# EDGAR Filing Document

**Accession Number:** 0001612930
**File Stem:** 0001145549-25-044414
**Filing Date:** 2025-6
**Character Count:** 251584
**Document Hash:** 1c7776bd6d67f2ded80d57fd13e05c3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-044414.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001145549-25-044414

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Angel Oak Funds Trust
- **CENTRAL INDEX KEY:** 0001612930

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22980
- **FILM NUMBER:** 251086781

**BUSINESS ADDRESS:**
- **STREET 1:** 3344 PEACHTREE ROAD NE, SUITE 1725
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30326
- **BUSINESS PHONE:** 404-953-4900

**MAIL ADDRESS:**
- **STREET 1:** 3344 PEACHTREE ROAD NE, SUITE 1725
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30326

## Series and Classes Contracts Data

### Angel Oak UltraShort Income ETF (Series ID: S000077754)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000238280 | Angel Oak UltraShort Income ETF | UYLD            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Angel Oak UltraShort Income ETF** | **Angel Oak UltraShort Income ETF** | **Angel Oak UltraShort Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** | **April 30, 2025 (Unaudited)** |
| **ASSET-BACKED SECURITIES - 30.7%** | **Par** | **Value** |
| **Automobile - 9.8%** | **Automobile - 9.8%** | **Automobile - 9.8%** |
|  ACM Auto Trust, Series 2023-2A, Class A, 7.97%, 06/20/2030 <sup>(a)</sup> | $93850 | $93997 |
| American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
| &nbsp;&nbsp; Series 2022-4, Class D, 8.00%, 02/15/2029 <sup>(a)</sup> | 6700000 | 6798962 |
| &nbsp;&nbsp; Series 2023-3, Class D, 6.82%, 10/12/2029 <sup>(a)</sup> | 4000000 | 4085228 |
| &nbsp;&nbsp; Series 2023-4, Class C, 6.99%, 09/12/2030 <sup>(a)</sup> | 2500000 | 2532803 |
| Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
| &nbsp;&nbsp; Series 2021-1A, Class C, 3.77%, 03/15/2027 <sup>(a)</sup> | 150000 | 149363 |
| &nbsp;&nbsp; Series 2022-1A, Class A, 3.93%, 05/15/2028 <sup>(a)</sup> | 23641 | 23574 |
| &nbsp;&nbsp; Series 2022-2A, Class A, 6.90%, 01/16/2029 <sup>(a)</sup> | 126455 | 127534 |
| &nbsp;&nbsp; Series 2024-1A, Class A, 6.46%, 04/17/2028 <sup>(a)</sup> | 354804 | 357010 |
|  Avid Automobile Receivables Trust, Series 2023-1, Class B, 7.12%, 03/15/2027 <sup>(a)</sup> | 133736 | 133904 |
| Avis Budget Car Rental LLC | Avis Budget Car Rental LLC | Avis Budget Car Rental LLC |
| &nbsp;&nbsp; Series 2020-1A, Class D, 3.34%, 08/20/2026 <sup>(a)</sup> | 3333333 | 3313593 |
| &nbsp;&nbsp; Series 2020-2A, Class C, 4.25%, 02/20/2027 <sup>(a)</sup> | 3495000 | 3466634 |
| &nbsp;&nbsp; Series 2022-5A, Class B, 7.09%, 04/20/2027 <sup>(a)</sup> | 1370000 | 1388633 |
| &nbsp;&nbsp; Series 2022-5A, Class C, 6.24%, 04/20/2027 <sup>(a)</sup> | 3250000 | 3255964 |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
| &nbsp;&nbsp; Series 2020-N1A, Class E, 5.20%, 07/15/2027 <sup>(a)</sup> | 887638 | 885003 |
| &nbsp;&nbsp; Series 2021-N2, Class B, 0.75%, 03/10/2028 | 418771 | 405554 |
| &nbsp;&nbsp; Series 2021-N2, Class C, 1.07%, 03/10/2028 | 102726 | 99453 |
| &nbsp;&nbsp; Series 2021-N3, Class C, 1.02%, 06/12/2028 | 32021 | 30828 |
| &nbsp;&nbsp; Series 2024-P4, Class N, 5.86%, 12/10/2032 <sup>(a)</sup> | 544981 | 545001 |
|  CPS Auto Trust, Series 2022-D, Class D, 8.73%, 01/16/2029 <sup>(a)</sup> | 3100000 | 3250011 |
| DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
| &nbsp;&nbsp; Series 2022-1A, Class E, 5.53%, 03/15/2029 <sup>(a)</sup> | 2000000 | 1991828 |
| &nbsp;&nbsp; Series 2022-2A, Class D, 5.46%, 03/15/2028 <sup>(a)</sup> | 4260000 | 4265706 |
| &nbsp;&nbsp; Series 2023-2A, Class D, 6.62%, 02/15/2029 <sup>(a)</sup> | 1245000 | 1272470 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| &nbsp;&nbsp; Series 2020-3A, Class F, 5.56%, 06/15/2027 <sup>(a)</sup> | 4500000 | 4499418 |
| &nbsp;&nbsp; Series 2022-3A, Class D, 6.76%, 09/15/2028 | 5575000 | 5651535 |
| &nbsp;&nbsp; Series 2022-5A, Class D, 7.40%, 02/15/2029 | 5050000 | 5158324 |
| Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
| &nbsp;&nbsp; Series 2021-3, Class D, 1.65%, 09/15/2027 <sup>(a)</sup> | 263000 | 250803 |
| &nbsp;&nbsp; Series 2021-4, Class D, 2.26%, 12/15/2027 <sup>(a)</sup> | 392000 | 372815 |
| &nbsp;&nbsp; Series 2022-2, Class C, 5.30%, 04/17/2028 <sup>(a)</sup> | 1250000 | 1250156 |
| &nbsp;&nbsp; Series 2023-3, Class C, 6.01%, 07/16/2029 <sup>(a)</sup> | 585000 | 597096 |
| GLS Auto Receivables Trust | GLS Auto Receivables Trust | GLS Auto Receivables Trust |
| &nbsp;&nbsp; Series 2022-3A, Class D, 6.42%, 06/15/2028 <sup>(a)</sup> | 4400000 | 4469660 |
| &nbsp;&nbsp; Series 2023-3A, Class C, 6.01%, 05/15/2029 <sup>(a)</sup> | 1892000 | 1915320 |
| Hertz Global Holdings, Inc. | Hertz Global Holdings, Inc. | Hertz Global Holdings, Inc. |
| &nbsp;&nbsp; Series 2023-1A, Class B, 6.22%, 06/25/2027 <sup>(a)</sup> | 1450000 | 1456965 |
| &nbsp;&nbsp; Series 2023-1A, Class C, 6.91%, 06/25/2027 <sup>(a)</sup> | 3000000 | 3025347 |
|  Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032 <sup>(a)</sup> | 321958 | 326132 |
|  Lendbuzz Securitization Trust, Series 2023-1A, Class A2, 6.92%, 08/15/2028 <sup>(a)</sup> | 196148 | 199212 |
| Lobel Automobile Receivables Trust | Lobel Automobile Receivables Trust | Lobel Automobile Receivables Trust |
| &nbsp;&nbsp; Series 2023-1, Class C, 8.31%, 10/16/2028 <sup>(a)</sup> | 1750000 | 1777485 |
| &nbsp;&nbsp; Series 2023-2, Class A, 7.59%, 04/16/2029 <sup>(a)</sup> | 716108 | 718362 |
| &nbsp;&nbsp; Series 2023-2, Class C, 10.04%, 06/15/2029 <sup>(a)</sup> | 1000000 | 1044367 |
|  Luxury Lease Partners Auto Lease Trust, Series 2024-4, Class A, 7.29%, 07/15/2030 <sup>(a)</sup> | 336697 | 338360 |
| Prestige Auto Receivables Trust | Prestige Auto Receivables Trust | Prestige Auto Receivables Trust |
| &nbsp;&nbsp; Series 2024-1A, Class B, 5.71%, 05/15/2028 <sup>(a)</sup> | 1000000 | 1004805 |
| &nbsp;&nbsp; Series 2025-1A, Class B, 5.34%, 11/15/2028 <sup>(a)</sup> | 5000000 | 5015240 |
| Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
| &nbsp;&nbsp; Series 2022-3A, Class B, 6.58%, 11/25/2030 <sup>(a)</sup> | 839727 | 842590 |
| &nbsp;&nbsp; Series 2023-3A, Class A, 7.13%, 01/26/2032 <sup>(a)</sup> | 159286 | 160191 |
| &nbsp;&nbsp; Series 2023-4A, Class A, 7.54%, 03/25/2032 <sup>(a)</sup> | 178988 | 180743 |
|  Skopos Auto Receivable Trust, Series 2019-1A, Class E, 7.82%, 06/15/2026 <sup>(a)</sup> | 400642 | 401925 |
|  Strike Acceptance Auto Funding Trust, Series 2025-1A, Class A, 5.84%, 04/15/2032 <sup>(a)</sup> | 1931473 | 1929372 |
| Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
| &nbsp;&nbsp; Series 2023-1A, Class C, 7.24%, 02/16/2027 <sup>(a)</sup> | 268173 | 268391 |
| &nbsp;&nbsp; Series 2024-2A, Class A, 6.36%, 12/15/2027 <sup>(a)</sup> | 869613 | 872872 |
| US Auto Funding Trust | US Auto Funding Trust | US Auto Funding Trust |
| &nbsp;&nbsp; Series 2022-1A, Class A, 3.98%, 10/15/2025 <sup>(a)</sup> | 22126 | 21961 |
| &nbsp;&nbsp; Series 2022-1A, Class B, 5.13%, 12/15/2025 <sup>(a)</sup> | 50000 | 21133 |
| Veros Automobile Receivables Trust | Veros Automobile Receivables Trust | Veros Automobile Receivables Trust |
| &nbsp;&nbsp; Series 2021-1, Class C, 3.64%, 08/15/2028 <sup>(a)</sup> | 257851 | 256110 |
| &nbsp;&nbsp; Series 2023-1, Class A, 7.12%, 11/15/2028 <sup>(a)</sup> | 71441 | 71616 |
| &nbsp;&nbsp; Series 2024-1, Class A, 6.28%, 11/15/2027 <sup>(a)</sup> | 624873 | 628231 |
|  |  | 83199590 |
| **Consumer - 18.7%** | **Consumer - 18.7%** | **Consumer - 18.7%** |
| ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
| &nbsp;&nbsp; Series 2023-1PL, Class D, 8.47%, 03/18/2030 <sup>(a)</sup> | 2952910 | 2995370 |
| &nbsp;&nbsp; Series 2023-3PL, Class C, 7.35%, 08/19/2030 <sup>(a)</sup> | 864482 | 866889 |
| &nbsp;&nbsp; Series 2023-3PL, Class D, 8.36%, 08/19/2030 <sup>(a)</sup> | 3200000 | 3258656 |
| &nbsp;&nbsp; Series 2024-1PL, Class B, 6.34%, 04/25/2031 <sup>(a)</sup> | 483778 | 489359 |
| &nbsp;&nbsp; Series 2024-1PL, Class C, 6.42%, 04/25/2031 <sup>(a)</sup> | 630430 | 635804 |
| &nbsp;&nbsp; Series 2024-1PL, Class D, 7.29%, 04/25/2031 <sup>(a)</sup> | 990575 | 1001146 |
| &nbsp;&nbsp; Series 2024-2PL, Class B, 5.43%, 10/27/2031 <sup>(a)</sup> | 651230 | 653897 |
| &nbsp;&nbsp; Series 2024-2PL, Class C, 5.72%, 10/27/2031 <sup>(a)</sup> | 3944864 | 3952513 |
| &nbsp;&nbsp; Series 2024-3AL, Class C, 5.68%, 12/26/2031 <sup>(a)</sup> | 2478089 | 2479110 |
| Affirm, Inc. | Affirm, Inc. | Affirm, Inc. |
| &nbsp;&nbsp; Series 2023-B, Class 1B, 7.44%, 09/15/2028 <sup>(a)</sup> | 500000 | 503963 |
| &nbsp;&nbsp; Series 2023-X1, Class B, 7.77%, 11/15/2028 <sup>(a)</sup> | 299909 | 300425 |
| &nbsp;&nbsp; Series 2024-X1, Class C, 6.57%, 05/15/2029 <sup>(a)</sup> | 1650000 | 1658528 |
| FREED ABS Trust | FREED ABS Trust | FREED ABS Trust |
| &nbsp;&nbsp; Series 2021-3FP, Class D, 2.37%, 11/20/2028 <sup>(a)</sup> | 45172 | 44874 |
| &nbsp;&nbsp; Series 2022-3FP, Class D, 7.36%, 08/20/2029 <sup>(a)</sup> | 1429588 | 1435654 |
| &nbsp;&nbsp; Series 2022-4FP, Class D, 7.40%, 12/18/2029 <sup>(a)</sup> | 2800551 | 2814956 |
|  LendingPoint Pass-Through Trust, Series 2022-ST2, Class A, 3.25%, 04/15/2028 <sup>(a)</sup> | 27077 | 26554 |
| Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
| &nbsp;&nbsp; Series 2021-3A, Class C, 1.81%, 12/15/2031 <sup>(a)</sup> | 289909 | 288727 |
| &nbsp;&nbsp; Series 2022-3A, Class C, 6.89%, 11/15/2032 <sup>(a)</sup> | 2000000 | 2009814 |
| &nbsp;&nbsp; Series 2023-1A, Class B, 6.50%, 04/15/2033 <sup>(a)</sup> | 1439157 | 1442263 |
| &nbsp;&nbsp; Series 2023-1A, Class C, 7.20%, 04/15/2033 <sup>(a)</sup> | 8487000 | 8565289 |
| &nbsp;&nbsp; Series 2023-3A, Class B, 6.71%, 09/15/2033 <sup>(a)</sup> | 2911349 | 2919150 |
| &nbsp;&nbsp; Series 2023-3A, Class C, 7.06%, 09/15/2033 <sup>(a)</sup> | 2700000 | 2728195 |
|  Momnt Technologies Trust, Series 2023-1A, Class A, 6.92%, 03/20/2045 <sup>(a)</sup> | 495452 | 495282 |
|  NetCredit Funding LLC, Series 2024-A, Class A, 7.43%, 10/21/2030 <sup>(a)</sup> | 136183 | 138030 |
| Oportun Financial Corp. | Oportun Financial Corp. | Oportun Financial Corp. |
| &nbsp;&nbsp; Series 2022-A, Class B, 5.25%, 06/09/2031 <sup>(a)</sup> | 6750000 | 6745701 |
| &nbsp;&nbsp; Series 2024-2, Class B, 5.83%, 02/09/2032 <sup>(a)</sup> | 500000 | 502203 |
| &nbsp;&nbsp; Series 2024-3, Class B, 5.48%, 08/15/2029 <sup>(a)</sup> | 2000000 | 2003283 |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
| &nbsp;&nbsp; Series 2022-1, Class C, 4.89%, 10/15/2029 <sup>(a)</sup> | 4339803 | 4248097 |
| &nbsp;&nbsp; Series 2022-5, Class A, 8.10%, 06/17/2030 <sup>(a)</sup> | 196282 | 197276 |
| &nbsp;&nbsp; Series 2023-3, Class B, 9.57%, 12/16/2030 <sup>(a)</sup> | 2999402 | 3026372 |
| &nbsp;&nbsp; Series 2023-5, Class B, 7.63%, 04/15/2031 <sup>(a)</sup> | 198874 | 199048 |
| &nbsp;&nbsp; Series 2023-5, Class C, 9.10%, 04/15/2031 <sup>(a)</sup> | 1749985 | 1760082 |
| &nbsp;&nbsp; Series 2023-7, Class ABC, 8.35%, 07/15/2031 <sup>(a)(b)</sup> | 1802692 | 1814931 |
| &nbsp;&nbsp; Series 2023-7, Class C, 8.80%, 07/15/2031 <sup>(a)</sup> | 1249534 | 1263077 |
| &nbsp;&nbsp; Series 2023-8, Class B, 7.96%, 06/16/2031 <sup>(a)</sup> | 6775530 | 6926983 |
| &nbsp;&nbsp; Series 2023-8, Class C, 9.54%, 06/16/2031 <sup>(a)</sup> | 4504994 | 4629103 |
| &nbsp;&nbsp; Series 2024-1, Class B, 7.11%, 07/15/2031 <sup>(a)</sup> | 3367561 | 3404276 |
| &nbsp;&nbsp; Series 2024-1, Class C, 8.34%, 07/15/2031 <sup>(a)</sup> | 3668102 | 3732085 |
| &nbsp;&nbsp; Series 2024-10, Class C, 5.99%, 06/15/2032 <sup>(a)</sup> | 4999576 | 5017260 |
| &nbsp;&nbsp; Series 2024-11, Class B, 5.64%, 07/15/2032 <sup>(a)</sup> | 1999770 | 2005631 |
| &nbsp;&nbsp; Series 2024-11, Class C, 5.87%, 07/15/2032 <sup>(a)</sup> | 999885 | 1003439 |
| &nbsp;&nbsp; Series 2024-2, Class B, 6.61%, 08/15/2031 <sup>(a)</sup> | 3249353 | 3284206 |
| &nbsp;&nbsp; Series 2024-2, Class C, 7.57%, 08/15/2031 <sup>(a)</sup> | 2745287 | 2786341 |
| &nbsp;&nbsp; Series 2024-3, Class A, 6.26%, 10/15/2031 <sup>(a)</sup> | 1290084 | 1301640 |
| &nbsp;&nbsp; Series 2024-3, Class B, 6.57%, 10/15/2031 <sup>(a)</sup> | 4110312 | 4153765 |
| &nbsp;&nbsp; Series 2024-3, Class C, 7.30%, 10/15/2031 <sup>(a)</sup> | 720654 | 731154 |
| &nbsp;&nbsp; Series 2024-5, Class B, 6.60%, 10/15/2031 <sup>(a)</sup> | 1509498 | 1525017 |
| &nbsp;&nbsp; Series 2024-6, Class B, 6.59%, 11/15/2031 <sup>(a)</sup> | 1559147 | 1576877 |
| &nbsp;&nbsp; Series 2024-8, Class C, 6.03%, 01/15/2032 <sup>(a)</sup> | 825028 | 828046 |
| &nbsp;&nbsp; Series 2024-9, Class B, 5.31%, 03/15/2032 <sup>(a)</sup> | 4174595 | 4174683 |
| &nbsp;&nbsp; Series 2024-9, Class D, 6.17%, 03/15/2032 <sup>(a)</sup> | 1499771 | 1497898 |
| &nbsp;&nbsp; Series 2025-1, Class B, 5.63%, 07/15/2032 <sup>(a)</sup> | 2000000 | 2009314 |
| &nbsp;&nbsp; Series 2025-1, Class C, 5.87%, 07/15/2032 <sup>(a)</sup> | 1500000 | 1499563 |
| &nbsp;&nbsp; Series 2025-2, Class B, 5.33%, 10/15/2032 <sup>(a)</sup> | 1625000 | 1620542 |
| &nbsp;&nbsp; Series 2025-2, Class C, 5.64%, 10/15/2032 <sup>(a)</sup> | 2000000 | 1994278 |
| &nbsp;&nbsp; Series 2025-3, Class A2, 5.37%, 12/15/2032 <sup>(a)</sup> | 1500000 | 1506354 |
| &nbsp;&nbsp; Series 2025-3, Class B, 6.06%, 12/15/2032 <sup>(a)</sup> | 1500000 | 1507344 |
| Prosper Marketplace Issuance Trust | Prosper Marketplace Issuance Trust | Prosper Marketplace Issuance Trust |
| &nbsp;&nbsp; Series 2023-1A, Class B, 7.48%, 07/16/2029 <sup>(a)</sup> | 3590233 | 3601248 |
| &nbsp;&nbsp; Series 2023-1A, Class C, 8.29%, 07/16/2029 <sup>(a)</sup> | 5300000 | 5376235 |
|  Purchasing Power Funding, Series 2024-A, Class B, 6.43%, 08/15/2028 <sup>(a)</sup> | 600000 | 607133 |
| Reach Financial LLC | Reach Financial LLC | Reach Financial LLC |
| &nbsp;&nbsp; Series 2021-1A, Class C, 3.54%, 05/15/2029 <sup>(a)</sup> | 1371798 | 1362995 |
| &nbsp;&nbsp; Series 2022-2A, Class C, 8.40%, 05/15/2030 <sup>(a)</sup> | 363253 | 364604 |
| &nbsp;&nbsp; Series 2023-1A, Class B, 7.33%, 02/18/2031 <sup>(a)</sup> | 751412 | 756184 |
| &nbsp;&nbsp; Series 2023-1A, Class C, 8.45%, 02/18/2031 <sup>(a)</sup> | 1500000 | 1541427 |
| &nbsp;&nbsp; Series 2024-1A, Class B, 6.29%, 02/18/2031 <sup>(a)</sup> | 2100000 | 2128051 |
|  Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, 6.43%, 12/22/2031 <sup>(a)</sup> | 7321000 | 7394330 |
|  SpringCastle America LLC, Series 2020-AA, Class A, 1.97%, 09/25/2037 <sup>(a)</sup> | 800296 | 749776 |
| Theorem Funding Trust | Theorem Funding Trust | Theorem Funding Trust |
| &nbsp;&nbsp; Series 2022-2A, Class B, 9.27%, 12/15/2028 <sup>(a)</sup> | 4500000 | 4586136 |
| &nbsp;&nbsp; Series 2022-3A, Class B, 8.95%, 04/15/2029 <sup>(a)</sup> | 2700000 | 2771032 |
|  Upgrade Receivables Trust, Series 2024-1A, Class B, 5.77%, 02/18/2031 <sup>(a)</sup> | 2000000 | 2010594 |
| Upstart Pass-Through Trust Series | Upstart Pass-Through Trust Series | Upstart Pass-Through Trust Series |
| &nbsp;&nbsp; Series 2021-ST1, Class A, 2.75%, 02/20/2027 <sup>(a)</sup> | 59036 | 58853 |
| &nbsp;&nbsp; Series 2021-ST4, Class A, 2.00%, 07/20/2027 <sup>(a)</sup> | 67647 | 66915 |
| &nbsp;&nbsp; Series 2022-ST1, Class A, 2.60%, 03/20/2030 <sup>(a)</sup> | 16581 | 16552 |
| &nbsp;&nbsp; Series 2022-ST3, Class A, 4.30%, 05/20/2030 <sup>(a)</sup> | 379820 | 375563 |
| Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
| &nbsp;&nbsp; Series 2021-2, Class C, 3.61%, 06/20/2031 <sup>(a)</sup> | 305736 | 303403 |
| &nbsp;&nbsp; Series 2021-3, Class C, 3.28%, 07/20/2031 <sup>(a)</sup> | 812246 | 802002 |
| &nbsp;&nbsp; Series 2023-2, Class A, 6.77%, 06/20/2033 <sup>(a)</sup> | 88921 | 89060 |
| &nbsp;&nbsp; Series 2025-1, Class A, 5.45%, 04/20/2035 <sup>(a)</sup> | 1200000 | 1198794 |
|  Upstart Structured Pass-Through Trust, Series 2022-4A, Class B, 8.54%, 11/15/2030 <sup>(a)</sup> | 1329407 | 1340324 |
|  |  | 159681528 |
| **Credit Card - 0.9%** | **Credit Card - 0.9%** | **Credit Card - 0.9%** |
|  American Express Travel Related Services Co., Inc., Series 2022-3, Class A, 3.75%, 08/15/2027 | 6000000 | 5985824 |
|  Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A, 6.56%, 07/20/2029 <sup>(a)</sup> | 1500000 | 1518876 |
|  |  | 7504700 |
| **Equipment - 0.7%** | **Equipment - 0.7%** | **Equipment - 0.7%** |
|  ClickLease Equipment Receivables Trust, Series 2024-1, Class A, 6.86%, 02/15/2030 <sup>(a)</sup> | 121736 | 121867 |
|  Octane Receivables Trust, Series 2022-2A, Class D, 7.70%, 02/20/2030 <sup>(a)</sup> | 6000000 | 6196006 |
|  |  | 6317873 |
| **Fiber - 0.6%** | **Fiber - 0.6%** | **Fiber - 0.6%** |
|  Frontier Communications Parent, Inc., Series 2023-1, Class A2, 6.60%, 08/20/2053 <sup>(a)</sup> | 5000000 | 5082175 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $261,215,392) | **TOTAL ASSET-BACKED SECURITIES** (Cost $261,215,392) | 261785866 |
| **CORPORATE OBLIGATIONS - 18.3%** | **Par** | **Value** |
| **Basic Materials - 1.1%** | **Basic Materials - 1.1%** | **Basic Materials - 1.1%** |
|  Cabot Corp., 3.40%, 09/15/2026 | 2250000 | 2219198 |
|  Consolidated Energy Finance SA, 6.50%, 05/15/2026 <sup>(a)</sup> | 761000 | 734354 |
|  First Quantum Minerals Ltd., 6.88%, 10/15/2027 <sup>(a)</sup> | 852000 | 842398 |
|  FMC Corp., 5.15%, 05/18/2026 | 2700000 | 2703998 |
|  International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 <sup>(a)</sup> | 2594000 | 2547619 |
|  Methanex Corp., 5.13%, 10/15/2027 | 350000 | 343870 |
|  NOVA Chemicals Corp., 5.00%, 05/01/2025 <sup>(a)</sup> | 200000 | 200000 |
|  |  | 9591437 |
| **Communications - 0.6%** | **Communications - 0.6%** | **Communications - 0.6%** |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 <sup>(a)</sup> | 800000 | 773911 |
|  Juniper Networks, Inc., 1.20%, 12/10/2025 | 789000 | 773269 |
|  Nexstar Media, Inc., 5.63%, 07/15/2027 <sup>(a)</sup> | 450000 | 446189 |
|  Sprint LLC, 7.63%, 03/01/2026 | 2522000 | 2555340 |
|  Univision Communications, Inc., 6.63%, 06/01/2027 <sup>(a)</sup> | 800000 | 774876 |
|  |  | 5323585 |
| **Consumer, Cyclical - 2.8%** | **Consumer, Cyclical - 2.8%** | **Consumer, Cyclical - 2.8%** |
|  American Axle & Manufacturing, Inc., 6.50%, 04/01/2027 | 800000 | 781267 |
|  AutoNation, Inc., 4.50%, 10/01/2025 | 1600000 | 1595753 |
|  Beazer Homes USA, Inc., 5.88%, 10/15/2027 | 800000 | 782292 |
|  Carnival Corp., 7.63%, 03/01/2026 <sup>(a)</sup> | 250000 | 250893 |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
| &nbsp;&nbsp; 7.00%, 05/01/2025 <sup>(a)</sup> | 1170000 | 1170000 |
| &nbsp;&nbsp; 7.38%, 01/15/2026 | 850000 | 862111 |
|  Ford Motor Credit Co. LLC, 2.90%, 02/16/2028 | 2300000 | 2105940 |
|  General Motors Financial Co., Inc., 2.40%, 04/10/2028 | 2300000 | 2137605 |
|  Harley-Davidson Financial Services, Inc., 3.35%, 06/08/2025 <sup>(a)</sup> | 1240000 | 1236828 |
|  Magna International, Inc., 5.98%, 03/21/2026 | 400000 | 400014 |
|  Mattel, Inc., 3.38%, 04/01/2026 <sup>(a)</sup> | 2000000 | 1963940 |
|  Meritage Homes Corp., 5.13%, 06/06/2027 | 2100000 | 2120372 |
|  NCL Corp. Ltd., 5.88%, 03/15/2026 <sup>(a)</sup> | 80000 | 79653 |
|  PVH Corp., 4.63%, 07/10/2025 | 1600000 | 1600739 |
|  Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026 <sup>(a)</sup> | 1200000 | 1184434 |
|  Toll Brothers Finance Corp., 4.88%, 03/15/2027 | 2028000 | 2031494 |
|  United Airlines, Inc., 4.38%, 04/15/2026 <sup>(a)</sup> | 2300000 | 2269119 |
|  Volkswagen Group of America Finance LLC, 3.35%, 05/13/2025 <sup>(a)</sup> | 300000 | 299863 |
|  Whirlpool Corp., 3.70%, 05/01/2025 | 800000 | 800000 |
|  |  | 23672317 |
| **Consumer, Non-cyclical - 1.1%** | **Consumer, Non-cyclical - 1.1%** | **Consumer, Non-cyclical - 1.1%** |
|  Ashtead Capital, Inc., 1.50%, 08/12/2026 <sup>(a)</sup> | 2608000 | 2511045 |
|  Block Financial LLC, 5.25%, 10/01/2025 | 1400000 | 1401004 |
|  Bunge Ltd. Finance Corp., 1.63%, 08/17/2025 | 125000 | 123844 |
|  Conagra Brands, Inc., 1.38%, 11/01/2027 | 2100000 | 1939131 |
|  HCA, Inc., 5.20%, 06/01/2028 | 2050000 | 2083465 |
|  Royalty Pharma PLC, 1.20%, 09/02/2025 | 1655000 | 1634312 |
|  |  | 9692801 |
| **Energy - 3.0%** | **Energy - 3.0%** | **Energy - 3.0%** |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.88%, 04/01/2027 <sup>(a)</sup> | 850000 | 849621 |
|  Continental Resources, Inc., 2.27%, 11/15/2026 <sup>(a)</sup> | 2703000 | 2591402 |
|  DCP Midstream Operating LP, 5.38%, 07/15/2025 | 189000 | 189043 |
|  Energy Transfer LP, 2.90%, 05/15/2025 | 1600000 | 1598748 |
| EnLink Midstream Partners LP | EnLink Midstream Partners LP | EnLink Midstream Partners LP |
| &nbsp;&nbsp; 4.15%, 06/01/2025 | 1100000 | 1098751 |
| &nbsp;&nbsp; 5.00%, 03/01/2026 | 100000 | 100079 |
| &nbsp;&nbsp; 4.85%, 07/15/2026 | 600000 | 600084 |
| &nbsp;&nbsp; 4.55%, 07/15/2028 | 2000000 | 2000089 |
| EQT Corp. | EQT Corp. | EQT Corp. |
| &nbsp;&nbsp; 3.13%, 05/15/2026 <sup>(a)</sup> | 1207000 | 1183917 |
| &nbsp;&nbsp; 3.90%, 10/01/2027 | 1493000 | 1464946 |
|  FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/2027 <sup>(a)</sup> | 831000 | 863270 |
|  Kinder Morgan, Inc., 4.30%, 06/01/2025 | 640000 | 639554 |
|  Occidental Petroleum Corp., 3.20%, 08/15/2026 | 2400000 | 2351525 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
| &nbsp;&nbsp; 5.65%, 05/15/2025 | 1100000 | 1099600 |
| &nbsp;&nbsp; 5.38%, 01/01/2026 | 2700000 | 2700494 |
|  PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028 | 800000 | 706868 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 03/01/2027 <sup>(a)</sup> | 100000 | 98805 |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 07/15/2027 | 2602000 | 2612823 |
|  USA Compression Partners LP / USA Compression Finance Corp., 6.88%, 09/01/2027 | 300000 | 297744 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| &nbsp;&nbsp; 3.95%, 06/01/2025 | 580000 | 579143 |
| &nbsp;&nbsp; 4.75%, 08/15/2028 | 2050000 | 2034353 |
|  |  | 25660859 |
| **Financial - 4.7%** | **Financial - 4.7%** | **Financial - 4.7%** |
| Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
| &nbsp;&nbsp; 5.25%, 08/11/2025 <sup>(a)</sup> | 1450000 | 1447829 |
| &nbsp;&nbsp; 2.85%, 01/26/2028 <sup>(a)</sup> | 1250000 | 1180099 |
|  Apollo Management Holdings LP, 4.40%, 05/27/2026 <sup>(a)</sup> | 600000 | 598182 |
| Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
| &nbsp;&nbsp; 3.25%, 07/15/2025 | 1600000 | 1594920 |
| &nbsp;&nbsp; 7.00%, 01/15/2027 | 1100000 | 1130824 |
|  Athene Global Funding, 5.62%, 05/08/2026 <sup>(a)</sup> | 1300000 | 1313388 |
| Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
| &nbsp;&nbsp; 4.25%, 04/15/2026 <sup>(a)</sup> | 400000 | 396500 |
| &nbsp;&nbsp; 2.53%, 11/18/2027 <sup>(a)</sup> | 300000 | 281719 |
| &nbsp;&nbsp; 6.38%, 05/04/2028 <sup>(a)</sup> | 2000000 | 2063040 |
|  Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027 <sup>(a)</sup> | 800000 | 761091 |
|  Capital One Financial Corp., 4.20%, 10/29/2025 | 1460000 | 1457176 |
|  Discover Bank, 3.45%, 07/27/2026 | 2400000 | 2363280 |
|  Fifth Third Bank, Inc., 3.85%, 03/15/2026 | 2700000 | 2674888 |
|  Freedom Mortgage Corp., 6.63%, 01/15/2027 <sup>(a)</sup> | 800000 | 794816 |
|  GGAM Finance Ltd., 8.00%, 02/15/2027 <sup>(a)</sup> | 250000 | 256888 |
|  Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027 <sup>(a)</sup> | 850000 | 847983 |
|  goeasy Ltd., 4.38%, 05/01/2026 <sup>(a)</sup> | 260000 | 256429 |
|  HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 <sup>(a)</sup> | 2600000 | 2524304 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| &nbsp;&nbsp; 4.00%, 06/15/2025 | 1200000 | 1198289 |
| &nbsp;&nbsp; 4.50%, 02/01/2026 | 1050000 | 1046707 |
|  Jefferson Capital Holdings LLC, 6.00%, 08/15/2026 <sup>(a)</sup> | 280000 | 278828 |
| Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
| &nbsp;&nbsp; 4.58%, 12/10/2025 | 2000000 | 1994600 |
| &nbsp;&nbsp; 4.65%, 03/24/2026 | 700000 | 697889 |
| LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
| &nbsp;&nbsp; 5.70%, 05/20/2027 | 2000000 | 2039215 |
| &nbsp;&nbsp; 4.63%, 11/15/2027 <sup>(a)</sup> | 300000 | 298730 |
|  Macquarie Airfinance Holdings Ltd., 8.38%, 05/01/2028 <sup>(a)</sup> | 2740000 | 2854751 |
|  Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027 <sup>(a)</sup> | 350000 | 350449 |
|  OneMain Finance Corp., 3.50%, 01/15/2027 | 400000 | 383278 |
|  PennyMac Financial Services, Inc., 5.38%, 10/15/2025 <sup>(a)</sup> | 300000 | 298503 |
|  Radian Group, Inc., 4.88%, 03/15/2027 | 2000000 | 1992383 |
|  Starwood Property Trust, Inc., 4.38%, 01/15/2027 <sup>(a)</sup> | 300000 | 294537 |
|  Synchrony Bank, 5.63%, 08/23/2027 | 2300000 | 2325298 |
|  Truist Bank, 3.63%, 09/16/2025 | 1600000 | 1593351 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| &nbsp;&nbsp; 5.50%, 11/15/2025 <sup>(a)</sup> | 200000 | 199209 |
| &nbsp;&nbsp; 5.75%, 06/15/2027 <sup>(a)</sup> | 400000 | 394976 |
|  |  | 40184349 |
| **Industrial - 3.3%** | **Industrial - 3.3%** | **Industrial - 3.3%** |
|  Amcor Flexibles North America, Inc., 4.00%, 05/17/2025 | 480000 | 479629 |
|  Arrow Electronics, Inc., 3.88%, 01/12/2028 | 2300000 | 2252419 |
|  Avnet, Inc., 4.63%, 04/15/2026 | 274000 | 273522 |
|  Berry Global, Inc., 1.57%, 01/15/2026 | 2250000 | 2194205 |
|  Boeing Co., 2.75%, 02/01/2026 | 2580000 | 2536596 |
|  Brambles USA, Inc., 4.13%, 10/23/2025 <sup>(a)</sup> | 1600000 | 1596064 |
|  CRH America, Inc., 3.88%, 05/18/2025 <sup>(a)</sup> | 200000 | 199858 |
| Flex Ltd. | Flex Ltd. | Flex Ltd. |
| &nbsp;&nbsp; 4.75%, 06/15/2025 | 1600000 | 1599351 |
| &nbsp;&nbsp; 3.75%, 02/01/2026 | 1050000 | 1040783 |
| GATX Corp. | GATX Corp. | GATX Corp. |
| &nbsp;&nbsp; 3.25%, 09/15/2026 | 1298000 | 1274372 |
| &nbsp;&nbsp; 3.50%, 03/15/2028 | 670000 | 652201 |
|  Hexcel Corp., 4.20%, 02/15/2027 | 990000 | 975967 |
|  Jabil, Inc., 1.70%, 04/15/2026 | 500000 | 485902 |
|  Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 <sup>(a)</sup> | 300000 | 299604 |
|  Penske Truck Leasing Co. LP / PTL Finance Corp., 5.75%, 05/24/2026 <sup>(a)</sup> | 440000 | 444840 |
|  Rolls-Royce PLC, 3.63%, 10/14/2025 <sup>(a)</sup> | 2601000 | 2589460 |
|  Sealed Air Corp., 1.57%, 10/15/2026 <sup>(a)</sup> | 2600000 | 2481664 |
|  Silgan Holdings, Inc., 1.40%, 04/01/2026 <sup>(a)</sup> | 2600000 | 2507996 |
|  Textron, Inc., 4.00%, 03/15/2026 | 2400000 | 2382339 |
|  Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/2025 | 1450000 | 1446747 |
|  |  | 27713519 |
| **Technology - 0.6%** | **Technology - 0.6%** | **Technology - 0.6%** |
| CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. |
| &nbsp;&nbsp; 2.67%, 12/01/2026 | 1750000 | 1693464 |
| &nbsp;&nbsp; 4.25%, 04/01/2028 | 500000 | 491026 |
|  Hewlett Packard Enterprise Co., 1.75%, 04/01/2026 | 2700000 | 2629075 |
|  |  | 4813565 |
| **Utilities - 1.1%** | **Utilities - 1.1%** | **Utilities - 1.1%** |
|  Edison International, 4.70%, 08/15/2025 | 1450000 | 1446994 |
|  National Fuel Gas Co., 5.50%, 10/01/2026 | 890000 | 900458 |
|  NRG Energy, Inc., 2.00%, 12/02/2025 <sup>(a)</sup> | 2000000 | 1963343 |
|  Pacific Gas and Electric Co., 3.15%, 01/01/2026 | 2700000 | 2666771 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| &nbsp;&nbsp; 5.13%, 05/13/2025 <sup>(a)</sup> | 1450000 | 1450002 |
| &nbsp;&nbsp; 5.05%, 12/30/2026 <sup>(a)</sup> | 800000 | 804120 |
|  |  | 9231688 |
| **TOTAL CORPORATE OBLIGATIONS** (Cost $155,846,834) | **TOTAL CORPORATE OBLIGATIONS** (Cost $155,846,834) | 155884120 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 17.3%** | **Par** | **Value** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Series K048, Class A2, 3.28%, 06/25/2025 <sup>(b)</sup> | 2225110 | 2220573 |
| &nbsp;&nbsp; Series K049, Class A2, 3.01%, 07/25/2025 | 4336129 | 4322158 |
| &nbsp;&nbsp; Series K050, Class A2, 3.33%, 08/25/2025 <sup>(b)</sup> | 276979 | 276014 |
| &nbsp;&nbsp; Series K052, Class A2, 3.15%, 11/25/2025 | 2712391 | 2694720 |
| &nbsp;&nbsp; Series K053, Class A2, 3.00%, 12/25/2025 | 5286040 | 5240421 |
| &nbsp;&nbsp; Series K055, Class A2, 2.67%, 03/25/2026 | 5309129 | 5234451 |
| &nbsp;&nbsp; Series K056, Class A2, 2.53%, 05/25/2026 | 2249660 | 2213814 |
| &nbsp;&nbsp; Series K057, Class A2, 2.57%, 07/25/2026 | 6991490 | 6863042 |
| &nbsp;&nbsp; Series K058, Class A2, 2.65%, 08/25/2026 | 6607000 | 6477628 |
| &nbsp;&nbsp; Series K062, Class A2, 3.41%, 12/25/2026 | 3135000 | 3098543 |
| &nbsp;&nbsp; Series K093, Class A1, 2.76%, 12/25/2028 | 608234 | 597285 |
| &nbsp;&nbsp; Series K732, Class A2, 3.70%, 05/25/2025 | 422897 | 422137 |
| &nbsp;&nbsp; Series K735, Class A2, 2.86%, 05/25/2026 | 843716 | 832319 |
| &nbsp;&nbsp; Series K736, Class A2, 2.28%, 07/25/2026 | 2495713 | 2441704 |
| &nbsp;&nbsp; Series K-F100, Class AL, 4.58% (30 day avg SOFR US + 0.24%), 11/25/2027 | 5049955 | 5021528 |
| &nbsp;&nbsp; Series K-F100, Class AS, 4.51% (30 day avg SOFR US + 0.18%), 01/25/2028 | 4070292 | 4040843 |
| &nbsp;&nbsp; Series K-F101, Class AS, 4.53% (30 day avg SOFR US + 0.20%), 01/25/2031 | 99150 | 97547 |
| &nbsp;&nbsp; Series K-F102, Class AS, 4.53% (30 day avg SOFR US + 0.20%), 01/25/2031 | 5359084 | 5279207 |
| &nbsp;&nbsp; Series K-F104, Class AS, 4.58% (30 day avg SOFR US + 0.25%), 01/25/2031 | 2713877 | 2699767 |
| &nbsp;&nbsp; Series K-F105, Class AS, 4.58% (30 day avg SOFR US + 0.25%), 02/25/2031 | 2609591 | 2598493 |
| &nbsp;&nbsp; Series K-F108, Class AS, 4.58% (30 day avg SOFR US + 0.25%), 02/25/2031 | 2256286 | 2244339 |
| &nbsp;&nbsp; Series K-F109, Class AS, 4.57% (30 day avg SOFR US + 0.24%), 03/25/2031 | 313154 | 309303 |
| &nbsp;&nbsp; Series K-F114, Class AS, 4.55% (30 day avg SOFR US + 0.22%), 05/25/2031 | 5598851 | 5516212 |
| &nbsp;&nbsp; Series K-F115, Class AS, 4.54% (30 day avg SOFR US + 0.21%), 06/25/2031 | 5205085 | 5126410 |
| &nbsp;&nbsp; Series K-F118, Class AS, 4.53% (30 day avg SOFR US + 0.20%), 07/25/2028 | 4517093 | 4478300 |
| &nbsp;&nbsp; Series K-F121, Class AS, 4.51% (30 day avg SOFR US + 0.18%), 08/25/2028 | 4816666 | 4770975 |
| &nbsp;&nbsp; Series KF123, Class AS, 4.53% (30 day avg SOFR US + 0.20%), 09/25/2028 | 4384847 | 4344844 |
| &nbsp;&nbsp; Series KF124, Class AS, 4.55% (30 day avg SOFR US + 0.22%), 10/25/2031 | 445626 | 440043 |
| &nbsp;&nbsp; Series KF125, Class AS, 4.55% (30 day avg SOFR US + 0.22%), 10/25/2028 | 1389255 | 1377291 |
| &nbsp;&nbsp; Series KF129, Class AS, 4.58% (30 day avg SOFR US + 0.25%), 01/25/2029 | 3105893 | 3080894 |
| &nbsp;&nbsp; Series KF130, Class AS, 4.62% (30 day avg SOFR US + 0.29%), 01/25/2029 | 1930778 | 1925358 |
| &nbsp;&nbsp; Series KF133, Class AS, 4.70% (30 day avg SOFR US + 0.37%), 02/25/2029 | 944176 | 940180 |
| &nbsp;&nbsp; Series KF134, Class AS, 4.74% (30 day avg SOFR US + 0.41%), 03/25/2032 | 1065023 | 1063271 |
| &nbsp;&nbsp; Series KF136, Class AS, 4.74% (30 day avg SOFR US + 0.41%), 04/25/2032 | 745702 | 741448 |
| &nbsp;&nbsp; Series KF141, Class AS, 4.90% (30 day avg SOFR US + 0.57%), 07/25/2032 | 910721 | 914079 |
| &nbsp;&nbsp; Series KF155, Class AS, 5.00% (30 day avg SOFR US + 0.67%), 02/25/2030 | 237634 | 239270 |
| &nbsp;&nbsp; Series KF160, Class AS, 5.03% (30 day avg SOFR US + 0.70%), 10/25/2030 | 675394 | 679911 |
| &nbsp;&nbsp; Series KF166, Class AS, 4.93% (30 day avg SOFR US + 0.60%), 01/25/2032 | 5000000 | 5006250 |
| &nbsp;&nbsp; Series KF37, Class A, 4.81% (30 day avg SOFR US + 0.47%), 09/25/2027 | 645977 | 642958 |
| &nbsp;&nbsp; Series KF57, Class A, 4.99% (30 day avg SOFR US + 0.65%), 12/25/2028 | 224970 | 226165 |
| &nbsp;&nbsp; Series KF59, Class A, 4.99% (30 day avg SOFR US + 0.65%), 02/25/2029 | 705632 | 707926 |
| &nbsp;&nbsp; Series KF61, Class A, 4.98% (30 day avg SOFR US + 0.64%), 03/25/2029 | 727370 | 729723 |
| &nbsp;&nbsp; Series KF67, Class A, 4.97% (30 day avg SOFR US + 0.63%), 08/25/2029 | 377675 | 379630 |
| &nbsp;&nbsp; Series KF75, Class AS, 4.89% (SOFR 1M Historical Calendar Day Compounded + 0.55%), 12/25/2029 | 1458606 | 1461632 |
| &nbsp;&nbsp; Series KF81, Class AS, 4.73% (30 day avg SOFR US + 0.40%), 06/25/2027 | 2048942 | 2046422 |
| &nbsp;&nbsp; Series KF82, Class AS, 4.75% (30 day avg SOFR US + 0.42%), 06/25/2030 | 5296338 | 5277255 |
| &nbsp;&nbsp; Series KF85, Class AS, 4.66% (30 day avg SOFR US + 0.33%), 08/25/2030 | 3929739 | 3906750 |
| &nbsp;&nbsp; Series KF88, Class AL, 4.78% (30 day avg SOFR US + 0.44%), 09/25/2030 | 3814662 | 3804149 |
| &nbsp;&nbsp; Series KF91, Class AS, 4.71% (30 day avg SOFR US + 0.38%), 10/25/2030 | 2970041 | 2952827 |
| &nbsp;&nbsp; Series KF94, Class AL, 4.75% (30 day avg SOFR US + 0.41%), 11/25/2030 | 6073370 | 6047206 |
| &nbsp;&nbsp; Series KF96, Class AL, 4.71% (30 day avg SOFR US + 0.37%), 12/25/2030 | 236883 | 235401 |
| &nbsp;&nbsp; Series KF96, Class AS, 4.63% (30 day avg SOFR US + 0.30%), 11/25/2030 | 616188 | 610131 |
| &nbsp;&nbsp; Series KF97, Class AS, 4.58% (30 day avg SOFR US + 0.25%), 12/25/2030 | 853690 | 843151 |
| &nbsp;&nbsp; Series KF98, Class AL, 4.62% (30 day avg SOFR US + 0.28%), 12/25/2030 | 6400761 | 6332094 |
| &nbsp;&nbsp; Series KJ21, Class A2, 3.70%, 09/25/2026 | 1154290 | 1147626 |
|  Federal National Mortgage Association, Pool BM7189, 2.94%, 10/01/2025 <sup>(b)</sup> | 4294655 | 4275214 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $147,782,410) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $147,782,410) | 147496832 |
| **COLLATERALIZED LOAN OBLIGATIONS - 15.5%** | **Par** | **Value** |
|  AMMC CLO Ltd., Series 2016-18A, Class BR, 6.18% (3 mo. Term SOFR + 1.86%), 05/26/2031 <sup>(a)</sup> | 1250000 | 1250496 |
| Apidos CLO Ltd. | Apidos CLO Ltd. | Apidos CLO Ltd. |
| &nbsp;&nbsp; Series 2015-23A, Class ARR, 5.31% (3 mo. Term SOFR + 1.05%), 04/15/2033 <sup>(a)</sup> | 13000000 | 12984569 |
| &nbsp;&nbsp; Series 2019-31A, Class A1R, 5.62% (3 mo. Term SOFR + 1.36%), 04/15/2031 <sup>(a)</sup> | 4229137 | 4229103 |
| Assurant CLO Ltd. | Assurant CLO Ltd. | Assurant CLO Ltd. |
| &nbsp;&nbsp; Series 2018-2A, Class A, 5.57% (3 mo. Term SOFR + 1.30%), 04/20/2031 <sup>(a)</sup> | 1055665 | 1055788 |
| &nbsp;&nbsp; Series 2018-2A, Class B1, 5.98% (3 mo. Term SOFR + 1.71%), 04/20/2031 <sup>(a)</sup> | 3000000 | 2997588 |
|  Atlas Senior Loan Fund Ltd., Series 2022-20A, Class XR, 5.42% (3 mo. Term SOFR + 1.15%), 10/19/2037 <sup>(a)</sup> | 1600000 | 1599971 |
|  Barings Middle Market CLO Ltd., Series 2023-IIA, Class A1, 6.42% (3 mo. Term SOFR + 2.15%), 01/20/2032 <sup>(a)</sup> | 2199785 | 2204035 |
|  Bean Creak CLO Ltd., Series 2015-1A, Class BR, 5.98% (3 mo. Term SOFR + 1.71%), 04/20/2031 <sup>(a)</sup> | 4880460 | 4878835 |
|  Black Diamond CLO Ltd., Series 2019-2A, Class A1AR, 5.60% (3 mo. Term SOFR + 1.32%), 07/23/2032 <sup>(a)</sup> | 1665758 | 1665732 |
|  Brightwood Capital MM, Series 2021-2A, Class C1, 7.42% (3 mo. Term SOFR + 3.16%), 11/15/2030 <sup>(a)</sup> | 3000000 | 3004593 |
|  Cent CLO Ltd., Series 2014-21A, Class BR3, 6.69% (3 mo. Term SOFR + 2.41%), 07/27/2030 <sup>(a)</sup> | 2500000 | 2501912 |
|  Cerberus Loan Funding LP, Series 2021-3A, Class A, 6.08% (3 mo. Term SOFR + 1.82%), 07/23/2033 <sup>(a)</sup> | 3500000 | 3500766 |
|  Fortress Credit Opportunities, Series 2025-31A, Class A1, 0.00% (3 mo. Term SOFR + 1.50%), 07/20/2033 <sup>(a)(d)</sup> | 3000000 | 3000000 |
|  Gallatin CLO Ltd., Series 2017-1A, Class A1R, 5.61% (3 mo. Term SOFR + 1.35%), 07/15/2031 <sup>(a)</sup> | 2560880 | 2559000 |
|  Goldentree Loan Opportunities Ltd., Series 2016-12X, Class CR, 6.48% (3 mo. Term SOFR + 2.21%), 07/21/2030 <sup>(e)</sup> | 2320000 | 2318221 |
|  Golub Capital Partners CLO Ltd., Series 2018-36A, Class C, 6.66% (3 mo. Term SOFR + 2.36%), 02/05/2031 <sup>(a)</sup> | 2000000 | 2002374 |
|  Greywolf CLO Ltd., Series 2018-1A, Class A2, 6.17% (3 mo. Term SOFR + 1.89%), 04/26/2031 <sup>(a)</sup> | 4280000 | 4279452 |
|  Highbridge Loan Management Ltd., Series 11A-17, Class BR, 6.11% (3 mo. Term SOFR + 1.81%), 05/06/2030 <sup>(a)</sup> | 6000000 | 5999970 |
|  LJV I MM CLO LLC, Series 2022-1A, Class A1, 6.13% (3 mo. Term SOFR + 1.85%), 04/28/2034 <sup>(a)</sup> | 4444605 | 4451348 |
| Madison Park Funding Ltd. | Madison Park Funding Ltd. | Madison Park Funding Ltd. |
| &nbsp;&nbsp; Series 2015-18A, Class ARR, 5.47% (3 mo. Term SOFR + 1.20%), 10/21/2030 <sup>(a)</sup> | 827595 | 827507 |
| &nbsp;&nbsp; Series 2016-21A, Class AARR, 5.60% (3 mo. Term SOFR + 1.34%), 10/15/2032 <sup>(a)</sup> | 4904259 | 4908673 |
| &nbsp;&nbsp; Series 2021-52A, Class X, 5.43% (3 mo. Term SOFR + 1.16%), 01/22/2035 <sup>(a)</sup> | 473684 | 473683 |
|  MP CLO Ltd., Series 2013-1A, Class BR, 6.18% (3 mo. Term SOFR + 1.91%), 10/20/2030 <sup>(a)</sup> | 1750000 | 1744970 |
| OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
| &nbsp;&nbsp; Series 2014-5A, Class A1R, 5.62% (3 mo. Term SOFR + 1.34%), 04/26/2031 <sup>(a)</sup> | 478811 | 478873 |
| &nbsp;&nbsp; Series 2017-13A, Class X, 5.37% (3 mo. Term SOFR + 1.10%), 11/26/2037 <sup>(a)</sup> | 1833333 | 1833300 |
| Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. | Octagon Investment Partners Ltd. |
| &nbsp;&nbsp; Series 2013-1A, Class BR2, 5.94% (3 mo. Term SOFR + 1.66%), 01/25/2031 <sup>(a)</sup> | 5309500 | 5306357 |
| &nbsp;&nbsp; Series 2016-1A, Class XRR, 5.58% (3 mo. Term SOFR + 1.30%), 04/24/2037 <sup>(a)</sup> | 4631579 | 4647243 |
| &nbsp;&nbsp; Series 2018-1A, Class A1A, 5.59% (3 mo. Term SOFR + 1.32%), 01/20/2031 <sup>(a)</sup> | 1674496 | 1674880 |
|  Octagon Loan Funding, Series 2014-1A, Class ARR, 5.76% (3 mo. Term SOFR + 1.44%), 11/18/2031 <sup>(a)</sup> | 3797012 | 3796940 |
|  OZLM Ltd., Series 2019-24A, Class A1AR, 5.69% (3 mo. Term SOFR + 1.42%), 07/20/2032 <sup>(a)</sup> | 4800346 | 4796578 |
|  Parliament Funding, Series 2020-1A, Class BR, 6.18% (3 mo. Term SOFR + 1.91%), 10/20/2031 <sup>(a)</sup> | 10180427 | 10186596 |
|  Romark CLO Ltd., Series 2021-5A, Class X, 5.52% (3 mo. Term SOFR + 1.26%), 01/15/2035 <sup>(a)</sup> | 736842 | 736832 |
|  Sound Point CLO Ltd., Series 2014-1RA, Class A, 5.68% (3 mo. Term SOFR + 1.41%), 07/18/2031 <sup>(a)</sup> | 2554751 | 2554735 |
| Steele Creek CLO Ltd. | Steele Creek CLO Ltd. | Steele Creek CLO Ltd. |
| &nbsp;&nbsp; Series 2019-1A, Class ARR, 5.30% (3 mo. Term SOFR + 1.04%), 04/15/2032 <sup>(a)</sup> | 2276813 | 2273198 |
| &nbsp;&nbsp; Series 2019-2A, Class ARR, 5.26% (3 mo. Term SOFR + 1.00%), 07/15/2032 <sup>(a)</sup> | 4689198 | 4680626 |
| THL Credit Lake Shore MM CLO Ltd. | THL Credit Lake Shore MM CLO Ltd. | THL Credit Lake Shore MM CLO Ltd. |
| &nbsp;&nbsp; Series 2019-2A, Class A1RR, 5.68% (3 mo. Term SOFR + 1.40%), 10/17/2031 <sup>(a)</sup> | 1271096 | 1269894 |
| &nbsp;&nbsp; Series 2019-2A, Class BRR, 5.98% (3 mo. Term SOFR + 1.70%), 10/17/2031 <sup>(a)</sup> | 1500000 | 1495381 |
|  TIAA CLO Ltd., Series 2017-2A, Class A, 5.67% (3 mo. Term SOFR + 1.41%), 01/16/2031 <sup>(a)</sup> | 3027300 | 3027836 |
|  Venture CDO Ltd., Series 2018-32A, Class A1, 5.63% (3 mo. Term SOFR + 1.36%), 07/18/2031 <sup>(a)</sup> | 1825845 | 1825832 |
|  Voya CLO Ltd., Series 2022-3A, Class X, 5.87% (3 mo. Term SOFR + 1.60%), 10/20/2036 <sup>(a)</sup> | 628571 | 628558 |
|  Wind River CLO Ltd., Series 2014-1A, Class BRR, 6.13% (3 mo. Term SOFR + 1.86%), 07/18/2031 <sup>(a)</sup> | 6000000 | 5999220 |
|  Woodmont Trust, Series 2019-6A, Class BR, 6.37% (3 mo. Term SOFR + 2.11%), 07/15/2031 <sup>(a)</sup> | 1000000 | 1001847 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $132,824,175) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $132,824,175) | 132653312 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES - 12.3%** | **Par** | **Value** |
|  A&D Mortgage LLC, Series 2025-NQM1, Class A3, 5.84%, 03/25/2070 <sup>(a)(c)</sup> | 2474691 | 2502816 |
|  ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, 04/25/2064 <sup>(a)(c)</sup> | 943581 | 923000 |
| Bellemeade Re Ltd. | Bellemeade Re Ltd. | Bellemeade Re Ltd. |
| &nbsp;&nbsp; Series 2023-1, Class M1B, 8.60% (30 day avg SOFR US + 4.25%), 10/25/2033 <sup>(a)</sup> | 200000 | 206795 |
| &nbsp;&nbsp; Series 2024-1, Class M1A, 6.50% (30 day avg SOFR US + 2.15%), 08/25/2034 <sup>(a)</sup> | 2375000 | 2383588 |
| BRAVO Residential Funding Trust | BRAVO Residential Funding Trust | BRAVO Residential Funding Trust |
| &nbsp;&nbsp; Series 2022-NQM3, Class A3, 5.50%, 07/25/2062 <sup>(a)(b)</sup> | 388142 | 399160 |
| &nbsp;&nbsp; Series 2023-NQM2, Class A3, 4.50%, 05/25/2062 <sup>(a)(c)</sup> | 811056 | 803447 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1A, 4.35%, 01/25/2060 <sup>(a)(c)</sup> | 1852144 | 1829813 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A2, 4.35%, 01/25/2060 <sup>(a)(c)</sup> | 1852144 | 1819272 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A3, 4.35%, 01/25/2060 <sup>(a)(c)</sup> | 926072 | 880974 |
| &nbsp;&nbsp; Series 2025-NQM3, Class A3, 5.88%, 03/25/2065 <sup>(a)(c)</sup> | 981910 | 993332 |
|  Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.41%, 11/25/2029 <sup>(a)(c)</sup> | 944752 | 960881 |
|  Colt Mortgage Loan Trust, Series 2025-1, Class A3, 6.08%, 01/25/2070 <sup>(a)(c)</sup> | 1949446 | 1971015 |
| Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust |
| &nbsp;&nbsp; Series 2023-R08, Class 1M1, 5.85% (30 day avg SOFR US + 1.50%), 10/25/2043 <sup>(a)</sup> | 705472 | 706134 |
| &nbsp;&nbsp; Series 2025-R01, Class 1A1, 5.30% (30 day avg SOFR US + 0.95%), 01/25/2045 <sup>(a)</sup> | 1443441 | 1434859 |
| &nbsp;&nbsp; Series 2025-R03, Class 2A1, 5.80% (30 day avg SOFR US + 1.45%), 03/25/2045 <sup>(a)</sup> | 631033 | 633006 |
|  COOPR Residential Mortgage Trust, Series 2025-CES1, Class A1A, 5.65%, 05/25/2060 <sup>(a)(c)</sup> | 1500000 | 1516351 |
|  Credit Suisse Mortgage Capital Certificates, Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067 <sup>(a)(b)</sup> | 2146286 | 2082730 |
| Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
| &nbsp;&nbsp; Series 2024-INV1, Class A1A, 6.56%, 03/25/2069 <sup>(a)(c)</sup> | 1285495 | 1316505 |
| &nbsp;&nbsp; Series 2025-NQM1, Class A3, 6.02%, 01/25/2070 <sup>(a)(c)</sup> | 975453 | 981319 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Series 2022-DNA4, Class M1B, 7.70% (30 day avg SOFR US + 3.35%), 05/25/2042 <sup>(a)</sup> | 1330000 | 1378271 |
| &nbsp;&nbsp; Series 2022-DNA6, Class M1B, 8.05% (30 day avg SOFR US + 3.70%), 09/25/2042 <sup>(a)</sup> | 3129566 | 3274484 |
| &nbsp;&nbsp; Series 2022-HQA2, Class M1B, 8.35% (30 day avg SOFR US + 4.00%), 07/25/2042 <sup>(a)</sup> | 2500000 | 2634540 |
| &nbsp;&nbsp; Series 2025-HQA1, Class A1, 5.30% (30 day avg SOFR US + 0.95%), 02/25/2045 <sup>(a)</sup> | 2440625 | 2431458 |
| &nbsp;&nbsp; Series 2025-HQA1, Class M1, 5.50% (30 day avg SOFR US + 1.15%), 02/25/2045 <sup>(a)</sup> | 1513918 | 1522917 |
| FIGRE Trust | FIGRE Trust | FIGRE Trust |
| &nbsp;&nbsp; Series 2024-HE4, Class A, 5.06%, 09/25/2054 <sup>(a)(b)</sup> | 1321504 | 1340949 |
| &nbsp;&nbsp; Series 2024-HE6, Class A, 5.72%, 12/25/2054 <sup>(a)(b)</sup> | 2317210 | 2379548 |
|  FirstKey Homes Trust, Series 2020-SFR2, Class B, 1.57%, 10/19/2037 <sup>(a)</sup> | 425000 | 414784 |
| GCAT Trust | GCAT Trust | GCAT Trust |
| &nbsp;&nbsp; Series 2021-NQM2, Class A2, 1.24%, 05/25/2066 <sup>(a)(b)</sup> | 1111858 | 970171 |
| &nbsp;&nbsp; Series 2023-NQM2, Class A3, 6.60%, 11/25/2067 <sup>(a)(c)</sup> | 359955 | 365799 |
|  GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, 5.95% (30 day avg SOFR US + 1.60%), 08/25/2054 <sup>(a)</sup> | 1149330 | 1169094 |
|  Home RE Ltd., Series 2023-1, Class M1A, 6.50% (30 day avg SOFR US + 2.15%), 10/25/2033 <sup>(a)</sup> | 540094 | 541133 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| &nbsp;&nbsp; Series 2023-4, Class 1A4A, 5.50%, 11/25/2053 <sup>(a)(b)</sup> | 881851 | 883114 |
| &nbsp;&nbsp; Series 2023-HE1, Class A1, 6.10% (30 day avg SOFR US + 1.75%), 11/25/2053 <sup>(a)</sup> | 283912 | 291934 |
|  MFRA Trust, Series 2023-NQM4, Class A3, 6.78%, 12/25/2068 <sup>(a)(c)</sup> | 1133484 | 1161448 |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM1, Class A2, 6.41%, 12/25/2068 <sup>(a)(c)</sup> | 2078912 | 2131950 |
|  Oaktown Re, Series 2021-2, Class M1B, 7.25% (30 day avg SOFR US + 2.90%), 04/25/2034 <sup>(a)</sup> | 1986095 | 2009187 |
| Onslow Bay Mortgage Loan Trust | Onslow Bay Mortgage Loan Trust | Onslow Bay Mortgage Loan Trust |
| &nbsp;&nbsp; Series 2024-NQM2, Class A3, 6.18%, 12/25/2063 <sup>(a)(c)</sup> | 1090899 | 1097079 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A3, 5.95%, 11/25/2064 <sup>(a)(c)</sup> | 1258250 | 1273598 |
| &nbsp;&nbsp; Series 2025-NQM4, Class A3, 5.76%, 02/25/2055 <sup>(a)(c)</sup> | 1951563 | 1971272 |
| &nbsp;&nbsp; Series 2025-NQM7, Class A3, 5.86%, 05/25/2055 <sup>(a)(c)</sup> | 2500000 | 2529755 |
| Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC |
| &nbsp;&nbsp; Series 2024-NPL3, Class A1, 7.52%, 04/27/2054 <sup>(a)(c)</sup> | 2279093 | 2296186 |
| &nbsp;&nbsp; Series 2024-NPL4, Class A1, 7.00%, 07/25/2054 <sup>(a)(c)</sup> | 1854928 | 1881047 |
| &nbsp;&nbsp; Series 2024-NPL5, Class A1, 5.96%, 09/25/2054 <sup>(a)(c)</sup> | 964049 | 963353 |
|  PRKCM Trust, Series 2023-AFC1, Class A3, 7.30%, 02/25/2058 <sup>(a)(c)</sup> | 239032 | 242770 |
| PRPM LLC | PRPM LLC | PRPM LLC |
| &nbsp;&nbsp; Series 2020-4, Class A1, 6.61%, 10/25/2025 <sup>(a)(c)</sup> | 385319 | 385388 |
| &nbsp;&nbsp; Series 2022-NQM1, Class A3, 5.50%, 08/25/2067 <sup>(a)(c)</sup> | 891222 | 914247 |
| &nbsp;&nbsp; Series 2024-2, Class A1, 7.03%, 03/25/2029 <sup>(a)(c)</sup> | 842896 | 861219 |
| &nbsp;&nbsp; Series 2024-3, Class A1, 6.99%, 05/25/2029 <sup>(a)(c)</sup> | 1706135 | 1732252 |
| &nbsp;&nbsp; Series 2024-NQM2, Class A1, 6.33%, 06/25/2069 <sup>(a)(c)</sup> | 1291223 | 1324771 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A3, 6.13%, 12/26/2069 <sup>(a)(c)</sup> | 1965922 | 1993088 |
| &nbsp;&nbsp; Series 2024-RCF1, Class A1, 4.00%, 01/25/2054 <sup>(a)(c)</sup> | 777776 | 764996 |
| &nbsp;&nbsp; Series 2024-RCF4, Class A1, 4.00%, 07/25/2054 <sup>(a)(c)</sup> | 692089 | 673528 |
| &nbsp;&nbsp; Series 2024-RCF5, Class A1, 4.00%, 08/25/2054 <sup>(a)(c)</sup> | 1659146 | 1635094 |
|  Radnor RE Ltd., Series 2024-1, Class M1A, 6.35% (30 day avg SOFR US + 2.00%), 09/25/2034 <sup>(a)</sup> | 1539514 | 1541700 |
| RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
| &nbsp;&nbsp; Series 2024-CES1, Class M1, 6.57%, 02/25/2044 <sup>(a)(b)</sup> | 4377000 | 4508761 |
| &nbsp;&nbsp; Series 2024-CES3, Class M1, 6.87%, 05/25/2044 <sup>(a)(b)</sup> | 4090000 | 4258336 |
|  Rithm Capital Corp., Series 2022-NQM4, Class A3, 5.00%, 06/25/2062 <sup>(a)(c)</sup> | 930241 | 916292 |
|  Saluda Grade Mortgage Funding LLC, Series 2025-NPL1, Class A1, 7.12%, 01/25/2030 <sup>(a)(c)</sup> | 1172728 | 1178397 |
|  Sequoia Mortgage Trust, Series 2023-4, Class A10, 6.00%, 11/25/2053 <sup>(a)(b)</sup> | 293577 | 297389 |
|  SGR Residential Mortgage Trust, Series 2019-3, Class A1, 2.70%, 09/25/2059 <sup>(a)(b)</sup> | 80090 | 79929 |
| Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
| &nbsp;&nbsp; Series 2021-2, Class A3, 1.43%, 05/25/2065 <sup>(a)(b)</sup> | 638224 | 602521 |
| &nbsp;&nbsp; Series 2021-SFR2, Class F, 7.29% (1 mo. Term SOFR + 2.96%), 01/17/2039 <sup>(a)</sup> | 401400 | 388473 |
| &nbsp;&nbsp; Series 2022-SFR3, Class A, 5.97% (1 mo. Term SOFR + 1.65%), 05/17/2039 <sup>(a)</sup> | 984807 | 986905 |
| Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
| &nbsp;&nbsp; Series 2017-2, Class A2, 3.25%, 04/25/2057 <sup>(a)(b)</sup> | 31418 | 31460 |
| &nbsp;&nbsp; Series 2019-HY3, Class A1A, 5.44% (1 mo. Term SOFR + 1.11%), 10/25/2059 <sup>(a)</sup> | 423912 | 427378 |
| &nbsp;&nbsp; Series 2021-SJ2, Class A2, 2.50%, 12/25/2061 <sup>(a)(b)</sup> | 1500000 | 1392244 |
| Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| &nbsp;&nbsp; Series 2022-3, Class A3, 4.13%, 02/25/2067 <sup>(a)(b)</sup> | 177413 | 166931 |
| &nbsp;&nbsp; Series 2022-7, Class A3, 5.35%, 07/25/2067 <sup>(a)(b)</sup> | 726989 | 741334 |
| &nbsp;&nbsp; Series 2022-8, Class A3, 6.13%, 09/25/2067 <sup>(a)(c)</sup> | 312413 | 314245 |
| &nbsp;&nbsp; Series 2023-1, Class A2, 6.56%, 12/25/2067 <sup>(a)(c)</sup> | 424178 | 432958 |
| &nbsp;&nbsp; Series 2023-2, Class A2, 6.60%, 03/25/2068 <sup>(a)(c)</sup> | 616858 | 631504 |
| &nbsp;&nbsp; Series 2025-2, Class A3, 5.66%, 03/25/2070 <sup>(a)(c)</sup> | 2473833 | 2484953 |
| Vista Point Securitization Trust | Vista Point Securitization Trust | Vista Point Securitization Trust |
| &nbsp;&nbsp; Series 2024-CES1, Class A1, 6.68%, 05/25/2054 <sup>(a)(c)</sup> | 3600788 | 3660042 |
| &nbsp;&nbsp; Series 2024-CES2, Class A1, 5.25%, 10/25/2054 <sup>(a)(c)</sup> | 896380 | 901327 |
| &nbsp;&nbsp; Series 2024-CES2, Class A2, 5.66%, 10/25/2054 <sup>(a)(c)</sup> | 2000000 | 2008096 |
| &nbsp;&nbsp; Series 2024-CES3, Class A1, 5.68%, 01/25/2055 <sup>(a)(c)</sup> | 952543 | 966024 |
| &nbsp;&nbsp; Series 2025-CES1, Class A1, 5.81%, 04/25/2055 <sup>(a)(c)</sup> | 3947244 | 4015112 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $103,463,540) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $103,463,540) | 104717732 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER - 2.4%** | **Par** | **Value** |
| Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust |
| &nbsp;&nbsp; Series 2024-R02, Class 1M1, 5.45% (30 day avg SOFR US + 1.10%), 02/25/2044 <sup>(a)</sup> | 1370443 | 1378159 |
| &nbsp;&nbsp; Series 2024-R03, Class 2M1, 5.50% (30 day avg SOFR US + 1.15%), 03/25/2044 <sup>(a)</sup> | 1382406 | 1381972 |
| &nbsp;&nbsp; Series 2024-R05, Class 2M1, 5.35% (30 day avg SOFR US + 1.00%), 07/25/2044 <sup>(a)</sup> | 1902453 | 1902748 |
| &nbsp;&nbsp; Series 2024-R06, Class 1M1, 5.40% (30 day avg SOFR US + 1.05%), 09/25/2044 <sup>(a)</sup> | 1600015 | 1598511 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Series 2016-SC02, Class M2, 3.64%, 10/25/2046 <sup>(b)</sup> | 56789 | 56001 |
| &nbsp;&nbsp; Series 2022-DNA3, Class M1B, 7.25% (30 day avg SOFR US + 2.90%), 04/25/2042 <sup>(a)</sup> | 4627000 | 4755117 |
| &nbsp;&nbsp; Series 2022-HQA2, Class M1A, 7.00% (30 day avg SOFR US + 2.65%), 07/25/2042 <sup>(a)</sup> | 2639877 | 2698519 |
| &nbsp;&nbsp; Series 2023-DNA1, Class M1A, 6.45% (30 day avg SOFR US + 2.10%), 03/25/2043 <sup>(a)</sup> | 1333758 | 1357961 |
| &nbsp;&nbsp; Series 2023-HQA2, Class M1A, 6.35% (30 day avg SOFR US + 2.00%), 06/25/2043 <sup>(a)</sup> | 934933 | 941367 |
| &nbsp;&nbsp; Series 2024-DNA1, Class M1, 5.70% (30 day avg SOFR US + 1.35%), 02/25/2044 <sup>(a)</sup> | 1100973 | 1099593 |
| &nbsp;&nbsp; Series 2024-DNA2, Class A1, 5.60% (30 day avg SOFR US + 1.25%), 05/25/2044 <sup>(a)</sup> | 797509 | 803996 |
| &nbsp;&nbsp; Series 2024-HQA2, Class M1, 5.55% (30 day avg SOFR US + 1.20%), 08/25/2044 <sup>(a)</sup> | 1995384 | 1993508 |
| &nbsp;&nbsp; Series 2025-DNA1, Class A1, 5.30% (30 day avg SOFR US + 0.95%), 01/25/2045 <sup>(a)</sup> | 850000 | 845478 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** (Cost $20,828,894) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES - U.S. GOVERNMENT AGENCY CREDIT RISK TRANSFER** (Cost $20,828,894) | 20812930 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.3%** | **Par** | **Value** |
|  ACREC Trust, Series 2021-FL1, Class AS, 5.93% (1 mo. Term SOFR + 1.61%), 10/16/2036 <sup>(a)</sup> | 700000 | 699357 |
|  BrightSpire Capital, Inc., Series 2021-FL1, Class AS, 6.03% (1 mo. Term SOFR + 1.71%), 08/19/2038 <sup>(a)</sup> | 2000000 | 1987982 |
|  KREF Ltd., Series 2021-FL2, Class A, 5.51% (1 mo. Term SOFR + 1.18%), 02/15/2039 <sup>(a)</sup> | 733737 | 732504 |
| MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust | MF1 Multifamily Housing Mortgage Loan Trust |
| &nbsp;&nbsp; Series 2021-FL5, Class C, 6.14% (1 mo. Term SOFR + 1.81%), 07/15/2036 <sup>(a)</sup> | 1000000 | 999584 |
| &nbsp;&nbsp; Series 2021-FL7, Class AS, 5.88% (1 mo. Term SOFR + 1.56%), 10/16/2036 <sup>(a)</sup> | 3500000 | 3484750 |
|  Rialto Real Estate Fund LP, Series 2022-FL8, Class A, 6.57% (1 mo. Term SOFR + 2.25%), 01/19/2037 <sup>(a)</sup> | 2000000 | 1998242 |
|  TPG Real Estate Finance Issuer Ltd., Series 2022-FL5, Class AS, 6.48% (1 mo. Term SOFR + 2.15%), 02/15/2039 <sup>(a)</sup> | 500000 | 499333 |
|  Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class C, 6.03%, 03/15/2038 <sup>(a)(b)</sup> | 1000000 | 1003432 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $11,336,851) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $11,336,851) | 11405184 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY - 0.0%**<sup>(f)</sup> | **Par** | **Value** |
|  Federal Home Loan Mortgage Corp., Series 5149, Class BD, 2.00%, 02/25/2031 | 22288 | 22215 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $21,926) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES – U.S. GOVERNMENT AGENCY** (Cost $21,926) | 22215 |
| **SHORT-TERM INVESTMENTS - 3.0%** | **Shares** | **Value**  |
| **Money Market Funds - 3.0%** |  |  |
| First American Government Obligations Fund - Class U, 4.27% <sup>(g)</sup> | 25193825 | 25193825 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $25,193,825) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $25,193,825) | 25193825 |
| **TOTAL INVESTMENTS - 100.8% (**Cost $858,513,847**)** | **TOTAL INVESTMENTS - 100.8% (**Cost $858,513,847**)** | 859972016 |
| Liabilities in Excess of Other Assets - (0.8)% | Liabilities in Excess of Other Assets - (0.8)% | (6793621) |
| **TOTAL NET ASSETS - 100.0%** |  | $853178395 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

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LP - Limited Partnership <br> PLC - Public Limited Company <br> SOFR - Secured Overnight Financing Rate

(a) Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally
 to qualified institutional buyers. As of April 30, 2025, the value of these securities total $566,570,623 or 66.4% of the Fund's net assets.

(b) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral
 increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of April 30, 2025.

(c) Step coupon bond. The rate disclosed is as of April 30, 2025.

(d) Security or a portion of the security purchased on a when-issued or delayed delivery basis.

(e) Security is exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. As of April 30, 2025, the value of these securities total $2,318,221 or 0.3% of the
 Fund's net assets.

(f) Represents less than 0.05% of net assets.

(g) The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

---

| |
|:---|
| **Angel Oak UltraShort Income ETF** |
| **Schedule of Open Futures Contracts** |
| **April 30, 2025 (Unaudited)** |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Contracts Sold** | **Expiration Date** | **Notional Value** | **Value / Unrealized Appreciation (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | (227) | 06/30/2025 | $(47249695) | $(153343) |

---

The average monthly notional value of short futures contracts during the period ended April 30, 2025, was ($11,812,424).

------

**Securities Valuation and Fair Value Measurements (Unaudited)**

The Fund record its investments at fair value in accordance with fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, these standards require expanded disclosure for each major category of assets. These inputs are summarized in the three broad levels listed below:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments based on the best information available)

The inputs or methodology used for valuing securities are not an indication of the risks associated with investing in those securities. Investments in registered open-end management investment companies, including money market funds, will be valued based upon the net asset value of such investments and are categorized as Level 1 of the fair value hierarchy.

Fair values for long-term debt securities, including asset-backed securities, mortgage-backed securities, collateralized loan obligations, corporate obligations, and whole loans are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information may be utilized. Securities that use similar valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable; the values generally would be categorized as Level 3.

Equity securities, including preferred stocks, that are traded on a national securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup> and the Nasdaq Capital Market<sup>®</sup> exchanges (collectively, "Nasdaq"), are valued at the last sale price at the close of that exchange. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price. If, on a particular day, an exchange-listed or Nasdaq security does not trade, then: (i) the security shall be valued at the mean between the most recent quoted bid and asked prices at the close of the exchange; or (ii) the security shall be valued at the latest sales price on the Composite Market (defined below) for the day such security is being valued. "Composite Market" means a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter ("OTC") markets as published by a pricing service. In the event market quotations or Composite Market pricing are not readily available, fair value will be determined in accordance with the procedures adopted by the Board of Trustees ("Board"). All equity securities that are not traded on a listed exchange are valued at the last sale price at the close of the OTC market. If a non-exchange listed security does not trade on a particular day, then the mean between the last quoted bid and asked price will be used as long as it continues to reflect the value of the security. If the mean is not available, then bid price can be used as long as the bid price continues to reflect the value of the security. Otherwise, fair value will be determined in accordance with the procedures adopted by the Board. These securities will generally be categorized as Level 3 securities. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security.

Short term debt securities having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy. Reverse repurchase agreements and repurchase agreements are priced at their acquisition cost, and assessed for credit adjustments, which represents fair value. These securities will generally be categorized as Level 2 securities.

Financial derivative instruments, such as futures contracts, that are traded on a national securities or commodities exchange are typically valued at the settlement price determined by the relevant exchange. Swaps, such as credit default swaps, interest-rate swaps and currency swaps, are valued by a pricing service. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. OTC financial derivative instruments, such as certain futures contracts or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Derivatives that use similar valuation techniques as described above are typically categorized as Level 2 of the fair value hierarchy.

Securities may be fair valued in accordance with the fair valuation procedures approved by the Board. The Valuation and Risk Management Oversight Committee is generally responsible for overseeing the Fund's valuation processes and reports quarterly to the Board. The Board has selected Angel Oak Capital Advisors, LLC (the "Adviser") as the Valuation Designee. As such, the Valuation Committee of the Adviser has been delegated the day-to-day responsibilities for making all necessary determinations of the fair value of portfolio securities and other assets for which market quotations are not readily available or if the prices obtained from independent pricing services are deemed to be unreliable indicators of market or fair value. Representatives of the Valuation Designee's Valuation Committee report quarterly to the Valuation and Risk Management Oversight Committee.

The following is a summary of the investments by their inputs used to value the Fund's net assets as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets** | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $261785866 | $– | $261785866 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Obligations | – | 155884120 | – | 155884120 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities – U.S. Government Agency | – | 147496832 | – | 147496832 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | – | 132653312 | – | 132653312 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities | – | 104717732 | – | 104717732 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - U.S. Government Agency Credit Risk Transfer | – | 20812930 | – | 20812930 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | – | 11405184 | – | 11405184 |
|  Residential Mortgage-Backed Securities – U.S. Government Agency | – | 22215 | – | 22215 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 25193825 | – | – | 25193825 |
| **Total** | $25193825 | $834778191 | $– | $859972016 |
| <br> **Other Financial Instruments** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts\* | $(153343) | $– | $– | $(153343) |
| \*Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. | \*Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. | \*Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. | \*Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. | \*Futures are reflected at the unrealized appreciation (depreciation) on the instrument as presented in the Schedule of Open Futures Contracts. |
| See the Schedule of Investments for further disaggregation of investment categories. | See the Schedule of Investments for further disaggregation of investment categories. | See the Schedule of Investments for further disaggregation of investment categories. | See the Schedule of Investments for further disaggregation of investment categories. | See the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Angel Oak Funds Trust

- **b. Investment Company Act file number:** 811-22980

- **c. CIK number of Registrant:** 0001612930

- **d. LEI of Registrant:** 549300DGLMLNBVBKK655

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

  - **Street Address 1:** 3344 Peachtree Road NE

  - **City:** Atlanta

  - **State:** GA

  - **Foreign country:** US

  - **Zip / Postal Code:** 30326

  - **Telephone number:** 404-953-4900

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

- **a. Name of Series:** Angel Oak UltraShort Income ETF

- **b. EDGAR series identifier (if any):** S000077754

- **c. LEI of Series:** 549300AEKI5OUZTQ9F54

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

- **a. Date of fiscal year-end:** 2026-01-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $858274591.69

**Total Liabilities:** $7939793.47

**Net Assets:** $850334798.22

**Delayed Delivery Securities:** $3000000.00

**Cash Not Reported:** $356002.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 7046.794885712778 | **1-Year:** 55187.239835052510 | **5-Year:** 19527.255805345570 | **10-Year:** 2227.170254908629 | **30-Year:** 209.501481355458

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

- **3-Month:** 347.962044322306 | **1-Year:** 2703.748872792233 | **5-Year:** 858.163413439064 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000238280 | 0.53%                | 0.31%                | 0.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $53311.82                | $662257.66                                 |
| Month 2  | $2907.93                 | $-1040501.15                               |
| Month 3  | $-17723.50               | $-340948.57                                |

**Designated Index Information**

- **Index Name:** Fund's Securities Portfolio

- **Index Identifier:** N24PGXXGOK

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Arivo Acceptance Auto Loan Rec | Arivo Acceptance Auto Loan Receivables Trust 2022-1                 | CUSIP: 04047EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23641 | PA      | $23573.69     | 0.00%             | 2028-05-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD            | ASSURANT CLO II LTD                                                 | CUSIP: 04623TAA3<br>LEI: 6354003JXBM4LA5YCP98 | Long             | ABS-CBDO         | CORP              | KY        |   1055665 | PA      | $1055787.59   | 0.12%             | 2031-04-20      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust            | DT Auto Owner Trust 2022-2                                          | CUSIP: 23345AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4260000 | PA      | $4265705.84   | 0.50%             | 2028-03-15      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec | Arivo Acceptance Auto Loan Receivables Trust 2022-2                 | CUSIP: 04047JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    126455 | PA      | $127533.68    | 0.01%             | 2029-01-16      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund LTD     | Atlas Senior Loan Fund XX Ltd                                       | CUSIP: 049410AN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1600000 | PA      | $1599971.20   | 0.19%             | 2037-10-19      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE            | CDW LLC / CDW Finance Corp                                          | CUSIP: 12513GBD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $491025.90    | 0.06%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust   | CSMC 2022-ATH1                                                      | CUSIP: 12660BAM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2146286 | PA      | $2082729.69   | 0.24%             | 2067-01-25      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FBC53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    645977 | PA      | $642957.84    | 0.08%             | 2027-09-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FF3L9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4070292 | PA      | $4040842.97   | 0.48%             | 2028-01-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2021-N2                              | CUSIP: 14686KAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    418771 | PA      | $405553.51    | 0.05%             | 2028-03-10      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Cerberus                       | Cerberus Loan Funding XXXIII LP                                     | CUSIP: 15674PAA5<br>LEI: 54930000UKAI7FBHXD27 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3500766.50   | 0.41%             | 2033-07-23      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2023-R08                        | CUSIP: 20755CAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    705472 | PA      | $706133.55    | 0.08%             | 2043-10-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Series 2025-R01                       | CUSIP: 20755JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1443441 | PA      | $1434858.71   | 0.17%             | 2045-01-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FLYN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    727370 | PA      | $729722.49    | 0.09%             | 2029-03-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FWHQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3929739 | PA      | $3906750.39   | 0.46%             | 2030-08-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2024-R03                        | CUSIP: 207941AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1382406 | PA      | $1381971.94   | 0.16%             | 2044-03-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES          | Continental Resources Inc/OK                                        | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |   2703000 | PA      | $2591402.40   | 0.30%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FYTS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2609591 | PA      | $2598492.88   | 0.31%             | 2031-02-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FYUP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2256286 | PA      | $2244339.19   | 0.26%             | 2031-02-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust            | DT Auto Owner Trust 2022-1                                          | CUSIP: 23345YAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1991827.60   | 0.23%             | 2029-03-15      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC            | Delta Air Lines Inc                                                 | CUSIP: 247361ZX9<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1170000.00   | 0.14%             | 2025-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DISCOVER BANK                  | Discover Bank                                                       | CUSIP: 25466AAJ0<br>LEI: X05BVSK68TQ7YTOSNR22 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2363279.90   | 0.28%             | 2026-07-27      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2024-INV1                                                      | CUSIP: 268434AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1285495 | PA      | $1316504.81   | 0.15%             | 2069-03-25      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T | EFMT 2025-NQM1                                                      | CUSIP: 26846CAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    975453 | PA      | $981319.30    | 0.12%             | 2070-01-25      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| EQT CORP                       | EQT Corp                                                            | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1207000 | PA      | $1183916.98   | 0.14%             | 2026-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FYUT1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    313154 | PA      | $309303.40    | 0.04%             | 2031-03-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H2NK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4816666 | PA      | $4770974.71   | 0.56%             | 2028-08-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H5Y35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1930778 | PA      | $1925358.33   | 0.23%             | 2029-01-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                     | CUSIP: 3140JB7B6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4294655 | PA      | $4275213.54   | 0.50%             | 2025-10-01      | Variable      | 2.94%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2024-HE6                                                | CUSIP: 31684DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2317210 | PA      | $2379547.94   | 0.28%             | 2054-12-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                            | CUSIP: 345397B51<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2105940.21   | 0.25%             | 2028-02-16      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2023-HQA2                             | CUSIP: 35564K2F5<br>LEI: 5493000KIGZAWUOW4E32 | Long             | ABS-MBS          | CORP              | US        |    934933 | PA      | $941367.29    | 0.11%             | 2043-06-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-HQA2                             | CUSIP: 35564KB32<br>LEI: 5493000IRLADKYZNON28 | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2634540.00   | 0.31%             | 2042-07-25      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2020-3                          | CUSIP: 30166NAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4499418.15   | 0.53%             | 2027-06-15      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-DNA4                             | CUSIP: 35564KWT2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | CORP              | US        |   1330000 | PA      | $1378271.02   | 0.16%             | 2042-05-25      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Momnt Technologies Trust       | Momnt Technologies Trust 2023-1                                     | CUSIP: 608934AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    495452 | PA      | $495282.37    | 0.06%             | 2045-03-20      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                 | NRG Energy Inc                                                      | CUSIP: 629377CN0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1963342.70   | 0.23%             | 2025-12-02      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac Stacr Remic Trust 2025-Hqa1                             | CUSIP: 35564NGY3<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | CORP              | US        |   2440625 | PA      | $2431458.01   | 0.29%             | 2045-02-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| GCAT                           | GCAT 2021-NQM2 Trust                                                | CUSIP: 36166XAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1111858 | PA      | $970170.69    | 0.11%             | 2066-05-25      | Variable      | 1.24%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD               | GGAM Finance Ltd                                                    | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $256887.50    | 0.03%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities  | GS Mortgage-Backed Securities Trust 2024-HE1                        | CUSIP: 36270AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1149330 | PA      | $1169094.24   | 0.14%             | 2054-08-25      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 28 | Octagon Investment Partners 28 Ltd                                  | CUSIP: 67591EBE2<br>LEI: 254900BI638DCRT6IN48 | Long             | ABS-CBDO         | CORP              | KY        |   4631579 | PA      | $4647242.94   | 0.55%             | 2037-04-24      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2020-4 LLC                                                     | CUSIP: 69359XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    385319 | PA      | $385388.23    | 0.05%             | 2025-10-25      | Variable      | 6.61%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-RCF4 LLC                                                  | CUSIP: 74448JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    692089 | PA      | $673528.18    | 0.08%             | 2054-07-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A | Research-Driven Pagaya Motor Asset Trust 2023-3                     | CUSIP: 76089RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    159286 | PA      | $160191.22    | 0.02%             | 2032-01-26      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank   | Huntington Bank Auto Credit-Linked Notes Series 2024-1              | CUSIP: 44644NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    321958 | PA      | $326131.65    | 0.04%             | 2032-05-20      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| JUNIPER NETWORKS INC           | Juniper Networks Inc                                                | CUSIP: 48203RAN4<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | DBT              | CORP              | US        |    789000 | PA      | $773269.46    | 0.09%             | 2025-12-10      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PLC                | Rolls-Royce PLC                                                     | CUSIP: 77578JAB4<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |   2601000 | PA      | $2589459.88   | 0.30%             | 2025-10-14      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                | Sealed Air Corp                                                     | CUSIP: 81211KAZ3<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2481664.38   | 0.29%             | 2026-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS Trust 2024-3AL                                             | CUSIP: 00092KAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2478089 | PA      | $2479109.57   | 0.29%             | 2031-12-26      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD            | Sound Point CLO V-R LTD                                             | CUSIP: 83607EAA0<br>LEI: 549300UPX3H8ENJXHI23 | Long             | ABS-CBDO         | CORP              | KY        |   2554751 | PA      | $2554735.43   | 0.30%             | 2031-07-18      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| N/A                            | US 2YR NOTE (CBT) Jun25                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -182 | NC      | $-147560.70   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| American Money Management Corp | AMMC CLO 18 Ltd                                                     | CUSIP: 001746AQ9<br>LEI: 549300F8C2GVHBFFH173 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1250496.25   | 0.15%             | 2031-05-26      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2023-X1                           | CUSIP: 00834KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    299909 | PA      | $300425.18    | 0.04%             | 2028-11-15      | Fixed         | 7.77%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2022-4                 | CUSIP: 02529XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6700000 | PA      | $6798962.35   | 0.80%             | 2029-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING        | DCP Midstream Operating LP                                          | CUSIP: 23311VAG2<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    189000 | PA      | $189043.25    | 0.02%             | 2025-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                  | Aircastle Ltd                                                       | CUSIP: 00928QAU5<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |   1250000 | PA      | $1180098.65   | 0.14%             | 2028-01-26      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2023-4                 | CUSIP: 02530CAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2532802.50   | 0.30%             | 2030-09-12      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                 | Apidos CLO XXIII                                                    | CUSIP: 03765YBG8<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |  13000000 | PA      | $12984569.00  | 1.53%             | 2033-04-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec | Arivo Acceptance Auto Loan Receivables Trust 2021-1                 | CUSIP: 04047AAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $149362.64    | 0.02%             | 2027-03-15      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| EQT CORP                       | EQT Corp                                                            | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1493000 | PA      | $1464946.43   | 0.17%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137BLMZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4336129 | PA      | $4322158.31   | 0.51%             | 2025-07-25      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| American Express Credit Accoun | American Express Credit Account Master Trust                        | CUSIP: 02582JJV3<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5985823.80   | 0.70%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                 | Apidos CLO XXXI                                                     | CUSIP: 03767VAG3<br>LEI: 549300IG6PHVJ3WBR394 | Long             | ABS-CBDO         | CORP              | KY        |   4229137 | PA      | $4229102.68   | 0.50%             | 2031-04-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137BPW21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5309129 | PA      | $5234450.94   | 0.62%             | 2026-03-25      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137BUX60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $2965113.00   | 0.35%             | 2026-12-25      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC       | Lloyds Banking Group PLC                                            | CUSIP: 53944YAB9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    700000 | PA      | $697888.50    | 0.08%             | 2026-03-24      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga | MF1 Multifamily Housing Mortgage Loan Trust                         | CUSIP: 55282XAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999584.00    | 0.12%             | 2036-07-15      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd       | Madison Park Funding LII Ltd                                        | CUSIP: 55822BAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    473684 | PA      | $473682.77    | 0.06%             | 2035-01-22      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust         | Marlette Funding Trust 2021-3                                       | CUSIP: 57108QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    289909 | PA      | $288726.84    | 0.03%             | 2031-12-15      | Fixed         | 1.81%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING          | Athene Global Funding                                               | CUSIP: 04685A3V1<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1313387.80   | 0.15%             | 2026-05-08      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AVNET INC                      | Avnet Inc                                                           | CUSIP: 053807AS2<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |    274000 | PA      | $273521.75    | 0.03%             | 2026-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust         | Marlette Funding Trust 2023-1                                       | CUSIP: 57110PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1439157 | PA      | $1442262.83   | 0.17%             | 2033-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137F62A4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3814662 | PA      | $3804148.80   | 0.45%             | 2030-09-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FV2G6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5296338 | PA      | $5277255.43   | 0.62%             | 2030-06-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FXZA9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2713877 | PA      | $2699767.46   | 0.32%             | 2031-01-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H8U66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    910721 | PA      | $914079.08    | 0.11%             | 2032-07-25      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                          | CUSIP: 31846V211<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  25193825 | NS      | $25193824.77  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-DNA3                             | CUSIP: 35564KUW7<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |    205887 | PA      | $207883.60    | 0.02%             | 2042-04-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| HCA INC                        | HCA Inc                                                             | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2083464.90   | 0.25%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga | MF1 2021-FL7 Ltd                                                    | CUSIP: 55284AAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3484750.50   | 0.41%             | 2036-10-16      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC    | Hertz Vehicle Financing III LLC                                     | CUSIP: 42806MBT5<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |   1450000 | PA      | $1456965.22   | 0.17%             | 2027-06-25      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| JABIL INC                      | Jabil Inc                                                           | CUSIP: 466313AL7<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    500000 | PA      | $485901.94    | 0.06%             | 2026-04-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-DNA3                             | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |   4627000 | PA      | $4755117.00   | 0.56%             | 2042-04-25      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac Stacr Remic Trust 2025-Hqa1                             | CUSIP: 35564NGZ0<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | CORP              | US        |   1513918 | PA      | $1522917.11   | 0.18%             | 2045-02-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES       | International Flavors & Fragrances Inc                              | CUSIP: 459506AN1<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |   2594000 | PA      | $2547618.55   | 0.30%             | 2025-10-01      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| Lake Shore MM CLO LLC          | Lake Shore MM CLO II Ltd                                            | CUSIP: 510760AL5<br>LEI: 5493004NSSTVWDFT9W29 | Long             | ABS-CBDO         | CORP              | KY        |   1271096 | PA      | $1269893.66   | 0.15%             | 2031-10-17      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables T | Lobel Automobile Receivables Trust 2023-2                           | CUSIP: 53949FAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1044367.50   | 0.12%             | 2029-06-15      | Fixed         | 10.04%                | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD       | Macquarie Airfinance Holdings Ltd                                   | CUSIP: 55609NAA6<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |   2740000 | PA      | $2854751.20   | 0.34%             | 2028-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd       | Madison Park Funding XVIII Ltd                                      | CUSIP: 55819BAW0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    827595 | PA      | $827506.53    | 0.10%             | 2030-10-21      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd       | Madison Park Funding XXI Ltd                                        | CUSIP: 55820JBC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4904259 | PA      | $4908673.01   | 0.58%             | 2032-10-15      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1            | CUSIP: 61775UAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2078912 | PA      | $2131949.56   | 0.25%             | 2068-12-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                    | Ovintiv Inc                                                         | CUSIP: 651290AR9<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2700494.32   | 0.32%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PVH CORP                       | PVH Corp                                                            | CUSIP: 693656AC4<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1600739.01   | 0.19%             | 2025-07-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN       | Jefferson Capital Holdings LLC                                      | CUSIP: 472481AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $278828.20    | 0.03%             | 2026-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trus | LendingPoint Pass-Through Trust Series 2022-ST2                     | CUSIP: 52607QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27077 | PA      | $26553.67     | 0.00%             | 2028-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | LL ABS Trust 2022-2                                                 | CUSIP: 75526GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    363253 | PA      | $364604.51    | 0.04%             | 2030-05-15      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A | Research-Driven Pagaya Motor Asset Trust VII                        | CUSIP: 76088TAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    839727 | PA      | $842589.57    | 0.10%             | 2030-11-25      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Luxury Lease Partners Auto Lea | Luxury Lease Partners Auto Lease Trust 2024-4                       | CUSIP: 55068XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    336697 | PA      | $338360.30    | 0.04%             | 2030-07-15      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust | CFMT 2024-NR1 LLC                                                   | CUSIP: 12531DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    944752 | PA      | $960880.55    | 0.11%             | 2029-11-25      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| FMC CORP                       | FMC Corp                                                            | CUSIP: 302491AW5<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2703997.54   | 0.32%             | 2026-05-18      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2023-3PL                                             | CUSIP: 000876AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3200000 | PA      | $3258656.00   | 0.38%             | 2030-08-19      | Fixed         | 8.36%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2023-1PL                                             | CUSIP: 00091XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2952910 | PA      | $2995370.19   | 0.35%             | 2030-03-18      | Fixed         | 8.47%                 | No            |                  2 | On Loan: No      |
| STAR 2022-SFR3 Trust           | STAR 2022-SFR3 Trust                                                | CUSIP: 78474PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    984807 | PA      | $986904.92    | 0.12%             | 2039-05-17      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortg | Saluda Grade Alternative Mortgage Trust 2025-NPL1                   | CUSIP: 79582BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1172728 | PA      | $1178397.13   | 0.14%             | 2030-01-25      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| FTAI INFRA ESC HLDGS LLC       | FTAI Infra Escrow Holdings LLC                                      | CUSIP: 30327TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    831000 | PA      | $863270.22    | 0.10%             | 2027-06-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137BQYS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2249660 | PA      | $2213814.20   | 0.26%             | 2026-05-25      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2024-1PL                                             | CUSIP: 00092BAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    990575 | PA      | $1001145.99   | 0.12%             | 2031-04-25      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM       | Amcor Flexibles North America Inc                                   | CUSIP: 02343JAA8<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |    480000 | PA      | $479628.87    | 0.06%             | 2025-05-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                   | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    800000 | PA      | $781267.16    | 0.09%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2023-3                 | CUSIP: 02530EAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4085228.00   | 0.48%             | 2029-10-12      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FREP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1458606 | PA      | $1461632.26   | 0.17%             | 2029-12-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FXR26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2970041 | PA      | $2952826.76   | 0.35%             | 2030-10-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC              | Nexstar Media Inc                                                   | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    450000 | PA      | $446189.02    | 0.05%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2025-NQM7 Trust                                                 | CUSIP: 67121DAC8<br>LEI: 2549008GB179CC65SK60 | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2529755.00   | 0.30%             | 2055-05-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2025-DNA1                             | CUSIP: 35564NFY4<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $845478.00    | 0.10%             | 2045-01-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Gallatin Loan Management, LLC  | Gallatin CLO VIII 2017-1 Ltd                                        | CUSIP: 36361UAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2560880 | PA      | $2559000.02   | 0.30%             | 2031-07-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN       | Archrock Partners LP / Archrock Partners Finance Corp               | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    850000 | PA      | $849620.48    | 0.10%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC          | Arrow Electronics Inc                                               | CUSIP: 042735BF6<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2252419.10   | 0.26%             | 2028-01-12      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ATLX Trust                     | ATLX 2024-RPL1 Trust                                                | CUSIP: 049915AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    943581 | PA      | $923000.16    | 0.11%             | 2064-04-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding | Avis Budget Rental Car Funding AESOP LLC                            | CUSIP: 05377REQ3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3333333 | PA      | $3313592.66   | 0.39%             | 2026-08-20      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust         | Marlette Funding Trust 2022-3                                       | CUSIP: 57109NAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2009813.80   | 0.24%             | 2032-11-15      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust         | Marlette Funding Trust 2023-1                                       | CUSIP: 57110PAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8487000 | PA      | $8565289.18   | 1.01%             | 2033-04-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                      | ONEOK Inc                                                           | CUSIP: 682680BR3<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100079.04    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-8                                         | CUSIP: 694960AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6775530 | PA      | $6926983.24   | 0.81%             | 2031-06-16      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding | Avis Budget Rental Car Funding AESOP LLC                            | CUSIP: 05377RFX7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3250000 | PA      | $3255964.40   | 0.38%             | 2027-04-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR         | Blackstone Mortgage Trust Inc                                       | CUSIP: 09257WAD2<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    800000 | PA      | $761090.88    | 0.09%             | 2027-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| STARWOOD MORTGAGE RESIDENTIAL  | STAR 2021-SFR2 Trust                                                | CUSIP: 78474LAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    401400 | PA      | $388473.03    | 0.05%             | 2039-01-17      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2023-4                                       | CUSIP: 81743JAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    293577 | PA      | $297389.04    | 0.03%             | 2053-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-8                                         | CUSIP: 694960AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4504994 | PA      | $4629102.85   | 0.54%             | 2031-06-16      | Fixed         | 9.54%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-1                                 | CUSIP: 69544NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2009314.00   | 0.24%             | 2032-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2024-3                                         | CUSIP: 69547XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1290084 | PA      | $1301640.30   | 0.15%             | 2031-10-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2024-1                                         | CUSIP: 69548AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3367561 | PA      | $3404275.95   | 0.40%             | 2031-07-15      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO 2021 | Brightwood Capital MM CLO 2021-2 Ltd                                | CUSIP: 10949WAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3004593.00   | 0.35%             | 2030-11-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2025-NQM3                           | CUSIP: 105927AE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    981910 | PA      | $993332.11    | 0.12%             | 2065-03-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2023-NQM2                           | CUSIP: 105933AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    811056 | PA      | $803447.33    | 0.09%             | 2062-05-25      | Variable      | 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        |   1750000 | PA      | $1693463.80   | 0.20%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                       | CUSIP: 143658BL5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    250000 | PA      | $250893.50    | 0.03%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSURANCE AND ANNUITY | Tiaa Clo III Ltd                                                    | CUSIP: 87272HAA8<br>LEI: 54930043TEPI4UKGHU90 | Long             | ABS-CBDO         | CORP              | KY        |   3027300 | PA      | $3027835.68   | 0.36%             | 2031-01-16      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust          | Theorem Funding Trust 2022-2                                        | CUSIP: 88339FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4586135.85   | 0.54%             | 2028-12-15      | Fixed         | 9.27%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2024-1                                         | CUSIP: 69548AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3668102 | PA      | $3732084.71   | 0.44%             | 2031-07-15      | Fixed         | 8.34%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2022-5                                         | CUSIP: 69548HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    196282 | PA      | $197276.31    | 0.02%             | 2030-06-17      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2024-P4                              | CUSIP: 14076LAH6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    544981 | PA      | $545001.02    | 0.06%             | 2032-12-10      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC               | Colt 2025-1 Mortgage Loan Trust                                     | CUSIP: 196920AE2<br>LEI: 21380069FFOP8RZNF423 | Long             | ABS-MBS          | CORP              | US        |   1949446 | PA      | $1971014.65   | 0.23%             | 2070-01-25      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS INC             | Conagra Brands Inc                                                  | CUSIP: 205887CF7<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $1939131.10   | 0.23%             | 2027-11-01      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2024-R02                        | CUSIP: 20754GAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1370443 | PA      | $1378159.07   | 0.16%             | 2044-02-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2025-R03                        | CUSIP: 20754VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    631033 | PA      | $633006.35    | 0.07%             | 2045-03-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                                  | CUSIP: 29278NAP8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1598748.40   | 0.19%             | 2025-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2022-5                          | CUSIP: 30167FAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5050000 | PA      | $5158323.51   | 0.61%             | 2029-02-15      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| Freedom Financial              | FREED ABS Trust 2021-3FP                                            | CUSIP: 30322MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     45172 | PA      | $44874.13     | 0.01%             | 2028-11-20      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL       | Penske Truck Leasing Co Lp / PTL Finance Corp                       | CUSIP: 709599BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $444839.72    | 0.05%             | 2026-05-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne | PRET 2024-NPL5 LLC                                                  | CUSIP: 74143QAA3<br>LEI: 254900YWXIBNNDQF0Y67 | Long             | ABS-MBS          | CORP              | US        |    964049 | PA      | $963353.15    | 0.11%             | 2054-09-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137BLAC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2225110 | PA      | $2220573.47   | 0.26%             | 2025-06-25      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137BLW95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    276979 | PA      | $276013.97    | 0.03%             | 2025-08-25      | Variable      | 3.33%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FMU67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    843716 | PA      | $832318.68    | 0.10%             | 2026-05-25      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H4BV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    445626 | PA      | $440042.92    | 0.05%             | 2031-10-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance T | Prosper Marketplace Issuance Trust Series 2023-1                    | CUSIP: 74390NAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3590233 | PA      | $3601248.26   | 0.42%             | 2029-07-16      | Fixed         | 7.48%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC             | Royalty Pharma PLC                                                  | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   1655000 | PA      | $1634311.84   | 0.19%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137BMTX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2712391 | PA      | $2694720.21   | 0.32%             | 2025-11-25      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137BSP72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5482000 | PA      | $5374656.96   | 0.63%             | 2026-08-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H4CA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1389255 | PA      | $1377290.52   | 0.16%             | 2028-10-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H5XZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3105893 | PA      | $3080893.54   | 0.36%             | 2029-01-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                       | Flex Ltd                                                            | CUSIP: 33938XAC9<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |   1050000 | PA      | $1040782.52   | 0.12%             | 2026-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MATTEL INC                     | Mattel Inc                                                          | CUSIP: 577081BE1<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1963940.00   | 0.23%             | 2026-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| USASF Receivables LLC          | US Auto Funding Trust 2022-1                                        | CUSIP: 90355FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22126 | PA      | $21961.49     | 0.00%             | 2025-10-15      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust     | Upstart Pass-Through Trust Series 2021-ST4                          | CUSIP: 91534HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67647 | PA      | $66915.15     | 0.01%             | 2027-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust   | Veros Auto Receivables Trust 2021-1                                 | CUSIP: 92512BAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    257851 | PA      | $256109.94    | 0.03%             | 2028-08-15      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                            | CUSIP: 92840VAL6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1450001.74   | 0.17%             | 2025-05-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XV | Octagon Investment Partners XVII Ltd                                | CUSIP: 67590GBL2<br>LEI: 54930007Y57X4ONHQV20 | Long             | ABS-CBDO         | CORP              | KY        |   5309500 | PA      | $5306356.78   | 0.62%             | 2031-01-25      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 35 | OCTAGON INVESTMENT PARTNERS 35 LTD                                  | CUSIP: 67591TAA8<br>LEI: 549300EBYXJ9QVMC7X31 | Long             | ABS-CBDO         | CORP              | KY        |   1674496 | PA      | $1674879.89   | 0.20%             | 2031-01-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                            | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    800000 | PA      | $804120.00    | 0.09%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru | Vista Point Securitization Trust Series 2024-CES2                   | CUSIP: 92841YAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    896380 | PA      | $901327.37    | 0.11%             | 2054-10-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC         | Pacific Gas and Electric Co                                         | CUSIP: 694308JP3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2666771.07   | 0.31%             | 2026-01-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-11                                | CUSIP: 69544AAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    999885 | PA      | $1003438.93   | 0.12%             | 2032-07-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137F8ZR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    853690 | PA      | $843151.22    | 0.10%             | 2030-12-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FFXQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5359084 | PA      | $5279207.29   | 0.62%             | 2031-01-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya Ai Debt Grantor Trust 2024-9                                 | CUSIP: 69546QAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1499771 | PA      | $1497897.83   | 0.18%             | 2032-03-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-3                                         | CUSIP: 69548BAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2999402 | PA      | $3026371.87   | 0.36%             | 2030-12-16      | Fixed         | 9.57%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FG7F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    422897 | PA      | $422136.70    | 0.05%             | 2025-05-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FKWZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    224970 | PA      | $226165.22    | 0.03%             | 2028-12-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137HBBP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    675394 | PA      | $679910.80    | 0.08%             | 2030-10-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L       | First Quantum Minerals Ltd                                          | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    852000 | PA      | $842398.05    | 0.10%             | 2027-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-7                                         | CUSIP: 69548RAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1802692 | PA      | $1814930.57   | 0.21%             | 2031-07-15      | Variable      | 8.35%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust           | FirstKey Homes 2020-SFR2 Trust                                      | CUSIP: 33767JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    425000 | PA      | $414784.05    | 0.05%             | 2037-10-19      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2022-2                                   | CUSIP: 33844XAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1250156.50   | 0.15%             | 2028-04-17      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2023-3                                   | CUSIP: 33846BAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    585000 | PA      | $597096.45    | 0.07%             | 2029-07-16      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| Freedom Financial              | FREED ABS Trust 2022-3FP                                            | CUSIP: 35634EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1429588 | PA      | $1435653.79   | 0.17%             | 2029-08-20      | Fixed         | 7.36%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP          | Freedom Mortgage Corp                                               | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    800000 | PA      | $794816.48    | 0.09%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Frontier Issuer LLC            | Frontier Issuer LLC                                                 | CUSIP: 35910EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5082175.00   | 0.60%             | 2053-08-20      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| GATX CORP                      | GATX Corp                                                           | CUSIP: 361448AY9<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |   1298000 | PA      | $1274371.51   | 0.15%             | 2026-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GATX CORP                      | GATX Corp                                                           | CUSIP: 361448BA0<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |    670000 | PA      | $652201.50    | 0.08%             | 2028-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2023-3                            | CUSIP: 36267PAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1892000 | PA      | $1915320.41   | 0.23%             | 2029-05-15      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO         | General Motors Financial Co Inc                                     | CUSIP: 37045XDH6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2137604.59   | 0.25%             | 2028-04-10      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD        | Global Aircraft Leasing Co Ltd                                      | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    850000 | PA      | $847983.04    | 0.10%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2022-3                            | CUSIP: 38014QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4400000 | PA      | $4469659.92   | 0.53%             | 2028-06-15      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd               | GREYWOLF CLO VI Ltd                                                 | CUSIP: 39809GAC9<br>LEI: 5493006V5AX99BBCEZ73 | Long             | ABS-CBDO         | CORP              | KY        |   4280000 | PA      | $4279452.16   | 0.50%             | 2031-04-26      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT         | HAT Holdings I LLC / HAT Holdings II LLC                            | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2524303.60   | 0.30%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO               | Hewlett Packard Enterprise Co                                       | CUSIP: 42824CBK4<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2629074.92   | 0.31%             | 2026-04-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC              | Kinder Morgan Inc                                                   | CUSIP: 49456BAF8<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    640000 | PA      | $639554.01    | 0.08%             | 2025-06-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC               | LPL Holdings Inc                                                    | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298730.39    | 0.04%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC       | Lloyds Banking Group PLC                                            | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $1994599.56   | 0.23%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                     | MFA 2023-NQM4 Trust                                                 | CUSIP: 55286LAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1133484 | PA      | $1161448.03   | 0.14%             | 2068-12-25      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust         | Marlette Funding Trust 2023-3                                       | CUSIP: 57109RAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2911349 | PA      | $2919150.50   | 0.34%             | 2033-09-15      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| Enva 2018-A, LLC               | NetCredit Combined Receivables 2024 LLC                             | CUSIP: 64113EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    136183 | PA      | $138029.91    | 0.02%             | 2030-10-21      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP            | NOVA Chemicals Corp                                                 | CUSIP: 66977WAP4<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $200000.00    | 0.02%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oaktown Re Ltd                 | Oaktown Re VII Ltd                                                  | CUSIP: 67389JAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1986095 | PA      | $2009187.15   | 0.24%             | 2034-04-25      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                      | ONEOK Inc                                                           | CUSIP: 682680AU7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2000088.48   | 0.24%             | 2028-07-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Funding Trust 2024-3                                        | CUSIP: 68377NAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2003283.20   | 0.24%             | 2029-08-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                 | Owens-Brockway Glass Container Inc                                  | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299604.21    | 0.04%             | 2027-05-13      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-RCF5 LLC                                                  | CUSIP: 69381JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1659146 | PA      | $1635093.74   | 0.19%             | 2054-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-3                                                         | CUSIP: 693986AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1706135 | PA      | $1732252.35   | 0.20%             | 2029-05-25      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-10                                | CUSIP: 69544MAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4999576 | PA      | $5017259.92   | 0.59%             | 2032-06-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-8                                 | CUSIP: 69544QAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    825028 | PA      | $828046.44    | 0.10%             | 2032-01-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-5                                         | CUSIP: 69546PAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1749985 | PA      | $1760081.75   | 0.21%             | 2031-04-15      | Fixed         | 9.10%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2024-3                                         | CUSIP: 69547XAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4110312 | PA      | $4153764.55   | 0.49%             | 2031-10-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2024-3                                         | CUSIP: 69547XAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    720654 | PA      | $731154.25    | 0.09%             | 2031-10-15      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Parliament Funding II Ltd      | Parliament Funding II ltd                                           | CUSIP: 70163QAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10180426 | PA      | $10186595.84  | 1.20%             | 2031-10-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC          | PennyMac Financial Services Inc                                     | CUSIP: 70932MAA5<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298502.85    | 0.04%             | 2025-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV               | SpringCastle America Funding LLC                                    | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800296 | PA      | $749775.94    | 0.09%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                         | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    300000 | PA      | $294536.70    | 0.03%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance        | TRTX 2022-FL5 Issuer Ltd                                            | CUSIP: 87277JAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499333.00    | 0.06%             | 2039-02-15      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2019-HY3                                  | CUSIP: 89177XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    423912 | PA      | $427378.05    | 0.05%             | 2059-10-25      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T | Tricolor Auto Securitization Trust 2023-1                           | CUSIP: 89616KAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    268173 | PA      | $268390.98    | 0.03%             | 2027-02-16      | Fixed         | 7.24%                 | No            |                  2 | On Loan: No      |
| USASF Receivables LLC          | US Auto Funding Trust 2022-1                                        | CUSIP: 90355FAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $21133.49     | 0.00%             | 2025-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC            | United Airlines Inc                                                 | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2269119.40   | 0.27%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                       | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199209.00    | 0.02%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS       | Univision Communications Inc                                        | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    800000 | PA      | $774875.52    | 0.09%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2021-3                                 | CUSIP: 91679LAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    812246 | PA      | $802002.23    | 0.09%             | 2031-07-20      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2021-2                                 | CUSIP: 91680FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    305736 | PA      | $303403.15    | 0.04%             | 2031-06-20      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Upstart Structured Pass-Throug | Upstart Structured Pass-Through Trust Series 2022-4A                | CUSIP: 91680YBE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1329407 | PA      | $1340324.40   | 0.16%             | 2030-11-15      | Fixed         | 8.54%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-8                                   | CUSIP: 924922AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    312413 | PA      | $314245.52    | 0.04%             | 2067-09-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust   | Veros Auto Receivables Trust 2024-1                                 | CUSIP: 92512WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    624873 | PA      | $628231.29    | 0.07%             | 2027-11-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2025-2                                   | CUSIP: 92540VAE5<br>LEI: 213800TTP1CNX4WER720 | Long             | ABS-MBS          | CORP              | US        |   2473833 | PA      | $2484952.97   | 0.29%             | 2070-03-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru | Vista Point Securitization Trust 2024-CES3                          | CUSIP: 92841WAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    952543 | PA      | $966023.90    | 0.11%             | 2055-01-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                   | Voya CLO 2022-3 Ltd                                                 | CUSIP: 92891LAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    628571 | PA      | $628558.22    | 0.07%             | 2036-10-20      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2025-VTT                      | CUSIP: 94990GAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1003432.00   | 0.12%             | 2038-03-15      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                 | Whirlpool Corp                                                      | CUSIP: 963320AT3<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    800000 | PA      | $800000.00    | 0.09%             | 2025-05-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Woodmont Trust                 | Woodmont 2019-6 Trust                                               | CUSIP: 97988UAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001847.00   | 0.12%             | 2031-07-15      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| AUTONATION INC                 | AutoNation Inc                                                      | CUSIP: 05329WAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1595753.25   | 0.19%             | 2025-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Avid Automobile Receivables Tr | Avid Automobile Receivables Trust 2023-1                            | CUSIP: 05368QAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133736 | PA      | $133903.97    | 0.02%             | 2027-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities  | Fortress Credit Opportunities XXXI CLO Ltd                          | CUSIP: 34990GAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3000000.00   | 0.35%             | 2033-07-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2024-DNA2                             | CUSIP: 35564NCW1<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |    797509 | PA      | $803996.13    | 0.09%             | 2044-05-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc       | BRSP 2021-FL1 Ltd                                                   | CUSIP: 05591XAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1987982.00   | 0.23%             | 2038-08-19      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| BRAMBLES USA INC               | Brambles USA Inc                                                    | CUSIP: 10510KAC1<br>LEI: 549300ELM3HO6HFZSW59 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1596064.35   | 0.19%             | 2025-10-23      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2021-N3                              | CUSIP: 14687GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32021 | PA      | $30827.95     | 0.00%             | 2028-06-12      | Fixed         | 1.02%                 | No            |                  2 | On Loan: No      |
| Cent CLO LP                    | Cent CLO 21 Ltd                                                     | CUSIP: 15137EBS1<br>LEI: 5493002BI0SI5QMH0P08 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2501912.50   | 0.29%             | 2030-07-27      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2024-R05                        | CUSIP: 20754XAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1902453 | PA      | $1902747.49   | 0.22%             | 2044-07-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137BN6G4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5286040 | PA      | $5240421.38   | 0.62%             | 2025-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137F8RQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    616188 | PA      | $610130.60    | 0.07%             | 2030-11-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137F9CM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6400761 | PA      | $6332093.79   | 0.74%             | 2030-12-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137F9ZZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5049955 | PA      | $5021528.38   | 0.59%             | 2027-11-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Home Re Ltd                    | Home RE 2023-1 Ltd                                                  | CUSIP: 43731BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540094 | PA      | $541132.78    | 0.06%             | 2033-10-25      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP       | Host Hotels & Resorts LP                                            | CUSIP: 44107TAV8<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1198288.85   | 0.14%             | 2025-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LJV I MM CLO LLC               | LJV I MM CLO LLC                                                    | CUSIP: 50203VAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4444605 | PA      | $4451347.54   | 0.52%             | 2034-04-28      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | LL ABS Trust 2021-1                                                 | CUSIP: 53934QAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1371798 | PA      | $1362994.65   | 0.16%             | 2029-05-15      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables T | Lobel Automobile Receivables Trust 2023-2                           | CUSIP: 53949FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    716108 | PA      | $718362.38    | 0.08%             | 2029-04-16      | Fixed         | 7.59%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card  | Mercury Financial Credit Card Master Trust                          | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1518876.15   | 0.18%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                    | OCP CLO 2014-5 Ltd                                                  | CUSIP: 67102SAL8<br>LEI: 254900NXH68CRC058O44 | Long             | ABS-CBDO         | CORP              | KY        |    478811 | PA      | $478873.14    | 0.06%             | 2031-04-26      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                       | OZLM XXIV Ltd                                                       | CUSIP: 67113DAW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4800346 | PA      | $4796577.76   | 0.56%             | 2032-07-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2025-NQM4 Trust                                                 | CUSIP: 67120QAC0<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |   1951563 | PA      | $1971272.18   | 0.23%             | 2055-02-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2022-3                                       | CUSIP: 68378NAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6750000 | PA      | $6745700.93   | 0.79%             | 2031-06-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                    | Ovintiv Inc                                                         | CUSIP: 69047QAA0<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1099599.64   | 0.13%             | 2025-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-3                                 | CUSIP: 69544TAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1506354.00   | 0.18%             | 2032-12-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-5                                         | CUSIP: 69546PAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198874 | PA      | $199048.32    | 0.02%             | 2031-04-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus | Prestige Auto Receivables Trust 2024-1                              | CUSIP: 74113QAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1004804.60   | 0.12%             | 2028-05-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-NQM2 Trust                                                | CUSIP: 74448PAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1291223 | PA      | $1324770.53   | 0.16%             | 2069-06-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2024-CES1                                       | CUSIP: 749424AD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4377000 | PA      | $4508760.83   | 0.53%             | 2044-02-25      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| RADIAN GROUP INC               | Radian Group Inc                                                    | CUSIP: 750236AW1<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1992382.88   | 0.23%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | Reach ABS Trust 2023-1                                              | CUSIP: 75525AAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1541426.70   | 0.18%             | 2031-02-18      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor A | Research-Driven Pagaya Motor Asset Trust 2023-4                     | CUSIP: 76088UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    178988 | PA      | $180743.26    | 0.02%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| SKOPOS AUTO RECEIVABLES TRUST  | Skopos Auto Receivables Trust 2019-1                                | CUSIP: 83085DAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400642 | PA      | $401925.14    | 0.05%             | 2026-06-15      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential  | Starwood Mortgage Residential Trust 2021-2                          | CUSIP: 85573HAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    638224 | PA      | $602520.89    | 0.07%             | 2065-05-25      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| Steele Creek CLO Ltd           | Steele Creek CLO 2019-1 LTD                                         | CUSIP: 85817BAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2276813 | PA      | $2273197.57   | 0.27%             | 2032-04-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN        | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp        | CUSIP: 87470LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $98804.62     | 0.01%             | 2027-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP         | Toll Brothers Finance Corp                                          | CUSIP: 88947EAS9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2028000 | PA      | $2031494.16   | 0.24%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2017-2                                    | CUSIP: 89173HAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31418 | PA      | $31459.55     | 0.00%             | 2057-04-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust     | Upstart Pass-Through Trust Series 2021-ST1                          | CUSIP: 91681MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     59036 | PA      | $58853.53     | 0.01%             | 2027-02-20      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2023-2                                 | CUSIP: 91683VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     88921 | PA      | $89060.00     | 0.01%             | 2033-06-20      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                | Venture 32 CLO Ltd                                                  | CUSIP: 92325QAA5<br>LEI: 549300UP09C89Q3HWD39 | Long             | ABS-CBDO         | CORP              | KY        |   1825845 | PA      | $1825832.49   | 0.21%             | 2031-07-18      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust   | Veros Auto Receivables Trust 2023-1                                 | CUSIP: 924933AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71441 | PA      | $71616.47     | 0.01%             | 2028-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-7                                   | CUSIP: 92539NAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    726989 | PA      | $741334.00    | 0.09%             | 2067-07-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru | Vista Point Securitization Trust Series 2024-CES2                   | CUSIP: 92841YAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2008096.00   | 0.24%             | 2054-10-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FFNQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     99150 | PA      | $97546.75     | 0.01%             | 2031-01-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FL6K5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    705632 | PA      | $707925.48    | 0.08%             | 2029-02-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FUZS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2048942 | PA      | $2046422.09   | 0.24%             | 2027-06-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H13Y0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5598851 | PA      | $5516211.66   | 0.65%             | 2031-05-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H1LN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5205085 | PA      | $5126410.42   | 0.60%             | 2031-06-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Freedom Financial              | FREED ABS Trust 2022-4FP                                            | CUSIP: 35634JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2800551 | PA      | $2814956.24   | 0.33%             | 2029-12-18      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC    | Hertz Vehicle Financing III LLC                                     | CUSIP: 42806MBU2<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3025347.00   | 0.36%             | 2027-06-25      | Fixed         | 6.91%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2023-HE1                                   | CUSIP: 46656UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    283912 | PA      | $291933.55    | 0.03%             | 2053-11-25      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd              | KREF 2021-FL2 Ltd                                                   | CUSIP: 48275RAA5<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    733737 | PA      | $732504.29    | 0.09%             | 2039-02-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Lake Shore MM CLO LLC          | Lake Shore MM CLO II Ltd                                            | CUSIP: 510760AN1<br>LEI: 5493004NSSTVWDFT9W29 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1495380.68   | 0.18%             | 2031-10-17      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust  | Lendbuzz Securitization Trust 2023-1                                | CUSIP: 52608LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    196148 | PA      | $199212.40    | 0.02%             | 2028-08-15      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust         | Marlette Funding Trust 2023-3                                       | CUSIP: 57109RAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2700000 | PA      | $2728195.02   | 0.32%             | 2033-09-15      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP            | Meritage Homes Corp                                                 | CUSIP: 59001ABA9<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2120372.10   | 0.25%             | 2027-06-06      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-11                                | CUSIP: 69544AAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1999770 | PA      | $2005631.20   | 0.24%             | 2032-07-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-5                                 | CUSIP: 69544LAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1509498 | PA      | $1525016.67   | 0.18%             | 2031-10-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2024-1PL                                             | CUSIP: 00092BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    483778 | PA      | $489358.67    | 0.06%             | 2031-04-25      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2024-X1                           | CUSIP: 00834XAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1650000 | PA      | $1658528.19   | 0.20%             | 2029-05-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD            | ASSURANT CLO II LTD                                                 | CUSIP: 04623TAC9<br>LEI: 6354003JXBM4LA5YCP98 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2997588.00   | 0.35%             | 2031-04-20      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD       | Avolon Holdings Funding Ltd                                         | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $396500.42    | 0.05%             | 2026-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bean Creek CLO LTD             | Bean Creek CLO Ltd                                                  | CUSIP: 07378WAS7<br>LEI: 635400STD6UUTEW5KM07 | Long             | ABS-CBDO         | CORP              | KY        |   4880460 | PA      | $4878835.13   | 0.57%             | 2031-04-20      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| BLOCK FINANCIAL LLC            | Block Financial LLC                                                 | CUSIP: 093662AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1401004.14   | 0.16%             | 2025-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2024-NQM4                           | CUSIP: 10568NAA0<br>LEI: 254900NOKQW417VKV943 | Long             | ABS-MBS          | CORP              | US        |   1852144 | PA      | $1829812.56   | 0.22%             | 2060-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Tru | COOPR Residential Mortgage Trust 2025-CES1                          | CUSIP: 12596SAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1516351.50   | 0.18%             | 2060-05-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2024-R06                        | CUSIP: 20755RAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600015 | PA      | $1598511.35   | 0.19%             | 2044-09-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2023-3PL                                             | CUSIP: 000876AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    864482 | PA      | $866889.51    | 0.10%             | 2030-08-19      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2024-1PL                                             | CUSIP: 00092BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    630430 | PA      | $635804.25    | 0.07%             | 2031-04-25      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2024-2PL                                             | CUSIP: 00092HAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3944864 | PA      | $3952513.24   | 0.46%             | 2031-10-27      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec | Arivo Acceptance Auto Loan Receivables Trust 2024-1                 | CUSIP: 039943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    354804 | PA      | $357010.19    | 0.04%             | 2028-04-17      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding | Avis Budget Rental Car Funding AESOP LLC                            | CUSIP: 05377REC4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3495000 | PA      | $3466633.53   | 0.41%             | 2027-02-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding | Avis Budget Rental Car Funding AESOP LLC                            | CUSIP: 05377RFW9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1370000 | PA      | $1388633.23   | 0.16%             | 2027-04-20      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC          | Directv Financing LLC / Directv Financing Co-Obligor Inc            | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $773910.97    | 0.09%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                      | ONEOK Inc                                                           | CUSIP: 29336UAE7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1098750.73   | 0.13%             | 2025-06-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2022-3                          | CUSIP: 30166YAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5575000 | PA      | $5651534.72   | 0.66%             | 2028-09-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137F84A8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6073370 | PA      | $6047205.54   | 0.71%             | 2030-11-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Barings Middle Market CLO Ltd. | Barings Middle Market CLO 2023-II Ltd                               | CUSIP: 067934AA7<br>LEI: 2549007Y0JXPKK7NLK37 | Long             | ABS-CBDO         | CORP              | BM        |   2199785 | PA      | $2204035.06   | 0.26%             | 2032-01-20      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA               | Beazer Homes USA Inc                                                | CUSIP: 07556QBR5<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    800000 | PA      | $782291.76    | 0.09%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC               | Berry Global Inc                                                    | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2194204.66   | 0.26%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd          | Black Diamond Clo 2019-2 Ltd                                        | CUSIP: 09204GAF6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1665758 | PA      | $1665731.51   | 0.20%             | 2032-07-23      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| BOEING CO                      | Boeing Co/The                                                       | CUSIP: 097023DA0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2580000 | PA      | $2536596.48   | 0.30%             | 2026-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2022-NQM3                           | CUSIP: 10569JAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    388142 | PA      | $399159.67    | 0.05%             | 2062-07-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FINANCE CORP         | Bunge Ltd Finance Corp                                              | CUSIP: 120568BB5<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123843.63    | 0.01%             | 2025-08-17      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2022-D                                   | CUSIP: 12663UAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3100000 | PA      | $3250010.86   | 0.38%             | 2029-01-16      | Fixed         | 8.73%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                                          | CUSIP: 14040HBJ3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1457176.14   | 0.17%             | 2025-10-29      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2021-N2                              | CUSIP: 14686KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102726 | PA      | $99452.74     | 0.01%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                  | CUSIP: 3137H2RS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22288 | PA      | $22214.65     | 0.00%             | 2031-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H3KE1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4384846 | PA      | $4344843.55   | 0.51%             | 2028-09-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| ClickLease Equipment Receivabl | ClickLease Equipment Receivables 2024-1 Trust                       | CUSIP: 18682FAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    121736 | PA      | $121867.45    | 0.01%             | 2030-02-15      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN        | Consolidated Energy Finance SA                                      | CUSIP: 20914UAE6<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    761000 | PA      | $734354.35    | 0.09%             | 2026-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust            | DT Auto Owner Trust 2023-2                                          | CUSIP: 23346CAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1245000 | PA      | $1272470.18   | 0.15%             | 2029-02-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL           | Edison International                                                | CUSIP: 281020AU1<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1446994.11   | 0.17%             | 2025-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137BRQJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3795380 | PA      | $3725651.33   | 0.44%             | 2026-07-25      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137F8MQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    236883 | PA      | $235401.13    | 0.03%             | 2030-12-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H6MJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    944176 | PA      | $940179.85    | 0.11%             | 2029-02-25      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H73L5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1065023 | PA      | $1063270.85   | 0.13%             | 2032-03-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H7M26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    745702 | PA      | $741448.11    | 0.09%             | 2032-04-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                    | FIGRE Trust 2024-HE4                                                | CUSIP: 31684UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1321504 | PA      | $1340948.68   | 0.16%             | 2054-09-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2021-4                                   | CUSIP: 33845AAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    392000 | PA      | $372814.78    | 0.04%             | 2027-12-15      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                       | Flex Ltd                                                            | CUSIP: 33938EAU1<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |   1600000 | PA      | $1599350.98   | 0.19%             | 2025-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FHGE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1154290 | PA      | $1147626.41   | 0.13%             | 2026-09-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FMCQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    608234 | PA      | $597284.55    | 0.07%             | 2028-12-25      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2023-DNA1                             | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | CORP              | US        |   1333758 | PA      | $1357960.62   | 0.16%             | 2043-03-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2024-DNA1                             | CUSIP: 35564NAX1<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |   1100973 | PA      | $1099593.17   | 0.13%             | 2044-02-25      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137FNXA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    377675 | PA      | $379629.69    | 0.04%             | 2029-08-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137HA3Y0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    237634 | PA      | $239270.44    | 0.03%             | 2030-02-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re Ltd                                                   | CUSIP: 078915AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   2375000 | PA      | $2383588.00   | 0.28%             | 2034-08-25      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd | Golub Capital Partners Clo 36m Ltd                                  | CUSIP: 38175BAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2002374.00   | 0.24%             | 2031-02-05      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| HARLEY-DAVIDSON FINL SER       | Harley-Davidson Financial Services Inc                              | CUSIP: 41283LAY1<br>LEI: RLUFFFFW4GRYU77BTS24 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1236827.55   | 0.15%             | 2025-06-08      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC             | PBF Holding Co LLC / PBF Finance Corp                               | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $706868.30    | 0.08%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-RCF1 LLC                                                  | CUSIP: 693581AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    777776 | PA      | $764996.27    | 0.09%             | 2054-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CRH AMERICA INC                | CRH America Inc                                                     | CUSIP: 12626PAM5<br>LEI: 549300RN11MJ182CNF63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199858.01    | 0.02%             | 2025-05-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CABOT CORP                     | Cabot Corp                                                          | CUSIP: 127055AK7<br>LEI: K05C0SER542GQ6VLRO68 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2219198.40   | 0.26%             | 2026-09-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2020-NP1                             | CUSIP: 14687PAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    887638 | PA      | $885002.65    | 0.10%             | 2027-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-1                                 | CUSIP: 69544NAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1499563.35   | 0.18%             | 2032-07-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-2 LLC                                                     | CUSIP: 74448BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    842896 | PA      | $861219.51    | 0.10%             | 2029-03-25      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| MP Clo III, LTD                | MP CLO III LTD                                                      | CUSIP: 553205AE5<br>LEI: 549300FWSFBNCWDD1P18 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1744970.39   | 0.21%             | 2030-10-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                    | OCP CLO 2017-13 Ltd                                                 | CUSIP: 67097LAT3<br>LEI: 254900M77QLN2EBJHE11 | Long             | ABS-CBDO         | CORP              | KY        |   1833333 | PA      | $1833300.33   | 0.22%             | 2037-11-26      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Receivables Trust 2022-2                                     | CUSIP: 67578XAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6196005.60   | 0.73%             | 2030-02-20      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| OCTAGON LOAN FUNDING LTD       | Octagon Loan Funding Ltd                                            | CUSIP: 67590RAY1<br>LEI: 549300HJJWTCMWFILG24 | Long             | ABS-CBDO         | CORP              | KY        |   3797012 | PA      | $3796940.17   | 0.45%             | 2031-11-18      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    400000 | PA      | $383278.12    | 0.05%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Issuance Trust 2024-2                                       | CUSIP: 68377KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $502202.90    | 0.06%             | 2032-02-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2022-NQM1 Trust                                                | CUSIP: 69378KAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    891222 | PA      | $914246.57    | 0.11%             | 2067-08-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne | PRET 2024-NPL3 LLC                                                  | CUSIP: 69391UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2279093 | PA      | $2296186.03   | 0.27%             | 2054-04-27      | Variable      | 7.52%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                    | PRKCM 2023-AFC1 Trust                                               | CUSIP: 693981AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    239032 | PA      | $242769.57    | 0.03%             | 2058-02-25      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2024-2                                         | CUSIP: 694961AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3249353 | PA      | $3284206.47   | 0.39%             | 2031-08-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-3                                 | CUSIP: 69544TAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1507344.00   | 0.18%             | 2032-12-15      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-2                                 | CUSIP: 69545GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1625000 | PA      | $1620541.81   | 0.19%             | 2032-10-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-2                                 | CUSIP: 69545GAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1994277.60   | 0.23%             | 2032-10-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2022-1                                         | CUSIP: 69546MAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4339803 | PA      | $4248096.66   | 0.50%             | 2029-10-15      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya Ai Debt Grantor Trust 2024-9                                 | CUSIP: 69546QAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4174595 | PA      | $4174683.07   | 0.49%             | 2032-03-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust 2024-6 | CUSIP: 69548KAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1559147 | PA      | $1576877.42   | 0.19%             | 2031-11-15      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-7                                         | CUSIP: 69548RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1249534 | PA      | $1263076.57   | 0.15%             | 2031-07-15      | Fixed         | 8.80%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | Reach ABS Trust 2023-1                                              | CUSIP: 75525AAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    751412 | PA      | $756183.69    | 0.09%             | 2031-02-18      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| Romark CLO Ltd                 | Romark CLO V Ltd                                                    | CUSIP: 77588PAA0<br>LEI: 549300NIP2J0NPQTYT18 | Long             | ABS-CBDO         | CORP              | KY        |    736842 | PA      | $736832.50    | 0.09%             | 2035-01-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | Royal Caribbean Cruises Ltd                                         | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1200000 | PA      | $1184433.84   | 0.14%             | 2026-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                     | Sprint LLC                                                          | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |   2522000 | PA      | $2555339.68   | 0.30%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TEXTRON INC                    | Textron Inc                                                         | CUSIP: 883203BW0<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2382338.95   | 0.28%             | 2026-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2021-SJ2                                  | CUSIP: 89180LAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1392244.50   | 0.16%             | 2061-12-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Upgrade Receivables Trust      | Upgrade Receivables Trust 2024-1                                    | CUSIP: 91533NAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2010593.60   | 0.24%             | 2031-02-18      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru | Vista Point Securitization Trust 2024-CES1                          | CUSIP: 92839HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3600788 | PA      | $3660042.33   | 0.43%             | 2054-05-25      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA       | Volkswagen Group of America Finance LLC                             | CUSIP: 928668BE1<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299863.13    | 0.04%             | 2025-05-13      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| A&D Mortgage Trust             | A&D Mortgage Trust 2025-NQM1                                        | CUSIP: 00250DAE8<br>LEI: 984500CE0D9FE0NM4277 | Long             | ABS-MBS          | CORP              | US        |   2474691 | PA      | $2502816.24   | 0.29%             | 2070-03-25      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.            | ACREC 2021-FL1 Ltd                                                  | CUSIP: 00500RAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $699356.70    | 0.08%             | 2036-10-16      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP              | Ares Capital Corp                                                   | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1130824.13   | 0.13%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC            | Ashtead Capital Inc                                                 | CUSIP: 045054AN3<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   2608000 | PA      | $2511045.49   | 0.30%             | 2026-08-12      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD       | Avolon Holdings Funding Ltd                                         | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   2000000 | PA      | $2063039.56   | 0.24%             | 2028-05-04      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2024-NQM4                           | CUSIP: 10568NAC6<br>LEI: 254900NOKQW417VKV943 | Long             | ABS-MBS          | CORP              | US        |   1852144 | PA      | $1819272.01   | 0.21%             | 2060-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus | BRAVO Residential Funding Trust 2024-NQM4                           | CUSIP: 10568NAD4<br>LEI: 254900NOKQW417VKV943 | Long             | ABS-MBS          | CORP              | US        |    926072 | PA      | $880974.08    | 0.10%             | 2060-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137H1Z82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4517093 | PA      | $4478300.38   | 0.53%             | 2028-07-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates        | CUSIP: 3137HKXG4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $5006250.00   | 0.59%             | 2032-01-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK NA            | Fifth Third Bank NA                                                 | CUSIP: 31677AAB0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2674887.84   | 0.31%             | 2026-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust     | Flagship Credit Auto Trust 2021-3                                   | CUSIP: 33846QAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    263000 | PA      | $250802.66    | 0.03%             | 2027-09-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2024-HQA2                             | CUSIP: 35564NDZ3<br>LEI: 5299002OYNAPMJKK2A73 | Long             | ABS-MBS          | CORP              | US        |   1995384 | PA      | $1993508.38   | 0.23%             | 2044-08-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD            | NCL Corp Ltd                                                        | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     80000 | PA      | $79653.14     | 0.01%             | 2026-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GAS CO           | National Fuel Gas Co                                                | CUSIP: 636180BS9<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |    890000 | PA      | $900458.01    | 0.11%             | 2026-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2022-NQM4                       | CUSIP: 64831UAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    930241 | PA      | $916292.16    | 0.11%             | 2062-06-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR       | Occidental Petroleum Corp                                           | CUSIP: 674599CR4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2351524.56   | 0.28%             | 2026-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ACHV ABS TRUST                 | ACHV ABS TRUST 2024-2PL                                             | CUSIP: 00092HAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    651230 | PA      | $653896.56    | 0.08%             | 2031-10-27      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                 | ACM Auto Trust 2023-2                                               | CUSIP: 00161AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     93850 | PA      | $93997.40     | 0.01%             | 2030-06-20      | Fixed         | 7.97%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2023-B                            | CUSIP: 00792FAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $503963.20    | 0.06%             | 2028-09-15      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                  | Aircastle Ltd                                                       | CUSIP: 00928QAT8<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |   1450000 | PA      | $1447829.31   | 0.17%             | 2025-08-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| APOLLO MANAGEMENT HOLDIN       | Apollo Management Holdings LP                                       | CUSIP: 03765HAB7<br>LEI: 5493006XQW0V5K38YM64 | Long             | DBT              | CORP              | US        |    600000 | PA      | $598181.72    | 0.07%             | 2026-05-27      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP              | Ares Capital Corp                                                   | CUSIP: 04010LAY9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1594919.98   | 0.19%             | 2025-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD       | Avolon Holdings Funding Ltd                                         | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $281719.31    | 0.03%             | 2027-11-18      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                    | Truist Bank                                                         | CUSIP: 07330MAB3<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1593351.44   | 0.19%             | 2025-09-16      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT               | Bellemeade Re 2023-1 Ltd                                            | CUSIP: 07876XAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |    200000 | PA      | $206795.20    | 0.02%             | 2033-10-25      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC            | Delta Air Lines Inc                                                 | CUSIP: 247361ZZ4<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    850000 | PA      | $862110.80    | 0.10%             | 2026-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                      | ONEOK Inc                                                           | CUSIP: 29336UAF4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    600000 | PA      | $600083.88    | 0.07%             | 2026-07-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Whole Loan Securit | Freddie Mac Whole Loan Securities Trust 2016-SC02                   | CUSIP: 3137G1BF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     56789 | PA      | $56000.68     | 0.01%             | 2046-10-25      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-HQA2                             | CUSIP: 35564KB24<br>LEI: 5493000IRLADKYZNON28 | Long             | ABS-MBS          | CORP              | US        |   2639877 | PA      | $2698518.92   | 0.32%             | 2042-07-25      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-DNA6                             | CUSIP: 35564KH44<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-MBS          | CORP              | US        |   3129566 | PA      | $3274483.68   | 0.39%             | 2042-09-25      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR            | Freddie Mac STACR REMIC Trust 2022-DNA4                             | CUSIP: 35564KWS4<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | CORP              | US        |    728408 | PA      | $745727.92    | 0.09%             | 2042-05-25      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| GCAT                           | GCAT 2023-NQM2 Trust                                                | CUSIP: 36169DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    359955 | PA      | $365798.52    | 0.04%             | 2067-11-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                          | CUSIP: 380355AF4<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    260000 | PA      | $256429.39    | 0.03%             | 2026-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HPS Loan Management Ltd        | HPS Loan Management 11-2017 Ltd                                     | CUSIP: 40436VAG6<br>LEI: 549300Z5U2GIJ32SH058 | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $5999970.00   | 0.71%             | 2030-05-06      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| HEXCEL CORP                    | Hexcel Corp                                                         | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |    990000 | PA      | $975966.94    | 0.11%             | 2027-02-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP       | Host Hotels & Resorts LP                                            | CUSIP: 44107TAW6<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1046707.13   | 0.12%             | 2026-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2023-4                                   | CUSIP: 46656QAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    881851 | PA      | $883114.12    | 0.10%             | 2053-11-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC               | LPL Holdings Inc                                                    | CUSIP: 50212YAJ3<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2039215.32   | 0.24%             | 2027-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables T | Lobel Automobile Receivables Trust 2023-1                           | CUSIP: 53946XAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1777484.80   | 0.21%             | 2028-10-16      | Fixed         | 8.31%                 | No            |                  2 | On Loan: No      |
| MAGNA INTERNATIONAL INC        | Magna International Inc                                             | CUSIP: 559222AX2<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $400013.59    | 0.05%             | 2026-03-21      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| METHANEX CORP                  | Methanex Corp                                                       | CUSIP: 59151KAM0<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $343870.17    | 0.04%             | 2027-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC         | Nationstar Mortgage Holdings Inc                                    | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $350449.05    | 0.04%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2024-NQM2 Trust                                                 | CUSIP: 67118HAD2<br>LEI: 254900OHTVKDKZL33I54 | Long             | ABS-MBS          | CORP              | US        |   1090899 | PA      | $1097079.30   | 0.13%             | 2063-12-25      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC       | OBX 2025-NQM2 Trust                                                 | CUSIP: 67120VAC9<br>LEI: 2549006BC0G3YEF5SL09 | Long             | ABS-MBS          | CORP              | US        |   1258250 | PA      | $1273598.49   | 0.15%             | 2064-11-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC              | PRPM 2024-NQM4 Trust                                                | CUSIP: 69381UAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1965922 | PA      | $1993087.60   | 0.23%             | 2069-12-26      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2024-2                                         | CUSIP: 694961AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2745287 | PA      | $2786341.47   | 0.33%             | 2031-08-15      | Fixed         | 7.57%                 | No            |                  2 | On Loan: No      |
| Prestige Auto Receivables Trus | Prestige Auto Receivables Trust 2025-1                              | CUSIP: 74113UAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5015240.00   | 0.59%             | 2028-11-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partne | PRET 2024-NPL4 LLC                                                  | CUSIP: 74143RAA1<br>LEI: 254900OXVJK5CT5B2O86 | Long             | ABS-MBS          | CORP              | US        |   1854928 | PA      | $1881047.46   | 0.22%             | 2054-07-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Prosper Marketplace Issuance T | Prosper Marketplace Issuance Trust Series 2023-1                    | CUSIP: 74390NAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5300000 | PA      | $5376234.67   | 0.63%             | 2029-07-16      | Fixed         | 8.29%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding       | Purchasing Power Funding 2024-A LLC                                 | CUSIP: 745935AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $607132.92    | 0.07%             | 2028-08-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2024-CES3                                       | CUSIP: 74942AAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4090000 | PA      | $4258336.22   | 0.50%             | 2044-05-25      | Variable      | 6.87%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                  | Radnor Re 2024-1 Ltd                                                | CUSIP: 75049AAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1539514 | PA      | $1541699.99   | 0.18%             | 2034-09-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC            | Reach Abs Trust 2024-1                                              | CUSIP: 75526PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2100000 | PA      | $2128050.54   | 0.25%             | 2031-02-18      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Rialto Real Estate Fund LP     | RIAL 2022-FL8 Issuer Ltd                                            | CUSIP: 76243NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   2000000 | PA      | $1998242.00   | 0.23%             | 2037-01-19      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners            | SG Residential Mortgage Trust 2019-3                                | CUSIP: 78432BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80090 | PA      | $79928.66     | 0.01%             | 2059-09-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC            | Silgan Holdings Inc                                                 | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2507996.40   | 0.29%             | 2026-04-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Sotheby's Artfi Master Trust 2 | Sotheby's Artfi Master Trust                                        | CUSIP: 83589CAA6<br>LEI: 9845002FA850DM72BA31 | Long             | ABS-O            | CORP              | US        |   7321000 | PA      | $7394330.06   | 0.87%             | 2031-12-22      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Steele Creek CLO Ltd           | Steele Creek CLO 2019-2 LTD                                         | CUSIP: 85817EAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4689198 | PA      | $4680626.22   | 0.55%             | 2032-07-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| STRIKE ACCEPTANCE AUTO FUNDING | Strike Acceptance Auto Funding Trust 2025-1                         | CUSIP: 86332RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1931473 | PA      | $1929371.62   | 0.23%             | 2032-04-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY BANK                 | Synchrony Bank                                                      | CUSIP: 87166FAE3<br>LEI: 549300UATVPGSLE43Z27 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2325298.30   | 0.27%             | 2027-08-23      | Fixed         | 5.62%                 | 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        |   2602000 | PA      | $2612822.89   | 0.31%             | 2027-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust          | Theorem Funding Trust 2022-3                                        | CUSIP: 882925AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2700000 | PA      | $2771031.60   | 0.33%             | 2029-04-15      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd             | Wind River 2014-1 CLO Ltd                                           | CUSIP: 88432CBC9<br>LEI: 549300AMLFWC1VCUN251 | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $5999220.00   | 0.71%             | 2031-07-18      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T | Tricolor Auto Securitization Trust 2024-2                           | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    869613 | PA      | $872871.65    | 0.10%             | 2027-12-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL       | United Wholesale Mortgage LLC                                       | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    400000 | PA      | $394976.36    | 0.05%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust     | Upstart Pass-Through Trust Series 2022-ST3                          | CUSIP: 91681EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    379820 | PA      | $375562.93    | 0.04%             | 2030-05-20      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust     | Upstart Pass-Through Trust Series 2022-ST1                          | CUSIP: 91683NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16581 | PA      | $16551.89     | 0.00%             | 2030-03-20      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust   | Upstart Securitization Trust 2025-1                                 | CUSIP: 91684PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1198794.00   | 0.14%             | 2035-04-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN       | USA Compression Partners LP / USA Compression Finance Corp          | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $297744.03    | 0.04%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2022-3                                   | CUSIP: 92538UAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    177413 | PA      | $166931.00    | 0.02%             | 2067-02-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2023-1                                   | CUSIP: 92539BAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    424178 | PA      | $432957.61    | 0.05%             | 2067-12-25      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2023-2                                   | CUSIP: 92539DAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    616858 | PA      | $631504.36    | 0.07%             | 2068-03-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru | Vista Point Securitization Trust 2025-CES1                          | CUSIP: 92842DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3947244 | PA      | $4015112.51   | 0.47%             | 2055-04-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT       | Western Midstream Operating LP                                      | CUSIP: 958254AE4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    580000 | PA      | $579143.02    | 0.07%             | 2025-06-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT       | Western Midstream Operating LP                                      | CUSIP: 958254AK0<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2034353.21   | 0.24%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE         | Westinghouse Air Brake Technologies Corp                            | CUSIP: 960386AQ3<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1446747.42   | 0.17%             | 2025-06-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Goldentree Loan Opportunities  | Goldentree Loan Opportunities XII Ltd                               | CUSIP: BCC2H6MU4<br>LEI: 5493004WVEVHIF701522 | Long             | ABS-CBDO         | CORP              | KY        |   2320000 | PA      | $2318220.56   | 0.27%             | 2030-07-21      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-26

**Name of Applicant:** Angel Oak Funds Trust

**Signature:** /s/ Michael Colombo

**Name of Signer:** Michael Colombo

**Title:** Secretary