86    | 0.06%             | 2035-08-12      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Clean Renewable Power Mauritius Pte Ltd.                                                                                   | CLRNPW 4.25 03/25/27 REGS                              | CUSIP: 000000000<br>LEI: 2138003P9CSDW7P4MT75 | Long             | DBT              | CORP              | MU        |     206535 | PA      | $201738.08    | 0.05%             | 2027-03-25      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Georgian Railway LLC                                                                                                       | GRAIL 4 06/17/28 REGS                                  | CUSIP: 000000000<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |    1045000 | PA      | $992197.09    | 0.24%             | 2028-06-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MB0619                                              | CUSIP: 3618N5VM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1388808 | PA      | $1274370.58   | 0.31%             | 2055-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V0.654 10/26/31 EMTN                               | CUSIP: 000000000<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2021497.25   | 0.50%             | 2031-10-26      | Fixed         | 0.65%                 | Yes           |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                                                                                  | IVYCST 8.075 04/01/36 144A                             | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     395000 | PA      | $402709.81    | 0.10%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                                                            | LLY 5.6 02/12/65                                       | CUSIP: 532457CZ9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     520000 | PA      | $509305.32    | 0.13%             | 2065-02-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                                          | WFC V2.766 07/23/29 EMTn                               | CUSIP: 000000000<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2275093.14   | 0.56%             | 2029-07-23      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                                          | WFC V4.892 09/15/36                                    | CUSIP: 95000U4B6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     395000 | PA      | $384461.44    | 0.09%             | 2036-09-15      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Development Bank of Kazakhstan JSC                                                                                         | DBKAZ 13.4892 05/23/28 144A                            | CUSIP: 25159XAF0<br>LEI: 213800LCDPGJ1BI7KX98 | Long             | DBT              | NUSS              | KZ        |  270000000 | PA      | $529972.67    | 0.13%             | 2028-05-23      | Fixed         | 13.49%                | No            |                  2 | On Loan: No      |
| AEP Texas Inc                                                                                                              | AEP 5.4 06/01/33                                       | CUSIP: 00108WAR1<br>LEI: 5493001L78U618KXNZ75 | Long             | DBT              | CORP              | US        |     180000 | PA      | $182494.53    | 0.04%             | 2033-06-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                                               | T 4.125 02/15/36                                       | CUSIP: 91282CPZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2140000 | PA      | $2106729.63   | 0.52%             | 2036-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V7 PERP 144a                                       | CUSIP: 225401BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     315000 | PA      | $312219.56    | 0.08%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                                                                    | BPCEGP V2.25 03/02/32 EMTN                             | CUSIP: 000000000<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     500000 | PA      | $571355.41    | 0.14%             | 2032-03-02      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                                                       | CLF 7 03/15/32 144A                                    | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     495000 | PA      | $479557.14    | 0.12%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V5.518 10/25/35                                    | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     690000 | PA      | $690226.60    | 0.17%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                                                                                | TX HOUFAC 5.5 09/01/2058                               | CUSIP: 44237NMU3<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     120000 | PA      | $127462.80    | 0.03%             | 2058-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Austria (Republic of)                                                                                                      | RAGB 3.15 06/20/44                                     | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |    1060000 | PA      | $1140306.82   | 0.28%             | 2044-06-20      | Fixed         | 3.15%                 | Yes           |                  2 | On Loan: No      |
| Resideo Funding Inc.                                                                                                       | REZI 6.5 07/15/32 144A                                 | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |     190000 | PA      | $187440.05    | 0.05%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FS8507                                              | CUSIP: 3140XQNZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2588839 | PA      | $2442935.08   | 0.60%             | 2047-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Marcobre S.A.C.                                                                                                            | MARSAC 5.75 01/22/36 144A                              | CUSIP: 56625AAA2<br>LEI: 254900BORIUZFCM1XB72 | Long             | DBT              | CORP              | PE        |     215000 | PA      | $207853.40    | 0.05%             | 2036-01-22      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V0.406 10/29/27                                     | CUSIP: 000000000<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1140119.49   | 0.28%             | 2027-10-29      | Fixed         | 0.41%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                                          | HSBC V6.75 PERP                                        | CUSIP: 404280FH7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     300000 | PA      | $296880.27    | 0.07%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc.                                                                                                 | CZR 7 02/15/30 144A                                    | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     495000 | PA      | $501353.33    | 0.12%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V3.54 05/01/28                                     | CUSIP: 46647PAF3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    2132000 | PA      | $2112674.06   | 0.52%             | 2028-05-01      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                                                                  | EUR/USD FORWARD                                        | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |          1 | NC      | $1010.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                                                                | PFE 4.2 11/15/30                                       | CUSIP: 717081FD0<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     245000 | PA      | $243365.36    | 0.06%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V6.407 11/01/29                                     | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     378000 | PA      | $394574.66    | 0.10%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V6.25 PERP                                         | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     815000 | PA      | $820377.37    | 0.20%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Akbank T.A.S.                                                                                                              | AKBNK V7.95 PERP 144A                                  | CUSIP: 00971YAN0<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |     405000 | PA      | $386400.74    | 0.10%             | N/A             | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (WORLD BANK)                                                         | IBRD 2.72 08/16/34 EMTN                                | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   75000000 | PA      | $11589448.54  | 2.85%             | 2034-08-16      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Hasbro Inc                                                                                                                 | HAS 4.65 03/12/31                                      | CUSIP: 418056BB2<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |     200000 | PA      | $197575.70    | 0.05%             | 2031-03-12      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT                                                                           | EBRD 0 01/16/32 EMTN                                   | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | GB        |   46718000 | PA      | $177918.52    | 0.04%             | 2032-01-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                                                                                  | ORAFP 5 01/13/36 144A                                  | CUSIP: 685218AF6<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |     880000 | PA      | $864690.46    | 0.21%             | 2036-01-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)                                                                                              | NGERIA 7.375 09/28/33 REGS                             | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     849000 | PA      | $833829.81    | 0.21%             | 2033-09-28      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V6.254 10/23/34                                    | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     213000 | PA      | $229089.74    | 0.06%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                                                               | NOVNVX 4.9 03/18/36                                    | CUSIP: 66989HBJ6<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     680000 | PA      | $678637.76    | 0.17%             | 2036-03-18      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                                                             | BCRED 5.6 11/22/29                                     | CUSIP: 09261HBU0<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     340000 | PA      | $330904.83    | 0.08%             | 2029-11-22      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                                                                   | EDF 4.125 06/17/31 EMTN                                | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     700000 | PA      | $827739.71    | 0.20%             | 2031-06-17      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| AFRICA FINANCE CORP                                                                                                        | AFRFIN 5.55 10/08/29 144A                              | CUSIP: 00830YAF8<br>LEI: 213800LXFHRRXIJRXW97 | Long             | DBT              | NUSS              | NG        |     350000 | PA      | $352850.37    | 0.09%             | 2029-10-08      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ASX CLEARING CORPORATION LIMITED                                                                                           | ASX 10 Year Treasury Bond Futures                      | CUSIP: 000000000<br>LEI: 549300USWUR0S7VMM868 | N/A              | DIR              | CORP              | AU        |         30 | NC      | $-10053.47    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V1.734 07/22/27                                    | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     140000 | PA      | $138837.13    | 0.03%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                                                                | ABBV 4.125 03/15/31                                    | CUSIP: 00287YEE5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     700000 | PA      | $689995.11    | 0.17%             | 2031-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                                                                 | SOAF 5.65 09/27/47 30Y                                 | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     500000 | PA      | $391698.40    | 0.10%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I L.P/Hilcorp Finance Co                                                                                    | HILCRP 6.25 04/15/32 144A                              | CUSIP: 431318AZ7<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     250000 | PA      | $242134.63    | 0.06%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT                                                                           | EBRD 2.75 04/27/32 GMTN                                | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | GB        |    7875000 | PA      | $1210242.49   | 0.30%             | 2032-04-27      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V5.193 02/05/37                                    | CUSIP: 46647PFK7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    1015000 | PA      | $997785.30    | 0.25%             | 2037-02-05      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| TELEKOM SRBIJA AD                                                                                                          | TELSER 7 10/28/29 144A                                 | CUSIP: 87945BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | RS        |     845000 | PA      | $834100.77    | 0.21%             | 2029-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC                                                                                                         | AALLN 5.25 03/19/36 144A                               | CUSIP: 034863BJ8<br>LEI: 549300S9XF92D1X8ME43 | Long             | DBT              | CORP              | GB        |    1310000 | PA      | $1281466.10   | 0.32%             | 2036-03-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V4.398 09/23/31 144A                               | CUSIP: 225401BM9<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     275000 | PA      | $270048.85    | 0.07%             | 2031-09-23      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4918                                              | CUSIP: 31418EPC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     408265 | PA      | $404629.15    | 0.10%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                                                                                          | Euro(FGBL) Bund Futures                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       -258 | NC      | $750527.47    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                                                                                                  | XYZ 6 08/15/33 144A                                    | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     269000 | PA      | $264834.13    | 0.07%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Al Jawaher Assets Co. SPC                                                                                                  | OMGRID 4.662 10/29/30 144A                             | CUSIP: 009931AA4<br>LEI: 6354007IHCAYDAUAAY02 | Long             | DBT              | CORP              | OM        |     540000 | PA      | $525400.40    | 0.13%             | 2030-10-29      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                                                                     | FABSJV 6.1 01/25/36                                    | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |     550000 | PA      | $567181.89    | 0.14%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                                                                    | SPG 2.65 02/01/32                                      | CUSIP: 828807DT1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |     270000 | PA      | $240936.34    | 0.06%             | 2032-02-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                                                                                  | IVYCST 5.875 10/17/31 REGS                             | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     350000 | PA      | $396702.33    | 0.10%             | 2031-10-17      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V4.369 10/21/31 .                                   | CUSIP: 38141GD35<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     660000 | PA      | $647279.29    | 0.16%             | 2031-10-21      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | U.S. Treasury Bond Futures, Jun-2026,ETH               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         29 | NC      | $-90175.50    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Debt Solutions BDC                                                                                                  | APODS 6.7 07/29/31                                     | CUSIP: 03770DAD5<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    1010000 | PA      | $1022385.83   | 0.25%             | 2031-07-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Honduras (Republic of)                                                                                                     | HONDUR 8.625 11/27/34 144A                             | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |     450000 | PA      | $506043.00    | 0.12%             | 2034-11-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                                                                 | SAGB 8.25 03/31/32 2032                                | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    6487688 | PA      | $374677.43    | 0.09%             | 2032-03-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                                                                               | BRAZIL 7.25 01/12/56                                   | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    1200000 | PA      | $1179660.00   | 0.29%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                                                                                           | DB V5.297 05/09/31                                     | CUSIP: 251526DA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     440000 | PA      | $444663.91    | 0.11%             | 2031-05-09      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V4.375 01/11/31 EMTN                               | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    2000000 | PA      | $2371404.25   | 0.58%             | 2031-01-11      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Entegris Inc                                                                                                               | ENTG 4.75 04/15/29 144A                                | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    1795000 | PA      | $1775607.18   | 0.44%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                                                               | NOVNVX 5.7 03/18/56                                    | CUSIP: 66989HBL1<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     280000 | PA      | $282198.56    | 0.07%             | 2056-03-18      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                                                           | MRK 4.15 03/15/31                                      | CUSIP: 58933YBX2<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     735000 | PA      | $727028.12    | 0.18%             | 2031-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V4.456 02/06/32                                    | CUSIP: 060505GQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     625000 | PA      | $617310.81    | 0.15%             | 2032-02-06      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE PLC                                                                                                    | HWDGRP 7.25 02/15/31 144A                              | CUSIP: 44287GAA4<br>LEI: 87550008DPN8BDG67910 | Long             | DBT              | CORP              | GB        |     839000 | PA      | $846715.44    | 0.21%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Italy (Republic Of)                                                                                                        | BTPS 4.3 10/01/54 30Y                                  | CUSIP: 000000000<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |    3520000 | PA      | $3907381.16   | 0.96%             | 2054-10-01      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| FMG Resources (August 2006) Pty Ltd.                                                                                       | FMGAU 6.125 04/15/32 144A                              | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     255000 | PA      | $260795.54    | 0.06%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                                                                | ETN 4.5 03/06/33                                       | CUSIP: 278058DY5<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |     200000 | PA      | $197316.20    | 0.05%             | 2033-03-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                                               | T 3.75 01/31/31                                        | CUSIP: 91282CPW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   28480000 | PA      | $28239700.00  | 6.95%             | 2031-01-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC                                                                                    | CHTR 6.55 05/01/37                                     | CUSIP: 88732JAJ7<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |    1195000 | PA      | $1205726.44   | 0.30%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                                                                  | USD/NZD FORWARD                                        | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |          1 | NC      | $469240.25    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                                                                 | RCICN V7.125 04/15/55                                  | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     530000 | PA      | $542682.16    | 0.13%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MOBILIARE LATAM SA / MOBILIARE LATAM MEXICO SA DE CV                                                                       | MOBLMC 6.75 11/10/32 144A                              | CUSIP: 60742RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |     215000 | PA      | $214513.03    | 0.05%             | 2032-11-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FA0821                                              | CUSIP: 3140W04F9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     446025 | PA      | $362609.96    | 0.09%             | 2051-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Germany (Federal Republic Of)                                                                                              | DBR 2.6 08/15/35                                       | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |    3420000 | PA      | $3828610.81   | 0.94%             | 2035-08-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4305                                              | CUSIP: 31418DYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    7632386 | PA      | $6201410.32   | 1.53%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                                                             | BCRED 5.35 03/12/31                                    | CUSIP: 09261HBZ9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     295000 | PA      | $280410.27    | 0.07%             | 2031-03-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                                                         | HBAN V6.25 PERP K                                      | CUSIP: 446150BG8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     390000 | PA      | $384538.28    | 0.09%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4413                                              | CUSIP: 31418D3X8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2853769 | PA      | $2314246.10   | 0.57%             | 2051-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Bermuda (Government of)                                                                                                    | BERMUD 3.375 08/20/50 REGS                             | CUSIP: 000000000<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |    1149000 | PA      | $789937.50    | 0.19%             | 2050-08-20      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V3.5 01/23/33 EMTN                                  | CUSIP: 000000000<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2267081.53   | 0.56%             | 2033-01-23      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Belgium (Kingdom Of)                                                                                                       | BGB 3.45 06/22/42 104                                  | CUSIP: 000000000<br>LEI: 549300SZ25JZFHRHWD76 | Long             | DBT              | NUSS              | BE        |     270000 | PA      | $290459.10    | 0.07%             | 2042-06-22      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| TABREED SUKUK PROGRAMME LTD                                                                                                | TABRED 5.279 03/05/30                                  | CUSIP: 000000000<br>LEI: 254900W4YTG1QMEEPD89 | Long             | DBT              | CORP              | AE        |     410000 | PA      | $409890.82    | 0.10%             | 2030-03-05      | Fixed         | 5.28%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                                                                                               | ORCL 5.7 02/04/36                                      | CUSIP: 68389XDZ5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    1740000 | PA      | $1673743.76   | 0.41%             | 2036-02-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                                                               | MAR 5.1 05/01/38                                       | CUSIP: 571903BZ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     290000 | PA      | $275822.05    | 0.07%             | 2038-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MONTREAL EXCHANGE INC.                                                                                                     | Ten-Year Government of Canada Bond Futures             | CUSIP: 000000000<br>LEI: 549300DKBYNOI0B1NP44 | N/A              | DIR              | CORP              | CA        |        248 | NC      | $-434371.31   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V5.571 04/22/28                                    | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     500000 | PA      | $506201.45    | 0.12%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                                                                   | HONA 4.95 03/16/36 144A                                | CUSIP: 43849RAG0<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |     735000 | PA      | $729552.77    | 0.18%             | 2036-03-16      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                                                | VZ 5 01/15/36                                          | CUSIP: 92343VHG2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     605000 | PA      | $592697.57    | 0.15%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                                                           | DB V2.552 01/07/28                                     | CUSIP: 25160PAH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     150000 | PA      | $147684.50    | 0.04%             | 2028-01-07      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                                                                                     | COLOM 6.5 01/21/33                                     | CUSIP: 195325EV3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     280000 | PA      | $274540.00    | 0.07%             | 2033-01-21      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                                                              | USB V6.787 10/26/27                                    | CUSIP: 91159HJP6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     250000 | PA      | $253354.13    | 0.06%             | 2027-10-26      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4653                                              | CUSIP: 31418EE30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     918514 | PA      | $808486.57    | 0.20%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Kingston Airport Revenue Finance Ltd.                                                                                      | KINAIR 6.75 12/15/36 144A                              | CUSIP: 49647QAA6<br>LEI: 254900SK2YRR95AVHU30 | Long             | DBT              | CORP              | KY        |     630000 | PA      | $626850.00    | 0.15%             | 2036-12-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (WORLD BANK)                                                         | IBRD 2.5 08/02/33 EMTN                                 | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        |   35000000 | PA      | $5294958.50   | 1.30%             | 2033-08-02      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MA7988                                              | CUSIP: 36179W2V9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1826773 | PA      | $1632036.42   | 0.40%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LD Celulose International GmbH                                                                                             | LNZAV 7.95 01/26/32 144A                               | CUSIP: 50206BAA0<br>LEI: 529900EHUSQJVOTP9J45 | Long             | DBT              | CORP              | AT        |     400000 | PA      | $411323.92    | 0.10%             | 2032-01-26      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| TPG Operating Group II LP                                                                                                  | TPG 4.875 05/15/31                                     | CUSIP: 87268QAA4<br>LEI: 2549001H9RJQNZT7MU11 | Long             | DBT              | CORP              | US        |     395000 | PA      | $387601.10    | 0.10%             | 2031-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Benin (The Republic of)                                                                                                    | BENIN 7.96 02/13/38 144A                               | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     570000 | PA      | $560289.82    | 0.14%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                                                                  | USD/EUR FORWARD                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |          1 | NC      | $-23388.85    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MB0091                                              | CUSIP: 3618N5C56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1236623 | PA      | $1226273.90   | 0.30%             | 2054-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                                           | FR SD3122                                              | CUSIP: 3132DQPF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1648245 | PA      | $1633771.63   | 0.40%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V2.95 05/07/32 GMTN                                 | CUSIP: 000000000<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    2300000 | PA      | $2556685.43   | 0.63%             | 2032-05-07      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FA0608                                              | CUSIP: 3140W0VA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2202952 | PA      | $2214289.39   | 0.55%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bidvest Group (Uk) Plc                                                                                                     | BVTSJ 6.2 09/17/32 144A                                | CUSIP: 088932AA6<br>LEI: 984500A80C777F496830 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $199950.78    | 0.05%             | 2032-09-17      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                                                                                          | EURO(FGBX) Buxl Futures                                | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -35 | NC      | $50593.98     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY PARTNERS LP                                                                                                | LNG 5.2 07/30/36 144A                                  | CUSIP: 16411RAP4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     325000 | PA      | $321807.07    | 0.08%             | 2036-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Cyprium Corp./Cyprium Holdings Luxembourg S.a r.l.                                                                         | VGNT 6.125 04/15/31 144A                               | CUSIP: 23292NAA6<br>LEI: 254900V7LN9S9W17X250 | Long             | DBT              | CORP              | US        |    1039000 | PA      | $1026861.88   | 0.25%             | 2031-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Austria (Republic of)                                                                                                      | RAGB 3.15 10/20/53                                     | CUSIP: 000000000<br>LEI: 529900QWWUI4XRVR7I03 | Long             | DBT              | NUSS              | AT        |    3400000 | PA      | $3503677.20   | 0.86%             | 2053-10-20      | Fixed         | 3.15%                 | Yes           |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                                                               | NOVNVX 4.4 03/18/31                                    | CUSIP: 66989HBG2<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     395000 | PA      | $395002.33    | 0.10%             | 2031-03-18      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| PT Hutama Karya (Persero)                                                                                                  | HAKAIJ 3.75 05/11/30 REGS                              | CUSIP: 000000000<br>LEI: 2549009QN3GU8QCI7Q61 | Long             | DBT              | CORP              | ID        |     885000 | PA      | $839329.84    | 0.21%             | 2030-05-11      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Leidos Inc                                                                                                                 | LDOS 5.4 03/15/32                                      | CUSIP: 52532XAK1<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |     275000 | PA      | $280727.45    | 0.07%             | 2032-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                                                          | PNC V4.899 05/13/31                                    | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     295000 | PA      | $296877.82    | 0.07%             | 2031-05-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V0.65 01/14/28 EMTN                                | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    2660000 | PA      | $3021068.71   | 0.74%             | 2028-01-14      | Fixed         | 0.65%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                                             | C V6.875 PERP GG                                       | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     315000 | PA      | $317428.02    | 0.08%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL FINANCE CORP                                                                                                 | IFC 0 08/16/28 GMTN                                    | CUSIP: 000000000<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | US        | 4340000000 | PA      | $866794.99    | 0.21%             | 2028-08-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                                                           | DB V6.819 11/20/29                                     | CUSIP: 251526CU1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     440000 | PA      | $462066.48    | 0.11%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Finland (Republic Of)                                                                                                      | RFGB 3 09/15/33 10Y                                    | CUSIP: 000000000<br>LEI: 743700M6Y2OQRVSBRD14 | Long             | DBT              | NUSS              | FI        |    1600000 | PA      | $1831865.05   | 0.45%             | 2033-09-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| ING Groep N.V.                                                                                                             | INTNED V2.125 05/26/31 EMTN                            | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    2600000 | PA      | $3005252.19   | 0.74%             | 2031-05-26      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Japan (Government Of)                                                                                                      | JGB 1.2 06/20/53 79                                    | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        |  203000000 | PA      | $738387.64    | 0.18%             | 2053-06-20      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V4.844 11/06/33 144A                               | CUSIP: 902613BT4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     585000 | PA      | $575609.17    | 0.14%             | 2033-11-06      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                                                               | AVGO 4.2 10/15/30                                      | CUSIP: 11135FCW9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     130000 | PA      | $128532.96    | 0.03%             | 2030-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                                                               | AVOL 4.85 04/01/33 144A                                | CUSIP: 05401ABF7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     480000 | PA      | $460060.80    | 0.11%             | 2033-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Finland (Republic Of)                                                                                                      | RFGB 3 09/15/35 10Y                                    | CUSIP: 000000000<br>LEI: 743700M6Y2OQRVSBRD14 | Long             | DBT              | NUSS              | FI        |    2451000 | PA      | $2758015.66   | 0.68%             | 2035-09-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V6.204 11/10/28                                    | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    1155000 | PA      | $1186868.30   | 0.29%             | 2028-11-10      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                                                                                          | Euro(FGBS) Schatz Futures                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       -279 | NC      | $284350.19    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                                                               | ORCL 6.7 02/04/56                                      | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     280000 | PA      | $260071.59    | 0.06%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corporation                                                                                                 | CARR 4.5 11/29/32                                      | CUSIP: 14448CBG8<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     900000 | PA      | $1077965.16   | 0.27%             | 2032-11-29      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | 10-Year T-Note Futures, Jun-2026,ETH                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -332 | NC      | $608692.12    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                                                                                                        | SVB Financial Group TR UNIT CL A-1                     | CUSIP: 78500B205<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |       1268 | NS      | $599130.00    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                                                              | F 6.8 05/12/28                                         | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     475000 | PA      | $489411.60    | 0.12%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V5.9 03/13/47                                       | CUSIP: 61747YGC3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     490000 | PA      | $488009.77    | 0.12%             | 2047-03-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                                                           | BMO V4.439 01/14/32 J                                  | CUSIP: 06368ME67<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     420000 | PA      | $413678.03    | 0.10%             | 2032-01-14      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Japan (Government Of)                                                                                                      | JGB 2.5 09/20/37 27                                    | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 1508250000 | PA      | $9451402.22   | 2.33%             | 2037-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp.                                                                                                        | VLO 5.15 03/10/36                                      | CUSIP: 91913YBG4<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    1510000 | PA      | $1489087.56   | 0.37%             | 2036-03-10      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Comision Ejecutiva Hidroelectrica Del Rio Lempa                                                                            | CELELS 8.65 01/24/33 144A                              | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |     490000 | PA      | $502985.00    | 0.12%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| Hungary (Republic Of)                                                                                                      | HGB 6.75 07/23/31 31/B                                 | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |  136700000 | PA      | $404101.89    | 0.10%             | 2031-07-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ihs Holding Limited                                                                                                        | IHS 8.25 11/29/31 144A                                 | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     415000 | PA      | $426104.32    | 0.10%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                                             | MBONO 7.75 05/29/31 M                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   11548600 | PA      | $614510.53    | 0.15%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Al Rajhi Sukuk Ltd.                                                                                                        | RJHIAB V5.651 03/16/36 EMTN                            | CUSIP: 000000000<br>LEI: 549300FHETHK3XGY8N60 | Long             | DBT              | CORP              | KY        |     420000 | PA      | $411119.16    | 0.10%             | 2036-03-16      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4732                                              | CUSIP: 31418EHJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1130046 | PA      | $1071030.97   | 0.26%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Davita Inc                                                                                                                 | DVA 6.75 07/15/33 144A                                 | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     292000 | PA      | $297290.46    | 0.07%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                                                               | OCINCC 6.6 09/15/29                                    | CUSIP: 09581CAB7<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     649000 | PA      | $646853.50    | 0.16%             | 2029-09-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                                            | CVS 5 09/15/32                                         | CUSIP: 126650EJ5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     305000 | PA      | $305368.81    | 0.08%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                                                                                          | Euro(FOAT) OAT Futures                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |         55 | NC      | $-185752.84   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                                                                                             | USD/JPY FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |          1 | NC      | $596956.76    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                                                             | INTNED V4.875 11/14/27 EMTN                            | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     800000 | PA      | $935973.82    | 0.23%             | 2027-11-14      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                                                              | USB V4.653 02/01/29                                    | CUSIP: 91159HJK7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     492000 | PA      | $494421.08    | 0.12%             | 2029-02-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Equinor ASA                                                                                                                | EQNR 4.75 11/14/35                                     | CUSIP: 29446MAP7<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | DBT              | CORP              | NO        |     195000 | PA      | $192083.15    | 0.05%             | 2035-11-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                                            | CVS 5.45 09/15/35                                      | CUSIP: 126650EK2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     515000 | PA      | $517187.93    | 0.13%             | 2035-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland                                                                       | UKT 0.5 10/22/61                                       | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    6930000 | PA      | $2171142.11   | 0.53%             | 2061-10-22      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| Brookfield Asset Management Ltd                                                                                            | BAMCN 4.653 11/15/30                                   | CUSIP: 113004AB1<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |     615000 | PA      | $609871.08    | 0.15%             | 2030-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Equinor ASA                                                                                                                | EQNR 4.5 09/03/30                                      | CUSIP: 29446MAM4<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | DBT              | CORP              | NO        |      95000 | PA      | $95534.29     | 0.02%             | 2030-09-03      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                                                                | ABBV 4.75 03/15/36                                     | CUSIP: 00287YEG0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     485000 | PA      | $476028.96    | 0.12%             | 2036-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARMENIA, REPUBLIC OF - MINISTRY OF FINANCE                                                                                 | ARMEN 3.6 02/02/31 REGS                                | CUSIP: 000000000<br>LEI: 2549008QLWTFS81EUF38 | Long             | DBT              | NUSS              | AM        |     440000 | PA      | $391811.77    | 0.10%             | 2031-02-02      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| JSW Hydro Energy Ltd.                                                                                                      | HBSPIN 4.125 05/18/31 REGS                             | CUSIP: 000000000<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |     216145 | PA      | $197996.49    | 0.05%             | 2031-05-18      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Leidos Inc                                                                                                                 | LDOS 5 03/15/36                                        | CUSIP: 52532XAN5<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |     640000 | PA      | $618995.33    | 0.15%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albania(Republic Of)                                                                                                       | ALBANI 3.5 11/23/31 144A                               | CUSIP: 000000000<br>LEI: 254900EDM43U3SGRND29 | Long             | DBT              | NUSS              | AL        |     896000 | PA      | $1001626.79   | 0.25%             | 2031-11-23      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                                                                                                         | Long Gilt Future - ICEU                                | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |        -22 | NC      | $132449.26    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Baiterek National Investment Holding Joint Stock Co.                                                                       | BAINAT 5.45 05/08/28 144A                              | CUSIP: 05709VAA2<br>LEI: 984500B4F78F04253804 | Long             | DBT              | NUSS              | KZ        |     357000 | PA      | $360062.99    | 0.09%             | 2028-05-08      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                                                               | NOVNVX 4.6 03/18/33                                    | CUSIP: 66989HBH0<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     380000 | PA      | $378496.80    | 0.09%             | 2033-03-18      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                                                                                       | PANAMA 5.662 02/23/38                                  | CUSIP: 698299CC6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     400000 | PA      | $384740.00    | 0.09%             | 2038-02-23      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                                              | JEF 2.625 10/15/31                                     | CUSIP: 47233JGT9<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    1250000 | PA      | $1088506.88   | 0.27%             | 2031-10-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                                                                                             | USD/GBP FORWARD                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |          1 | NC      | $277939.99    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Black Hills Corporation                                                                                                    | BKH 4.55 01/31/31                                      | CUSIP: 092113AY5<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     335000 | PA      | $331573.18    | 0.08%             | 2031-01-31      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MB0205                                              | CUSIP: 3618N5GP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     387754 | PA      | $390744.81    | 0.10%             | 2055-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                                                           | DB V4 06/24/32 EMTN                                    | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    1400000 | PA      | $1619357.31   | 0.40%             | 2032-06-24      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                                                       | GM 5.75 02/08/31                                       | CUSIP: 37045XER3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     955000 | PA      | $985719.39    | 0.24%             | 2031-02-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                                                         | SANTAN V3.5 01/09/28 EMTN                              | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    1000000 | PA      | $1160936.02   | 0.29%             | 2028-01-09      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                                                          | PNC V5.423 01/25/41                                    | CUSIP: 693475CF0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     305000 | PA      | $298926.23    | 0.07%             | 2041-01-25      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Industrial Subordinated Trust 2.0                                                                                          | BANGUA V6.55 04/15/36 144A                             | CUSIP: 456349AA7<br>LEI: 254900WSJBB5525DL518 | Long             | DBT              | CORP              | KY        |     230000 | PA      | $230287.50    | 0.06%             | 2036-04-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)                                        | AER 4.75 01/15/33                                      | CUSIP: 00774MBU8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |     345000 | PA      | $335449.78    | 0.08%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V6.296 10/18/28                                     | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    3151000 | PA      | $3234292.90   | 0.80%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLDING LUX SARL                                                                                                   | JBS 3.625 01/15/32                                     | CUSIP: 46590XAU0<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    2865000 | PA      | $2657230.49   | 0.65%             | 2032-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc.                                                                                                    | BNCN 5.33 01/15/36                                     | CUSIP: 11271LAQ5<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    1065000 | PA      | $1043263.14   | 0.26%             | 2036-01-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                                                                  | USD/AUD FORWARD                                        | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |          1 | NC      | $216307.60    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V5.218 04/23/31                                     | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     695000 | PA      | $706885.47    | 0.17%             | 2031-04-23      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | 2-Year T-Note Futures, Jun-2026,ETH                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -101 | NC      | $147315.31    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                                                                          | VENTGL 3.875 11/01/33 144A                             | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     560000 | PA      | $496524.73    | 0.12%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FS0927                                              | CUSIP: 3140XGA58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2220115 | PA      | $1951707.70   | 0.48%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Nova Securitisation S.a r.l.                                                                                               | SBSPAB 6.5 02/03/36 144A                               | CUSIP: 66984FAB3<br>LEI: 636700QG9R13IDZO4Y16 | Long             | DBT              | CORP              | LU        |     435000 | PA      | $414339.76    | 0.10%             | 2036-02-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                                                                                | TX HOUFAC 5.5 09/01/2058                               | CUSIP: 44237NMW9<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |      85000 | PA      | $89570.45     | 0.02%             | 2058-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                                                           | MRK 4.45 12/04/32                                      | CUSIP: 58933YBY0<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     221000 | PA      | $219563.21    | 0.05%             | 2032-12-04      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BBVA MEXICO SA TEXAS BRANCH                                                                                                | BBVASM V5.875 09/13/34 144A                            | CUSIP: 05533UAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     425000 | PA      | $417701.31    | 0.10%             | 2034-09-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Amentum Escrow Corp.                                                                                                       | AMNTEC 7.25 08/01/32 144A                              | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |     495000 | PA      | $512703.68    | 0.13%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                                                         | SANTAN 4.551 11/06/30                                  | CUSIP: 05971KAR0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     200000 | PA      | $197221.08    | 0.05%             | 2030-11-06      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Japan (Government Of)                                                                                                      | JGB 0.4 03/20/50 66                                    | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 1713250000 | PA      | $5354682.15   | 1.32%             | 2050-03-20      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                                                            | FR ZS4693                                              | CUSIP: 3132A5GA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1246858 | PA      | $1123338.77   | 0.28%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                                               | ORCL 4.7 09/27/34                                      | CUSIP: 68389XCT0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     150000 | PA      | $136960.61    | 0.03%             | 2034-09-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                                                                                      | ROMANI 6.625 05/16/36 REGS                             | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     400000 | PA      | $397843.68    | 0.10%             | 2036-05-16      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| THE TORONTO-DOMINION BANK                                                                                                  | NOK/USD FORWARD                                        | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              | CORP              | US        |          1 | NC      | $-15284.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                                                              | ENBCN 5.55 06/20/35                                    | CUSIP: 29250NCK9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     475000 | PA      | $485772.67    | 0.12%             | 2035-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland                                                                       | UKT 4.75 10/22/35                                      | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    4025000 | PA      | $5258635.44   | 1.29%             | 2035-10-22      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Garanti Bbva                                                                                                               | GARAN V8.375 02/28/34 144A                             | CUSIP: 900148AF4<br>LEI: 5493002XSS7K7RHN1V37 | Long             | DBT              | CORP              | TR        |     400000 | PA      | $403416.68    | 0.10%             | 2034-02-28      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V6.625 PERP                                        | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     350000 | PA      | $359066.75    | 0.09%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland                                                                       | UKT 4.375 07/31/54                                     | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    2790000 | PA      | $3076138.50   | 0.76%             | 2054-07-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank Aktiengesellschaft, Frankfurt Branch                                                                         | DB V7.375 PERP                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    1000000 | PA      | $1197223.65   | 0.29%             | N/A             | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                                             | C V7 PERP DD                                           | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     315000 | PA      | $324375.03    | 0.08%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                                             | MEX 6.125 02/09/38                                     | CUSIP: 91087BBR0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     850000 | PA      | $829387.50    | 0.20%             | 2038-02-09      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ASX CLEARING CORPORATION LIMITED                                                                                           | ASX 3 Year Treasury Bond Futures                       | CUSIP: 000000000<br>LEI: 549300USWUR0S7VMM868 | N/A              | DIR              | CORP              | AU        |         86 | NC      | $-20865.38    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN MA5997                                              | CUSIP: 31418FUX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3691803 | PA      | $3642527.40   | 0.90%             | 2056-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                                                 | BA 6.259 05/01/27                                      | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      55000 | PA      | $55965.07     | 0.01%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                                           | AMZN 5.8 03/13/56                                      | CUSIP: 023135DH6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     390000 | PA      | $389961.98    | 0.10%             | 2056-03-13      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                                                                                      | ROMANI 6 09/24/44 144A                                 | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     357000 | PA      | $380153.60    | 0.09%             | 2044-09-24      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                                                                    | BPCEGP 3.5 01/25/28 emtN                               | CUSIP: 000000000<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    1000000 | PA      | $1160907.86   | 0.29%             | 2028-01-25      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| San Diego Gas & Electric Company                                                                                           | SRE 5.2 03/15/36 DDDD                                  | CUSIP: 797440CH5<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199559.22    | 0.05%             | 2036-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V4.457 11/13/31 EMTN                               | CUSIP: 000000000<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2388446.54   | 0.59%             | 2031-11-13      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                                           | AMZN 4.875 03/13/36                                    | CUSIP: 023135DF0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     355000 | PA      | $351901.77    | 0.09%             | 2036-03-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V5.58 05/09/36 144A                                | CUSIP: 902613BQ0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     340000 | PA      | $344999.90    | 0.08%             | 2036-05-09      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                                                                                   | EGYPT 5.875 02/16/31 RegS                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     823000 | PA      | $759289.27    | 0.19%             | 2031-02-16      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Global Medical Response Incorporated                                                                                       | AIMEGR 7.375 10/01/32 144A                             | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |     333000 | PA      | $346085.24    | 0.09%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V4.493 01/16/32                                     | CUSIP: 61748UAS1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     570000 | PA      | $560580.81    | 0.14%             | 2032-01-16      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                                                               | OCINCC 5.8 03/15/30                                    | CUSIP: 09581CAD3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |     829000 | PA      | $799780.07    | 0.20%             | 2030-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Montenegro (Republic of)                                                                                                   | MONTEN 4.875 04/01/32 144A                             | CUSIP: 000000000<br>LEI: 747800V014106FYLL014 | Long             | DBT              | NUSS              | ME        |     250000 | PA      | $287196.80    | 0.07%             | 2032-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Yapi Ve Kredi Bankasi A.S.                                                                                                 | YKBNK V7.55 06/11/36 144A                              | CUSIP: 984848AW1<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |     430000 | PA      | $414253.70    | 0.10%             | 2036-06-11      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Korea Development Bank                                                                                                     | KDB 4.875 02/03/30                                     | CUSIP: 500630EH7<br>LEI: 549300ML2LNRZUCS7149 | Long             | DBT              | CORP              | KR        |     400000 | PA      | $409740.20    | 0.10%             | 2030-02-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Macedonia (Republic of)                                                                                                    | MACEDO 3.875 01/21/30 144A                             | CUSIP: 000000000<br>LEI: 635400RD1N6RVNCE4958 | Long             | DBT              | NUSS              | MK        |     749000 | PA      | $833184.09    | 0.21%             | 2030-01-21      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management Inc                                                                                               | APO 4.6 01/15/31                                       | CUSIP: 03769MAF3<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |     315000 | PA      | $312275.47    | 0.08%             | 2031-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Guatemala (Republic of)                                                                                                    | GUATEM 6.55 02/06/37 144A                              | CUSIP: 401494AZ2<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     648000 | PA      | $677484.00    | 0.17%             | 2037-02-06      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Netherlands (Kingdom Of)                                                                                                   | NETHER 2.5 07/15/35                                    | CUSIP: 000000000<br>LEI: 254900G14ALGVKORFN62 | Long             | DBT              | NUSS              | NL        |    5073000 | PA      | $5585579.72   | 1.38%             | 2035-07-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I L.P/Hilcorp Finance Co                                                                                    | HILCRP 6 02/01/31 144A                                 | CUSIP: 431318AV6<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     260000 | PA      | $252882.97    | 0.06%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                                          | HSBC V7 PERP .                                         | CUSIP: 404280FJ3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     305000 | PA      | $302132.79    | 0.07%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                                                                                  | IVYCST 6.125 06/15/33 144A                             | CUSIP: 221625AN6<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    1037000 | PA      | $979488.81    | 0.24%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN 190445                                              | CUSIP: 31368HP64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1221285 | PA      | $1262610.10   | 0.31%             | 2055-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                                                         | HBAN V4.623 01/28/32                                   | CUSIP: 446150BK9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     300000 | PA      | $295713.18    | 0.07%             | 2032-01-28      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                                             | MEX 5.375 03/22/33                                     | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     400000 | PA      | $392000.00    | 0.10%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                                                              | F 6.798 11/07/28                                       | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     200000 | PA      | $207083.32    | 0.05%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                                                             | FDX 4.95 03/15/33 144A                                 | CUSIP: 314352AE5<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     455000 | PA      | $443927.89    | 0.11%             | 2033-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                                                              | ENBCN 4.9 06/20/30                                     | CUSIP: 29250NCJ2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     305000 | PA      | $308310.93    | 0.08%             | 2030-06-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Olin Corporation                                                                                                           | OLN 6.625 04/01/33 144A                                | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    1039000 | PA      | $1017675.46   | 0.25%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -641 | NC      | $1230950.88   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                                           | FR SD1524                                              | CUSIP: 3132DNVR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1014749 | PA      | $962307.84    | 0.24%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                                            | TDG 6.625 03/01/32 144A                                | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     250000 | PA      | $255280.00    | 0.06%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                                                   | T 6 04/30/56                                           | CUSIP: 00206RNK4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    1210000 | PA      | $1184686.56   | 0.29%             | 2056-04-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** IVY FUNDS

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

**Title:** Division Director - Head of US Fund Administration