# EDGAR Filing Document

**Accession Number:** 0001696729
**File Stem:** 0001752724-23-045964
**Filing Date:** 2023-2
**Character Count:** 931609
**Document Hash:** bc1d27c716104661a291fa2f57df3ed2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045964.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045964

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PFM Multi-Manager Series Trust
- **CENTRAL INDEX KEY:** 0001696729
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23282
- **FILM NUMBER:** 23681509

**BUSINESS ADDRESS:**
- **STREET 1:** 213 MARKET STREET
- **CITY:** HARRISBURG
- **STATE:** PA
- **ZIP:** 17101
- **BUSINESS PHONE:** 215-567-6100

**MAIL ADDRESS:**
- **STREET 1:** 213 MARKET STREET
- **CITY:** HARRISBURG
- **STATE:** PA
- **ZIP:** 17101

## Series and Classes Contracts Data

### PFM Multi-Manager Fixed-Income Fund (Series ID: S000059562)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000195101 | Institutional Class |  |

## Nport-Ex

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER DOMESTIC EQUITY FUND**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS - 37.0%** |  |  |
| **COMMUNICATION SERVICES - 1.5%** |  |  |
| Alphabet, Inc., Class A<sup>(a)</sup> | 99410 | $8769945 |
| Cogent Communications Holdings, Inc. | 50825 | 2901091 |
| Spok Holdings, Inc. | 5066 | 41491 |
| Telephone & Data Systems, Inc. | 35793 | 375469 |
| Walt Disney Co. (The)<sup>(a)</sup> | 7514 | 652816 |
| Yelp, Inc.<sup>(a)</sup> | 20118 | 550026 |
| **Total Communication Services** |  | **13290838** |
| **CONSUMER DISCRETIONARY - 3.0%** |  |  |
| Aaron's Co., Inc. (The) | 15761 | 188344 |
| Academy Sports & Outdoors, Inc. | 1018 | 53486 |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 5443 | 193227 |
| Advance Auto Parts, Inc. | 5450 | 801313 |
| Amazon.com, Inc.<sup>(a)</sup> | 86808 | 7291872 |
| Bath & Body Works, Inc. | 10000 | 421400 |
| Cavco Industries, Inc.<sup>(a)</sup> | 2435 | 550919 |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 12570 | 445481 |
| Dillard's, Inc., Class A | 649 | 209757 |
| Dollar General Corp. | 25033 | 6164376 |
| General Motors Co. | 27923 | 939330 |
| GoPro, Inc., Class A<sup>(a)</sup> | 26636 | 132647 |
| Group 1 Automotive, Inc. | 2104 | 379498 |
| Haverty Furniture Cos., Inc. | 7810 | 233519 |
| Home Depot, Inc. (The) | 4174 | 1318400 |
| Leslie's, Inc.<sup>(a)</sup> | 36775 | 449023 |
| Luminar Technologies, Inc.<sup>(a)</sup> | 123990 | 613750 |
| Marriott International, Inc., Class A | 5444 | 810557 |
| MasterCraft Boat Holdings, Inc.<sup>(a)</sup> | 4885 | 126375 |
| Monarch Casino & Resort, Inc.<sup>(a)</sup> | 2948 | 226672 |
| Movado Group, Inc. | 6048 | 195048 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 1140 | 962194 |
| Oxford Industries, Inc. | 5475 | 510160 |
| Perdoceo Education Corp.<sup>(a)</sup> | 32890 | 457171 |
| Planet Fitness, Inc., Class A<sup>(a)</sup> | 6850 | 539780 |
| SeaWorld Entertainment, Inc.<sup>(a)</sup> | 4679 | 250373 |
| Sleep Number Corp.<sup>(a)</sup> | 6905 | 179392 |
| Sonos, Inc.<sup>(a)</sup> | 23387 | 395240 |
| Tractor Supply Co. | 2300 | 517431 |
| Ulta Beauty, Inc.<sup>(a)</sup> | 1100 | 515977 |
| Unifi, Inc.<sup>(a)</sup> | 6691 | 57610 |
| Universal Electronics, Inc.<sup>(a)</sup> | 3749 | 78017 |
| **Total Consumer Discretionary** |  | **26208339** |
| **CONSUMER STAPLES - 3.3%** |  |  |
| Beiersdorf AG, ADR | 60739 | 1388494 |
| Boston Beer Co., Inc. (The), Class A<sup>(a)</sup> | 950 | 313044 |
| Calavo Growers, Inc. | 20012 | 588353 |
| Church & Dwight Co., Inc. | 1800 | 145098 |
| Clorox Co. (The) | 44190 | 6201183 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **CONSUMER STAPLES (continued)** |  |  |
| Costco Wholesale Corp. | 2651 | $1210181 |
| Darling Ingredients, Inc.<sup>(a)</sup> | 22403 | 1402204 |
| Estee Lauder Cos., Inc. (The), Class A | 2994 | 742841 |
| Fresh Del Monte Produce, Inc. | 7962 | 208525 |
| Freshpet, Inc.<sup>(a)</sup> | 9250 | 488122 |
| Henkel AG & Co. KGaA, ADR | 223940 | 3612152 |
| Hormel Foods Corp. | 8900 | 405395 |
| JM Smucker Co. (The) | 3500 | 554610 |
| Kimberly-Clark Corp. | 24325 | 3302119 |
| Lamb Weston Holdings, Inc. | 4200 | 375312 |
| McCormick & Co., Inc., NVDR | 62305 | 5164461 |
| Medifast, Inc. | 2538 | 292758 |
| Mission Produce, Inc.<sup>(a)</sup> | 36067 | 419099 |
| Nature's Sunshine Products, Inc.<sup>(a)</sup> | 736 | 6124 |
| PepsiCo, Inc. | 2941 | 531321 |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 5222 | 277810 |
| Vector Group Ltd. | 44543 | 528280 |
| **Total Consumer Staples** |  | **28157486** |
| **ENERGY - 0.8%** |  |  |
| Antero Resources Corp.<sup>(a)</sup> | 13700 | 424563 |
| CONSOL Energy, Inc. | 2211 | 143715 |
| Halliburton Co. | 16265 | 640028 |
| Kosmos Energy Ltd.<sup>(a)</sup> | 415305 | 2641340 |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 23523 | 546910 |
| Patterson-UTI Energy, Inc. | 27377 | 461029 |
| Phillips 66 | 8965 | 933077 |
| ProPetro Holding Corp.<sup>(a)</sup> | 30767 | 319054 |
| REX American Resources Corp.<sup>(a)</sup> | 8095 | 257907 |
| RPC, Inc. | 24160 | 214782 |
| US Silica Holdings, Inc.<sup>(a)</sup> | 6379 | 79737 |
| W&T Offshore, Inc.<sup>(a)</sup> | 10647 | 59410 |
| World Fuel Services Corp. | 11561 | 315962 |
| **Total Energy** |  | **7037514** |
| **FINANCIALS - 5.3%** |  |  |
| American Equity Investment Life Holding Co. | 14962 | 682566 |
| Ameriprise Financial, Inc. | 4904 | 1526959 |
| AMERISAFE, Inc. | 2021 | 105031 |
| Aon PLC, Class A | 11490 | 3448609 |
| Arthur J Gallagher & Co. | 2300 | 433642 |
| Banc of California, Inc. | 21171 | 337254 |
| Bank of America Corp. | 38553 | 1276875 |
| BankUnited, Inc. | 17386 | 590602 |
| Banner Corp. | 9746 | 615947 |
| BCB Bancorp, Inc. | 1686 | 30331 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 7080 | 2187012 |
| Berkshire Hills Bancorp, Inc. | 13213 | 395069 |
| Blucora, Inc.<sup>(a)</sup> | 26238 | 669856 |
| Charles Schwab Corp. (The) | 7932 | 660418 |
| Chubb Ltd. | 7507 | 1656044 |
| Cullen/Frost Bankers, Inc. | 2250 | 300825 |
| Customers Bancorp, Inc.<sup>(a)</sup> | 9092 | 257667 |
| Employers Holdings, Inc. | 11438 | 493321 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)** 

December 31, 2022

**PFM MULTI-MANAGER DOMESTIC EQUITY FUND (continued)** 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **FINANCIALS (continued)** |  |  |
| Encore Capital Group, Inc.<sup>(a)</sup> | 7025 | $336779 |
| Enova International, Inc.<sup>(a)</sup> | 4728 | 181413 |
| Everest Re Group Ltd. | 4443 | 1471833 |
| EZCORP, Inc., Class A<sup>(a)</sup> | 24099 | 196407 |
| FactSet Research Systems, Inc. | 895 | 359083 |
| First BanCorp | 48226 | 613435 |
| First Business Financial Services, Inc. | 20 | 731 |
| First Commonwealth Financial Corp. | 10039 | 140245 |
| FS Bancorp, Inc. | 1173 | 39225 |
| Green Dot Corp., Class A<sup>(a)</sup> | 11552 | 182753 |
| Hanmi Financial Corp. | 4895 | 121151 |
| Hartford Financial Services Group, Inc. (The) | 5840 | 442847 |
| HCI Group, Inc. | 836 | 33097 |
| HomeStreet, Inc. | 3539 | 97606 |
| Independent Bank Corp. | 9806 | 827921 |
| Intercontinental Exchange, Inc. | 58663 | 6018237 |
| Investar Holding Corp. | 954 | 20540 |
| Jackson Financial, Inc., Class A | 6775 | 235702 |
| James River Group Holdings Ltd. | 8731 | 182565 |
| JPMorgan Chase & Co. | 12374 | 1659353 |
| LendingTree, Inc.<sup>(a)</sup> | 10757 | 229447 |
| MetLife, Inc. | 2893 | 209366 |
| National Bank Holdings Corp., Class A | 8956 | 376779 |
| NBT Bancorp, Inc. | 1305 | 56663 |
| Northern Trust Corp. | 50029 | 4427066 |
| Northfield Bancorp, Inc. | 1951 | 30689 |
| Northrim BanCorp, Inc. | 1733 | 94570 |
| OFG Bancorp | 6766 | 186471 |
| Pathward Financial, Inc. | 9561 | 411601 |
| Preferred Bank | 4719 | 352132 |
| ProAssurance Corp. | 16458 | 287521 |
| PROG Holdings, Inc.<sup>(a)</sup> | 24308 | 410562 |
| Prosperity Bancshares, Inc. | 6150 | 446982 |
| Reinsurance Group of America, Inc. | 9284 | 1319164 |
| S&T Bancorp, Inc. | 9833 | 336092 |
| Selectquote, Inc.<sup>(a)</sup> | 12400 | 8332 |
| Stellar Bancorp, Inc. | 6895 | 203127 |
| Stewart Information Services Corp. | 2094 | 89477 |
| StoneX Group, Inc.<sup>(a)</sup> | 4796 | 457059 |
| SVB Financial Group<sup>(a)</sup> | 2150 | 494801 |
| Towne Bank | 33769 | 1041436 |
| Tradeweb Markets, Inc. Class A, Class A | 14400 | 934992 |
| Travelers Cos., Inc. (The) | 18615 | 3490126 |
| UMB Financial Corp. | 2665 | 222581 |
| United Fire Group, Inc. | 4630 | 126677 |
| Universal Insurance Holdings, Inc. | 13103 | 138761 |
| Valley National Bancorp | 42743 | 483423 |
| Veritex Holdings, Inc. | 4326 | 121474 |
| Western New England Bancorp, Inc. | 931 | 8807 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **FINANCIALS (continued)** |  |  |
| World Acceptance Corp.<sup>(a)</sup> | 2253 | $148563 |
| **Total Financials** |  | **45973692** |
| **HEALTH CARE - 7.1%** |  |  |
| Abbott Laboratories | 12912 | 1417608 |
| Abcam PLC, ADR<sup>(a)</sup> | 12725 | 198001 |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 16007 | 254831 |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 88484 | 676018 |
| Align Technology, Inc.<sup>(a)</sup> | 1850 | 390165 |
| Allscripts Healthcare Solutions, Inc.<sup>(a)</sup> | 29069 | 512777 |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 2681 | 275660 |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 2895 | 81118 |
| Baxter International, Inc. | 66535 | 3391289 |
| Becton Dickinson and Co. | 7255 | 1844946 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 750 | 315368 |
| Bio-Techne Corp. | 19500 | 1616160 |
| Bristol-Myers Squibb Co. | 15695 | 1129255 |
| Catalent, Inc.<sup>(a)</sup> | 15568 | 700716 |
| Chemed Corp. | 4470 | 2281622 |
| Cigna Corp. | 5538 | 1834961 |
| Codexis, Inc.<sup>(a)</sup> | 11096 | 51707 |
| Computer Programs & Systems, Inc.<sup>(a)</sup> | 3673 | 99979 |
| Cooper Cos., Inc. (The) | 1700 | 562139 |
| Danaher Corp. | 18625 | 4943447 |
| Deciphera Pharmaceuticals, Inc.<sup>(a)</sup> | 10046 | 164654 |
| DENTSPLY SIRONA, Inc. | 147656 | 4701367 |
| DexCom, Inc.<sup>(a)</sup> | 6150 | 696426 |
| Eagle Pharmaceuticals, Inc.<sup>(a)</sup> | 2359 | 68954 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 10250 | 764753 |
| Emergent BioSolutions, Inc.<sup>(a)</sup> | 23344 | 275693 |
| Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 7660 | 356343 |
| Exelixis, Inc.<sup>(a)</sup> | 8137 | 130517 |
| FibroGen, Inc.<sup>(a)</sup> | 6568 | 105219 |
| Glaukos Corp.<sup>(a)</sup> | 8085 | 353153 |
| Globus Medical, Inc., Class A<sup>(a)</sup> | 8903 | 661226 |
| Guardant Health, Inc.<sup>(a)</sup> | 19480 | 529856 |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 9997 | 550835 |
| Health Catalyst, Inc.<sup>(a)</sup> | 10662 | 113337 |
| HealthStream, Inc.<sup>(a)</sup> | 9790 | 243184 |
| ICU Medical, Inc.<sup>(a)</sup> | 20826 | 3279678 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 750 | 305970 |
| Inogen, Inc.<sup>(a)</sup> | 12369 | 243793 |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 9250 | 518648 |
| Intercept Pharmaceuticals, Inc.<sup>(a)</sup> | 10072 | 124591 |
| iTeos Therapeutics, Inc.<sup>(a)</sup> | 7984 | 155928 |
| Johnson & Johnson | 17230 | 3043679 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)** 

December 31, 2022

**PFM MULTI-MANAGER DOMESTIC EQUITY FUND (continued)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **HEALTH CARE (continued)** |  |  |
| Karyopharm Therapeutics, Inc.<sup>(a)</sup> | 25566 | $86924 |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 9485 | 669831 |
| Nektar Therapeutics<sup>(a)</sup> | 35331 | 79848 |
| NextGen Healthcare, Inc.<sup>(a)</sup> | 24848 | 466645 |
| NuVasive, Inc.<sup>(a)</sup> | 5824 | 240182 |
| OraSure Technologies, Inc.<sup>(a)</sup> | 34040 | 164073 |
| Orthofix Medical, Inc.<sup>(a)</sup> | 12300 | 252519 |
| Repligen Corp.<sup>(a)</sup> | 1200 | 203172 |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 133100 | 199650 |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 2302 | 298293 |
| Semler Scientific, Inc.<sup>(a)</sup> | 2243 | 74019 |
| Smith & Nephew PLC, ADR | 152668 | 4105243 |
| STERIS PLC | 3900 | 720291 |
| Surmodics, Inc.<sup>(a)</sup> | 1838 | 62713 |
| Tabula Rasa HealthCare, Inc.<sup>(a)</sup> | 971 | 4806 |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | 6080 | 273296 |
| Teleflex, Inc. | 2546 | 635558 |
| Thermo Fisher Scientific, Inc. | 2221 | 1223082 |
| Universal Health Services, Inc., Class B | 26129 | 3681315 |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 36218 | 267651 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 3350 | 540623 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 11490 | 3318082 |
| Waters Corp.<sup>(a)</sup> | 2600 | 890708 |
| West Pharmaceutical Services, Inc. | 1350 | 317723 |
| Zimmer Biomet Holdings, Inc. | 22319 | 2845672 |
| Zimvie, Inc.<sup>(a)</sup> | 14840 | 138606 |
| **Total Health Care** |  | **61726096** |
| **INDUSTRIALS - 4.6%** |  |  |
| 3M Co. | 30799 | 3693416 |
| Aerojet Rocketdyne Holdings, Inc.<sup>(a)</sup> | 38898 | 2175565 |
| American Woodmark Corp.<sup>(a)</sup> | 719 | 35130 |
| AMETEK, Inc. | 20891 | 2918891 |
| Apogee Enterprises, Inc. | 11894 | 528807 |
| ArcBest Corp. | 7574 | 530483 |
| Astec Industries, Inc. | 7899 | 321173 |
| Boise Cascade Co. | 9385 | 644468 |
| Chart Industries, Inc.<sup>(a)</sup> | 3940 | 454006 |
| Comfort Systems USA, Inc. | 5924 | 681734 |
| CoreCivic, Inc.<sup>(a)</sup> | 3447 | 39847 |
| CoStar Group, Inc.<sup>(a)</sup> | 6350 | 490728 |
| Encore Wire Corp. | 5307 | 730031 |
| Forrester Research, Inc.<sup>(a)</sup> | 3856 | 137891 |
| Fortive Corp. | 18400 | 1182200 |
| Generac Holdings, Inc.<sup>(a)</sup> | 4400 | 442904 |
| GMS, Inc.<sup>(a)</sup> | 9837 | 489883 |
| Graco, Inc. | 21353 | 1436203 |
| Heartland Express, Inc. | 2252 | 34546 |
| Heidrick & Struggles International, Inc. | 7938 | 222026 |
| Honeywell International, Inc. | 5444 | 1166649 |
| Hub Group, Inc., Class A<sup>(a)</sup> | 6108 | 485525 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **INDUSTRIALS (continued)** |  |  |
| Hyster-Yale Materials Handling, Inc. | 4663 | $118021 |
| IDEX Corp. | 3350 | 764905 |
| Kelly Services, Inc., Class A | 6465 | 109259 |
| Knorr-Bremse AG, ADR | 155332 | 2106302 |
| Lindsay Corp. | 2432 | 396051 |
| Lyft, Inc., Class A<sup>(a)</sup> | 21862 | 240919 |
| Matthews International Corp., Class A | 3911 | 119051 |
| Moog, Inc., Class A | 1361 | 119441 |
| Mueller Water Products, Inc., Class A | 232638 | 2503185 |
| MYR Group, Inc.<sup>(a)</sup> | 6167 | 567796 |
| Nordson Corp. | 3450 | 820134 |
| Norfolk Southern Corp. | 7025 | 1731100 |
| NOW, Inc.<sup>(a)</sup> | 16876 | 214325 |
| PGT Innovations, Inc.<sup>(a)</sup> | 12420 | 223063 |
| Powell Industries, Inc. | 2151 | 75672 |
| Quanex Building Products Corp. | 12163 | 288020 |
| Resideo Technologies, Inc.<sup>(a)</sup> | 18182 | 299094 |
| Resources Connection, Inc. | 9576 | 176007 |
| REV Group, Inc. | 4721 | 59579 |
| Rockwell Automation, Inc. | 3600 | 927252 |
| Saia, Inc.<sup>(a)</sup> | 9255 | 1940588 |
| Spirit AeroSystems Holdings, Inc., Class A | 16911 | 500566 |
| Titan International, Inc.<sup>(a)</sup> | 14400 | 220608 |
| Toro Co. (The) | 8800 | 996160 |
| Trane Technologies PLC | 6212 | 1044175 |
| TrueBlue, Inc.<sup>(a)</sup> | 8625 | 168877 |
| Union Pacific Corp. | 14255 | 2951783 |
| Verisk Analytics, Inc. | 2450 | 432229 |
| Wabash National Corp. | 22785 | 514941 |
| Werner Enterprises, Inc. | 10181 | 409887 |
| **Total Industrials** |  | **39881096** |
| **INFORMATION TECHNOLOGY - 6.4%** |  |  |
| 8x8, Inc.<sup>(a)</sup> | 89340 | 385949 |
| Accenture PLC, Class A | 4340 | 1158086 |
| Agilysys, Inc.<sup>(a)</sup> | 4239 | 335474 |
| Akamai Technologies, Inc.<sup>(a)</sup> | 8050 | 678615 |
| Amphenol Corp., Class A | 40803 | 3106740 |
| ANSYS, Inc.<sup>(a)</sup> | 1050 | 253670 |
| Apple, Inc. | 27486 | 3571256 |
| Applied Materials, Inc. | 16908 | 1646501 |
| Arlo Technologies, Inc.<sup>(a)</sup> | 28240 | 99122 |
| Arteris, Inc.<sup>(a)</sup> | 1522 | 6545 |
| Asana, Inc., Class A<sup>(a)</sup> | 12950 | 178322 |
| Autodesk, Inc.<sup>(a)</sup> | 1700 | 317679 |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 6385 | 506714 |
| Benchmark Electronics, Inc. | 2559 | 68300 |
| Broadcom, Inc. | 3170 | 1772442 |
| Cerence, Inc.<sup>(a)</sup> | 15829 | 293311 |
| CEVA, Inc.<sup>(a)</sup> | 6233 | 159440 |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 13887 | 102069 |
| Comtech Telecommunications Corp. | 8157 | 99026 |
| Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 4744 | 255037 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)** 

December 31, 2022

**PFM MULTI-MANAGER DOMESTIC EQUITY FUND (continued)**

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **INFORMATION TECHNOLOGY (continued)** |  |  |
| CSG Systems International, Inc. | 10568 | $604490 |
| Daktronics, Inc.<sup>(a)</sup> | 626 | 1765 |
| Entegris, Inc. | 21930 | 1438389 |
| Everbridge, Inc.<sup>(a)</sup> | 1787 | 52859 |
| Extreme Networks, Inc.<sup>(a)</sup> | 33366 | 610932 |
| FARO Technologies, Inc.<sup>(a)</sup> | 8508 | 250220 |
| Harmonic, Inc.<sup>(a)</sup> | 35079 | 459535 |
| Impinj, Inc.<sup>(a)</sup> | 445 | 48585 |
| Itron, Inc.<sup>(a)</sup> | 7828 | 396488 |
| Jack Henry & Associates, Inc. | 10155 | 1782812 |
| Lam Research Corp. | 2131 | 895659 |
| Microchip Technology, Inc. | 6924 | 486411 |
| Microsoft Corp. | 37676 | 9036458 |
| Momentive Global, Inc.<sup>(a)</sup> | 19243 | 134701 |
| Monolithic Power Systems, Inc. | 3810 | 1347254 |
| Motorola Solutions, Inc. | 17230 | 4440343 |
| NETGEAR, Inc.<sup>(a)</sup> | 7120 | 128943 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 19668 | 512351 |
| NVIDIA Corp. | 17021 | 2487449 |
| Okta, Inc.<sup>(a)</sup> | 8800 | 601304 |
| OneSpan, Inc.<sup>(a)</sup> | 14437 | 161550 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 30700 | 197094 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 4500 | 627930 |
| Photronics, Inc.<sup>(a)</sup> | 18542 | 312062 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | 28195 | 754498 |
| Rambus, Inc.<sup>(a)</sup> | 17030 | 610015 |
| salesforce.com, Inc.<sup>(a)</sup> | 26050 | 3453970 |
| Sanmina Corp.<sup>(a)</sup> | 6390 | 366083 |
| ScanSource, Inc.<sup>(a)</sup> | 8460 | 247201 |
| ServiceNow, Inc.<sup>(a)</sup> | 2073 | 804884 |
| SMART Global Holdings, Inc.<sup>(a)</sup> | 21920 | 326170 |
| Synopsys, Inc.<sup>(a)</sup> | 1300 | 415077 |
| Toast, Inc., Class A<sup>(a)</sup> | 24950 | 449849 |
| Unisys Corp.<sup>(a)</sup> | 8490 | 43384 |
| VeriSign, Inc.<sup>(a)</sup> | 11605 | 2384131 |
| Viavi Solutions, Inc.<sup>(a)</sup> | 56230 | 590977 |
| Visa, Inc., Class A | 5488 | 1140187 |
| Workday, Inc., Class A<sup>(a)</sup> | 5950 | 995614 |
| Xerox Holdings Cop. | 28054 | 409588 |
| Zscaler, Inc.<sup>(a)</sup> | 4750 | 531525 |
| **Total Information Technology** |  | **55533035** |
| **MATERIALS - 2.0%** |  |  |
| AdvanSix, Inc. | 9540 | 362711 |
| American Vanguard Corp. | 9982 | 216709 |
| AptarGroup, Inc. | 19420 | 2135812 |
| Avery Dennison Corp. | 6939 | 1255959 |
| Clearwater Paper Corp.<sup>(a)</sup> | 1838 | 69495 |
| Compass Minerals International, Inc. | 12504 | 512664 |
| Ecolab, Inc. | 2928 | 426200 |
| Ecovyst, Inc.<sup>(a)</sup> | 5100 | 45186 |
| Mercer International, Inc. | 22801 | 265404 |
| O-I Glass, Inc.<sup>(a)</sup> | 37499 | 621358 |
| Sherwin-Williams Co. (The) | 22165 | 5260419 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **MATERIALS (continued)** |  |  |
| Sylvamo Corp. | 4328 | $210297 |
| Trinseo PLC | 14921 | 338856 |
| Warrior Met Coal, Inc. | 16229 | 562173 |
| Wheaton Precious Metals Corp. | 138840 | 5425867 |
| **Total Materials** |  | **17709110** |
| **REAL ESTATE - 1.3%** |  |  |
| Alexandria Real Estate Equities, Inc. | 3566 | 519459 |
| Armada Hoffler Properties, Inc. | 8702 | 100073 |
| Chatham Lodging Trust | 19954 | 244835 |
| DiamondRock Hospitality Co. | 59100 | 484029 |
| Equity Commonwealth | 83141 | 2076031 |
| Healthcare Realty Trust, Inc. | 158817 | 3060404 |
| Healthpeak Properties, Inc. | 34760 | 871433 |
| Hersha Hospitality Trust | 15289 | 130262 |
| Industrial Logistics Properties Trust | 30019 | 98162 |
| Marcus & Millichap, Inc. | 3282 | 113065 |
| Prologis, Inc. | 23332 | 2630216 |
| Sunstone Hotel Investors, Inc. | 19463 | 188013 |
| Xenia Hotels & Resorts, Inc. | 21670 | 285611 |
| **Total Real Estate** |  | **10801593** |
| **UTILITIES - 1.7%** |  |  |
| American Water Works Co., Inc. | 12154 | 1852513 |
| Avista Corp. | 11024 | 488804 |
| California Water Service Group | 13696 | 830525 |
| NextEra Energy, Inc. | 83038 | 6941977 |
| Northwest Natural Holding Co. | 7798 | 371107 |
| Portland General Electric Co. | 22197 | 1087653 |
| SJW Group | 26438 | 2146501 |
| United Utilities Group PLC, ADR | 34289 | 809220 |
| **Total Utilities** |  | **14528300** |
| **TOTAL COMMON STOCKS** <br> (Cost: $344,586,843)  |  | **320847099** |
| **EXCHANGE-TRADED FUND - 61.3%** |  |  |
| Vanguard Total Stock Market ETF <br> (Cost: $510,004,984) | 2774737 | **530501967** |
| **SHORT-TERM INVESTMENTS - 1.7%** |  |  |
| State Street Institutional Treasury Money Market Fund – Investor Class Shares, 3.71%<sup>(b)</sup><br> (Cost: $14,510,480) | 14510480 | **14510480** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)** 

December 31, 2022

**PFM MULTI-MANAGER DOMESTIC EQUITY FUND (concluded)**

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 100.0%** <br> (Cost: $869,102,307)  | $**865859546** |
| **OTHER ASSETS AND LIABILITIES, NET - 0.0%** | **412948** |
| **NET ASSETS - 100.0%** | $**866272494** |

---

(a) Non-income producing security.

(b) The rate shown is the annualized
 seven-day yield at December 31, 2022.

ADR American Depositary Receipt <br> ETF Exchange Traded Fund <br> NVDR Non-Voting Depositary Receipt

REIT Real Estate Investment Trust

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* | $320847099 | $— | $— | $320847099 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | 530501967 |  |  | 530501967 |
| &nbsp;&nbsp;&nbsp;Money Market Fund | 14510480 |  |  | 14510480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities | $865859546 | $— | $— | $865859546 |

---

*\* See Schedule of Investments for additional detailed categorizations.*

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS - 62.6%** |  |  |
| **AUSTRALIA - 3.3%** |  |  |
| Allkem Ltd.<sup>(a)</sup> | 67627 | $513752 |
| ANZ Group Holdings Ltd. | 138573 | 2232261 |
| Aristocrat Leisure Ltd. | 46373 | 957661 |
| Australian Clinical Labs Ltd. | 5244 | 10633 |
| Australian Vintage Ltd. | 2853 | 1175 |
| Beach Energy Ltd. | 305873 | 333020 |
| BHP Group Ltd. | 93405 | 2891933 |
| BlueScope Steel Ltd. | 45419 | 517705 |
| ClearView Wealth Ltd. | 32954 | 10407 |
| Cochlear Ltd. | 1284 | 178277 |
| Computershare Ltd. | 86589 | 1544739 |
| Cooper Energy Ltd.<sup>(a)</sup> | 599850 | 75574 |
| CSL Ltd. | 10090 | 1967457 |
| CSR Ltd. | 3805 | 12147 |
| DGL Group Ltd.<sup>(a)</sup> | 46778 | 44884 |
| IGO Ltd. | 91936 | 835548 |
| Iluka Resources Ltd. | 10352 | 66681 |
| Incitec Pivot Ltd. | 423163 | 1069001 |
| JB Hi-Fi Ltd. | 36303 | 1035660 |
| Macmahon Holdings Ltd. | 136065 | 13435 |
| Michael Hill International Ltd. | 19877 | 14823 |
| Mineral Resources Ltd. | 9359 | 492318 |
| MMA Offshore Ltd.<sup>(a)</sup> | 20255 | 13171 |
| Myer Holdings Ltd. | 170752 | 78984 |
| New Hope Corp. Ltd. | 128534 | 554757 |
| Nufarm Ltd. | 4508 | 18701 |
| OceanaGold Corp.<sup>(a)</sup> | 39000 | 74313 |
| OFX Group Ltd.<sup>(a)</sup> | 13042 | 21172 |
| Perseus Mining Ltd. | 20649 | 28980 |
| Pilbara Minerals Ltd.<sup>(a)</sup> | 236955 | 603810 |
| Qantas Airways Ltd.<sup>(a)</sup> | 279393 | 1124910 |
| Ridley Corp. Ltd. | 41209 | 55425 |
| Santos Ltd. | 279807 | 1372024 |
| Sierra Rutile Holdings Ltd.<sup>(a)</sup> | 10352 | 1579 |
| South32 Ltd. | 479088 | 1296852 |
| Terracom Ltd. | 309798 | 195463 |
| Wagners Holding Co., Ltd.<sup>(a)</sup> | 12951 | 6887 |
| Whitehaven Coal Ltd. | 277752 | 1780737 |
| WiseTech Global Ltd. | 23650 | 815543 |
| Zimplats Holdings Ltd. | 1092 | 19119 |
| **Total Australia** |  | **22881518** |
| **AUSTRIA - 0.7%** |  |  |
| ANDRITZ AG | 11012 | 629470 |
| BAWAG Group AG<sup>(a)(b)</sup> | 27988 | 1488141 |
| Erste Group Bank AG | 57000 | 1817593 |
| OMV AG | 15886 | 820293 |
| Palfinger AG | 2340 | 59385 |
| Raiffeisen Bank International AG<sup>(a)</sup> | 10337 | 169849 |
| Zumtobel Group AG | 6704 | 48806 |
| **Total Austria** |  | **5033537** |
| **BELGIUM - 0.2%** |  |  |
| Ascencio | 620 | 34867 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **BELGIUM (continued)** |  |  |
| EVS Broadcast Equipment S.A. | 1170 | $27830 |
| Melexis N.V. | 2723 | 237116 |
| Solvay S.A. | 11843 | 1200412 |
| **Total Belgium** |  | **1500225** |
| **BRAZIL - 0.7%** |  |  |
| 3R Petroleum Oleo E Gas S.A.<sup>(a)</sup> | 19941 | 143432 |
| Boa Vista Servicos S.A. | 147640 | 202736 |
| CCR S.A. | 59567 | 122008 |
| Dexco S.A. | 67470 | 86448 |
| Energisa S.A., (Unit) | 23010 | 192387 |
| Itau Unibanco Holding S.A., ADR | 178564 | 841036 |
| Lojas Renner S.A. | 55607 | 209467 |
| Petro Rio S.A.<sup>(a)</sup> | 43563 | 308375 |
| Petroleo Brasileiro S.A., ADR | 21546 | 229465 |
| Raia Drogasil S.A. | 113490 | 510220 |
| Rede D'Or Sao Luiz S.A.<sup>(b)</sup> | 24758 | 138535 |
| TIM S.A. | 79738 | 186561 |
| Vale S.A., ADR | 85486 | 1450697 |
| WEG S.A. | 43132 | 314145 |
| XP, Inc., Class A<sup>(a)</sup> | 9205 | 141205 |
| YDUQS Participacoes SA | 28773 | 55411 |
| **Total Brazil** |  | **5132128** |
| **BRITAIN - 6.7%** |  |  |
| AG Barr PLC | 7292 | 46904 |
| AJ Bell PLC | 54788 | 237528 |
| Alliance Pharma PLC | 46959 | 30073 |
| Anglo American PLC | 28877 | 1129457 |
| Aptitude Software Group PLC | 3430 | 14563 |
| Ashtead Group PLC | 62400 | 3564706 |
| AstraZeneca PLC | 28698 | 3894760 |
| Auto Trader Group PLC<sup>(b)</sup> | 45969 | 286859 |
| Baltic Classifieds Group PLC | 173178 | 293857 |
| BP PLC | 276387 | 1607255 |
| BP PLC, ADR | 51983 | 1815766 |
| Centrica PLC | 18974 | 22096 |
| Cerillion PLC | 4539 | 66514 |
| Coca-Cola Europacific Partners PLC | 74131 | 4100927 |
| FDM Group Holdings PLC | 15117 | 136725 |
| Ferguson PLC | 10010 | 1264695 |
| Greggs PLC | 2313 | 65283 |
| GSK PLC | 139282 | 2422087 |
| GSK PLC, ADR | 61479 | 2160372 |
| Gulf Keystone Petroleum Ltd. | 25883 | 62891 |
| Haleon PLC<sup>(a)</sup> | 763300 | 3053111 |
| Hargreaves Services PLC | 3646 | 17389 |
| Howden Joinery Group PLC | 101406 | 689182 |
| HSBC Holdings PLC | 290955 | 1814532 |
| Imperial Brands PLC | 92000 | 2298581 |
| IntegraFin Holdings PLC | 63311 | 231370 |
| Keystone Law Group PLC | 2569 | 13667 |
| Linde PLC<sup>(a)</sup> | 3830 | 1252299 |
| Man Group PLC | 284266 | 734544 |
| ME Group International PLC | 16630 | 23168 |
| Moneysupermarket.com Group PLC | 26965 | 62678 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **BRITAIN (continued)** |  |  |
| Mortgage Advice Bureau Holdings Ltd. | 17173 | $110723 |
| NatWest Group PLC | 367570 | 1173334 |
| Norcros PLC | 4661 | 10142 |
| Numis Corp. PLC | 18579 | 42889 |
| Prudential PLC | 46792 | 633219 |
| QinetiQ Group PLC | 5105 | 22055 |
| RELX PLC | 84772 | 2348675 |
| Rentokil Initial PLC | 418100 | 2569762 |
| Rightmove PLC | 49709 | 307755 |
| ScS Group PLC | 4004 | 7790 |
| Standard Chartered PLC | 190466 | 1429585 |
| TORM PLC, Class A | 6937 | 197929 |
| Unilever PLC | 45100 | 2263181 |
| Unilever PLC | 29024 | 1464231 |
| Victorian Plumbing Group PLC<sup>(a)</sup> | 77529 | 72256 |
| **Total Britain** |  | **46067365** |
| **CANADA - 2.9%** |  |  |
| AirBoss of America Corp. | 9692 | 53256 |
| Birchcliff Energy Ltd. | 34800 | 242366 |
| Bonterra Energy Corp.<sup>(a)</sup> | 6450 | 32202 |
| Brookfield Asset Management Ltd., Class A<sup>(a)</sup> | 22850 | 654280 |
| Brookfield Corp. | 91400 | 2874307 |
| CAE, Inc.<sup>(a)</sup> | 8299 | 160525 |
| Cameco Corp. | 93000 | 2107954 |
| Canadian Pacific Railway Ltd. | 35310 | 2633773 |
| Canadian Utilities Ltd., Class A | 6000 | 162408 |
| Canfor Corp.<sup>(a)</sup> | 3200 | 50363 |
| Canfor Pulp Products, Inc.<sup>(a)</sup> | 2940 | 8989 |
| Cardinal Energy Ltd. | 10800 | 60780 |
| CES Energy Solutions Corp. | 10400 | 21199 |
| Cogeco, Inc. | 500 | 23475 |
| Computer Modelling Group Ltd. | 16822 | 72432 |
| Crescent Point Energy Corp. | 91917 | 655774 |
| Crew Energy, Inc.<sup>(a)</sup> | 25300 | 105199 |
| DRI Healthcare Trust, UNIT | 3108 | 18111 |
| E-L Financial Corp. Ltd. | 45 | 29313 |
| Enerplus Corp. | 36643 | 646800 |
| Guardian Capital Group Ltd., Class A | 1100 | 31546 |
| iA Financial Corp., Inc. | 400 | 23418 |
| Lucara Diamond Corp.<sup>(a)</sup> | 48000 | 17725 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 3900 | 1249482 |
| Magna International, Inc. | 45700 | 2567166 |
| Martinrea International, Inc. | 16079 | 133715 |
| MEG Energy Corp.<sup>(a)</sup> | 32100 | 446887 |
| Melcor Developments Ltd. | 2000 | 15731 |
| MTY Food Group, Inc. | 214 | 9020 |
| Mullen Group Ltd. | 40066 | 430547 |
| NuVista Energy Ltd.<sup>(a)</sup> | 58500 | 539202 |
| Obsidian Energy Ltd.<sup>(a)</sup> | 1847 | 12250 |
| Parex Resources, Inc. | 20400 | 303589 |
| Pason Systems, Inc. | 9550 | 112428 |
| Peyto Exploration & Development Corp. | 14160 | 145051 |
| PHX Energy Services Corp. | 5600 | 32136 |
| Pine Cliff Energy Ltd. | 70000 | 87371 |
| Precision Drilling Corp.<sup>(a)</sup> | 4500 | 344679 |
| ShawCor Ltd.<sup>(a)</sup> | 25600 | 259781 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **CANADA (continued)** |  |  |
| Stelco Holdings, Inc. | 14400 | $471031 |
| Thomson Reuters Corp. | 10050 | 1146472 |
| Tourmaline Oil Corp. | 13700 | 691273 |
| Transcontinental, Inc., Class A | 3485 | 39329 |
| Uni-Select, Inc.<sup>(a)</sup> | 1500 | 47459 |
| **Total Canada** |  | **19770794** |
| **CHILE - 0.1%** |  |  |
| Banco de Chile | 1866759 | 193663 |
| Banco Santander Chile, ADR | 19408 | 307423 |
| Falabella SA | 38278 | 74458 |
| **Total Chile** |  | **575544** |
| **CHINA - 3.8%** |  |  |
| Alibaba Group Holding Ltd.<sup>(a)</sup> | 128016 | 1413446 |
| Anhui Gujing Distillery Co., Ltd., Class B | 11700 | 187153 |
| Baidu, Inc., Class A<sup>(a)</sup> | 29416 | 422806 |
| Centre Testing International Group Co., Ltd., Class A | 70800 | 227175 |
| China Pacific Insurance Group Co., Ltd., Class H | 217600 | 480513 |
| Contemporary Amperex Technology Co., Ltd., Class A | 8704 | 492833 |
| ENN Energy Holdings Ltd. | 41900 | 584539 |
| H World Group Ltd., ADR | 16139 | 684616 |
| Haitian International Holdings Ltd. | 91314 | 244222 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | 77500 | 332733 |
| JD.com, Inc., Class A | 59281 | 1666409 |
| Kinetic Development Group Ltd. | 878000 | 67271 |
| Li Ning Co., Ltd. | 146000 | 1252862 |
| LONGi Green Energy Technology Co., Ltd., Class A | 133864 | 814149 |
| Meituan, Class B<sup>(a)(b)</sup> | 97900 | 2164704 |
| Midea Group Co., Ltd., Class A | 149300 | 1109005 |
| Modern Land China Co., Ltd.<sup>(a)</sup> | 430000 | 5895 |
| Natural Food International Holding Ltd.<sup>(a)</sup> | 208000 | 12628 |
| NetEase, Inc. | 106500 | 1552402 |
| PICC Property & Casualty Co., Ltd., Class H | 494000 | 467585 |
| Ping An Insurance Group Co. of China Ltd., Class H | 284000 | 1874454 |
| Satellite Chemical Co., Ltd., Class A | 210669 | 469151 |
| SF Holding Co., Ltd., Class A | 87900 | 730624 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 82687 | 826983 |
| Shenzhou International Group Holdings Ltd. | 40800 | 459116 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **CHINA (continued)** |  |  |
| Sieyuan Electric Co., Ltd., Class A | 41600 | $228264 |
| Tencent Holdings Ltd. | 83600 | 3553184 |
| Trip.com Group Ltd.<sup>(a)</sup> | 20950 | 728081 |
| Wuliangye Yibin Co., Ltd., Class A | 13900 | 359907 |
| Wuxi Biologics Cayman, Inc.<sup>(b)</sup> | 48500 | 372338 |
| Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 100985 | 584997 |
| Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 124284 | 722821 |
| Yum China Holdings, Inc. | 8805 | 481193 |
| Yum China Holdings, Inc. | 5850 | 326485 |
| Zhejiang Supor Co., Ltd., Class A | 28361 | 201815 |
| ZTO Express Cayman, Inc., ADR | 5934 | 159447 |
| **Total China** |  | **26261806** |
| **DENMARK - 2.2%** |  |  |
| AP Moller - Maersk A/S, Class B | 562 | 1262288 |
| Carlsberg A/S, Class B | 12502 | 1654971 |
| DSV A/S | 5780 | 916743 |
| Genmab A/S<sup>(a)</sup> | 3841 | 1626961 |
| Novo Nordisk A/S, Class B | 64999 | 8800861 |
| Pandora A/S | 10230 | 721757 |
| Skjern Bank | 547 | 9589 |
| **Total Denmark** |  | **14993170** |
| **EGYPT - 0.0% **<sup>(c)</sup>** |  |  |
| Commercial International Bank Egypt SAE, GDR | 98027 | **117044** |
| **FINLAND - 0.5%** |  |  |
| Alma Media Oyj | 1354 | 13585 |
| Digia Oyj | 375 | 2292 |
| Enento Group Oyj<sup>(a)(b)</sup> | 8142 | 186651 |
| Kesko Oyj, Class A | 1720 | 37497 |
| Kesko Oyj, Class B | 7116 | 157467 |
| Orion Oyj, Class B | 11582 | 634846 |
| Ponsse Oyj | 144 | 3905 |
| Sampo Oyj, Class A | 43994 | 2300371 |
| Scanfil Oyj | 303 | 2138 |
| **Total Finland** |  | **3338752** |
| **FRANCE - 5.1%** |  |  |
| ABC arbitrage | 2489 | 17186 |
| Alten S.A. | 3737 | 469258 |
| Amundi S.A.<sup>(b)</sup> | 32100 | 1823942 |
| AXA S.A. | 3080 | 85842 |
| Bilendi<sup>(a)</sup> | 409 | 8973 |
| CBo Territoria | 4714 | 18219 |
| Cie Generale des Etablissements Michelin SCA | 86500 | 2405296 |
| Dassault Aviation S.A. | 4022 | 682408 |
| Dassault Systemes SE | 86500 | 3119802 |
| Derichebourg S.A. | 2407 | 14309 |
| Eiffage S.A. | 14636 | 1443193 |
| Engie S.A. | 128193 | 1836242 |
| Hermes International | 921 | 1421232 |
| Infotel S.A. | 299 | 17665 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **FRANCE (continued)** |  |  |
| Jacquet Metal S.A. | 2930 | $52419 |
| LVMH Moet Hennessy Louis Vuitton SE | 9754 | 7085744 |
| Pernod Ricard S.A. | 14801 | 2909278 |
| Publicis Groupe S.A. | 13021 | 826844 |
| Quadient S.A. | 2557 | 37807 |
| Rexel S.A.<sup>(a)</sup> | 66642 | 1320644 |
| Safran S.A. | 19100 | 2386797 |
| Schneider Electric SE | 14160 | 1991454 |
| Societe pour l'Informatique Industrielle | 1585 | 77033 |
| Sodexo S.A. | 1117 | 106855 |
| Sopra Steria Group SACA | 1507 | 227417 |
| Thales S.A. | 12199 | 1559476 |
| TotalEnergies SE | 47900 | 2989686 |
| **Total France** |  | **34935021** |
| **GERMANY - 3.2%** |  |  |
| Bastei Luebbe AG | 1032 | 4890 |
| Bayer AG | 21987 | 1135243 |
| Brockhaus Technologies AG<sup>(a)(b)</sup> | 2957 | 71318 |
| Carl Zeiss Meditec AG | 6432 | 811809 |
| Deutsche Bank AG | 85268 | 966471 |
| Deutsche Boerse AG | 9120 | 1573572 |
| Deutsche Telekom AG | 96524 | 1925313 |
| Deutz AG | 39178 | 169641 |
| Duerr AG | 10233 | 345310 |
| GEA Group AG | 11501 | 469796 |
| Hypoport SE<sup>(a)</sup> | 1373 | 143178 |
| Krones AG | 336 | 37760 |
| KSB SE & Co. KGaA | 32 | 13673 |
| Merck KGaA | 13048 | 2526878 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 11200 | 3641835 |
| Nemetschek SE | 41300 | 2109440 |
| New Work SE | 939 | 152798 |
| Rational AG | 351 | 208030 |
| RWE AG | 26004 | 1156314 |
| Siemens AG | 10378 | 1440390 |
| Surteco Group SE | 892 | 18232 |
| Symrise AG | 20500 | 2230246 |
| Talanx AG<sup>(a)</sup> | 691 | 32782 |
| Wacker Chemie AG | 3706 | 473675 |
| **Total Germany** |  | **21658594** |
| **GREECE - 0.1%** |  |  |
| Alpha Services and Holdings SA<sup>(a)</sup> | 101424 | 108217 |
| Eurobank Ergasias Services and Holdings SA<sup>(a)</sup> | 189084 | 213449 |
| Hellenic Telecommunications Organization S.A. | 16065 | 250900 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **GREECE (continued)** |  |  |
| National Bank of Greece S.A.<sup>(a)</sup> | 53828 | $215274 |
| **Total Greece** |  | **787840** |
| **HONG KONG - 1.9%** |  |  |
| AIA Group Ltd. | 670700 | 7389105 |
| APT Satellite Holdings Ltd. | 94000 | 25334 |
| Chen Hsong Holdings | 44000 | 10117 |
| China Mengniu Dairy Co., Ltd.<sup>(a)</sup> | 197000 | 886107 |
| China Resources Land Ltd. | 62000 | 281603 |
| Dah Sing Financial Holdings Ltd. | 18400 | 42434 |
| Hang Lung Properties Ltd. | 153000 | 297061 |
| Hutchison Port Holdings Trust, (Unit) | 183300 | 35496 |
| Kerry Logistics Network Ltd. | 188538 | 339439 |
| Luk Fook Holdings International Ltd. | 24000 | 71322 |
| Orient Overseas International Ltd. | 26500 | 477876 |
| PC Partner Group Ltd. | 54000 | 34182 |
| Pico Far East Holdings Ltd. | 264607 | 43734 |
| Singamas Container Holdings Ltd. | 306000 | 28533 |
| SITC International Holdings Co., Ltd. | 311000 | 686485 |
| Stella International Holdings Ltd. | 52500 | 49371 |
| Swire Pacific Ltd., Class A | 189500 | 1662000 |
| VSTECS Holdings Ltd. | 320000 | 184505 |
| VTech Holdings Ltd. | 34200 | 219743 |
| **Total Hong Kong** |  | **12764447** |
| **HUNGARY - 0.1%** |  |  |
| OTP Bank Nyrt | 6527 | 176484 |
| Richter Gedeon Nyrt | 13195 | 293151 |
| **Total Hungary** |  | **469635** |
| **ICELAND - 0.0%**<sup>(c)</sup>** |  |  |
| Marel HF<sup>(b)</sup> | 23443 | **80785** |
| **INDIA - 1.8%** |  |  |
| Axis Bank Ltd., GDR | 9970 | 566296 |
| Cipla Ltd., GDR | 32913 | 427869 |
| HDFC Bank Ltd., ADR | 54470 | 3726293 |
| Hindalco Industries Ltd., GDR<sup>(b)</sup> | 43139 | 127260 |
| ICICI Bank Ltd., ADR | 153927 | 3369462 |
| Infosys Ltd., ADR | 79106 | 1424699 |
| Mahindra & Mahindra Ltd., GDR | 19802 | 298020 |
| Reliance Industries Ltd., GDR<sup>(b)</sup> | 29996 | 1847706 |
| Reliance Industries Ltd., GDR<sup>(b)</sup> | 7407 | 455530 |
| **Total India** |  | **12243135** |
| **INDONESIA - 0.1%** |  |  |
| Bank Mandiri Persero Tbk PT | 640500 | 407039 |
| Bank Rakyat Indonesia Persero Tbk PT | 1317069 | 417526 |
| Bumitama Agri Ltd. | 60200 | 26444 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **INDONESIA (continued)** |  |  |
| Sarana Menara Nusantara Tbk PT | 2018762 | $142492 |
| **Total Indonesia** |  | **993501** |
| **IRELAND - 2.1%** |  |  |
| Accenture PLC, Class A | 23550 | 6284082 |
| Bank of Ireland Group PLC | 220079 | 2086723 |
| Experian PLC | 133520 | 4545498 |
| ICON PLC<sup>(a)</sup> | 9190 | 1785158 |
| **Total Ireland** |  | **14701461** |
| **ISRAEL - 0.6%** |  |  |
| Bank Hapoalim BM | 105263 | 949614 |
| Bank Leumi Le-Israel BM | 115795 | 965242 |
| Carasso Motors Ltd. | 19550 | 112733 |
| Castro Model Ltd. | 620 | 8114 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | 12152 | 1533096 |
| Dor Alon Energy in Israel 1988 Ltd. | 322 | 8508 |
| Ilex Medical Ltd. | 608 | 16572 |
| Israel Corp. Ltd. (The) | 61 | 21513 |
| Max Stock Ltd. | 49351 | 82479 |
| Oil Refineries Ltd. | 259630 | 90908 |
| Zvi Sarfati & Sons Investments & Constructions 1992 Ltd | 4066 | 28454 |
| **Total Israel** |  | **3817233** |
| **ITALY - 0.9%** |  |  |
| Assicurazioni Generali SpA | 39635 | 703893 |
| Banca Mediolanum SpA | 29300 | 244775 |
| Cembre SpA | 578 | 18984 |
| Equita Group SpA | 3663 | 14296 |
| Ferrari N.V. | 14000 | 2995383 |
| Gruppo MutuiOnline SpA | 6959 | 196353 |
| Iveco Group N.V.<sup>(a)</sup> | 40682 | 241518 |
| Leonardo SpA | 9404 | 81062 |
| Orsero SpA | 8728 | 124371 |
| Prysmian SpA | 35360 | 1308996 |
| Recordati Industria Chimica e Farmaceutica SpA | 12712 | 528403 |
| **Total Italy** |  | **6458034** |
| **JAPAN - 7.4%** |  |  |
| Ajis Co., Ltd. | 1000 | 16728 |
| Alps Alpine Co., Ltd. | 101300 | 923334 |
| Alps Logistics Co., Ltd. | 2700 | 23548 |
| Amiyaki Tei Co., Ltd. | 1200 | 26460 |
| Anritsu Corp. | 26100 | 253177 |
| Argo Graphics, Inc. | 1000 | 28021 |
| Asahi Kogyosha Co., Ltd. | 1400 | 21899 |
| ASAHI YUKIZAI Corp. | 900 | 18993 |
| Asia Air Survey Co., Ltd. | 3500 | 20636 |
| Atled Corp. | 5100 | 55947 |
| Axial Retailing, Inc. | 1000 | 25822 |
| Bourbon Corp. | 800 | 13029 |
| Brother Industries Ltd. | 36000 | 544756 |
| Chiba Bank Ltd. (The) | 259000 | 1898172 |
| Chiba Kogyo Bank Ltd. (The) | 12800 | 44288 |
| Chino Corp. | 2000 | 26681 |
| Creek & River Co., Ltd. | 1800 | 26663 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **JAPAN (continued)** |  |  |
| Dai-Ichi Cutter Kogyo KK | 2800 | $22660 |
| Dai-ichi Life Holdings, Inc. | 9900 | 224814 |
| Daihatsu Diesel Manufacturing Co., Ltd. | 12100 | 46767 |
| Daiichi Jitsugyo Co., Ltd. | 800 | 26729 |
| Daiken Corp. | 3500 | 55483 |
| Daito Trust Construction Co., Ltd. | 12900 | 1325805 |
| Daiwa House Industry Co., Ltd. | 35800 | 821463 |
| Ebara Foods Industry, Inc. | 1400 | 32265 |
| Ebara Jitsugyo Co., Ltd. | 900 | 15078 |
| Eizo Corp. | 2700 | 70553 |
| Elecom Co., Ltd. | 3800 | 39070 |
| en Japan, Inc. | 200 | 3653 |
| FANUC Corp. | 13900 | 2074462 |
| Freee KK<sup>(a)</sup> | 4300 | 95858 |
| Fukuyama Transporting Co., Ltd. | 600 | 13861 |
| Funai Soken Holdings, Inc. | 1700 | 35167 |
| Gecoss Corp. | 5600 | 35535 |
| Glory Ltd. | 2800 | 46434 |
| Hamakyorex Co., Ltd. | 1100 | 26124 |
| Heiwa Corp. | 25300 | 477017 |
| Himacs Ltd. | 200 | 2201 |
| Hirose Electric Co., Ltd. | 900 | 112579 |
| Hito Communications Holdings, Inc. | 2800 | 32395 |
| Hokuriku Electrical Construction Co., Ltd. | 3500 | 17553 |
| Hoosiers Holdings Co., Ltd. | 2800 | 15795 |
| Horiba Ltd. | 7900 | 344747 |
| IBJ, Inc. | 3700 | 27614 |
| Ichimasa Kamaboko Co., Ltd. | 5400 | 29253 |
| Ichinen Holdings Co., Ltd. | 2000 | 18970 |
| ID Holdings Corp. | 3400 | 24186 |
| IwaiCosmo Holdings, Inc. | 9000 | 88571 |
| Iwaki Co., Ltd. | 1700 | 15929 |
| Izumi Co., Ltd. | 4400 | 99465 |
| JAC Recruitment Co., Ltd. | 1800 | 33050 |
| Japan Aviation Electronics Industry Ltd. | 1800 | 28913 |
| Japan Post Insurance Co., Ltd. | 78600 | 1383275 |
| Japan System Techniques Co., Ltd. | 2200 | 28571 |
| Japan Tobacco, Inc. | 5700 | 115254 |
| Jichodo Co., Ltd. | 400 | 19756 |
| JINS Holdings, Inc. | 4000 | 139964 |
| JK Holdings Co., Ltd. | 2100 | 16380 |
| Justsystems Corp. | 10700 | 229527 |
| Kakiyasu Honten Co., Ltd. | 900 | 14282 |
| Kanamoto Co., Ltd. | 6400 | 110350 |
| Kawada Technologies, Inc. | 900 | 22356 |
| KDDI Corp. | 88400 | 2671812 |
| Kenko Mayonnaise Co., Ltd. | 4500 | 46803 |
| Keyence Corp. | 7500 | 2936285 |
| Koatsu Gas Kogyo Co., Ltd. | 3200 | 15489 |
| Kokuyo Co., Ltd. | 3900 | 55215 |
| Kubota Corp. | 115400 | 1589674 |
| Kuriyama Holdings Corp. | 5400 | 34059 |
| Kyokuto Kaihatsu Kogyo Co., Ltd. | 3600 | 39572 |
| Kyokuto Securities Co., Ltd. | 7500 | 32706 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **JAPAN (continued)** |  |  |
| Kyosan Electric Manufacturing Co., Ltd. | 8600 | $26116 |
| Lasertec Corp. | 7500 | 1245768 |
| M&A Research Institute, Inc.<sup>(a)</sup> | 4100 | 195753 |
| Makiya Co., Ltd. | 1100 | 5850 |
| MarkLines Co., Ltd. | 11800 | 229897 |
| Maruzen Showa Unyu Co., Ltd. | 900 | 20807 |
| Matching Service Japan Co., Ltd. | 3200 | 24468 |
| Mazda Motor Corp. | 3200 | 24189 |
| Medical Data Vision Co., Ltd. | 3900 | 26670 |
| Medikit Co., Ltd. | 900 | 17630 |
| MEIJI Holdings Co., Ltd. | 2700 | 138646 |
| Meiko Network Japan Co., Ltd. | 11000 | 51988 |
| Meisei Industrial Co., Ltd. | 7100 | 42138 |
| Meitec Corp. | 13300 | 240158 |
| Mercari, Inc.<sup>(a)</sup> | 10500 | 215772 |
| Mito Securities Co., Ltd. | 30100 | 48554 |
| Mitsubishi Electric Corp. | 83400 | 825584 |
| Mitsubishi Heavy Industries Ltd. | 5300 | 209738 |
| Mitsubishi Paper Mills Ltd.<sup>(a)</sup> | 6100 | 13086 |
| Mitsubishi Shokuhin Co., Ltd. | 2100 | 49575 |
| MORESCO Corp. | 1400 | 12430 |
| Morito Co., Ltd. | 4900 | 27460 |
| MS&AD Insurance Group Holdings, Inc. | 9700 | 310458 |
| Nanyo Corp. | 1300 | 18997 |
| NEC Corp. | 20300 | 710245 |
| NEOJAPAN, Inc. | 1600 | 12128 |
| Nextage Co., Ltd. | 69800 | 1346749 |
| Nidec Corp. | 27600 | 1437325 |
| Nihon Chouzai Co., Ltd. | 2100 | 19427 |
| Nihon M&A Center Holdings, Inc. | 51800 | 642521 |
| Nihon Trim Co., Ltd. | 2500 | 51399 |
| Nippon Hume Corp. | 3000 | 14741 |
| Nippon Telegraph & Telephone Corp. | 41000 | 1170307 |
| Nippon Thompson Co., Ltd. | 10500 | 41265 |
| Nissin Corp. | 1100 | 17593 |
| Nitto Kogyo Corp. | 3300 | 59052 |
| Nohmi Bosai Ltd. | 3700 | 44280 |
| NTT Data Intramart Corp. | 800 | 10730 |
| OBIC Business Consultants Co., Ltd. | 5300 | 173372 |
| Okabe Co., Ltd. | 4700 | 24883 |
| Olympus Corp. | 54800 | 968628 |
| Ono Pharmaceutical Co., Ltd. | 8700 | 203516 |
| Oracle Corp. Japan | 1500 | 97596 |
| Osaki Electric Co., Ltd. | 4500 | 17847 |
| Otsuka Holdings Co., Ltd. | 77500 | 2523094 |
| Pan Pacific International Holdings Corp. | 168400 | 3126092 |
| Qol Holdings Co., Ltd. | 1300 | 11506 |
| Recruit Holdings Co., Ltd. | 3700 | 117674 |
| Ricoh Co., Ltd. | 36000 | 276130 |
| Ryohin Keikaku Co., Ltd. | 25200 | 297311 |
| Sanken Electric Co., Ltd. | 1000 | 48978 |
| Sato Holdings Corp. | 4500 | 64365 |
| Secom Co., Ltd. | 7600 | 433545 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **JAPAN (continued)** |  |  |
| Seika Corp. | 2100 | $24792 |
| Seiko Epson Corp. | 15400 | 223533 |
| Sekisui Kasei Co., Ltd. | 5300 | 15594 |
| Shibusawa Warehouse Co., Ltd. (The) | 1900 | 29939 |
| Shibuya Corp. | 3600 | 62406 |
| Shinnihonseiyaku Co., Ltd. | 1500 | 15684 |
| Shofu, Inc. | 2000 | 34721 |
| SIGMAXYZ Holdings, Inc. | 9000 | 87312 |
| Sinko Industries Ltd. | 2300 | 25266 |
| SMK Corp. | 1300 | 22720 |
| SMS Co., Ltd. | 9900 | 252915 |
| Sojitz Corp. | 8000 | 152042 |
| Solasto Corp. | 6400 | 34784 |
| Sompo Holdings, Inc. | 32300 | 1434209 |
| Sony Corp. | 68600 | 5231155 |
| Space Co., Ltd. | 2100 | 13978 |
| ST Corp. | 2500 | 28706 |
| Step Co., Ltd. | 1200 | 16363 |
| Sumitomo Mitsui Construction Co., Ltd. | 19600 | 62264 |
| Suzuken Co., Ltd. | 4700 | 127310 |
| T&D Holdings, Inc. | 44200 | 636155 |
| Taisho Pharmaceutical Holdings Co., Ltd. | 8400 | 370762 |
| Takara & Co., Ltd. | 1300 | 20262 |
| Tayca Corp. | 2700 | 23937 |
| TechMatrix Corp. | 3000 | 41394 |
| Techno Medica Co., Ltd. | 1900 | 25015 |
| TechnoPro Holdings, Inc. | 37400 | 988773 |
| Temairazu, Inc. | 400 | 15092 |
| Toell Co., Ltd. | 4000 | 22696 |
| Toho Holdings Co., Ltd. | 5600 | 93493 |
| Tokio Marine Holdings, Inc. | 70500 | 1509163 |
| Tokuyama Corp. | 16700 | 226609 |
| Tokyo Rakutenchi Co., Ltd. | 700 | 21693 |
| Tokyo Seimitsu Co., Ltd. | 9100 | 295655 |
| Tokyotokeiba Co., Ltd. | 1800 | 51896 |
| Topcon Corp. | 2800 | 32118 |
| Toyo Machinery & Metal Co., Ltd. | 5200 | 21743 |
| Transcosmos, Inc. | 1700 | 42147 |
| Tsubakimoto Kogyo Co., Ltd. | 700 | 20534 |
| Ushio, Inc. | 7600 | 93107 |
| USS Co., Ltd. | 20000 | 316953 |
| VINX Corp. | 1800 | 20317 |
| Warabeya Nichiyo Holdings Co., Ltd. | 13700 | 190968 |
| Wowow, Inc. | 5000 | 48181 |
| Xebio Holdings Co., Ltd. | 10400 | 72569 |
| Yushin Precision Equipment Co., Ltd. | 5900 | 29900 |
| **Total Japan** |  | **50960359** |
| **MALAYSIA - 0.1%** |  |  |
| CIMB Group Holdings Bhd | 278592 | 366969 |
| Heineken Malaysia Bhd | 24602 | 140761 |
| **Total Malaysia** |  | **507730** |
| **MEXICO - 0.6%** |  |  |
| Corp. Moctezuma S.A.B. de C.V., Series | 57896 | 163410 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **MEXICO (continued)** |  |  |
| Fomento Economico Mexicano S.A.B. de C.V., ADR | 12224 | $954939 |
| Grupo Financiero Banorte S.A.B. de C.V., Class O | 107193 | 771444 |
| Grupo Mexico S.A.B. de C.V., Series B | 391983 | 1381943 |
| Wal-Mart de Mexico S.A.B. de C.V. | 300540 | 1062335 |
| **Total Mexico** |  | **4334071** |
| **NETHERLANDS - 3.0%** |  |  |
| Adyen N.V.<sup>(a)(b)</sup> | 1200 | 1660579 |
| Akzo Nobel N.V. | 29300 | 1955073 |
| ASM International N.V. | 4650 | 1177198 |
| ASML Holding N.V. | 3294 | 1783052 |
| ASML Holding N.V. | 2980 | 1628272 |
| Heineken N.V. | 28000 | 2630643 |
| Koninklijke DSM N.V. | 20400 | 2500948 |
| Nedap N.V. | 288 | 16943 |
| NN Group N.V. | 38400 | 1568307 |
| OCI N.V. | 19547 | 697525 |
| QIAGEN N.V.<sup>(a)</sup> | 18271 | 919552 |
| QIAGEN N.V.<sup>(a)</sup> | 23615 | 1177680 |
| Universal Music Group N.V. | 64303 | 1552221 |
| Wolters Kluwer N.V. | 15590 | 1628517 |
| **Total Netherlands** |  | **20896510** |
| **NEW ZEALAND - 0.1%** |  |  |
| Channel Infrastructure NZ Ltd.<sup>(a)</sup> | 101742 | 92233 |
| Eroad Ltd.<sup>(a)</sup> | 4854 | 2893 |
| Mainfreight Ltd. | 4633 | 197406 |
| NZME Ltd. | 15540 | 11526 |
| Rakon Ltd.<sup>(a)</sup> | 19302 | 12517 |
| Scales Corp. Ltd. | 9331 | 24285 |
| SKY Network Television Ltd. | 23673 | 34568 |
| Spark New Zealand Ltd. | 17056 | 58463 |
| **Total New Zealand** |  | **433891** |
| **NORWAY - 0.09%** |  |  |
| Aker BP ASA | 27042 | 842929 |
| Belships ASA | 3699 | 5381 |
| Bouvet ASA | 35723 | 217281 |
| DNB Bank ASA | 28100 | 556328 |
| Equinor ASA | 44344 | 1590548 |
| Gjensidige Forsikring ASA | 1848 | 36265 |
| Kongsberg Gruppen ASA | 5470 | 232153 |
| Norsk Hydro ASA | 169353 | 1268372 |
| SpareBank 1 Nord Norge | 3671 | 35976 |
| Sparebanken More | 4060 | 34895 |
| Wallenius Wilhelmsen ASA | 17371 | 172156 |
| Western Bulk Chartering AS | 4034 | 15057 |
| Wilh Wilhelmsen Holding ASA, Class B | 958 | 25623 |
| Wilson ASA | 2215 | 14596 |
| Yara International ASA | 27501 | 1209163 |
| **Total Norway** |  | **6256723** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **PERU - 0.4%** |  |  |
| Credicorp Ltd. | 23265 | $**3156130** |
| **POLAND - 0.1%** |  |  |
| Allegro.eu S.A.<sup>(a)(b)</sup> | 26497 | 152625 |
| Bank Polska Kasa Opieki S.A. | 9684 | 191844 |
| Grupa Pracuj S.A. | 18330 | 171180 |
| Powszechny Zaklad Ubezpieczen S.A. | 41127 | 333132 |
| **Total Poland** |  | **848781** |
| **PORTUGAL - 0.0%**<sup>(c)</sup>** |  |  |
| Altri SGPS S.A. | 9011 | 48238 |
| REN - Redes Energeticas Nacionais,SGPS, S.A. | 20545 | 55501 |
| **Total Portugal** |  | **103739** |
| **RUSSIA - 0.0%**<sup>(c)</sup>** |  |  |
| HeadHunter Group PLC, ADR | 39294 | 393 |
| Yandex N.V., Class A<sup>(a)</sup> | 8610 | 0 |
| **Total Russia** |  | **393** |
| **SINGAPORE - 1.5%** |  |  |
| BRC Asia Ltd. | 18500 | 25009 |
| DBS Group Holdings Ltd. | 264100 | 6686065 |
| Delfi Ltd. | 35400 | 20429 |
| Great Eastern Holdings Ltd. | 900 | 12433 |
| Golden Agri-Resources Ltd. | 902800 | 168332 |
| Haw Par Corp. Ltd. | 32800 | 234560 |
| HRnetgroup Ltd. | 101100 | 59236 |
| IGG, Inc.<sup>(a)</sup> | 42000 | 15452 |
| Jardine Cycle & Carriage Ltd. | 40100 | 856758 |
| Keppel Corp. Ltd. | 193100 | 1047490 |
| Raffles Medical Group Ltd. | 16900 | 17673 |
| Samudera Shipping Line Ltd. | 81500 | 51155 |
| Sembcorp Industries Ltd. | 71700 | 180516 |
| Singapore Technologies Engineering Ltd. | 434500 | 1087457 |
| **Total Singapore** |  | **10462565** |
| **SOUTH AFRICA - 0.05%** |  |  |
| Aspen Pharmacare Holdings Ltd. | 38860 | 312152 |
| AVI Ltd. | 34332 | 151274 |
| Capitec Bank Holdings Ltd. | 3301 | 361080 |
| FirstRand Ltd. | 173302 | 632979 |
| Foschini Group Ltd. (The) | 8622 | 51423 |
| Gold Fields Ltd. | 58351 | 603917 |
| MTN Group Ltd. | 50481 | 378137 |
| Naspers Ltd., Class N | 3817 | 629235 |
| Shoprite Holdings Ltd. | 32210 | 428512 |
| **Total South Africa** |  | **3548709** |
| **SOUTH KOREA - 2.1%** |  |  |
| Kia Motors Corp. | 4666 | 220073 |
| Korea Zinc Co., Ltd. | 919 | 412298 |
| LG Chem Ltd. | 2095 | 1002186 |
| LG Energy Solution Ltd.<sup>(a)</sup> | 2743 | 950420 |
| LG H&H Co Ltd | 570 | 327979 |
| LG Uplus Corp. | 36849 | 323139 |
| S-1 Corp. | 3681 | 173096 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **SOUTH KOREA (continued)** |  |  |
| Samsung Electro-Mechanics Co., Ltd. | 1411 | $147037 |
| Samsung Electronics Co., Ltd. | 100539 | 4433578 |
| Samsung Electronics Co., Ltd., GDR | 1930 | 2145292 |
| Samsung Fire & Marine Insurance Co., Ltd. | 2439 | 386659 |
| Samsung SDI Co., Ltd.<sup>(a)</sup> | 2234 | 1052668 |
| SK Hynix, Inc. | 32154 | 1935410 |
| SK Innovation Co., Ltd.<sup>(a)</sup> | 2659 | 326983 |
| SK Telecom Co., Ltd. | 8803 | 329343 |
| **Total South Korea** |  | **14166161** |
| **SPAIN - 0.5%** |  |  |
| Corp. ACCIONA Energias Renovables S.A. | 2261 | 87382 |
| Iberdrola S.A. | 112017 | 1310319 |
| Industria de Diseno Textil S.A. | 69942 | 1862426 |
| Naturhouse Health SAU | 7581 | 12820 |
| **Total Spain** |  | **3272947** |
| **SWEDEN - 0.8%** |  |  |
| Assa Abloy AB, Class B | 86400 | 1858975 |
| Atlas Copco AB, Class A | 84580 | 1001373 |
| B3 Consulting Group AB | 8679 | 130881 |
| BTS Group AB, Class B | 3300 | 92112 |
| Evolution AB<sup>(b)</sup> | 18040 | 1761855 |
| FM Mattsson Mora Group AB | 2861 | 16609 |
| New Wave Group AB, Class B | 9514 | 188962 |
| Nordnet AB publ | 8953 | 130188 |
| Ratos AB, Class A | 1209 | 5060 |
| SkiStar AB | 2301 | 24531 |
| VNV Global AB<sup>(a)</sup> | 8596 | 21527 |
| **Total Sweden** |  | **5232073** |
| **SWITZERLAND - 4.0%** |  |  |
| Alcon, Inc. | 69130 | 4748158 |
| Burkhalter Holding AG | 263 | 21800 |
| Coca-Cola HBC AG<sup>(a)</sup> | 15974 | 381285 |
| dormakaba Holding AG | 997 | 366366 |
| Glencore PLC | 281706 | 1883704 |
| Kuehne + Nagel International AG | 4196 | 975083 |
| Lonza Group AG | 1900 | 935138 |
| Mobilezone Holding AG | 5837 | 96594 |
| Nestle S.A. | 18407 | 2125741 |
| Novartis AG | 66810 | 6051737 |
| Roche Holding AG | 13318 | 4185339 |
| Sika AG | 7710 | 1860341 |
| Sonova Holding AG | 4599 | 1094273 |
| STMicroelectronics N.V. | 599 | 21307 |
| Swatch Group AG (The) | 4598 | 1305353 |
| UBS Group AG | 83633 | 1558884 |
| **Total Switzerland** |  | **27611103** |
| **TAIWAN - 1.6%** |  |  |
| Accton Technology Corp. | 31000 | 236262 |
| ASE Technology Holding Co., Ltd. | 204000 | 622680 |
| Cathay Financial Holding Co., Ltd. | 292037 | 379852 |
| Chunghwa Telecom Co., Ltd. | 109000 | 400644 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS (continued)** |  |  |
| **TAIWAN (continued)** |  |  |
| CTBC Financial Holding Co., Ltd. | 744000 | 534730 |
| Hon Hai Precision Industry Co., Ltd. | 343000 | 1114366 |
| Kerry TJ Logistics Co., Ltd. | 87000 | 106964 |
| Lumax International Corp. Ltd. | 24900 | 55778 |
| MediaTek, Inc. | 16000 | 324993 |
| Nien Made Enterprise Co., Ltd. | 60000 | 574601 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 304000 | 4430693 |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 28466 | 2120432 |
| Uni-President Enterprises Corp. | 169000 | 366082 |
| **Total Taiwan** |  | **11268077** |
| **THAILAND - 0.1%** |  |  |
| Kasikornbank PCL, NVDR | 209000 | **890068** |
| **UNITED ARAB EMIRATES - 0.1%** |  |  |
| Emaar Properties PJSC | 340476 | 541955 |
| First Abu Dhabi Bank PJSC | 55458 | 257938 |
| **Total United Arab Emirates** |  | **799893** |
| **UNITED STATES - 1.5%** |  |  |
| Aon PLC, Class A | 8110 | 2434136 |
| Atlassian Corp., Class A<sup>(a)</sup> | 11636 | 1497321 |
| EPAM Systems, Inc.<sup>(a)</sup> | 4650 | 1523991 |
| Hamilton Thorne Ltd.<sup>(a)</sup> | 9700 | 11677 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 880 | 1271996 |
| ResMed, Inc. | 5410 | 1125983 |
| STERIS PLC | 8690 | 1604956 |
| Waste Connections, Inc. | 7750 | 1027340 |
| **Total United States** |  | **10497400** |
| **URUGUAY - 0.1%** | **URUGUAY - 0.1%** | **URUGUAY - 0.1%** |
| Globant S.A.<sup>(a)</sup> | 1056 | 177577 |
| MercadoLibre, Inc.<sup>(a)</sup> | 244 | 206483 |
| **Total Uruguay** |  | **384060** |
| **TOTAL COMMON STOCKS**<br> (Cost: $448,022,233) |  | **430212952** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **EXCHANGrE-TRADED FUNDS - 35.8%** |  |  |
| iShares Core MSCI Total International Stock ETF | 4188015 | $242402308 |
| iShares MSCI India ETF | 59768 | 2494716 |
| iShares MSCI Saudi Arabia ETF | 26933 | 1015913 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br> (Cost: $277,358,504) |  | **245912937** |
| **PREFERRED STOCK - 0.1%** |  |  |
| **Brazil - 0.1%** |  |  |
| Banco Bradesco S.A.<br> (Cost: $392,057) | 138306 | **401065** |
| **SHORT-TERM INVESTMENTS - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Money Market Fund – Investor Class Shares, 3.71%<sup>(d)</sup><br> (Cost $8,013,814) | 8013814 | **8013814** |
| **TOTAL INVESTMENTS - 99.7%**<br> (Cost: $733,786,608) |  | **684540768** |
| **OTHER ASSETS AND LIABILITIES, NET - 0.3%** | **OTHER ASSETS AND LIABILITIES, NET - 0.3%** | **2109715** |
| **NET ASSETS - 100.0%** |  | $**686650483** |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust's Board of Trustees. At December 31, 2022, the value of these securities was $12,951,561, representing 1.9% of net assets. |
| (c) | Amount is less than 0.05%. |
| (d) | The rate shown is the annualized seven-day yield at December 31, 2022. |
| ADR | American Depositary Receipt |
| ETF | Exchange Traded Fund |
| GDR | Global Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER INTERNATIONAL EQUITY FUND (concluded)**

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $2306574 | $20574944 | $— | $22881518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 5033537 |  | 5033537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 1500225 |  | 1500225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 2662403 | 2469724 |  | 5132127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Britain | 8077065 | 37990300 |  | 46067365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 19770794 |  |  | 19770794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 575544 |  |  | 575544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 2048078 | 24213728 |  | 26261806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 14993171 |  | 14993171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 117044 |  |  | 117044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 3338752 |  | 3338752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 34935021 |  | 34935021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 21658594 |  | 21658594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 787840 |  | 787840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 12764447 |  | 12764447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 469635 |  | 469635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iceland |  | 80785 |  | 80785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 10395429 | 1847706 |  | 12243135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 993501 |  | 993501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 8069240 | 6632221 |  | 14701461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 1533096 | 2284137 |  | 3817233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 6458034 |  | 6458034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 50960359 |  | 50960359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia |  | 507730 |  | 507730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 4334071 |  |  | 4334071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 2805952 | 18090558 |  | 20896510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand |  | 433891 |  | 433891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 6256723 |  | 6256723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 3156130 |  |  | 3156130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 848781 |  | 848781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 103739 |  | 103739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  | 393 |  | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 10462565 |  | 10462565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 3548709 |  | 3548709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 14166161 |  | 14166161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 3272947 |  | 3272947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 5232073 |  | 5232073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 21306 | 27589797 |  | 27611103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 2120432 | 9147645 |  | 11268077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 890068 |  |  | 890068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 799893 |  | 799893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 10497400 |  |  | 10497400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | 384060 |  |  | 384060 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks | 79764686 | 350448266 |  | 430212952 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 245912937 |  |  | 245912937 |
| &nbsp;&nbsp;&nbsp;Preferred Stock\* |  | 401065 |  | 401065 |
| &nbsp;&nbsp;&nbsp;Money Market Fund | 8013814 |  |  | 8013814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities | $333691437 | $350849331 | $— | $684540768 |

---

\* See Schedule of Investments for additional detailed categorizations.

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS - 18.1%** |  |  |
| **BASIC MATERIALS - 0.3%** |  |  |
| Albemarle Corp., 4.65%, 6/1/27 | $137000 | $133599 |
| Albemarle Corp., 5.65%, 6/1/52 | 78000 | 70969 |
| Cabot Corp., 5.00%, 6/30/32 | 112000 | 103555 |
| Celanese US Holdings LLC, 5.90%, 7/5/24 | 145000 | 144953 |
| CF Industries, Inc., 5.38%, 3/15/44 | 153000 | 137458 |
| Ecolab, Inc., 2.70%, 12/15/51 | 147000 | 91435 |
| Ecolab, Inc., 5.25%, 1/15/28 | 137000 | 139584 |
| Georgia-Pacific LLC, 0.95%, 5/15/26 <sup>(a)</sup> | 613000 | 536882 |
| Inversiones CMPC S.A., 3.00%, 4/6/31 <sup>(a)</sup> | 200000 | 167407 |
| LYB International Finance III LLC, 4.20%, 5/1/50 | 205000 | 151569 |
| Newmont Corp., 2.25%, 10/1/30 | 775000 | 622898 |
| Nucor Corp., 3.13%, 4/1/32 | 56000 | 47467 |
| Nucor Corp., 4.30%, 5/23/27 | 104000 | 101455 |
| RPM International, Inc., 2.95%, 1/15/32 | 49000 | 38608 |
| RPM International, Inc., 4.55%, 3/1/29 | 234000 | 216603 |
| SASOL Financing USA LLC, 5.88%, 3/27/24 | 200000 | 195518 |
| Westlake Chemical Corp., 3.38%, 8/15/61 | 167000 | 98483 |
| **Total Basic Materials** |  | **2998443** |
| **COMMUNICATIONS - 1.1%** |  |  |
| Amazon.com, Inc., 3.30%, 4/13/27 | 121000 | 114829 |
| Amazon.com, Inc., 4.10%, 4/13/62 | 249000 | 205477 |
| Amazon.com, Inc., 4.65%, 12/1/29 | 79000 | 78409 |
| AT&T, Inc., 3.50%, 9/15/53 | 1305000 | 880792 |
| AT&T, Inc., 3.65%, 9/15/59 | 28000 | 18741 |
| AT&T, Inc., 3.85%, 6/1/60 | 52000 | 36076 |
| AT&T, Inc., 4.30%, 2/15/30 | 25000 | 23540 |
| AT&T, Inc., Senior Bond, 4.50%, 5/15/35 | 151000 | 137266 |
| AT&T, Inc., Senior Bond, 4.75%, 5/15/46 | 342000 | 289132 |
| AT&T, Inc., Senior Bond, 4.90%, 8/15/37 | 188000 | 172791 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 6/1/41 | 79000 | 51476 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 3.50%, 3/1/42 | 430000 | 275525 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 3.85%, 4/1/61 | 51000 | 29496 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, 3/1/50 | 578000 | 419598 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 4/1/38 | 38000 | 31637 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 5.38%, 5/1/47 | 400000 | 313777 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Bond, 6.38%, 10/23/35 | 597000 | 581947 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **COMMUNICATIONS (continued)** |  |  |
| Comcast Corp., 4.00%, 3/1/48 | $252000 | $202058 |
| Comcast Corp., 4.15%, 10/15/28 | 120000 | 115074 |
| Comcast Corp., 4.25%, 10/15/30 | 90000 | 86099 |
| Comcast Corp., 4.60%, 10/15/38 | 87000 | 80374 |
| Comcast Corp., 5.25%, 11/7/25 | 48000 | 48629 |
| Corning, Inc., 5.45%, 11/15/79 | 277000 | 239068 |
| Cox Communications, Inc., 2.60%, 6/15/31 <sup>(a)</sup> | 625000 | 497722 |
| CSC Holdings LLC, 5.50%, 4/15/27 <sup>(a)</sup> | 250000 | 209719 |
| Discovery Communications LLC, 5.30%, 5/15/49 | 97000 | 73341 |
| Expedia Group, Inc., 2.95%, 3/15/31 | 73000 | 58702 |
| Meta Platforms, Inc., 4.45%, 8/15/52 | 63000 | 50063 |
| Meta Platforms, Inc., 4.65%, 8/15/62 | 65000 | 52152 |
| Paramount Global, Senior Bond, 5.85%, 9/1/43 | 37000 | 30724 |
| Sprint Corp., 7.88%, 9/15/23 | 275000 | 278846 |
| T-Mobile USA, Inc., 3.00%, 2/15/41 | 875000 | 617421 |
| T-Mobile USA, Inc., 3.60%, 11/15/60 | 86000 | 56783 |
| T-Mobile USA, Inc., 3.88%, 4/15/30 | 150000 | 135872 |
| T-Mobile USA, Inc., 4.38%, 4/15/40 | 475000 | 405365 |
| Time Warner Cable LLC, 6.55%, 5/1/37 | 4000 | 3808 |
| Verizon Communications, Inc., 1.50%, 9/18/30 | 1000000 | 777434 |
| Verizon Communications, Inc., 2.55%, 3/21/31 | 710000 | 583875 |
| Verizon Communications, Inc., 2.85%, 9/3/41 | 114000 | 78455 |
| Verizon Communications, Inc., 3.00%, 11/20/60 | 184000 | 109558 |
| Verizon Communications, Inc., 3.40%, 3/22/41 | 1399000 | 1051911 |
| Verizon Communications, Inc., 3.88%, 3/1/52 | 99000 | 75077 |
| Verizon Communications, Inc., 5.11%, 3/20/26 (SOFR + 0.790%)<sup>(b)</sup> | 1000000 | 974808 |
| Verizon Communications, Inc., Senior Bond, 4.40%, 11/1/34 | 168000 | 154267 |
| ViacomCBS, Inc., 4.38%, 3/15/43 | 423000 | 291280 |
| **Total Communications** |  | **10998994** |
| **CONSUMER, CYCLICAL - 1.1%** |  |  |
| Dana, Inc., 5.38%, 11/15/27 | 75000 | 69571 |
| Delta Air Lines Pass Through Trust, Series 2015-1A, 3.88%, 1/30/29 | 387977 | 342123 |
| Delta Air Lines Pass Through Trust, Series 2019-1A, 3.40%, 10/25/25 | 150000 | 143305 |
| Delta Air Lines Pass Through Trust, Series 2020-A, 2.50%, 12/10/29 | 1238564 | 1051759 |
| Delta Air Lines Pass Through Trust, Series 2020-AA, 2.00%, 12/10/29 | 425258 | 362130 |
| Ford Motor Co., 5.29%, 12/8/46 | 400000 | 304806 |
| Ford Motor Co., Senior Bond, 4.75%, 1/15/43 | 100000 | 71779 |
| Gap, Inc. (The), 3.63%, 10/1/29 <sup>(a)</sup> | 50000 | 35270 |
| Gap, Inc. (The), 3.88%, 10/1/31 <sup>(a)</sup> | 150000 | 104642 |
| General Motors Co., 5.40%, 10/15/29 | 138000 | 131693 |
| General Motors Co., 5.60%, 10/15/32 | 1000000 | 928996 |
| General Motors Co., Senior Bond, 6.25%, 10/2/43 | 205000 | 189528 |
| General Motors Financial Co., Inc., 2.70%, 6/10/31 | 95000 | 72787 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **CONSUMER, CYCLICAL (continued)** |  |  |
| Lowe's Cos., Inc., 2.80%, 9/15/41 | $1250000 | $850627 |
| Lowe's Cos., Inc., 3.10%, 5/3/27 | 47000 | 43757 |
| Lowe's Cos., Inc., 4.45%, 4/1/62 | 68000 | 52863 |
| Marriott International, Inc., Series GG, 3.50%, 10/15/32 | 761000 | 633048 |
| Marriott International, Inc., Series HH, 2.85%, 4/15/31 | 281000 | 227549 |
| McDonald's Corp., 3.50%, 7/1/27 | 103000 | 97703 |
| McDonald's Corp., 3.63%, 9/1/49 | 156000 | 117349 |
| Mercedes-Benz Finance North America LLC, 5.38%, 11/26/25 | 151000 | 151817 |
| O'Reilly Automotive, Inc., Senior Note, 3.60%, 9/1/27 | 100000 | 94244 |
| PACCAR Financial Corp., 4.95%, 10/3/25 | 57000 | 57253 |
| Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/1/25 | 200000 | 192659 |
| Starbucks Corp., Senior Note, 2.45%, 6/15/26 | 500000 | 463068 |
| Stellantis Finance US, Inc., 2.69%, 9/15/31 <sup>(a)</sup> | 385000 | 293756 |
| Taylor Morrison Communities, Inc., 5.13%, 8/1/30 <sup>(a)</sup> | 150000 | 129935 |
| Taylor Morrison Communities, Inc., 5.63%, 3/1/24 <sup>(a)</sup> | 150000 | 148875 |
| Toyota Motor Credit Corp., 1.90%, 4/6/28 | 219000 | 190416 |
| Toyota Motor Credit Corp., 5.45%, 11/10/27 | 191000 | 195278 |
| United Airlines, Inc., 4.38%, 4/15/26 <sup>(a)</sup> | 185000 | 171481 |
| United Airlines, Inc., 4.63%, 4/15/29 <sup>(a)</sup> | 35000 | 30474 |
| Walmart, Inc., 1.80%, 9/22/31 | 1175000 | 956236 |
| Warnermedia Holdings, Inc., 3.64%, 3/15/25 <sup>(a)</sup> | 89000 | 84636 |
| Warnermedia Holdings, Inc., 5.05%, 3/15/42 <sup>(a)</sup> | 493000 | 377186 |
| Warnermedia Holdings, Inc., 5.14%, 3/15/52 <sup>(a)</sup> | 290000 | 210820 |
| Warnermedia Holdings, Inc., 5.39%, 3/15/62 <sup>(a)</sup> | 153000 | 111692 |
| William Carter Co. (The), 5.63%, 3/15/27 <sup>(a)</sup> | 250000 | 239805 |
| Wolverine World Wide, Inc., 4.00%, 8/15/29 <sup>(a)</sup> | 150000 | 113634 |
| **Total Consumer, Cyclical** |  | **10044550** |
| **CONSUMER, NON-CYCLICAL - 2.8%** |  |  |
| AbbVie, Inc., 4.05%, 11/21/39 | 149000 | 127536 |
| AbbVie, Inc., 4.25%, 11/21/49 | 631000 | 523658 |
| AbbVie, Inc., 4.55%, 3/15/35 | 380000 | 355330 |
| AbbVie, Inc., 4.75%, 3/15/45 | 150000 | 134707 |
| AbbVie, Inc., Senior Bond, 4.50%, 5/14/35 | 200000 | 185261 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **CONSUMER, NON-CYCLICAL (continued)** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC, 3.50%, 3/15/29 <sup>(a)</sup> | $200000 | $167798 |
| AmerisourceBergen Corp., 3.45%, 12/15/27 | 46000 | 42978 |
| AmerisourceBergen Corp., Senior Bond, 4.30%, 12/15/47 | 101000 | 83799 |
| Amgen, Inc., 2.80%, 8/15/41 | 610000 | 422614 |
| Amgen, Inc., 4.88%, 3/1/53 | 68000 | 60307 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36 | 120000 | 113333 |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46 | 446000 | 405448 |
| Anheuser-Busch InBev Worldwide, Inc., 4.60%, 4/15/48 | 494000 | 429262 |
| Anheuser-Busch InBev Worldwide, Inc., 5.45%, 1/23/39 | 200000 | 199562 |
| Ascension Health, 2.53%, 11/15/29 | 630000 | 539978 |
| Ascension Health, 3.11%, 11/15/39 | 120000 | 92182 |
| BAT Capital Corp., 2.73%, 3/25/31 | 620000 | 483735 |
| Becton Dickinson and Co., 4.30%, 8/22/32 | 60000 | 56161 |
| Bristol-Myers Squibb Co., 0.75%, 11/13/25 | 164000 | 147367 |
| Bristol-Myers Squibb Co., 3.90%, 2/20/28 | 152000 | 146353 |
| Bristol-Myers Squibb Co., 4.13%, 6/15/39 | 40000 | 35591 |
| Bush Foundation, 2.75%, 10/1/50 | 300000 | 194843 |
| Cardinal Health, Inc., 4.50%, 11/15/44 | 150000 | 119519 |
| Cigna Corp., 2.40%, 3/15/30 | 430000 | 360222 |
| Cigna Corp., 3.40%, 3/15/50 | 217000 | 153795 |
| Cigna Corp., 3.88%, 10/15/47 | 56000 | 43414 |
| Cigna Corp., 4.38%, 10/15/28 | 190000 | 183242 |
| Conagra Brands, Inc., 7.00%, 10/1/28 | 159000 | 169517 |
| Conservation Fund A Nonprofit Corp. (The), Series 2019, 3.47%, 12/15/29 | 1000000 | 859784 |
| Constellation Brands, Inc., 4.35%, 5/9/27 | 67000 | 65243 |
| CVS Health Corp., 5.13%, 7/20/45 | 261000 | 237877 |
| CVS Health Corp., Senior Bond, 4.78%, 3/25/38 | 512000 | 466398 |
| Duke University Health System, Inc., Senior Bond, 3.92%, 6/1/47 | 70000 | 57577 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br>Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **CONSUMER, NON-CYCLICAL (continued)** |  |  |
| Elevance Health, Inc., 2.88%, 9/15/29 | $114000 | $100158 |
| Elevance Health, Inc., 6.10%, 10/15/52 | 54000 | 57568 |
| ERAC USA Finance LLC, 4.20%, 11/1/46 <sup>(a)</sup> | 325000 | 252346 |
| Ford Foundation (The), 2.82%, 6/1/70 | 851000 | 496371 |
| GE HealthCare Technologies, Inc., 5.65%, 11/15/27 | 134000 | 135568 |
| General Mills, Inc., 5.24%, 11/18/25 | 63000 | 63157 |
| Gilead Sciences, Inc., 2.60%, 10/1/40 | 1075000 | 750018 |
| Gilead Sciences, Inc., 2.80%, 10/1/50 | 1000000 | 639335 |
| GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 3/24/52 | 250000 | 194978 |
| HCA, Inc., 3.50%, 9/1/30 | 126000 | 108672 |
| HCA, Inc., 3.50%, 7/15/51 | 145000 | 93027 |
| HCA, Inc., 4.63%, 3/15/52 <sup>(a)</sup> | 162000 | 126084 |
| HCA, Inc., 5.88%, 2/15/26 | 58000 | 58366 |
| HCA, Inc., 7.75%, 7/15/36 | 150000 | 163199 |
| Hormel Foods Corp., 0.65%, 6/3/24 | 147000 | 138428 |
| Humana, Inc., 1.35%, 2/3/27 | 140000 | 121043 |
| Humana, Inc., 5.88%, 3/1/33 | 45000 | 46454 |
| Kraft Heinz Foods Co., 4.38%, 6/1/46 | 234000 | 190149 |
| Kraft Heinz Foods Co., 4.88%, 10/1/49 | 273000 | 236976 |
| Lamb Weston Holdings, Inc., 4.13%, 1/31/30 <sup>(a)</sup> | 75000 | 66240 |
| Lamb Weston Holdings, Inc., 4.38%, 1/31/32 <sup>(a)</sup> | 225000 | 196582 |
| Massachusetts Institute of Technology, 3.89%, 7/1/2116 | 75000 | 53922 |
| Massachusetts Institute of Technology, 4.68%, 7/1/2114 | 150000 | 127703 |
| Mather Foundation, Series 2021, 2.68%, 10/1/31 | 750000 | 613312 |
| Merck & Co., Inc., 2.15%, 12/10/31 | 1150000 | 939083 |
| Merck & Co., Inc., 2.75%, 12/10/51 | 625000 | 417587 |
| Mozart Debt Merger Sub, Inc., 3.88%, 4/1/29 <sup>(a)</sup> | 175000 | 141043 |
| Mylan, Inc., 3.13%, 1/15/23 <sup>(a)</sup> | 480000 | 479631 |
| Mylan, Inc., 5.20%, 4/15/48 | 275000 | 204787 |
| Mylan, Inc., 5.40%, 11/29/43 | 180000 | 142486 |
| NBM US Holdings, Inc., 6.63%, 8/6/29 <sup>(a)</sup> | 800000 | 772624 |
| Nestle Holdings, Inc., 3.50%, 9/24/25 <sup>(a)</sup> | 547000 | 530601 |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 4/30/28 <sup>(a)</sup> | 275000 | 243485 |
| Orlando Health Obligated Group, 4.09%, 10/1/48 | 50000 | 39345 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **CONSUMER, NON-CYCLICAL (continued)** |  |  |
| PepsiCo, Inc., 2.25%, 3/19/25 | $131000 | $124694 |
| PepsiCo, Inc., 2.88%, 10/15/49 | 1000000 | 714440 |
| PepsiCo, Inc., 3.60%, 2/18/28 | 81000 | 77551 |
| PepsiCo, Inc., 3.90%, 7/18/32 | 92000 | 86746 |
| PepsiCo, Inc., 4.20%, 7/18/52 | 25000 | 22760 |
| Philip Morris International, Inc., 5.63%, 11/17/29 | 480000 | 486950 |
| Philip Morris International, Inc., 5.75%, 11/17/32 | 200000 | 203885 |
| Pilgrim's Pride Corp., 5.88%, 9/30/27 <sup>(a)</sup> | 300000 | 290993 |
| President & Fellows of Harvard College, 5.63%, 10/1/38 | 515000 | 551131 |
| President & Fellows of Harvard College, 3.62%, 10/1/37 | 50000 | 42852 |
| President & Fellows of Harvard College, 6.50%, 1/15/39 <sup>(a)</sup> | 105000 | 123224 |
| Procter & Gamble Co. (The), 1.20%, 10/29/30 | 1150000 | 902305 |
| Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/1/29 | 110000 | 93086 |
| Roche Holdings, Inc., 2.13%, 3/10/25 <sup>(a)</sup> | 803000 | 760232 |
| S&P Global, Inc., 2.70%, 3/1/29 <sup>(a)</sup> | 177000 | 155799 |
| Smithfield Foods, Inc., 4.25%, 2/1/27 <sup>(a)</sup> | 129000 | 118777 |
| Smithfield Foods, Inc., 5.20%, 4/1/29 <sup>(a)</sup> | 162000 | 147987 |
| Stanford Health Care, 3.03%, 8/15/51 | 1000000 | 657309 |
| Sutter Health, 4.09%, 8/15/48 | 125000 | 101068 |
| Sysco Corp., 4.45%, 3/15/48 | 290000 | 237758 |
| Sysco Corp., 4.50%, 4/1/46 | 165000 | 138249 |
| Sysco Corp., 5.95%, 4/1/30 | 38000 | 39328 |
| Sysco Corp., 6.60%, 4/1/50 | 95000 | 103541 |
| Tenet Healthcare Corp., 4.38%, 1/15/30 <sup>(a)</sup> | 25000 | 21639 |
| Tenet Healthcare Corp., 4.63%, 7/15/24 | 123000 | 119957 |
| Tenet Healthcare Corp., 6.13%, 6/15/30 <sup>(a)</sup> | 75000 | 71460 |
| Trustees of Boston College, 3.13%, 7/1/52 | 169000 | 117133 |
| Trustees of Princeton University (The), 2.52%, 7/1/50 | 90000 | 59884 |
| Trustees of Princeton University (The), 5.70%, 3/1/39 | 495000 | 535652 |
| Unilever Capital Corp., 2.13%, 9/6/29 | 675000 | 571271 |
| United Rentals North America, Inc., 3.75%, 1/15/32 | 50000 | 40791 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **CONSUMER, NON-CYCLICAL (continued)** |  |  |
| United Rentals North America, Inc., 3.88%, 2/15/31 | $62000 | $51974 |
| United Rentals North America, Inc., 5.25%, 1/15/30 | 70000 | 65771 |
| UnitedHealth Group, Inc., 1.25%, 1/15/26 | 234000 | 212059 |
| UnitedHealth Group, Inc., 4.95%, 5/15/62 | 52000 | 48666 |
| UnitedHealth Group, Inc., 5.15%, 10/15/25 | 127000 | 128448 |
| UnitedHealth Group, Inc., 5.25%, 2/15/28 | 97000 | 99156 |
| UnitedHealth Group, Inc., 6.05%, 2/15/63 | 97000 | 105258 |
| University of Chicago (The), 0, 2.76%, 4/1/45 | 100000 | 74757 |
| Vector Group Ltd., 5.75%, 2/1/29 <sup>(a)</sup> | 250000 | 216765 |
| Viatris, Inc., 3.85%, 6/22/40 | 156000 | 104598 |
| Viatris, Inc., 4.00%, 6/22/50 | 309000 | 190387 |
| Wisconsin Alumni Research Foundation, 3.56%, 10/1/49 | 1300000 | 885666 |
| Zoetis, Inc., 5.40%, 11/14/25 | 46000 | 46919 |
| Zoetis, Inc., 5.60%, 11/16/32 | 678000 | 702833 |
| **Total Consumer, Non-cyclical** |  | **27256428** |
| **ENERGY - 1.3%** |  |  |
| Antero Midstream Partners L.P./Antero Midstream Finance Corp., 7.88%, 5/15/26 <sup>(a)</sup> | 175000 | 177147 |
| Boardwalk Pipelines L.P., 3.60%, 9/1/32 | 73000 | 60407 |
| BP Capital Markets America, Inc., 2.77%, 11/10/50 | 1000000 | 638417 |
| BP Capital Markets America, Inc., 3.00%, 2/24/50 | 140000 | 93376 |
| BP Capital Markets America, Inc., 3.54%, 4/6/27 | 330000 | 313617 |
| Canadian Natural Resources Ltd., Senior Bond, 6.25%, 3/15/38 | 200000 | 197864 |
| Cenovus Energy, Inc., Senior Bond, 5.25%, 6/15/37 | 205000 | 186748 |
| Chevron Corp., 1.55%, 5/11/25 | 152000 | 141399 |
| Chevron USA, Inc., 4.20%, 10/15/49 | 52000 | 43079 |
| Colonial Enterprises, Inc., 3.25%, 5/15/30 <sup>(a)</sup> | 510000 | 441514 |
| Continental Resources, Inc., 3.80%, 6/1/24 | 775000 | 753631 |
| DCP Midstream Operating L.P., 5.13%, 5/15/29 | 320000 | 308395 |
| DCP Midstream Operating L.P., 6.75%, 9/15/37 <sup>(a)</sup> | 550000 | 554393 |
| Diamondback Energy, Inc., 3.50%, 12/1/29 | 80000 | 70186 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **ENERGY (continued)** |  |  |
| Diamondback Energy, Inc., 4.40%, 3/24/51 | $151000 | $115029 |
| Diamondback Energy, Inc., 6.25%, 3/15/53 | 150000 | 144953 |
| Duke Energy Carolinas LLC, 3.55%, 3/15/52 | 52000 | 38835 |
| Ecopetrol S.A., Senior Note, 4.13%, 1/16/25 | 200000 | 190472 |
| Energy Transfer L.P., 4.90%, 3/15/35 | 157000 | 139808 |
| Energy Transfer L.P., 4.95%, 6/15/28 | 115000 | 111203 |
| Energy Transfer L.P., 5.00%, 5/15/50 | 505000 | 403460 |
| Energy Transfer L.P., 5.30%, 4/15/47 | 110000 | 91519 |
| Energy Transfer L.P., 5.75%, 2/15/33 | 64000 | 62615 |
| Energy Transfer L.P., 6.13%, 12/15/45 | 20000 | 18505 |
| Energy Transfer L.P., Senior Note, 4.95%, 5/15/28 | 165000 | 158258 |
| EnLink Midstream Partners L.P., Senior Bond, 5.05%, 4/1/45 | 4000 | 3031 |
| Enterprise Products Operating LLC, 3.20%, 2/15/52 | 81000 | 53075 |
| Enterprise Products Operating LLC, 4.85%, 8/15/42 | 200000 | 176668 |
| Enterprise Products Operating LLC, Series E, 5.25%, 8/16/77 (5.25% fixed rate until 8/16/27; 3.03% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 121000 | 97324 |
| EQT Corp., 3.63%, 5/15/31 <sup>(a)</sup> | 38000 | 32203 |
| Florida Gas Transmission Co. LLC, 2.30%, 10/1/31 <sup>(a)</sup> | 355000 | 270994 |
| Gray Oak Pipeline LLC, 2.00%, 9/15/23 <sup>(a)</sup> | 113000 | 109923 |
| Gray Oak Pipeline LLC, 3.45%, 10/15/27 <sup>(a)</sup> | 173000 | 152997 |
| Halliburton Co., 4.75%, 8/1/43 | 107000 | 91267 |
| Halliburton Co., Senior Bond, 4.85%, 11/15/35 | 115000 | 106388 |
| Helmerich & Payne, Inc., 2.90%, 9/29/31 | 375000 | 304359 |
| Hess Corp., 6.00%, 1/15/40 | 46000 | 45057 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 4/15/30 <sup>(a)</sup> | 100000 | 88928 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 4/15/32 <sup>(a)</sup> | 100000 | 86292 |
| Marathon Oil Corp., 6.80%, 3/15/32 | 126000 | 129626 |
| Marathon Oil Corp., Senior Bond, 6.60%, 10/1/37 | 48000 | 47702 |
| MPLX L.P., Senior Bond, 5.50%, 2/15/49 | 225000 | 197750 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **ENERGY (continued)** |  |  |
| Murray Energy Corp., Secured Note, 12.00%, 4/15/24 <sup>(a)(c)</sup> | $180991 | $0 |
| ONEOK Partners L.P., 6.65%, 10/1/36 | 186000 | 186137 |
| ONEOK, Inc., 3.10%, 3/15/30 | 1810000 | 1516797 |
| ONEOK, Inc., 4.50%, 3/15/50 | 250000 | 186154 |
| ONEOK, Inc., 4.95%, 7/13/47 | 150000 | 120814 |
| ONEOK, Inc., 5.20%, 7/15/48 | 300000 | 249892 |
| Ovintiv, Inc., Senior Bond, 7.38%, 11/1/31 | 231000 | 245873 |
| Petroleos Mexicanos, 6.50%, 3/13/27 | 200000 | 182416 |
| Petroleos Mexicanos, 6.75%, 9/21/47 | 335000 | 213730 |
| Plains All American Pipeline L.P./PAA Finance Corp., 6.65%, 1/15/37 | 137000 | 134787 |
| Sabine Pass Liquefaction LLC, 5.90%, 9/15/37 | 63000 | 63044 |
| Sanchez Energy Corp., 6.13%, 1/15/23 <sup>(c)</sup> | 100000 | 0 |
| Sanchez Energy Corp., 7.75%, 6/15/21 <sup>(c)</sup> | 150000 | 0 |
| Schlumberger Holdings Corp., 3.90%, 5/17/28 <sup>(a)</sup> | 92000 | 85715 |
| Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/30 <sup>(a)</sup> | 175000 | 151328 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.00%, 1/15/32 | 64000 | 53849 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 6.50%, 7/15/27 | 231000 | 232464 |
| Topaz Solar Farms LLC, 4.88%, 9/30/39 <sup>(a)</sup> | 323362 | 285367 |
| Transcontinental Gas Pipe Line Co. LLC, 3.95%, 5/15/50 | 230000 | 174890 |
| Valero Energy Partners L.P., Senior Note, 4.50%, 3/15/28 | 350000 | 339353 |
| Venture Global Calcasieu Pass LLC, 3.88%, 8/15/29 <sup>(a)</sup> | 25000 | 21875 |
| Venture Global Calcasieu Pass LLC, 4.13%, 8/15/31 <sup>(a)</sup> | 25000 | 21300 |
| Western Midstream Operating L.P., 5.30%, 3/1/48 | 10000 | 8222 |
| Williams Cos., Inc. (The), 5.75%, 6/24/44 | 322000 | 306567 |
| Williams Cos., Inc. (The), Senior Bond, 4.90%, 1/15/45 | 200000 | 170057 |
| **Total Energy** |  | **12399045** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL - 6.8%** |  |  |
| Americo Life, Inc., 3.45%, 4/15/31 <sup>(a)</sup> | $110000 | $83651 |
| Athene Global Funding, 1.73%, 10/2/26 <sup>(a)</sup> | 237000 | 203473 |
| Bank of America Corp., 2.46%, 10/22/25 (2.46% fixed rate until 10/22/24; 0.87% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 496000 | 468649 |
| Bank of America Corp., 3.19%, 7/23/30 (3.19% fixed rate until 7/23/29; 1.18% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 45000 | 38704 |
| Bank of America Corp., 4.08%, 4/23/40 (4.08% fixed rate until 4/23/39; 1.32% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 73000 | 60697 |
| Bank of America Corp., 4.45%, 3/3/26 | 1525000 | 1494296 |
| Bank of America Corp., (5 year CMT + 2.000%), 3.85%, 3/8/37 <sup>(b)</sup> | 320000 | 264979 |
| Bank of America Corp., (SOFR + 0.910%), 0.98%, 9/25/25 <sup>(b)</sup> | 32000 | 29452 |
| Bank of America Corp., (SOFR + 1.210%), 2.57%, 10/20/32 <sup>(b)</sup> | 530000 | 415097 |
| Bank of America Corp., (SOFR + 1.330%), 3.38%, 4/2/26 <sup>(b)</sup> | 106000 | 101234 |
| Bank of America Corp., (SOFR + 1.580%), 3.31%, 4/22/42 <sup>(b)</sup> | 153000 | 112170 |
| Bank of America Corp., (SOFR + 1.830%), 4.57%, 4/27/33 <sup>(b)</sup> | 70000 | 64029 |
| Bank of America Corp., Senior Bond, 3.82%, 1/20/28 (3.82% fixed rate until 1/20/27; 1.58% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 1367000 | 1275570 |
| Bank of America Corp., Series JJ, 5.13%, 6/20/24 (5.13% fixed rate until 6/20/24; 3.29% + 3 month USD LIBOR thereafter)<sup>(b)(d)</sup> | 290000 | 268415 |
| Bank of America Corp., Series N, (SOFR + 1.220%), 2.65%, 3/11/32 <sup>(b)</sup> | 1675000 | 1340714 |
| Bank of America Corp., Subordinated Note, Series L, 4.18%, 11/25/27 | 540000 | 512190 |
| BankUnited, Inc., 4.88%, 11/17/25 | 459000 | 451849 |
| BankUnited, Inc., 5.13%, 6/11/30 | 218000 | 201944 |
| Blackstone Secured Lending Fund, 2.85%, 9/30/28 | 1300000 | 1009354 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL (continued)** |  |  |
| BOC Aviation USA Corp., 1.63%, 4/29/24 <sup>(a)</sup> | $200000 | $189835 |
| Brixmor Operating Partnership L.P., 3.65%, 6/15/24 | 500000 | 484603 |
| Brixmor Operating Partnership L.P., 4.05%, 7/1/30 | 625000 | 546753 |
| Brixmor Operating Partnership L.P., Senior Note, 3.90%, 3/15/27 | 500000 | 457293 |
| Broadstone Net Lease LLC, 2.60%, 9/15/31 | 515000 | 385920 |
| Cantor Fitzgerald L.P., 4.50%, 4/14/27 <sup>(a)</sup> | 1225000 | 1134738 |
| Citigroup, Inc., 1.12%, 1/28/27 (SOFR + 0.765%)<sup>(b)</sup> | 820000 | 714618 |
| Citigroup, Inc., 5.88%, 2/22/33 | 302000 | 299380 |
| Citigroup, Inc., (SOFR + 1.167%), 2.56%, 5/1/32 (SOFR + 1.379%)<sup>(b)</sup> | 300000 | 236839 |
| Citigroup, Inc., (SOFR + 1.379%), 2.90%, 11/3/42 <sup>(b)</sup> | 51000 | 35194 |
| Citigroup, Inc., (SOFR + 1.422%), 2.98%, 11/5/30 <sup>(b)</sup> | 160000 | 134532 |
| Citigroup, Inc., (SOFR + 1.546%), 5.61%, 9/29/26 | 153000 | 153654 |
| Citigroup, Inc., (SOFR + 2.107%), 2.57%, 6/3/31 <sup>(b)</sup> | 58000 | 46910 |
| Citigroup, Inc., Junior Subordinated Bond, Series V, 4.70%, 1/30/25 (SOFR + 3.234%)<sup>(b)(d)</sup> | 55000 | 45716 |
| Citigroup, Inc., Senior Bond, 3.67%, 7/24/28 (3.67% fixed rate until 7/24/27; 1.39% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 51000 | 46838 |
| Citigroup, Inc., Senior Bond, 4.08%, 4/23/29 (4.08% fixed rate until 4/23/28; 1.19% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 700000 | 644116 |
| Citigroup, Inc., Series U, 5.00%, 9/12/24 (SOFR + 3.813%)<sup>(b)(d)</sup> | 225000 | 200253 |
| Citigroup, Inc., Subordinated Bond, 6.00%, 10/31/33 | 218000 | 217812 |
| Citigroup, Inc., Subordinated Note, 4.45%, 9/29/27 | 1637000 | 1560729 |
| Citizens Financial Group, Inc., 2.64%, 9/30/32 | 363000 | 269437 |
| Community Preservation Corp. (The), Series 2020, 2.87%, 2/1/30 | 1000000 | 845170 |
| Corporate Office Properties L.P., 2.90%, 12/1/33 | 68000 | 48230 |
| Crown Castle, Inc., 5.20%, 2/15/49 | 44000 | 39551 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL (continued)** |  |  |
| Drawbridge Special Opportunities Fund L.P./Drawbridge Special Opportunities Finance, 3.88%, 2/15/26 <sup>(a)</sup> | $970000 | $874262 |
| Equitable Financial Life Global Funding, 1.30%, 7/12/26 <sup>(a)</sup> | 138000 | 119422 |
| Everest Reinsurance Holding, Inc., 3.13%, 10/15/52 | 590000 | 368271 |
| F&G Global Funding, 0.90%, 9/20/24 <sup>(a)</sup> | 184000 | 168136 |
| F&G Global Funding, 2.30%, 4/11/27 <sup>(a)</sup> | 282000 | 247879 |
| Federal Realty Investment Trust, 1.25%, 2/15/26 | 1150000 | 1012834 |
| First Horizon Bank, 5.75%, 5/1/30 | 250000 | 242351 |
| FS KKR Capital Corp., 4.13%, 2/1/25 | 1550000 | 1457193 |
| GCM Grosvenor Diversified Alternatives Issuer LLC, 6.00%, 11/15/41 <sup>(a)</sup> | 940000 | 726965 |
| GLP Capital L.P./GLP Financing II, Inc., 5.38%, 4/15/26 | 150000 | 147160 |
| Goldman Sachs Group, Inc., 5.70%, 11/1/24 | 146000 | 147738 |
| Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26 | 379000 | 355268 |
| Goldman Sachs Group, Inc. (The), 3.81%, 4/23/29 (3.81% fixed rate until 4/23/28; 1.16% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 925000 | 844918 |
| Goldman Sachs Group, Inc. (The), (SOFR + 0.818%), 1.54%, 9/10/27 <sup>(b)</sup> | 188000 | 162174 |
| Goldman Sachs Group, Inc. (The), (SOFR + 1.248%), 2.38%, 7/21/32 <sup>(b)</sup> | 120000 | 93109 |
| Goldman Sachs Group, Inc. (The), (SOFR + 1.281%), 2.62%, 4/22/32 <sup>(b)</sup> | 770000 | 614068 |
| Goldman Sachs Group, Inc. (The), (SOFR + 1.513%), 3.21%, 4/22/42 <sup>(b)</sup> | 132000 | 95080 |
| Goldman Sachs Group, Inc. (The), Senior Bond, 4.22%, 5/1/29 (4.22% fixed rate until 5/1/28; 1.30% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 1135000 | 1057386 |
| Goldman Sachs Group, Inc. (The), Subordinated Bond, 6.75%, 10/1/37 | 390000 | 416139 |
| HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 9/15/30 <sup>(a)</sup> | 1000000 | 734816 |
| HNA 2015 LLC, 2.37%, 9/18/27 | 260978 | 244226 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL (continued)** |  |  |
| Host Hotels & Resorts L.P., Series I, 3.50%, 9/15/30 | $96000 | $79226 |
| Host Hotels & Resorts L.P., Series J, 2.90%, 12/15/31 | 850000 | 650220 |
| Intercontinental Exchange, Inc., 4.95%, 6/15/52 | 138000 | 127858 |
| Intercontinental Exchange, Inc., 5.20%, 6/15/62 | 92000 | 87497 |
| JPMorgan Chase & Co., 2.01%, 3/13/26 (SOFR + 1.585%)<sup>(b)</sup> | 604000 | 559036 |
| JPMorgan Chase & Co., 2.74%, 10/15/30 (2.74% fixed rate until 10/15/29; 1.51% + SOFR thereafter)<sup>(b)</sup> | 2250000 | 1886886 |
| JPMorgan Chase & Co., 3.78%, 2/1/28 (3.78% fixed rate until 2/1/27; 1.34% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 300000 | 280289 |
| JPMorgan Chase & Co., (3 month USD LIBOR + 1.380%), 3.54%, 5/1/28 | 154000 | 141713 |
| JPMorgan Chase & Co., (SOFR + 1.015%), 2.07%, 6/1/29 <sup>(b)</sup> | 119000 | 99387 |
| JPMorgan Chase & Co., (SOFR + 1.180%), 2.55%, 11/8/32 <sup>(b)</sup> | 646000 | 510618 |
| JPMorgan Chase & Co., (SOFR + 1.250%), 2.58%, 4/22/32 <sup>(b)</sup> | 405000 | 324421 |
| JPMorgan Chase & Co., (SOFR + 1.510%), 2.53%, 11/19/41 <sup>(b)</sup> | 575000 | 375923 |
| JPMorgan Chase & Co., (SOFR + 2.080%), 4.91%, 7/25/33 <sup>(b)</sup> | 125000 | 119016 |
| JPMorgan Chase & Co., (SOFR + 2.580%), 5.72%, 9/14/33 <sup>(b)</sup> | 215000 | 209851 |
| JPMorgan Chase & Co., Junior Subordinated Bond, Series HH, 4.60%, 2/1/25 (SOFR + 3.125%)<sup>(b)(d)</sup> | 165000 | 145406 |
| JPMorgan Chase & Co., Junior Subordinated Bond, Series II, 4.00%, 4/1/25 (SOFR + 2.745%)<sup>(b)(d)</sup> | 975000 | 834844 |
| JPMorgan Chase & Co., Junior Subordinated Bond, Series U, 6.13%, 4/30/24 (6.13% fixed rate until 4/30/24; 3.33% + 3 month USD LIBOR thereafter)<sup>(b)(d)</sup> | 129000 | 125354 |
| JPMorgan Chase & Co., Senior Bond, 4.01%, 4/23/29 (4.01% fixed rate until 4/23/28; 1.12% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 1240000 | 1147169 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL (continued)** |  |  |
| KeyBank NA, 5.85%, 11/15/27 | $250000 | $258045 |
| Kimco Realty Corp., 2.25%, 12/1/31 | 1100000 | 844506 |
| Kimco Realty Corp., 4.60%, 2/1/33 | 135000 | 123460 |
| Liberty Mutual Group, Inc., 3.95%, 5/15/60 <sup>(a)</sup> | 85000 | 55669 |
| Liberty Mutual Group, Inc., 3.95%, 10/15/50 <sup>(a)</sup> | 120000 | 83709 |
| Liberty Mutual Group, Inc., 4.57%, 2/1/29 <sup>(a)</sup> | 700000 | 654303 |
| Low Income Investment Fund, 3.39%, 7/1/26 | 1000000 | 943172 |
| LPL Holdings, Inc., 4.38%, 5/15/31 <sup>(a)</sup> | 325000 | 276299 |
| Macquarie Group Ltd., Senior Bond, 3.76%, 11/28/28 (3.76% fixed rate until 11/28/27; 1.37% + 3 month USD LIBOR thereafter)<sup>(a)(b)</sup> | 8000 | 7315 |
| Mastercard, Inc., 1.90%, 3/15/31 | 1000000 | 812316 |
| Morgan Stanley, 3.62%, 4/1/31 (SOFR + 3.120%)<sup>(b)</sup> | 46000 | 40158 |
| Morgan Stanley, 3.63%, 1/20/27 | 405000 | 381921 |
| Morgan Stanley, 3.95%, 4/23/27 | 950000 | 897173 |
| Morgan Stanley, 4.43%, 1/23/30 (4.43% fixed rate until 1/23/29; 1.63% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 440000 | 409510 |
| Morgan Stanley, 6.34%, 10/18/33 | 38000 | 39817 |
| Morgan Stanley, (SOFR + 0.560%), 1.16%, 10/21/25 <sup>(b)</sup> | 92000 | 84687 |
| Morgan Stanley, (SOFR + 0.858%), 1.51%, 7/20/27 <sup>(b)</sup> | 246000 | 213476 |
| Morgan Stanley, (SOFR + 1.178%), 2.24%, 7/21/32 <sup>(b)</sup> | 210000 | 161111 |
| Morgan Stanley, (SOFR + 1.290%), 2.94%, 1/21/33 <sup>(b)</sup> | 2450000 | 1981997 |
| Morgan Stanley, (SOFR + 1.360%), 2.48%, 9/16/36 <sup>(b)</sup> | 32000 | 23204 |
| Morgan Stanley, (SOFR + 1.485%), 3.22%, 4/22/42 <sup>(b)</sup> | 132000 | 97677 |
| Morgan Stanley, (SOFR + 1.669%), 4.68%, 7/17/26 <sup>(b)</sup> | 62000 | 60937 |
| Morgan Stanley, (SOFR + 2.620%), 5.30%, 4/20/37 <sup>(b)</sup> | 168000 | 153612 |
| Morgan Stanley, Senior Bond, 3.77%, 1/24/29 (3.77% fixed rate until 1/24/28; 1.14% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 1155000 | 1057696 |
| Morgan Stanley Direct Lending Fund, 4.50%, 2/11/27 | 1310000 | 1209757 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL (continued)** |  |  |
| MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 3/15/31 | $200000 | $137097 |
| MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/27 | 150000 | 126080 |
| National Community Renaissance Of California, 3.27%, 12/1/32 | 1000000 | 798877 |
| National Health Investors, Inc., 3.00%, 2/1/31 | 100000 | 72091 |
| New York Community Bancorp, Inc., Subordinated Note, 5.90%, 11/6/28 (5.90% fixed rate until 11/6/23; 2.78% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 165000 | 159842 |
| Nuveen Finance LLC, 4.13%, 11/1/24 <sup>(a)</sup> | 400000 | 389357 |
| OFS Capital Corp., 4.75%, 2/10/26 | 1300000 | 1120881 |
| Omega Healthcare Investors, Inc., 3.25%, 4/15/33 | 169000 | 122183 |
| Omega Healthcare Investors, Inc., 3.38%, 2/1/31 | 96000 | 74000 |
| OneMain Finance Corp., 6.63%, 1/15/28 | 225000 | 207187 |
| OneMain Finance Corp., 8.25%, 10/1/23 | 125000 | 125617 |
| OWL Rock Core Income Corp., 7.75%, 9/16/27 <sup>(a)</sup> | 1375000 | 1370551 |
| Preservation Of Affordable Housing, Inc., 4.48%, 12/1/32 | 1000000 | 906162 |
| Principal Life Global Funding II, 0.50%, 1/8/24 <sup>(a)</sup> | 109000 | 104117 |
| Progressive Corp. (The), Senior Bond, 3.70%, 1/26/45 | 500000 | 386795 |
| Prudential Financial, Inc., 5.70%, 9/15/48 (5.70% fixed rate until 9/15/28; 2.67% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 70000 | 66850 |
| Prudential Financial, Inc., Junior Subordinated Bond, 5.63%, 6/15/43 (5.63% fixed rate until 6/15/23; 3.92% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 201000 | 197483 |
| Realty Income Corp., 3.25%, 1/15/31 | 285000 | 247142 |
| Regency Centers L.P., 3.75%, 6/15/24 | 500000 | 484909 |
| Regions Financial Corp., Subordinated Bond, 7.38%, 12/10/37 | 259000 | 291341 |
| Reinvestment Fund, Inc. (The), 3.88%, 2/15/27 | 500000 | 467170 |
| SBA Tower Trust, 6.60%, 1/15/28 | 1000000 | 1001567 |
| SBL Holdings, Inc., 5.00%, 2/18/31 <sup>(a)</sup> | 124000 | 97516 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **FINANCIAL (continued)** |  |  |
| Sculptor Alternative Solutions LLC, 6.00%, 5/15/37 <sup>(a)</sup> | $1720000 | $1385460 |
| Security Benefit Global Funding, 1.25%, 5/17/24 <sup>(a)</sup> | 84000 | 78807 |
| Signature Bank, 4.00%, 10/15/30 <sup>(b)</sup> | 150000 | 136937 |
| SVB Financial Group, 2.10%, 5/15/28 | 1050000 | 868144 |
| SVB Financial Group, (SOFR + 1.713%), 4.35%, 4/29/28 <sup>(b)</sup> | 242000 | 228843 |
| Synchrony Financial, 4.50%, 7/23/25 | 708000 | 678660 |
| Teachers Insurance & Annuity Association of America, 3.30%, 5/15/50 <sup>(a)</sup> | 210000 | 145184 |
| Thirax 2 LLC, 2.32%, 1/22/34 | 945282 | 818203 |
| Truist Financial Corp., (SOFR + 1.456%), 4.26%, 7/28/26 <sup>(b)</sup> | 118000 | 115942 |
| Truist Financial Corp., Senior Note, 4.00%, 5/1/25 | 353000 | 345054 |
| U.S. Bancorp, (5 year CMT + 0.950%), 2.49%, 11/3/36 <sup>(b)</sup> | 195000 | 148389 |
| USAA Capital Corp., 2.13%, 5/1/30 <sup>(a)</sup> | 1000000 | 819394 |
| USAA Capital Corp., 3.38%, 5/1/25 <sup>(a)</sup> | 150000 | 144688 |
| Valley National Bancorp, (SOFR + 2.360%), 3.00%, 6/15/31 <sup>(b)</sup> | 231000 | 203134 |
| Visa, Inc., 1.90%, 4/15/27 | 1000000 | 900575 |
| Vornado Realty L.P., 2.15%, 6/1/26 | 78000 | 65909 |
| Wells Fargo & Co., 3.07%, 4/30/41 (SOFR + 2.530%)<sup>(b)</sup> | 814000 | 580618 |
| Wells Fargo & Co., 4.30%, 7/22/27 | 900000 | 866094 |
| Wells Fargo & Co., 5.61%, 1/15/44 | 84000 | 81438 |
| Wells Fargo & Co., (SOFR + 1.262%), 2.57%, 2/11/31 <sup>(b)</sup> | 670000 | 554804 |
| Wells Fargo & Co., (SOFR + 1.560%), 4.54%, 8/15/26 <sup>(b)</sup> | 850000 | 832965 |
| Wells Fargo & Co., (SOFR + 2.130%), 4.61%, 4/25/53 <sup>(b)</sup> | 96000 | 81284 |
| Weyerhaeuser Co., 4.00%, 3/9/52 | 64000 | 48294 |
| Willis North America, Inc., 4.65%, 6/15/27 | 225000 | 217333 |
| WR Berkley Corp., 4.00%, 5/12/50 | 160000 | 121063 |
| Zions Bancorp NA, 3.25%, 10/29/29 | 271000 | 221461 |
| **Total Financial** |  | **65483716** |
| **INDUSTRIAL - 0.9%** |  |  |
| AECOM, 5.13%, 3/15/27 | 125000 | 120312 |
| Agilent Technologies, Inc., 2.30%, 3/12/31 | 180000 | 145142 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **INDUSTRIAL (continued)** |  |  |
| Allegion US Holding Co., Inc., 5.41%, 7/1/32 | $101000 | $97800 |
| Amcor Flexibles North America, Inc., 2.69%, 5/25/31 | 62000 | 50373 |
| Amcor Flexibles North America, Inc., 4.00%, 5/17/25 | 180000 | 175219 |
| Amsted Industries, Inc., 5.63%, 7/1/27 <sup>(a)</sup> | 200000 | 189732 |
| Ball Corp., 3.13%, 9/15/31 | 100000 | 80313 |
| Berry Global, Inc., 1.57%, 1/15/26 | 1010000 | 899724 |
| Boeing Co. (The), 2.20%, 2/4/26 | 1150000 | 1044847 |
| Boeing Co. (The), 3.75%, 2/1/50 | 525000 | 360443 |
| Burlington Northern Santa Fe LLC, 4.45%, 3/15/43 | 27000 | 24165 |
| Burlington Northern Santa Fe LLC, 4.45%, 1/15/53 | 67000 | 59514 |
| Carlisle Cos., Inc., 2.20%, 3/1/32 | 382000 | 290201 |
| Carrier Global Corp., 3.38%, 4/5/40 | 180000 | 136615 |
| Caterpillar Financial Services Corp., 1.70%, 1/8/27 | 125000 | 112005 |
| Caterpillar Financial Services Corp., 3.60%, 8/12/27 | 97000 | 92559 |
| CNH Industrial Capital LLC, 1.88%, 1/15/26 | 27000 | 24483 |
| CNH Industrial Capital LLC, 4.20%, 1/15/24 | 77000 | 75894 |
| CNH Industrial Capital LLC, 5.45%, 10/14/25 | 47000 | 47103 |
| CSX Corp., 4.50%, 11/15/52 | 110000 | 95492 |
| Flowserve Corp., 2.80%, 1/15/32 | 245000 | 183516 |
| GATX Corp., Senior Note, 3.25%, 9/15/26 | 107000 | 99212 |
| Honeywell International, Inc., 4.95%, 2/15/28 | 119000 | 120539 |
| Illinois Tool Works, Inc., 3.50%, 3/1/24 | 8000 | 7875 |
| John Deere Capital Corp., 3.40%, 6/6/25 | 326000 | 316259 |
| John Deere Capital Corp., 1.30%, 10/13/26 | 92000 | 81332 |
| Kansas City Southern, 4.70%, 5/1/48 | 70000 | 60249 |
| Lockheed Martin Corp., 5.70%, 11/15/54 | 215000 | 225269 |
| Nature Conservancy (The), 6.77%, 2/1/24 (3 month USD LIBOR + 1.08%)<sup>(b)</sup> | 520000 | 519520 |
| Nature Conservancy (The), Series A, 1.51%, 7/1/29 | 300000 | 248068 |
| Norfolk Southern Corp., 3.70%, 3/15/53 | 113000 | 84840 |
| Parker-Hannifin Corp., 4.25%, 9/15/27 | 125000 | 121274 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **INDUSTRIAL (continued)** |  |  |
| Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.40%, 11/15/26 <sup>(a)</sup> | $246000 | $225655 |
| Penske Truck Leasing Co. L.P./PTL Finance Corp., 4.40%, 7/1/27 <sup>(a)</sup> | 108000 | 102486 |
| Sonoco Products Co., 1.80%, 2/1/25 | 406000 | 377274 |
| Standard Industries, Inc., 4.38%, 7/15/30 <sup>(a)</sup> | 175000 | 142612 |
| Standard Industries, Inc., Senior Note, 4.75%, 1/15/28 <sup>(a)</sup> | 125000 | 112486 |
| Stanley Black & Decker, Inc., 2.30%, 2/24/25 | 63000 | 59599 |
| Stanley Black & Decker, Inc., (5 year CMT + 2.657%), 4.00%, 3/15/60 <sup>(b)</sup> | 309000 | 262980 |
| Tote Shipholdings LLC, 3.40%, 10/16/40 | 973000 | 867395 |
| Trimble, Inc., Senior Note, 4.90%, 6/15/28 | 62000 | 59447 |
| Union Pacific Corp., 2.97%, 9/16/62 | 225000 | 144526 |
| Vontier Corp., 2.95%, 4/1/31 | 89000 | 64309 |
| **Total Industrial** |  | **8608658** |
| **TECHNOLOGY - 0.9%** |  |  |
| Apple, Inc., 1.40%, 8/5/28 | 240000 | 203304 |
| Apple, Inc., 2.65%, 5/11/50 | 106000 | 70130 |
| Apple, Inc., 2.70%, 8/5/51 | 75000 | 49443 |
| Apple, Inc., 2.80%, 2/8/61 | 10000 | 6327 |
| Apple, Inc., 3.95%, 8/8/52 | 95000 | 80721 |
| Apple, Inc., 4.10%, 8/8/62 | 97000 | 80628 |
| Apple, Inc., Senior Note, 3.00%, 6/20/27 | 500000 | 470859 |
| Broadcom, Inc., 2.45%, 2/15/31 <sup>(a)</sup> | 198000 | 155949 |
| Broadcom, Inc., 3.14%, 11/15/35 <sup>(a)</sup> | 194000 | 142642 |
| Broadcom, Inc., 3.19%, 11/15/36 <sup>(a)</sup> | 202000 | 145094 |
| Broadcom, Inc., 3.42%, 4/15/33 <sup>(a)</sup> | 809000 | 648582 |
| Broadcom, Inc., 4.93%, 5/15/37 <sup>(a)</sup> | 224000 | 195410 |
| CDW LLC/CDW Finance Corp., 2.67%, 12/1/26 | 315000 | 279663 |
| CDW LLC/CDW Finance Corp., 5.50%, 12/1/24 | 350000 | 349979 |
| Dell International LLC/EMC Corp., 3.38%, 12/15/41 <sup>(a)</sup> | 165000 | 110505 |
| Dell International LLC/EMC Corp., 8.10%, 7/15/36 | 108000 | 121027 |
| Fidelity National Information Services, Inc., 5.63%, 7/15/52 | 92000 | 84402 |
| Fiserv, Inc., 4.40%, 7/1/49 | 92000 | 74639 |
| Hewlett Packard Enterprise Co., 1.75%, 4/1/26 | 384000 | 344903 |
| Intel Corp., 4.15%, 8/5/32 | 1314000 | 1228538 |
| Intel Corp., 4.90%, 8/5/52 | 37000 | 32732 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **TECHNOLOGY (continued)** |  |  |
| KLA Corp., 4.95%, 7/15/52 | $114000 | $105878 |
| Kyndryl Holdings, Inc., 2.05%, 10/15/26 | 61000 | 49769 |
| Kyndryl Holdings, Inc., 3.15%, 10/15/31 | 22000 | 14662 |
| Leidos, Inc., 4.38%, 5/15/30 | 119000 | 107309 |
| Oracle Corp., 2.30%, 3/25/28 | 360000 | 311821 |
| Oracle Corp., 4.00%, 11/15/47 | 108000 | 78937 |
| Oracle Corp., 6.25%, 11/9/32 | 2120000 | 2218836 |
| Oracle Corp., Senior Bond, 3.80%, 11/15/37 | 296000 | 234370 |
| QUALCOMM, Inc., 6.00%, 5/20/53 | 52000 | 55228 |
| Texas Instruments, Inc., 4.10%, 8/16/52 | 45000 | 39949 |
| Texas Instruments, Inc., 4.60%, 2/15/28 | 90000 | 89877 |
| **Total Technology** |  | **8182113** |
| **UTILITIES - 2.9%** |  |  |
| AEP Transmission Co. LLC, 4.25%, 9/15/48 | 425000 | 354163 |
| AEP Transmission Co. LLC, Series M, 3.65%, 4/1/50 | 34000 | 25932 |
| Alabama Power Co., 3.75%, 3/1/45 | 170000 | 132074 |
| Alexander Funding Trust, 1.84%, 11/15/23 <sup>(a)</sup> | 555000 | 531663 |
| Ameren Illinois Co., 5.90%, 12/1/52 | 22000 | 23889 |
| American Electric Power Co., Inc., 5.75%, 11/1/27 | 54000 | 55428 |
| American Electric Power Co., Inc., Senior Note, 3.20%, 11/13/27 | 93000 | 85395 |
| AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 8/20/26 | 225000 | 213685 |
| Arizona Public Service Co., 6.35%, 12/15/32 | 630000 | 662538 |
| Atmos Energy Corp., 5.75%, 10/15/52 | 99000 | 103339 |
| Avangrid, Inc., 3.20%, 4/15/25 | 378000 | 361229 |
| Brooklyn Union Gas Co. (The), 4.49%, 3/4/49 <sup>(a)</sup> | 1000000 | 763587 |
| Calpine Corp., 3.75%, 3/1/31 <sup>(a)</sup> | 450000 | 362320 |
| CMS Energy Corp., (5 year CMT + 4.116%), 4.75%, 6/1/50 <sup>(b)</sup> | 117000 | 101200 |
| Commonwealth Edison Co., 3.70%, 8/15/28 | 320000 | 301100 |
| Connecticut Light & Power Co. (The), 4.00%, 4/1/48 | 105000 | 87599 |
| Consolidated Edison Co. of New York, Inc., 3.60%, 6/15/61 | 65000 | 46324 |
| Consolidated Edison Co. of New York, Inc., 6.15%, 11/15/52 | 40000 | 42822 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **UTILITIES (continued)** |  |  |
| Consolidated Edison Co. of New York, Inc., Series 20B, Senior Bond, 3.95%, 4/1/50 | $90000 | $70588 |
| Dominion Energy South Carolina, Inc., 5.10%, 6/1/65 | 24000 | 21830 |
| Dominion Energy, Inc., Junior Subordinated Bond, 5.75%, 10/1/54 (5.75% fixed rate until 10/1/24; 3.06% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 55000 | 51521 |
| Dominion Energy, Inc., Series C, 3.38%, 4/1/30 | 230000 | 202680 |
| DTE Electric Co., 3.95%, 3/1/49 | 258000 | 211415 |
| Duke Energy Florida LLC, 2.50%, 12/1/29 | 1000000 | 854616 |
| Duke Energy Florida LLC, 3.80%, 7/15/28 | 550000 | 522123 |
| Duke Energy Florida LLC, 4.20%, 7/15/48 | 50000 | 41906 |
| Duke Energy Florida LLC, 5.05%, 11/15/52 | 51000 | 54279 |
| Duke Energy Indiana LLC, 2.75%, 4/1/50 | 930000 | 583853 |
| Emera US Finance L.P., 3.55%, 6/15/26 | 400000 | 374680 |
| Emera US Finance L.P., 4.75%, 6/15/46 | 190000 | 146596 |
| Entergy Louisiana LLC, 4.75%, 9/15/52 | 40000 | 35891 |
| Entergy Mississippi LLC, 3.50%, 6/1/51 | 41000 | 29336 |
| Entergy Texas, Inc., 4.50%, 3/30/39 | 424000 | 367245 |
| Entergy Texas, Inc., 5.00%, 9/15/52 | 40000 | 36566 |
| Essential Utilities, Inc., 3.35%, 4/15/50 | 101000 | 68973 |
| Evergy Missouri West, Inc., 5.15%, 12/15/27 | 46000 | 45828 |
| Florida Power & Light Co., 2.88%, 12/4/51 | 570000 | 382267 |
| Georgia Power Co., Series A, 3.25%, 3/15/51 | 175000 | 120422 |
| Interstate Power & Light Co., 3.50%, 9/30/49 | 92000 | 65512 |
| Israel Electric Corp. Ltd., Senior Secured Note, 6.88%, 6/21/23 <sup>(a)</sup> | 400000 | 401797 |
| ITC Holdings Corp., 4.95%, 9/22/27 <sup>(a)</sup> | 594000 | 585788 |
| Jersey Central Power & Light Co., 2.75%, 3/1/32 <sup>(a)</sup> | 62000 | 50067 |
| Liberty Utilities Finance GP 1, 2.05%, 9/15/30 <sup>(a)</sup> | 1138000 | 854901 |
| MidAmerican Energy Co., 3.10%, 5/1/27 | 624000 | 584201 |
| National Fuel Gas Co., 5.50%, 1/15/26 | 1225000 | 1218693 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND** (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **UTILITIES (continued)** |  |  |
| National Rural Utilities Cooperative Finance Corp., 1.88%, 2/7/25 | $78000 | $73146 |
| National Rural Utilities Cooperative Finance Corp., 2.85%, 1/27/25 | 543000 | 521150 |
| National Rural Utilities Cooperative Finance Corp., 4.15%, 12/15/32 | 1000000 | 923414 |
| National Rural Utilities Cooperative Finance Corp., 4.80%, 3/15/28 | 108000 | 107075 |
| New York State Electric & Gas Corp., 2.15%, 10/1/31 <sup>(a)</sup> | 1225000 | 954512 |
| Northwest Natural Gas Co., 3.08%, 12/1/51 | 1000000 | 619282 |
| Ohio Edison Co., 5.50%, 1/15/33 <sup>(a)</sup> | 930000 | 921059 |
| Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28 | 720000 | 679007 |
| Oncor Electric Delivery Co. LLC, 4.15%, 6/1/32 <sup>(a)</sup> | 125000 | 117935 |
| Pacific Gas & Electric Co., 4.95%, 6/8/25 | 57000 | 56120 |
| Pacific Gas and Electric Co., 3.95%, 12/1/47 | 107000 | 72547 |
| Pacific Gas and Electric Co., 4.30%, 3/15/45 | 153000 | 108475 |
| PacifiCorp, 2.90%, 6/15/52 | 748000 | 488286 |
| PacifiCorp, 4.13%, 1/15/49 | 135000 | 110469 |
| PacifiCorp., 5.35%, 12/1/53 | 1825000 | 1806200 |
| PPL Electric Utilities Corp., 4.15%, 6/15/48 | 85000 | 71124 |
| Public Service Co. of Colorado, 2.70%, 1/15/51 | 274000 | 176408 |
| Public Service Co. of Colorado, 3.70%, 6/15/28 | 102000 | 97060 |
| Public Service Co. of Colorado, 4.10%, 6/15/48 | 244000 | 202080 |
| Public Service Co. of Oklahoma, Series J, 2.20%, 8/15/31 | 207000 | 164839 |
| Public Service Electric & Gas Co., 2.70%, 5/1/50 | 420000 | 271286 |
| San Diego Gas & Electric Co., Series WWW, 2.95%, 8/15/51 | 1375000 | 928631 |
| SCE Recovery Funding LLC, Senior Secured Bond, Series A-2, 2.94%, 11/15/44 | 1627000 | 1272090 |
| Southern California Edison Co., 1.10%, 4/1/24 | 355000 | 337166 |
| Southern California Edison Co., 5.85%, 11/1/27 | 770000 | 792551 |
| Southern California Edison Co., Series C, 4.13%, 3/1/48 | 110000 | 87777 |
| Southern California Gas Co., Series VV, 4.30%, 1/15/49 | 75000 | 61719 |
| Southern Co. (The), 4.48%, 8/1/24 | 116000 | 114547 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS (continued)** |  |  |
| **UTILITIES (continued)** |  |  |
| Southwestern Public Service Co., 3.75%, 6/15/49 | $360000 | $275469 |
| Star Energy Geothermal Wayang Windu Ltd., Senior Secured Bond, 6.75%, 4/24/33 <sup>(a)</sup> | 405400 | 382441 |
| Union Electric Co., 2.95%, 6/15/27 | 148000 | 137776 |
| Union Electric Co., 3.90%, 4/1/52 | 1155000 | 930506 |
| Vistra Corp., (5 year CMT + 5.740%), 7.00%, 12/15/26 <sup>(a)(b)(d)</sup> | 1000000 | 909933 |
| Vistra Operations Co. LLC, 3.55%, 7/15/24 <sup>(a)</sup> | 305000 | 292514 |
| Vistra Operations Co. LLC, 5.00%, 7/31/27 <sup>(a)</sup> | 100000 | 92809 |
| Wisconsin Public Service Corp., 2.85%, 12/1/51 | 510000 | 326133 |
| **Total Utilities** |  | **27721397** |
| **TOTAL CORPORATE BONDS**<br> (Cost: $200,156,192) |  | 173693344 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES - 14.5%** |  |  |
| ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, ABS, 3.20%, 12/20/30 <sup>(a)</sup> | $1620000 | $1475298 |
| ACC Trust, Series 2022-1, Class A, ABS, 1.19%, 9/20/24 <sup>(a)</sup> | 543267 | 538769 |
| Adams Outdoor Advertising L.P., Series 2018-1, Class A, 4.81%, 11/15/48 <sup>(a)</sup> | 1276302 | 1209918 |
| Aligned Data Centers Issuer LLC, Series 2022-1A, Class A2, 6.35%, 10/15/47 | 1000000 | 976527 |
| American Express Credit Account Master Trust, Series 2022-2, Class A, ABS, 3.39%, 5/15/27 | 2750000 | 2669444 |
| Americredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, 2/18/25 | 53578 | 53266 |
| Americredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, 4/18/25 | 252317 | 249813 |
| Americredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, 7/18/25 | 500000 | 491033 |
| AmeriCredit Automobile Receivables Trust, Series 2020-1, Class B, 1.48%, 1/21/25 | 190834 | 189516 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, ABS, 1.01%, 1/19/27 | 300000 | 272750 |
| AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, ABS, 1.41%, 8/18/27 | 300000 | 270121 |
| AMSR 2019-SFR1 Trust, Series 2019-SFR1, Class D, ABS, 3.25%, 1/19/39 <sup>(a)</sup> | 100000 | 87906 |
| Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, ABS, 5.30%, 6/21/28 <sup>(a)</sup> | 1940000 | 1918585 |
| Antares CLO Ltd., Series 2019-1A, Class B, ABS, (3 month USD LIBOR + 2.550%), 6.79%, 7/20/31 <sup>(a)(b)</sup> | 1940000 | 1830402 |
| Atlas Senior Loan Fund XI Ltd., Series 2018-11A, Class A1L, 5.43%, 7/26/31 (3 month USD LIBOR + 1.10%)<sup>(a)(b)</sup> | 1000000 | 978920 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2018-2A, Class A, 4.00%, 3/20/25 <sup>(a)</sup> | 200000 | 196623 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class A, 3.35%, 9/22/25 <sup>(a)</sup> | 400000 | 386471 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, 3/20/26 <sup>(a)</sup> | 500000 | 465354 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, 8/20/26 <sup>(a)</sup> | 300000 | 277605 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2021-1A, Class A, ABS, 1.38%, 8/20/27 <sup>(a)</sup> | 800000 | 696525 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class A, ABS, 1.66%, 2/20/28 <sup>(a)</sup> | $900000 | $778760 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2022-1A, Class A, ABS, 3.83%, 8/21/28 <sup>(a)</sup> | 1000000 | 951964 |
| Balboa Bay Loan Funding Ltd., Series 2020-1A, Class AR, ABS, (3 month USD LIBOR + 1.120%), 5.36%, 1/20/32 <sup>(a)(b)</sup> | 1000000 | 981209 |
| Balboa Bay Loan Funding Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.200%), 5.44%, 7/20/34 <sup>(a)(b)</sup> | 1000000 | 974891 |
| BHG Securitization Trust, Series 2022-C, Class B, ABS, 5.93%, 10/17/35 <sup>(a)</sup> | 1690000 | 1660718 |
| Blackrock Rainier CLO VI Ltd., Series 2021-6A, Class A, ABS, (3 month USD LIBOR + 1.700%), 5.94%, 4/20/33 <sup>(a)(b)</sup> | 2000000 | 1906126 |
| Business Jet Securities LLC, Series 2020-1A, Class A, ABS, 2.98%, 11/15/35 <sup>(a)</sup> | 85526 | 77901 |
| Business Jet Securities LLC, Series 2022-1A, Class B, ABS, 5.19%, 6/15/37 <sup>(a)</sup> | 786345 | 709597 |
| California Street CLO IX L.P., Series 2012-9A, Class CR3, ABS, (3 month USD LIBOR + 2.500%), 6.58%, 7/16/32 <sup>(a)(b)</sup> | 1840000 | 1734198 |
| Capital Automotive REIT, Series 2020-1A, Class A1, ABS, 3.35%, 3/15/52 <sup>(a)</sup> | 1125200 | 982883 |
| Carlyle U.S. CLO Ltd., Series 2021-5A, Class A1, ABS, (3 month USD LIBOR + 1.120%), 5.36%, 7/20/34 <sup>(a)(b)</sup> | 1500000 | 1467929 |
| Carmax Auto Owner Trust, Series 2021-1, Class C, ABS, 0.94%, 12/15/26 | 400000 | 361931 |
| CarMax Auto Owner Trust, Series 2021-2, Class C, ABS, 1.34%, 2/16/27 | 200000 | 180776 |
| CarMax Auto Owner Trust, Series 2021-3, Class C, ABS, 1.25%, 5/17/27 | 190000 | 168380 |
| CarMax Auto Owner Trust, Series 2021-4, Class C, ABS, 1.38%, 7/15/27 | 200000 | 175933 |
| CarMax Auto Owner Trust, Series 2022-1, Class C, ABS, 2.20%, 11/15/27 | 300000 | 271887 |
| CarMax Auto Owner Trust, Series 2022-1, Class D, ABS, 2.47%, 7/17/28 | 100000 | 87027 |
| CARS-DB4 L.P., Series 2020-1A, Class B1, 4.17%, 2/15/50 <sup>(a)</sup> | 540000 | 492317 |
| CBAM Ltd., Series 2020-12A, Class AR, ABS, (3 month USD LIBOR + 1.180%), 5.42%, 7/20/34 <sup>(a)(b)</sup> | 1750000 | 1703930 |
| CF Hippolyta Issuer LLC, Series 2020-1, Class B1, 2.28%, 7/15/60 <sup>(a)</sup> | 354238 | 309170 |
| CF Hippolyta Issuer LLC, Series 2022-1A, Class A1, ABS, 5.97%, 8/15/62 <sup>(a)</sup> | 493372 | 482141 |
| CFG Investments Ltd., Series 2021-1, Class A, ABS, 4.70%, 5/20/32 <sup>(a)</sup> | 510000 | 491152 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, 10/13/30 | $600000 | $578835 |
| CMFT Net Lease Master Issuer LLC, Series 2021-1, Class A2, ABS, 2.57%, 7/20/51 <sup>(a)</sup> | 2425102 | 1925480 |
| Commonbond Student Loan Trust, Series 2018-CGS, Class A1, 3.87%, 2/25/46 <sup>(a)</sup> | 34111 | 32682 |
| Commonbond Student Loan Trust, Series 2020-AGS, Class A, 1.98%, 8/25/50 <sup>(a)</sup> | 213121 | 181444 |
| Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, ABS, 1.00%, 5/15/30 <sup>(a)</sup> | 1000000 | 955162 |
| Credit Acceptance Auto Loan Trust, Series 2021-4, Class C, ABS, 1.94%, 2/18/31 <sup>(a)</sup> | 830000 | 753226 |
| Diamond CLO Ltd., Series 2019-1A, Class DR, ABS, (3 month USD LIBOR + 3.400%), 7.76%, 4/25/29 <sup>(a)(b)</sup> | 1300000 | 1227721 |
| DigitalBridge Issuer LLC, Series 2020-1A, Class A2, 3.93%, 9/25/51 <sup>(a)</sup> | 1020000 | 865850 |
| Drive Auto Receivables Trust, Series 2021-1, Class B, ABS, 0.65%, 7/15/25 | 6788 | 6778 |
| Dryden 72 CLO Ltd., Series 2019-72A, Class AR, ABS, (3 month USD LIBOR + 1.080%), 5.69%, 5/15/32 <sup>(a)(b)</sup> | 1510000 | 1478349 |
| Elevation CLO Ltd., Series 2021-13A, Class A1, ABS, (3 month USD LIBOR + 1.190%), 5.27%, 7/15/34 <sup>(a)(b)</sup> | 1000000 | 966469 |
| Ellington Loan Acquisition Trust, Series 2007-2, Class A2C, 5.49%, 5/25/37 (1 month USD LIBOR + 1.10%)<sup>(a)(b)</sup> | 5709 | 5609 |
| FCI Funding LLC, Series 2019-1A, Class A, 3.63%, 2/18/31 <sup>(a)</sup> | 17226 | 17209 |
| Flexential Issuer, Series 2021-1A, Class A2, ABS, 3.25%, 11/27/51 <sup>(a)</sup> | 1700000 | 1482015 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 7/15/31 <sup>(a)</sup> | 300000 | 286562 |
| Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.52%, 7/15/30 <sup>(a)</sup> | 1000000 | 980444 |
| Ford Credit Auto Owner Trust, Series 2020-1, Class B, ABS, 2.04%, 8/15/31 <sup>(a)</sup> | 800000 | 750428 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Ford Credit Auto Owner Trust, Series 2020-2, Class A, ABS, 1.06%, 4/15/33 <sup>(a)</sup> | $200000 | $179082 |
| Ford Credit Auto Owner Trust, Series 2021-1, Class B, ABS, 1.61%, 10/17/33 <sup>(a)</sup> | 120000 | 105935 |
| Ford Credit Auto Owner Trust, Series 2021-2, Class B, ABS, 1.91%, 5/15/34 <sup>(a)</sup> | 100000 | 85938 |
| Ford Credit Floorplan Master Owner Trust A, Series 2020-2, Class A, 1.06%, 9/15/27 | 600000 | 539204 |
| FREED ABS Trust, Series 2022-2CP, Class A, ABS, 3.03%, 5/18/29 <sup>(a)</sup> | 392542 | 390120 |
| Global SC Finance VII Srl, Series 2020-1A, Class A, 2.17%, 10/17/40 <sup>(a)</sup> | 870152 | 770941 |
| Global SC Finance VII Srl, Series 2020-2A, Class A, 2.26%, 11/19/40 <sup>(a)</sup> | 226409 | 201001 |
| Global SC Finance VII Srl, Series 2020-2A, Class B, 3.32%, 11/19/40 <sup>(a)</sup> | 188670 | 167281 |
| GM Financial Revolving Receivables Trust, Series 2021-1, Class B, ABS, 1.49%, 6/12/34 <sup>(a)</sup> | 100000 | 85154 |
| Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, ABS, 3.21%, 1/22/29 <sup>(a)</sup> | 800000 | 732574 |
| GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, ABS, 2.10%, 5/20/48 <sup>(a)</sup> | 326921 | 232436 |
| GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS, Class A, ABS, 2.31%, 10/20/48 <sup>(a)</sup> | 1298424 | 942159 |
| GoodLeap Sustainable Home Solutions Trust, Series 2022-1GS, Class A, ABS, 2.70%, 1/20/49 <sup>(a)</sup> | 941646 | 721504 |
| GoodLeap Sustainable Home Solutions Trust, Series 2022-3CS, Class A, ABS, 4.95%, 7/20/49 <sup>(a)</sup> | 975853 | 903155 |
| GoodLeap Sustainable Home Solutions Trust, Series 2022-4CS, Class B, 5.55%, 11/20/54 | 500000 | 436366 |
| HERO Funding Trust, Series 2016-1A, Class A, 4.05%, 9/20/41 <sup>(a)</sup> | 300536 | 285553 |
| HERO Funding Trust, Series 2016-3A, Class A1, 3.08%, 9/20/42 <sup>(a)</sup> | 133946 | 125220 |
| HERO Funding Trust, Series 2020-1A, Class A, 2.59%, 9/20/57 <sup>(a)</sup> | 499819 | 437587 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, ABS, 1.68%, 12/27/27 <sup>(a)</sup> | $400000 | $348142 |
| Hertz Vehicle Financing III LLC, Series 2022-1A, Class A, ABS, 1.99%, 6/25/26 <sup>(a)</sup> | 2890000 | 2652736 |
| Hertz Vehicle Financing LLC, Series 2021-1A, Class A, ABS, 1.21%, 12/26/25 <sup>(a)</sup> | 400000 | 369554 |
| Hertz Vehicle Financing LLC, Series 2022-2A, Class A, ABS, 2.33%, 6/26/28 <sup>(a)</sup> | 1100000 | 964180 |
| Home Equity Asset Trust, Series 2003-1, Class M1, 5.89%, 6/25/33 (1 month USD LIBOR + 1.50%)<sup>(b)</sup> | 2864 | 2798 |
| Home Partners of America Trust, Series 2021-3, Class A, ABS, 2.20%, 1/17/41 <sup>(a)</sup> | 368102 | 309852 |
| Jamestown CLO XIV Ltd., Series 2019-14A, Class A1AR, ABS, (3 month USD LIBOR + 1.200%), 5.44%, 10/20/34 <sup>(a)(b)</sup> | 1125000 | 1093407 |
| KKR Static CLO 2 Ltd., Series 2022-2A, Class A1, 6.74%, 10/20/31 | 3000000 | 2997012 |
| KVK CLO Ltd., Series 2016-1A, Class A1R2, ABS, (3 month USD LIBOR + 1.210%), 5.29%, 10/15/34 <sup>(a)(b)</sup> | 750000 | 726133 |
| Laurel Road Prime Student Loan Trust, Series 2019-A, Class A2FX, 2.73%, 10/25/48 <sup>(a)</sup> | 38272 | 37184 |
| Lendmark Funding Trust, Series 2019-2A, Class A, ABS, 2.78%, 4/20/28 <sup>(a)</sup> | 609922 | 591910 |
| LIAS Administration Fee Issuer LLC, Series 2018-1A, Class A, 5.96%, 7/25/48 | 1069833 | 1054248 |
| Loanpal Solar Loan 2021-1 Ltd., Series 2021-1GS, Class A, ABS, 2.29%, 1/20/48 <sup>(a)</sup> | 687705 | 523011 |
| Loanpal Solar Loan 2021-2 Ltd., Series 2021-2GS, Class A, ABS, 2.22%, 3/20/48 <sup>(a)</sup> | 381696 | 279124 |
| Logan CLO I Ltd., Series 2021-1A, Class A, ABS, (3 month USD LIBOR + 1.160%), 5.40%, 7/20/34 <sup>(a)(b)</sup> | 1000000 | 975833 |
| Mariner Finance Issuance Trust, Series 2022-AA, Class A, 6.45%, 10/20/37 | 1660000 | 1648260 |
| MCA Fund Holding LLC, Series 2020-1, Class A, ABS, 3.25%, 11/15/35 <sup>(a)</sup> | 548633 | 511348 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Midocean Credit CLO IX, Series 2018-9A, Class A1, 5.39%, 7/20/31 (3 month USD LIBOR + 1.15%)<sup>(a)(b)</sup> | $500000 | $489435 |
| MMAF Equipment Finance LLC, Series 2018-A, Class A5, 3.61%, 3/10/42 <sup>(a)</sup> | 100000 | 97082 |
| MMAF Equipment Finance LLC, Series 2019-A, Class A5, 3.08%, 11/12/41 <sup>(a)</sup> | 300000 | 289706 |
| MMAF Equipment Finance LLC, Series 2019-B, Class A5, 2.29%, 11/12/41 <sup>(a)</sup> | 300000 | 273847 |
| Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2, ABS, 2.82%, 4/22/31 <sup>(a)</sup> | 2200000 | 1986910 |
| Mosaic Solar Loan Trust, Series 2020-1A, Class A, 2.10%, 4/20/46 <sup>(a)</sup> | 512333 | 444737 |
| Mosaic Solar Loan Trust, Series 2020-2A, Class A, 1.44%, 8/20/46 <sup>(a)</sup> | 576921 | 481267 |
| Mosaic Solar Loan Trust, Series 2021-1A, Class B, ABS, 2.05%, 12/20/46 <sup>(a)</sup> | 653298 | 493034 |
| Mosaic Solar Loan Trust, Series 2021-3A, Class A, ABS, 1.44%, 6/20/52 <sup>(a)</sup> | 1363843 | 1075390 |
| Mosaic Solar Loan Trust, Series 2021-3A, Class C, ABS, 1.77%, 6/20/52 <sup>(a)</sup> | 400000 | 336894 |
| Mosaic Solar Loan Trust, Series 2022-3A, Class A, 6.16%, 6/20/53 | 950000 | 947359 |
| Mountain View CLO IX Ltd., Series 2015-9A, Class A1R, 5.20%, 7/15/31 (3 month USD LIBOR + 1.12%)<sup>(a)(b)</sup> | 1000000 | 977215 |
| Mountain View CLO XVI Ltd., Series 2022-1A, Class A, 6.55%, 10/15/32 | 2500000 | 2492655 |
| NADG NNN Operating L.P., Series 2019-1, Class A, 3.37%, 12/28/49 <sup>(a)</sup> | 384150 | 356150 |
| Nassau CFO LLC, Series 2019-1, Class A, 3.98%, 8/15/34 <sup>(a)</sup> | 834283 | 780880 |
| Navient Private Education Refi Loan Trust, Series 2018-CA, Class A2, 3.52%, 6/16/42 <sup>(a)</sup> | 28556 | 28009 |
| Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.13%, 2/15/68 <sup>(a)</sup> | 119944 | 113243 |
| Navient Private Education Refi Loan Trust, Series 2020-B, Class A2, 2.12%, 1/15/69 <sup>(a)</sup> | 161573 | 146675 |
| Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.69%, 5/15/69 <sup>(a)</sup> | 130464 | 117261 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, ABS, 2.41%, 10/20/61 <sup>(a)</sup> | $1730000 | $1421221 |
| Newtek Small Business Loan Trust, Series 2018-1, Class A (PRIME - 0.550%), 6.95%, 2/25/44 (1 month USD LIBOR + 1.70%)<sup>(a)(b)</sup> | 277359 | 272692 |
| Newtek Small Business Loan Trust, Series 2019-2, Class A (PRIME + 0.750%), 8.25%, 2/25/44 (1 month USD LIBOR + 3.00%)<sup>(a)(b)</sup> | 133479 | 131793 |
| NextGear Floorplan Master Owner Trust, Series 2022-1A, Class A2, ABS, 2.80%, 3/15/27 <sup>(a)</sup> | 1320000 | 1243097 |
| NFAS2 LLC, Series 2022-1, Class A, ABS, 6.86%, 9/15/28 <sup>(a)</sup> | 830000 | 820584 |
| NMEF Funding LLC, Series 2022-B, Class B, 7.12%, 6/15/29 | 1340000 | 1346818 |
| Northwoods Capital XV Ltd., Series 2017-15A, Class A1R, ABS, (3 month USD LIBOR + 1.210%), 5.96%, 6/20/34 <sup>(a)(b)</sup> | 2000000 | 1928696 |
| NRZ Advance Receivables Trust, Series 2020-T2, Class AT2, 1.48%, 9/15/53 <sup>(a)</sup> | 510000 | 491183 |
| NXT Capital CLO LLC, Series 2020-1A, Class C, ABS, (3 month USD LIBOR + 3.350%), 7.59%, 1/20/31 <sup>(a)(b)</sup> | 1620000 | 1493731 |
| Ocean Trails CLO V, Series 2014-5A, Class ARR, (3 month USD LIBOR + 1.280%), 5.22%, 10/13/31 <sup>(a)(b)</sup> | 1474373 | 1440725 |
| OCP CLO Ltd., Series 2015-9A, Class A1R2, (SOFR + 1.250%), 5.11%, 1/15/33 <sup>(a)(b)</sup> | 1000000 | 979978 |
| OnDeck Asset Securitization Trust III LLC, Series 2021-1A, Class B, ABS, 2.28%, 5/17/27 <sup>(a)</sup> | 2050000 | 1844137 |
| OneMain Direct Auto Receivables Trust, Series 2019-1A, Class A, 3.63%, 9/14/27 <sup>(a)</sup> | 900000 | 863793 |
| OneMain Direct Auto Receivables Trust, Series 2021-1A, Class B, ABS, 1.26%, 7/14/28 <sup>(a)</sup> | 600000 | 522184 |
| OneMain Direct Auto Receivables Trust, Series 2021-1A, Class C, 1.42%, 7/14/28 | 500000 | 424662 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 5/14/32 <sup>(a)</sup> | $90018 | $89361 |
| OneMain Financial Issuance Trust, Series 2020-2A, Class A, 1.75%, 9/14/35 <sup>(a)</sup> | 600000 | 524142 |
| OneMain Financial Issuance Trust, Series 2021-1A, Class A2, ABS, (SOFR30A + 0.760%), 4.57%, 6/16/36 <sup>(a)(b)</sup> | 600000 | 573284 |
| OneMain Financial Issuance Trust, Series 2022-3A, Class A, 5.94%, 5/15/34 | 1350000 | 1344011 |
| Oportun Funding XIV LLC, Series 2021-A, Class A, ABS, 1.21%, 3/8/28 <sup>(a)</sup> | 1000000 | 931178 |
| Oportun Issuance Trust, Series 2021-B, Class C, ABS, 3.65%, 5/8/31 <sup>(a)</sup> | 1290000 | 1083011 |
| Oscar US Funding XIII LLC, Series 2021-2A, Class A3, ABS, 0.86%, 9/10/25 <sup>(a)</sup> | 1500000 | 1414421 |
| Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, 2/15/27 <sup>(a)</sup> | 249220 | 247249 |
| Oxford Finance Funding LLC, Series 2020-1A, Class A2, 3.10%, 2/15/28 <sup>(a)</sup> | 359280 | 355309 |
| Palmer Square Loan Funding Ltd., Series 2020-4A, Class B, (3 month USD LIBOR + 2.300%), 7.06%, 11/25/28 <sup>(a)(b)</sup> | 730000 | 712892 |
| Pawneee Equipment Receivables LLC, Series 2022-1, Class A3, ABS, 5.17%, 2/15/28 <sup>(a)</sup> | 1140000 | 1121412 |
| Pennsylvania Higher Education Assistance Agency, Series 2021-1A, Class A, ABS, (1 month USD LIBOR + 0.530%), 4.92%, 5/25/70 <sup>(a)(b)</sup> | 382805 | 372569 |
| PFS Financing Corp., Series 2022-D, Class A, ABS, 4.27%, 8/15/27 <sup>(a)</sup> | 2350000 | 2291694 |
| ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A (PRIME - 0.500%), 7.00%, 12/27/44 <sup>(a)(b)</sup> | 205804 | 195183 |
| Regatta VII Funding Ltd., Series 2016-4A, Class A1, ABS, (3 month USD LIBOR + 1.150%), 5.90%, 6/20/34 <sup>(a)(b)</sup> | 1500000 | 1458297 |
| Regional Management Issuance Trust, Series 2020-1, Class A, 2.34%, 10/15/30 <sup>(a)</sup> | 320000 | 297423 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Regional Management Issuance Trust, Series 2021-1, Class A, ABS, 1.68%, 3/17/31 <sup>(a)</sup> | $1870000 | $1684564 |
| Renew, Series 2018-1, Class A, 3.95%, 9/20/53 <sup>(a)</sup> | 172657 | 158603 |
| Renew, Series 2021-1, Class A, ABS, 2.06%, 11/20/56 <sup>(a)</sup> | 710105 | 604559 |
| Republic Finance Issuance Trust, Series 2020-A, Class A, ABS, 2.47%, 11/20/30 <sup>(a)</sup> | 1010000 | 953628 |
| Republic Finance Issuance Trust, Series 2020-A, Class B, ABS, 3.54%, 11/20/30 <sup>(a)</sup> | 600000 | 549013 |
| Romark WM-R Ltd., Series 2018-1A, Class A1, ABS, (3 month USD LIBOR + 1.030%), 5.27%, 4/20/31 <sup>(a)</sup> | 1731831 | 1698978 |
| Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45 <sup>(a)</sup> | 740000 | 689645 |
| Sabey Data Center Issuer LLC, Series 2022-1, Class A2, ABS, 5.00%, 6/20/47 <sup>(a)</sup> | 600000 | 550176 |
| Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, 1/15/26 | 177077 | 175488 |
| Santander Drive Auto Receivables Trust, Series 2020-4, Class C, ABS, 1.01%, 1/15/26 | 188137 | 186243 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class C, ABS, 0.90%, 6/15/26 | 300000 | 291836 |
| Santander Drive Auto Receivables Trust, Series 2021-2, Class D, ABS, 1.35%, 7/15/27 | 500000 | 467471 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class C, ABS, 0.95%, 9/15/27 | 400000 | 384738 |
| Santander Drive Auto Receivables Trust, Series 2021-4, Class C, ABS, 1.26%, 2/16/27 | 600000 | 570309 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.69%, 3/17/31 | 1610000 | 1641752 |
| Sofi Professional Loan Program LLC, Series 2019-A, Class A2FX, 3.69%, 6/15/48 <sup>(a)</sup> | 73029 | 70582 |
| Sofi Professional Loan Program LLC, Series 2019-C, Class A2FX, 2.37%, 11/16/48 <sup>(a)</sup> | 153227 | 142285 |
| SoFi Professional Loan Program LLC, Series 2020-A, Class A2FX, 2.54%, 5/15/46 <sup>(a)</sup> | 276114 | 249860 |
| SoFi Professional Loan Program LLC, Series 2020-C, Class AFX, 1.95%, 2/15/46 <sup>(a)</sup> | 141065 | 126335 |
| Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44 <sup>(a)</sup> | 1221317 | 1191694 |
| Store Master Funding I-VII, Series 2019-1, Class A1, 2.82%, 11/20/49 <sup>(a)</sup> | 1001089 | 896429 |
| Store Master Funding I-VII XIV XIX XX, Series 2021-1A, Class A1, ABS, 2.12%, 6/20/51 <sup>(a)</sup> | 1141375 | 946817 |
| STWD Ltd., Series 2019-FL1, Class B (SOFR30A + 1.714%), 6.04%, 7/15/38 <sup>(a)(b)</sup> | 470000 | 441382 |
| STWD Ltd., Series 2019-FL1, Class C (SOFR30A + 2.064%), 6.39%, 7/15/38 <sup>(a)(b)</sup> | 280000 | 260379 |
| Summit Issuer LLC, Series 2020-1A, Class A2, ABS, 2.29%, 12/20/50 <sup>(a)</sup> | 1620000 | 1418280 |
| Sunrun Athena Issuer LLC, Series 2018-1, Class A, 5.31%, 4/30/49 <sup>(a)</sup> | 226697 | 207596 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |  |
| Sunrun Demeter Issuer LLC, Series 2021-2A, Class A, ABS, 2.27%, 1/30/57 <sup>(a)</sup> | $1217900 | $949890 |
| Sunrun Jupiter Issuer LLC, Series 2022-1A, Class A, ABS, 4.75%, 7/30/57 <sup>(a)</sup> | 945831 | 865159 |
| Sunrun Xanadu Issuer LLC, Series 2019-1A, Class A, 3.98%, 6/30/54 <sup>(a)</sup> | 363751 | 321745 |
| SWC Funding LLC, Series 2018-1A, Class A, 4.75%, 8/15/33 <sup>(a)</sup> | 903266 | 885964 |
| TCW CLO Ltd., Series 2017-1A, Class A1RR, ABS, (3 month USD LIBOR + 1.180%), 5.60%, 10/29/34 <sup>(a)(b)</sup> | 750000 | 731712 |
| Tesla Auto Lease Trust, Series 2020-A, Class D, ABS, 2.33%, 2/20/24 <sup>(a)</sup> | 800000 | 791461 |
| Tesla Auto Lease Trust, Series 2021-A, Class A3, ABS, 0.56%, 3/20/25 <sup>(a)</sup> | 1000000 | 969422 |
| Tesla Auto Lease Trust, Series 2021-B, Class A3, ABS, 0.60%, 9/22/25 <sup>(a)</sup> | 1200000 | 1130660 |
| TH Msrissuer Trust, Series 2019-FT1, Class A, 7.19%, 6/25/24 (1 month USD LIBOR + 2.80%)<sup>(a)(b)</sup> | 450000 | 421037 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, ABS, 1.75%, 10/25/60 <sup>(a)</sup> | 147267 | 130088 |
| Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 5/25/33 <sup>(a)</sup> | 300000 | 274450 |
| Toyota Auto Receivables Owner Trust, Series 2021-B, Class A2, ABS, 0.14%, 1/16/24 | 54350 | 54254 |
| Trimaran Cavu Ltd., Series 2019-1A, Class A1, 5.70%, 7/20/32 (3 month USD LIBOR + 1.46%)<sup>(a)(b)</sup> | 500000 | 491008 |
| TSTAT Ltd., Series 2022-2A, Class A1, 6.88%, 1/20/31 | 2000000 | 1993306 |
| Vantage Data Centers LLC, Series 2019-1A, Class A2, 3.19%, 7/15/44 <sup>(a)</sup> | 816833 | 776367 |
| VCP RRL ABS I Ltd., Series 2021-1A, Class A, ABS, 2.15%, 10/20/31 <sup>(a)</sup> | 638760 | 578725 |
| Veros Auto Receivables Trust, Series 2022-1, Class A, ABS, 3.47%, 12/15/25 <sup>(a)</sup> | 518724 | 507733 |
| Vivint Solar Financing V LLC, Series 2018-1A, Class A, 4.73%, 4/30/48 <sup>(a)</sup> | 228786 | 202590 |
| Vivint Solar Financing V LLC, Series 2018-1A, Class B, 7.37%, 4/30/48 <sup>(a)</sup> | 633043 | 580708 |
| Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49 <sup>(a)</sup> | 455000 | 418558 |
| Westlake Automobile Receivables Trust, Series 2022-2A, Class C, ABS, 4.85%, 9/15/27 <sup>(a)</sup> | 1350000 | 1312555 |
| World Omni Select Auto Trust, Series 2019-A, Class B, 2.17%, 12/15/25 | 176110 | 175169 |
| World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, 12/15/25 | 100000 | 98846 |
| World Omni Select Auto Trust, Series 2021-A, Class C, ABS, 1.09%, 11/15/27 | 100000 | 91034 |
| Zais CLO 9 Ltd., Series 2018-2A, Class A, 5.44%, 7/20/31 (3 month USD LIBOR + 1.20%)<sup>(a)(b)</sup> | 970261 | 948043 |
| **TOTAL ASSET-BACKED SECURITIES**<br> (Cost: $148,222,771) |  | **139529476** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES - 18.1%** |  |  |
| Federal Home Loan Mortgage Corp., 0.25%, 8/24/23 | $1050000 | $1019428 |
| Federal Home Loan Mortgage Corp., 1.50%, 11/1/50 | 429195 | 331589 |
| Federal Home Loan Mortgage Corp., 2.00%, 1/1/32 | 103718 | 94457 |
| Federal Home Loan Mortgage Corp., 2.00%, 9/1/50 | 2427395 | 1985286 |
| Federal Home Loan Mortgage Corp., 2.00%, 10/1/51 | 487523 | 397400 |
| Federal Home Loan Mortgage Corp., 2.00%, 1/1/52 | 48016 | 39616 |
| Federal Home Loan Mortgage Corp., 2.00%, 3/1/52 | 2136541 | 1750587 |
| Federal Home Loan Mortgage Corp., 2.50%, 6/1/28 | 61925 | 58976 |
| Federal Home Loan Mortgage Corp., 2.50%, 3/1/51 | 300012 | 257616 |
| Federal Home Loan Mortgage Corp., 2.50%, 3/1/51 | 10174880 | 8664984 |
| Federal Home Loan Mortgage Corp., 2.50%, 4/1/51 | 2564629 | 2178359 |
| Federal Home Loan Mortgage Corp., 2.50%, 10/1/51 | 2212091 | 1877965 |
| Federal Home Loan Mortgage Corp., 2.50%, 10/1/51 | 361291 | 308504 |
| Federal Home Loan Mortgage Corp., 2.50%, 11/1/51 | 1006565 | 854322 |
| Federal Home Loan Mortgage Corp., 2.50%, 12/1/51 | 1446277 | 1224310 |
| Federal Home Loan Mortgage Corp., 2.50%, 2/1/52 | 1636374 | 1395088 |
| Federal Home Loan Mortgage Corp., 3.00%, 1/1/32 | 162384 | 155509 |
| Federal Home Loan Mortgage Corp., 3.00%, 12/1/37 | 238039 | 221061 |
| Federal Home Loan Mortgage Corp., 3.00%, 1/1/43 | 485515 | 442285 |
| Federal Home Loan Mortgage Corp., 3.00%, 8/1/45 | 203347 | 182855 |
| Federal Home Loan Mortgage Corp., 3.00%, 1/1/47 | 691866 | 619076 |
| Federal Home Loan Mortgage Corp., 3.00%, 4/1/47 | 249231 | 222615 |
| Federal Home Loan Mortgage Corp., 3.00%, 10/1/49 | 62843 | 55612 |
| Federal Home Loan Mortgage Corp., 3.00%, 2/1/50 | 356195 | 314985 |
| Federal Home Loan Mortgage Corp., 3.00%, 4/1/51 | 2933936 | 2583059 |
| Federal Home Loan Mortgage Corp., 3.00%, 1/1/52 | 1401146 | 1242162 |
| Federal Home Loan Mortgage Corp., 3.00%, 4/1/52 | 72919 | 64320 |
| Federal Home Loan Mortgage Corp., 3.50%, 10/1/41 | 60442 | 56637 |
| Federal Home Loan Mortgage Corp., 3.50%, 10/1/42 | 300301 | 281418 |
| Federal Home Loan Mortgage Corp., 3.50%, 7/1/43 | 132357 | 123893 |
| Federal Home Loan Mortgage Corp., 3.50%, 1/1/45 | 185084 | 173235 |
| Federal Home Loan Mortgage Corp., 3.50%, 7/1/45 | 121815 | 113384 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Federal Home Loan Mortgage Corp., 3.50%, 1/1/47 | $152322 | $141300 |
| Federal Home Loan Mortgage Corp., 3.50%, 11/1/47 | 136961 | 127013 |
| Federal Home Loan Mortgage Corp., 3.50%, 11/1/51 | 487577 | 449477 |
| Federal Home Loan Mortgage Corp., 3.50%, 5/1/52 | 2421849 | 2202447 |
| Federal Home Loan Mortgage Corp., 3.50%, 5/1/52 | 4126087 | 3752730 |
| Federal Home Loan Mortgage Corp., 3.50%, 6/1/52 | 1528736 | 1395258 |
| Federal Home Loan Mortgage Corp., 4.00%, 3/1/41 | 91705 | 88167 |
| Federal Home Loan Mortgage Corp., 4.00%, 6/1/42 | 3621 | 3474 |
| Federal Home Loan Mortgage Corp., 4.00%, 6/1/42 | 166186 | 159776 |
| Federal Home Loan Mortgage Corp., 4.00%, 9/1/52 | 3438502 | 3225443 |
| Federal Home Loan Mortgage Corp., 4.50%, 11/1/37 | 530253 | 526764 |
| Federal Home Loan Mortgage Corp., 4.50%, 6/1/47 | 209285 | 205663 |
| Federal Home Loan Mortgage Corp., 4.50%, 6/1/47 | 26719 | 26477 |
| Federal Home Loan Mortgage Corp., 4.50%, 7/1/47 | 46909 | 45869 |
| Federal Home Loan Mortgage Corp., 4.50%, 7/1/47 | 48612 | 47690 |
| Federal Home Loan Mortgage Corp., 4.50%, 2/1/48 | 111807 | 109799 |
| Federal Home Loan Mortgage Corp., 4.50%, 8/1/48 | 124137 | 122730 |
| Federal Home Loan Mortgage Corp., 4.50%, 6/1/52 | 377974 | 363822 |
| Federal Home Loan Mortgage Corp., 4.50%, 7/1/52 | 366689 | 352967 |
| Federal Home Loan Mortgage Corp., 5.00%, 2/1/42 | 110263 | 111782 |
| Federal Home Loan Mortgage Corp., 5.00%, 7/1/52 | 2039286 | 2011084 |
| Federal Home Loan Mortgage Corp., 5.00%, 9/1/52 | 2965977 | 2924959 |
| Federal National Mortgage Association, 0.63%, 4/22/25 | 1000000 | 918744 |
| Federal National Mortgage Association, 0.88%, 8/5/30 | 1615000 | 1281973 |
| Federal National Mortgage Association, 1.50%, 10/1/50 | 397919 | 307436 |
| Federal National Mortgage Association, 1.50%, 12/1/50 | 1811260 | 1399384 |
| Federal National Mortgage Association, 1.63%, 1/7/25 | 340000 | 321176 |
| Federal National Mortgage Association, 2.00%, 12/1/40 | 505324 | 430355 |
| Federal National Mortgage Association, 2.00%, 2/1/41 | 422766 | 360039 |
| Federal National Mortgage Association, 2.00%, 5/1/41 | 845840 | 720343 |
| Federal National Mortgage Association, 2.00%, 10/1/50 | 1555935 | 1275556 |
| Federal National Mortgage Association, 2.00%, 11/1/50 | 394091 | 322279 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Federal National Mortgage Association, 2.00%, 1/1/51 | $813564 | $669984 |
| Federal National Mortgage Association, 2.00%, 1/1/51 | 406786 | 332513 |
| Federal National Mortgage Association, 2.00%, 2/1/51 | 443205 | 361750 |
| Federal National Mortgage Association, 2.00%, 4/1/51 | 1829909 | 1494134 |
| Federal National Mortgage Association, 2.00%, 5/1/51 | 2400581 | 1959687 |
| Federal National Mortgage Association, 2.00%, 2/1/52 | 991974 | 812994 |
| Federal National Mortgage Association, 2.50%, 4/1/31 | 367730 | 343884 |
| Federal National Mortgage Association, 2.50%, 5/1/43 | 200747 | 173092 |
| Federal National Mortgage Association, 2.50%, 8/1/46 | 493745 | 425685 |
| Federal National Mortgage Association, 2.50%, 9/1/46 | 40677 | 35070 |
| Federal National Mortgage Association, 2.50%, 10/1/46 | 124089 | 106534 |
| Federal National Mortgage Association, 2.50%, 8/1/50 | 613580 | 522114 |
| Federal National Mortgage Association, 2.50%, 10/1/50 | 315027 | 268198 |
| Federal National Mortgage Association, 2.50%, 2/1/51 | 227801 | 196565 |
| Federal National Mortgage Association, 2.50%, 4/1/51 | 1578493 | 1340908 |
| Federal National Mortgage Association, 2.50%, 4/1/51 | 358172 | 307557 |
| Federal National Mortgage Association, 2.50%, 8/1/51 | 978589 | 830948 |
| Federal National Mortgage Association, 2.50%, 9/1/51 | 1877963 | 1594465 |
| Federal National Mortgage Association, 2.50%, 2/1/52 | 529371 | 451310 |
| Federal National Mortgage Association, 2.50%, 2/1/52 | 722344 | 615833 |
| Federal National Mortgage Association, 2.50%, 3/1/52 | 523216 | 446064 |
| Federal National Mortgage Association, 2.63%, 9/6/24 | 1000000 | 970149 |
| Federal National Mortgage Association, 3.00%, 5/1/30 | 113308 | 108402 |
| Federal National Mortgage Association, 3.00%, 5/1/32 | 368574 | 350722 |
| Federal National Mortgage Association, 3.00%, 10/1/32 | 285562 | 271750 |
| Federal National Mortgage Association, 3.00%, 9/1/37 | 2565 | 2421 |
| Federal National Mortgage Association, 3.00%, 5/1/40 | 215940 | 196042 |
| Federal National Mortgage Association, 3.00%, 5/1/43 | 348193 | 316815 |
| Federal National Mortgage Association, 3.00%, 9/1/46 | 118157 | 105796 |
| Federal National Mortgage Association, 3.00%, 11/1/46 | 209564 | 188158 |
| Federal National Mortgage Association, 3.00%, 11/1/46 | 178411 | 159636 |
| Federal National Mortgage Association, 3.00%, 1/1/47 | 209812 | 187349 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Federal National Mortgage Association, 3.00%, 2/1/47 | $1068425 | $972241 |
| Federal National Mortgage Association, 3.00%, 12/1/49 | 335837 | 297186 |
| Federal National Mortgage Association, 3.00%, 2/1/50 | 839632 | 742910 |
| Federal National Mortgage Association, 3.00%, 7/1/50 | 4225511 | 3763073 |
| Federal National Mortgage Association, 3.00%, 9/1/51 | 331790 | 295129 |
| Federal National Mortgage Association, 3.00%, 2/1/52 | 4135769 | 3630728 |
| Federal National Mortgage Association, 3.00%, 3/1/52 | 475643 | 419456 |
| Federal National Mortgage Association, 3.00%, 4/1/52 | 485511 | 427132 |
| Federal National Mortgage Association, 3.00%, 4/1/52 | 87896 | 77510 |
| Federal National Mortgage Association, 3.00%, 4/1/52 | 1528326 | 1347464 |
| Federal National Mortgage Association, 3.00%, 4/1/52 | 111993 | 98760 |
| Federal National Mortgage Association, 3.00%, 4/1/52 | 712687 | 628642 |
| Federal National Mortgage Association, 3.00%, 4/1/52 | 482069 | 425122 |
| Federal National Mortgage Association, 3.50%, 12/1/30 | 29919 | 29215 |
| Federal National Mortgage Association, 3.50%, 1/1/35 | 113468 | 109111 |
| Federal National Mortgage Association, 3.50%, 6/1/37 | 951651 | 910940 |
| Federal National Mortgage Association, 3.50%, 10/1/37 | 657525 | 629015 |
| Federal National Mortgage Association, 3.50%, 5/1/40 | 73726 | 68834 |
| Federal National Mortgage Association, 3.50%, 1/1/41 | 185068 | 173172 |
| Federal National Mortgage Association, 3.50%, 8/1/42 | 137747 | 128938 |
| Federal National Mortgage Association, 3.50%, 11/1/42 | 227103 | 212532 |
| Federal National Mortgage Association, 3.50%, 8/1/43 | 105263 | 98376 |
| Federal National Mortgage Association, 3.50%, 1/1/45 | 11116 | 10400 |
| Federal National Mortgage Association, 3.50%, 12/1/45 | 240063 | 223626 |
| Federal National Mortgage Association, 3.50%, 12/1/45 | 163779 | 152209 |
| Federal National Mortgage Association, 3.50%, 8/1/46 | 183248 | 170169 |
| Federal National Mortgage Association, 3.50%, 12/1/46 | 100475 | 94055 |
| Federal National Mortgage Association, 3.50%, 12/1/46 | 84500 | 78637 |
| Federal National Mortgage Association, 3.50%, 1/1/47 | 97271 | 90238 |
| Federal National Mortgage Association, 3.50%, 4/1/47 | 292938 | 270306 |
| Federal National Mortgage Association, 3.50%, 9/1/47 | 133416 | 123641 |
| Federal National Mortgage Association, 3.50%, 11/1/47 | 4966 | 4639 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Federal National Mortgage Association, 3.50%, 11/1/47 | $41295 | $38221 |
| Federal National Mortgage Association, 3.50%, 6/1/48 | 153762 | 142564 |
| Federal National Mortgage Association, 3.50%, 6/1/48 | 147278 | 136398 |
| Federal National Mortgage Association, 3.50%, 11/1/48 | 203819 | 188933 |
| Federal National Mortgage Association, 3.50%, 3/1/49 | 175434 | 162561 |
| Federal National Mortgage Association, 3.50%, 6/1/49 | 72021 | 66739 |
| Federal National Mortgage Association, 3.50%, 4/1/50 | 1091115 | 994667 |
| Federal National Mortgage Association, 3.50%, 2/1/52 | 961357 | 881773 |
| Federal National Mortgage Association, 3.50%, 3/1/52 | 1546161 | 1405337 |
| Federal National Mortgage Association, 3.50%, 5/1/52 | 515505 | 468490 |
| Federal National Mortgage Association, 3.50%, 5/1/52 | 494315 | 442694 |
| Federal National Mortgage Association, 3.50%, 7/1/52 | 2510258 | 2281608 |
| Federal National Mortgage Association, 3.50%, 9/1/52 | 4994456 | 4538478 |
| Federal National Mortgage Association, 4.00%, 11/1/37 | 1093134 | 1066860 |
| Federal National Mortgage Association, 4.00%, 9/1/40 | 132484 | 127231 |
| Federal National Mortgage Association, 4.00%, 3/1/41 | 241408 | 231839 |
| Federal National Mortgage Association, 4.00%, 9/1/42 | 26196 | 25099 |
| Federal National Mortgage Association, 4.00%, 1/1/45 | 10504 | 10036 |
| Federal National Mortgage Association, 4.00%, 12/1/45 | 265808 | 254602 |
| Federal National Mortgage Association, 4.00%, 7/1/46 | 225809 | 216102 |
| Federal National Mortgage Association, 4.00%, 3/1/47 | 123241 | 117197 |
| Federal National Mortgage Association, 4.00%, 9/1/47 | 155484 | 148422 |
| Federal National Mortgage Association, 4.00%, 10/1/47 | 73276 | 69926 |
| Federal National Mortgage Association, 4.00%, 12/1/47 | 96472 | 92270 |
| Federal National Mortgage Association, 4.00%, 1/1/48 | 203897 | 194606 |
| Federal National Mortgage Association, 4.00%, 4/1/48 | 71916 | 68754 |
| Federal National Mortgage Association, 4.00%, 3/1/49 | 1266398 | 1205959 |
| Federal National Mortgage Association, 4.00%, 4/1/52 | 476389 | 450764 |
| Federal National Mortgage Association, 4.00%, 5/1/52 | 1624340 | 1524369 |
| Federal National Mortgage Association, 4.00%, 6/1/52 | 473410 | 444077 |
| Federal National Mortgage Association, 4.00%, 7/1/52 | 1213638 | 1138815 |
| Federal National Mortgage Association, 4.00%, 9/1/52 | 2511315 | 2355706 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Federal National Mortgage Association, 4.00%, 10/1/52 | $7062706 | $6625085 |
| Federal National Mortgage Association, 4.50%, 9/1/40 | 132441 | 130913 |
| Federal National Mortgage Association, 4.50%, 2/1/41 | 260108 | 257852 |
| Federal National Mortgage Association, 4.50%, 9/1/42 | 2251 | 2211 |
| Federal National Mortgage Association, 4.50%, 12/1/43 | 13372 | 13122 |
| Federal National Mortgage Association, 4.50%, 7/1/46 | 93148 | 91505 |
| Federal National Mortgage Association, 4.50%, 11/1/47 | 39960 | 39280 |
| Federal National Mortgage Association, 4.50%, 1/1/48 | 115357 | 113589 |
| Federal National Mortgage Association, 4.50%, 2/1/48 | 20627 | 20335 |
| Federal National Mortgage Association, 4.50%, 3/1/48 | 71659 | 70313 |
| Federal National Mortgage Association, 4.50%, 3/1/48 | 83735 | 82499 |
| Federal National Mortgage Association, 4.50%, 5/1/48 | 89499 | 88279 |
| Federal National Mortgage Association, 4.50%, 5/1/48 | 60667 | 59841 |
| Federal National Mortgage Association, 4.50%, 6/1/52 | 187368 | 180331 |
| Federal National Mortgage Association, 4.50%, 6/1/52 | 2821324 | 2715903 |
| Federal National Mortgage Association, 4.50%, 7/1/52 | 160535 | 154545 |
| Federal National Mortgage Association, 4.50%, 8/1/52 | 1613906 | 1553558 |
| Federal National Mortgage Association, 4.50%, 9/1/52 | 9857478 | 9488621 |
| Federal National Mortgage Association, 5.00%, 9/1/40 | 99843 | 101104 |
| Federal National Mortgage Association, 5.00%, 2/1/41 | 79461 | 80465 |
| Federal National Mortgage Association, 5.00%, 7/1/44 | 191737 | 196116 |
| Federal National Mortgage Association, 5.00%, 5/1/48 | 44644 | 44740 |
| Federal National Mortgage Association, 5.00%, 8/1/48 | 18059 | 18177 |
| Federal National Mortgage Association, 5.00%, 7/1/52 | 822007 | 810639 |
| Federal National Mortgage Association, 5.00%, 8/1/52 | 1254049 | 1236707 |
| Federal National Mortgage Association, 5.00%, 9/1/52 | 203984 | 201164 |
| Federal National Mortgage Association, 5.00%, 10/1/52 | 5362798 | 5288634 |
| Federal National Mortgage Association, 5.50%, 2/1/42 | 42717 | 44203 |
| Federal National Mortgage Association, 5.50%, 12/1/52 | 995078 | 997749 |
| Federal National Mortgage Association, Series 2017-51, Class CP, CMO, REMIC, 3.00%, 2/25/47 | 336472 | 304720 |
| Government National Mortgage Association, 2.00%, 3/20/51 | 390392 | 328999 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Government National Mortgage Association, 2.00%, 7/20/51 | $475062 | $398178 |
| Government National Mortgage Association, 2.00%, 10/20/51 | 200147 | 168194 |
| Government National Mortgage Association, 2.50%, 12/20/46 | 82967 | 73147 |
| Government National Mortgage Association, 2.50%, 10/20/50 | 1312086 | 1107318 |
| Government National Mortgage Association, 2.50%, 5/20/51 | 4737822 | 4119191 |
| Government National Mortgage Association, 2.50%, 8/20/51 | 349795 | 303815 |
| Government National Mortgage Association, 2.50%, 11/20/51 | 455344 | 394600 |
| Government National Mortgage Association, 2.50%, 12/20/51 | 2294038 | 1964871 |
| Government National Mortgage Association, 3.00%, 12/20/42 | 187340 | 171013 |
| Government National Mortgage Association, 3.00%, 12/20/45 | 57367 | 51991 |
| Government National Mortgage Association, 3.00%, 9/20/46 | 84476 | 76461 |
| Government National Mortgage Association, 3.00%, 10/20/46 | 175852 | 159065 |
| Government National Mortgage Association, 3.00%, 2/20/47 | 204203 | 183802 |
| Government National Mortgage Association, 3.00%, 4/20/47 | 137999 | 124410 |
| Government National Mortgage Association, 3.00%, 12/20/47 | 62321 | 56119 |
| Government National Mortgage Association, 3.00%, 1/20/48 | 128863 | 116447 |
| Government National Mortgage Association, 3.00%, 9/20/49 | 100463 | 90347 |
| Government National Mortgage Association, 3.00%, 12/20/49 | 200273 | 180101 |
| Government National Mortgage Association, 3.00%, 1/20/50 | 464447 | 417535 |
| Government National Mortgage Association, 3.00%, 4/15/50 | 189125 | 167987 |
| Government National Mortgage Association, 3.00%, 8/20/50 | 272070 | 243590 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Government National Mortgage Association, 3.00%, 8/20/50 | $380888 | $340901 |
| Government National Mortgage Association, 3.00%, 8/20/50 | 228895 | 204742 |
| Government National Mortgage Association, 3.00%, 10/20/50 | 153617 | 137263 |
| Government National Mortgage Association, 3.00%, 10/20/50 | 243334 | 217278 |
| Government National Mortgage Association, 3.00%, 7/20/51 | 265077 | 237207 |
| Government National Mortgage Association, 3.00%, 12/20/51 | 508231 | 454117 |
| Government National Mortgage Association, 3.00%, 4/20/52 | 482669 | 430194 |
| Government National Mortgage Association, 3.00%, 5/20/52 | 2611367 | 2325242 |
| Government National Mortgage Association, 3.50%, 2/20/42 | 154622 | 145266 |
| Government National Mortgage Association, 3.50%, 7/20/42 | 225689 | 212636 |
| Government National Mortgage Association, 3.50%, 11/20/42 | 102072 | 96232 |
| Government National Mortgage Association, 3.50%, 8/20/45 | 39602 | 36971 |
| Government National Mortgage Association, 3.50%, 9/20/45 | 39356 | 36673 |
| Government National Mortgage Association, 3.50%, 4/20/46 | 56674 | 52856 |
| Government National Mortgage Association, 3.50%, 12/20/46 | 320502 | 298904 |
| Government National Mortgage Association, 3.50%, 11/20/47 | 106712 | 99346 |
| Government National Mortgage Association, 3.50%, 1/20/48 | 110202 | 102970 |
| Government National Mortgage Association, 3.50%, 11/20/48 | 438619 | 407907 |
| Government National Mortgage Association, 3.50%, 8/20/50 | 154629 | 143087 |
| Government National Mortgage Association, 3.50%, 8/20/50 | 149843 | 139190 |
| Government National Mortgage Association, 3.50%, 8/20/50 | 188556 | 174481 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **U.S. GOVERNMENT AGENCIES (continued)** | **U.S. GOVERNMENT AGENCIES (continued)** |  |
| Government National Mortgage Association, 3.50%, 10/20/50 | $65914 | $60976 |
| Government National Mortgage Association, 3.50%, 1/20/52 | 969572 | 890915 |
| Government National Mortgage Association, 3.50%, 7/20/52 | 382768 | 351708 |
| Government National Mortgage Association, 4.00%, 11/20/40 | 76297 | 73720 |
| Government National Mortgage Association, 4.00%, 2/20/46 | 157440 | 151437 |
| Government National Mortgage Association, 4.00%, 3/20/46 | 59794 | 57522 |
| Government National Mortgage Association, 4.00%, 5/20/47 | 86479 | 83024 |
| Government National Mortgage Association, 4.00%, 8/20/47 | 44390 | 42615 |
| Government National Mortgage Association, 4.00%, 9/20/47 | 672472 | 647286 |
| Government National Mortgage Association, 4.00%, 9/20/52 | 1733773 | 1617918 |
| Government National Mortgage Association, 4.50%, 9/20/39 | 78334 | 78180 |
| Government National Mortgage Association, 4.50%, 7/20/41 | 45007 | 44919 |
| Government National Mortgage Association, 4.50%, 2/20/47 | 27574 | 27413 |
| Government National Mortgage Association, 4.50%, 8/20/47 | 42475 | 41853 |
| Government National Mortgage Association, 4.50%, 1/20/48 | 136004 | 133902 |
| Government National Mortgage Association, 4.50%, 3/20/48 | 27013 | 26600 |
| Government National Mortgage Association, 4.50%, 7/20/48 | 53881 | 52815 |
| Government National Mortgage Association, 4.50%, 6/20/49 | 150480 | 147044 |
| Government National Mortgage Association, 4.50%, 12/20/52 | 1746626 | 1675004 |
| Government National Mortgage Association, 5.00%, 7/20/45 | 111631 | 113515 |
| Government National Mortgage Association, 5.00%, 11/20/52 | 428156 | 419314 |
| Tennessee Valley Authority, 1.50%, 9/15/31 | 145000 | 113776 |
| United States Department of Housing and Urban Development, Series 2019, 2.87%, 8/1/27 | 1000000 | 934034 |
| United States International Development Finance Corp., 3.43%, 6/1/33 | 975992 | 911332 |
| United States International Development Finance Corp., Series 1, 1.65%, 4/15/28 | 1000000 | 876479 |
| United States International Development Finance Corp., Series 3, 1.05%, 10/15/29 | 804191 | 701541 |
| **TOTAL U.S. GOVERNMENT AGENCIES**<br> (Cost: $179,737,284) |  | **167841287** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 10.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 10.0%** |  |
| Alen Mortgage Trust, Series 2021-ACEN, Class C, (1 month USD LIBOR + 2.250%), 6.57%, 4/15/34 <sup>(a)(b)</sup> | $1000000 | $852073 |
| Angel Oak Mortgage Trust, Series 2021-8, Class A3, CMO, 2.84%, 11/25/66 <sup>(a)(b)</sup> | 100000 | 64726 |
| BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 5.17%, 9/15/34 (1 month USD LIBOR + 0.85%)<sup>(a)(b)</sup> | 400000 | 392435 |
| BANK, Series 2018-BN15, Class A3, 4.14%, 11/15/61 | 575000 | 545504 |
| BANK, Series 2019-BN23, Class AS, 3.20%, 12/15/52 | 500000 | 421126 |
| BANK, Series 2020-BN28, Class A3, 1.58%, 3/15/63 | 1200000 | 947807 |
| BANK, Series 2020-BN29, Class A3, 1.74%, 11/15/53 | 500000 | 391734 |
| Bellemeade Re Ltd., Series 2019-3A, Class M1B, 5.99%, 7/25/29 (1 month USD LIBOR + 1.60%)<sup>(a)(b)</sup> | 19543 | 19533 |
| Bellemeade Re Ltd., Series 2021-2A, Class M1A, CMO, (SOFR30A + 1.200%), 5.13%, 6/25/31 <sup>(a)(b)</sup> | 420521 | 416418 |
| Bellemeade Re Ltd., Series 2021-3A, Class M1A, CMO, (SOFR30A + 1.000%), 4.93%, 9/25/31 <sup>(a)(b)</sup> | 257343 | 254027 |
| Bellemeade Re Ltd., Series 2021-3A, Class M1A, CMO, (SOFR30A + 1.750%), 5.68%, 3/25/31 <sup>(a)(b)</sup> | 140326 | 139526 |
| Bellemeade Re Ltd., Series 2022-1, Class M1A, CMO, (SOFR30A + 1.750%), 5.68%, 1/26/32 <sup>(a)(b)</sup> | 760000 | 749798 |
| Benchmark Mortgage Trust, 2018B4, Class A3, 3.89%, 7/15/51 | 500000 | 486431 |
| Benchmark Mortgage Trust, Series 2019-B10, Class 3CCA, 3.90%, 3/15/62 <sup>(a)(b)</sup> | 250000 | 182953 |
| Benchmark Mortgage Trust, Series 2019-B10, Class A3, 3.46%, 3/15/62 | 850000 | 769165 |
| Benchmark Mortgage Trust, Series 2020-B19, Class A4, 1.55%, 9/15/53 | 1200000 | 968873 |
| Benchmark Mortgage Trust, Series 2020-B20, Class A4, 1.75%, 10/15/53 | 1300000 | 1047799 |
| Benchmark Mortgage Trust, Series 2020-B21, Class A4, 1.70%, 12/17/53 | 500000 | 397641 |
| Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, 9/15/48 <sup>(a)</sup> | 1500000 | 1394793 |
| Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, 3/15/54 | 550000 | 471135 |
| Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, 3/15/54 | 600000 | 495199 |
| Benchmark Mortgage Trust, Series 2021-B25, Class A3, 1.91%, 4/15/54 | 1200000 | 1017153 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Benchmark Mortgage Trust, Series 2021-B25, Class A4, 2.27%, 4/15/54 | $800000 | $659886 |
| Benchmark Mortgage Trust, Series 2021-B30, Class A4, 2.33%, 11/15/54 | 3000000 | 2411566 |
| Benchmark Mortgage Trust, Series 2021-B31, Class A4, 2.42%, 12/15/54 | 1200000 | 974327 |
| BMO Mortgage Trust, Series 2022-C1, Class 360B, 3.94%, 2/17/55 <sup>(a)(b)</sup> | 1000000 | 737555 |
| BMO MORTGAGE TRUST, Series 2022-C3, Class A5, 5.31%, 9/15/54 | 1000000 | 1006782 |
| BX Commercial Mortgage Trust, Series 2022-AHP, Class AS, (SOFR30A + 1.490%), 5.83%, 1/17/39 <sup>(a)</sup> | 1000000 | 953529 |
| BX Commercial Mortgage Trust, Series 2022-AHP, Class C (SOFR30A +2.090%), 6.43%, 1/17/39 <sup>(a)(b)</sup> | 1000000 | 947284 |
| BXMT Ltd., Series 2020-FL2, Class A, (SOFR30A + 1.014%), 5.34%, 2/15/38 <sup>(a)(b)</sup> | 645777 | 630653 |
| Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A3, 2.75%, 1/15/53 | 800000 | 673550 |
| CD Mortgage Trust, Series 2016-CD2, Class B, 3.88%, 11/10/49 <sup>(b)</sup> | 500000 | 423224 |
| CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, 8/15/57 | 900000 | 769584 |
| Century Plaza Towers, Series 2019-CPT, Class A, 2.87%, 11/13/39 <sup>(a)</sup> | 250000 | 199258 |
| Century Plaza Towers, Series 2019-CPT, Class E, 3.00%, 11/13/39 <sup>(a)(b)</sup> | 488000 | 323867 |
| CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, 4/15/25 <sup>(a)(b)</sup> | 835689 | 776498 |
| Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class A3, 3.37%, 10/10/47 | 93125 | 89498 |
| Citigroup Commercial Mortgage Trust, Series 2016-CLNE, Class A, 2.78%, 11/10/31 <sup>(a)(b)</sup> | 1000000 | 962812 |
| Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A3, 2.65%, 7/10/49 | 114286 | 104557 |
| Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A3, 4.15%, 11/10/51 | 750000 | 704934 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, 12/15/72 | $280000 | $241097 |
| COMM Mortgage Trust, Series 2013-LC13, Class D, 5.25%, 8/10/46 <sup>(a)(b)</sup> | 500000 | 461898 |
| COMM Mortgage Trust, Series 2022-HC, Class B, 3.17%, 1/10/39 <sup>(a)</sup> | 1000000 | 852365 |
| Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2, CMO, (SOFR30A + 1.550%), 5.48%, 10/25/41 <sup>(a)(b)</sup> | 30000 | 29237 |
| Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2, CMO, (SOFR30A + 1.900%), 5.83%, 12/25/41 <sup>(a)(b)</sup> | 400000 | 379853 |
| Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M2, (SOFR30A + 3.750%), 7.43%, 3/25/42 <sup>(a)(b)</sup> | 435000 | 440446 |
| Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, CMO, (SOFR30A + 3.100%), 7.03%, 3/25/42 <sup>(a)(b)</sup> | 315000 | 313822 |
| Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2, CMO, (SOFR30A + 3.000%), 6.93%, 4/25/42 <sup>(a)(b)</sup> | 120000 | 116160 |
| Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M2, CMO, (SOFR30A + 3.850%), 7.78%, 5/25/42 <sup>(a)(b)</sup> | 625000 | 637883 |
| Connecticut Avenue Securities Trust, Series 2022-R07, Class 1M2, CMO, (SOFR30a + 4.650%), 8.59%, 6/25/42 <sup>(a)(b)</sup> | 445000 | 466393 |
| Connecticut Avenue Securities Trust, Series 2022-R08, Class 1M2, CMO, (SOFR30A + 3.600%), 7.53%, 7/25/42 <sup>(a)(b)</sup> | 160000 | 158606 |
| Connecticut Avenue Securities Trust, Series 2022-R09, Class 2M2, CMO, (SOFR30A + 4.750%), 8.69%, 9/25/42 <sup>(a)</sup> | 230000 | 234533 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.23%, 6/15/57 | $115952 | $110150 |
| CSAIL Commercial Mortgage Trust, Series 2018-C14, Class A3, 4.15%, 11/15/51 | 700000 | 654667 |
| CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, 3/15/54 | 1197347 | 997786 |
| CSMC Trust, Series 2018-RPL9, Class A, 3.85%, 9/25/57 <sup>(a)(b)</sup> | 129011 | 120522 |
| CSMC Trust, Series 2020-RPL6, Class A1, CMO, 2.69%, 3/25/59 <sup>(a)(b)</sup> | 135700 | 128258 |
| Eagle RE Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.550%), 5.48%, 4/25/34 <sup>(a)(b)</sup> | 1280078 | 1272482 |
| Federal Home Loan Mortgage Corp., Series 2021-3, Class 3JI, 2.50%, 2/25/51 | 795780 | 106109 |
| Federal Home Loan Mortgage Corp., Series 2021-DNA2, Class M2, CMO, (SOFR30A + 2.300%), 6.23%, 8/25/33 <sup>(a)(b)</sup> | 235000 | 232334 |
| Federal Home Loan Mortgage Corp., Series 2021-DNA3, Class M2, CMO, REMIC, (SOFR30A + 2.100%), 6.03%, 10/25/33 <sup>(a)(b)</sup> | 625000 | 612796 |
| Federal Home Loan Mortgage Corp., Series 2021-DNA5, Class M2, CMO, REMIC, (SOFR30A + 1.650%), 5.58%, 1/25/34 <sup>(a)(b)</sup> | 48666 | 47997 |
| Federal Home Loan Mortgage Corp., Series 2021-HQA3, Class M1, CMO, REMIC, (SOFR30A + 0.850%), 4.78%, 9/25/41 <sup>(a)(b)</sup> | 1364382 | 1302552 |
| Federal Home Loan Mortgage Corp., Series 2021-P011, Class A1, 1.20%, 9/25/31 | 800335 | 689599 |
| Federal Home Loan Mortgage Corp., Series 2022-DNA1, Class M1A, CMO, REMIC, (SOFR30A + 1.000%), 4.93%, 1/25/42 <sup>(a)(b)</sup> | 354741 | 345633 |
| Federal Home Loan Mortgage Corp., Series 2022-DNA3, Class M1B, CMO, REMIC, (SOFR30A + 2.900%), 6.83%, 4/25/42 <sup>(a)(b)</sup> | 495000 | 489126 |
| Federal Home Loan Mortgage Corp., Series 2022-DNA4, Class M1B, CMO, REMIC, (SOFR30A + 3.350%), 7.28%, 5/25/42 <sup>(a)(b)</sup> | 735000 | 738902 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Federal Home Loan Mortgage Corp., Series 2022-HQA1, Class M1B, CMO, REMIC, (SOFR30A + 3.500%), 7.43%, 3/25/42 <sup>(a)(b)</sup> | $60000 | $59493 |
| Federal Home Loan Mortgage Corp., Series 2022-HQA2, Class M1B, CMO, (SOFR30A + 4.000%), 7.93%, 7/25/42 <sup>(a)</sup> | 45000 | 45333 |
| Federal Home Loan Mortgage Corp., Series 2022-ML13, Class ACA, 2.88%, 7/25/36 | 1000000 | 858857 |
| Federal Home Loan Mortgage Corp., Series 2022-ML14, Class A, 3.65%, 11/25/38 | 1000000 | 895900 |
| Federal Home Loan Mortgage Corp., Series 2022-P013, Class A2, 2.76%, 2/25/32 <sup>(b)</sup> | 1000000 | 867861 |
| Federal Home Loan Mortgage Corp., Series 4661, Class BV, CMO, REMIC, 3.50%, 12/15/36 | 527154 | 511641 |
| Federal Home Loan Mortgage Corp., Series 4710, Class KZ, CMO, REMIC, 3.50%, 8/15/47 | 1147063 | 1012301 |
| Federal Home Loan Mortgage Corp., Series 4835, Class AS, 2.93%, 10/15/48 (1 month USD LIBOR + 9.84%)<sup>(b)</sup> | 77008 | 69399 |
| Federal Home Loan Mortgage Corp., Series 5021, Class SB, CMO, IO, REMIC, (SOFR30A + 3.550%), 0.03%, 10/25/50 <sup>(b)(e)</sup> | 974558 | 33085 |
| Federal Home Loan Mortgage Corp., Series 5027, Class AI, CMO, IO, REMIC, 2.00%, 9/25/50 | 468390 | 54824 |
| Federal National Mortgage Association, 3.15%, 10/15/36 | 992323 | 848907 |
| Federal National Mortgage Association, Series 2018-M10, Class A1, 3.36%, 7/25/28 <sup>(b)</sup> | 19174 | 18938 |
| Federal National Mortgage Association, Series 2018-M8, Class A2, 3.30%, 6/25/28 <sup>(b)</sup> | 454237 | 431501 |
| Federal National Mortgage Association, Series 2019-M21, Class 3A1, 2.10%, 6/25/34 | 842807 | 748332 |
| Federal National Mortgage Association, Series 2020-24, Class SP, CMO, IO, REMIC, (1 month USD LIBOR + 6.050%), 1.66%, 4/25/50 <sup>(b)(e)</sup> | 269596 | 30358 |

---

 ****

 ****

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Federal National Mortgage Association, Series 2020-56, Class LI, CMO, IO, REMIC, 2.00%, 8/25/50 | $364952 | $51234 |
| Federal National Mortgage Association, Series 2020-75, Class LI, CMO, IO, REMIC, 2.50%, 11/25/50 | 591145 | 85152 |
| Federal National Mortgage Association, Series 2021-76, Class IY, CMO, IO, REMIC, 2.50%, 11/25/51 | 236145 | 31846 |
| Federal National Mortgage Association, Series 2021-M3G, Class A2, 1.25%, 1/25/31 <sup>(b)</sup> | 1000000 | 783607 |
| Federal National Mortgage Association, Series 2022-51, Class PS, 2.02%, 8/25/52 | 665253 | 45342 |
| Flagstar Mortgage Trust, Series 2021-4, Class A21, CMO, 2.50%, 6/1/51 <sup>(a)(b)</sup> | 213695 | 163251 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1B, CMO, REMIC (SOFR30A + 4.500%), 8.43%, 6/25/42 <sup>(a)(b)</sup> | 670000 | 700517 |
| GMSC, Series 2021-IP, Class B, (1 month USD LIBOR + 1.150%), 5.47%, 10/15/36 <sup>(a)(b)</sup> | 1720000 | 1592821 |
| Government National Mortgage Association, Series 2013-99, Class AX, 3.00%, 7/20/43 | 156698 | 140064 |
| Government National Mortgage Association, Series 2015-143, Class WA, 4.00%, 10/20/45 | 148939 | 144921 |
| Government National Mortgage Association, Series 2018-76, Class IO, 4.00%, 6/20/46 | 38404 | 5286 |
| Government National Mortgage Association, Series 2021-165, Class ST, CMO, IO, REMIC, (1 month USD LIBOR + 3.360%), 0.02%, 1/20/50 <sup>(b)(e)</sup> | 155653 | 51 |
| Government National Mortgage Association, Series 2021-177, Class SB, CMO, IO, (SOFR30A + 3.200%), 0.28%, 10/20/51 <sup>(b)(e)</sup> | 700194 | 11081 |
| Government National Mortgage Association, Series 2021-205, Class DS, CMO, IO, (SOFR30A + 3.200%), 0.28%, 11/20/51 <sup>(b)(e)</sup> | 6706317 | 106279 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Government National Mortgage Association, Series 2022-126, Class CS, CMO, IO, (SOFR30A + 3.760%), 0.37%, 7/20/52 <sup>(b)(e)</sup> | $1478938 | $15866 |
| Government National Mortgage Association, Series 2022-133, Class SA, 0.12%, 7/20/52 | 569910 | 9070 |
| Government National Mortgage Association, Series 2022-148, Class DS, CMO, REMIC, IO, 0.21%, 8/20/52 <sup>(e)</sup> | 571704 | 7330 |
| Government National Mortgage Association, Series 2022-180, Class Z, 5.00%, 10/20/52 | 3012552 | 2817521 |
| Government National Mortgage Association, Series 2022-46, Class S, CMO, IO, (SOFR30A + 3.500%), 0.11%, 3/20/52 <sup>(b)(e)</sup> | 416290 | 7047 |
| Government National Mortgage Association, Series 2022-51, Class SC, CMO, IO, (SOFR30A + 3.500%), 0.11%, 3/20/52 <sup>(b)(e)</sup> | 1275028 | 19742 |
| Government National Mortgage Association, Series 2022-66, Class SB, CMO, IO, (SOFR30A + 3.850%), 0.02%, 4/20/52 <sup>(b)(e)</sup> | 432429 | 8355 |
| Government National Mortgage Association, Series 2022-68, Class SP, CMO, IO, (SOFR30A + 3.850%), 0.02%, 4/20/52 <sup>(b)(e)</sup> | 336054 | 6086 |
| Government National Mortgage Association, Series 2022-7, Class MSB, CMO, REMIC,IO, 0.36%, 4/20/52 <sup>(e)</sup> | 779274 | 14004 |
| Government National Mortgage Association, Series 2022-78, Class MS, CMO, IO, (SOFR30A + 3.600%), 0.21%, 4/20/52 <sup>(b)(e)</sup> | 1108224 | 16372 |
| Government National Mortgage Association, Series 2022-93, Class GS, CMO, IO, (SOFR30A + 3.650%), 0.26%, 5/20/52 <sup>(b)(e)</sup> | 246684 | 3641 |
| Government National Mortgage Association, Series 222-124, Class QZ, 4.00%, 7/20/52 | 122013 | 102955 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| GS Mortgage Securities Corp., Series 2021-RENT, Class A, (1 month USD LIBOR + 0.700%), 5.05%, 11/21/35 <sup>(a)(b)</sup> | $296924 | $276232 |
| GS Mortgage Securities Corp. II, Series 2018-GS10, Class A3, 4.26%, 7/10/51 <sup>(b)</sup> | 800000 | 778108 |
| GS Mortgage Securities Trust, Series 2015-GC34, Class A3, 3.24%, 10/10/48 | 1041598 | 982944 |
| GS Mortgage Securities Trust, Series 2016-GS4, Class C, 3.95%, 11/10/49 <sup>(b)</sup> | 500000 | 420980 |
| GS Mortgage Securities Trust, Series 2019-GC39, Class A3, 3.31%, 5/10/52 | 1000000 | 887156 |
| GS Mortgage Securities Trust, Series 2019-GC42, Class A3, 2.75%, 9/1/52 | 1100000 | 943654 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.13%, 5/12/53 | 1400000 | 1143297 |
| GS Mortgage Securities Trust, Series 2020-GSA2, Class A4, 1.72%, 12/12/53 | 1100000 | 862931 |
| GS Mortgage Securities Trust, Series 2021-GSA3, Class A4, 2.37%, 12/15/54 | 1400000 | 1112922 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ2, Class A4, CMO, 3.50%, 7/25/50 <sup>(a)(b)</sup> | 19773 | 16625 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ5, Class A4, CMO, 2.50%, 10/25/51 <sup>(a)(b)</sup> | 85960 | 65669 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A36, CMO, 3.00%, 9/25/52 <sup>(a)(b)</sup> | 95158 | 75625 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ10, Class A4, CMO, 2.50%, 3/25/52 <sup>(a)(b)</sup> | 204242 | 156030 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ10, Class A8, CMO, 2.50%, 3/25/52 <sup>(a)(b)</sup> | 140319 | 120409 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class A4, CMO, 2.50%, 7/25/51 <sup>(a)(b)</sup> | 80496 | 62391 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ6, Class A4, CMO, 2.50%, 11/25/51 <sup>(a)(b)</sup> | 249340 | 190482 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ7, Class A4, CMO, 2.50%, 1/25/52 <sup>(a)(b)</sup> | 399018 | 304828 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ8, Class A4, CMO, 2.50%, 1/25/52 <sup>(a)(b)</sup> | $192286 | $146896 |
| GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A36, CMO, 3.00%, 10/25/52 <sup>(a)(b)</sup> | 270278 | 214798 |
| HarborView Mortgage Loan Trust, Series 2005-11, Class 2A1A, 4.96%, 8/19/45 (1 month USD LIBOR + 0.62%)<sup>(b)</sup> | 30050 | 26922 |
| Home RE Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.250%), 5.18%, 1/25/34 <sup>(a)(b)</sup> | 102695 | 102364 |
| Hudsons Bay Simon JV Trust, Series 2015-HB10, Class C10, 5.45%, 8/5/34 <sup>(a)(b)</sup> | 900000 | 706299 |
| INTOWN Mortgage Trust, Series 2022-STAY, Class C, (SOFR30A + 3.685%), 8.02%, 8/15/39 <sup>(a)(b)</sup> | 1000000 | 979964 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A3, 3.39%, 12/15/49 | 1071000 | 990641 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 5.57%, 9/15/29 (1 month USD LIBOR + 1.00%)<sup>(a)(b)</sup> | 344251 | 333638 |
| JP Morgan Mortgage Trust, Series 2015-HB10, Class C10, 2.50%, 5/25/52 <sup>(a)(b)</sup> | 117186 | 89524 |
| JP Morgan Mortgage Trust, Series 2017-2, Class A13, 3.50%, 5/25/47 <sup>(a)(b)</sup> | 6997 | 6095 |
| JP Morgan Mortgage Trust, Series 2017-5, Class A2, CMO, 3.21%, 10/26/48 <sup>(a)(b)</sup> | 46658 | 43697 |
| JP Morgan Mortgage Trust, Series 2018-5, Class A13, 3.50%, 10/25/48 <sup>(a)(b)</sup> | 31808 | 26671 |
| JP Morgan Mortgage Trust, Series 2018-7FRB, Class A2, 5.14%, 4/25/46 (1 month USD LIBOR + 0.75%)<sup>(a)(b)</sup> | 20841 | 19959 |
| JP Morgan Mortgage Trust, Series 2018-8, Class A13, 4.00%, 1/25/49 <sup>(a)(b)</sup> | 1639 | 1505 |
| JP Morgan Mortgage Trust, Series 2018-9, Class A13, 4.00%, 2/25/49 <sup>(a)(b)</sup> | 1526 | 1397 |
| JP Morgan Mortgage Trust, Series 2019-1, Class A15, 4.00%, 5/25/49 <sup>(a)(b)</sup> | 4508 | 4211 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| JP Morgan Mortgage Trust, Series 2019-INV1, Class A11, CMO, 4.99%, 10/25/49 (1 month USD LIBOR + 0.950%)<sup>(a)(b)</sup> | $15502 | $15229 |
| JP Morgan Mortgage Trust, Series 2020-1, Class B2, 3.84%, 6/25/50 <sup>(a)(b)</sup> | 32880 | 26458 |
| JP Morgan Mortgage Trust, Series 2020-10, Class A15, 2.50%, 12/25/51 <sup>(a)(b)</sup> | 88832 | 67863 |
| JP Morgan Mortgage Trust, Series 2021-11, Class A15, CMO, 2.50%, 1/25/52 <sup>(a)(b)</sup> | 186267 | 142298 |
| JP Morgan Mortgage Trust, Series 2021-15, Class A15, CMO, 2.50%, 6/25/52 <sup>(a)(b)</sup> | 388082 | 296474 |
| JP Morgan Mortgage Trust, Series 2021-6, Class A15, CMO, 2.50%, 10/25/51 <sup>(a)(b)</sup> | 181999 | 139038 |
| JP Morgan Mortgage Trust, Series 2021-7, Class A15, CMO, 2.50%, 11/25/51 <sup>(a)(b)</sup> | 162050 | 123798 |
| JP Morgan Mortgage Trust, Series 2021-8, Class A15, CMO, 2.50%, 12/25/51 <sup>(a)(b)</sup> | 119016 | 90922 |
| JP Morgan Mortgage Trust, Series 2022-2, Class A25, 3.00%, 8/25/52 <sup>(a)(b)</sup> | 94202 | 74865 |
| JP Morgan Mortgage Trust, Series 2022-3, Class A25, 3.00%, 8/25/52 <sup>(a)(b)</sup> | 420916 | 341879 |
| JP Morgan Mortgage Trust, Series 2022-4, Class A17A, CMO, 3.00%, 10/25/52 <sup>(a)(b)</sup> | 286882 | 227599 |
| JP Morgan Mortgage Trust, Series 2022-6, Class A17A, CMO, 3.00%, 11/25/52 <sup>(a)(b)</sup> | 241533 | 191953 |
| JP Morgan Mortgage Trust, Series 2022-7, 3.00%, 12/25/52 <sup>(a)(b)</sup> | 136045 | 108118 |
| JP Morgan Mortgage Trust, Series 2022-LTV1, Class A1, 3.25%, 7/25/52 <sup>(a)(b)</sup> | 138210 | 117376 |
| JP Morgan Mortgage Trust, Series 2022-LTV2, Class A6, CMO, 3.50%, 9/25/52 <sup>(a)(b)</sup> | 288983 | 252330 |
| JP Morgan Trust, Series 2015-1, Class B1, CMO, 4.69%, 12/25/44 <sup>(a)(b)</sup> | 84765 | 79447 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class D, 3.88%, 11/15/47 <sup>(a)(b)</sup> | 470000 | 332224 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class A4A1, 3.41%, 11/15/47 | 243100 | 233225 |
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A4, 3.55%, 7/15/48 | 77971 | 74408 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A3, 3.05%, 10/15/50 | $996872 | $953513 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 9/10/39 <sup>(a)</sup> | 1000000 | 853809 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class C, 2.34%, 9/10/39 <sup>(a)(b)</sup> | 500000 | 409285 |
| MBRT, Series 2019-MBR, Class A, 5.52%, 11/15/36 (1 month USD LIBOR + 1.100%)<sup>(a)(b)</sup> | 420000 | 411542 |
| MFA 2021-RPL1 Trust, Series 2021-RPL1, Class A1, CMO, 1.13%, 7/25/60 <sup>(a)(b)</sup> | 546572 | 478534 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class C, 4.90%, 11/15/46 <sup>(b)</sup> | 375000 | 356792 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class A3, 3.45%, 7/15/50 | 166820 | 158708 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3, 3.06%, 5/15/49 | 237229 | 220476 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class D, 3.00%, 5/15/49 <sup>(a)</sup> | 400000 | 295431 |
| Morgan Stanley Capital I Trust, Series 2018-H3, Class A3, 3.92%, 7/15/51 | 600000 | 591017 |
| Morgan Stanley Capital I Trust, Series 2019-BPR, Class A, 5.97%, 5/15/36 (1 month USD LIBOR + 1.650%)<sup>(a)(b)</sup> | 876787 | 837896 |
| Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, 6/15/52 | 1000000 | 885471 |
| Morgan Stanley Capital I Trust, Series 2020-CNP, Class A, 2.43%, 4/5/42 <sup>(a)(b)</sup> | 1000000 | 761093 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2021-5, Class A9, CMO, 2.50%, 8/25/51 <sup>(a)(b)</sup> | 156313 | 119415 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A4, CMO, 2.50%, 9/25/51 <sup>(a)(b)</sup> | 132535 | 113633 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A9, CMO, 2.50%, 9/25/51 <sup>(a)(b)</sup> | 143758 | 109823 |
| MSCG Trust, Series 2015-ALDR, Class A1, 2.61%, 6/7/35 <sup>(a)</sup> | 59925 | 56482 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| MTN Commercial Mortgage Trust, Series 2022-LPFL, Class C (SOFR30A + 2.394%), 6.73%, 3/15/39 <sup>(a)(b)</sup> | $1090000 | $1040660 |
| Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class D, (SOFR30A + 2.750%), 7.07%, 7/15/36 <sup>(a)(b)</sup> | 1000000 | 889194 |
| Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class F, 8.57%, 7/15/36 (1 month USD LIBOR + 4.25%)<sup>(a)(b)</sup> | 750000 | 666416 |
| New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 5.14%, 1/25/48 (1 month USD LIBOR + 0.75%)<sup>(a)(b)</sup> | 47827 | 45853 |
| New Residential Mortgage Loan Trust, Series 2019-NQM4, Class M1, CMO, 2.99%, 9/25/59 <sup>(a)(b)</sup> | 100000 | 77496 |
| Oaktown Re VII Ltd., Series 2021-2, Class M1A, CMO, (SOFR30A + 1.600%), 5.53%, 4/25/34 <sup>(a)(b)</sup> | 900000 | 868285 |
| OBX Trust, Series 2018-1, Class A2, CMO, (1 month USD LIBOR + 0.650%), 5.04%, 6/25/57 <sup>(a)(b)</sup> | 15421 | 14503 |
| OBX Trust, Series 2021-J2, Class A19, CMO, 2.50%, 7/25/51 <sup>(a)(b)</sup> | 262947 | 200877 |
| One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 9/15/54 <sup>(a)</sup> | 1400000 | 1146129 |
| One Market Plaza Trust, Series 2017-1MKT, Class A, 3.61%, 2/10/32 <sup>(a)</sup> | 1000000 | 962016 |
| One Market Plaza Trust, Series 2017-1MKT, Class B, 3.85%, 2/10/32 <sup>(a)</sup> | 1000000 | 950369 |
| One Market Plaza Trust, Series 2017-1MKT, Class D, 4.15%, 2/10/32 <sup>(a)</sup> | 1000000 | 922869 |
| PFP Ltd., Series 2021-8, Class A, (1 month USD LIBOR + 1.000%), 5.33%, 8/9/37 <sup>(a)(b)</sup> | 1351937 | 1298148 |
| PMT Credit Risk Transfer Trust, Series 2021-1R, Class A, CMO, (1 month USD LIBOR + 2.900%), 7.29%, 2/27/24 <sup>(a)(b)</sup> | 498395 | 475998 |
| RCKT Mortgage Trust, Series 2021-4, Class A21, 2.50%, 9/25/51 <sup>(a)(b)</sup> | 327345 | 250074 |
| RCKT Mortgage Trust, Series 2022-2, Class A22, 2.50%, 2/25/52 <sup>(a)(b)</sup> | 420251 | 318947 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| RCKT Mortgage Trust, Series 2022-3, Class A21, CMO, 3.00%, 5/25/52 <sup>(a)(b)</sup> | $154994 | $123178 |
| RCKT Mortgage Trust, Series 2022-4, 3.50%, 6/25/52 <sup>(a)(b)</sup> | 239977 | 198140 |
| RESIMAC Premier, Series 2020-1A, Class A1A, CMO, (1 month USD LIBOR + 1.050%), 5.27%, 2/7/52 <sup>(a)(b)</sup> | 120064 | 119639 |
| Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50%, 8/25/58 | 257177 | 242462 |
| Sequoia Mortgage Trust, Series 2015-2, Class A1, 3.50%, 5/25/45 <sup>(a)(b)</sup> | 9935 | 8665 |
| Sequoia Mortgage Trust, Series 2017-6, Class A19, CMO, 3.50%, 9/25/47 <sup>(a)(b)</sup> | 10753 | 9099 |
| Sequoia Mortgage Trust, Series 2020-3, Class A19, CMO, 3.00%, 4/25/50 <sup>(a)(b)</sup> | 52524 | 42202 |
| Sequoia Mortgage Trust, Series 2021-4, Class A19, CMO, 2.50%, 6/25/51 <sup>(a)(b)</sup> | 89887 | 68668 |
| STWD Mortgage Trust, Series 2021-LIH, Class AS, (1 month USD LIBOR + 1.257%), 5.58%, 11/15/36 <sup>(a)(b)</sup> | 1000000 | 957366 |
| STWD Mortgage Trust, Series 2021-LIH, Class C, (1 month USD LIBOR + 1.955%), 6.27%, 11/15/36 <sup>(a)(b)</sup> | 1075000 | 1011986 |
| Towd Point Mortgage Trust, Series 2021-SJ1, Class A1, CMO, 2.25%, 7/25/68 <sup>(a)(b)</sup> | 459414 | 425518 |
| Towd Point Mortgage Trust, Series 2021-SJ2, Class A1A, CMO, 2.25%, 12/25/61 <sup>(a)(b)</sup> | 726818 | 664657 |
| UBS Commercial Mortgage Trust, Series 2017-C4, Class A3, 3.30%, 10/15/50 | 546616 | 502507 |
| UBS Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.56%, 10/15/50 | 148558 | 136610 |
| UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, 12/15/50 | 283208 | 262684 |
| UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.05%, 5/15/51 | 1100000 | 1028099 |
| UBS Commercial Mortgage Trust, Series 2018-C10, Class A3, 4.31%, 6/15/51 | 500000 | 495843 |
| UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 6/10/30 <sup>(a)</sup> | 41197 | 41138 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class D, 4.07%, 3/10/46 <sup>(a)(b)</sup> | $225000 | $147587 |
| Verus Securitization Trust, Series 2019-4, Class M1, CMO, 3.21%, 11/25/59 <sup>(a)(b)</sup> | 100000 | 84373 |
| Verus Securitization Trust, Series 2021-7, Class A3, CMO, 2.24%, 10/25/66 <sup>(a)(b)</sup> | 122565 | 99312 |
| VNDO Trust, Series 2016-350P, Class A, 3.81%, 1/10/35 <sup>(a)</sup> | 600000 | 543703 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A4, 3.47%, 5/15/52 | 950000 | 866669 |
| Wells Fargo Commercial Mortgage Trust, Series 2020-SDAL, Class C, 6.06%, 2/15/37 (1 month USD LIBOR +1.740%)<sup>(a)(b)</sup> | 1295000 | 1228502 |
| Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class A, (1 month USD LIBOR + 1.150%), 5.47%, 2/15/40 <sup>(a)(b)</sup> | 1999848 | 1868562 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A17, 4.00%, 4/25/49 <sup>(a)(b)</sup> | 2339 | 2232 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A17, CMO, 2.50%, 6/25/51 <sup>(a)(b)</sup> | 318665 | 243442 |
| Wells Fargo Mortgage Backed Securities Trust, Series 2022-2, Class A18, CMO, 2.50%, 12/25/51 <sup>(a)(b)</sup> | 101064 | 77207 |
| WFRBS Commercial Mortgage Trust, Series 2013-C13, Class D, 4.15%, 5/15/45 <sup>(a)(b)</sup> | 225000 | 217739 |
| WFRBS Commercial Mortgage Trust, Series 2013-C18, Class C, 4.84%, 12/15/46 <sup>(b)</sup> | 350000 | 326020 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (Cost: $107,110,913)  |  | **96147521** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS - 5.1%** |  |  |
| **BASIC MATERIALS - 0.2%** |  |  |
| ArcelorMittal S.A., 6.55%, 11/29/27 | $155000 | $155729 |
| FMG Resources August 2006 Pty Ltd., 6.13%, 4/15/32 <sup>(a)</sup> | 500000 | 466300 |
| NOVA Chemicals Corp., 4.88%, 6/1/24 <sup>(a)</sup> | 200000 | 193499 |
| Nutrien Ltd., 5.95%, 11/7/25 | 66000 | 67342 |
| South32 Treasury Ltd., 4.35%, 4/14/32 <sup>(a)</sup> | 336000 | 287898 |
| Suzano Austria GmbH, 3.13%, 1/15/32 | 101000 | 78740 |
| Suzano Austria GmbH, 3.75%, 1/15/31 | 44000 | 36913 |
| Teck Resources Ltd., 3.90%, 7/15/30 | 1000000 | 894283 |
| Yara International ASA, 7.38%, 11/14/32 | 107000 | 111622 |
| **Total Basic Materials** |  | **2292326** |
| **COMMUNICATIONS - 0.0% **<sup>(f)</sup>** |  |  |
| NTT Finance Corp., 1.16%, 4/3/26 <sup>(a)</sup> | 203000 | 179524 |
| Telefonica Emisiones S.A., 4.90%, 3/6/48 | 150000 | 115280 |
| Vodafone Group PLC, 4.38%, 2/19/43 | 25000 | 20014 |
| Vodafone Group PLC, 5.25%, 5/30/48 | 89000 | 78385 |
| **Total Communications** |  | **393203** |
| **CONSUMER, CYCLICAL - 0.2%** |  |  |
| 1011778 BC ULC/New Red Finance, Inc., 3.88%, 1/15/28 <sup>(a)</sup> | 150000 | 134182 |
| Falabella S.A., 4.38%, 1/27/25 <sup>(a)</sup> | 400000 | 387260 |
| Hyundai Capital Services, Inc., 1.25%, 2/8/26 <sup>(a)</sup> | 1050000 | 911903 |
| **Total Consumer, Cyclical** |  | **1433345** |
| **CONSUMER, NON-CYCLICAL - 0.5%** |  |  |
| BAT International Finance PLC, 4.45%, 3/16/28 | 740000 | 685359 |
| CSL Finance PLC, 4.75%, 4/27/52 <sup>(a)</sup> | 68000 | 60911 |
| JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.13%, 2/1/28 <sup>(a)</sup> | 1290000 | 1222111 |
| Royalty Pharma PLC, 2.15%, 9/2/31 | 166000 | 125535 |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** |
| **CONSUMER, NON-CYCLICAL (continued)** | **CONSUMER, NON-CYCLICAL (continued)** | **CONSUMER, NON-CYCLICAL (continued)** |
| Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/26 | 190000 | 178194 |
| STERIS Irish FinCo Unlimited Co., 3.75%, 3/15/51 | 442000 | 314067 |
| Takeda Pharmaceutical Co., Ltd., 2.05%, 3/31/30 | 1000000 | 816249 |
| Triton Container International Ltd., 1.15%, 6/7/24 <sup>(a)</sup> | 1000000 | 924818 |
| Triton Container International Ltd., 3.15%, 6/15/31 <sup>(a)</sup> | 482000 | 375218 |
| Triton Container International Ltd./TAL International Container Corp., 3.25%, 3/15/32 | 95000 | 73345 |
| **Total Consumer, Non-cyclical** |  | **4775807** |
| **ENERGY - 0.9%** | **ENERGY - 0.9%** | **ENERGY - 0.9%** |
| Aker BP ASA, 2.88%, 1/15/26 <sup>(a)</sup> | 1000000 | 923799 |
| Aker BP ASA, 3.10%, 7/15/31 <sup>(a)</sup> | 900000 | 738111 |
| Aker BP ASA, 4.00%, 1/15/31 <sup>(a)</sup> | 500000 | 438198 |
| Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24 <sup>(a)</sup> | 475000 | 413250 |
| BP Capital Markets PLC, (5 year CMT + 4.398%), 4.88%, 3/22/30 <sup>(b)(d)</sup> | 49000 | 42875 |
| Canadian Natural Resources Ltd., 5.85%, 2/1/35 | 310000 | 298243 |
| Cenovus Energy, Inc., 2.65%, 1/15/32 | 500000 | 399199 |
| Cenovus Energy, Inc., 3.75%, 2/15/52 | 90000 | 63198 |
| Continuum Energy Levanter Pte Ltd., 4.50%, 2/9/27 <sup>(a)</sup> | 943313 | 846523 |
| EIG Pearl Holdings Sarl, 3.55%, 8/31/36 <sup>(a)</sup> | 350000 | 292918 |
| Equinor ASA, 3.25%, 11/18/49 | 1000000 | 726388 |
| Noble Finance Co., PIK, 11.00%, 2/15/28 <sup>(a)(g)</sup> | 1034 | 1140 |
| Noble Finance Co., PIK, 11.00%, 2/15/28 <sup>(g)</sup> | 7489 | 8257 |
| Petroleos Mexicanos, 6.35%, 2/12/48 | 54000 | 33007 |
| Petroleos Mexicanos, 6.49%, 1/23/27 | 262000 | 238755 |
| Qatar Petroleum, 1.38%, 9/12/26 <sup>(a)</sup> | 400000 | 354515 |
| Qatar Petroleum, 2.25%, 7/12/31 <sup>(a)</sup> | 200000 | 165492 |
| Santos Finance Ltd., 3.65%, 4/29/31 <sup>(a)</sup> | 1158000 | 920448 |
| Sweihan PV Power Co. PJSC, 3.63%, 1/31/49 <sup>(a)</sup> | 993210 | 795810 |
| Total Capital International S.A., 3.13%, 5/29/50 | 375000 | 264831 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** |
| **ENERGY (continued)** |  |  |
| UEP Penonome II S.A., 6.50%, 10/1/38 <sup>(a)</sup> | 941744 | 688650 |
| **Total Energy** |  | **8653607** |
| **FINANCIAL - 2.8%** | **FINANCIAL - 2.8%** | **FINANCIAL - 2.8%** |
| ABN AMRO Bank N.V., (1 year CMT + 1.100%), 2.47%, 12/13/29 <sup>(a)(b)</sup> | 1000000 | 808628 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26 | 150000 | 131166 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 | 1000000 | 837775 |
| Athene Holding Ltd., 3.45%, 5/15/52 | 51000 | 31306 |
| Banco Santander S.A., 3.89%, 5/24/24 | 200000 | 195788 |
| Bank of Montreal, 2.65%, 3/8/27 | 47000 | 42925 |
| Bank of Montreal, 3.70%, 6/7/25 | 133000 | 129057 |
| Bank of Nova Scotia (The), (5 year CMT + 2.050%), 4.59%, 5/4/37 <sup>(b)</sup> | 240000 | 204805 |
| Barclays PLC, (5 year CMT + 2.900%), 3.56%, 9/23/35 <sup>(b)</sup> | 400000 | 304378 |
| BB Blue Financing DAC, Series A1, 4.40%, 9/20/37 | 1000000 | 986020 |
| BB Blue Financing DAC, Series A2, 4.40%, 9/20/29 | 1000000 | 976130 |
| BNP Paribas S.A., 1.32%, 1/13/27 (SOFR + 1.004%)<sup>(a)(b)</sup> | 730000 | 638039 |
| BNP Paribas S.A., (SOFR + 0.912%), 1.68%, 6/30/27 <sup>(a)(b)</sup> | 440000 | 382913 |
| BNP Paribas S.A., (SOFR + 1.387%), 2.87%, 4/19/32 <sup>(a)(b)</sup> | 206000 | 161093 |
| Cooperatieve Rabobank UA, (1 year CMT + 0.730%), 1.00%, 9/24/26 <sup>(a)(b)</sup> | 261000 | 230566 |
| Credit Agricole S.A., 1.25%, 1/26/27 (SOFR + 0.892%)<sup>(a)(b)</sup> | 250000 | 218635 |
| Credit Agricole S.A., 1.91%, 6/16/26 (SOFR + 1.676%)<sup>(a)(b)</sup> | 250000 | 227881 |
| Credit Suisse Group AG, (SOFR + 1.730%), 3.09%, 5/14/32 <sup>(a)(b)</sup> | 285000 | 196920 |
| Credit Suisse Group AG, (SOFR + 5.020%), 9.02%, 11/15/33 <sup>(a)(b)</sup> | 1300000 | 1331027 |

---

***See Notes to Schedule of Investments.*** 

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** |
| **FINANCIAL (continued)** |  |  |
| Danske Bank A/S, 3.24%, 12/20/25 (3.24% fixed rate until 12/20/24; 1.59% + 3 month USD LIBOR thereafter)<sup>(a)(b)</sup> | $201000 | $188113 |
| Deutsche Bank AG, (SOFR + 1.219%), 2.31%, 11/16/27 <sup>(b)</sup> | 330000 | 279801 |
| Deutsche Bank AG, (SOFR + 1.219%), 5.37%, 11/16/27 <sup>(b)</sup> | 240000 | 214808 |
| Enstar Group Ltd., 3.10%, 9/1/31 | 35000 | 25558 |
| Enstar Group Ltd., 4.95%, 6/1/29 | 366000 | 335414 |
| Fairfax Financial Holdings Ltd., 5.63%, 8/16/32 <sup>(a)</sup> | 500000 | 469306 |
| HSBC Holdings PLC, (SOFR + 0.534%), 0.73%, 8/17/24 | 200000 | 192723 |
| HSBC Holdings PLC, (SOFR + 4.250%), 8.11%, 11/3/33 | 200000 | 211616 |
| HSBC Holdings PLC, (SOFR + 1.100%), 2.25%, 11/22/27 <sup>(b)</sup> | 400000 | 346418 |
| HSBC Holdings PLC, (SOFR + 2.610%), 5.21%, 8/11/28 <sup>(b)</sup> | 1000000 | 964753 |
| HSBC Holdings PLC, (SOFR + 2.870%), 5.40%, 8/11/33 <sup>(b)</sup> | 1100000 | 1018625 |
| ING Groep N.V., (1 year CMT + 1.100%), 1.40%, 7/1/26 <sup>(a)(b)</sup> | 1000000 | 899019 |
| ING Groep N.V., (SOFR + 1.830%), 4.02%, 3/28/28 <sup>(b)</sup> | 1000000 | 935080 |
| Intesa Sanpaolo SpA, 3.38%, 1/12/23 <sup>(a)</sup> | 1000000 | 999506 |
| Intesa Sanpaolo SpA, 8.25%, 11/21/33 | 1600000 | 1623186 |
| Intesa Sanpaolo SpA, (1 year CMT + 2.750%), 4.95%, 6/1/42 <sup>(a)(b)</sup> | 700000 | 449504 |
| Intesa Sanpaolo SpA, Series XR, 4.00%, 9/23/29 <sup>(a)</sup> | 600000 | 513330 |
| Landwirtschaftliche Rentenbank, 0.88%, 9/3/30 | 1000000 | 787272 |
| Mitsubishi UFJ Financial Group, Inc., (1 year CMT + 1.700%), 4.79%, 7/18/25 <sup>(b)</sup> | 400000 | 396013 |
| Mizuho Financial Group, Inc., 2.56%, 9/13/25 (2.56% fixed rate until 9/13/24; 1.37% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 281000 | 265222 |
| Natwest Group PLC, 5.08%, 1/27/30 (5.01% fixed rate until 1/27/29; 1.905% + 3 month USD LIBOR thereafter)<sup>(b)</sup> | 210000 | 197827 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** |
| **FINANCIAL (continued)** |  |  |
| Nederlandse Waterschapsbank N.V., Senior Note, 2.38%, 3/24/26 <sup>(a)</sup> | $500000 | $469140 |
| Nomura Holdings, Inc., 2.61%, 7/14/31 | 200000 | 154681 |
| Prudential PLC, 3.13%, 4/14/30 | 69000 | 60093 |
| Societe Generale S.A., 3.88%, 3/28/24 <sup>(a)</sup> | 350000 | 341856 |
| Societe Generale S.A., (1 year CMT + 1.300%), 2.80%, 1/19/28 <sup>(a)(b)</sup> | 795000 | 695551 |
| State Bank of India, 4.38%, 1/24/24 <sup>(a)</sup> | 205000 | 202378 |
| Swedbank AB, 1.54%, 11/16/26 <sup>(a)</sup> | 213000 | 186734 |
| Toronto-Dominion Bank (The), 4.69%, 9/15/27 | 249000 | 246154 |
| UBS Group AG, (1 year CMT + 0.850%), 1.49%, 8/10/27 <sup>(a)(b)</sup> | 1075000 | 924887 |
| UniCredit SpA, 5.86%, 6/19/32 (5.86% fixed rate until 6/19/27; 3.70% + USD 5 year Mid-Market Swap Rate thereafter)<sup>(a)(b)</sup> | 200000 | 175575 |
| UniCredit SpA, (1 year CMT + 2.300%), 2.57%, 9/22/26 <sup>(a)(b)</sup> | 1000000 | 885524 |
| Washington Aircraft 2 Co. DAC, (3 month USD LIBOR + 0.430%), 5.15%, 6/26/24 <sup>(b)</sup> | 327715 | 327203 |
| WLB Asset II B Pte Ltd., 3.95%, 12/10/24 <sup>(a)</sup> | 1000000 | 945000 |
| WLB Asset II C Pte Ltd., 3.90%, 12/23/25 <sup>(a)</sup> | 1000000 | 926100 |
| WLB Asset II D Pte. Ltd., 6.50%, 12/21/26 | 1000000 | 998795 |
| WLB Asset II Pte Ltd., 4.00%, 1/14/24 <sup>(a)</sup> | 250000 | 245000 |
| **Total Financial** |  | **27132817** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** |
| **INDUSTRIAL - 0.2%** | **INDUSTRIAL - 0.2%** | **INDUSTRIAL - 0.2%** |
| Canadian National Railway Co., 4.40%, 8/5/52 | $106000 | $94138 |
| Canadian Pacific Railway Co., 1.35%, 12/2/24 | 191000 | 178031 |
| Canadian Pacific Railway Co., 3.00%, 12/2/41 | 48000 | 36187 |
| Embraer Netherlands Finance B.V., 5.05%, 6/15/25 | 138000 | 133930 |
| Embraer Overseas Ltd., 5.70%, 9/16/23 <sup>(a)</sup> | 135000 | 134663 |
| Flex Ltd., 6.00%, 1/15/28 | 45000 | 44902 |
| Masonite International Corp., 3.50%, 2/15/30 <sup>(a)</sup> | 125000 | 101116 |
| Mexico City Airport Trust, 3.88%, 4/30/28 <sup>(a)</sup> | 200000 | 182898 |
| Mexico City Airport Trust, 5.50%, 7/31/47 <sup>(a)</sup> | 200000 | 154000 |
| nVent Finance Sarl, 2.75%, 11/15/31 | 254000 | 195422 |
| Waste Connections, Inc., 2.20%, 1/15/32 | 193000 | 153108 |
| Waste Connections, Inc., 4.25%, 12/1/28 | 68000 | 64971 |
| **Total Industrial** |  | **1473366** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** | **FOREIGN CORPORATE BONDS (continued)** |
| **UTILITIES - 0.3%** |  |  |
| Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28 <sup>(a)</sup> | $200000 | $177382 |
| Alfa Desarrollo SpA, 4.55%, 9/27/51 <sup>(a)</sup> | 199271 | 151372 |
| Comision Federal de Electricidad, 4.69%, 5/15/29 <sup>(a)</sup> | 400000 | 353772 |
| Consorcio Transmantaro S.A., 4.70%, 4/16/34 <sup>(a)</sup> | 430000 | 391300 |
| Engie Energia Chile S.A., 3.40%, 1/28/30 <sup>(a)</sup> | 209000 | 170647 |
| India Cleantech Energy, 4.70%, 8/10/26 <sup>(a)</sup> | 852300 | 725733 |
| Sociedad de Transmision Austral S.A., 4.00%, 1/27/32 <sup>(a)</sup> | 1000000 | 863819 |
| TransAlta Corp., 7.75%, 11/15/29 | 500000 | 510641 |
| **Total Utilities** |  | **3344666** |
| **TOTAL FOREIGN CORPORATE BONDS** <br> (Cost: $55,164,140)  |  | **49499137** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 14.3%** | **U.S. GOVERNMENT OBLIGATIONS - 14.3%** |  |
| U.S. Treasury Bonds, 1.75%, 8/15/41 | $433000 | $296318 |
| U.S. Treasury Bonds, 1.88%, 2/15/41 | 350000 | 247379 |
| U.S. Treasury Bonds, 1.88%, 11/15/51 | 34000 | 21534 |
| U.S. Treasury Bonds, 2.00%, 8/15/51 | 337000 | 220656 |
| U.S. Treasury Bonds, 2.25%, 5/15/41 | 500000 | 375879 |
| U.S. Treasury Bonds, 2.38%, 5/15/51 | 342000 | 245358 |
| U.S. Treasury Bonds, 2.75%, 8/15/47 | 7645000 | 5964593 |
| U.S. Treasury Bonds, 2.88%, 5/15/43 | 4650000 | 3795381 |
| U.S. Treasury Bonds, 2.88%, 5/15/52 | 187200 | 149994 |
| U.S. Treasury Bonds, 3.00%, 2/15/48 | 6295000 | 5159687 |
| U.S. Treasury Bonds, 3.00%, 8/15/52 | 17673000 | 14560895 |
| U.S. Treasury Bonds, 3.25%, 5/15/42 | 277000 | 242851 |
| U.S. Treasury Bonds, 3.38%, 8/15/42 | 93000 | 83119 |
| U.S. Treasury Bonds, 4.00%, 11/15/42 | 7209000 | 7058062 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/44 | 205000 | 81639 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/44 | 975000 | 385939 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/45 | 355000 | 137323 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/40 | 1280000 | 602475 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/41 | 6745000 | 3089355 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/41 | 205000 | 92673 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/42 | 90000 | 39709 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 5/15/42 | 80000 | 34797 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/42 | 820000 | 346472 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/43 | 650000 | 274199 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 8/15/43 | 480000 | 197522 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/43 | 485000 | 198242 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/44 | 1670000 | 673716 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/44 | 490000 | 191432 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 11/15/45 | 560000 | 210862 |
| U.S. Treasury Coupon STRIP, Zero Coupon, 2/15/46 | 405000 | 150951 |
| U.S. Treasury Inflation-Indexed Notes, 0.63%, 1/15/24 | 793606 | 776746 |
| U.S. Treasury Notes, 0.38%, 7/15/23 | 1591400 | 1572502 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | |
| U.S. Treasury Notes, 0.50%, 10/31/27 | $2755000 | $2330235 |
| U.S. Treasury Notes, 0.63%, 11/30/27 | 250000 | 212285 |
| U.S. Treasury Notes, 1.13%, 8/31/28 | 1000000 | 853828 |
| U.S. Treasury Notes, 1.88%, 2/15/32 | 177000 | 150153 |
| U.S. Treasury Notes, 2.38%, 2/15/42 | 4270000 | 3260212 |
| U.S. Treasury Notes, 2.50%, 4/30/24 | 180000 | 174881 |
| U.S. Treasury Notes, 2.75%, 8/15/32 | 562000 | 511771 |
| U.S. Treasury Notes, 2.75%, 11/15/42 | 525000 | 420820 |
| U.S. Treasury Notes, 2.88%, 5/15/32 | 67000 | 61745 |
| U.S. Treasury Notes, 3.13%, 8/15/25 | 300000 | 291258 |
| U.S. Treasury Notes, 3.13%, 8/31/27 | 298000 | 286616 |
| U.S. Treasury Notes, 3.13%, 8/31/29 | 510000 | 484161 |
| U.S. Treasury Notes, 3.25%, 6/30/29 | 175000 | 167467 |
| U.S. Treasury Notes, 3.63%, 12/31/29 | 900000 | 895500 |
| U.S. Treasury Notes, 3.88%, 11/30/27 | 3355000 | 3336652 |
| U.S. Treasury Notes, 3.88%, 12/31/27 | 10248000 | 10188754 |
| U.S. Treasury Notes, 3.88%, 9/30/29 | 51000 | 50639 |
| U.S. Treasury Notes, 4.00%, 12/15/25 | 6695000 | 6652110 |
| U.S. Treasury Notes, 4.00%, 10/31/29 | 2345000 | 2345733 |
| U.S. Treasury Notes, 4.13%, 9/30/27 | 303000 | 304136 |
| U.S. Treasury Notes, 4.13%, 10/31/27 | 320000 | 321175 |
| U.S. Treasury Notes, 4.13%, 11/15/32 | 23060400 | 23532418 |
| U.S. Treasury Notes, 4.25%, 12/31/24 | 4445000 | 4429547 |
| U.S. Treasury Notes, 4.25%, 10/15/25 | 320000 | 319750 |
| U.S. Treasury Notes, 4.38%, 10/31/24 | 28000000 | 27920156 |
| **TOTAL U.S. GOVERNMENT OBLIGATIONS** <br> (Cost: $143,516,685) |  | **136980262** |

---

***See Notes to Schedule of Investments.***

 ****

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Principal<br> Amount** | **Value** | **Value** |
| **MUNICIPAL BONDS - 2.3%** |  |  |  |  |
| **ALASKA - 0.2%** |  |  |  |  |
| Matching with BBG, 7.50%, 10/1/52 | $| 1510000 | **$** | **1520003** |
| **CALIFORNIA - 0.6%** |  |  |  |  |
| Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F2, 6.26%, 4/1/49 |  | 150000 |  | 170053 |
| Bay Area Toll Authority, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series F1, 2.57%, 4/1/31 |  | 215000 |  | 188345 |
| California Health Facilities Financing Authority,Revenue Bonds, 4.35%, 6/1/41 |  | 250000 |  | 221091 |
| Chula Vista Municipal Financing Authority, Revenue Bonds, Class A, 4.28%, 12/1/48 |  | 1000000 |  | 801813 |
| City & County of San Francisco Community Facilities District No., Series B, 3.48%, 9/1/50 |  | 1000000 |  | 663261 |
| City of Los Angeles CA, Series A, 5.00%, 9/1/42 |  | 1000000 |  | 951719 |
| City of Los Angeles CA, General Obligation, 3.50%, 9/1/37 |  | 315000 |  | 257770 |
| City of San Francisco CA Public Utilities Commission Water Revenue, 3.30%, 11/1/39 |  | 1230000 |  | 1005159 |
| Los Angeles Community College District, 2.11%, 8/1/32 |  | 770000 |  | 615740 |
| State of California, General Obligation, 4.60%, 4/1/38 |  | 500000 |  | 470684 |
| State of California, General Obligation, Build America Bonds, 7.35%, 11/1/39 |  | 275000 |  | 335685 |
| Upper Santa Clara Valley Joint Powers Authority, Revenue Bonds, Water Revenue, Series A, 3.88%, 8/1/48 |  | 500000 |  | 391939 |
| **Total California** |  |  |  | **6073259** |
| **CONNECTICUT - 0.1%** | **CONNECTICUT - 0.1%** | **CONNECTICUT - 0.1%** | **CONNECTICUT - 0.1%** | **CONNECTICUT - 0.1%** |
| Connecticut Green Bank, 2.90%, 11/15/35 |  | 1000000 |  | **806303** |
| **DISTRICT OF COLUMBIA - 0.2%** | **DISTRICT OF COLUMBIA - 0.2%** | **DISTRICT OF COLUMBIA - 0.2%** | **DISTRICT OF COLUMBIA - 0.2%** | **DISTRICT OF COLUMBIA - 0.2%** |
| District of Columbia, Revenue Bonds, 3.85%, 2/28/25 |  | 1750000 |  | **1683552** |
| **FLORIDA - 0.1%** | **FLORIDA - 0.1%** | **FLORIDA - 0.1%** | **FLORIDA - 0.1%** | **FLORIDA - 0.1%** |
| Florida Development Finance Corp., AMT, 7.25%, 7/1/57 <sup>(a)(b)</sup> |  | 1000000 |  | **997020** |
| **HAWAII - 0.1%** | **HAWAII - 0.1%** | **HAWAII - 0.1%** | **HAWAII - 0.1%** | **HAWAII - 0.1%** |
| State of Hawaii Department of Business Economic Development & Tourism, Series 2014-A, Class A2, ABS, 3.24%, 1/1/31 |  | 1152899 |  | **1073414** |
| **ILLINOIS - 0.0% (f)** | **ILLINOIS - 0.0% (f)** | **ILLINOIS - 0.0% (f)** | **ILLINOIS - 0.0% (f)** | **ILLINOIS - 0.0% (f)** |
| Chicago Housing Authority, Revenue Bonds, Series B, 4.36%, 1/1/38 |  | 500000 |  | **446897** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |  |
| **INDIANA - 0.1%** | **INDIANA - 0.1%** | **INDIANA - 0.1%** |
| Indiana State Finance Authority, Revenue Bonds, 3.05%, 1/1/51 | $215000 | $154677 |
| Matching with BBG, Revenue Bonds, Series A-2, 10.75%, 12/1/29 | 1000000 | 984988 |
| **Total Indiana** |  | **1139665** |
| **MASSACHUSETTS - 0.1%** | **MASSACHUSETTS - 0.1%** | **MASSACHUSETTS - 0.1%** |
| Massachusetts Housing Finance Agency, Revenue Bonds, Series 226, 5.56%, 12/1/52 | 950000 | **947505** |
| **MICHIGAN - 0.3%** | **MICHIGAN - 0.3%** | **MICHIGAN - 0.3%** |
| City of Detroit MI, General Obligation, Series B, 2.51%, 4/1/25 | 650000 | 604504 |
| Great Lakes Water Authority Sewage Disposal System Revenue, 3.06%, 7/1/39 | 940000 | 721944 |
| Great Lakes Water Authority Water Supply System Revenue, 3.47%, 7/1/41 | 1330000 | 1065117 |
| **Total Michigan** |  | **2391565** |
| **MINNESOTA - 0.0% <sup>(f)</sup>** | **MINNESOTA - 0.0% <sup>(f)</sup>** | **MINNESOTA - 0.0% <sup>(f)</sup>** |
| University of Minnesota, Revenue Bonds, 4.05%, 4/1/52 | 380000 | **322012** |
| **NEW JERSEY - 0.1%** | **NEW JERSEY - 0.1%** | **NEW JERSEY - 0.1%** |
| Morris County Improvement Authority, 1.05%, 6/15/26 | 200000 | 177097 |
| New Jersey Turnpike Authority, Revenue Bonds, Build America Bonds, Series F, 7.41%, 1/1/40 | 300000 | 371890 |
| **Total New Jersey** |  | **548987** |
| **NEW YORK - 0.2%** | **NEW YORK - 0.2%** | **NEW YORK - 0.2%** |
| Freddie Mac Multifamily ML Certificates, Revenue Bonds, 1.88%, 7/25/37 | 979227 | 735716 |
| Metropolitan Transportation Authority, 5.18%, 11/15/49 | 1000000 | 863001 |
| **Total New York** |  | **1598717** |
| **OHIO - 0.1%** | **OHIO - 0.1%** | **OHIO - 0.1%** |
| Ohio Water Development Authority Water Pollution Control Loan Fund, 4.88%, 12/1/34 | 1000000 | **990538** |
| **OREGON - 0.0% <sup>(f)</sup>** | **OREGON - 0.0% <sup>(f)</sup>** | **OREGON - 0.0% <sup>(f)</sup>** |
| Oregon State Business Development Commission, Revenue Bonds, Economic Development Revenue, 6.50%, 4/1/31 <sup>(a)</sup> | 500000 | **36500** |
| **SOUTH DAKOTA - 0.0% **<sup>(f)</sup>** |  |  |
| South Dakota Housing Development Authority, 5.46%, 5/1/53 | 300000 | **301656** |
| **TEXAS - 0.0% **<sup>(f)</sup>** |  |  |
| Texas Private Activity Bond Surface Transportation Corp., 3.92%, 12/31/49 | 80000 | **60581** |
| **WISCONSIN - 0.1%** |  |  |
| Cnty. of Fond Du Lac WI, (BAM CNTY GTD), 5.57%, 11/1/51 <sup>(a)</sup> | 1000000 | **936832** |
| **TOTAL MUNICIPAL BONDS** <br> (Cost: $24,809,629)  |  | **21875006** |

---

***See Notes to Schedule of Investments.***

 ****

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **SUPRANATIONAL BONDS - 1.6%** |  |  |
| African Development Bank, 0.75%, 4/3/23 | $1000000 | $990357 |
| Arab Petroleum Invstment Corp., 1.48%, 10/6/26 <sup>(a)</sup> | 1200000 | 1068000 |
| Asian Development Bank, 3.13%, 9/26/28 | 1500000 | 1412064 |
| Asian Infrastructure Investment Bank (The), 0.50%, 10/30/24 | 175000 | 162137 |
| Council Of Europe Development Bank, 3.00%, 6/16/25 | 1000000 | 966018 |
| European Investment Bank, 0.63%, 10/21/27 | 700000 | 593761 |
| European Investment Bank, 0.75%, 9/23/30 | 1000000 | 784455 |
| European Investment Bank, 2.38%, 5/24/27 | 500000 | 464270 |
| European Investment Bank, 2.50%, 10/15/24 | 1000000 | 964983 |
| European Investment Bank, 3.25%, 11/15/27 | 1110000 | 1066939 |
| Inter-American Development Bank, 1.13%, 7/20/28 | 344000 | 292085 |
| Inter-American Investment Corp., 2.63%, 4/22/25 | 1000000 | 957635 |
| International Bank for Reconstruction & Development, 0.00%, 3/31/27 | 1000000 | 875900 |
| International Bank for Reconstruction & Development, 0.75%, 11/24/27 | 322000 | 273600 |
| International Bank for Reconstruction & Development, Senior Note, 3.13%, 11/20/25 | 608000 | 587377 |
| International Finance Corp., (SOFR + 0.090%), 4.41%, 4/3/24 <sup>(b)</sup> | 1348000 | 1346997 |
| Kreditanstalt fuer Wiederaufbau, 0.75%, 9/30/30 | 1000000 | 780923 |
| Kreditanstalt fuer Wiederaufbau, 1.00%, 10/1/26 | 805000 | 715280 |
| Kreditanstalt fuer Wiederaufbau, (SOFR + 1.000%), 5.10%, 2/12/24 <sup>(b)</sup> | 800000 | 807911 |
| **TOTAL SUPRANATIONAL BONDS** <br> (Cost: $16,213,181)  |  | **15110692** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%** |  |
| **BERMUDA - 0.0% <sup>(f)</sup>** | **BERMUDA - 0.0% <sup>(f)</sup>** | **BERMUDA - 0.0% <sup>(f)</sup>** |
| Bermuda Government International Bond, Series 144A, 2.38%, 8/20/30 <sup>(a)</sup> | $200000 | $**168707** |
| **CANADA - 0.1%** | **CANADA - 0.1%** | **CANADA - 0.1%** |
| Canada Government International Bond, 2.88%, 4/28/25 | 1100000 | **1063845** |
| **INDONESIA - 0.1%** | **INDONESIA - 0.1%** | **INDONESIA - 0.1%** |
| Indonesia Government International Bond, 2.95%, 1/11/23 | 200000 | 196820 |
| Indonesia Government International Bond, 3.50%, 1/11/28 | 280000 | 2657620 |
| Indonesia Government International Bond, 4.13%, 1/15/25 <sup>(a)</sup> | 400000 | 395616 |
| **Total Indonesia** |  | **858198** |
| **ITALY - 0.1%** | **ITALY - 0.1%** | **ITALY - 0.1%** |
| Republic of Italy Government International Bond, 4.00%, 10/17/49 | 1000000 | **708100** |
| **PANAMA - 0.0% <sup>(f)</sup>** | **PANAMA - 0.0% <sup>(f)</sup>** | **PANAMA - 0.0% <sup>(f)</sup>** |
| Panama Government International Bond, Senior Bond, 6.70%, 1/26/36 | 100000 | **104155** |
| **PERU - 0.0% <sup>(f)</sup>** | **PERU - 0.0% <sup>(f)</sup>** | **PERU - 0.0% <sup>(f)</sup>** |
| Peruvian Government International Bond, 2.78%, 1/23/31 | 107000 | **88514** |
| **QATAR - 0.0% <sup>(f)</sup>** | **QATAR - 0.0% <sup>(f)</sup>** | **QATAR - 0.0% <sup>(f)</sup>** |
| Qatar Government International Bond, 4.50%, 4/23/28 <sup>(a)</sup> | 200000 | **201088** |
| **ROMANIA - 0.0% <sup>(f)</sup>** | **ROMANIA - 0.0% <sup>(f)</sup>** | **ROMANIA - 0.0% <sup>(f)</sup>** |
| Romanian Government International Bond, Series 144A, 6.00%, 5/25/34 <sup>(a)</sup> | 60000 | **56036** |
| **SERBIA - 0.1%** | **SERBIA - 0.1%** | **SERBIA - 0.1%** |
| Serbia International Bond, Series 144A, 2.13%, 12/1/30 <sup>(a)</sup> | 370000 | **265364** |
| **UNITED ARAB EMIRATES - 0.0% <sup>(f)</sup>** | **UNITED ARAB EMIRATES - 0.0% <sup>(f)</sup>** | **UNITED ARAB EMIRATES - 0.0% <sup>(f)</sup>** |
| Abu Dhabi Government International Bond, 3.13%, 10/11/27 <sup>(a)</sup> | 250000 | **238557** |
| **URUGUAY - 0.0% <sup>(f)</sup>** | **URUGUAY - 0.0% <sup>(f)</sup>** | **URUGUAY - 0.0% <sup>(f)</sup>** |
| Uruguay Government International Bond, 4.98%, 4/20/55 | 150000 | **143309** |
| **TOTAL FOREIGN GOVERNMENT OBLIGATIONS** <br> (Cost: $4,366,242)  |  | **3895873** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Value** |
| **FOREIGN GOVERNMENT AGENCIES - 0.8%** | **FOREIGN GOVERNMENT AGENCIES - 0.8%** |  |
| **CANADA - 0.7%** | **CANADA - 0.7%** | **CANADA - 0.7%** |
| CDP Financial, Inc., Series 144A, 1.00%, 5/26/26 <sup>(a)</sup> | $1000000 | $888729 |
| Export Development Canada, 3.38%, 8/26/25 | 1000000 | 973545 |
| Hydro-Quebec, Series IO, 8.05%, 7/7/24 | 1000000 | 1045283 |
| OMERS Finance Trust, Series 144A, 3.50%, 4/19/32 <sup>(a)</sup> | 1000000 | 901584 |
| OMERS Finance Trust, Series 144A, 4.00%, 4/19/52 <sup>(a)</sup> | 1000000 | 795523 |
| Province of Quebec Canada, 1.90%, 4/21/31 | 1000000 | 829130 |
| Province of Quebec Canada, 2.75%, 4/12/27 | 1000000 | 937421 |
| **Total Canada** |  | **6371215** |
| **JAPAN - 0.0% <sup>(f)</sup>** | **JAPAN - 0.0% <sup>(f)</sup>** | **JAPAN - 0.0% <sup>(f)</sup>** |
| Development Bank of Japan, Inc., 1.75%, 2/18/25 <sup>(a)</sup> | 226000 | **213039** |
| **NORWAY - 0.1%** | **NORWAY - 0.1%** | **NORWAY - 0.1%** |
| Kommunalbanken A/S, 2.13%, 2/11/25 <sup>(a)</sup> | 500000 | **475918** |
| **SOUTH KOREA - 0.0% <sup>(f)</sup>** | **SOUTH KOREA - 0.0% <sup>(f)</sup>** | **SOUTH KOREA - 0.0% <sup>(f)</sup>** |
| Korea Hydro & Nuclear Power Co., Ltd., 3.75%, 7/25/23 <sup>(a)</sup> | 200000 | **199172** |
| **TOTAL FOREIGN GOVERNMENT AGENCIES** <br> (Cost: $7,923,056)  |  | **7259344** |
| **BANK LOANS - 0.2%** |  |  |
| **Industrial - 0.1%** | **Industrial - 0.1%** | **Industrial - 0.1%** |
| LTR Intermediate Holdings Inc, 2021 Term Loan, 0.00%, 5/5/28 | 989950 | **898795** |
| **UTILITIES - 0.1%** | **UTILITIES - 0.1%** | **UTILITIES - 0.1%** |
| Constellation Renewables LLC, 2020 Term Loan, 0.00%, 12/15/27 | 922474 | **912484** |
| **TOTAL BANK LOANS** <br> (Cost: $1,901,887)  |  | **1811279** |
| **Investments** | **Shares** | **Value** |
| **PREFERRED STOCKS - 0.3%** |  |  |
| **FINANCIAL - 0.3%** | **FINANCIAL - 0.3%** | **FINANCIAL - 0.3%** |
| Gladstone Investment Corp., 4.88%, 11/1/28 | 73200 | 1595760 |
| Morgan Stanley, Series P, 6.50%, 0/0/0 <sup>(d)</sup> | 43475 | 1097744 |
| **TOTAL PREFERRED STOCKS** <br> (Cost: $2,916,875)  |  | **2693504** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 8.1%** |  |  |  |
| iShares Core U.S. Aggregate Bond ETF |  | 120163 | $11654609 |
| SPDR Blackstone Senior Loan ETF |  | 1606440 | 65703396 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br> (Cost: $83,633,610)  |  |  | **77358005** |
| **MUTUAL FUNDS - 4.9%** |  |  |  |
| BrandywineGLOBAL High Yield Fund | $| 2474902 | $23387825 |
| MainStay MacKay High Yield Corporate Bond Fund |  | 4823953 | 23589131 |
| **TOTAL MUTUAL FUNDS** <br> (Cost: $54,686,149)  |  |  | **46976956** |
| **COMMON STOCKS - 0.0% **<sup>(f)</sup>** |  |  |  |
| **DIVERSIFIED FINANCIAL SERVICES - 0.0% **<sup>(f)</sup>** | **DIVERSIFIED FINANCIAL SERVICES - 0.0% **<sup>(f)</sup>** | **DIVERSIFIED FINANCIAL SERVICES - 0.0% **<sup>(f)</sup>** |  |
| Bruin Blocker LLC<sup>(h)</sup> |  | 4367 | **0** |
| **ENERGY EQUIPMENT & SERVICES - 0.0% **<sup>(f)</sup>** | **ENERGY EQUIPMENT & SERVICES - 0.0% **<sup>(f)</sup>** | **ENERGY EQUIPMENT & SERVICES - 0.0% **<sup>(f)</sup>** |  |
| Canvas Energy, Inc.<sup>(h)</sup> |  | 952 | **0** |
| **TOTAL COMMON STOCKS** <br> (Cost: $11,472)  |  |  | **0** |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (continued)**

------

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 2.3%** |  |  |
| State Street Institutional Treasury Money Market Fund – Investor Class Shares, 3.71%<sup>(i)</sup><br> (Cost: $22,518,563) | 22518563 | $**22518563** |
| **TOTAL INVESTMENTS - 101.0%** <br> (Cost: $1,052,888,649)  |  | **963190249** |
| **OTHER ASSETS AND LIABILITIES, NET - (1.0)%** |  | **(3129022)** |
| **NET ASSETS - 100.0%** |  | $**960061227** |

---

(a) Security was purchased pursuant to Rule
 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers
 or in a public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved
 by the Trust's Board of Trustees. At December 31, 2022, the value of these securities was $231,427,780, representing 24.1%
 of net assets.

---

| | |
|:---|:---|
| (b) | Adjustable or floating rate security. Rate shown reflects rate in effect at period end. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (c) | Security is currently in default. |
| (d) | Perpetual floating rate security. Date shown reflects the next reset date. |
| (e) | Interest only security. |
| (f) | Amount is less than 0.05%. |
| (g) | Payment-in-kind security for which the issuer may pay interest with additional debt securities or cash. |
| (h) | Non-income producing. |
| (i) | The rate shown is the annualized seven-day yield at December 31, 2022. |
| ABS | Asset Backed Securities |
| CLO | Collateralized Loan Obligation |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Treasury Indexes |
| ETF | Exchange Traded Fund |
| LIBOR | London Interbank Offered Rate |
| PIK | Paid-In-Kind |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Funding Rate |
| REIT | Real Estate Investment Trust |

---

**Futures contracts open at December 31, 2022:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Type** | **Contracts** | **Expiration Date** | **Notional Amount** | **Value / <br> Net Unrealized<br> Appreciation<br> (Depreciation)** |
| **CONTRACTS PURCHASED - 3.8%** |  |  |  |  |  |
| U.S. Treasury Ultra Bonds | Long | 4800000 | 03/22/2023 | $6447000 | $(74162) |
| U.S. Treasury 5-Year Notes | Long | 27800000 | 03/31/2023 | 30004453 | (57630) |
| U.S. Treasury 2-Year Notes | Long | 200000 | 03/31/2023 | 205078 | (126) |
| Total |  |  |  | $36656531 | $(131918) |

---

***See Notes to Schedule of Investments.***

**Schedule of Investments (unaudited)**

December 31, 2022

**PFM MULTI-MANAGER FIXED-INCOME FUND (concluded)**

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PFM Multi-Manager Fixed Income Mutual Funds** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agencies | $— | $167841287 | $— | $167841287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds\* |  | 173693344 |  | 173693344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 139529476 |  | 139529476 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Obligations |  | 136980262 |  | 136980262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 96147521 |  | 96147521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 77358005 |  |  | 77358005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Corporate Bonds\* |  | 49499137 |  | 49499137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | 46976956 |  |  | 46976956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds\* |  | 21875006 |  | 21875006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supranational Bonds |  | 15110692 |  | 15110692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Agencies\* |  | 7259344 |  | 7259344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations\* |  | 3895873 |  | 3895873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks\* | 2693504 |  |  | 2693504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans\* |  | 1811279 |  | 1811279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 22518563 |  |  | 22518563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities | $149547028 | $813643221 | $— | $963190249 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>(a)</sup> | $(131918) | $— | $— | $(131918) |

---

*(a)* *Futures Contracts are valued at unrealized appreciation (depreciation).* 

*\** *See Schedule of Investments for additional detailed categorizations.*

***See Notes to Schedule of Investments.***

**PFM Multi-Manager Series Trust**

**Notes to Schedule of Investments**

**December 31, 2022 (Unaudited)**

**1. Organization**

PFM Multi-Manager Series Trust (the "Trust") was organized as a Delaware statutory trust on December 21, 2016, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust offers the following series: PFM Multi-Manager Domestic Equity Fund (the "Domestic Equity Fund"), PFM Multi-Manager International Equity Fund (the "International Equity Fund") and PFM Multi-Manager Fixed-Income Fund (the "Fixed-Income Fund") (each a "Fund" and, collectively, the "Funds"). Each Fund consists of Institutional Class, Advisor Class and Class R shares. As of December 31, 2022, only the Institutional Class has commenced operations. The Funds are diversified for the purposes of the 1940 Act.

The Domestic Equity Fund seeks to provide long-term capital appreciation. The International Equity Fund seeks to provide long-term capital appreciation. The Fixed-Income Fund seeks to maximize total return (capital appreciation and income) consistent with reasonable risk.

**Investment Valuation**

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities.

---

| | |
|:---|:---|
| Level 2 – | Inputs, other than quoted prices included in Level 1, that are observable either directly or indirectly, including quoted prices for similar investments based on interest rates, credit risk and like factors. |

---

Level 3 – Inputs that are unobservable and significant to the entire fair value measurement, including the Fund's own assumptions for determining fair value.

The value of each Fund's investments according to the fair value hierarchy as of December 31, 2022, is disclosed in each Fund's respective Schedule of Investments.

The Funds' investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds calculate the net asset value ("NAV") per share as of 4:00 p.m. Eastern time each day the New York Stock Exchange ("NYSE") is open for trading. Under compliance policies and procedures approved by the Trust's Board of Trustees (the "Board"), the Board has delegated to the Adviser to the Funds, PFM Asset Management LLC ("PFMAM" or, the "Adviser"), the responsibility for the performance of day-to-day valuation of investments held by the Funds, subject to oversight of the Board. The Adviser has established a Valuation Committee ("VC") to serve as its formal oversight body for the valuation of each Fund's portfolio holdings in accordance with policies and procedures adopted by the Board. The VC provides administration and oversight of the Funds' valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value. Portfolio securities that are primarily traded on a foreign securities exchange are generally valued at the U.S. dollar equivalent of the preceding closing values for the securities on their exchanges. If an investment is valued in a currency other than U.S. dollars, its value shall be converted into U.S. dollars at the mean of the last available bid and offer prices of such currencies against U.S. dollars quoted on a valuation date by any recognized dealer. In determining whether market quotations are reliable or readily available, various factors are taken into consideration, such as market closures or suspension of trading in a security. The Funds use fair value pricing for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, after-market trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools. The SEC recently adopted new Rule 2a-5 under the Investment Company Act of 1940, which will establish an updated regulatory framework for registered investment company valuation practices and may impact a Fund's valuation policies. The Trustees have designated the VC as the valuation designee to perform fair valuations pursuant to Rule 2a-5.

Equity Securities

Equity securities, including restricted securities and preferred stocks, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third-party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts ("ADRs"), futures contracts, Exchange-Traded Funds ("ETFs") and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value pursuant to the valuation policy and procedures approved by the Board. Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Debt Securities

Debt securities, including restricted securities, are valued based on evaluated prices received from third-party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, municipal securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and U.S. government agency mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third-party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures Contracts

The Funds use exchange-traded futures contracts to a limited extent with the objective of using uninvested cash to gain exposure to certain equity and fixed income markets, maintain liquidity, and minimize transaction costs. Futures contracts are valued at their quoted daily settlement prices and are categorized as Level 1 in the hierarchy. Fluctuations in the value of the contracts are recorded as an asset (liability).

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

For additional information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semiannual or annual shareholder report.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** PFM Multi-Manager Series Trust

- **b. Investment Company Act file number:** 811-23282

- **c. CIK number of Registrant:** 0001696729

- **d. LEI of Registrant:** 549300DFOM6D3CO0F144

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

  - **Street Address 1:** 213 MARKET STREET

  - **City:** HARRISBURG

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 17101

  - **Telephone number:** 1-883-736-6678

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

- **a. Name of Series:** PFM Multi-Manager Fixed-Income Fund

- **b. EDGAR series identifier (if any):** S000059562

- **c. LEI of Series:** 54930080QOBHRQ56QV35

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

- **a. Date of fiscal year-end:** 2023-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $973224267.11

**Total Liabilities:** $13099270.29

**Net Assets:** $960124996.82

**Cash Not Reported:** $83505.81

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -708.30000000 | **1-Year:** -21855.57000000 | **5-Year:** -63055.87000000 | **10-Year:** -80451.54000000 | **30-Year:** -43873.71000000

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

- **3-Month:** -77.71000000 | **1-Year:** -2683.14000000 | **5-Year:** -7546.16000000 | **10-Year:** -4146.82000000 | **30-Year:** -767.15000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000195101 | -1.00%               | 3.15%                | -0.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3983767.92             | $-7596545.54                               |
| Month 2  | $-6162545.64             | $31415535.27                               |
| Month 3  | $-2588488.24             | $-5173455.78                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNITED AIRLINES INC                                                       | United Airlines Inc                                                             | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    185000 | PA      | $171481.31    | 0.02%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                       | JPMorgan Chase & Co                                                             | CUSIP: 48128BAH4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    975000 | PA      | $834843.75    | 0.09%             | 2025-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140XGV30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    712687 | PA      | $628642.45    | 0.07%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PART                                                    | Brixmor Operating Partnership LP                                                | CUSIP: 11120VAE3<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              |  | US        |    500000 | PA      | $457292.61    | 0.05%             | 2027-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| TSTAT 2022-2, Ltd.                                                        | TSTAT 2022-2 Ltd                                                                | CUSIP: 87300FAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   2000000 | PA      | $1993306.00   | 0.21%             | 2031-01-20      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit                                  | Ford Credit Auto Owner Trust 2020-REV2                                          | CUSIP: 34532JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $179082.06    | 0.02%             | 2033-04-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DWBC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10174880 | PA      | $8664984.42   | 0.90%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN PUBLIC SERVICE                                                  | Wisconsin Public Service Corp                                                   | CUSIP: 976843BN1<br>LEI: 549300BJRHJVYNUMQZ30 | Long             | DBT              | CORP              | US        |    510000 | PA      | $326133.03    | 0.03%             | 2051-12-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | J.P. Morgan Mortgage Trust 2022-7                                               | CUSIP: 46655NBX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    136045 | PA      | $108118.43    | 0.01%             | 2052-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                            | Morgan Stanley                                                                  | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     32000 | PA      | $23204.20     | 0.00%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179WTZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    508231 | PA      | $454117.47    | 0.05%             | 2051-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                                                     | Time Warner Cable LLC                                                           | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3808.24      | 0.00%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| One Market Plaza Trust                                                    | One Market Plaza Trust 2017-1MKT                                                | CUSIP: 68245HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $962016.30    | 0.10%             | 2032-02-10      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                 | Apple Inc                                                                       | CUSIP: 037833DW7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    106000 | PA      | $70130.08     | 0.01%             | 2050-05-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                            | Morgan Stanley                                                                  | CUSIP: 6174468P7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     46000 | PA      | $40158.16     | 0.00%             | 2031-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                              | Comcast Corp                                                                    | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115073.65    | 0.01%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                                   | CarMax Auto Owner Trust 2022-1                                                  | CUSIP: 14317CAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $87027.22     | 0.01%             | 2028-07-17      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| Conagra Brands Inc                                                        | Conagra Brands Inc                                                              | CUSIP: 205887AR3<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    159000 | PA      | $169517.05    | 0.02%             | 2028-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                              | Broadcom Inc                                                                    | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    202000 | PA      | $145094.14    | 0.02%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                                    | Mosaic Solar Loan Trust 2020-2                                                  | CUSIP: 61946PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    576921 | PA      | $481267.22    | 0.05%             | 2046-08-20      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179TQR9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    136004 | PA      | $133901.96    | 0.01%             | 2048-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                                       | Petroleos Mexicanos                                                             | CUSIP: 71654QDB5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    262000 | PA      | $238754.75    | 0.02%             | 2027-01-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Inflation Indexed Bonds                                  | CUSIP: 912828VM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1591400 | PA      | $1572502.13   | 0.16%             | 2023-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit                                  | Ford Credit Auto Owner Trust 2018-REV1                                          | CUSIP: 34532RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $286562.37    | 0.03%             | 2031-07-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE CO                                                          | Noble Finance Co                                                                | CUSIP: 65505JAA9<br>LEI: 5493003DTPH8AMMK4P51 | Long             | DBT              | CORP              | KY        |      1034 | PA      | $1139.99      | 0.00%             | 2028-02-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                            | Amazon.com Inc                                                                  | CUSIP: 023135CQ7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     79000 | PA      | $78409.10     | 0.01%             | 2029-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                                   | Oncor Electric Delivery Co LLC                                                  | CUSIP: 68233JBH6<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    720000 | PA      | $679007.46    | 0.07%             | 2028-11-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| OHIO EDISON CO                                                            | Ohio Edison Co                                                                  | CUSIP: 677347CH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    930000 | PA      | $921058.65    | 0.10%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                    | LOS ANGELES CA                                                                  | CUSIP: 544351LY3<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |    315000 | PA      | $257769.67    | 0.03%             | 2037-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SECURED LEND                                                   | Blackstone Secured Lending Fund                                                 | CUSIP: 09261XAG7<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1009354.19   | 0.11%             | 2028-09-30      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                            | Fannie Mae-Aces                                                                 | CUSIP: 3136B6XB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    842807 | PA      | $748332.25    | 0.08%             | 2034-06-25      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                   | HCA Inc                                                                         | CUSIP: 404119CG2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    162000 | PA      | $126083.89    | 0.01%             | 2052-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140Q8KY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20627 | PA      | $20334.73     | 0.00%             | 2048-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CHICAGO                                                     | University of Chicago/The                                                       | CUSIP: 91412NBD1<br>LEI: 54930099Y7GU6182V326 | Long             | DBT              | CORP              | US        |    100000 | PA      | $74756.80     | 0.01%             | 2045-04-01      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| TOPAZ SOLAR FARMS LLC                                                     | Topaz Solar Farms LLC                                                           | CUSIP: 89054XAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    323362 | PA      | $285366.97    | 0.03%             | 2039-09-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Hess Corp                                                                 | Hess Corp                                                                       | CUSIP: 42809HAC1<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45057.41     | 0.00%             | 2040-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                  | AT&T Inc                                                                        | CUSIP: 00206RFW7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    188000 | PA      | $172790.59    | 0.02%             | 2037-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810RY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7645000 | PA      | $5964593.14   | 0.62%             | 2047-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LIAS Administration Fee Issuer LLC                                        | LIAS Administration Fee Issuer LLC                                              | CUSIP: 53000LAA0<br>LEI: 549300Z0IVH5FVV06J61 | Long             | ABS-O            | CORP              | US        |   1069833 | PA      | $1054247.91   | 0.11%             | 2048-07-25      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3132H3RK1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3621 | PA      | $3474.11      | 0.00%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                                                | MMAF Equipment Finance LLC 2019-A                                               | CUSIP: 60700FAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $289706.04    | 0.03%             | 2041-11-12      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                                    | Asian Development Bank                                                          | CUSIP: 045167EJ8<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |   1500000 | PA      | $1412063.57   | 0.15%             | 2028-09-26      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CIGNA CORP                                                                | Cigna Corp                                                                      | CUSIP: 125523CL2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    430000 | PA      | $360222.10    | 0.04%             | 2030-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                        | Energy Transfer LP                                                              | CUSIP: 29273RBE8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    157000 | PA      | $139808.41    | 0.01%             | 2035-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY TRADING LLC                                                  | QatarEnergy Trading LLC                                                         | CUSIP: 74730DAC7<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    200000 | PA      | $165492.40    | 0.02%             | 2031-07-12      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Mylan Inc                                                                 | Mylan Inc                                                                       | CUSIP: 628530BC0<br>LEI: 30ZMPDNA1RHIBH89C294 | Long             | DBT              | CORP              | US        |    180000 | PA      | $142486.38    | 0.01%             | 2043-11-29      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Trust 2021-PJ10                                   | CUSIP: 36262PAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140318 | PA      | $120408.61    | 0.01%             | 2052-03-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| SWEIHAN PV POWER CO PJSC                                                  | Sweihan PV Power Co PJSC                                                        | CUSIP: 870674AA6<br>LEI: 353800EF1E1IC18GBC48 | Long             | DBT              | CORP              | AE        |    993210 | PA      | $795809.51    | 0.08%             | 2049-01-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae REMICS                                                               | CUSIP: 3136BNJK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    665253 | PA      | $45342.47     | 0.00%             | 2052-08-25      | Floating      | 2.02%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | J.P. Morgan Mortgage Trust 2021-14                                              | CUSIP: 46653QBP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    117186 | PA      | $89523.57     | 0.01%             | 2052-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| UEP PENONOME II SA                                                        | UEP Penonome II SA                                                              | CUSIP: 90363PAA4<br>LEI: 549300DS6G5XB230S845 | Long             | DBT              | CORP              | PA        |    941744 | PA      | $688650.29    | 0.07%             | 2038-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                    | Verizon Communications Inc                                                      | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    710000 | PA      | $583874.58    | 0.06%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                                     | OneMain Direct Auto Receivables Trust 2021-1                                    | CUSIP: 682687AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $522183.60    | 0.05%             | 2028-07-14      | Fixed         | 1.26%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    175000 | PA      | $167466.80    | 0.02%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                                                   | Standard Industries Inc/NJ                                                      | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    175000 | PA      | $142611.80    | 0.01%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38379FCL1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    148939 | PA      | $144921.08    | 0.02%             | 2045-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust                             | BHG Securitization Trust 2022-C                                                 | CUSIP: 08860DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1690000 | PA      | $1660717.88   | 0.17%             | 2035-10-17      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| NUCOR CORP                                                                | Nucor Corp                                                                      | CUSIP: 670346AV7<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |     56000 | PA      | $47467.20     | 0.00%             | 2032-04-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                | AbbVie Inc                                                                      | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    631000 | PA      | $523657.53    | 0.05%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                                                    | CNH Industrial Capital LLC                                                      | CUSIP: 12592BAL8<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |     27000 | PA      | $24483.42     | 0.00%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit                                  | Ford Credit Auto Owner Trust 2021-REV1                                          | CUSIP: 345340AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120000 | PA      | $105934.51    | 0.01%             | 2033-10-17      | Fixed         | 1.61%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Trust                                          | Newtek Small Business Loan Trust 2018-1                                         | CUSIP: 65252MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    277359 | PA      | $272692.27    | 0.03%             | 2044-02-25      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| Sabey Data Center Issuer LLC                                              | Sabey Data Center Issuer LLC                                                    | CUSIP: 78520EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    740000 | PA      | $689645.22    | 0.07%             | 2045-04-20      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DTQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1555935 | PA      | $1275556.42   | 0.13%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                                                   | Fidelity National Information Services Inc                                      | CUSIP: 31620MBZ8<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |     92000 | PA      | $84402.47     | 0.01%             | 2052-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| KFW                                                                       | Kreditanstalt fuer Wiederaufbau                                                 | CUSIP: 500769JQ8<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |    805000 | PA      | $715279.59    | 0.07%             | 2026-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| MATHER FOUNDATION                                                         | Mather Foundation                                                               | CUSIP: 576722AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $613312.34    | 0.06%             | 2031-10-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418ED80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    473410 | PA      | $444077.22    | 0.05%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Tool Works Inc                                                   | Illinois Tool Works Inc                                                         | CUSIP: 452308AT6<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | DBT              | CORP              | US        |      8000 | PA      | $7875.09      | 0.00%             | 2024-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FORD FOUNDATION/THE                                                       | Ford Foundation/The                                                             | CUSIP: 34531XAC8<br>LEI: 54930013YZ3DULPNNT44 | Long             | DBT              | CORP              | US        |    851000 | PA      | $496371.14    | 0.05%             | 2070-06-01      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                               | Hertz Vehicle Financing III LP                                                  | CUSIP: 42806MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $348142.16    | 0.04%             | 2027-12-27      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Union Electric Co                                                         | Union Electric Co                                                               | CUSIP: 906548CM2<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |    148000 | PA      | $137775.67    | 0.01%             | 2027-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 3617QGLT9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    154629 | PA      | $143086.85    | 0.01%             | 2050-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                  | Enterprise Products Operating LLC                                               | CUSIP: 29379VAW3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $176668.47    | 0.02%             | 2042-08-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                                               | Balboa Bay Loan Funding 2021-1 Ltd                                              | CUSIP: 05765XAA9<br>LEI: 549300G0EX8VHFWPJW18 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $974891.00    | 0.10%             | 2034-07-20      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                      | Bank of America Corp                                                            | CUSIP: 06051GJW0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    153000 | PA      | $112169.79    | 0.01%             | 2042-04-22      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140JAPZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4966 | PA      | $4639.32      | 0.00%             | 2047-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                                    | BP Capital Markets PLC                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     49000 | PA      | $42875.00     | 0.00%             | 2030-03-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                                   | HCA Inc                                                                         | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     58000 | PA      | $58365.99     | 0.01%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENTERGY TEXAS INC                                                         | Entergy Texas Inc                                                               | CUSIP: 29365TAM6<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36565.69     | 0.00%             | 2052-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Murray Energy Corp                                                        | Murray Energy Corp                                                              | CUSIP: 62704PAM5<br>LEI: 549300WM5IIFYHZYTT63 | Long             | DBT              | CORP              | US        |    180991 | PA      | $0.00         | 0.00%             | 2024-04-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2018-9                                                 | CUSIP: 46649YAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1526 | PA      | $1396.70      | 0.00%             | 2049-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEDER WATERSCHAPSBANK                                                     | Nederlandse Waterschapsbank NV                                                  | CUSIP: 63983TBB0<br>LEI: JLP5FSPH9WPSHY3NIM24 | Long             | DBT              | NUSS              | NL        |    500000 | PA      | $469139.64    | 0.05%             | 2026-03-24      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                             | UBS Commercial Mortgage Trust 2018-C10                                          | CUSIP: 90276FAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1028099.38   | 0.11%             | 2051-05-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2020-AA                                                   | Delta Air Lines 2020-1 Class AA Pass Through Trust                              | CUSIP: 247361ZV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425258 | PA      | $362129.62    | 0.04%             | 2028-06-10      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                                   | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                    | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $151327.75    | 0.02%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    562000 | PA      | $511771.25    | 0.05%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CPT MORTGAGE TRUST                                                        | Century Plaza Towers 2019-CPT                                                   | CUSIP: 12654YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $199257.78    | 0.02%             | 2039-11-13      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust 2014-C25                             | CUSIP: 46643PBD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    243100 | PA      | $233225.00    | 0.02%             | 2047-11-15      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae REMICS                                                               | CUSIP: 3136AW3K1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    336472 | PA      | $304720.44    | 0.03%             | 2047-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                                          | Bellemeade Re 2019-3 Ltd                                                        | CUSIP: 07877GAB5<br>LEI: 254900SCWI9IDKK5LV64 | Long             | ABS-MBS          | CORP              | BM        |     19543 | PA      | $19532.90     | 0.00%             | 2029-07-25      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    188000 | PA      | $162173.95    | 0.02%             | 2027-09-10      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                                           | Lamb Weston Holdings Inc                                                        | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     75000 | PA      | $66240.00     | 0.01%             | 2030-01-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Halliburton Co                                                            | Halliburton Co                                                                  | CUSIP: 406216BJ9<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |    115000 | PA      | $106388.08    | 0.01%             | 2035-11-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    433000 | PA      | $296317.46    | 0.03%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                                    | AmeriGas Partners LP / AmeriGas Finance Corp                                    | CUSIP: 030981AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $213684.61    | 0.02%             | 2026-08-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                                          | Bellemeade Re 2022-1 Ltd                                                        | CUSIP: 078774AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    760000 | PA      | $749798.22    | 0.08%             | 2032-01-26      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179RJH3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    111631 | PA      | $113515.36    | 0.01%             | 2045-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HBL0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    600000 | PA      | $513329.91    | 0.05%             | 2029-09-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                                                           | SBA Tower Trust                                                                 | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              |  | US        |   1000000 | PA      | $1001566.50   | 0.10%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Indonesia Government International Bond                                         | CUSIP: 455780CD6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    280000 | PA      | $265761.78    | 0.03%             | 2028-01-11      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834KP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    205000 | PA      | $92672.74     | 0.01%             | 2041-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Funding                                            | Golub Capital Partners ABS Funding 2020-1 Ltd                                   | CUSIP: 38177UAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    800000 | PA      | $732574.40    | 0.08%             | 2029-01-22      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Trust 2021-PJ8                                    | CUSIP: 36262WAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    192286 | PA      | $146895.82    | 0.02%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                                                 | Ball Corp                                                                       | CUSIP: 058498AX4<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80313.00     | 0.01%             | 2031-09-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 3617QGLL6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    243334 | PA      | $217277.86    | 0.02%             | 2050-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                    | Marriott International Inc/MD                                                   | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    281000 | PA      | $227548.93    | 0.02%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                            | Mariner Finance Issuance Trust 2022-A                                           | CUSIP: 56847QAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1660000 | PA      | $1648259.98   | 0.17%             | 2037-10-20      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust                                        | STWD 2019-FL1 Ltd                                                               | CUSIP: 78485WAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    280000 | PA      | $260378.47    | 0.03%             | 2038-07-15      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                            | Morgan Stanley Residential Mortgage Loan Trust 2021-6                           | CUSIP: 61772QAT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    143758 | PA      | $109822.91    | 0.01%             | 2051-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                               | Vistra Corp                                                                     | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $909933.21    | 0.09%             | 2026-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                       | CALIFORNIA ST                                                                   | CUSIP: 13063DGE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $470684.10    | 0.05%             | 2038-04-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac REMICS                                                              | CUSIP: 3137BVGB6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    527154 | PA      | $511641.38    | 0.05%             | 2036-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALFA DESARROLLO SPA                                                       | Alfa Desarrollo SpA                                                             | CUSIP: 01538TAA3<br>LEI: 2549006BJAN34R520038 | Long             | DBT              | CORP              | CL        |    199271 | PA      | $151372.36    | 0.02%             | 2051-09-27      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                          | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 20753DAB4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    230000 | PA      | $234533.35    | 0.02%             | 2042-09-25      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                                                       | Macquarie Group Ltd                                                             | CUSIP: 55608JAK4<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |      8000 | PA      | $7314.62      | 0.00%             | 2028-11-28      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                  | AT&T Inc                                                                        | CUSIP: 00206RCP5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    151000 | PA      | $137266.38    | 0.01%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust                                  | Americredit Automobile Receivables Trust 2019-2                                 | CUSIP: 03066KAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    252317 | PA      | $249812.67    | 0.03%             | 2025-04-18      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                             | Citigroup Inc                                                                   | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    153000 | PA      | $153654.38    | 0.02%             | 2026-09-29      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2020-B21 Mortgage Trust                                               | CUSIP: 08163LAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $397641.50    | 0.04%             | 2053-12-17      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| ECOLAB INC                                                                | Ecolab Inc                                                                      | CUSIP: 278865BN9<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    147000 | PA      | $91435.30     | 0.01%             | 2051-12-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138Y9Q76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11116 | PA      | $10400.26     | 0.00%             | 2045-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834NF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1670000 | PA      | $673715.94    | 0.07%             | 2044-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                                                          | Enstar Group Ltd                                                                | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |     35000 | PA      | $25558.22     | 0.00%             | 2031-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| SOCIEDAD DE TRANSMISION                                                   | Sociedad de Transmision Austral SA                                              | CUSIP: 83364AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |   1000000 | PA      | $863819.19    | 0.09%             | 2032-01-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCE RECOVERY FUNDING LLC                                                  | SCE Recovery Funding LLC                                                        | CUSIP: 78433LAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1627000 | PA      | $1272090.09   | 0.13%             | 2042-11-15      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DJR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    335837 | PA      | $297185.70    | 0.03%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                  | Warnermedia Holdings Inc                                                        | CUSIP: 55903VAQ6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    290000 | PA      | $210820.26    | 0.02%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PBH8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    604000 | PA      | $559035.72    | 0.06%             | 2026-03-13      | Fixed         | 2.01%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                               | Hertz Vehicle Financing LLC                                                     | CUSIP: 42806MAA7<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $369553.72    | 0.04%             | 2025-12-26      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                            | Morgan Stanley                                                                  | CUSIP: 61762V853<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |     43475 | NS      | $1097743.75   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SWEDBANK AB                                                               | Swedbank AB                                                                     | CUSIP: 87020PAP2<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |    213000 | PA      | $186733.44    | 0.02%             | 2026-11-16      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Cantor Commercial Real Estate Lending                                     | CF 2020-P1 Mortgage Trust                                                       | CUSIP: 12529WAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    835689 | PA      | $776498.10    | 0.08%             | 2025-04-15      | Variable      | 2.84%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RDU5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $277605.12    | 0.03%             | 2026-08-20      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    120000 | PA      | $93109.04     | 0.01%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                                | MFA 2021-RPL1 Trust                                                             | CUSIP: 55283QAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    546572 | PA      | $478533.62    | 0.05%             | 2060-07-25      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140QEDU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4225511 | PA      | $3763072.91   | 0.39%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                             | Citigroup Inc                                                                   | CUSIP: 172967MK4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     55000 | PA      | $45716.05     | 0.00%             | 2025-01-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Hudsons Bay Simon JV Trust                                                | Hudsons Bay Simon JV Trust 2015-HBS                                             | CUSIP: 44422PBY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $706299.48    | 0.07%             | 2034-08-05      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                                   | CarMax Auto Owner Trust 2021-4                                                  | CUSIP: 14317JAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $175933.16    | 0.02%             | 2027-07-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust 2020-GC47                                          | CUSIP: 36258RAZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1143296.84   | 0.12%             | 2053-05-12      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| LYB INT FINANCE III                                                       | LYB International Finance III LLC                                               | CUSIP: 50249AAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $151568.69    | 0.02%             | 2050-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                  | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    597000 | PA      | $581946.88    | 0.06%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    215000 | PA      | $209851.49    | 0.02%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                             | Citigroup Inc                                                                   | CUSIP: 172967MG3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    225000 | PA      | $200252.76    | 0.02%             | 2024-09-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AEP Transmission Co LLC                                                   | AEP Transmission Co LLC                                                         | CUSIP: 00115AAM1<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |     34000 | PA      | $25931.78     | 0.00%             | 2050-04-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834PZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    405000 | PA      | $150950.86    | 0.02%             | 2046-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                                           | Danske Bank A/S                                                                 | CUSIP: 23636AAV3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    201000 | PA      | $188112.71    | 0.02%             | 2025-12-20      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Embraer Overseas Ltd                                                      | Embraer Overseas Ltd                                                            | CUSIP: 29081YAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    135000 | PA      | $134662.50    | 0.01%             | 2023-09-16      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Trust 2015-1                                                          | CUSIP: 46643UDN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     84765 | PA      | $79447.13     | 0.01%             | 2044-12-25      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| Home Equity Asset Trust                                                   | Home Equity Asset Trust                                                         | CUSIP: 22541NZD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2864 | PA      | $2797.86      | 0.00%             | 2033-06-25      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                          | CALIFORNIA ST HLTH FACS FING AUTH REVENUE                                       | CUSIP: 13032UD96<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    250000 | PA      | $221090.85    | 0.02%             | 2041-06-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RAILWAY                                                     | Canadian National Railway Co                                                    | CUSIP: 136375DB5<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | DBT              | CORP              | CA        |    106000 | PA      | $94137.77     | 0.01%             | 2052-08-05      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HBS5<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    700000 | PA      | $449504.15    | 0.05%             | 2042-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WEQE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    113308 | PA      | $108401.66    | 0.01%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OMERS FINANCE TRUST                                                       | OMERS Finance Trust                                                             | CUSIP: 682142AH7<br>LEI: 529900M039WCPES03P17 | Long             | DBT              | NUSS              | CA        |   1000000 | PA      | $795523.44    | 0.08%             | 2052-04-19      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH32 TREASURY LTD                                                      | South32 Treasury Ltd                                                            | CUSIP: 84055BAA1<br>LEI: 213800HFGZMXST64GP53 | Long             | DBT              | CORP              | AU        |    336000 | PA      | $287898.24    | 0.03%             | 2032-04-14      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140X4QP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100475 | PA      | $94055.12     | 0.01%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                       | Oportun Issuance Trust 2021-B                                                   | CUSIP: 68377GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1290000 | PA      | $1083010.86   | 0.11%             | 2031-05-08      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                          | Societe Generale SA                                                             | CUSIP: 83368RBH4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    795000 | PA      | $695550.86    | 0.07%             | 2028-01-19      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140KVF88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    813564 | PA      | $669983.98    | 0.07%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                | Navient Private Education Refi Loan Trust 2020-D                                | CUSIP: 63941HAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130464 | PA      | $117260.77    | 0.01%             | 2069-05-15      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                                                  | Willis North America Inc                                                        | CUSIP: 970648AL5<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |    225000 | PA      | $217332.95    | 0.02%             | 2027-06-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                                   | Consolidated Edison Co of New York Inc                                          | CUSIP: 209111GB3<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     65000 | PA      | $46323.84     | 0.00%             | 2061-06-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                                                   | DCP Midstream Operating LP                                                      | CUSIP: 23311VAH0<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    320000 | PA      | $308394.73    | 0.03%             | 2029-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| STERIS PLC                                                                | STERIS Irish FinCo UnLtd Co                                                     | CUSIP: 85917PAB3<br>LEI: 549300BRDKZ1HFI2J358 | Long             | DBT              | CORP              | IE        |    442000 | PA      | $314067.05    | 0.03%             | 2051-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834PT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    560000 | PA      | $210862.34    | 0.02%             | 2045-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                                   | United Rentals North America Inc                                                | CUSIP: 911363AM1<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     62000 | PA      | $51973.98     | 0.01%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                              | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    194000 | PA      | $142641.66    | 0.01%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WH6K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    124089 | PA      | $106534.32    | 0.01%             | 2046-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Funding Trust                                              | Oxford Finance Funding 2019-1 LLC                                               | CUSIP: 69145AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249220 | PA      | $247248.81    | 0.03%             | 2027-02-15      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                                                   | Loanpal Solar Loan 2021-2 Ltd                                                   | CUSIP: 53948QAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    381696 | PA      | $279124.28    | 0.03%             | 2048-03-20      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| CIGNA CORP                                                                | Cigna Corp                                                                      | CUSIP: 125523BK5<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     56000 | PA      | $43413.96     | 0.00%             | 2047-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179UZS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100463 | PA      | $90346.93     | 0.01%             | 2049-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ACC Trust                                                                 | ACC Trust 2022-1                                                                | CUSIP: 00091HAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    543267 | PA      | $538768.85    | 0.06%             | 2024-09-20      | Fixed         | 1.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DWCJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2212091 | PA      | $1877965.41   | 0.20%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810SW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $247378.91    | 0.03%             | 2041-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| COLONIAL ENTERPRISES INC                                                  | Colonial Enterprises Inc                                                        | CUSIP: 19565CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $441513.79    | 0.05%             | 2030-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2018-8                                                 | CUSIP: 46650MAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      1639 | PA      | $1504.99      | 0.00%             | 2049-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ATMOS ENERGY CORP                                                         | Atmos Energy Corp                                                               | CUSIP: 049560AY1<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |     99000 | PA      | $103338.95    | 0.01%             | 2052-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FEDERAL REALTY INVS TRST                                                  | Federal Realty Investment Trust                                                 | CUSIP: 313747BB2<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              |  | US        |   1150000 | PA      | $1012833.78   | 0.11%             | 2026-02-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit                                  | Ford Credit Auto Owner Trust 2021-REV2                                          | CUSIP: 345285AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $85937.69     | 0.01%             | 2034-05-15      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                  | AT&T Inc                                                                        | CUSIP: 00206RCQ3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    342000 | PA      | $289131.63    | 0.03%             | 2046-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE                                                  | Caterpillar Financial Services Corp                                             | CUSIP: 14913R3A3<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |     97000 | PA      | $92558.68     | 0.01%             | 2027-08-12      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL SA                                                          | ArcelorMittal SA                                                                | CUSIP: 03938LBE3<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    155000 | PA      | $155729.30    | 0.02%             | 2027-11-29      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| TRUSTEES OF BOSTON COLL                                                   | Trustees of Boston College                                                      | CUSIP: 89838LAG9<br>LEI: 549300Q2G2ZLXN1EX541 | Long             | DBT              | CORP              | US        |    169000 | PA      | $117132.55    | 0.01%             | 2052-07-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                              | Comcast Corp                                                                    | CUSIP: 20030NCU3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     90000 | PA      | $86098.64     | 0.01%             | 2030-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                                               | Aker BP ASA                                                                     | CUSIP: 00973RAG8<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |   1000000 | PA      | $923798.56    | 0.10%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond - WI Reopening                                 | CUSIP: 912810TM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7209000 | PA      | $7058061.56   | 0.74%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                               | PepsiCo Inc                                                                     | CUSIP: 713448FN3<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22759.53     | 0.00%             | 2052-07-18      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EGK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1613906 | PA      | $1553557.55   | 0.16%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| iShares Core U.S. Aggregate Bond ETF                                      | iShares Core U.S. Aggregate Bond ETF                                            | CUSIP: 464287226<br>LEI: 549300F7VSXTKBGHJE47 | Long             | EC               | RF                | US        |    120163 | NS      | $11654609.37  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EF21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2821324 | PA      | $2715902.64   | 0.28%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust                                  | AmeriCredit Automobile Receivables Trust 2021-2                                 | CUSIP: 03066RAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $272749.74    | 0.03%             | 2027-01-19      | Fixed         | 1.01%                 | No            |                  2 | On Loan: No      |
| VIVINT SOLAR FINANCING LLC                                                | Vivint Solar Financing V LLC                                                    | CUSIP: 92854VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    228786 | PA      | $202589.75    | 0.02%             | 2048-04-30      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                                     | Waste Connections Inc                                                           | CUSIP: 94106BAC5<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |    193000 | PA      | $153108.30    | 0.02%             | 2032-01-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Department of Business Economic Development & Tourism     | HAWAII ST DEPT BUSINESS ECON DEV & TOURISM GREEN ENERGY MKT                     | CUSIP: 41980UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1152899 | PA      | $1073413.98   | 0.11%             | 2031-01-01      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     34000 | PA      | $21534.22     | 0.00%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                       | New Residential Mortgage Loan Trust 2019-NQM4                                   | CUSIP: 64828EAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $77495.93     | 0.01%             | 2059-09-25      | Variable      | 2.99%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc                              | BAMLL Commercial Mortgage Securities Trust 2018-DSNY                            | CUSIP: 054967AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $392434.64    | 0.04%             | 2034-09-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| PRES & FELLOWS OF HARVAR                                                  | President and Fellows of Harvard College                                        | CUSIP: 740816AD5<br>LEI: 6S3X7J22E861RNTJSA74 | Long             | DBT              | CORP              | US        |    515000 | PA      | $551130.98    | 0.06%             | 2038-10-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CIGNA CORP                                                                | Cigna Corp                                                                      | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    190000 | PA      | $183242.45    | 0.02%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3128M9D90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    166186 | PA      | $159775.69    | 0.02%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179RVA4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     57367 | PA      | $51991.00     | 0.01%             | 2045-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2021-11                                                | CUSIP: 46654KBP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    186267 | PA      | $142298.02    | 0.01%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CFG Investments Limited                                                   | CFG Investments Ltd                                                             | CUSIP: 12528GAD4<br>LEI: 549300C3OD89QRWQ1Y92 | Long             | ABS-O            | CORP              | US        |    510000 | PA      | $491152.29    | 0.05%             | 2032-05-20      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SANCHEZ ENERGY CORP                                                       | SANCHEZ ENERGY CORP                                                             | CUSIP: 799ESCAH1<br>LEI: 549300SB0HTIM17TVR61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $0.00         | 0.00%             | 2021-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MCA Fund Holding Llc                                                      | MCA Fund Holding LLC                                                            | CUSIP: 55283AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    548633 | PA      | $511348.46    | 0.05%             | 2035-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                                            | Palmer Square Loan Funding 2020-4 Ltd                                           | CUSIP: 69701PAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    730000 | PA      | $712891.72    | 0.07%             | 2028-11-25      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HBV8<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   1600000 | PA      | $1623185.81   | 0.17%             | 2033-11-21      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                                                                | Federal National Mortgage Association                                           | CUSIP: 3135G03U5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $918743.61    | 0.10%             | 2025-04-22      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| WESTLAKE CORP                                                             | Westlake Corp                                                                   | CUSIP: 960413BA9<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | DBT              | CORP              | US        |    167000 | PA      | $98482.90     | 0.01%             | 2061-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DWR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    443205 | PA      | $361750.41    | 0.04%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE                                                      | Wolverine World Wide Inc                                                        | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |    150000 | PA      | $113634.00    | 0.01%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                  | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 637432ND3<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    543000 | PA      | $521149.88    | 0.05%             | 2025-01-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                                                   | International Bank for Reconstruction & Development                             | CUSIP: 45905U6L3<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    608000 | PA      | $587376.79    | 0.06%             | 2025-11-20      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                                 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29                     | CUSIP: 61766EAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $295431.44    | 0.03%             | 2049-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418CDL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    209564 | PA      | $188158.20    | 0.02%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                                               | OCP CLO 2015-9 Ltd                                                              | CUSIP: 67091YAU8<br>LEI: 254900XV0U0WEM36A370 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $979978.00    | 0.10%             | 2033-01-15      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multiclass Certificates                                       | Freddie Mac Multiclass Certificates Series 2015-P001                            | CUSIP: 3137H74G5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $867861.20    | 0.09%             | 2032-02-25      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                                       | Bank of Nova Scotia/The                                                         | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    240000 | PA      | $204805.01    | 0.02%             | 2037-05-04      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                       | Southern California Edison Co                                                   | CUSIP: 842400HB2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    355000 | PA      | $337166.01    | 0.04%             | 2024-04-01      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Aligned Data Centers Issuers LLC                                          | Aligned Data Centers Issuer LLC                                                 | CUSIP: 01627AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $976527.10    | 0.10%             | 2047-10-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                              | Comcast Corp                                                                    | CUSIP: 20030NCK5<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    252000 | PA      | $202058.41    | 0.02%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mylan Inc                                                                 | Mylan Inc                                                                       | CUSIP: 628530BJ5<br>LEI: 30ZMPDNA1RHIBH89C294 | Long             | DBT              | CORP              | US        |    275000 | PA      | $204787.04    | 0.02%             | 2048-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                  | Warnermedia Holdings Inc                                                        | CUSIP: 55903VAN3<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    493000 | PA      | $377185.53    | 0.04%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                              | Broadcom Inc                                                                    | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    224000 | PA      | $195409.82    | 0.02%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179T4Q5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     53881 | PA      | $52814.62     | 0.01%             | 2048-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VIVINT SOLAR FINANCING LLC                                                | Vivint Solar Financing V LLC                                                    | CUSIP: 92854VAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    633043 | PA      | $580707.77    | 0.06%             | 2048-04-30      | Fixed         | 7.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae REMICS                                                               | CUSIP: 3136B9GC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    269596 | PA      | $30357.62     | 0.00%             | 2050-04-25      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| Resimac                                                                   | RESIMAC Premier Series 2020-1                                                   | CUSIP: 76120GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | AU        |    120064 | PA      | $119639.38    | 0.01%             | 2052-02-07      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $131166.25    | 0.01%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYC2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    132000 | PA      | $95080.34     | 0.01%             | 2042-04-22      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138EQER9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42717 | PA      | $44202.97     | 0.00%             | 2042-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sabey Data Center Issuer LLC                                              | Sabey Data Center Issuer LLC                                                    | CUSIP: 78520EAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $550176.24    | 0.06%             | 2047-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| One Bryant Park Trust                                                     | One Bryant Park Trust 2019-OBP                                                  | CUSIP: 68236JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1146128.63   | 0.12%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140E8KV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    240063 | PA      | $223626.34    | 0.02%             | 2045-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                                            | S&P Global Inc                                                                  | CUSIP: 78409VBB9<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    177000 | PA      | $155799.33    | 0.02%             | 2029-03-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                      | OneMain Finance Corp                                                            | CUSIP: 85172FAF6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125617.26    | 0.01%             | 2023-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                                    | Mitsubishi UFJ Financial Group Inc                                              | CUSIP: 606822CH5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    400000 | PA      | $396013.04    | 0.04%             | 2025-07-18      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                     | Wells Fargo & Co                                                                | CUSIP: 949746RF0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     84000 | PA      | $81437.51     | 0.01%             | 2044-01-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                                  | Celanese US Holdings LLC                                                        | CUSIP: 15089QAR5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    145000 | PA      | $144953.31    | 0.02%             | 2024-07-05      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY SOUTHERN                                                      | Kansas City Southern/Old                                                        | CUSIP: 485170BB9<br>LEI: 5493008C12PZMWP3WY03 | Long             | DBT              | CORP              | US        |     70000 | PA      | $60248.83     | 0.01%             | 2048-05-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Enstar Group Ltd                                                          | Enstar Group Ltd                                                                | CUSIP: 29359UAB5<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    366000 | PA      | $335413.96    | 0.03%             | 2029-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Securities                                    | Natixis Commercial Mortgage Securities Trust 2019-MILE                          | CUSIP: 63875FAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $889193.70    | 0.09%             | 2036-07-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| NextGear Floorplan Master Owner Trust                                     | NextGear Floorplan Master Owner Trust                                           | CUSIP: 65341KBT2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1243096.67   | 0.13%             | 2027-03-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383R3S4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    246684 | PA      | $3640.98      | 0.00%             | 2052-05-20      | Floating      | 0.26%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                          | FLORIDA ST DEV FIN CORP                                                         | CUSIP: 340618DF1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997020.30    | 0.10%             | 2057-07-01      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                 | ONEOK Inc                                                                       | CUSIP: 682680BC6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    250000 | PA      | $186154.39    | 0.02%             | 2050-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 3617QGLE2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1312086 | PA      | $1107318.39   | 0.12%             | 2050-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                       | COMM 2013-LC13 Mortgage Trust                                                   | CUSIP: 12626GAT0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $461897.60    | 0.05%             | 2046-08-10      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| INT DEVELOPMENT FIN CORP                                                  | United States International Development Finance Corp                            | CUSIP: 90376PCZ2<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $876478.57    | 0.09%             | 2028-04-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179TUC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27013 | PA      | $26599.92     | 0.00%             | 2048-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                        | Energy Transfer LP                                                              | CUSIP: 29273RBL2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    110000 | PA      | $91518.75     | 0.01%             | 2047-04-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CABOT CORP                                                                | Cabot Corp                                                                      | CUSIP: 127055AM3<br>LEI: K05C0SER542GQ6VLRO68 | Long             | DBT              | CORP              | US        |    112000 | PA      | $103555.11    | 0.01%             | 2032-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                           | Csail 2015-C2 Commercial Mortgage Trust                                         | CUSIP: 12634NAS7<br>LEI: 549300D5DIOOMKWXVZ20 | Long             | ABS-MBS          | CORP              | US        |    115952 | PA      | $110150.01    | 0.01%             | 2057-06-15      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                          | CSC Holdings LLC                                                                | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $209719.10    | 0.02%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INTL FINANCE CORP                                                         | International Finance Corp                                                      | CUSIP: 45950VQM1<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |   1348000 | PA      | $1346997.25   | 0.14%             | 2024-04-03      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                                    | GE HealthCare Technologies Inc                                                  | CUSIP: 36267VAE3<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    134000 | PA      | $135567.87    | 0.01%             | 2027-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                 | Apple Inc                                                                       | CUSIP: 037833EG1<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     10000 | PA      | $6326.55      | 0.00%             | 2061-02-08      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179RZU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    157440 | PA      | $151437.36    | 0.02%             | 2046-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                     | Truist Financial Corp                                                           | CUSIP: 89788MAH5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    118000 | PA      | $115941.64    | 0.01%             | 2026-07-28      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                                                           | Chevron USA Inc                                                                 | CUSIP: 166756AX4<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |     52000 | PA      | $43078.61     | 0.00%             | 2049-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BERKLEY (WR) CORPORATION                                                  | W R Berkley Corp                                                                | CUSIP: 084423AU6<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | DBT              | CORP              | US        |    160000 | PA      | $121062.52    | 0.01%             | 2050-05-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN PUBLIC SERV                                                  | Southwestern Public Service Co                                                  | CUSIP: 845743BT9<br>LEI: OL6FE7QD5EQ3DOYEO258 | Long             | DBT              | CORP              | US        |    360000 | PA      | $275468.72    | 0.03%             | 2049-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TRANSMANTARO                                                              | Consorcio Transmantaro SA                                                       | CUSIP: 210314AB6<br>LEI: 549300NL65DC6HVEJX96 | Long             | DBT              | CORP              | PE        |    430000 | PA      | $391299.69    | 0.04%             | 2034-04-16      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Global SC Finance SRL                                                     | Global SC Finance VII Srl                                                       | CUSIP: 37959PAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BB        |    188670 | PA      | $167280.73    | 0.02%             | 2040-11-19      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                             | Citigroup Inc                                                                   | CUSIP: 172967MY4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    300000 | PA      | $236839.37    | 0.02%             | 2032-05-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                                                | MMAF Equipment Finance LLC 2019-B                                               | CUSIP: 55316EAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $273846.75    | 0.03%             | 2041-11-12      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3133A2BB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    356195 | PA      | $314985.23    | 0.03%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PROGRESSIVE CORP                                                          | Progressive Corp/The                                                            | CUSIP: 743315AQ6<br>LEI: 529900TACNVLY9DCR586 | Long             | DBT              | CORP              | US        |    500000 | PA      | $386795.21    | 0.04%             | 2045-01-26      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140X7VJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72021 | PA      | $66738.69     | 0.01%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                     | Toronto-Dominion Bank/The                                                       | CUSIP: 89115A2H4<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    249000 | PA      | $246154.38    | 0.03%             | 2027-09-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | J.P. Morgan Mortgage Trust 2021-15                                              | CUSIP: 46654TBQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    388082 | PA      | $296473.53    | 0.03%             | 2052-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                                          | Ocean Trails CLO V                                                              | CUSIP: 67515EAR7<br>LEI: 549300RX29DPTX81VW10 | Long             | ABS-CBDO         | CORP              | KY        |   1474373 | PA      | $1440725.20   | 0.15%             | 2031-10-13      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PBV7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    575000 | PA      | $375922.55    | 0.04%             | 2041-11-19      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140K9U56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1091115 | PA      | $994667.46    | 0.10%             | 2050-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140X96J9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    227801 | PA      | $196565.28    | 0.02%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                                    | Credit Suisse Group AG                                                          | CUSIP: 225401AU2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |    285000 | PA      | $196919.74    | 0.02%             | 2032-05-14      | Fixed         | 3.09%                 | No            |                  2 | On Loan: No      |
| ORLANDO HEALTH OBL GRP                                                    | Orlando Health Obligated Group                                                  | CUSIP: 686514AF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $39345.43     | 0.00%             | 2048-10-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receivables LLC                                    | Amur Equipment Finance Receivables XI LLC                                       | CUSIP: 03236XAB3<br>LEI: 549300IFG1NMINYRYF89 | Long             | ABS-O            | CORP              | US        |   1940000 | PA      | $1918585.12   | 0.20%             | 2028-06-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179MSX9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    102072 | PA      | $96232.05     | 0.01%             | 2042-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA GAS TRANSMISSION                                                  | Florida Gas Transmission Co LLC                                                 | CUSIP: 340711BA7<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |    355000 | PA      | $270994.50    | 0.03%             | 2031-10-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2017-5                                                 | CUSIP: 46590YAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     46658 | PA      | $43697.43     | 0.00%             | 2048-10-26      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP                                                      | Parker-Hannifin Corp                                                            | CUSIP: 701094AR5<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121274.31    | 0.01%             | 2027-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                  | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51000 | PA      | $29496.38     | 0.00%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust 2019-GC39                                          | CUSIP: 36260JAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $887156.50    | 0.09%             | 2052-05-10      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23060400 | PA      | $23532417.56  | 2.45%             | 2032-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2021-B25 Mortgage Trust                                               | CUSIP: 08163DAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $659886.16    | 0.07%             | 2054-04-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust 2020-4                                   | CUSIP: 80286WAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188137 | PA      | $186242.81    | 0.02%             | 2026-01-15      | Fixed         | 1.01%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                | AbbVie Inc                                                                      | CUSIP: 00287YCA5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    149000 | PA      | $127536.44    | 0.01%             | 2039-11-21      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Bank                                                                      | BANK 2020-BNK28                                                                 | CUSIP: 06540YAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $947807.04    | 0.10%             | 2063-03-15      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                                      | OneMain Finance Corp                                                            | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    225000 | PA      | $207186.75    | 0.02%             | 2028-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2021-6                                                 | CUSIP: 46653PBM8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    181999 | PA      | $139037.51    | 0.01%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CEK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    180000 | PA      | $174881.25    | 0.02%             | 2024-04-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                                                  | Intercontinental Exchange Inc                                                   | CUSIP: 45866FAY0<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |     92000 | PA      | $87497.14     | 0.01%             | 2062-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Halliburton Co                                                            | Halliburton Co                                                                  | CUSIP: 406216BE0<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |    107000 | PA      | $91266.67     | 0.01%             | 2043-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179VBF6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    200273 | PA      | $180100.79    | 0.02%             | 2049-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                                                         | Sysco Corp                                                                      | CUSIP: 871829BD8<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    165000 | PA      | $138249.47    | 0.01%             | 2046-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                                                  | Intercontinental Exchange Inc                                                   | CUSIP: 45866FAX2<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    138000 | PA      | $127857.97    | 0.01%             | 2052-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                                          | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBK4<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    384000 | PA      | $344902.96    | 0.04%             | 2026-04-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                                                        | Kohl's Corp                                                                     | CUSIP: 500255AV6<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2045-07-17      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| YARA INTERNATIONAL ASA                                                    | Yara International ASA                                                          | CUSIP: 984851AH8<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | DBT              | CORP              | NO        |    107000 | PA      | $111621.48    | 0.01%             | 2032-11-14      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Sutter Health                                                             | Sutter Health                                                                   | CUSIP: 86944BAE3<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |    125000 | PA      | $101067.72    | 0.01%             | 2048-08-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GFD1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    390000 | PA      | $416139.06    | 0.04%             | 2037-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                     | Wells Fargo & Co                                                                | CUSIP: 95000U2Q5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    814000 | PA      | $580618.48    | 0.06%             | 2041-04-30      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383CFR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    700194 | PA      | $11081.41     | 0.00%             | 2051-10-20      | Floating      | 0.28%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                                    | Mosaic Solar Loan Trust 2021-1                                                  | CUSIP: 61947DAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    653298 | PA      | $493034.01    | 0.05%             | 2046-12-20      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179R4F3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     59794 | PA      | $57521.65     | 0.01%             | 2046-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                                    | Marriott International Inc/MD                                                   | CUSIP: 571903BF9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    761000 | PA      | $633048.13    | 0.07%             | 2032-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                                      | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |     22000 | PA      | $14662.43     | 0.00%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179XNE2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1750000 | PA      | $1697814.79   | 0.18%             | 2052-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                          | T-Mobile USA Inc                                                                | CUSIP: 87264AAX3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    475000 | PA      | $405364.81    | 0.04%             | 2040-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                                                   | Duke Energy Florida LLC                                                         | CUSIP: 26444HAN1<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |     51000 | PA      | $54279.36     | 0.01%             | 2052-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                    | US ULTRA BOND CBT MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        48 | NC      | $-74161.45    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140XGNP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    111993 | PA      | $98759.77     | 0.01%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179TLS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    106712 | PA      | $99345.52     | 0.01%             | 2047-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                          | Connecticut Avenue Securities Trust 2022-R03                                    | CUSIP: 20753XAB0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    435000 | PA      | $440445.81    | 0.05%             | 2042-03-25      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| SBL HOLDINGS INC                                                          | SBL Holdings Inc                                                                | CUSIP: 78397DAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    124000 | PA      | $97516.00     | 0.01%             | 2031-02-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACI Falabella                                                            | Falabella SA                                                                    | CUSIP: 78386FAC0<br>LEI: 5493004CKJQ7H391LM41 | Long             | DBT              | CORP              | CL        |    400000 | PA      | $387259.85    | 0.04%             | 2025-01-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                                                   | Freddie Mac Multifamily ML Certificates                                         | CUSIP: 3137H9JM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $858857.30    | 0.09%             | 2036-07-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                                                   | Public Service Co of Colorado                                                   | CUSIP: 744448CP4<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |    102000 | PA      | $97059.63     | 0.01%             | 2028-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                                       | Oportun Funding XIV LLC                                                         | CUSIP: 68377BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $931178.20    | 0.10%             | 2028-03-08      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                                    | Mosaic Solar Loan Trust 2021-3                                                  | CUSIP: 61946TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $336894.32    | 0.04%             | 2052-06-20      | Fixed         | 1.77%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                | US Bancorp                                                                      | CUSIP: 91159HJB7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    195000 | PA      | $148389.48    | 0.02%             | 2036-11-03      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| COMMUNITY PRESERVATION C                                                  | Community Preservation Corp/The                                                 | CUSIP: 20402CAA3<br>LEI: 254900CWS66ZXCS6P481 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $845170.48    | 0.09%             | 2030-02-01      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                       | New Residential Mortgage Loan Trust 2018-4                                      | CUSIP: 64828FCQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     47827 | PA      | $45852.59     | 0.00%             | 2048-01-25      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140XHC70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     48016 | PA      | $39615.79     | 0.00%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INTER-AMERICAN DEVEL BK                                                   | Inter-American Development Bank                                                 | CUSIP: 4581X0DX3<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |    344000 | PA      | $292084.70    | 0.03%             | 2028-07-20      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corp                                                    | Regions Financial Corp                                                          | CUSIP: 7591EPAE0<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    259000 | PA      | $291341.01    | 0.03%             | 2037-12-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES                                                   | Canadian Natural Resources Ltd                                                  | CUSIP: 136385AL5<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $197863.75    | 0.02%             | 2038-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EHP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1254049 | PA      | $1236706.69   | 0.13%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                                                | AbbVie Inc                                                                      | CUSIP: 00287YAR0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $185261.09    | 0.02%             | 2035-05-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                             | Citigroup Inc                                                                   | CUSIP: 172967NF4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     51000 | PA      | $35194.16     | 0.00%             | 2042-11-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust                          | GoodLeap Sustainable Home Solutions Trust 2021-3                                | CUSIP: 382371AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    326921 | PA      | $232436.44    | 0.02%             | 2048-05-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                             | UBS Commercial Mortgage Trust 2017-C4                                           | CUSIP: 90276RBE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    148558 | PA      | $136609.97    | 0.01%             | 2050-10-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust                                  | AmeriCredit Automobile Receivables Trust 2019-3                                 | CUSIP: 03066NAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $491032.70    | 0.05%             | 2025-07-18      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE                             | CUSIP: 39081HCV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $721944.06    | 0.08%             | 2039-07-01      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                                       | Medline Borrower LP                                                             | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    175000 | PA      | $141043.00    | 0.01%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                                        | Banco Santander SA                                                              | CUSIP: 05971KAM1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $195787.57    | 0.02%             | 2024-05-24      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                 | Amgen Inc                                                                       | CUSIP: 031162DA5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    610000 | PA      | $422614.46    | 0.04%             | 2041-08-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3128MJWU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    203347 | PA      | $182854.79    | 0.02%             | 2045-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NXT Capital CLO LLC                                                       | NXT Capital CLO 2020-1 LLC                                                      | CUSIP: 62960NAE7<br>LEI: 549300ELYXO4IB2LQW37 | Long             | ABS-CBDO         | CORP              | US        |   1620000 | PA      | $1493730.72   | 0.16%             | 2031-01-20      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| ASCENSION HEALTH                                                          | Ascension Health                                                                | CUSIP: 04352EAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $539977.82    | 0.06%             | 2029-11-15      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                 | LOS ANGELES CA CMNTY CLG DIST                                                   | CUSIP: 54438CYP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $615739.59    | 0.06%             | 2032-08-01      | Fixed         | 2.11%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Co                                                      | Kraft Heinz Foods Co                                                            | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    234000 | PA      | $190149.09    | 0.02%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3128P8FG1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    238039 | PA      | $221061.24    | 0.02%             | 2037-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179MG53<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    225688 | PA      | $212636.27    | 0.02%             | 2042-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                             | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $182416.50    | 0.02%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DVB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1811260 | PA      | $1399384.07   | 0.15%             | 2050-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                                 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13                     | CUSIP: 61763BAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $356792.33    | 0.04%             | 2046-11-15      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                                              | Veros Auto Receivables Trust 2022-1                                             | CUSIP: 92512VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    518724 | PA      | $507732.75    | 0.05%             | 2025-12-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                                   | United Rentals North America Inc                                                | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65770.60     | 0.01%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                                                     | Tennessee Valley Authority                                                      | CUSIP: 880591EX6<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    145000 | PA      | $113776.06    | 0.01%             | 2031-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    320000 | PA      | $321175.00    | 0.03%             | 2027-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CPT MORTGAGE TRUST                                                        | Century Plaza Towers 2019-CPT                                                   | CUSIP: 12654YAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    488000 | PA      | $323866.91    | 0.03%             | 2039-11-13      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                          | Connecticut Avenue Securities Trust 2021-R01                                    | CUSIP: 20754RAB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     30000 | PA      | $29236.71     | 0.00%             | 2041-10-25      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Regatta VII Funding Ltd                                                   | Regatta VII Funding Ltd                                                         | CUSIP: 75888ABE5<br>LEI: 549300DA6HSLI0UPTQ25 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1458297.00   | 0.15%             | 2034-06-20      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                       | Elevance Health Inc                                                             | CUSIP: 036752AX1<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     54000 | PA      | $57567.86     | 0.01%             | 2052-10-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| TH MSR ISSUER TRUST                                                       | TH MSR issuer Trust                                                             | CUSIP: 87271AAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $421037.01    | 0.04%             | 2024-06-25      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac REMICS                                                              | CUSIP: 3137FAA40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1147063 | PA      | $1012300.61   | 0.11%             | 2047-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL PWR & LT                                                   | Jersey Central Power & Light Co                                                 | CUSIP: 476556DD4<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |     62000 | PA      | $50067.21     | 0.01%             | 2032-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CORNING INC                                                               | Corning Inc                                                                     | CUSIP: 219350BQ7<br>LEI: 549300X2937PB0CJ7I56 | Long             | DBT              | CORP              | US        |    277000 | PA      | $239068.07    | 0.02%             | 2079-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                           | CVS Health Corp                                                                 | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    261000 | PA      | $237876.65    | 0.02%             | 2045-07-20      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac REMICS                                                              | CUSIP: 3137FWN22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    974558 | PA      | $33084.96     | 0.00%             | 2050-10-25      | Floating      | 0.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3128MJZ29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    249231 | PA      | $222614.50    | 0.02%             | 2047-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834LX4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    820000 | PA      | $346471.66    | 0.04%             | 2042-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                   | Bristol-Myers Squibb Co                                                         | CUSIP: 110122DN5<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    164000 | PA      | $147366.76    | 0.02%             | 2025-11-13      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179WVW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    969572 | PA      | $890914.68    | 0.09%             | 2052-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INDIA CLEANTECH ENERGY                                                    | India Cleantech Energy                                                          | CUSIP: 45410BAA2<br>LEI: 254900DGTS4HHR3Q6F66 | Long             | DBT              | CORP              | MU        |    852300 | PA      | $725733.45    | 0.08%             | 2026-08-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                                   | Consolidated Edison Co of New York Inc                                          | CUSIP: 209111FY4<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     90000 | PA      | $70588.30     | 0.01%             | 2050-04-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MASS INSTITUTE OF TECH                                                    | Massachusetts Institute of Technology                                           | CUSIP: 575718AF8<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |     75000 | PA      | $53921.92     | 0.01%             | 2116-07-01      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                                                | Intel Corp                                                                      | CUSIP: 458140CB4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     37000 | PA      | $32732.26     | 0.00%             | 2052-08-05      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1829909 | PA      | $1494134.13   | 0.16%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RER1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $778759.47    | 0.08%             | 2028-02-20      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| TRITON CONTAINER                                                          | Triton Container International Ltd                                              | CUSIP: 89680YAC9<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |    482000 | PA      | $375218.02    | 0.04%             | 2031-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CONTINUUM ENERGY LEVANTE                                                  | Continuum Energy Levanter Pte Ltd                                               | CUSIP: 21218MAB1<br>LEI: 254900MFSMO37F3WJ232 | Long             | DBT              | CORP              | SG        |    943312 | PA      | $846523.09    | 0.09%             | 2027-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                               | Hertz Vehicle Financing III LLC                                                 | CUSIP: 42806MAJ8<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |   2890000 | PA      | $2652736.20   | 0.28%             | 2026-06-25      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZV9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    146000 | PA      | $147737.67    | 0.02%             | 2024-11-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Corportation Trust 2021-IP                               | CUSIP: 36262MAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1720000 | PA      | $1592820.62   | 0.17%             | 2036-10-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                   | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE                      | CUSIP: 882667AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $60581.09     | 0.01%             | 2049-12-31      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                     | Wells Fargo & Co                                                                | CUSIP: 94974BGL8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    900000 | PA      | $866094.26    | 0.09%             | 2027-07-22      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| City of Port Lions AK                                                     | PORT LIONS AK REVENUE                                                           | CUSIP: 734707AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1520002.84   | 0.16%             | 2052-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179RNW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     39356 | PA      | $36672.67     | 0.00%             | 2045-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EJF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    203984 | PA      | $201163.50    | 0.02%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36202FVG8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     45007 | PA      | $44918.65     | 0.00%             | 2041-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VECTOR GROUP LTD                                                          | Vector Group Ltd                                                                | CUSIP: 92240MBL1<br>LEI: 549300TUIF4WWN6NDN50 | Long             | DBT              | CORP              | US        |    250000 | PA      | $216765.00    | 0.02%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                                   | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $147160.07    | 0.02%             | 2026-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                               | BNP Paribas SA                                                                  | CUSIP: 09659W2P8<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    206000 | PA      | $161092.88    | 0.02%             | 2032-04-19      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust 2022-7                                   | CUSIP: 80287FAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1610000 | PA      | $1641752.42   | 0.17%             | 2031-03-17      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DWAD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    429195 | PA      | $331588.57    | 0.03%             | 2050-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA LLC                                                     | Entergy Louisiana LLC                                                           | CUSIP: 29364WBL1<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35891.29     | 0.00%             | 2052-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                    | UnitedHealth Group Inc                                                          | CUSIP: 91324PEP3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     97000 | PA      | $99156.39     | 0.01%             | 2028-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                                                       | Nomura Holdings Inc                                                             | CUSIP: 65535HAX7<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $154680.85    | 0.02%             | 2031-07-14      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                    | UnitedHealth Group Inc                                                          | CUSIP: 91324PEN8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    127000 | PA      | $128448.46    | 0.01%             | 2025-10-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                            | Amazon.com Inc                                                                  | CUSIP: 023135CK0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    249000 | PA      | $205477.43    | 0.02%             | 2062-04-13      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834MZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    485000 | PA      | $198241.66    | 0.02%             | 2043-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON AIRCRAFT 2 CO                                                  | Washington Aircraft 2 Co DAC                                                    | CUSIP: 937257AA1<br>LEI: 213800HU3KCKPYWP9238 | Long             | DBT              | CORP              | IE        |    327715 | PA      | $327202.92    | 0.03%             | 2024-06-26      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust                                  | AmeriCredit Automobile Receivables Trust 2021-3                                 | CUSIP: 03066JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $270120.87    | 0.03%             | 2027-08-18      | Fixed         | 1.41%                 | No            |                  2 | On Loan: No      |
| Global SC Finance SRL                                                     | Global SC Finance VII Srl                                                       | CUSIP: 37959PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BB        |    226409 | PA      | $201000.76    | 0.02%             | 2040-11-19      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                                  | Uruguay Government International Bond                                           | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    150000 | PA      | $143309.13    | 0.01%             | 2055-04-20      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                             | UBS Commercial Mortgage Trust 2017-C7                                           | CUSIP: 90276WAR8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    283208 | PA      | $262684.06    | 0.03%             | 2050-12-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                                        | Serbia International Bond                                                       | CUSIP: 817477AF9<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    370000 | PA      | $265364.00    | 0.03%             | 2030-12-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| New Residential Advance Receivables Trust Advance                         | NRZ Advance Receivables Trust 2015-ON1                                          | CUSIP: 62942QCW1<br>LEI: 549300RNWDDBV4LFKJ17 | Long             | ABS-O            | CORP              | US        |    510000 | PA      | $491183.45    | 0.05%             | 2053-09-15      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                            | Morgan Stanley                                                                  | CUSIP: 61747YES0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    168000 | PA      | $153612.28    | 0.02%             | 2037-04-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3133AJBG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    300012 | PA      | $257616.09    | 0.03%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust 2021-2                                   | CUSIP: 80286XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $291835.86    | 0.03%             | 2026-06-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DWEE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2039286 | PA      | $2011084.24   | 0.21%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179R7J2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     56674 | PA      | $52856.08     | 0.01%             | 2046-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834MD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    650000 | PA      | $274198.53    | 0.03%             | 2043-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140QPDV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    951651 | PA      | $910940.48    | 0.09%             | 2037-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                             | Citigroup Inc                                                                   | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    820000 | PA      | $714617.81    | 0.07%             | 2027-01-28      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2020-A                                                    | Delta Air Lines 2020-1 Class A Pass Through Trust                               | CUSIP: 247361ZW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1238564 | PA      | $1051758.66   | 0.11%             | 2028-06-10      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust                                  | Americredit Automobile Receivables Trust 2019-1                                 | CUSIP: 03066GAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     53578 | PA      | $53266.42     | 0.01%             | 2025-02-18      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust 2019-BPR                                         | CUSIP: 61769GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    876787 | PA      | $837895.96    | 0.09%             | 2036-05-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                    | Verizon Communications Inc                                                      | CUSIP: 92343VGP3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     99000 | PA      | $75077.15     | 0.01%             | 2052-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834PB8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    490000 | PA      | $191432.19    | 0.02%             | 2044-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140MFZE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    187368 | PA      | $180331.01    | 0.02%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                        | DETROIT MI                                                                      | CUSIP: 2510935K2<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    650000 | PA      | $604504.23    | 0.06%             | 2025-04-01      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140J8KS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     44644 | PA      | $44740.08     | 0.00%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Store Master Funding I - VII, XIV                                         | Store Master Funding I-VII and XIV                                              | CUSIP: 86212XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1001089 | PA      | $896428.94    | 0.09%             | 2049-11-20      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834JH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1280000 | PA      | $602475.33    | 0.06%             | 2040-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Trust 2021-PJ7                                    | CUSIP: 36262CAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    399018 | PA      | $304828.01    | 0.03%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                                              | Comcast Corp                                                                    | CUSIP: 20030NDZ1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48628.91     | 0.01%             | 2025-11-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                          | OneMain Financial Issuance Trust 2020-2                                         | CUSIP: 682696AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $524142.24    | 0.05%             | 2035-09-14      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2021-7                                                 | CUSIP: 46592NBP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    162050 | PA      | $123797.57    | 0.01%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3133B9S88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     72919 | PA      | $64320.24     | 0.01%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MASS INSTITUTE OF TECH                                                    | Massachusetts Institute of Technology                                           | CUSIP: 575718AB7<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |    150000 | PA      | $127702.86    | 0.01%             | 2114-07-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| TRITON CONTAINER                                                          | Triton Container International Ltd                                              | CUSIP: 89680YAB1<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $924817.36    | 0.10%             | 2024-06-07      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                                  | Canadian Pacific Railway Co                                                     | CUSIP: 13645RBG8<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     48000 | PA      | $36187.10     | 0.00%             | 2041-12-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3128MJZF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    691866 | PA      | $619075.85    | 0.06%             | 2047-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac REMICS                                                              | CUSIP: 3137FJE54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     77008 | PA      | $69399.44     | 0.01%             | 2048-10-15      | Floating      | 2.93%                 | No            |                  2 | On Loan: No      |
| GCM GROSVENOR DIV LLC                                                     | GCM Grosvenor Diversified Alternatives Issuer LLC                               | CUSIP: 36831FAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    940000 | PA      | $726965.26    | 0.08%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                                  | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21875.00     | 0.00%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                                                       | FS KKR Capital Corp                                                             | CUSIP: 302635AE7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1457192.73   | 0.15%             | 2025-02-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS CO                                                        | Sonoco Products Co                                                              | CUSIP: 835495AM4<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | DBT              | CORP              | US        |    406000 | PA      | $377274.01    | 0.04%             | 2025-02-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                                                  | Toyota Motor Credit Corp                                                        | CUSIP: 89236TJF3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    219000 | PA      | $190416.44    | 0.02%             | 2028-04-06      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Diamond CLO 2019-1 LLC                                                    | Diamond CLO 2019-1 LTD                                                          | CUSIP: 25257AAU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1227721.30   | 0.13%             | 2029-04-25      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                                  | Citizens Financial Group Inc                                                    | CUSIP: 174610AW5<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    363000 | PA      | $269437.48    | 0.03%             | 2032-09-30      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                                          | CARLYLE US CLO 2021-5 LTD                                                       | CUSIP: 14317YAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1467928.50   | 0.15%             | 2034-07-20      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                                                    | Mizuho Financial Group Inc                                                      | CUSIP: 60687YAZ2<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    281000 | PA      | $265222.02    | 0.03%             | 2025-09-13      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                                             | UniCredit SpA                                                                   | CUSIP: 904678AU3<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |   1000000 | PA      | $885524.14    | 0.09%             | 2026-09-22      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                                       | Elevance Health Inc                                                             | CUSIP: 036752AL7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    114000 | PA      | $100157.97    | 0.01%             | 2029-09-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                                                  | Flex Ltd                                                                        | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |     45000 | PA      | $44902.28     | 0.00%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION                                                     | Flowserve Corp                                                                  | CUSIP: 34355JAB4<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |    245000 | PA      | $183516.04    | 0.02%             | 2032-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ONEOK Partners LP                                                         | ONEOK Partners LP                                                               | CUSIP: 68268NAC7<br>LEI: T4DHW82NMF6BXJT50795 | Long             | DBT              | CORP              | US        |    186000 | PA      | $186136.74    | 0.02%             | 2036-10-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                        | BMO 2022-C3 MORTGAGE TRUST                                                      | CUSIP: 05602QAY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1006781.80   | 0.10%             | 2054-09-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                                  | EQT Corp                                                                        | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     38000 | PA      | $32202.57     | 0.00%             | 2031-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| VALLEY NATIONAL BANCORP                                                   | Valley National Bancorp                                                         | CUSIP: 919794AE7<br>LEI: 549300ET52S1UBIB9762 | Long             | DBT              | CORP              | US        |    231000 | PA      | $203134.29    | 0.02%             | 2031-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                             | UniCredit SpA                                                                   | CUSIP: 904678AF6<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $175575.01    | 0.02%             | 2032-06-19      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3128MJ2E9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     46909 | PA      | $45868.58     | 0.00%             | 2047-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138A4XN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    185068 | PA      | $173171.92    | 0.02%             | 2041-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CityLine Commercial Mortgage Trust                                        | CityLine Commercial Mortgage Trust 2016-CLNE                                    | CUSIP: 178772AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $962811.60    | 0.10%             | 2031-11-10      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD LP                                                      | Cantor Fitzgerald LP                                                            | CUSIP: 138616AK3<br>LEI: 549300RLUEEVQEMX0450 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1134737.97   | 0.12%             | 2027-04-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                                          | Peruvian Government International Bond                                          | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    107000 | PA      | $88513.58     | 0.01%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                            | Morgan Stanley Residential Mortgage Loan Trust 2021-5                           | CUSIP: 61772NBN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    156313 | PA      | $119414.57    | 0.01%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                                                 | Amgen Inc                                                                       | CUSIP: 031162DK3<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     68000 | PA      | $60307.43     | 0.01%             | 2053-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140Q7TF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     73276 | PA      | $69925.76     | 0.01%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ASIAN INFRASTRUCTURE INV                                                  | Asian Infrastructure Investment Bank/The                                        | CUSIP: 04522KAE6<br>LEI: 25490065OSV2524LCR32 | Long             | DBT              | NUSS              | XX        |    175000 | PA      | $162136.72    | 0.02%             | 2024-10-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| AZURE POWER SOLAR ENERGY                                                  | Azure Power Solar Energy Pvt Ltd                                                | CUSIP: 05502TAA6<br>LEI: 549300N77HEXIINE3X94 | Long             | DBT              | CORP              | MU        |    475000 | PA      | $413250.00    | 0.04%             | 2024-12-24      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                             | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                                    | CUSIP: 646139W35<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $371890.05    | 0.04%             | 2040-01-01      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                                                       | Suzano Austria GmbH                                                             | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    101000 | PA      | $78740.00     | 0.01%             | 2032-01-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust                                                   | Flagstar Mortgage Trust 2021-4                                                  | CUSIP: 33852FAW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    213695 | PA      | $163251.38    | 0.02%             | 2051-06-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179SWZ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27574 | PA      | $27413.44     | 0.00%             | 2047-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DY71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    845840 | PA      | $720343.49    | 0.08%             | 2041-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Fond Du Lac WI                                                  | FOND DU LAC CNTY WI REVENUE                                                     | CUSIP: 34446ABB3<br>LEI: 54930064VBVLXORPKL16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $936832.30    | 0.10%             | 2051-11-01      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| CANADA GOVERNMENT                                                         | Canada Government International Bond                                            | CUSIP: 135087N75<br>LEI: 4BFD7AQU0A75QLAHK410 | Long             | DBT              | NUSS              | CA        |   1100000 | PA      | $1063845.12   | 0.11%             | 2025-04-28      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2021-8                                                 | CUSIP: 46592TBP7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    119016 | PA      | $90921.78     | 0.01%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                                                  | Omega Healthcare Investors Inc                                                  | CUSIP: 681936BN9<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |    169000 | PA      | $122182.51    | 0.01%             | 2033-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EHK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9859286 | PA      | $9490361.27   | 0.99%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust                          | GoodLeap Sustainable Home Solutions Trust 2021-5                                | CUSIP: 38237HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1298424 | PA      | $942158.84    | 0.10%             | 2048-10-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140J5M48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    368574 | PA      | $350722.19    | 0.04%             | 2032-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140MAWZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    485511 | PA      | $427131.77    | 0.04%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 3617QGLK8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    153617 | PA      | $137263.37    | 0.01%             | 2050-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WHWH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    118157 | PA      | $105795.87    | 0.01%             | 2046-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Nestle Holdings Inc                                                       | Nestle Holdings Inc                                                             | CUSIP: 641062AE4<br>LEI: 549300EAEU8YV8MQXP30 | Long             | DBT              | CORP              | US        |    547000 | PA      | $530600.65    | 0.06%             | 2025-09-24      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                                                               | Gap Inc/The                                                                     | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    150000 | PA      | $104642.25    | 0.01%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                      | Bank of America Corp                                                            | CUSIP: 06051GHW2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    496000 | PA      | $468649.12    | 0.05%             | 2025-10-22      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                          | Crown Castle Inc                                                                | CUSIP: 22822VAM3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |     44000 | PA      | $39551.42     | 0.00%             | 2049-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                       | Southern California Edison Co                                                   | CUSIP: 842400GK3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    110000 | PA      | $87777.12     | 0.01%             | 2048-03-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                    | Verizon Communications Inc                                                      | CUSIP: 92343VGE8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $974807.66    | 0.10%             | 2026-03-20      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WHXF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40676 | PA      | $35069.61     | 0.00%             | 2046-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418CJD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    292938 | PA      | $270305.96    | 0.03%             | 2047-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BROOKLYN UNION GAS CO                                                     | Brooklyn Union Gas Co/The                                                       | CUSIP: 114259AU8<br>LEI: 83BQ1DXS6VA5GZFK8S35 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $763586.82    | 0.08%             | 2049-03-04      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                    | BP Capital Markets America Inc                                                  | CUSIP: 10373QBN9<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $638417.19    | 0.07%             | 2050-11-10      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust                              | Wells Fargo Mortgage Backed Securities 2021-2 Trust                             | CUSIP: 949798AS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    318665 | PA      | $243442.40    | 0.03%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY PARTNERS                                                    | Valero Energy Partners LP                                                       | CUSIP: 91914JAB8<br>LEI: 549300WH1375KZXLJ231 | Long             | DBT              | CORP              | US        |    350000 | PA      | $339352.56    | 0.04%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                       | JPMorgan Chase & Co                                                             | CUSIP: 48128BAG6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    165000 | PA      | $145406.25    | 0.02%             | 2025-02-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                | AbbVie Inc                                                                      | CUSIP: 00287YDB2<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $134706.77    | 0.01%             | 2045-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC                                                              | QUALCOMM Inc                                                                    | CUSIP: 747525BT9<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     52000 | PA      | $55227.69     | 0.01%             | 2053-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                                                 | Apple Inc                                                                       | CUSIP: 037833CX6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    500000 | PA      | $470858.90    | 0.05%             | 2027-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                                          | NMEF Funding 2022-B LLC                                                         | CUSIP: 62890MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1340000 | PA      | $1346818.19   | 0.14%             | 2029-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179SWW3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    204203 | PA      | $183802.10    | 0.02%             | 2047-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                                                         | Sysco Corp                                                                      | CUSIP: 871829BH9<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    290000 | PA      | $237758.03    | 0.02%             | 2048-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| THE BUSH FOUNDATION                                                       | Bush Foundation                                                                 | CUSIP: 12316UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $194842.74    | 0.02%             | 2050-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FCI Funding, LLC                                                          | FCI Funding 2019-1 LLC                                                          | CUSIP: 30259MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     17226 | PA      | $17209.42     | 0.00%             | 2031-02-18      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3128MJ2A7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    209285 | PA      | $205663.21    | 0.02%             | 2047-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kommunalbanken AS                                                         | Kommunalbanken AS                                                               | CUSIP: 50048MBX7<br>LEI: I7ETN0QQO2AHZZGHJ389 | Long             | DBT              | NUSS              | NO        |    500000 | PA      | $475918.00    | 0.05%             | 2025-02-11      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| USAA CAPITAL CORP                                                         | USAA Capital Corp                                                               | CUSIP: 90327QD89<br>LEI: 5493007XLF4LU3U2W757 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144687.94    | 0.02%             | 2025-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NY STATE ELECTRIC & GAS                                                   | New York State Electric & Gas Corp                                              | CUSIP: 649840CT0<br>LEI: 549300GEC6J0YHUXA160 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $954511.94    | 0.10%             | 2031-10-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                             | UBS Commercial Mortgage Trust 2018-C11                                          | CUSIP: 90276XAT2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $495843.50    | 0.05%             | 2051-06-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140KEK80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    613580 | PA      | $522114.33    | 0.05%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NORTHWEST NATURAL GAS CO                                                  | Northwest Natural Gas Co                                                        | CUSIP: 66765RCK0<br>LEI: H4JZVBMGV45MWUCMUB11 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $619282.33    | 0.06%             | 2051-12-01      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                    | LOS ANGELES CA                                                                  | CUSIP: 544351RH4<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951719.10    | 0.10%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                               | RCKT Mortgage Trust 2022-4                                                      | CUSIP: 74938GAX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    239977 | PA      | $198140.22    | 0.02%             | 2052-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust                                        | STWD 2019-FL1 Ltd                                                               | CUSIP: 78485WAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $441381.56    | 0.05%             | 2038-07-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| ONEOK Inc                                                                 | ONEOK Inc                                                                       | CUSIP: 682680AV5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    300000 | PA      | $249892.42    | 0.03%             | 2048-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                                              | Calpine Corp                                                                    | CUSIP: 131347CR5<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    450000 | PA      | $362320.16    | 0.04%             | 2031-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                                              | Eagle RE 2021-2 Ltd                                                             | CUSIP: 26982AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1280078 | PA      | $1272481.97   | 0.13%             | 2034-04-25      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Corp Trust 2021-PJ5                               | CUSIP: 36261HAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85960 | PA      | $65668.92     | 0.01%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Telefonica Emisiones SAU                                                  | Telefonica Emisiones SA                                                         | CUSIP: 87938WAW3<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |    150000 | PA      | $115280.25    | 0.01%             | 2048-03-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                                   | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                     | CUSIP: 03522AAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $113333.14    | 0.01%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                                       | PFS Financing Corp                                                              | CUSIP: 69335PEP6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2350000 | PA      | $2291694.15   | 0.24%             | 2027-08-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| DUKE UNIVERSITY HEALTH                                                    | Duke University Health System Inc                                               | CUSIP: 26443CAA1<br>LEI: SYIJ9BNVFR17R33OPQ57 | Long             | DBT              | CORP              | US        |     70000 | PA      | $57576.73     | 0.01%             | 2047-06-01      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust                              | Wells Fargo Mortgage Backed Securities 2022-2 Trust                             | CUSIP: 949930AT8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | ABS-MBS          | CORP              | US        |    101064 | PA      | $77207.25     | 0.01%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                                   | Oncor Electric Delivery Co LLC                                                  | CUSIP: 68233JCE2<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    125000 | PA      | $117935.20    | 0.01%             | 2032-06-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                        | Meta Platforms Inc                                                              | CUSIP: 30303M8J4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     63000 | PA      | $50063.00     | 0.01%             | 2052-08-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SANTOS FINANCE LTD                                                        | Santos Finance Ltd                                                              | CUSIP: 803014AA7<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |   1158000 | PA      | $920447.72    | 0.10%             | 2031-04-29      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                                 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29                     | CUSIP: 61766EBD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    237229 | PA      | $220476.22    | 0.02%             | 2049-05-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| KOREA HYDRO & NUCLEAR PO                                                  | Korea Hydro & Nuclear Power Co Ltd                                              | CUSIP: 50064YAN3<br>LEI: 9884008CRY5MLCN8OQ43 | Long             | DBT              | NUSS              | KR        |    200000 | PA      | $199172.00    | 0.02%             | 2023-07-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DWCH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    487523 | PA      | $397399.98    | 0.04%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust 2020-CNP                                         | CUSIP: 61770YAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $761093.40    | 0.08%             | 2042-04-05      | Variable      | 2.43%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179SSN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     82967 | PA      | $73147.14     | 0.01%             | 2046-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CDP FINANCIAL INC                                                         | CDP Financial Inc                                                               | CUSIP: 125094AV4<br>LEI: 549300OXMGVYFCBFV096 | Long             | DBT              | NUSS              | CA        |   1000000 | PA      | $888728.50    | 0.09%             | 2026-05-26      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DUG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    394091 | PA      | $322278.54    | 0.03%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DTR3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    315027 | PA      | $268197.79    | 0.03%             | 2050-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| State of Qatar                                                            | Qatar Government International Bond                                             | CUSIP: 74727PAX9<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    200000 | PA      | $201088.00    | 0.02%             | 2028-04-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                                                       | Midocean Credit CLO IX                                                          | CUSIP: 59802MAA5<br>LEI: 549300XXQYQPW7OQNX23 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $489434.50    | 0.05%             | 2031-07-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WQA36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    348193 | PA      | $316815.00    | 0.03%             | 2043-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ENLINK MIDSTREAM PARTNER                                                  | EnLink Midstream Partners LP                                                    | CUSIP: 29336UAD9<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3031.31      | 0.00%             | 2045-04-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT LIGHT & PWR                                                   | Connecticut Light and Power Co/The                                              | CUSIP: 207597EL5<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |    105000 | PA      | $87599.03     | 0.01%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383YAV4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    571704 | PA      | $7329.53      | 0.00%             | 2052-08-20      | Floating      | 0.21%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    125000 | PA      | $119015.85    | 0.01%             | 2033-07-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                                                          | ABN AMRO Bank NV                                                                | CUSIP: 00084DAW0<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $808627.54    | 0.08%             | 2029-12-13      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                               | Oracle Corp                                                                     | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2120000 | PA      | $2218836.22   | 0.23%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                                                    | Mexico City Airport Trust                                                       | CUSIP: 59284MAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    200000 | PA      | $182898.15    | 0.02%             | 2028-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                   | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                                       | CUSIP: 072024ND0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    150000 | PA      | $170053.08    | 0.02%             | 2049-04-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                       | Freddie Mac STACR REMIC Trust 2022-HQA1                                         | CUSIP: 35564KTB5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     60000 | PA      | $59493.27     | 0.01%             | 2042-03-25      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                                   | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                     | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    446000 | PA      | $405447.55    | 0.04%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| WLB ASSET II D                                                            | WLB Asset II D Pte Ltd                                                          | CUSIP: 000000000<br>LEI: 549300RHQSFI6RYM6N43 | Long             | DBT              | CORP              | SG        |   1000000 | PA      | $998795.26    | 0.10%             | 2026-12-21      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NBM US HOLDINGS INC                                                       | NBM US Holdings Inc                                                             | CUSIP: 62877VAB7<br>LEI: 5493008K1QMSP0J8UC24 | Long             | DBT              | CORP              | US        |    800000 | PA      | $772623.55    | 0.08%             | 2029-08-06      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                          | Connecticut Avenue Securities Trust 2022-R04                                    | CUSIP: 20753YCK6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    315000 | PA      | $313822.22    | 0.03%             | 2042-03-25      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                                  | 1011778 BC ULC / New Red Finance Inc                                            | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    150000 | PA      | $134181.82    | 0.01%             | 2028-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CMFT Net Lease Master Issuer LLC                                          | CMFT Net Lease Master Issuer LLC                                                | CUSIP: 12575AAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2425102 | PA      | $1925480.18   | 0.20%             | 2051-07-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| SANCHEZ ENERGY CORP                                                       | SANCHEZ ENERGY CORP                                                             | CUSIP: 799ESCAJ7<br>LEI: 549300SB0HTIM17TVR61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $0.00         | 0.00%             | 2023-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WLB ASSET II PTE LTD                                                      | WLB Asset II Pte Ltd                                                            | CUSIP: 000000000<br>LEI: 549300IOAZLPOFTPUJ20 | Long             | DBT              | CORP              | SG        |    250000 | PA      | $245000.00    | 0.03%             | 2024-01-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DNAX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    523216 | PA      | $446064.39    | 0.05%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                        | Vodafone Group PLC                                                              | CUSIP: 92857WBD1<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $20013.68     | 0.00%             | 2043-02-19      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383C3X6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6706317 | PA      | $106279.03    | 0.01%             | 2051-11-20      | Floating      | 0.28%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                              | Drive Auto Receivables Trust 2021-1                                             | CUSIP: 262108AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6788 | PA      | $6778.28      | 0.00%             | 2025-07-15      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| HERO Funding Trust                                                        | HERO Funding Trust 2020-1                                                       | CUSIP: 42772BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    499819 | PA      | $437586.61    | 0.05%             | 2057-09-20      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                                     | OneMain Direct Auto Receivables Trust 2021-1                                    | CUSIP: 682687AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $424662.45    | 0.04%             | 2028-07-14      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    342000 | PA      | $245358.28    | 0.03%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418ALB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2251 | PA      | $2211.38      | 0.00%             | 2042-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                                    | Tesla Auto Lease Trust 2021-B                                                   | CUSIP: 88161KAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1130659.68   | 0.12%             | 2025-09-22      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3132H7FR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26719 | PA      | $26476.91     | 0.00%             | 2047-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DWCP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1006565 | PA      | $854321.76    | 0.09%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138ETZY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    225809 | PA      | $216102.24    | 0.02%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                                   | John Deere Capital Corp                                                         | CUSIP: 24422EVW6<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     92000 | PA      | $81332.32     | 0.01%             | 2026-10-13      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Duke Energy Florida LLC                                                   | Duke Energy Florida LLC                                                         | CUSIP: 26444HAF8<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |     50000 | PA      | $41906.21     | 0.00%             | 2048-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2019-B10 Mortgage Trust                                               | CUSIP: 08162VAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $769165.26    | 0.08%             | 2062-03-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                    | Diamondback Energy Inc                                                          | CUSIP: 25278XAN9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     80000 | PA      | $70185.71     | 0.01%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                                                | Intel Corp                                                                      | CUSIP: 458140CA6<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   1314000 | PA      | $1228538.33   | 0.13%             | 2032-08-05      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                   | GREAT LAKES MI WTR AUTH WTR SPLY SYS REVENUE                                    | CUSIP: 39081JDZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1065116.27   | 0.11%             | 2041-07-01      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DVL86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1401146 | PA      | $1242161.90   | 0.13%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Manhattan West                                                            | Manhattan West 2020-1MW Mortgage Trust                                          | CUSIP: 563136AG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $409284.55    | 0.04%             | 2039-09-10      | Variable      | 2.33%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                    | Verizon Communications Inc                                                      | CUSIP: 92343VCQ5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    168000 | PA      | $154266.83    | 0.02%             | 2034-11-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                                    | Mosaic Solar Loan Trust 2020-1                                                  | CUSIP: 61946NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    512333 | PA      | $444737.03    | 0.05%             | 2046-04-20      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| MASONITE INTERNATIONAL C                                                  | Masonite International Corp                                                     | CUSIP: 575385AE9<br>LEI: 549300H0H07ZFT4JYM32 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $101115.77    | 0.01%             | 2030-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hydro-Quebec                                                              | Hydro-Quebec                                                                    | CUSIP: 448814EJ8<br>LEI: 6THEVG93PYJH84S4D167 | Long             | DBT              | NUSS              | CA        |   1000000 | PA      | $1045283.29   | 0.11%             | 2024-07-07      | Fixed         | 8.05%                 | No            |                  2 | On Loan: No      |
| SVB FINANCIAL GROUP                                                       | SVB Financial Group                                                             | CUSIP: 78486QAH4<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $868143.56    | 0.09%             | 2028-05-15      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                                                      | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc                          | CUSIP: 46590XAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1290000 | PA      | $1222110.73   | 0.13%             | 2028-02-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                       | Dominion Energy Inc                                                             | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    230000 | PA      | $202679.76    | 0.02%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EHJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2512984 | PA      | $2357272.33   | 0.25%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                                                  | Amcor Flexibles North America Inc                                               | CUSIP: 02344AAA6<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |     62000 | PA      | $50373.24     | 0.01%             | 2031-05-25      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                                      | Sofi Professional Loan Program 2019-A LLC                                       | CUSIP: 78471HAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73029 | PA      | $70581.80     | 0.01%             | 2048-06-15      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| WALMART INC                                                               | Walmart Inc                                                                     | CUSIP: 931142ET6<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $956235.61    | 0.10%             | 2031-09-22      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                                                  | BXMT 2020-FL2 LTD                                                               | CUSIP: 12434LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    645777 | PA      | $630652.63    | 0.07%             | 2038-02-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                 | INDIANA ST FIN AUTH REVENUE                                                     | CUSIP: 45506ECL5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    215000 | PA      | $154677.17    | 0.02%             | 2051-01-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                          | Paramount Global                                                                | CUSIP: 92553PAP7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    423000 | PA      | $291280.19    | 0.03%             | 2043-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418AS58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200747 | PA      | $173091.58    | 0.02%             | 2043-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                               | PepsiCo Inc                                                                     | CUSIP: 713448FL7<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     81000 | PA      | $77551.36     | 0.01%             | 2028-02-18      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                            | Morgan Stanley                                                                  | CUSIP: 61772BAC7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    132000 | PA      | $97676.72     | 0.01%             | 2042-04-22      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                                                    | FMG Resources August 2006 Pty Ltd                                               | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    500000 | PA      | $466300.00    | 0.05%             | 2032-04-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                                                | PacifiCorp                                                                      | CUSIP: 695114CT3<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    135000 | PA      | $110469.46    | 0.01%             | 2049-01-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834MT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    480000 | PA      | $197522.29    | 0.02%             | 2043-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418CXM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    147278 | PA      | $136398.01    | 0.01%             | 2048-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NATURE CONSERVANCY (THE)                                                  | Nature Conservancy/The                                                          | CUSIP: 63902HAC3<br>LEI: 549300GJ1IZME7V1JJ28 | Long             | DBT              | CORP              | US        |    520000 | PA      | $519519.74    | 0.05%             | 2024-02-01      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WGAM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    163779 | PA      | $152208.86    | 0.02%             | 2045-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                             | Citigroup Inc                                                                   | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1637000 | PA      | $1560729.48   | 0.16%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT BK OF JAPAN                                                   | Development Bank of Japan Inc                                                   | CUSIP: 25159MBF3<br>LEI: 5493001HGBABMWFZUI25 | Long             | DBT              | NUSS              | JP        |    226000 | PA      | $213038.90    | 0.02%             | 2025-02-18      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PROCTER & GAMBLE CO/THE                                                   | Procter & Gamble Co/The                                                         | CUSIP: 742718FM6<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $902304.63    | 0.09%             | 2030-10-29      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit                                  | Ford Credit Auto Owner Trust 2020-REV1                                          | CUSIP: 34531NAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $750427.84    | 0.08%             | 2031-08-15      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140QNDJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    529371 | PA      | $451310.15    | 0.05%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Indonesia Government International Bond                                         | CUSIP: 455780BT2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    400000 | PA      | $395616.44    | 0.04%             | 2025-01-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BB BLUE FINANCING DAC                                                     | BB Blue Financing DAC                                                           | CUSIP: 000000000<br>LEI: 635400ZEZBP91CFF7965 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $976130.00    | 0.10%             | 2029-09-20      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup COmmercial Mortgage Trust 2018-C6                                     | CUSIP: 17327GAX2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $704934.15    | 0.07%             | 2051-11-10      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Bank                                                                      | BANK 2020-BNK29                                                                 | CUSIP: 06541TBA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $391733.75    | 0.04%             | 2053-11-15      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| Cantor Commercial Real Estate Lending                                     | Cantor Commercial Real Estate Lending 2019-CF3                                  | CUSIP: 12529TAW3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $673550.32    | 0.07%             | 2053-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DWBK8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2933936 | PA      | $2583059.45   | 0.27%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                            | Lowe's Cos Inc                                                                  | CUSIP: 548661EF0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     68000 | PA      | $52862.96     | 0.01%             | 2062-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                                                               | Federal Home Loan Mortgage Corp                                                 | CUSIP: 3137EAEV7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   1050000 | PA      | $1019427.93   | 0.11%             | 2023-08-24      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae REMICS                                                               | CUSIP: 3136BCHU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    591145 | PA      | $85151.53     | 0.01%             | 2050-11-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                                    | Mosaic Solar Loan Trust 2021-3                                                  | CUSIP: 61946TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1363843 | PA      | $1075390.07   | 0.11%             | 2052-06-20      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                             | Citigroup Inc                                                                   | CUSIP: 172967BU4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    302000 | PA      | $299379.83    | 0.03%             | 2033-02-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3133KMK38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2136541 | PA      | $1750586.56   | 0.18%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179UGB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    438619 | PA      | $407907.20    | 0.04%             | 2048-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                                                  | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDJ0<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    261000 | PA      | $230565.44    | 0.02%             | 2026-09-24      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                                       | United Airlines Inc                                                             | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30474.35     | 0.00%             | 2029-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2021-B25 Mortgage Trust                                               | CUSIP: 08163DAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1017153.36   | 0.11%             | 2054-04-15      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY CORP                                                         | Kimco Realty Corp                                                               | CUSIP: 49446RAY5<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |   1100000 | PA      | $844506.01    | 0.09%             | 2031-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                                                   | CF Hippolyta Issuer LLC                                                         | CUSIP: 12530MAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    493372 | PA      | $482140.65    | 0.05%             | 2062-08-15      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                      | Bank of America Corp                                                            | CUSIP: 06051GJG5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     32000 | PA      | $29452.02     | 0.00%             | 2025-09-25      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                                            | Merck & Co Inc                                                                  | CUSIP: 58933YBF1<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    625000 | PA      | $417586.88    | 0.04%             | 2051-12-10      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                            | Lowe's Cos Inc                                                                  | CUSIP: 548661DP9<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     47000 | PA      | $43756.74     | 0.00%             | 2027-05-03      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| World OMNI Select Auto Trust                                              | World Omni Select Auto Trust 2021-A                                             | CUSIP: 98163HAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $91033.85     | 0.01%             | 2027-11-15      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                                         | Expedia Group Inc                                                               | CUSIP: 30212PBH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     73000 | PA      | $58701.59     | 0.01%             | 2031-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae REMICS                                                               | CUSIP: 3136BBPS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    364952 | PA      | $51234.03     | 0.01%             | 2050-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                                         | Chile Government International Bond                                             | CUSIP: 168863DL9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |         0 | PA      | $0.00         | 0.00%             | 2050-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                | Navient Private Education Refi Loan Trust 2019-C                                | CUSIP: 63940YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119944 | PA      | $113243.41    | 0.01%             | 2068-02-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                                     | Continental Resources Inc/OK                                                    | CUSIP: 212015AN1<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    775000 | PA      | $753631.15    | 0.08%             | 2024-06-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| EVERGY MISSOURI WEST INC                                                  | Evergy Missouri West Inc                                                        | CUSIP: 30037FAA8<br>LEI: EZIFUDC0VSUS6T6LCG85 | Long             | DBT              | CORP              | US        |     46000 | PA      | $45828.33     | 0.00%             | 2027-12-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                          | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CN7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    240000 | PA      | $214807.69    | 0.02%             | 2027-11-16      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                                  | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    231000 | PA      | $232464.53    | 0.02%             | 2027-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                        | Vodafone Group PLC                                                              | CUSIP: 92857WBM1<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     89000 | PA      | $78384.94     | 0.01%             | 2048-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HERO Funding Trust                                                        | HERO Funding Trust 2016-3                                                       | CUSIP: 42770XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133946 | PA      | $125220.34    | 0.01%             | 2042-09-20      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| Bank                                                                      | BANK 2019-BNK23                                                                 | CUSIP: 06541RBE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $421125.65    | 0.04%             | 2052-12-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                                                      | Kraft Heinz Foods Co                                                            | CUSIP: 50077LAZ9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    273000 | PA      | $236975.73    | 0.02%             | 2049-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810TK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     93000 | PA      | $83118.75     | 0.01%             | 2042-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | J.P. Morgan Mortgage Trust 2022-6                                               | CUSIP: 46655KCR5<br>LEI: 5493002WZI1ZSAEIE710 | Long             | ABS-MBS          | CORP              | US        |    241533 | PA      | $191952.54    | 0.02%             | 2052-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Capital Automotive Reit                                                   | CARS-DB4 LP                                                                     | CUSIP: 12510HAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $492316.81    | 0.05%             | 2050-02-15      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust                                            | Home Partners of America 2021-3 Trust                                           | CUSIP: 43730XAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    368102 | PA      | $309851.79    | 0.03%             | 2041-01-17      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                                                  | Equitable Financial Life Global Funding                                         | CUSIP: 29449W7M3<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |    138000 | PA      | $119421.50    | 0.01%             | 2026-07-12      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179TNQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     62321 | PA      | $56119.17     | 0.01%             | 2047-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140XFSL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    722344 | PA      | $615832.98    | 0.06%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Flexential Issuer, LLC                                                    | Flexential Issuer 2021-1                                                        | CUSIP: 33938MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1700000 | PA      | $1482015.46   | 0.15%             | 2051-11-27      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| General Motors Co                                                         | General Motors Co                                                               | CUSIP: 37045VAF7<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    205000 | PA      | $189528.34    | 0.02%             | 2043-10-02      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                                                   | International Bank for Reconstruction & Development                             | CUSIP: 459058JN4<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    322000 | PA      | $273600.18    | 0.03%             | 2027-11-24      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                                                  | Comision Federal de Electricidad                                                | CUSIP: 200447AL4<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $353771.64    | 0.04%             | 2029-05-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                                                        | Wind River 2016-1K CLO Ltd                                                      | CUSIP: 97314DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $726132.75    | 0.08%             | 2034-10-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Trust 2021-PJ6                                    | CUSIP: 36262LAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249340 | PA      | $190482.13    | 0.02%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418CV35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     71916 | PA      | $68753.79     | 0.01%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                    | BP Capital Markets America Inc                                                  | CUSIP: 10373QBK5<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    330000 | PA      | $313616.79    | 0.03%             | 2027-04-06      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                                     | Truist Financial Corp                                                           | CUSIP: 867914BS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    353000 | PA      | $345054.14    | 0.04%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                                          | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    330000 | PA      | $279801.20    | 0.03%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Prudential Financial Inc                                                  | Prudential Financial Inc                                                        | CUSIP: 744320BF8<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     70000 | PA      | $66850.00     | 0.01%             | 2048-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                   | MPLX LP                                                                         | CUSIP: 55336VAT7<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    225000 | PA      | $197750.55    | 0.02%             | 2049-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179MVR8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    187340 | PA      | $171013.23    | 0.02%             | 2042-12-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust 2021-3                                   | CUSIP: 80287EAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $384737.68    | 0.04%             | 2027-09-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179WP93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    200147 | PA      | $168194.32    | 0.02%             | 2051-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                                           | McDonald's Corp                                                                 | CUSIP: 58013MFP4<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    103000 | PA      | $97702.58     | 0.01%             | 2027-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                                  | Host Hotels & Resorts LP                                                        | CUSIP: 44107TAZ9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |     96000 | PA      | $79225.72     | 0.01%             | 2030-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38378VPP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    156698 | PA      | $140064.30    | 0.01%             | 2043-07-20      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Smithfield Foods Inc                                                      | Smithfield Foods Inc                                                            | CUSIP: 832248BB3<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    162000 | PA      | $147987.06    | 0.02%             | 2029-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140XGV55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    482069 | PA      | $425122.15    | 0.04%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                                    | Tesla Auto Lease Trust 2021-A                                                   | CUSIP: 88161FAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $969422.20    | 0.10%             | 2025-03-20      | Fixed         | 0.56%                 | No            |                  2 | On Loan: No      |
| Ovintiv Inc                                                               | Ovintiv Inc                                                                     | CUSIP: 012873AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    231000 | PA      | $245873.30    | 0.03%             | 2031-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2018-B4 Mortgage Trust                                                | CUSIP: 08161HAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $486430.65    | 0.05%             | 2051-07-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                    | UnitedHealth Group Inc                                                          | CUSIP: 91324PDW9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    234000 | PA      | $212059.19    | 0.02%             | 2026-01-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CBAM CLO Management                                                       | CBAM 2020-12 Ltd                                                                | CUSIP: 12509VAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1703929.50   | 0.18%             | 2034-07-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2019-1A                                                   | Delta Air Lines 2019-1 Class A Pass Through Trust                               | CUSIP: 24737RAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $143305.04    | 0.01%             | 2024-04-25      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140QNSY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1528326 | PA      | $1347463.71   | 0.14%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 31292SBM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    132357 | PA      | $123893.24    | 0.01%             | 2043-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                    | Diamondback Energy Inc                                                          | CUSIP: 25278XAQ2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    151000 | PA      | $115029.09    | 0.01%             | 2051-03-24      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179XBS4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    382768 | PA      | $351707.72    | 0.04%             | 2052-07-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                                 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23                     | CUSIP: 61690QAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    166820 | PA      | $158708.21    | 0.02%             | 2050-07-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| AVANGRID INC                                                              | Avangrid Inc                                                                    | CUSIP: 05351WAC7<br>LEI: 549300OX0Q38NLSKPB49 | Long             | DBT              | CORP              | US        |    378000 | PA      | $361229.41    | 0.04%             | 2025-04-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund        | OHIO ST WTR DEV AUTH WTR POLL CONTROL REVENUE                                   | CUSIP: 67766WQG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990538.20    | 0.10%             | 2034-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                       | JPMorgan Chase & Co                                                             | CUSIP: 46625HJW1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    129000 | PA      | $125354.05    | 0.01%             | 2024-04-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY INDIANA LLC                                                   | Duke Energy Indiana LLC                                                         | CUSIP: 26443TAC0<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |    930000 | PA      | $583852.63    | 0.06%             | 2050-04-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                                                | AbbVie Inc                                                                      | CUSIP: 00287YCY3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    380000 | PA      | $355330.06    | 0.04%             | 2035-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Liberty Tire Recycling Holdco, LLC                                        | Liberty Tire Recycling Holdco, LLC 2021 Term Loan                               | CUSIP: 50219UAB1<br>LEI: 549300J0IFHJE2TQGX07 | Long             | LON              | CORP              | US        |    989950 | PA      | $898795.19    | 0.09%             | 2028-05-05      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                          | OneMain Financial Issuance Trust 2022-3                                         | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1344011.27   | 0.14%             | 2034-05-15      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 3617QGLV4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    188556 | PA      | $174481.32    | 0.02%             | 2050-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2020-B20 Mortgage Trust                                               | CUSIP: 08162XBF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1047799.35   | 0.11%             | 2053-10-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                               | BNP Paribas SA                                                                  | CUSIP: 09659W2Q6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    440000 | PA      | $382913.22    | 0.04%             | 2027-06-30      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                                  | Anheuser-Busch InBev Worldwide Inc                                              | CUSIP: 03523TBU1<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199561.68    | 0.02%             | 2039-01-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| KKR Static CLO Ltd, KKR Static CLO I                                      | KKR Static CLO 2 LTD                                                            | CUSIP: 482926AA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2997012.00   | 0.31%             | 2031-10-20      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                  | Burlington Northern Santa Fe LLC                                                | CUSIP: 12189LAN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27000 | PA      | $24164.53     | 0.00%             | 2043-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                            | Morgan Stanley                                                                  | CUSIP: 61747YEL5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2450000 | PA      | $1981996.86   | 0.21%             | 2033-01-21      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust                                                        | CUSIP: 465976AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    138210 | PA      | $117376.08    | 0.01%             | 2052-07-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                  | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     38000 | PA      | $31636.98     | 0.00%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                                     | Indonesia Government International Bond                                         | CUSIP: 455780CC8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $196820.00    | 0.02%             | 2023-01-11      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC                                                         | General Mills Inc                                                               | CUSIP: 370334CS1<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |     63000 | PA      | $63156.87     | 0.01%             | 2025-11-18      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Trust 2021-PJ10                                   | CUSIP: 36262PAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    204242 | PA      | $156029.78    | 0.02%             | 2052-03-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ExGen Renewables IV, LLC                                                  | ExGen Renewables IV, LLC 2020 Term Loan                                         | CUSIP: 30204KAD8<br>LEI: 5493004JBPWTPTK8LB51 | Long             | LON              | CORP              | US        |    922474 | PA      | $912483.88    | 0.10%             | 2027-12-15      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                                   | MPT Operating Partnership LP / MPT Finance Corp                                 | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $126079.50    | 0.01%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                  | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     79000 | PA      | $51475.97     | 0.01%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freedom Financial                                                         | FREED ABS Trust 2022-2CP                                                        | CUSIP: 35633LAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    392542 | PA      | $390119.84    | 0.04%             | 2029-05-18      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3131X9KV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     61925 | PA      | $58975.53     | 0.01%             | 2028-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP MORGAN MORTGAGE TRUST 2018-5                                                 | CUSIP: 46649KAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31808 | PA      | $26671.11     | 0.00%             | 2048-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                                            | Mastercard Inc                                                                  | CUSIP: 57636QAS3<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $812315.95    | 0.08%             | 2031-03-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| HORMEL FOODS CORP                                                         | Hormel Foods Corp                                                               | CUSIP: 440452AG5<br>LEI: MSD54751OJP1FS2ND863 | Long             | DBT              | CORP              | US        |    147000 | PA      | $138428.05    | 0.01%             | 2024-06-03      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| VCP RRL ABS I, Ltd                                                        | VCP RRL ABS I Ltd                                                               | CUSIP: 92243RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    638760 | PA      | $578725.27    | 0.06%             | 2031-10-20      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179WR26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    455344 | PA      | $394600.30    | 0.04%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ALLEGION US HOLDING CO                                                    | Allegion US Holding Co Inc                                                      | CUSIP: 01748TAC5<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |    101000 | PA      | $97799.78     | 0.01%             | 2032-07-01      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                | SOUTH DAKOTA ST HSG DEV AUTH                                                    | CUSIP: 83756CY90<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301655.73    | 0.03%             | 2053-05-01      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                                          | Bank of Montreal                                                                | CUSIP: 06368D3S1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    133000 | PA      | $129057.31    | 0.01%             | 2025-06-07      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| BrandywineGLOBAL High Yield Fund                                          | BrandywineGLOBAL High Yield Fund                                                | CUSIP: 52472T718<br>LEI: 549300S5DI1UCBY1J672 | Long             | EC               | RF                | US        |   2459784 | NS      | $23244956.97  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179WLP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    349795 | PA      | $303814.78    | 0.03%             | 2051-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140XGU98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4135769 | PA      | $3630728.50   | 0.38%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STANFORD HEALTH CARE                                                      | Stanford Health Care                                                            | CUSIP: 85434VAC2<br>LEI: 5493005311WCPXQGDG42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $657309.25    | 0.07%             | 2051-08-15      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust                          | GoodLeap Sustainable Home Solutions Trust 2022-3                                | CUSIP: 38237TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    975853 | PA      | $903155.33    | 0.09%             | 2049-07-20      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Trust                                          | Newtek Small Business Loan Trust 2018-1                                         | CUSIP: 65252MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133479 | PA      | $131792.65    | 0.01%             | 2044-02-25      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| GM Financial Revolving Receivables Trust                                  | GM Financial Revolving Receivables Trust 2021-1                                 | CUSIP: 36263HAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $85154.16     | 0.01%             | 2034-06-12      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                                   | CarMax Auto Owner Trust 2021-3                                                  | CUSIP: 14317DAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $168380.01    | 0.02%             | 2027-05-17      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2019-B10 Mortgage Trust                                               | CUSIP: 08162VBJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $182952.85    | 0.02%             | 2062-03-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 312946G59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     91705 | PA      | $88166.66     | 0.01%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    510000 | PA      | $484161.33    | 0.05%             | 2029-08-31      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179TG58<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    672472 | PA      | $647285.51    | 0.07%             | 2047-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOARDWALK PIPELINES LP                                                    | Boardwalk Pipelines LP                                                          | CUSIP: 096630AJ7<br>LEI: 549300W6AQ2GHHCGL606 | Long             | DBT              | CORP              | US        |     73000 | PA      | $60407.24     | 0.01%             | 2032-09-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY SOUTH                                                     | Dominion Energy South Carolina Inc                                              | CUSIP: 837004CJ7<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |     24000 | PA      | $21830.46     | 0.00%             | 2065-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                                  | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    108000 | PA      | $102485.95    | 0.01%             | 2027-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Cardinal Health Inc                                                       | Cardinal Health Inc                                                             | CUSIP: 14149YBB3<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    150000 | PA      | $119518.61    | 0.01%             | 2044-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Prudential Financial Inc                                                  | Prudential Financial Inc                                                        | CUSIP: 744320AM4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    201000 | PA      | $197482.50    | 0.02%             | 2043-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                   | Bristol-Myers Squibb Co                                                         | CUSIP: 110122CQ9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35590.66     | 0.00%             | 2039-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                             | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     54000 | PA      | $33007.50     | 0.00%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                                                | Humana Inc                                                                      | CUSIP: 444859BV3<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46453.66     | 0.00%             | 2033-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                                  | Canadian Pacific Railway Co                                                     | CUSIP: 13645RBD5<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    191000 | PA      | $178031.32    | 0.02%             | 2024-12-02      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| ALEN 2021-ACEN Mortgage Trust                                             | Alen 2021-ACEN Mortgage Trust                                                   | CUSIP: 01449NAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $852072.70    | 0.09%             | 2034-04-15      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                      | Bank of America Corp                                                            | CUSIP: 06051GGF0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1367000 | PA      | $1275569.63   | 0.13%             | 2028-01-20      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                  | Angel Oak Mortgage Trust 2021-8                                                 | CUSIP: 03465MAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $64726.23     | 0.01%             | 2066-11-25      | Variable      | 2.84%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                              | CSMC 2020-RPL6 Trust                                                            | CUSIP: 12656HAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135700 | PA      | $128257.53    | 0.01%             | 2059-03-25      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                                   | American Electric Power Co Inc                                                  | CUSIP: 025537AV3<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     54000 | PA      | $55427.63     | 0.01%             | 2027-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                                        | Union Pacific Corp                                                              | CUSIP: 907818FN3<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    225000 | PA      | $144526.20    | 0.02%             | 2062-09-16      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY CORP                                                         | Kimco Realty Corp                                                               | CUSIP: 49446RBA6<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              |  | US        |    135000 | PA      | $123459.62    | 0.01%             | 2033-02-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    303000 | PA      | $304136.25    | 0.03%             | 2027-09-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| TAKEDA PHARMACEUTICAL                                                     | Takeda Pharmaceutical Co Ltd                                                    | CUSIP: 874060AX4<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $816249.34    | 0.09%             | 2030-03-31      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Digital Brige Issuer LLC                                                  | DigitalBridge Issuer LLC                                                        | CUSIP: 25402JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1020000 | PA      | $865850.46    | 0.09%             | 2051-09-25      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                                            | Lowe's Cos Inc                                                                  | CUSIP: 548661EE3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $850626.74    | 0.09%             | 2041-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| EXPORT DEVELOPMNT CANADA                                                  | Export Development Canada                                                       | CUSIP: 30216BJU7<br>LEI: Z6MHCSLXHKYG4B6PHW02 | Long             | DBT              | NUSS              | CA        |   1000000 | PA      | $973544.69    | 0.10%             | 2025-08-26      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| One Market Plaza Trust                                                    | One Market Plaza Trust 2017-1MKT                                                | CUSIP: 68245HAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $922869.50    | 0.10%             | 2032-02-10      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MAINSTAY FUNDS - MainStay MacKay High Yield Corporate Bond Fund           | MAINSTAY FUNDS - MainStay MacKay High Yield Corporate Bond Fund                 | CUSIP: 56063N881<br>LEI: 549300Y73VYUL00YQH40 | Long             | EC               | RF                | US        |   4823953 | NS      | $23589130.53  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Finance Issuance Trust                                           | Republic Finance Issuance Trust 2020-A                                          | CUSIP: 76042EAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $549012.48    | 0.06%             | 2030-11-20      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae REMICS                                                               | CUSIP: 3136BDQ27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    795780 | PA      | $106109.37    | 0.01%             | 2051-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                                        | F&G Global Funding                                                              | CUSIP: 30321L2B7<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |    184000 | PA      | $168135.58    | 0.02%             | 2024-09-20      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| NADG NNN Operating LP                                                     | NADG NNN Operating LP                                                           | CUSIP: 629682AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    384150 | PA      | $356150.19    | 0.04%             | 2049-12-28      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                          | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 20755DAB2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    160000 | PA      | $158605.84    | 0.02%             | 2042-07-25      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae I Pool                                                               | CUSIP: 3617N64Z9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    189125 | PA      | $167986.81    | 0.02%             | 2050-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PROV ST JOSEPH HLTH OBL                                                   | Providence St Joseph Health Obligated Group                                     | CUSIP: 743820AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $93086.24     | 0.01%             | 2029-10-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                      | Bank of America Corp                                                            | CUSIP: 06051GHU6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     73000 | PA      | $60696.87     | 0.01%             | 2040-04-23      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                                      | Mercedes-Benz Finance North America LLC                                         | CUSIP: 58769JAB3<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    151000 | PA      | $151817.11    | 0.02%             | 2025-11-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                                        | Ford Motor Co                                                                   | CUSIP: 345370CS7<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    400000 | PA      | $304805.88    | 0.03%             | 2046-12-08      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                                       | Southern California Edison Co                                                   | CUSIP: 842400HS5<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    770000 | PA      | $792551.04    | 0.08%             | 2027-11-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                  | Warnermedia Holdings Inc                                                        | CUSIP: 55903VAS2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    153000 | PA      | $111692.10    | 0.01%             | 2062-03-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                               | Hertz Vehicle Financing LLC                                                     | CUSIP: 42806MAN9<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $964179.81    | 0.10%             | 2028-06-26      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                         | HSBC Holdings PLC                                                               | CUSIP: 404280DS5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $211615.92    | 0.02%             | 2033-11-03      | Fixed         | 8.11%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Corp Trust 2022-PJ4                               | CUSIP: 36264RBZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95158 | PA      | $75624.77     | 0.01%             | 2052-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                             | Citigroup Inc                                                                   | CUSIP: 172967CC3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    218000 | PA      | $217811.77    | 0.02%             | 2033-10-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140XAND0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    358172 | PA      | $307557.35    | 0.03%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                                               | KeyBank NA/Cleveland OH                                                         | CUSIP: 49327M3F9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258045.07    | 0.03%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                       | Dominion Energy Inc                                                             | CUSIP: 25746UBY4<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     55000 | PA      | $51521.40     | 0.01%             | 2054-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OFS CAPITAL CORP                                                          | OFS Capital Corp                                                                | CUSIP: 67103BAA8<br>LEI: 549300XTK3HSWPDBJD13 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1120880.51   | 0.12%             | 2026-02-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ADAMS OUTDOOR ADVERTISING                                                 | Adams Outdoor Advertising LP                                                    | CUSIP: 006346AS9<br>LEI: 549300BTFXNHDCUHER30 | Long             | ABS-O            | CORP              | US        |   1276302 | PA      | $1209917.60   | 0.13%             | 2048-11-15      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DYX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2400581 | PA      | $1959687.05   | 0.20%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit                                  | Ford Credit Auto Owner Trust 2019-REV1                                          | CUSIP: 34532PAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $980444.20    | 0.10%             | 2030-07-15      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                                  | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    137000 | PA      | $134787.01    | 0.01%             | 2037-01-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                         | HSBC Holdings PLC                                                               | CUSIP: 404280DG1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $964752.91    | 0.10%             | 2028-08-11      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                                        | Panama Government International Bond                                            | CUSIP: 698299AW4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    100000 | PA      | $104155.02    | 0.01%             | 2036-01-26      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co                                                           | DTE Electric Co                                                                 | CUSIP: 23338VAJ5<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    258000 | PA      | $211415.09    | 0.02%             | 2049-03-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CIGNA CORP                                                                | Cigna Corp                                                                      | CUSIP: 125523CK4<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    217000 | PA      | $153794.59    | 0.02%             | 2050-03-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DYC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1578493 | PA      | $1340907.54   | 0.14%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | J.P. Morgan Mortgage Trust 2022-4                                               | CUSIP: 46655GAW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    286882 | PA      | $227598.71    | 0.02%             | 2052-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                          | OneMain Financial Issuance Trust 2021-1                                         | CUSIP: 68269MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $573284.46    | 0.06%             | 2036-06-16      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES                                                   | Canadian Natural Resources Ltd                                                  | CUSIP: 136385AG6<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    310000 | PA      | $298243.04    | 0.03%             | 2035-02-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                        | Energy Transfer LP                                                              | CUSIP: 292480AL4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    165000 | PA      | $158258.44    | 0.02%             | 2028-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179VDN7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    464447 | PA      | $417534.64    | 0.04%             | 2050-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PAF3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    154000 | PA      | $141713.20    | 0.01%             | 2028-05-01      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383PNA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1275028 | PA      | $19742.02     | 0.00%             | 2052-03-20      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                                                   | Duke Energy Florida LLC                                                         | CUSIP: 26444HAH4<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $854615.66    | 0.09%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                     | Wells Fargo & Co                                                                | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     96000 | PA      | $81284.37     | 0.01%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily Variable Rate Certificate                         | Freddie Mac Multifamily Variable Rate Certificate                               | CUSIP: 3137H6L29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    992323 | PA      | $848906.72    | 0.09%             | 2036-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                                  | Antero Midstream Partners LP / Antero Midstream Finance Corp                    | CUSIP: 03690EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $177146.59    | 0.02%             | 2026-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                               | PepsiCo Inc                                                                     | CUSIP: 713448FM5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |     92000 | PA      | $86745.90     | 0.01%             | 2032-07-18      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                     | Tenet Healthcare Corp                                                           | CUSIP: 88033GDN7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21639.13     | 0.00%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Connecticut Green Bank                                                    | CONNECTICUT ST GREEN BANK                                                       | CUSIP: 207580AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $806302.50    | 0.08%             | 2035-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CORP                                                            | Albemarle Corp                                                                  | CUSIP: 012653AD3<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |    137000 | PA      | $133599.03    | 0.01%             | 2027-06-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                                          | WFRBS Commercial Mortgage Trust 2013-C13                                        | CUSIP: 92937UAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $217738.71    | 0.02%             | 2045-05-15      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| NY COMMUNITY BANCORP INC                                                  | New York Community Bancorp Inc                                                  | CUSIP: 649445AC7<br>LEI: 529900HVXOTLY61GL030 | Long             | DBT              | CORP              | US        |    165000 | PA      | $159841.63    | 0.02%             | 2028-11-06      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140JAH84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    153762 | PA      | $142563.83    | 0.01%             | 2048-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31419B5X9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132484 | PA      | $127230.87    | 0.01%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                         | HSBC Holdings PLC                                                               | CUSIP: 404280CU1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $192723.30    | 0.02%             | 2024-08-17      | Fixed         | 0.73%                 | No            |                  2 | On Loan: No      |
| Summit Issuer, LLC                                                        | Summit Issuer LLC                                                               | CUSIP: 86613XAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1620000 | PA      | $1418280.35   | 0.15%             | 2050-12-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810SY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $375878.91    | 0.04%             | 2041-05-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                          | T-Mobile USA Inc                                                                | CUSIP: 87264ABL8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    875000 | PA      | $617421.00    | 0.06%             | 2041-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RPM International Inc                                                     | RPM International Inc                                                           | CUSIP: 749685AX1<br>LEI: 549300TJCKW4BRXPJ474 | Long             | DBT              | CORP              | US        |    234000 | PA      | $216603.36    | 0.02%             | 2029-03-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| COUNCIL OF EUROPE                                                         | Council Of Europe Development Bank                                              | CUSIP: 222213BA7<br>LEI: 549300UYNXMI821WYG82 | Long             | DBT              | NUSS              | XX        |   1000000 | PA      | $966018.32    | 0.10%             | 2025-06-16      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                                                  | Host Hotels & Resorts LP                                                        | CUSIP: 44107TBA3<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              |  | US        |    850000 | PA      | $650219.49    | 0.07%             | 2031-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust 2021-SAVE                                 | CUSIP: 95003LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1999848 | PA      | $1868561.81   | 0.19%             | 2040-02-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                  | Enterprise Products Operating LLC                                               | CUSIP: 29379VBN2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    121000 | PA      | $97323.75     | 0.01%             | 2077-08-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Marathon Oil Corp                                                         | Marathon Oil Corp                                                               | CUSIP: 565849AE6<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | DBT              | CORP              | US        |     48000 | PA      | $47701.99     | 0.00%             | 2037-10-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                                                   | Public Service Co of Colorado                                                   | CUSIP: 744448CQ2<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |    244000 | PA      | $202079.71    | 0.02%             | 2048-06-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily ML Certificates                                   | FRETE 2021-ML08 TRUST                                                           | CUSIP: 30318LAB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    979227 | PA      | $735715.76    | 0.08%             | 2037-07-25      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Nassau 2019 CFO LLC                                                       | Nassau 2019 CFO LLC                                                             | CUSIP: 63172DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    834283 | PA      | $780879.98    | 0.08%             | 2034-08-15      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                                          | Bank of Montreal                                                                | CUSIP: 06368FAJ8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     47000 | PA      | $42925.19     | 0.00%             | 2027-03-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                       | COMM 2022-HC Mortgage Trust                                                     | CUSIP: 12659DAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $852365.00    | 0.09%             | 2039-01-10      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138LYE29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    137747 | PA      | $128938.28    | 0.01%             | 2042-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DWER0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3438502 | PA      | $3225443.14   | 0.34%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                                                      | BAT International Finance PLC                                                   | CUSIP: 05530QAP5<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    740000 | PA      | $685359.32    | 0.07%             | 2028-03-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue        | SAN FRANCISCO CITY & CNTY CA PUBLIC UTILITIES COMMISSION WTR                    | CUSIP: 79765R5A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1005159.20   | 0.10%             | 2039-11-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                                  | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBJ2<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    120000 | PA      | $83709.39     | 0.01%             | 2050-10-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                                                 | ONEOK Inc                                                                       | CUSIP: 682680BB8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1810000 | PA      | $1516796.56   | 0.16%             | 2030-03-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp                                                            | Starbucks Corp                                                                  | CUSIP: 855244AK5<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    500000 | PA      | $463067.95    | 0.05%             | 2026-06-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140F5DA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84500 | PA      | $78636.58     | 0.01%             | 2046-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY UTILITIES FIN                                                     | Liberty Utilities Finance GP 1                                                  | CUSIP: 531546AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1138000 | PA      | $854900.98    | 0.09%             | 2030-09-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140LNJM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    331790 | PA      | $295129.29    | 0.03%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                                     | Duke Energy Carolinas LLC                                                       | CUSIP: 26442CBH6<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     52000 | PA      | $38834.71     | 0.00%             | 2052-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| BankUnited Inc                                                            | BankUnited Inc                                                                  | CUSIP: 06652KAA1<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | DBT              | CORP              | US        |    459000 | PA      | $451849.45    | 0.05%             | 2025-11-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                                           | McDonald's Corp                                                                 | CUSIP: 58013MFK5<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    156000 | PA      | $117349.36    | 0.01%             | 2049-09-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140MUXL9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    160535 | PA      | $154544.76    | 0.02%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                        | Energy Transfer LP                                                              | CUSIP: 29278NAF0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    115000 | PA      | $111203.31    | 0.01%             | 2028-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                      | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE                                        | CUSIP: 57587GTN5<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    950000 | PA      | $947504.64    | 0.10%             | 2052-12-01      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                                    | BP Capital Markets America Inc                                                  | CUSIP: 10373QBG4<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    140000 | PA      | $93375.82     | 0.01%             | 2050-02-24      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morris County Improvement Authority                                       | MORRIS CNTY NJ IMPT AUTH LEASE REVENUE                                          | CUSIP: 618027CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $177097.40    | 0.02%             | 2026-06-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust                                  | AmeriCredit Automobile Receivables Trust 2020-1                                 | CUSIP: 03067DAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190834 | PA      | $189515.75    | 0.02%             | 2025-01-21      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                                                   | Loanpal Solar Loan 2021-1 Ltd                                                   | CUSIP: 53948PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    687705 | PA      | $523011.17    | 0.05%             | 2048-01-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| NATIONAL COMMUNITY RENAI                                                  | National Community Renaissance of California                                    | CUSIP: 63548MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $798877.39    | 0.08%             | 2032-12-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| NATURE CONSERVANCY (THE)                                                  | Nature Conservancy/The                                                          | CUSIP: 63902HAM1<br>LEI: 549300GJ1IZME7V1JJ28 | Long             | DBT              | CORP              | US        |    300000 | PA      | $248068.22    | 0.03%             | 2029-07-01      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383Y6L1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3012552 | PA      | $2817520.96   | 0.29%             | 2052-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Renew Financial                                                           | Renew 2021-1                                                                    | CUSIP: 75975BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    710105 | PA      | $604559.01    | 0.06%             | 2056-11-20      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                                          | Bellemeade RE 2021-3 Ltd                                                        | CUSIP: 078777AB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    257343 | PA      | $254027.41    | 0.03%             | 2031-09-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| THE REINVESTMENT FUND                                                     | Reinvestment Fund Inc/The                                                       | CUSIP: 75936LAL8<br>LEI: 254900M05GOONA6Z9I72 | Long             | DBT              | CORP              | US        |    500000 | PA      | $467169.78    | 0.05%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    320000 | PA      | $319750.00    | 0.03%             | 2025-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CGA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6695000 | PA      | $6652110.16   | 0.69%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3128M9D66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    110263 | PA      | $111782.30    | 0.01%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                                                   | Standard Industries Inc/NJ                                                      | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    125000 | PA      | $112486.25    | 0.01%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL HEALTH INVESTOR                                                  | National Health Investors Inc                                                   | CUSIP: 63633DAF1<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | DBT              |  | US        |    100000 | PA      | $72091.43     | 0.01%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                                                    | HAT Holdings I LLC / HAT Holdings II LLC                                        | CUSIP: 418751AD5<br>LEI: N/A                  | Long             | DBT              |  | US        |   1000000 | PA      | $734815.73    | 0.08%             | 2030-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PRES & FELLOWS OF HARVAR                                                  | President and Fellows of Harvard College                                        | CUSIP: 740816AG8<br>LEI: 6S3X7J22E861RNTJSA74 | Long             | DBT              | CORP              | US        |    105000 | PA      | $123224.36    | 0.01%             | 2039-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2020-B19 Mortgage Trust                                               | CUSIP: 08162WBB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $968873.04    | 0.10%             | 2053-09-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                                                  | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599AW4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    246000 | PA      | $225654.84    | 0.02%             | 2026-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| AECOM                                                                     | AECOM                                                                           | CUSIP: 00774CAB3<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120312.50    | 0.01%             | 2027-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                                   | CarMax Auto Owner Trust 2021-2                                                  | CUSIP: 14314QAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $180776.06    | 0.02%             | 2027-02-16      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                     | MET TRANSPRTN AUTH NY REVENUE                                                   | CUSIP: 59261AG76<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $863001.70    | 0.09%             | 2049-11-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                                               | Balboa Bay Loan Funding 2020-1 Ltd                                              | CUSIP: 05766BAJ7<br>LEI: 549300MALKZHG9DP8554 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $981209.00    | 0.10%             | 2032-01-20      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                     | Wells Fargo & Co                                                                | CUSIP: 95000U2J1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    670000 | PA      | $554804.40    | 0.06%             | 2031-02-11      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2021-B30 Mortgage Trust                                               | CUSIP: 08163KBF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2411565.90   | 0.25%             | 2054-11-15      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                                                  | Amcor Flexibles North America Inc                                               | CUSIP: 02343JAA8<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |    180000 | PA      | $175219.21    | 0.02%             | 2025-05-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                                       | Carrier Global Corp                                                             | CUSIP: 14448CAR5<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    180000 | PA      | $136615.09    | 0.01%             | 2040-04-05      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust 2019-C50                                  | CUSIP: 95001XBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    950000 | PA      | $866668.76    | 0.09%             | 2052-05-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| RPM INTERNATIONAL INC                                                     | RPM International Inc                                                           | CUSIP: 749685AY9<br>LEI: 549300TJCKW4BRXPJ474 | Long             | DBT              | CORP              | US        |     49000 | PA      | $38607.93     | 0.00%             | 2032-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                                                   | Transcontinental Gas Pipe Line Co LLC                                           | CUSIP: 893574AR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $174890.30    | 0.02%             | 2050-05-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418CR97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     96472 | PA      | $92269.62     | 0.01%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2019-1                                                 | CUSIP: 46650HAR9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4508 | PA      | $4211.28      | 0.00%             | 2049-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                                                   | Public Service Co of Colorado                                                   | CUSIP: 744448CU3<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |    274000 | PA      | $176407.66    | 0.02%             | 2051-01-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31417DSW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    227103 | PA      | $212531.95    | 0.02%             | 2042-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WHMS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     93148 | PA      | $91504.73     | 0.01%             | 2046-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                             | Citigroup Inc                                                                   | CUSIP: 172967LP4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     51000 | PA      | $46837.86     | 0.00%             | 2028-07-24      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834KH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6745000 | PA      | $3089355.35   | 0.32%             | 2041-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                    | Verizon Communications Inc                                                      | CUSIP: 92343VFL3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $777434.11    | 0.08%             | 2030-09-18      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CARLISLE COS INC                                                          | Carlisle Cos Inc                                                                | CUSIP: 142339AL4<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |    382000 | PA      | $290200.80    | 0.03%             | 2032-03-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2021-B24 Mortgage Trust                                               | CUSIP: 08163CBA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $471135.17    | 0.05%             | 2054-03-15      | Fixed         | 2.01%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                    | US 5YR NOTE (CBT) MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       278 | NC      | $-57630.40    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RDC5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $196623.32    | 0.02%             | 2025-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                                           | CMS Energy Corp                                                                 | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |    117000 | PA      | $101200.24    | 0.01%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SPDR Blackstone Senior Loan ETF                                           | SPDR Blackstone Senior Loan ETF                                                 | CUSIP: 78467V608<br>LEI: 549300ME4SR63Y3TRD06 | Long             | EC               | RF                | US        |   1606440 | NS      | $65703396.00  | 6.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Finance Funding Trust                                              | Oxford Finance Funding 2020-1 LLC                                               | CUSIP: 69144AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    359280 | PA      | $355309.19    | 0.04%             | 2028-02-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WGZR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    367730 | PA      | $343883.91    | 0.04%             | 2031-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                    | Verizon Communications Inc                                                      | CUSIP: 92343VFV1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    184000 | PA      | $109557.75    | 0.01%             | 2060-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                 | Apple Inc                                                                       | CUSIP: 037833EK2<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     75000 | PA      | $49443.06     | 0.01%             | 2051-08-05      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Sunrun Demeter Issuer LLC                                                 | Sunrun Demeter Issuer 2021-2 LLC                                                | CUSIP: 86772HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1217900 | PA      | $949890.29    | 0.10%             | 2057-01-30      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                      | Bank of America Corp                                                            | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    320000 | PA      | $264979.38    | 0.03%             | 2037-03-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810TH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    277000 | PA      | $242851.09    | 0.03%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LLC                                           | Stack Infrastructure Issuer LLC                                                 | CUSIP: 85236KAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1221317 | PA      | $1191694.34   | 0.12%             | 2044-02-25      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 3622AATU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     65914 | PA      | $60975.88     | 0.01%             | 2050-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                 | Boeing Co/The                                                                   | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1044847.02   | 0.11%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| TRUSTEES PRINCETON UNIV                                                   | Trustees of Princeton University/The                                            | CUSIP: 89837LAB1<br>LEI: 549300PJZYINN64GDJ90 | Long             | DBT              | CORP              | US        |    495000 | PA      | $535651.53    | 0.06%             | 2039-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                                   | HCA Inc                                                                         | CUSIP: 19767QAS4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $163199.42    | 0.02%             | 2036-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                                         | General Motors Co                                                               | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $928996.30    | 0.10%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                                                    | Oscar US Funding XIII LLC                                                       | CUSIP: 68785BAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JP        |   1500000 | PA      | $1414420.80   | 0.15%             | 2025-09-10      | Fixed         | 0.86%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                                   | American Electric Power Co Inc                                                  | CUSIP: 025537AJ0<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     93000 | PA      | $85395.45     | 0.01%             | 2027-11-13      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179TQN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    128863 | PA      | $116446.58    | 0.01%             | 2048-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                                                         | Sysco Corp                                                                      | CUSIP: 871829BN6<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     95000 | PA      | $103540.68    | 0.01%             | 2050-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2021-B24 Mortgage Trust                                               | CUSIP: 08163CBB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $495198.66    | 0.05%             | 2054-03-15      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                               | Oracle Corp                                                                     | CUSIP: 68389XBP9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    296000 | PA      | $234370.14    | 0.02%             | 2037-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group Inc                                                  | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBG8<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    700000 | PA      | $654303.12    | 0.07%             | 2029-02-01      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Emera US Finance LP                                                       | Emera US Finance LP                                                             | CUSIP: 29103DAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $146595.54    | 0.02%             | 2046-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                  | OBX 2021-J2 Trust                                                               | CUSIP: 670861AU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    262947 | PA      | $200876.70    | 0.02%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                  | BX Commercial Mortgage Trust 2022-AHP                                           | CUSIP: 05610FAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $953529.20    | 0.10%             | 2039-01-17      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DW65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    422766 | PA      | $360038.90    | 0.04%             | 2041-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TOTE SHIPHOLDINGS INC                                                     | Tote Shipholdings LLC                                                           | CUSIP: 89156HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    973000 | PA      | $867394.64    | 0.09%             | 2040-10-16      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                       | Freddie Mac Structured Agency Credit Risk Debt Notes                            | CUSIP: 35564KDB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    235000 | PA      | $232333.95    | 0.02%             | 2033-08-25      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                      | Bank of America Corp                                                            | CUSIP: 06051GGC7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    540000 | PA      | $512190.33    | 0.05%             | 2027-11-25      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                                  | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21299.88     | 0.00%             | 2031-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                                                        | Athene Holding Ltd                                                              | CUSIP: 04686JAE1<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | BM        |     51000 | PA      | $31305.51     | 0.00%             | 2052-05-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383RWA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1108224 | PA      | $16371.68     | 0.00%             | 2052-04-20      | Floating      | 0.21%                 | No            |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                                                    | CNH Industrial Capital LLC                                                      | CUSIP: 12592BAP9<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |     47000 | PA      | $47103.06     | 0.00%             | 2025-10-14      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                      | Bank of America Corp                                                            | CUSIP: 06051GHV4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     45000 | PA      | $38703.75     | 0.00%             | 2030-07-23      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                        | Regional Management Issuance Trust 2020-1                                       | CUSIP: 75907QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320000 | PA      | $297422.53    | 0.03%             | 2030-10-15      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3128MJWQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    121815 | PA      | $113383.97    | 0.01%             | 2045-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2019-INV1                                              | CUSIP: 46591DBF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15502 | PA      | $15229.17     | 0.00%             | 2049-10-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                                                                | Zoetis Inc                                                                      | CUSIP: 98978VAU7<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46918.97     | 0.00%             | 2025-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 3622ABB43<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    265077 | PA      | $237207.10    | 0.02%             | 2051-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Business Development Commission                              | OREGON ST BUSINESS DEV COMMISSION ECON DEV REVENUE                              | CUSIP: 68608GAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $36500.00     | 0.00%             | 2031-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WHS86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    183248 | PA      | $170169.26    | 0.02%             | 2046-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                                                   | Consolidated Edison Co of New York Inc                                          | CUSIP: 209111GD9<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42821.57     | 0.00%             | 2052-11-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                | Verus Securitization Trust 2021-7                                               | CUSIP: 92538QAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    122565 | PA      | $99312.21     | 0.01%             | 2066-10-25      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                                                     | Athene Global Funding                                                           | CUSIP: 04685A3D1<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    237000 | PA      | $203473.38    | 0.02%             | 2026-10-02      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                                                       | Suzano Austria GmbH                                                             | CUSIP: 86964WAJ1<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     44000 | PA      | $36912.77     | 0.00%             | 2031-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NFAS, Llc                                                                 | NFAS2 LLC                                                                       | CUSIP: 62909JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    830000 | PA      | $820584.07    | 0.09%             | 2028-09-15      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| PRES & FELLOWS OF HARVAR                                                  | President and Fellows of Harvard College                                        | CUSIP: 740816AL7<br>LEI: 6S3X7J22E861RNTJSA74 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42852.11     | 0.00%             | 2037-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| WENDYS FUNDING LLC                                                        | Wendy's Funding LLC                                                             | CUSIP: 95058XAG3<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |    455000 | PA      | $418558.14    | 0.04%             | 2049-06-15      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RDQ4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $465354.35    | 0.05%             | 2026-03-20      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                                    | Credit Suisse Group AG                                                          | CUSIP: 225401BB3<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   1300000 | PA      | $1331027.34   | 0.14%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EHH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4994456 | PA      | $4538478.00   | 0.47%             | 2052-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    440000 | PA      | $409509.61    | 0.04%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                                         | Mountain View CLO XVI Ltd                                                       | CUSIP: 62432UAA9<br>LEI: 549300MWKXOHYV7Z8O91 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2492655.00   | 0.26%             | 2032-10-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                                                     | Norfolk Southern Corp                                                           | CUSIP: 655844CN6<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    113000 | PA      | $84839.71     | 0.01%             | 2053-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                    | Sequoia Mortgage Trust 2015-2                                                   | CUSIP: 81733YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9935 | PA      | $8665.17      | 0.00%             | 2045-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140X7CA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1266398 | PA      | $1205959.28   | 0.13%             | 2049-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                            | Fannie Mae-Aces                                                                 | CUSIP: 3136B2GX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    454237 | PA      | $431500.98    | 0.04%             | 2028-06-25      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                                                  | Toyota Motor Credit Corp                                                        | CUSIP: 89236TKL8<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    191000 | PA      | $195278.35    | 0.02%             | 2027-11-10      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                                               | Aker BP ASA                                                                     | CUSIP: 00973RAJ2<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    500000 | PA      | $438198.47    | 0.05%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HNA 2015 LLC                                                              | HNA 2015 LLC                                                                    | CUSIP: 40426UAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260978 | PA      | $244225.72    | 0.03%             | 2027-09-18      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                                          | Berry Global Inc                                                                | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $899723.91    | 0.09%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                                        | Realty Income Corp                                                              | CUSIP: 756109AX2<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              |  | US        |    285000 | PA      | $247142.33    | 0.03%             | 2031-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                  | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 63743HFC1<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     78000 | PA      | $73146.41     | 0.01%             | 2025-02-07      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140Q8RE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     83735 | PA      | $82499.14     | 0.01%             | 2048-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                                  | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $837775.29    | 0.09%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE LONDON                                                    | Credit Agricole SA/London                                                       | CUSIP: 22535WAG2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $227881.40    | 0.02%             | 2026-06-16      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                  | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 63743HFG2<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    108000 | PA      | $107075.47    | 0.01%             | 2028-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA Community Facilities District No 2014-1 | SAN FRANCISCO CITY & CNTY CA CMNTY FACS DIST #2014-1 SPL TAX                    | CUSIP: 79772EEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $663261.00    | 0.07%             | 2050-09-01      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| CHEVRON CORP                                                              | Chevron Corp                                                                    | CUSIP: 166764BW9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    152000 | PA      | $141399.25    | 0.01%             | 2025-05-11      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                    | Pacific Gas and Electric Co                                                     | CUSIP: 694308HL4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    153000 | PA      | $108475.16    | 0.01%             | 2045-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                                                       | Georgia-Pacific LLC                                                             | CUSIP: 37331NAN1<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    613000 | PA      | $536881.45    | 0.06%             | 2026-05-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae REMICS                                                               | CUSIP: 3136BJYS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    236145 | PA      | $31846.42     | 0.00%             | 2051-11-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL SERVICES                                                  | Hyundai Capital Services Inc                                                    | CUSIP: 44920UAP3<br>LEI: 549300MALMDAGL2ZJJ27 | Long             | DBT              | CORP              | KR        |   1050000 | PA      | $911903.46    | 0.09%             | 2026-02-08      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                                                    | Mexico City Airport Trust                                                       | CUSIP: 59284MAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    200000 | PA      | $154000.00    | 0.02%             | 2047-07-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                                     | OneMain Direct Auto Receivables Trust 2019-1                                    | CUSIP: 68267EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $863793.36    | 0.09%             | 2027-09-14      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                      | Bank of America Corp                                                            | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64029.19     | 0.01%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                                  | Western Midstream Operating LP                                                  | CUSIP: 958254AJ3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8222.27      | 0.00%             | 2048-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co                                                          | Alabama Power Co                                                                | CUSIP: 010392FM5<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |    170000 | PA      | $132073.97    | 0.01%             | 2045-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                                       | Gilead Sciences Inc                                                             | CUSIP: 375558BT9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $639334.88    | 0.07%             | 2050-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| WLB ASSET II C PTE LTD                                                    | WLB Asset II C Pte Ltd                                                          | CUSIP: 000000000<br>LEI: 549300QP5TA3PCYZ7Y92 | Long             | DBT              | CORP              | SG        |   1000000 | PA      | $926100.00    | 0.10%             | 2025-12-23      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust                              | Wells Fargo Mortgage Backed Securities 2019-2 Trust                             | CUSIP: 95002JAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2339 | PA      | $2231.84      | 0.00%             | 2049-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                      | Bank of America Corp                                                            | CUSIP: 06051GKM0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    106000 | PA      | $101234.11    | 0.01%             | 2026-04-02      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                  | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    430000 | PA      | $275525.31    | 0.03%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Federal National Mortgage Association                                           | CUSIP: 3135G0ZR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $970149.17    | 0.10%             | 2024-09-06      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WJ5W4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    123241 | PA      | $117197.31    | 0.01%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chula Vista Municipal Financing Authority                                 | CHULA VISTA CA MUNI FING AUTH LEASE REVENUE                                     | CUSIP: 17132EBS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $801812.80    | 0.08%             | 2048-12-01      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| ENTERGY MISSISSIPPI LLC                                                   | Entergy Mississippi LLC                                                         | CUSIP: 29366WAB2<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |     41000 | PA      | $29335.60     | 0.00%             | 2051-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                                   | Romanian Government International Bond                                          | CUSIP: 77586RAP5<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     60000 | PA      | $56035.92     | 0.01%             | 2034-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INVERSIONES CMPC SA                                                       | Inversiones CMPC SA                                                             | CUSIP: 46128MAQ4<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $167406.97    | 0.02%             | 2031-04-06      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                                                  | Omega Healthcare Investors Inc                                                  | CUSIP: 681936BM1<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |     96000 | PA      | $73999.66     | 0.01%             | 2031-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EKK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1093134 | PA      | $1066860.41   | 0.11%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                           | CVS Health Corp                                                                 | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    512000 | PA      | $466398.25    | 0.05%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                                                  | European Investment Bank                                                        | CUSIP: 298785JH0<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |   1000000 | PA      | $784454.51    | 0.08%             | 2030-09-23      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    337000 | PA      | $220656.01    | 0.02%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                    | UnitedHealth Group Inc                                                          | CUSIP: 91324PEL2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     52000 | PA      | $48665.91     | 0.01%             | 2062-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                                | PacifiCorp                                                                      | CUSIP: 695114CZ9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1806199.72   | 0.19%             | 2053-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO                                                           | Weyerhaeuser Co                                                                 | CUSIP: 962166CB8<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              |  | US        |     64000 | PA      | $48294.43     | 0.01%             | 2052-03-09      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESSENTIAL UTILITIES INC                                                   | Essential Utilities Inc                                                         | CUSIP: 29670GAE2<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |    101000 | PA      | $68972.99     | 0.01%             | 2050-04-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| LOW INCOME INVESTMENT                                                     | Low Income Investment Fund                                                      | CUSIP: 54750AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $943172.05    | 0.10%             | 2026-07-01      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust 2014-GC25                                   | CUSIP: 17322YAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     93125 | PA      | $89498.39     | 0.01%             | 2047-10-10      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3128MFCN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    103718 | PA      | $94457.04     | 0.01%             | 2032-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    298000 | PA      | $286615.47    | 0.03%             | 2027-08-31      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 3617Q8CR1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    380888 | PA      | $340901.45    | 0.04%             | 2050-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                       | CALIFORNIA ST                                                                   | CUSIP: 13063BBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $335684.75    | 0.03%             | 2039-11-01      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                                   | UNIV OF MINNESOTA MN                                                            | CUSIP: 914460WT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $322012.46    | 0.03%             | 2052-04-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                                            | Merck & Co Inc                                                                  | CUSIP: 58933YBE4<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $939083.39    | 0.10%             | 2031-12-10      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                   | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    108000 | PA      | $121026.76    | 0.01%             | 2036-07-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                       | Freddie Mac STACR REMIC Trust 2021-DNA3                                         | CUSIP: 35564KEL9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    625000 | PA      | $612796.31    | 0.06%             | 2033-10-25      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383PRN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    416290 | PA      | $7046.74      | 0.00%             | 2052-03-20      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                              | Broadcom Inc                                                                    | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    809000 | PA      | $648581.55    | 0.07%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CAU5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2755000 | PA      | $2330234.95   | 0.24%             | 2027-10-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Bank                                                                      | BANK 2018-BNK15                                                                 | CUSIP: 06036FBB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    575000 | PA      | $545504.05    | 0.06%             | 2061-11-15      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| DANA INC                                                                  | Dana Inc                                                                        | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69571.20     | 0.01%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Capital Automotive Reit                                                   | CARS-DB6 LP                                                                     | CUSIP: 12510HAP5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1125200 | PA      | $982883.15    | 0.10%             | 2052-03-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Zais CLO 9, Limited                                                       | Zais Clo 9 Ltd                                                                  | CUSIP: 98875NAA3<br>LEI: 549300GT2U4OLB9UL559 | Long             | ABS-CBDO         | CORP              | KY        |    970261 | PA      | $948043.46    | 0.10%             | 2031-07-20      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179SNU7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    175852 | PA      | $159065.07    | 0.02%             | 2046-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EE55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1213638 | PA      | $1138814.98   | 0.12%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                                               | Aker BP ASA                                                                     | CUSIP: 55037AAB4<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    900000 | PA      | $738111.02    | 0.08%             | 2031-07-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Waste Connections Inc                                                     | Waste Connections Inc                                                           | CUSIP: 941053AH3<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     68000 | PA      | $64971.04     | 0.01%             | 2028-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SASOL Financing USA LLC                                                   | Sasol Financing USA LLC                                                         | CUSIP: 80386WAA3<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195517.94    | 0.02%             | 2024-03-27      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                                     | Texas Instruments Inc                                                           | CUSIP: 882508BQ6<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39948.89     | 0.00%             | 2052-08-16      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust 2015-GC34                                          | CUSIP: 36250VAC6<br>LEI: 54930070360RBP384M53 | Long             | ABS-MBS          | CORP              | US        |   1041598 | PA      | $982944.27    | 0.10%             | 2048-10-10      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                       | Freddie Mac Structured Agency Credit Risk Debt Notes                            | CUSIP: 35564KB32<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     45000 | PA      | $45333.29     | 0.00%             | 2042-07-25      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| PFP III                                                                   | PFP 2021-8 Ltd                                                                  | CUSIP: 69357XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1351937 | PA      | $1298147.75   | 0.14%             | 2037-08-09      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Renew Financial                                                           | Renew 2018-1                                                                    | CUSIP: 75973FAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    172657 | PA      | $158603.35    | 0.02%             | 2053-09-20      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| SunRun Athena Issuer                                                      | Sunrun Athena Issuer 2018-1 LLC                                                 | CUSIP: 86772DAA4<br>LEI: 5493001ZI15Y2FZFMI30 | Long             | ABS-O            | CORP              | US        |    226697 | PA      | $207596.13    | 0.02%             | 2049-04-30      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Emera US Finance LP                                                       | Emera US Finance LP                                                             | CUSIP: 29103DAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $374680.06    | 0.04%             | 2026-06-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                                      | Lockheed Martin Corp                                                            | CUSIP: 539830BX6<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    215000 | PA      | $225268.55    | 0.02%             | 2054-11-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| EMBRAER NETHERLANDS FINA                                                  | Embraer Netherlands Finance BV                                                  | CUSIP: 29082HAA0<br>LEI: 724500PBR8LR26XBSP67 | Long             | DBT              | CORP              | NL        |    138000 | PA      | $133930.38    | 0.01%             | 2025-06-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DU67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    505324 | PA      | $430354.80    | 0.04%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179W5C8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2611367 | PA      | $2325241.63   | 0.24%             | 2052-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust                                  | Ford Credit Floorplan Master Owner Trust A                                      | CUSIP: 34528QHQ0<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $539203.98    | 0.06%             | 2027-09-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                 | Towd Point Mortgage Trust 2021-SJ1                                              | CUSIP: 89180FCD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    459414 | PA      | $425518.00    | 0.04%             | 2068-07-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| ZIONS BANCORP NA                                                          | Zions Bancorp NA                                                                | CUSIP: 98971DAB6<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |    271000 | PA      | $221461.32    | 0.02%             | 2029-10-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383T6G3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    122013 | PA      | $102954.93    | 0.01%             | 2052-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PCR5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    646000 | PA      | $510618.42    | 0.05%             | 2032-11-08      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Corp Trust 2020-PJ2                               | CUSIP: 36262DAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19773 | PA      | $16624.68     | 0.00%             | 2050-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                                                   | DCP Midstream Operating LP                                                      | CUSIP: 23311RAA4<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    550000 | PA      | $554393.54    | 0.06%             | 2037-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust                                        | STWD 2021-LIH Mortgage Trust                                                    | CUSIP: 78486EAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $957366.00    | 0.10%             | 2036-11-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust 2020-GSA2                                          | CUSIP: 36264KAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $862930.75    | 0.09%             | 2053-12-12      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140X8QQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1068425 | PA      | $972241.28    | 0.10%             | 2047-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA PUBLIC SERVICE                                                    | Arizona Public Service Co                                                       | CUSIP: 040555DE1<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |    630000 | PA      | $662537.50    | 0.07%             | 2032-12-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RDL5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $386471.32    | 0.04%             | 2025-09-22      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179TQP3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    110202 | PA      | $102969.82    | 0.01%             | 2048-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY TRADING LLC                                                  | QatarEnergy Trading LLC                                                         | CUSIP: 74730DAB9<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    400000 | PA      | $354515.20    | 0.04%             | 2026-09-12      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Israel Electric Corp Ltd                                                  | Israel Electric Corp Ltd                                                        | CUSIP: 46507MAE2<br>LEI: 254900JW7GE35YNJGJ55 | Long             | DBT              | CORP              | IL        |    400000 | PA      | $401796.80    | 0.04%             | 2023-06-21      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PROVINCE OF QUEBEC                                                        | Province of Quebec Canada                                                       | CUSIP: 748149AR2<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |   1000000 | PA      | $829129.97    | 0.09%             | 2031-04-21      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Mountain View CLO Ltd                                                     | Mountain View CLO IX Ltd                                                        | CUSIP: 62432BAN3<br>LEI: 549300URXZ1TS31FK720 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $977215.00    | 0.10%             | 2031-07-15      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                                          | Societe Generale SA                                                             | CUSIP: 83368RAT9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    350000 | PA      | $341855.43    | 0.04%             | 2024-03-28      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140X4DF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    203819 | PA      | $188932.88    | 0.02%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ellington Loan Acquisition Trust                                          | Ellington Loan Acquisition Trust 2007-2                                         | CUSIP: 288547AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5709 | PA      | $5608.56      | 0.00%             | 2037-05-25      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DWCU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1446277 | PA      | $1224309.89   | 0.13%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                                                  | Constellation Brands Inc                                                        | CUSIP: 21036PBK3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     67000 | PA      | $65243.49     | 0.01%             | 2027-05-09      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31419ARB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     99843 | PA      | $101104.01    | 0.01%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                    | Williams Cos Inc/The                                                            | CUSIP: 96950FAP9<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    200000 | PA      | $170056.55    | 0.02%             | 2045-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179UUL4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    150480 | PA      | $147044.48    | 0.02%             | 2049-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DPB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    215940 | PA      | $196041.79    | 0.02%             | 2040-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                       | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HBC0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   1000000 | PA      | $999506.23    | 0.10%             | 2023-01-12      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CANVAS ENERGY INC.                                                        | CANVAS ENERGY INC.                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       952 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                                    | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BK7<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $469306.39    | 0.05%             | 2032-08-16      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418CFD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    209812 | PA      | $187348.50    | 0.02%             | 2047-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3133AUTM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    361291 | PA      | $308503.94    | 0.03%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138EGBY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    260108 | PA      | $257851.97    | 0.03%             | 2041-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                                    | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $167798.00    | 0.02%             | 2029-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                                         | Jamestown CLO XIV Ltd                                                           | CUSIP: 47048XAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1125000 | PA      | $1093406.63   | 0.11%             | 2034-10-20      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179WFG8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4737822 | PA      | $4119190.86   | 0.43%             | 2051-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CF Industries Inc                                                         | CF Industries Inc                                                               | CUSIP: 12527GAE3<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |    153000 | PA      | $137458.13    | 0.01%             | 2044-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HELMERICH & PAYNE INC                                                     | Helmerich & Payne Inc                                                           | CUSIP: 423452AG6<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |    375000 | PA      | $304359.19    | 0.03%             | 2031-09-29      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                         | HSBC Holdings PLC                                                               | CUSIP: 404280DH9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1100000 | PA      | $1018625.40   | 0.11%             | 2033-08-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SUNRUN CALLISTO ISSUER LLC                                                | Sunrun Xanadu Issuer 2019-1 LLC                                                 | CUSIP: 86773PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    363751 | PA      | $321745.16    | 0.03%             | 2054-06-30      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140X5R70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    175434 | PA      | $162560.88    | 0.02%             | 2049-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                                          | Paramount Global                                                                | CUSIP: 92553PAU6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     37000 | PA      | $30724.29     | 0.00%             | 2043-09-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CGD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4445000 | PA      | $4429546.69   | 0.46%             | 2024-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BRUIN BLOCKER LLC                                                         | BRUIN BLOCKER LLC                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |      4367 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                               | Vistra Operations Co LLC                                                        | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92809.35     | 0.01%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REH3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $696524.64    | 0.07%             | 2027-08-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                                                  | National Rural Utilities Cooperative Finance Corp                               | CUSIP: 637432NZ4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $923414.43    | 0.10%             | 2032-12-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                                               | Oracle Corp                                                                     | CUSIP: 68389XBQ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    108000 | PA      | $78936.74     | 0.01%             | 2047-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KFW                                                                       | Kreditanstalt fuer Wiederaufbau                                                 | CUSIP: 500769JK1<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |    800000 | PA      | $807911.08    | 0.08%             | 2024-02-12      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $893953.13    | 0.09%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                                              | Pawneee Equipment Receivables Series 2022-1 LLC                                 | CUSIP: 70410DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1140000 | PA      | $1121412.30   | 0.12%             | 2028-02-15      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5362798 | PA      | $5288634.44   | 0.55%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COX COMMUNICATIONS INC                                                    | Cox Communications Inc                                                          | CUSIP: 224044CN5<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |    625000 | PA      | $497721.61    | 0.05%             | 2031-06-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3133BE6T5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    366689 | PA      | $352967.26    | 0.04%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                                                                | Zoetis Inc                                                                      | CUSIP: 98978VAV5<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    678000 | PA      | $702832.74    | 0.07%             | 2032-11-16      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Securities                                    | Natixis Commercial Mortgage Securities Trust 2019-MILE                          | CUSIP: 63875FAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $666416.10    | 0.07%             | 2036-07-15      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140XGLJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    475643 | PA      | $419456.18    | 0.04%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AGILENT TECHNOLOGIES INC                                                  | Agilent Technologies Inc                                                        | CUSIP: 00846UAN1<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |    180000 | PA      | $145142.21    | 0.02%             | 2031-03-12      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                                                     | Southern California Gas Co                                                      | CUSIP: 842434CS9<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |     75000 | PA      | $61718.87     | 0.01%             | 2049-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust 2021-GSA3                                          | CUSIP: 36263UAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1112922.30   | 0.12%             | 2054-12-15      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| Pilgrim's Pride Corp                                                      | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAE8<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    300000 | PA      | $290992.89    | 0.03%             | 2027-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                 | Towd Point Mortgage Trust 2020-4                                                | CUSIP: 89179JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    147267 | PA      | $130087.96    | 0.01%             | 2060-10-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418AJY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26196 | PA      | $25098.91     | 0.00%             | 2042-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oaktown Re Ltd                                                            | Oaktown Re VII Ltd                                                              | CUSIP: 67389JAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    900000 | PA      | $868284.63    | 0.09%             | 2034-04-25      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179W2V9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    482669 | PA      | $430194.45    | 0.04%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                                          | LPL Holdings Inc                                                                | CUSIP: 50212YAF1<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    325000 | PA      | $276298.57    | 0.03%             | 2031-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust 2021-4                                   | CUSIP: 80285VAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $570309.18    | 0.06%             | 2027-02-16      | Fixed         | 1.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140XFZZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    961357 | PA      | $881773.26    | 0.09%             | 2052-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383TYC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    569910 | PA      | $9070.40      | 0.00%             | 2052-07-20      | Floating      | 0.12%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPEC OPPOR FU                                                  | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin | CUSIP: 26150TAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    970000 | PA      | $874262.06    | 0.09%             | 2026-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                                      | SoFi Professional Loan Program 2020-C Trust                                     | CUSIP: 83390UAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    141065 | PA      | $126335.36    | 0.01%             | 2046-02-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                                              | ING Groep NV                                                                    | CUSIP: 456837AU7<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $899019.31    | 0.09%             | 2026-07-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| NVENT FINANCE SARL                                                        | nVent Finance Sarl                                                              | CUSIP: 67078AAE3<br>LEI: 549300KO1OQ4MVFB6X02 | Long             | DBT              | CORP              | LU        |    254000 | PA      | $195421.54    | 0.02%             | 2031-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132D6C32<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    530253 | PA      | $526763.51    | 0.05%             | 2037-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                                        | Meta Platforms Inc                                                              | CUSIP: 30303M8K1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     65000 | PA      | $52151.57     | 0.01%             | 2062-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| BANKUNITED INC                                                            | BankUnited Inc                                                                  | CUSIP: 06652KAB9<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | DBT              | CORP              | US        |    218000 | PA      | $201943.59    | 0.02%             | 2030-06-11      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                                       | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $349979.14    | 0.04%             | 2024-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                             | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4                   | CUSIP: 46645UAS6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1071000 | PA      | $990641.26    | 0.10%             | 2049-12-15      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                                                     | Stellantis Finance US Inc                                                       | CUSIP: 85855CAB6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    385000 | PA      | $293755.90    | 0.03%             | 2031-09-15      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Manhattan West                                                            | Manhattan West 2020-1MW Mortgage Trust                                          | CUSIP: 563136AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $853809.10    | 0.09%             | 2039-09-10      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                                         | NatWest Group PLC                                                               | CUSIP: 78009PEH0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    210000 | PA      | $197826.63    | 0.02%             | 2030-01-27      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                                   | Carmax Auto Owner Trust 2021-1                                                  | CUSIP: 14316NAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $361931.04    | 0.04%             | 2026-12-15      | Fixed         | 0.94%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                                    | Williams Cos Inc/The                                                            | CUSIP: 969457BV1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    322000 | PA      | $306567.40    | 0.03%             | 2044-06-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMEREN ILLINOIS CO                                                        | Ameren Illinois Co                                                              | CUSIP: 02361DAZ3<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |     22000 | PA      | $23888.91     | 0.00%             | 2052-12-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| City of Fort Wayne IN                                                     | FORT WAYNE IN ECON DEV SOLID WST FAC REVENUE                                    | CUSIP: 34924CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984987.50    | 0.10%             | 2029-12-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| EVEREST REINSURANCE HLDG                                                  | Everest Reinsurance Holdings Inc                                                | CUSIP: 299808AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $368271.39    | 0.04%             | 2052-10-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                 | Apple Inc                                                                       | CUSIP: 037833ER7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     97000 | PA      | $80627.60     | 0.01%             | 2062-08-08      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY LP                                                         | Vornado Realty LP                                                               | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              |  | US        |     78000 | PA      | $65909.34     | 0.01%             | 2026-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                  | AT&T Inc                                                                        | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1305000 | PA      | $880791.71    | 0.09%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                                       | Toyota Auto Receivables 2021-B Owner Trust                                      | CUSIP: 89190GAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54350 | PA      | $54254.34     | 0.01%             | 2024-01-16      | Fixed         | 0.14%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                                                                | Sprint LLC                                                                      | CUSIP: 85207UAF2<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    275000 | PA      | $278846.15    | 0.03%             | 2023-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                                                               | Nutrien Ltd                                                                     | CUSIP: 67077MAY4<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |     66000 | PA      | $67341.98     | 0.01%             | 2025-11-07      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                                          | Bellemeade Re Ltd                                                               | CUSIP: 07876MAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    140326 | PA      | $139525.60    | 0.01%             | 2031-03-25      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Chicago Housing Authority                                                 | CHICAGO IL HSG AUTH                                                             | CUSIP: 16753QBH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $446897.15    | 0.05%             | 2038-01-01      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2018-7FRB                                              | CUSIP: 46650AAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20841 | PA      | $19958.65     | 0.00%             | 2046-04-25      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| SWC Funding LLC                                                           | SWC Funding LLC 2018-1                                                          | CUSIP: 78488LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    903266 | PA      | $885963.64    | 0.09%             | 2033-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HERO Funding Trust                                                        | HERO Funding Trust 2016-1                                                       | CUSIP: 42770VAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300536 | PA      | $285552.52    | 0.03%             | 2041-09-20      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2022-3                                                 | CUSIP: 46654UCC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    420916 | PA      | $341879.03    | 0.04%             | 2052-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CCV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $853828.12    | 0.09%             | 2028-08-31      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2021-10                                                | CUSIP: 46654ABP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88832 | PA      | $67862.59     | 0.01%             | 2051-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                      | Bank of America Corp                                                            | CUSIP: 060505FP4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    290000 | PA      | $268415.11    | 0.03%             | 2024-06-20      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                                | AMSR 2019-SFR1 Trust                                                            | CUSIP: 00178XAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $87905.80     | 0.01%             | 2039-01-19      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                                                | Humana Inc                                                                      | CUSIP: 444859BQ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    140000 | PA      | $121043.51    | 0.01%             | 2027-02-03      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp                                                       | NOVA Chemicals Corp                                                             | CUSIP: 66977WAQ2<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $193499.24    | 0.02%             | 2024-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | J.P. Morgan Mortgage Trust 2022-LTV2                                            | CUSIP: 46655LAP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    288983 | PA      | $252329.95    | 0.03%             | 2052-09-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834PH5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    355000 | PA      | $137322.48    | 0.01%             | 2045-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE OKLAHOMA                                                   | Public Service Co of Oklahoma                                                   | CUSIP: 744533BM1<br>LEI: F3TJNSIZRGXRH8GEIK79 | Long             | DBT              | CORP              | US        |    207000 | PA      | $164839.43    | 0.02%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| AEP Transmission Co LLC                                                   | AEP Transmission Co LLC                                                         | CUSIP: 00115AAJ8<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |    425000 | PA      | $354162.53    | 0.04%             | 2048-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EES5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1624340 | PA      | $1524369.28   | 0.16%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEWMONT CORP                                                              | Newmont Corp                                                                    | CUSIP: 651639AY2<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | DBT              | CORP              | US        |    775000 | PA      | $622898.28    | 0.06%             | 2030-10-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE GLB FND II                                                  | Principal Life Global Funding II                                                | CUSIP: 74256LEJ4<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |    109000 | PA      | $104116.83    | 0.01%             | 2024-01-08      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| World OMNI Select Auto Trust                                              | World Omni Select Auto Trust 2019-A                                             | CUSIP: 98163BAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98845.77     | 0.01%             | 2025-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                                                  | European Investment Bank                                                        | CUSIP: 298785JT4<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |   1110000 | PA      | $1066938.80   | 0.11%             | 2027-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DTP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    397919 | PA      | $307435.74    | 0.03%             | 2050-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                      | Bank of America Corp                                                            | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1340714.35   | 0.14%             | 2032-03-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                  | European Investment Bank                                                        | CUSIP: 298785GQ3<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |   1000000 | PA      | $964983.45    | 0.10%             | 2024-10-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust 2020-3                                   | CUSIP: 80285WAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    177076 | PA      | $175487.95    | 0.02%             | 2026-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                                                   | International Bank for Reconstruction & Development                             | CUSIP: 45906M3A7<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |   1000000 | PA      | $875900.00    | 0.09%             | 2027-03-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38145GAH3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    379000 | PA      | $355268.10    | 0.04%             | 2026-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EIG PEARL HOLDINGS SARL                                                   | EIG Pearl Holdings Sarl                                                         | CUSIP: 28249NAA9<br>LEI: 549300KIMRL45BWA5H76 | Long             | DBT              | CORP              | LU        |    350000 | PA      | $292917.80    | 0.03%             | 2036-08-31      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                                                | Leidos Inc                                                                      | CUSIP: 52532XAF2<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    119000 | PA      | $107309.33    | 0.01%             | 2030-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AmerisourceBergen Corp                                                    | AmerisourceBergen Corp                                                          | CUSIP: 03073EAQ8<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    101000 | PA      | $83799.02     | 0.01%             | 2047-12-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                                    | Tesla Auto Lease Trust 2020-A                                                   | CUSIP: 88167HAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $791460.64    | 0.08%             | 2024-02-20      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Education Assistance Agency                           | Pennsylvania Higher Education Assistance Agency                                 | CUSIP: 71723MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    382805 | PA      | $372568.77    | 0.04%             | 2070-05-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY DIRECT                                                     | Morgan Stanley Direct Lending Fund                                              | CUSIP: 61774AAD5<br>LEI: 549300QEX22T2J8IB029 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1209757.37   | 0.13%             | 2027-02-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Marathon Oil Corp                                                         | Marathon Oil Corp                                                               | CUSIP: 565849AB2<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | DBT              | CORP              | US        |    126000 | PA      | $129625.86    | 0.01%             | 2032-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Home Re Ltd                                                               | Home RE 2021-2 Ltd                                                              | CUSIP: 43730VAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    102695 | PA      | $102364.40    | 0.01%             | 2034-01-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multifamily                                                   | Freddie Mac Multifamily ML Certificates                                         | CUSIP: 3137H9MF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $895900.00    | 0.09%             | 2038-11-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                            | HarborView Mortgage Loan Trust 2005-11                                          | CUSIP: 41161PUK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30050 | PA      | $26922.10     | 0.00%             | 2045-08-19      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                    | Verizon Communications Inc                                                      | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1399000 | PA      | $1051911.53   | 0.11%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834NV6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    975000 | PA      | $385938.98    | 0.04%             | 2044-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                                                   | CF Hippolyta Issuer LLC                                                         | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    354238 | PA      | $309170.41    | 0.03%             | 2060-07-15      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc                                                   | O'Reilly Automotive Inc                                                         | CUSIP: 67103HAF4<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94244.15     | 0.01%             | 2027-09-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CSX CORP                                                                  | CSX Corp                                                                        | CUSIP: 126408HV8<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |    110000 | PA      | $95492.11     | 0.01%             | 2052-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VNO Mortgage Trust                                                        | VNDO Trust 2016-350P                                                            | CUSIP: 91831UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $543702.60    | 0.06%             | 2035-01-10      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund LTD                                                | Atlas Senior Loan Fund XI Ltd                                                   | CUSIP: 04941YAC3<br>LEI: 635400RPGP64VI1SZW03 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $978920.00    | 0.10%             | 2031-07-26      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                                      | Kyndryl Holdings Inc                                                            | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |     61000 | PA      | $49769.42     | 0.01%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust 2015-C30                             | CUSIP: 46644UAZ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     77971 | PA      | $74407.84     | 0.01%             | 2048-07-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179WTY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2308435 | PA      | $2002366.88   | 0.21%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138W9GW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    105263 | PA      | $98375.55     | 0.01%             | 2043-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     51000 | PA      | $50639.41     | 0.01%             | 2029-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                           | Republic Finance Issuance Trust 2020-A                                          | CUSIP: 76042EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1010000 | PA      | $953628.26    | 0.10%             | 2030-11-20      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE INCOME COR                                                  | OWL Rock Core Income Corp                                                       | CUSIP: 69120VAN1<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1370551.09   | 0.14%             | 2027-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Corp II                                                  | CUSIP: 36250SAC3<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $778107.52    | 0.08%             | 2051-07-10      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| PMT CREDIT RISK TRANSFER TRUST                                            | PMT Credit Risk Transfer Trust 2021-1R                                          | CUSIP: 69356UAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    498395 | PA      | $475997.86    | 0.05%             | 2024-02-27      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                                    | General Motors Financial Co Inc                                                 | CUSIP: 37045XDL7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     95000 | PA      | $72786.67     | 0.01%             | 2031-06-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                              | UBS Group AG                                                                    | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1075000 | PA      | $924886.73    | 0.10%             | 2027-08-10      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| AFRICAN DEVELOPMENT BANK                                                  | African Development Bank                                                        | CUSIP: 008281BC0<br>LEI: 549300LNCLMO3ITVCU07 | Long             | DBT              | NUSS              | XX        |   1000000 | PA      | $990357.49    | 0.10%             | 2023-04-03      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                              | CSMC 2018-RPL9 Trust                                                            | CUSIP: 12654PAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    129011 | PA      | $120522.49    | 0.01%             | 2057-09-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DWDT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4126087 | PA      | $3752729.55   | 0.39%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNION ELECTRIC CO                                                         | Union Electric Co                                                               | CUSIP: 906548CU4<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $930505.60    | 0.10%             | 2052-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust 2016-GS4                                           | CUSIP: 36251XAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $420979.60    | 0.04%             | 2049-11-10      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    187200 | PA      | $149994.00    | 0.02%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| WLB ASSET II B                                                            | WLB Asset II B Pte Ltd                                                          | CUSIP: 000000000<br>LEI: 549300MGGSM9XCNTYR69 | Long             | DBT              | CORP              | SG        |   1000000 | PA      | $945000.00    | 0.10%             | 2024-12-10      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                     | Westlake Automobile Receivables Trust 2022-2                                    | CUSIP: 96042VAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1312554.51   | 0.14%             | 2027-09-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE CO                                                          | Noble Finance Co                                                                | CUSIP: 65505JAC5<br>LEI: 5493003DTPH8AMMK4P51 | Long             | DBT              | CORP              | KY        |      7489 | PA      | $8256.62      | 0.00%             | 2028-02-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179TE35<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     42475 | PA      | $41852.67     | 0.00%             | 2047-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VISA INC                                                                  | Visa Inc                                                                        | CUSIP: 92826CAL6<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $900574.56    | 0.09%             | 2027-04-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                             | UBS Commercial Mortgage Trust 2017-C4                                           | CUSIP: 90276RBD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    546616 | PA      | $502506.81    | 0.05%             | 2050-10-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 3617Q8CQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    272070 | PA      | $243590.14    | 0.03%             | 2050-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                                              | Ecopetrol SA                                                                    | CUSIP: 279158AK5<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    200000 | PA      | $190471.98    | 0.02%             | 2025-01-16      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                                | PacifiCorp                                                                      | CUSIP: 695114CY2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    748000 | PA      | $488286.25    | 0.05%             | 2052-06-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| UBS-Barclays Commercial Mortgage Trust                                    | UBS-Barclays Commercial Mortgage Trust 2013-C5                                  | CUSIP: 90270YAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $147587.18    | 0.02%             | 2046-03-10      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS INC                                                        | Roche Holdings Inc                                                              | CUSIP: 771196BT8<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |    803000 | PA      | $760232.32    | 0.08%             | 2025-03-10      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WHQN5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    493745 | PA      | $425685.20    | 0.04%             | 2046-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON AND CO                                                   | Becton Dickinson and Co                                                         | CUSIP: 075887CP2<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56161.31     | 0.01%             | 2032-08-22      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                                                      | Taylor Morrison Communities Inc                                                 | CUSIP: 87724RAJ1<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    150000 | PA      | $129935.15    | 0.01%             | 2030-08-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17673000 | PA      | $14560895.16  | 1.52%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                                        | Ford Motor Co                                                                   | CUSIP: 345370CQ1<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $71779.29     | 0.01%             | 2043-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179XLH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    429266 | PA      | $425462.51    | 0.04%             | 2052-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Securities Trust                                | JPMDB Commercial Mortgage Securities Trust 2017-C7                              | CUSIP: 46648KAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    996872 | PA      | $953512.60    | 0.10%             | 2050-10-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust                          | GoodLeap Sustainable Home Solutions Trust 2022-1                                | CUSIP: 38237JAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    941646 | PA      | $721504.18    | 0.08%             | 2049-01-20      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                            | Morgan Stanley                                                                  | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    210000 | PA      | $161110.74    | 0.02%             | 2032-07-21      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust                             | JP Morgan Chase Commercial Mortgage Securities Trust 2019-BKWD                  | CUSIP: 46591JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    344251 | PA      | $333638.13    | 0.03%             | 2029-09-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                       | JPMorgan Chase & Co                                                             | CUSIP: 46625HRY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $280288.55    | 0.03%             | 2028-02-01      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PART                                                    | Brixmor Operating Partnership LP                                                | CUSIP: 11120VAJ2<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              |  | US        |    625000 | PA      | $546753.11    | 0.06%             | 2030-07-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| New Economy Assets Phase 1 Issuer LLC                                     | New Economy Assets Phase 1 Sponsor LLC                                          | CUSIP: 643821AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1730000 | PA      | $1421220.60   | 0.15%             | 2061-10-20      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| CSL Finance PLC                                                           | CSL Finance PLC                                                                 | CUSIP: 12661PAE9<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |     68000 | PA      | $60910.87     | 0.01%             | 2052-04-27      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust 2018-H3                                          | CUSIP: 61767YAX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $591016.68    | 0.06%             | 2051-07-15      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                                             | Commonbond Student Loan Trust 2020-A-GS                                         | CUSIP: 20267WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    213121 | PA      | $181443.96    | 0.02%             | 2050-08-25      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                                              | CD 2016-CD2 Mortgage Trust                                                      | CUSIP: 12515ABH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $423223.85    | 0.04%             | 2049-11-10      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust                              | American Express Credit Account Master Trust                                    | CUSIP: 02582JJT8<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |   2750000 | PA      | $2669444.25   | 0.28%             | 2027-05-15      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| Entergy Texas Inc                                                         | Entergy Texas Inc                                                               | CUSIP: 29365TAH7<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |    424000 | PA      | $367245.48    | 0.04%             | 2039-03-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp                                                     | Tenet Healthcare Corp                                                           | CUSIP: 88033GCS7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    123000 | PA      | $119956.62    | 0.01%             | 2024-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| GLADSTONE INVESTMENT COR                                                  | Gladstone Investment Corp                                                       | CUSIP: 376546883<br>LEI: 549300HFFTVIBC98Z362 | Long             | EP               | CORP              | US        |     73200 | NS      | $1595760.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORP                                                                  | KLA Corp                                                                        | CUSIP: 482480AM2<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |    114000 | PA      | $105877.97    | 0.01%             | 2052-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Trust 2022-PJ5                                    | CUSIP: 362925CB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    270278 | PA      | $214797.55    | 0.02%             | 2052-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                                     | Tenet Healthcare Corp                                                           | CUSIP: 88033GDP2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71460.00     | 0.01%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust 2021-3                                        | CUSIP: 22535GAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $955161.60    | 0.10%             | 2030-05-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                    | US 2YR NOTE (CBT) MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         1 | NC      | $-126.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TRITON CONTAINER/TAL INT                                                  | Triton Container International Ltd / TAL International Container Corp           | CUSIP: 89681LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     95000 | PA      | $73344.75     | 0.01%             | 2032-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                                        | Royalty Pharma PLC                                                              | CUSIP: 78081BAN3<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    166000 | PA      | $125535.26    | 0.01%             | 2031-09-02      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Multiclass Certificates                                       | Freddie Mac Multiclass Certificates Series 2021-P011                            | CUSIP: 3137H2NN0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    800335 | PA      | $689598.85    | 0.07%             | 2031-09-25      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| GATX Corp                                                                 | GATX Corp                                                                       | CUSIP: 361448AY9<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |    107000 | PA      | $99211.83     | 0.01%             | 2026-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                | Navient Private Education Refi Loan Trust 2020-B                                | CUSIP: 63941GAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    161573 | PA      | $146674.87    | 0.02%             | 2069-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                                                                | Federal National Mortgage Association                                           | CUSIP: 3135G05Q2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   1615000 | PA      | $1281972.60   | 0.13%             | 2030-08-05      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WJGH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    178411 | PA      | $159636.02    | 0.02%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FIRST HORIZON BANK                                                        | First Horizon Bank                                                              | CUSIP: 337158AJ8<br>LEI: COOWI3L2W9TPYR3WJX37 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242350.68    | 0.03%             | 2030-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                               | PepsiCo Inc                                                                     | CUSIP: 713448EQ7<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    131000 | PA      | $124693.84    | 0.01%             | 2025-03-19      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    925000 | PA      | $844918.46    | 0.09%             | 2029-04-23      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| PPL ELECTRIC UTILITIES                                                    | PPL Electric Utilities Corp                                                     | CUSIP: 69351UAV5<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |     85000 | PA      | $71123.92     | 0.01%             | 2048-06-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                                              | Vontier Corp                                                                    | CUSIP: 928881AF8<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |     89000 | PA      | $64308.55     | 0.01%             | 2031-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| PACCAR FINANCIAL CORP                                                     | PACCAR Financial Corp                                                           | CUSIP: 69371RS23<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |     57000 | PA      | $57252.78     | 0.01%             | 2025-10-03      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                                  | European Investment Bank                                                        | CUSIP: 298785HM1<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    500000 | PA      | $464270.27    | 0.05%             | 2027-05-24      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                                | Navient Private Education Refi Loan Trust 2018-C                                | CUSIP: 63940VAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     28556 | PA      | $28008.67     | 0.00%             | 2042-06-16      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| ECOLAB INC                                                                | Ecolab Inc                                                                      | CUSIP: 278865BP4<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    137000 | PA      | $139583.37    | 0.01%             | 2028-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                  | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377REZ3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $951963.50    | 0.10%             | 2028-08-21      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DNE82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1528736 | PA      | $1395257.70   | 0.15%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STATE BANK INDIA/LONDON                                                   | State Bank of India/London                                                      | CUSIP: 85628UAJ5<br>LEI: 5493001JZ37UBBZF6L49 | Long             | DBT              | CORP              | IN        |    205000 | PA      | $202378.39    | 0.02%             | 2024-01-24      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                       | Freddie Mac STACR REMIC Trust 2022-DNA4                                         | CUSIP: 35564KWT2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    735000 | PA      | $738901.82    | 0.08%             | 2042-05-25      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| STANLEY BLACK & DECKER I                                                  | Stanley Black & Decker Inc                                                      | CUSIP: 854502AM3<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |    309000 | PA      | $262980.00    | 0.03%             | 2060-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                          | T-Mobile USA Inc                                                                | CUSIP: 87264ABY0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     86000 | PA      | $56783.41     | 0.01%             | 2060-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| AMERICO LIFE INC                                                          | Americo Life Inc                                                                | CUSIP: 03060NAD2<br>LEI: 549300B5C1FRFHBYW144 | Long             | DBT              | CORP              | US        |    110000 | PA      | $83651.11     | 0.01%             | 2031-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                                                        | F&G Global Funding                                                              | CUSIP: 30321L2D3<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |    282000 | PA      | $247878.82    | 0.03%             | 2027-04-11      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac REMICS                                                              | CUSIP: 3137FWNA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    468390 | PA      | $54824.32     | 0.01%             | 2050-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BB BLUE FINANCING DAC                                                     | BB Blue Financing DAC                                                           | CUSIP: 000000000<br>LEI: 635400ZEZBP91CFF7965 | Long             | DBT              | CORP              | IE        |   1000000 | PA      | $986020.00    | 0.10%             | 2037-09-20      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DWBJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2564629 | PA      | $2178359.19   | 0.23%             | 2051-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORG                                                          | Organon & Co / Organon Foreign Debt Co-Issuer BV                                | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $243485.00    | 0.03%             | 2028-04-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP                                                  | Sally Holdings LLC / Sally Capital Inc                                          | CUSIP: 79546VAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $192659.00    | 0.02%             | 2025-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ReadyCap lending                                                          | ReadyCap Lending Small Business Loan Trust 2019-2                               | CUSIP: 75576QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205804 | PA      | $195183.40    | 0.02%             | 2044-12-27      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1057386.36   | 0.11%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3133KNQT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1636374 | PA      | $1395088.43   | 0.15%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC                                                   | Public Service Electric and Gas Co                                              | CUSIP: 74456QCD6<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    420000 | PA      | $271286.00    | 0.03%             | 2050-05-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                            | Morgan Stanley Capital I Trust 2019-H6                                          | CUSIP: 61769JAZ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $885471.30    | 0.09%             | 2052-06-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 3617Q8CS9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    228895 | PA      | $204741.65    | 0.02%             | 2050-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2020-1                                                 | CUSIP: 46651XBT8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     32880 | PA      | $26457.75     | 0.00%             | 2050-06-25      | Variable      | 3.84%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                                          | California Street CLO IX LP                                                     | CUSIP: 13079WDG0<br>LEI: 5493001GRJRD2VIG9H40 | Long             | ABS-CBDO         | CORP              | KY        |   1840000 | PA      | $1734198.16   | 0.18%             | 2032-07-16      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| ARAB PETROLEUM INVST                                                      | Arab Petroleum Investments Corp                                                 | CUSIP: 03845EAC6<br>LEI: 213800A54KIUYH5YD185 | Long             | DBT              | NUSS              | XX        |   1200000 | PA      | $1068000.00   | 0.11%             | 2026-10-06      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                                   | Dryden 72 CLO Ltd                                                               | CUSIP: 26252NAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1510000 | PA      | $1478348.89   | 0.15%             | 2032-05-15      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                                   | Bristol-Myers Squibb Co                                                         | CUSIP: 110122DE5<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    152000 | PA      | $146352.87    | 0.02%             | 2028-02-20      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| PEPSICO INC                                                               | PepsiCo Inc                                                                     | CUSIP: 713448EP9<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $714439.83    | 0.07%             | 2049-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                         | Credit Acceptance Auto Loan Trust 2021-4                                        | CUSIP: 22535BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    830000 | PA      | $753225.83    | 0.08%             | 2031-02-18      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                            | Morgan Stanley                                                                  | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    246000 | PA      | $213475.85    | 0.02%             | 2027-07-20      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EE48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2510258 | PA      | $2281608.25   | 0.24%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Corp Trust 2021-RENT                                     | CUSIP: 36260XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    296924 | PA      | $276231.81    | 0.03%             | 2035-11-21      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| KFW                                                                       | Kreditanstalt fuer Wiederaufbau                                                 | CUSIP: 500769JG0<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |   1000000 | PA      | $780923.01    | 0.08%             | 2030-09-30      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORR COMM/HLDGS                                                    | Taylor Morrison Communities Inc / Taylor Morrison Holdings II Inc               | CUSIP: 877249AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    150000 | PA      | $148875.00    | 0.02%             | 2024-03-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                            | Morgan Stanley                                                                  | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     38000 | PA      | $39816.58     | 0.00%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                    | Sequoia Mortgage Trust 2021-4                                                   | CUSIP: 81748WAU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89887 | PA      | $68668.46     | 0.01%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CORPORATE OFFICE PROP LP                                                  | Corporate Office Properties LP                                                  | CUSIP: 22003BAP1<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              |  | US        |     68000 | PA      | $48229.74     | 0.01%             | 2033-12-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                            | Fannie Mae-Aces                                                                 | CUSIP: 3136BG3C3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $783607.40    | 0.08%             | 2031-01-25      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179SLR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     84476 | PA      | $76460.71     | 0.01%             | 2046-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EJ50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7065011 | PA      | $6627246.52   | 0.69%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61746BEF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    405000 | PA      | $381921.10    | 0.04%             | 2027-01-20      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Duke Energy Florida LLC                                                   | Duke Energy Florida LLC                                                         | CUSIP: 26444HAE1<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    550000 | PA      | $522122.69    | 0.05%             | 2028-07-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                       | Freddie Mac STACR REMIC Trust 2022-DNA1                                         | CUSIP: 35564KPU7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    354741 | PA      | $345632.90    | 0.04%             | 2042-01-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Smithfield Foods Inc                                                      | Smithfield Foods Inc                                                            | CUSIP: 832248AZ1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    129000 | PA      | $118776.53    | 0.01%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383ABJ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    155653 | PA      | $51.09        | 0.00%             | 2050-01-20      | Floating      | 0.02%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust                                        | STWD 2021-LIH Mortgage Trust                                                    | CUSIP: 78486EAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1075000 | PA      | $1011986.40   | 0.11%             | 2036-11-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138ERCJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    191737 | PA      | $196115.71    | 0.02%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIGNATURE BANK NEW YORK                                                   | Signature Bank/New York NY                                                      | CUSIP: 82669GCK8<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | DBT              | CORP              | US        |    150000 | PA      | $136936.91    | 0.01%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418ECB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1546161 | PA      | $1405337.20   | 0.15%             | 2052-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                       | Freddie Mac STACR REMIC Trust 2022-DNA3                                         | CUSIP: 35564KUX5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    495000 | PA      | $489125.79    | 0.05%             | 2042-04-25      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                                   | CarMax Auto Owner Trust 2022-1                                                  | CUSIP: 14317CAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $271886.79    | 0.03%             | 2027-11-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140J8J38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89499 | PA      | $88279.16     | 0.01%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                             | Citigroup Inc                                                                   | CUSIP: 172967LW9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    700000 | PA      | $644115.65    | 0.07%             | 2029-04-23      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                                                                | Federal National Mortgage Association                                           | CUSIP: 3135G0X24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    340000 | PA      | $321176.11    | 0.03%             | 2025-01-07      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138EGA61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79461 | PA      | $80464.54     | 0.01%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 31335B3W4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    185084 | PA      | $173234.57    | 0.02%             | 2045-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                                  | Liberty Mutual Group Inc                                                        | CUSIP: 53079EBK9<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |     85000 | PA      | $55669.35     | 0.01%             | 2060-05-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Laurel Road Prime Student Loan Trust                                      | Laurel Road Prime Student Loan Trust 2019-A                                     | CUSIP: 51889RAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     38272 | PA      | $37184.47     | 0.00%             | 2048-10-25      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3133B9MY7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    476389 | PA      | $450764.18    | 0.05%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                                    | Verizon Communications Inc                                                      | CUSIP: 92343VGL2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    114000 | PA      | $78454.95     | 0.01%             | 2041-09-03      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| INTOWN 2022-STAY                                                          | INTOWN 2022-STAY Mortgage Trust                                                 | CUSIP: 46117NAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $979963.60    | 0.10%             | 2039-08-15      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Inflation Indexed Bonds                                  | CUSIP: 912828B25<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    793606 | PA      | $776746.03    | 0.08%             | 2024-01-15      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                                 | Boeing Co/The                                                                   | CUSIP: 097023CQ6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    525000 | PA      | $360443.38    | 0.04%             | 2050-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418D3Y6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1877963 | PA      | $1594464.70   | 0.17%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418ELY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    995078 | PA      | $997749.37    | 0.10%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                                         | General Motors Co                                                               | CUSIP: 37045VAY6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    138000 | PA      | $131693.09    | 0.01%             | 2029-10-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| UNILEVER CAPITAL CORP                                                     | Unilever Capital Corp                                                           | CUSIP: 904764BH9<br>LEI: MYF1DAS6G5WY7PRWCU78 | Long             | DBT              | CORP              | US        |    675000 | PA      | $571271.24    | 0.06%             | 2029-09-06      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                             | Citigroup Inc                                                                   | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    160000 | PA      | $134532.10    | 0.01%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                                       | Gilead Sciences Inc                                                             | CUSIP: 375558BS1<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $750018.03    | 0.08%             | 2040-10-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| USAA CAPITAL CORP                                                         | USAA Capital Corp                                                               | CUSIP: 90327QD55<br>LEI: 5493007XLF4LU3U2W757 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $819394.10    | 0.09%             | 2030-05-01      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                                  | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $86291.58     | 0.01%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                                  | Anheuser-Busch InBev Worldwide Inc                                              | CUSIP: 035240AN0<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    494000 | PA      | $429262.13    | 0.04%             | 2048-04-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Commonbond Student Loan Trust                                             | Commonbond Student Loan Trust 2018-C-GS                                         | CUSIP: 20267XAA1<br>LEI: 549300O1CSZVJJTIR319 | Long             | ABS-O            | CORP              | US        |     34111 | PA      | $32682.24     | 0.00%             | 2046-02-25      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| PRSVN OF AFFORD HOUSING                                                   | Preservation Of Affordable Housing Inc                                          | CUSIP: 74082VAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $906162.46    | 0.09%             | 2032-12-01      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3132WPRQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     48612 | PA      | $47689.99     | 0.00%             | 2047-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                                   | United Rentals North America Inc                                                | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40791.50     | 0.00%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GSK CONSUMER HEALTHCARE                                                   | GSK Consumer Healthcare Capital US LLC                                          | CUSIP: 36264FAN1<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $194977.98    | 0.02%             | 2052-03-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3132HNH51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    300301 | PA      | $281417.54    | 0.03%             | 2042-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                                                  | European Investment Bank                                                        | CUSIP: 298785JJ6<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |    700000 | PA      | $593761.00    | 0.06%             | 2027-10-21      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                               | RCKT Mortgage Trust 2022-3                                                      | CUSIP: 74938XAV1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    154994 | PA      | $123178.23    | 0.01%             | 2052-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140J7QA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39960 | PA      | $39279.76     | 0.00%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                    | Philip Morris International Inc                                                 | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203885.24    | 0.02%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DLT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    839632 | PA      | $742910.26    | 0.08%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                            | Morgan Stanley                                                                  | CUSIP: 61747YEG6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     92000 | PA      | $84687.08     | 0.01%             | 2025-10-21      | Fixed         | 1.16%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CORP                                                            | Albemarle Corp                                                                  | CUSIP: 012653AF8<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | DBT              | CORP              | US        |     78000 | PA      | $70969.17     | 0.01%             | 2052-06-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                 | Apple Inc                                                                       | CUSIP: 037833EH9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    240000 | PA      | $203304.39    | 0.02%             | 2028-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                                            | Morgan Stanley                                                                  | CUSIP: 61747YET8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     62000 | PA      | $60937.04     | 0.01%             | 2026-07-17      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                                         | HSBC Holdings PLC                                                               | CUSIP: 404280CX5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $346418.06    | 0.04%             | 2027-11-22      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CAY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $212285.16    | 0.02%             | 2027-11-30      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418CU93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     71659 | PA      | $70313.14     | 0.01%             | 2048-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                                       | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $279662.67    | 0.03%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                                               | Viatris Inc                                                                     | CUSIP: 92556VAF3<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |    309000 | PA      | $190386.60    | 0.02%             | 2050-06-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                                                 | Apple Inc                                                                       | CUSIP: 037833EQ9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     95000 | PA      | $80721.11     | 0.01%             | 2052-08-08      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                               | RCKT Mortgage Trust 2022-2                                                      | CUSIP: 74938WAY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    420251 | PA      | $318947.12    | 0.03%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                       | Petroleos Mexicanos                                                             | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    335000 | PA      | $213729.56    | 0.02%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                                              | Business Jet Securities 2022-1 LLC                                              | CUSIP: 12327AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    786345 | PA      | $709597.07    | 0.07%             | 2037-06-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| OMERS FINANCE TRUST                                                       | OMERS Finance Trust                                                             | CUSIP: 682142AG9<br>LEI: 529900M039WCPES03P17 | Long             | DBT              | NUSS              | CA        |   1000000 | PA      | $901584.38    | 0.09%             | 2032-04-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE                                                  | Caterpillar Financial Services Corp                                             | CUSIP: 14913R2U0<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    125000 | PA      | $112005.21    | 0.01%             | 2027-01-08      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38380WZL6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     38404 | PA      | $5285.96      | 0.00%             | 2046-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3128ME3Y5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    162384 | PA      | $155509.43    | 0.02%             | 2032-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                    | UnitedHealth Group Inc                                                          | CUSIP: 91324PET5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     97000 | PA      | $105258.47    | 0.01%             | 2063-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| AmerisourceBergen Corp                                                    | AmerisourceBergen Corp                                                          | CUSIP: 03073EAP0<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     46000 | PA      | $42978.25     | 0.00%             | 2027-12-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3132XUJ30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    136961 | PA      | $127012.65    | 0.01%             | 2047-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 31292L4D4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    485515 | PA      | $442284.64    | 0.05%             | 2043-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                           | CSAIL 2021-C20 Commercial Mortgage Trust                                        | CUSIP: 22945EAT8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1197347 | PA      | $997786.50    | 0.10%             | 2054-03-15      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834LB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     90000 | PA      | $39709.42     | 0.00%             | 2042-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS CORP                                                   | Schlumberger Holdings Corp                                                      | CUSIP: 806851AK7<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |     92000 | PA      | $85715.33     | 0.01%             | 2028-05-17      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418CRC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41295 | PA      | $38221.47     | 0.00%             | 2047-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                        | Regional Management Issuance Trust 2021-1                                       | CUSIP: 75907VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1870000 | PA      | $1684563.69   | 0.18%             | 2031-03-17      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418CPF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    155484 | PA      | $148422.47    | 0.02%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                      | Bank of America Corp                                                            | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    530000 | PA      | $415097.25    | 0.04%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                                  | Sabine Pass Liquefaction LLC                                                    | CUSIP: 785592AY2<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     63000 | PA      | $63043.59     | 0.01%             | 2037-09-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PART                                                    | Brixmor Operating Partnership LP                                                | CUSIP: 11120VAF0<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              |  | US        |    500000 | PA      | $484603.10    | 0.05%             | 2024-06-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Mylan Inc                                                                 | Mylan Inc                                                                       | CUSIP: 628530AV9<br>LEI: 30ZMPDNA1RHIBH89C294 | Long             | DBT              | CORP              | US        |    480000 | PA      | $479631.24    | 0.05%             | 2023-01-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                             | Citigroup Inc                                                                   | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     58000 | PA      | $46909.83     | 0.00%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Logan CLO I Ltd                                                           | Logan CLO I Ltd                                                                 | CUSIP: 540543AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $975833.00    | 0.10%             | 2034-07-20      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3132XCSC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    124137 | PA      | $122729.61    | 0.01%             | 2048-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROADSTONE NET LEASE LLC                                                  | Broadstone Net Lease LLC                                                        | CUSIP: 11135EAA2<br>LEI: 54930089IBT6J4WBTI50 | Long             | DBT              |  | US        |    515000 | PA      | $385920.33    | 0.04%             | 2031-09-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DV3Z6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     62843 | PA      | $55612.02     | 0.01%             | 2049-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDER FUNDING TRUST                                                   | Alexander Funding Trust                                                         | CUSIP: 014621AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    555000 | PA      | $531663.25    | 0.06%             | 2023-11-15      | Fixed         | 1.84%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                                          | NTT Finance Corp                                                                | CUSIP: 62954WAC9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    203000 | PA      | $179524.18    | 0.02%             | 2026-04-03      | Fixed         | 1.16%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383P5X5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    779274 | PA      | $14003.64     | 0.00%             | 2052-04-20      | Floating      | 0.36%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                                      | Sofi Professional Loan Program 2019-C LLC                                       | CUSIP: 83401CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    153227 | PA      | $142284.66    | 0.01%             | 2048-11-16      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust 2019-C7                                     | CUSIP: 17328CAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    280000 | PA      | $241096.77    | 0.03%             | 2072-12-15      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383T2H5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1478938 | PA      | $15865.60     | 0.00%             | 2052-07-20      | Floating      | 0.37%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                                  | Burlington Northern Santa Fe LLC                                                | CUSIP: 12189LBJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     67000 | PA      | $59514.03     | 0.01%             | 2053-01-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES CAPITAL                                                     | TotalEnergies Capital International SA                                          | CUSIP: 89153VAV1<br>LEI: 549300U37G2I8G4RUG09 | Long             | DBT              | CORP              | FR        |    375000 | PA      | $264831.02    | 0.03%             | 2050-05-29      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL PLC                                                            | Prudential PLC                                                                  | CUSIP: 74435KAA3<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | DBT              | CORP              | GB        |     69000 | PA      | $60093.16     | 0.01%             | 2030-04-14      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                                  | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     64000 | PA      | $53848.96     | 0.01%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DV7B5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2427395 | PA      | $1985285.77   | 0.21%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                                              | Business Jet Securities 2020-1 LLC                                              | CUSIP: 12327FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     85526 | PA      | $77900.79     | 0.01%             | 2035-11-15      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                                          | OneMain Financial Issuance Trust 2020-A                                         | CUSIP: 68269LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90018 | PA      | $89361.45     | 0.01%             | 2032-05-14      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    950000 | PA      | $897173.29    | 0.09%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EHA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         0 | PA      | $0.00         | 0.00%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ASCENSION HEALTH                                                          | Ascension Health                                                                | CUSIP: 04352EAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $92181.89     | 0.01%             | 2039-11-15      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust 2022-LPFL                                   | MTN Commercial Mortgage Trust 2022-LPFL                                         | CUSIP: 62475WAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1090000 | PA      | $1040660.28   | 0.11%             | 2039-03-15      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                                    | Diamondback Energy Inc                                                          | CUSIP: 25278XAW9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144953.38    | 0.02%             | 2053-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140JAV88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10504 | PA      | $10036.35     | 0.00%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                                                | Fiserv Inc                                                                      | CUSIP: 337738AV0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     92000 | PA      | $74639.00     | 0.01%             | 2049-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2020-IG3 Mortgage Trust                                               | CUSIP: 08162QAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1394792.55   | 0.15%             | 2048-09-15      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                       | Freddie Mac STACR REMIC Trust 2021-HQA3                                         | CUSIP: 35564KJG5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1364382 | PA      | $1302551.88   | 0.14%             | 2041-09-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418CPE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    133416 | PA      | $123641.14    | 0.01%             | 2047-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Global SC Finance SRL                                                     | Global SC Finance VII Srl                                                       | CUSIP: 37959PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BB        |    870152 | PA      | $770941.33    | 0.08%             | 2040-10-17      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140XCLC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    978589 | PA      | $830948.35    | 0.09%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| INTERSTATE POWER & LIGHT                                                  | Interstate Power and Light Co                                                   | CUSIP: 461070AR5<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |     92000 | PA      | $65512.34     | 0.01%             | 2049-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3131XVXP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    152322 | PA      | $141299.64    | 0.01%             | 2047-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3133AXQA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    487577 | PA      | $449477.47    | 0.05%             | 2051-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DWET6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2965977 | PA      | $2924959.47   | 0.30%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INT DEVELOPMENT FIN CORP                                                  | United States International Development Finance Corp                            | CUSIP: 90376PAX9<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | USGA              | US        |    804191 | PA      | $701540.97    | 0.07%             | 2029-10-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140HJJT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18058 | PA      | $18176.52     | 0.00%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140J9G21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29919 | PA      | $29214.73     | 0.00%             | 2030-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STAR ENERGY GEOTHERMAL                                                    | Star Energy Geothermal Wayang Windu Ltd                                         | CUSIP: 85511XAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    405400 | PA      | $382440.74    | 0.04%             | 2033-04-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                                        | Credit Agricole SA                                                              | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $218635.17    | 0.02%             | 2027-01-26      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| WILLIAM CARTER                                                            | William Carter Co/The                                                           | CUSIP: 96926JAC1<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239804.80    | 0.02%             | 2027-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     67000 | PA      | $61744.69     | 0.01%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                    | Pacific Gas and Electric Co                                                     | CUSIP: 694308HY6<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    107000 | PA      | $72547.26     | 0.01%             | 2047-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| World OMNI Select Auto Trust                                              | World Omni Select Auto Trust 2019-A                                             | CUSIP: 98163BAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    176110 | PA      | $175168.94    | 0.02%             | 2025-12-15      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| STANLEY BLACK & DECKER I                                                  | Stanley Black & Decker Inc                                                      | CUSIP: 854502AP6<br>LEI: 549300DJ09SMTO561131 | Long             | DBT              | CORP              | US        |     63000 | PA      | $59599.35     | 0.01%             | 2025-02-24      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                                              | CD 2019-CD8 Mortgage Trust                                                      | CUSIP: 12515BAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $769584.24    | 0.08%             | 2057-08-15      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| ABU DHABI NATIONAL ENERG                                                  | Abu Dhabi National Energy Co PJSC                                               | CUSIP: 00388WAJ0<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $177382.40    | 0.02%             | 2028-04-29      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                              | GS Mortgage Securities Trust 2019-GC42                                          | CUSIP: 36257UAK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $943653.59    | 0.10%             | 2052-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                                          | Bellemeade Re Ltd                                                               | CUSIP: 07876AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    420521 | PA      | $416418.25    | 0.04%             | 2031-06-25      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                                   | John Deere Capital Corp                                                         | CUSIP: 24422EWF2<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    326000 | PA      | $316258.56    | 0.03%             | 2025-06-06      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| ITALY GOV'T INT BOND                                                      | Republic of Italy Government International Bond                                 | CUSIP: 465410BZ0<br>LEI: 815600DE60799F5A9309 | Long             | DBT              | NUSS              | IT        |   1000000 | PA      | $708100.00    | 0.07%             | 2049-10-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                                    | Pacific Gas and Electric Co                                                     | CUSIP: 694308KE6<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     57000 | PA      | $56120.17     | 0.01%             | 2025-06-08      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SUNRUN JUPITER ISSUER 2022-1, LLC                                         | Sunrun Jupiter Issuer 2022-1 LLC                                                | CUSIP: 86772RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    945831 | PA      | $865159.23    | 0.09%             | 2057-07-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                                   | MPT Operating Partnership LP / MPT Finance Corp                                 | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              |  | US        |    200000 | PA      | $137096.72    | 0.01%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Improvement Loan Trust                          | GoodLeap Sustainable Home Solutions Trust 2022-4                                | CUSIP: 38237DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $436365.60    | 0.05%             | 2054-11-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Trimaran Advisors CAVU 2019-1                                             | Trimaran Cavu 2019-1 Ltd                                                        | CUSIP: 89624CAA0<br>LEI: 549300IGMQ24BLOIU872 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $491007.50    | 0.05%             | 2032-07-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2017-2                                                 | CUSIP: 46648HAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6997 | PA      | $6094.53      | 0.00%             | 2047-05-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ALUM RESEARCH                                                   | Wisconsin Alumni Research Foundation                                            | CUSIP: 97658WAA8<br>LEI: UMSL8J1I3AHWSX5XNO15 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $885666.31    | 0.09%             | 2049-10-01      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| TRUSTEES PRINCETON UNIV                                                   | Trustees of Princeton University/The                                            | CUSIP: 89837LAG0<br>LEI: 549300PJZYINN64GDJ90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $59884.02     | 0.01%             | 2050-07-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                                | Verus Securitization Trust 2019-4                                               | CUSIP: 92537KAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $84373.45     | 0.01%             | 2059-11-25      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                                  | Warnermedia Holdings Inc                                                        | CUSIP: 55903VAE3<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     89000 | PA      | $84635.65     | 0.01%             | 2025-03-15      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                                                           | San Diego Gas & Electric Co                                                     | CUSIP: 797440CA0<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $928631.36    | 0.10%             | 2051-08-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                                               | Viatris Inc                                                                     | CUSIP: 92556VAE6<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |    156000 | PA      | $104597.69    | 0.01%             | 2040-06-22      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFZ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13603000 | PA      | $13528608.59  | 1.41%             | 2027-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MidAmerican Energy Co                                                     | MidAmerican Energy Co                                                           | CUSIP: 595620AQ8<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |    624000 | PA      | $584200.72    | 0.06%             | 2027-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFT3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2345000 | PA      | $2345732.81   | 0.24%             | 2029-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Program LLC                                      | SoFi Professional Loan Program 2020-ATrust                                      | CUSIP: 83406TAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    276114 | PA      | $249860.29    | 0.03%             | 2046-05-15      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DPM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     73726 | PA      | $68833.50     | 0.01%             | 2040-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INTER-AMERICAN INVEST CO                                                  | Inter-American Investment Corp                                                  | CUSIP: 45828Q2A4<br>LEI: 5493001X4LH60PFRL744 | Long             | DBT              | NUSS              | XX        |   1000000 | PA      | $957634.95    | 0.10%             | 2025-04-22      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PBE5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $1886886.11   | 0.20%             | 2030-10-15      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GAS CO                                                      | National Fuel Gas Co                                                            | CUSIP: 636180BQ3<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1218693.12   | 0.13%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31419DL74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132441 | PA      | $130912.62    | 0.01%             | 2040-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                                            | Amazon.com Inc                                                                  | CUSIP: 023135CF1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    121000 | PA      | $114829.39    | 0.01%             | 2027-04-13      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179WJQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    475062 | PA      | $398178.46    | 0.04%             | 2051-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418DV74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    406786 | PA      | $332512.69    | 0.03%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                   | HCA Inc                                                                         | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    126000 | PA      | $108672.00    | 0.01%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                                                      | ERAC USA Finance LLC                                                            | CUSIP: 26884TAS1<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |    325000 | PA      | $252345.79    | 0.03%             | 2046-11-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GRAY OAK PIPELINE LLC                                                     | Gray Oak Pipeline LLC                                                           | CUSIP: 38937LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    173000 | PA      | $152996.68    | 0.02%             | 2027-10-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                      | Bank of America Corp                                                            | CUSIP: 06051GFU8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1494295.92   | 0.16%             | 2026-03-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SHIRE ACQ INV IRELAND DA                                                  | Shire Acquisitions Investments Ireland DAC                                      | CUSIP: 82481LAD1<br>LEI: 549300XK5HGW68R8K327 | Long             | DBT              | CORP              | IE        |    190000 | PA      | $178193.99    | 0.02%             | 2026-09-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                                  | Vistra Operations Co LLC                                                        | CUSIP: 92840VAD4<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    305000 | PA      | $292513.49    | 0.03%             | 2024-07-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Loan Extended Note Trust 2020-1                               | Toyota Auto Loan Extended Note Trust 2020-1                                     | CUSIP: 89237JAA4<br>LEI: 549300XP7ILZSI1BWP36 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $274449.54    | 0.03%             | 2033-05-25      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    177000 | PA      | $150152.69    | 0.02%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140QCUH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    113468 | PA      | $109111.16    | 0.01%             | 2035-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810RB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4650000 | PA      | $3795380.87   | 0.40%             | 2043-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                              | State Street Institutional Treasury Money Market Fund                           | CUSIP: 857492623<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | STIV             | RF                | US        |  22518563 | NS      | $22518563.46  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                                                          | Connecticut Avenue Securities Trust 2022-R05                                    | CUSIP: 20754DAB3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    120000 | PA      | $116160.38    | 0.01%             | 2042-04-25      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PAR7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1147168.59   | 0.12%             | 2029-04-23      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140J8N66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60667 | PA      | $59840.64     | 0.01%             | 2048-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3138WJRD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     97271 | PA      | $90238.01     | 0.01%             | 2047-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383PB42<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    336054 | PA      | $6085.94      | 0.00%             | 2052-04-20      | Floating      | 0.02%                 | No            |                  2 | On Loan: No      |
| Nuveen Finance LLC                                                        | Nuveen Finance LLC                                                              | CUSIP: 87246YAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $389356.83    | 0.04%             | 2024-11-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140EU2B4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    265808 | PA      | $254602.13    | 0.03%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INT DEVELOPMENT FIN CORP                                                  | United States International Development Finance Corp                            | CUSIP: 690353ZS9<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | USGA              | US        |    975992 | PA      | $911331.65    | 0.09%             | 2033-06-01      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 3617QGLU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    149843 | PA      | $139189.58    | 0.01%             | 2050-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418CQH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    285562 | PA      | $271749.78    | 0.03%             | 2032-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                                  | Enterprise Products Operating LLC                                               | CUSIP: 29379VCA9<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     81000 | PA      | $53074.97     | 0.01%             | 2052-02-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                  | AT&T Inc                                                                        | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     28000 | PA      | $18741.27     | 0.00%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                    | Sequoia Mortgage Trust 2020-3                                                   | CUSIP: 81748AAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     52524 | PA      | $42201.99     | 0.00%             | 2050-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810SA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6295000 | PA      | $5159686.93   | 0.54%             | 2048-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                       | Freddie Mac STACR REMIC Trust 2021-DNA5                                         | CUSIP: 35564KHE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     48666 | PA      | $47996.99     | 0.00%             | 2034-01-25      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                                   | HCA Inc                                                                         | CUSIP: 404119CB3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    145000 | PA      | $93027.28     | 0.01%             | 2051-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3132DNAM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    991974 | PA      | $812993.86    | 0.08%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140MPF71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     87896 | PA      | $77510.39     | 0.01%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                  | BX Commercial Mortgage Trust 2022-AHP                                           | CUSIP: 05610FAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $947284.00    | 0.10%             | 2039-01-17      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                  | AT&T Inc                                                                        | CUSIP: 00206RGQ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23539.92     | 0.00%             | 2030-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                          | Connecticut Avenue Securities Trust 2022-R06                                    | CUSIP: 20754NAK1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    625000 | PA      | $637882.88    | 0.07%             | 2042-05-25      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| BOC AVIATION USA CORP                                                     | BOC Aviation USA Corp                                                           | CUSIP: 66980P2A6<br>LEI: 254900QKLTY6MF4Y3P65 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189835.23    | 0.02%             | 2024-04-29      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Regency Centers LP                                                        | Regency Centers LP                                                              | CUSIP: 75884RAT0<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              |  | US        |    500000 | PA      | $484908.61    | 0.05%             | 2024-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179S5M5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     86479 | PA      | $83024.32     | 0.01%             | 2047-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179SSQ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    320502 | PA      | $298904.46    | 0.03%             | 2046-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3133BEXK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    377974 | PA      | $363821.55    | 0.04%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EDE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    496280 | PA      | $450881.28    | 0.05%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179WBX5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    390392 | PA      | $328999.25    | 0.03%             | 2051-03-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TCW CLO 2017-1, Ltd                                                       | TCW CLO 2017-1A Ltd                                                             | CUSIP: 87240NAU0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $731712.00    | 0.08%             | 2034-10-29      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31416XWV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    241408 | PA      | $231838.75    | 0.02%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2015-1A                                                   | Delta Air Lines 2015-1 Class A Pass Through Trust                               | CUSIP: 24736YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    387977 | PA      | $342122.47    | 0.04%             | 2027-07-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                        | Energy Transfer LP                                                              | CUSIP: 29273RBJ7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18504.83     | 0.00%             | 2045-12-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                                  | OBX 2018-1 Trust                                                                | CUSIP: 67112FAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15421 | PA      | $14503.41     | 0.00%             | 2057-06-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| SCULTOR ALTERN SOLUTIONS                                                  | Sculptor Alternative Solutions LLC                                              | CUSIP: 811243AE4<br>LEI: 549300MT2IHVJVYVLW85 | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1385460.00   | 0.14%             | 2029-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                                  | AT&T Inc                                                                        | CUSIP: 00206RKB7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     52000 | PA      | $36075.59     | 0.00%             | 2060-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                                              | Comcast Corp                                                                    | CUSIP: 20030NCL3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     87000 | PA      | $80373.89     | 0.01%             | 2038-10-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC                                                        | Cenovus Energy Inc                                                              | CUSIP: 15135UAX7<br>LEI: 549300F4XPHJ7NOSP309 | Long             | DBT              | CORP              | CA        |     90000 | PA      | $63198.28     | 0.01%             | 2052-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NUCOR CORP                                                                | Nucor Corp                                                                      | CUSIP: 670346AY1<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | DBT              | CORP              | US        |    104000 | PA      | $101454.41    | 0.01%             | 2027-05-23      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                   | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYB4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    770000 | PA      | $614067.94    | 0.06%             | 2032-04-22      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                                              | Barclays PLC                                                                    | CUSIP: 06738EBP9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $304377.85    | 0.03%             | 2035-09-23      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                                       | GS Mortgage-Backed Securities Trust 2021-PJ2                                    | CUSIP: 36264DAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80496 | PA      | $62391.26     | 0.01%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418A3V8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13372 | PA      | $13122.28     | 0.00%             | 2043-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                           | CSAIL 2018-C14 Commercial Mortgage Trust                                        | CUSIP: 12596GAY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $654667.09    | 0.07%             | 2051-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                    | Santander Drive Auto Receivables Trust 2021-2                                   | CUSIP: 80286XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $467470.55    | 0.05%             | 2027-07-15      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                     | Wells Fargo Commercial Mortgage Trust 2020-SDAL                                 | CUSIP: 95002GAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1295000 | PA      | $1228501.88   | 0.13%             | 2037-02-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                                         | ITC Holdings Corp                                                               | CUSIP: 465685AR6<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |    594000 | PA      | $585787.91    | 0.06%             | 2027-09-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                                               | BNP Paribas SA                                                                  | CUSIP: 09659W2N3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    730000 | PA      | $638038.87    | 0.07%             | 2027-01-13      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                                              | Broadcom Inc                                                                    | CUSIP: 11135FBH3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    198000 | PA      | $155948.52    | 0.02%             | 2031-02-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                                  | Florida Power & Light Co                                                        | CUSIP: 341081GE1<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    570000 | PA      | $382267.15    | 0.04%             | 2051-12-04      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Thirax 2 LLC                                                              | Thirax 2 LLC                                                                    | CUSIP: 88411JAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    945282 | PA      | $818203.02    | 0.09%             | 2034-01-22      | Fixed         | 2.32%                 | No            |                  2 | On Loan: No      |
| Citibank Credit Card Issuance Trust                                       | Citibank Credit Card Issuance Trust                                             | CUSIP: 17305EGS8<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $578835.12    | 0.06%             | 2030-10-13      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                                        | Seasoned Credit Risk Transfer Trust Series 2019-2                               | CUSIP: 35563PKG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    257177 | PA      | $242461.68    | 0.03%             | 2058-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                                   | Honeywell International Inc                                                     | CUSIP: 438516CJ3<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    119000 | PA      | $120538.68    | 0.01%             | 2028-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                  | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    578000 | PA      | $419598.55    | 0.04%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| GRAY OAK PIPELINE LLC                                                     | Gray Oak Pipeline LLC                                                           | CUSIP: 38937LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $109922.94    | 0.01%             | 2023-09-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $291257.81    | 0.03%             | 2025-08-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                                  | Benchmark 2021-B31 Mortgage Trust                                               | CUSIP: 08163MAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $974327.16    | 0.10%             | 2054-12-15      | Fixed         | 2.42%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                                                  | Teachers Insurance & Annuity Association of America                             | CUSIP: 878091BG1<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |    210000 | PA      | $145184.20    | 0.02%             | 2050-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                        | Energy Transfer LP                                                              | CUSIP: 29273VAQ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     64000 | PA      | $62615.04     | 0.01%             | 2033-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PCJ3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    119000 | PA      | $99387.41     | 0.01%             | 2029-06-01      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                                           | Lamb Weston Holdings Inc                                                        | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    225000 | PA      | $196582.50    | 0.02%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LANDWIRTSCH. RENTENBANK                                                   | Landwirtschaftliche Rentenbank                                                  | CUSIP: 515110BY9<br>LEI: 529900Z3J0N6S0F7CT25 | Long             | DBT              | CORP              | DE        |   1000000 | PA      | $787271.89    | 0.08%             | 2030-09-03      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers LLC                                                  | Vantage Data Centers Issuer LLC                                                 | CUSIP: 92212KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    816833 | PA      | $776367.14    | 0.08%             | 2044-07-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140QN7M8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    515505 | PA      | $468490.15    | 0.05%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                 | Towd Point Mortgage Trust 2021-SJ2                                              | CUSIP: 89180LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    726818 | PA      | $664657.39    | 0.07%             | 2061-12-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| HOUSING URBAN DEVELOPMNT                                                  | United States Department of Housing and Urban Development                       | CUSIP: 911759NA2<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1000000 | PA      | $934033.98    | 0.10%             | 2027-08-01      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140Q8D28<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    115357 | PA      | $113589.22    | 0.01%             | 2048-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MBRT 2019 MBR                                                             | MBRT 2019-MBR                                                                   | CUSIP: 55282DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    420000 | PA      | $411541.83    | 0.04%             | 2036-11-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Antares CLO                                                               | Antares CLO 2019-1 LTD                                                          | CUSIP: 03664TAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1940000 | PA      | $1830401.64   | 0.19%             | 2031-07-20      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Romark CLO Ltd                                                            | Romark WM-R Ltd                                                                 | CUSIP: 77587AAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1731831 | PA      | $1698978.39   | 0.18%             | 2031-04-20      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| STORE Master Funding LLC                                                  | Store Master Funding I-VII XIV XIX XX                                           | CUSIP: 86190BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1141375 | PA      | $946817.13    | 0.10%             | 2051-06-20      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36202FMA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     76297 | PA      | $73720.37     | 0.01%             | 2040-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Government National Mortgage Association                                        | CUSIP: 38383RFV4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    432429 | PA      | $8355.17      | 0.00%             | 2052-04-20      | Floating      | 0.02%                 | No            |                  2 | On Loan: No      |
| UBS-BAMLL Trust                                                           | UBS-BAMLL Trust 2012-WRM                                                        | CUSIP: 90269PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     41197 | PA      | $41138.40     | 0.00%             | 2030-06-10      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| Ondeck Asset Securitization Trust LLC                                     | OnDeck Asset Securitization Trust III LLC                                       | CUSIP: 68236WAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2050000 | PA      | $1844136.54   | 0.19%             | 2027-05-17      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                                          | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135872.21    | 0.01%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Northwoods Capital Ltd                                                    | Northwoods Capital XV Ltd                                                       | CUSIP: 66860GAG9<br>LEI: 549300YIKFTAGHX8G333 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1928696.00   | 0.20%             | 2034-06-20      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC                                                | MMAF Equipment Finance LLC 2018-A                                               | CUSIP: 60700DAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $97082.37     | 0.01%             | 2042-03-10      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EGT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    822007 | PA      | $810639.46    | 0.08%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SECURITY BENEFIT GL FUND                                                  | Security Benefit Global Funding                                                 | CUSIP: 81412DAA1<br>LEI: 5493003C0JW6BY7YFF93 | Long             | DBT              | CORP              | US        |     84000 | PA      | $78806.58     | 0.01%             | 2024-05-17      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                                          | WFRBS Commercial Mortgage Trust 2013-C18                                        | CUSIP: 96221QAK9<br>LEI: 549300O5GNH0TNJ6B119 | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $326020.03    | 0.03%             | 2046-12-15      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| BMO 2022-C1 Mortgage Trust                                                | BMO 2022-C1 Mortgage Trust                                                      | CUSIP: 05609MCY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $737555.40    | 0.08%             | 2055-02-17      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                     | Wells Fargo & Co                                                                | CUSIP: 95000U3C5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    850000 | PA      | $832965.41    | 0.09%             | 2026-08-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36202FBH8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     78334 | PA      | $78180.47     | 0.01%             | 2039-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 91282CFQ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  28000000 | PA      | $27920156.32  | 2.91%             | 2024-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Trimble Inc                                                               | Trimble Inc                                                                     | CUSIP: 896239AC4<br>LEI: 549300E2MI7NSZFQWS19 | Long             | DBT              | CORP              | US        |     62000 | PA      | $59446.92     | 0.01%             | 2028-06-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                                     | Texas Instruments Inc                                                           | CUSIP: 882508BV5<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89877.41     | 0.01%             | 2028-02-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                            | Morgan Stanley                                                                  | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1057696.36   | 0.11%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| TRANSALTA CORP                                                            | TransAlta Corp                                                                  | CUSIP: 89346DAH0<br>LEI: GJZNVO2UY6DNFNIYH321 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $510640.67    | 0.05%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                                                               | Gap Inc/The                                                                     | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     50000 | PA      | $35270.00     | 0.00%             | 2029-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                                       | JPMorgan Chase & Co                                                             | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    405000 | PA      | $324421.13    | 0.03%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                                            | Fannie Mae-Aces                                                                 | CUSIP: 3136B2GY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19174 | PA      | $18938.35     | 0.00%             | 2028-07-25      | Variable      | 3.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3132L9MD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    111807 | PA      | $109799.46    | 0.01%             | 2048-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                               | Oracle Corp                                                                     | CUSIP: 68389XCD5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    360000 | PA      | $311821.38    | 0.03%             | 2028-03-25      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                                          | BAT Capital Corp                                                                | CUSIP: 05526DBS3<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    620000 | PA      | $483734.68    | 0.05%             | 2031-03-25      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                          | Connecticut Avenue Securities Trust 2022-R07                                    | CUSIP: 20754MCB1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    445000 | PA      | $466392.93    | 0.05%             | 2042-06-25      | Floating      | 8.59%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                                  | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $88927.60     | 0.01%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ONEOK Inc                                                                 | ONEOK Inc                                                                       | CUSIP: 682680AT0<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    150000 | PA      | $120813.59    | 0.01%             | 2047-07-13      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Commonwealth Edison Co                                                    | Commonwealth Edison Co                                                          | CUSIP: 202795JN1<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |    320000 | PA      | $301099.61    | 0.03%             | 2028-08-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust                            | Morgan Stanley Residential Mortgage Loan Trust 2021-6                           | CUSIP: 61772QAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    132535 | PA      | $113633.34    | 0.01%             | 2051-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                                                      | Abu Dhabi Government International Bond                                         | CUSIP: 29135LAA8<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    250000 | PA      | $238557.00    | 0.02%             | 2027-10-11      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| TECK RESOURCES LIMITED                                                    | Teck Resources Ltd                                                              | CUSIP: 878742BG9<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $894282.71    | 0.09%             | 2030-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834LK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $34796.86     | 0.00%             | 2042-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                               | Southern Co/The                                                                 | CUSIP: 842587DC8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    116000 | PA      | $114546.58    | 0.01%             | 2024-08-01      | Variable      | 4.48%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                  | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $313777.02    | 0.03%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Strip Coupon                                             | CUSIP: 912834NP9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    205000 | PA      | $81639.33     | 0.01%             | 2044-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                                              | ING Groep NV                                                                    | CUSIP: 456837BB8<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $935080.14    | 0.10%             | 2028-03-28      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                   | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                                       | CUSIP: 072024WS7<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    215000 | PA      | $188345.16    | 0.02%             | 2031-04-01      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810TF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4270000 | PA      | $3260211.70   | 0.34%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| SVB FINANCIAL GROUP                                                       | SVB Financial Group                                                             | CUSIP: 78486QAR2<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |    242000 | PA      | $228843.34    | 0.02%             | 2028-04-29      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Blackrock Rainier CLO Ltd                                                 | Blackrock Rainier CLO VI Ltd                                                    | CUSIP: 09261MAA4<br>LEI: 549300HF4E86WXQDUX86 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1906126.00   | 0.20%             | 2033-04-20      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Upper Santa Clara Valley Joint Powers Authority                           | UPPER SANTA CLARA VY CA JT PWRS AUTH REVENUE                                    | CUSIP: 916544DZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $391939.45    | 0.04%             | 2048-08-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                      | DIST OF COLUMBIA REVENUE                                                        | CUSIP: 25483VA79<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1683552.15   | 0.18%             | 2025-02-28      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                                                  | Discovery Communications LLC                                                    | CUSIP: 25470DBG3<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     97000 | PA      | $73340.57     | 0.01%             | 2049-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                                       | Freddie Mac STACR REMIC Trust 2022-DNA5                                         | CUSIP: 35564KYP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    670000 | PA      | $700516.83    | 0.07%             | 2042-06-25      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 3140J9Z38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    203897 | PA      | $194605.51    | 0.02%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                                    | United States Treasury Note/Bond                                                | CUSIP: 912810QY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    525000 | PA      | $420820.31    | 0.04%             | 2042-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179RLP2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     39602 | PA      | $36970.80     | 0.00%             | 2045-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                                                    | CNH Industrial Capital LLC                                                      | CUSIP: 12592BAJ3<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |     77000 | PA      | $75894.48     | 0.01%             | 2024-01-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                                   | Dell International LLC / EMC Corp                                               | CUSIP: 24703DBE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $110504.91    | 0.01%             | 2041-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Province of Quebec                                                        | Province of Quebec Canada                                                       | CUSIP: 748149AN1<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |   1000000 | PA      | $937420.92    | 0.10%             | 2027-04-12      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| One Market Plaza Trust                                                    | One Market Plaza Trust 2017-1MKT                                                | CUSIP: 68245HAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $950369.00    | 0.10%             | 2032-02-10      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                                | JPMBB Commercial Mortgage Securities Trust 2014-C24                             | CUSIP: 46643GAY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $332224.25    | 0.03%             | 2047-11-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                                          | Connecticut Avenue Securities Trust 2022-R01                                    | CUSIP: 20754LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    400000 | PA      | $379853.32    | 0.04%             | 2041-12-25      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                                    | Sequoia Mortgage Trust 2017-6                                                   | CUSIP: 81746FAU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     10753 | PA      | $9098.74      | 0.00%             | 2047-09-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ENGIE ENERGIA CHILE SA                                                    | Engie Energia Chile SA                                                          | CUSIP: 29287TAA7<br>LEI: 5493000FIKCC3ZDWTO77 | Long             | DBT              | CORP              | CL        |    209000 | PA      | $170646.77    | 0.02%             | 2030-01-28      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Pool                                                                | CUSIP: 3133KPGK8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2421849 | PA      | $2202447.37   | 0.23%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund ABS Ltd                                         | ABPCI Direct Lending Fund ABS I Ltd                                             | CUSIP: 00090TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1620000 | PA      | $1475298.36   | 0.15%             | 2030-12-20      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                                    | Philip Morris International Inc                                                 | CUSIP: 718172CW7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    480000 | PA      | $486949.64    | 0.05%             | 2029-11-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                                    | Mosaic Solar Loan Trust 2022-3                                                  | CUSIP: 61946KAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    950000 | PA      | $947359.38    | 0.10%             | 2053-06-20      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Monroe Capital ABS Funding LTD                                            | Monroe Capital ABS Funding 2021-1 Ltd                                           | CUSIP: 610331AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2200000 | PA      | $1986910.20   | 0.21%             | 2031-04-22      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| AMSTED INDUSTRIES                                                         | Amsted Industries Inc                                                           | CUSIP: 032177AH0<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189732.00    | 0.02%             | 2027-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| MSCG Trust                                                                | MSCG Trust 2015-ALDR                                                            | CUSIP: 55352NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     59925 | PA      | $56481.96     | 0.01%             | 2035-06-07      | Fixed         | 2.61%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179S2N6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    137999 | PA      | $124410.20    | 0.01%             | 2047-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc                                                        | Cenovus Energy Inc                                                              | CUSIP: 15135UAP4<br>LEI: 549300F4XPHJ7NOSP309 | Long             | DBT              | CORP              | CA        |    205000 | PA      | $186747.64    | 0.02%             | 2037-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179TE27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     44390 | PA      | $42615.39     | 0.00%             | 2047-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                               | Freddie Mac Gold Pool                                                           | CUSIP: 3128M82R4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     60442 | PA      | $56636.56     | 0.01%             | 2041-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                  | JP Morgan Mortgage Trust 2022-2                                                 | CUSIP: 46655DBX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     94202 | PA      | $74864.99     | 0.01%             | 2052-08-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| EQUINOR ASA                                                               | Equinor ASA                                                                     | CUSIP: 29446MAC6<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | DBT              | CORP              | NO        |   1000000 | PA      | $726388.35    | 0.08%             | 2049-11-18      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                                | Fannie Mae Pool                                                                 | CUSIP: 31418EJV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    657525 | PA      | $629015.28    | 0.07%             | 2037-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                       | Synchrony Financial                                                             | CUSIP: 87165BAG8<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    708000 | PA      | $678659.57    | 0.07%             | 2025-07-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                        | Energy Transfer LP                                                              | CUSIP: 29278NAR4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    505000 | PA      | $403460.07    | 0.04%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36202F3M6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    154622 | PA      | $145266.02    | 0.02%             | 2042-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC                                                        | Cenovus Energy Inc                                                              | CUSIP: 15135UAW9<br>LEI: 549300F4XPHJ7NOSP309 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $399198.73    | 0.04%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                                               | RCKT Mortgage Trust 2021-4                                                      | CUSIP: 74938VAV5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    327345 | PA      | $250073.71    | 0.03%             | 2051-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                                                         | Sysco Corp                                                                      | CUSIP: 871829BL0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     38000 | PA      | $39328.32     | 0.00%             | 2030-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                                                           | Bermuda Government International Bond                                           | CUSIP: 085209AG9<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |    200000 | PA      | $168707.38    | 0.02%             | 2030-08-20      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                    | Lendmark Funding Trust 2019-2                                                   | CUSIP: 52604AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    609922 | PA      | $591910.16    | 0.06%             | 2028-04-20      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                                         | Elevation Clo 2021-13 Ltd                                                       | CUSIP: 28622EAC2<br>LEI: 549300YZ3RIOTSOP0V95 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $966469.00    | 0.10%             | 2034-07-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                       | Citigroup Commercial Mortgage Trust 2016-P4                                     | CUSIP: 29429EAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114286 | PA      | $104556.60    | 0.01%             | 2049-07-10      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                          | Georgia Power Co                                                                | CUSIP: 373334KP5<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    175000 | PA      | $120421.71    | 0.01%             | 2051-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CONSERVATION FUND                                                         | Conservation Fund A Nonprofit Corp/The                                          | CUSIP: 20848FAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $859783.73    | 0.09%             | 2029-12-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                  | Ginnie Mae II Pool                                                              | CUSIP: 36179XFG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1738215 | PA      | $1644948.00   | 0.17%             | 2052-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

**Name of Applicant:** PFM Multi-Manager Series Trust

**Signature:** Daniel Hess

**Name of Signer:** Daniel Hess

**Title:** Treasurer