# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001560
**Filing Date:** 2025-11
**Character Count:** 125799
**Document Hash:** 4091fe93fbd66be5aa30eca0679ec27f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001560.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001560

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN FUNDS
- **CENTRAL INDEX KEY:** 0000916620

**ORGANIZATION NAME:**
- **EIN:** 391777365
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 251506528

**BUSINESS ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 800-595-9111

**MAIL ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### FIXED INCOME FUND (Series ID: S000001252)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000003398 | FIXED INCOME FUND | NOFIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Northern Funds

- **b. Investment Company Act file number:** 811-08236

- **c. CIK number of Registrant:** 0000916620

- **d. LEI of Registrant:** 5493004ZY1PEJR3C0A81

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

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 800-595-9111

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

- **a. Name of Series:** Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000001252

- **c. LEI of Series:** 549300PNPEUFG2UTM655

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $293383268.90

**Total Liabilities:** $1057317.23

**Net Assets:** $292325951.67

**Delayed Delivery Securities:** $718934.40

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 163.513930587242 | **1-Year:** 10119.602804163847 | **5-Year:** 49481.719631927710 | **10-Year:** 51117.609076348543 | **30-Year:** 2373.151912254713

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

- **3-Month:** 9.659946976040 | **1-Year:** 1057.293519760612 | **5-Year:** 4118.406752776786 | **10-Year:** 1075.266462445781 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003398 | -0.18%               | 1.27%                | 1.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-254468.61              | $-1215956.68                               |
| Month 2  | $47998.92                | $2520800.78                                |
| Month 3  | $351572.54               | $1679760.41                                |

**Designated Index Information**

- **Index Name:** BBG US Aggregate

- **Index Identifier:** LEH_AGG

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3138WJQ68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    678789 | PA      | $672042.34    | 0.23%             | 2046-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 31418CRD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    245525 | PA      | $235989.03    | 0.08%             | 2047-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3140X4XA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    530240 | PA      | $479199.58    | 0.16%             | 2048-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DQ3Y0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    568507 | PA      | $587206.14    | 0.20%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.50%    | FREDDIE MAC POOL 6.50%    | CUSIP: 3132E0PL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    839022 | PA      | $881512.29    | 0.30%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORP F2F         | M&T BANK CORP F2F         | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    660000 | PA      | $716968.26    | 0.25%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 31418CNE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    522147 | PA      | $502003.42    | 0.17%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132CWCV4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    618507 | PA      | $607638.50    | 0.21%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DPXE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1143768 | PA      | $1169432.98   | 0.40%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3140XKW55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    847121 | PA      | $849434.29    | 0.29%             | 2038-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2023-V3 MTG VAR | BENCHMARK 2023-V3 MTG VAR | CUSIP: 08163VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1090000 | PA      | $1142672.72   | 0.39%             | 2056-07-15      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DQTG1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    914262 | PA      | $943635.12    | 0.32%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQGK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    696557 | PA      | $705426.78    | 0.24%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.00%     | FANNIE MAE POOL 6.00%     | CUSIP: 3140A0AT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    880253 | PA      | $909043.11    | 0.31%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JGWPT XXX LLC 4.08%       | JGWPT XXX LLC 4.08%       | CUSIP: 46617LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1115011 | PA      | $1058402.47   | 0.36%             | 2073-01-17      | Fixed         | 4.08%                 | Yes           |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.00%  | GINNIE MAE II POOL 4.00%  | CUSIP: 36179QGD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    188759 | PA      | $181916.14    | 0.06%             | 2044-06-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISCOVER CARD EXECU 4.31% | DISCOVER CARD EXECU 4.31% | CUSIP: 254683CY9<br>LEI: 207ALC1P1YM0OVDV0K75 | Long             | ABS-O            | CORP              | US        |    940000 | PA      | $941026.20    | 0.32%             | 2028-03-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP F2F   | FIFTH THIRD BANCORP F2F   | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    400000 | PA      | $421465.96    | 0.14%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.50%     | FANNIE MAE POOL 6.50%     | CUSIP: 3140XMTJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    643756 | PA      | $675428.47    | 0.23%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 7.00% | FREDDIE MAC GOLD PO 7.00% | CUSIP: 3128M9U67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    444160 | PA      | $486450.62    | 0.17%             | 2039-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 31417Y6Q5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    225622 | PA      | $224335.67    | 0.08%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 31418BYU4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1077118 | PA      | $1010392.36   | 0.35%             | 2046-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140QS3Y5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    552001 | PA      | $559860.00    | 0.19%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM7 TRUS 6.844% | OBX 2023-NQM7 TRUS 6.844% | CUSIP: 67117XAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1014323 | PA      | $1027486.65   | 0.35%             | 2063-04-25      | Variable      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP F2F  | BANK OF AMERICA CORP F2F  | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1092000 | PA      | $1141899.25   | 0.39%             | 2029-09-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140XM2J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    712582 | PA      | $730615.56    | 0.25%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31418MH21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    618256 | PA      | $634293.37    | 0.22%             | 2037-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 5.50%  | GINNIE MAE II POOL 5.50%  | CUSIP: 36179SNZ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     63437 | PA      | $65580.46     | 0.02%             | 2046-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.50%  | GINNIE MAE II POOL 4.50%  | CUSIP: 36179XVR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1073892 | PA      | $1048067.50   | 0.36%             | 2053-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA POOL #FS4040 5.0% DU | FNMA POOL #FS4040 5.0% DU | CUSIP: 3140XKP20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1006060 | PA      | $1008362.68   | 0.34%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONEOK INC 6.05%           | ONEOK INC 6.05%           | CUSIP: 682680BL6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    180000 | PA      | $190869.93    | 0.07%             | 2033-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| DELL EQUIP. FIN. TS 5.93% | DELL EQUIP. FIN. TS 5.93% | CUSIP: 24702EAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325809 | PA      | $327961.82    | 0.11%             | 2029-04-23      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3138WGG65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    851352 | PA      | $798604.96    | 0.27%             | 2046-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140NCT25<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1149925 | PA      | $1152557.29   | 0.39%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOHAWK INDS. INC 5.85%    | MOHAWK INDS. INC 5.85%    | CUSIP: 608190AM6<br>LEI: 549300JI1115MG3Q6322 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7313.50      | 0.00%             | 2028-09-18      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC NON GOLD FRN  | FREDDIE MAC NON GOLD FRN  | CUSIP: 3128JN2H7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     41008 | PA      | $41882.85     | 0.01%             | 2037-09-01      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| JGWPT XXVII LLC 3.22%     | JGWPT XXVII LLC 3.22%     | CUSIP: 46617AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    458000 | PA      | $417650.58    | 0.14%             | 2065-09-15      | Fixed         | 3.22%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE-ACES VAR       | FANNIE MAE-ACES VAR       | CUSIP: 3136AC7M7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   2458593 | PA      | $2401894.17   | 0.82%             | 2043-02-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 2.50% | FREDDIE MAC GOLD PO 2.50% | CUSIP: 3128MMWD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     47388 | PA      | $45688.04     | 0.02%             | 2032-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3133BRD68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | CORP              | US        |   1079895 | PA      | $1076365.66   | 0.37%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 5.50%  | GINNIE MAE II POOL 5.50%  | CUSIP: 3622ACSK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    883995 | PA      | $896830.95    | 0.31%             | 2053-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3138WDBZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    400988 | PA      | $397993.85    | 0.14%             | 2044-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 31418CFE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    680419 | PA      | $638432.29    | 0.22%             | 2047-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK 3.72% | MORGAN STANLEY BANK 3.72% | CUSIP: 61691GAS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $347258.63    | 0.12%             | 2049-12-15      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140QMRG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1048883 | PA      | $897690.72    | 0.31%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY F2F        | MORGAN STANLEY F2F        | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1208972.28   | 0.41%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132E0E99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    768051 | PA      | $793692.44    | 0.27%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3140J55X3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    141642 | PA      | $137408.94    | 0.05%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & CO F2F      | WELLS FARGO & CO F2F      | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1029898.27   | 0.35%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG/NEW F2F  | DEUTSCHE BANK AG/NEW F2F  | CUSIP: 251526DB2<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    400000 | PA      | $403782.72    | 0.14%             | 2031-08-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC F2F          | BARCLAYS PLC F2F          | CUSIP: 06738EDE2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    710000 | PA      | $729480.63    | 0.25%             | 2046-08-11      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.00%     | FANNIE MAE POOL 6.00%     | CUSIP: 3140XMBK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    889459 | PA      | $919082.56    | 0.31%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132E0XN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    770665 | PA      | $783970.94    | 0.27%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CNH EQUIP. TST. 202 4.77% | CNH EQUIP. TST. 202 4.77% | CUSIP: 18978FAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $403479.04    | 0.14%             | 2029-06-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINL. COR F2F | CAPITAL ONE FINL. COR F2F | CUSIP: 14040HDF9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    220000 | PA      | $233533.81    | 0.08%             | 2035-02-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ENOVA INTL. INC 9.125%    | ENOVA INTL. INC 9.125%    | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    424000 | PA      | $445271.23    | 0.15%             | 2029-08-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| AIR LEASE CORP F2V        | AIR LEASE CORP F2V        | CUSIP: 00912XBQ6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    800000 | PA      | $776151.73    | 0.27%             | 2049-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SANTANDER MTGE. ASS 5.76% | SANTANDER MTGE. ASS 5.76% | CUSIP: 80263BAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1993007 | PA      | $1999906.34   | 0.68%             | 2065-07-25      | Variable      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC SERV. CO OF 5.15%  | PUBLIC SERV. CO OF 5.15%  | CUSIP: 744448DC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $850749.59    | 0.29%             | 2035-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES F2V | HUNTINGTON BANCSHARES F2V | CUSIP: 446150BG8<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1102089.43   | 0.38%             | 2049-12-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MAD COMMER. MTGE. TST VAR | MAD COMMER. MTGE. TST VAR | CUSIP: 55616AAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $461715.71    | 0.16%             | 2042-10-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| HOWMET AEROSPACE IN 4.85% | HOWMET AEROSPACE IN 4.85% | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    420000 | PA      | $430935.52    | 0.15%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMER 5.309% | WELLS FARGO COMMER 5.309% | CUSIP: 94990FAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3960000 | PA      | $4101360.52   | 1.40%             | 2057-08-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP 4.625% | AERCAP IRELAND CAP 4.625% | CUSIP: 00774MBL8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    860000 | PA      | $867535.41    | 0.30%             | 2029-09-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CNH EQUIP. TST. 202 4.03% | CNH EQUIP. TST. 202 4.03% | CUSIP: 18978GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1002039.80   | 0.34%             | 2030-01-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| 321 HENDERSON RECEI 6.15% | 321 HENDERSON RECEI 6.15% | CUSIP: 88576NAP3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    951521 | PA      | $984173.21    | 0.34%             | 2048-10-15      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| XPO INC 7.125%            | XPO INC 7.125%            | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1407312.22   | 0.48%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| SOCIETE GENERALE SA F2V   | SOCIETE GENERALE SA F2V   | CUSIP: 83368RBY7<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    906000 | PA      | $968026.40    | 0.33%             | 2055-01-19      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| OBX 2024-NQM2 TRUS 5.878% | OBX 2024-NQM2 TRUS 5.878% | CUSIP: 67118HAA8<br>LEI: 254900OHTVKDKZL33I54 | Long             | ABS-O            | CORP              | US        |    609726 | PA      | $614694.62    | 0.21%             | 2063-12-25      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| DRIVE AUTO RECEIVAB 4.52% | DRIVE AUTO RECEIVAB 4.52% | CUSIP: 26207AAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $501641.90    | 0.17%             | 2029-07-16      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140QN3Z3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    792359 | PA      | $728122.80    | 0.25%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140X9YX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1100309 | PA      | $947064.91    | 0.32%             | 2051-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GBL. LNG IN 7.00% | VENTURE GBL. LNG IN 7.00% | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    850000 | PA      | $879550.42    | 0.30%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT TST 5.688% | PAGAYA AI DEBT TST 5.688% | CUSIP: 69547DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $913540.86    | 0.31%             | 2033-01-17      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| SOLSTICE ADVANCED 5.625%  | SOLSTICE ADVANCED 5.625%  | CUSIP: 83443QAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50165.19     | 0.02%             | 2033-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP 4.45%         | ORACLE CORP 4.45%         | CUSIP: 68389XDH5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1429298.38   | 0.49%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132DNZY2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1181637 | PA      | $1011546.32   | 0.35%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3133B0HX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    943626 | PA      | $802801.49    | 0.27%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PACIFICORP 5.45%          | PACIFICORP 5.45%          | CUSIP: 695114DD7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    900000 | PA      | $921894.79    | 0.32%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MMAF EQUIP. FIN. LL 4.95% | MMAF EQUIP. FIN. LL 4.95% | CUSIP: 55318CAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $507893.35    | 0.17%             | 2031-07-14      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140N26Z9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    940672 | PA      | $937389.84    | 0.32%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140QQL29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    436551 | PA      | $443190.19    | 0.15%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OW 4.96% | FORD CREDIT AUTO OW 4.96% | CUSIP: 34531QAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    510000 | PA      | $520747.28    | 0.18%             | 2030-05-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FI 5.875% | IMPERIAL BRANDS FI 5.875% | CUSIP: 45262BAH6<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    345000 | PA      | $361070.72    | 0.12%             | 2034-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL F2F   | SYNCHRONY FINANCIAL F2F   | CUSIP: 87165BAV5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    450000 | PA      | $466439.49    | 0.16%             | 2030-08-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| ROPER TECHS. INC 5.10%    | ROPER TECHS. INC 5.10%    | CUSIP: 776696AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1179441.65   | 0.40%             | 2035-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GRP. HLD F2F | SANTANDER UK GRP. HLD F2F | CUSIP: 80281LAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    800000 | PA      | $797772.46    | 0.27%             | 2029-09-22      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140XJXV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1101148 | PA      | $947790.87    | 0.32%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3133B7LC0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1229123 | PA      | $1041760.72   | 0.36%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA F2F    | CREDIT AGRICOLE SA F2F    | CUSIP: 22535WAS6<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1250000 | PA      | $1242317.34   | 0.42%             | 2033-09-25      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA F2F    | CREDIT AGRICOLE SA F2F    | CUSIP: 225313AQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1400000 | PA      | $1477269.07   | 0.51%             | 2035-01-10      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| OBX 2024-NQM9 TRUST 6.03% | OBX 2024-NQM9 TRUST 6.03% | CUSIP: 67119DAA6<br>LEI: 2549004KB8X0K1PPTU08 | Long             | ABS-O            | CORP              | US        |    807779 | PA      | $817545.21    | 0.28%             | 2064-01-25      | Variable      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| COMM 2024-277P MTGE. VAR  | COMM 2024-277P MTGE. VAR  | CUSIP: 12654FAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2900000 | PA      | $3096137.15   | 1.06%             | 2044-08-10      | Variable      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| JOHN DEERE OWNER TS 4.06% | JOHN DEERE OWNER TS 4.06% | CUSIP: 477911AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1903565.73   | 0.65%             | 2029-06-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| HEWLETT PACKARD ENT 4.15% | HEWLETT PACKARD ENT 4.15% | CUSIP: 42824CBZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $579344.26    | 0.20%             | 2028-09-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| NOMURA HLDGS. INC F2V     | NOMURA HLDGS. INC F2V     | CUSIP: 65535HCE7<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |   3125000 | PA      | $3110962.84   | 1.06%             | 2036-06-10      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3140J8QJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    430236 | PA      | $418442.39    | 0.14%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEGNA INC 5.00%           | TEGNA INC 5.00%           | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    775000 | PA      | $770999.30    | 0.26%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL. 1.75% | PHILIP MORRIS INTL. 1.75% | CUSIP: 718172CS6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    350000 | PA      | $309701.58    | 0.11%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MTGE. TST VAR | J.P. MORGAN MTGE. TST VAR | CUSIP: 46655NAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1112702 | PA      | $965338.90    | 0.33%             | 2052-12-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC F2V          | BARCLAYS PLC F2V          | CUSIP: 06738EBY0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204298.00    | 0.07%             | 2028-08-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP 5.375% | AERCAP IRELAND CAP 5.375% | CUSIP: 00774MBP9<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   2150000 | PA      | $2223611.66   | 0.76%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3138EQKK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    821517 | PA      | $785332.76    | 0.27%             | 2040-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140X77D5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    789727 | PA      | $768147.24    | 0.26%             | 2036-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 0.00%  | UNITED STATES TSY. 0.00%  | CUSIP: 912803FV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  29423200 | PA      | $8630735.50   | 2.95%             | 2051-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FORTINET INC 2.20%        | FORTINET INC 2.20%        | CUSIP: 34959EAB5<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |    275000 | PA      | $244959.82    | 0.08%             | 2031-03-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CO 2.25% | GENERAL DYNAMICS CO 2.25% | CUSIP: 369550BP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    790000 | PA      | $713609.68    | 0.24%             | 2031-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC 1.80%          | VMWARE LLC 1.80%          | CUSIP: 928563AK1<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    135000 | PA      | $126663.90    | 0.04%             | 2028-08-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 0.00%  | FREDDIE MAC REMICS 0.00%  | CUSIP: 3137ASD35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    859765 | PA      | $660913.00    | 0.23%             | 2041-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARATHON PETROLEUM 5.70%  | MARATHON PETROLEUM 5.70%  | CUSIP: 56585ABL5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1424478.34   | 0.49%             | 2035-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUT 5.06% | SANTANDER DRIVE AUT 5.06% | CUSIP: 80287NAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1805000 | PA      | $1829197.65   | 0.63%             | 2031-05-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| STORE CAP. LLC 5.40%      | STORE CAP. LLC 5.40%      | CUSIP: 862123AA4<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1609170.69   | 0.55%             | 2030-04-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.25%  | UNITED STATES TSY. 4.25%  | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2034000 | PA      | $2052750.94   | 0.70%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.875% | UNITED STATES TSY. 3.875% | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $60367.97     | 0.02%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO     | NI US GOV T PORTFOLIO     | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    512430 | NS      | $512430.13    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC POOL 3.50%    | FREDDIE MAC POOL 3.50%    | CUSIP: 3131XYGX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1257036 | PA      | $1171425.49   | 0.40%             | 2047-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MELLO MTGE. CAP. ACCE VAR | MELLO MTGE. CAP. ACCE VAR | CUSIP: 585494AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1078126 | PA      | $892907.23    | 0.31%             | 2051-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| ADAPTHEALTH LLC 5.125%    | ADAPTHEALTH LLC 5.125%    | CUSIP: 00653VAE1<br>LEI: 549300SN58QQ28RVWE26 | Long             | DBT              | CORP              | US        |    850000 | PA      | $810579.81    | 0.28%             | 2030-03-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DPTC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    942045 | PA      | $963079.09    | 0.33%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TESLA AUTO LEASE TS 5.11% | TESLA AUTO LEASE TS 5.11% | CUSIP: 881934AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1614162.56   | 0.55%             | 2028-08-21      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES F2V | HUNTINGTON BANCSHARES F2V | CUSIP: 446150BF0<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1061424.02   | 0.36%             | 2039-11-18      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| CENCORA INC 5.15%         | CENCORA INC 5.15%         | CUSIP: 03073EAY1<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1031444.61   | 0.35%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BMARK 2023-V4 VAR         | BMARK 2023-V4 VAR         | CUSIP: 081926AH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1265000 | PA      | $1317452.09   | 0.45%             | 2056-11-15      | Variable      | 7.71%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO L 6.30% | FOUNDRY JV HOLDCO L 6.30% | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1774377.17   | 0.61%             | 2039-01-25      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINL. COR F2F | CAPITAL ONE FINL. COR F2F | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1182584.83   | 0.40%             | 2036-01-30      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC 5.15%        | SYNOPSYS INC 5.15%        | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1393638.47   | 0.48%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| HARBOUR ENERGY PLC 6.327% | HARBOUR ENERGY PLC 6.327% | CUSIP: 411618AD3<br>LEI: 213800YPC42DYBKVPF97 | Long             | DBT              | CORP              | GB        |   1275000 | PA      | $1309316.98   | 0.45%             | 2035-04-01      | Fixed         | 6.33%                 | Yes           |                  2 | On Loan: No      |
| RELX CAP. INC 5.25%       | RELX CAP. INC 5.25%       | CUSIP: 74949LAG7<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1155880.81   | 0.40%             | 2035-03-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SA F2F        | BNP PARIBAS SA F2F        | CUSIP: 09659W2R4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    430000 | PA      | $403291.56    | 0.14%             | 2029-09-15      | Fixed         | 2.16%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.00%     | FANNIE MAE POOL 6.00%     | CUSIP: 3140XMTX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    126001 | PA      | $130165.91    | 0.04%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3133KPQ68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    990586 | PA      | $993945.01    | 0.34%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK MTGE. TS 6.197% | ANGEL OAK MTGE. TS 6.197% | CUSIP: 034943AA8<br>LEI: 25490046TFINGL6XED11 | Long             | ABS-O            | CORP              | US        |   1796151 | PA      | $1817723.83   | 0.62%             | 2069-01-25      | Variable      | 6.20%                 | Yes           |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER 5.15%  | ARTHUR J GALLAGHER 5.15%  | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011823.53   | 0.35%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUT 5.47% | SANTANDER DRIVE AUT 5.47% | CUSIP: 80287NAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1830000 | PA      | $1861930.94   | 0.64%             | 2031-05-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.75%  | UNITED STATES TSY. 4.75%  | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8667000 | PA      | $8694084.38   | 2.97%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31410KLW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    337292 | PA      | $349821.48    | 0.12%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| J.G. WENTWORTH XLI 3.74%  | J.G. WENTWORTH XLI 3.74%  | CUSIP: 46651TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2006963 | PA      | $1815648.14   | 0.62%             | 2072-10-17      | Fixed         | 3.74%                 | Yes           |                  2 | On Loan: No      |
| GINNIE MAE II POOL 5.00%  | GINNIE MAE II POOL 5.00%  | CUSIP: 36179VT34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    323986 | PA      | $329981.91    | 0.11%             | 2050-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP. 3.00% | AERCAP IRELAND CAP. 3.00% | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    405000 | PA      | $390295.46    | 0.13%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK37 VAR       | BANK 2021-BNK37 VAR       | CUSIP: 06540LBF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    898000 | PA      | $798874.72    | 0.27%             | 2064-11-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3133KKK24<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1200118 | PA      | $1033239.81   | 0.35%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140QEB50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    958029 | PA      | $824641.04    | 0.28%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.50% | FREDDIE MAC GOLD PO 3.50% | CUSIP: 3132J4HC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    188710 | PA      | $183424.03    | 0.06%             | 2036-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VULCAN MATS. CO 5.35%     | VULCAN MATS. CO 5.35%     | CUSIP: 929160BC2<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |   1975000 | PA      | $2037262.67   | 0.70%             | 2034-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| COLT 2024-7 MTGE. 5.791%  | COLT 2024-7 MTGE. 5.791%  | CUSIP: 19688YAB0<br>LEI: 213800EA95GXXC9AJO50 | Long             | ABS-O            | CORP              | US        |   1224907 | PA      | $1233897.85   | 0.42%             | 2069-12-26      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| CHORD ENERGY CORP 6.75%   | CHORD ENERGY CORP 6.75%   | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    850000 | PA      | $861210.40    | 0.29%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP COMMER. 3.585%  | CITIGROUP COMMER. 3.585%  | CUSIP: 29429CAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    610000 | PA      | $596654.85    | 0.20%             | 2049-04-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 5.00%  | GINNIE MAE II POOL 5.00%  | CUSIP: 36179SCB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    432857 | PA      | $442469.79    | 0.15%             | 2046-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP 3.903% | MORGAN STANLEY CAP 3.903% | CUSIP: 61766CAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    449000 | PA      | $443944.62    | 0.15%             | 2049-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 31418NA34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39775 | PA      | $40733.69     | 0.01%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3140X56H1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    280241 | PA      | $269580.66    | 0.09%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUBBELL INC 2.30%         | HUBBELL INC 2.30%         | CUSIP: 443510AK8<br>LEI: 54930088VDQ6840Y6597 | Long             | DBT              | CORP              | US        |    660000 | PA      | $592548.48    | 0.20%             | 2031-03-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140XCDV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    937006 | PA      | $804784.75    | 0.28%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT C 4.95% | FORD MOTOR CREDIT C 4.95% | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    312600 | PA      | $312059.37    | 0.11%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE T VAR | TOWD POINT MORTGAGE T VAR | CUSIP: 89170VAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1760924 | PA      | $1689961.69   | 0.58%             | 2062-07-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| PROVIDENT FNDG. MTGE. VAR | PROVIDENT FNDG. MTGE. VAR | CUSIP: 74389BAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2592342 | PA      | $2587422.01   | 0.89%             | 2054-12-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO F2V   | JPMORGAN CHASE & CO F2V   | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1174877.09   | 0.40%             | 2049-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK OF F2V  | COMMONWEALTH BANK OF F2V  | CUSIP: 202712BX2<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    670000 | PA      | $695102.46    | 0.24%             | 2046-03-14      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| UNITED STATES TSY. 5.00%  | UNITED STATES TSY. 5.00%  | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2877000 | PA      | $2987584.69   | 1.02%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PLC 5.75%     | ROLLS-ROYCE PLC 5.75%     | CUSIP: 77578JAC2<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |    375000 | PA      | $385217.76    | 0.13%             | 2027-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 31418DUL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    315262 | PA      | $303543.44    | 0.10%             | 2035-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 31417BYF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1249059 | PA      | $1214454.73   | 0.42%             | 2032-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY 1.65%  | BERKSHIRE HATHAWAY 1.65%  | CUSIP: 084659BD2<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    395000 | PA      | $342201.35    | 0.12%             | 2031-05-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP F2F  | BANK OF AMERICA CORP F2F  | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    954000 | PA      | $855033.87    | 0.29%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP 6.00%       | CARNIVAL CORP 6.00%       | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    825000 | PA      | $837313.93    | 0.29%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140X6G70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1270703 | PA      | $1084781.81   | 0.37%             | 2050-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT 6.798%  | FORD MOTOR CREDIT 6.798%  | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    305000 | PA      | $318436.56    | 0.11%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133KR4Z4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    960550 | PA      | $981699.68    | 0.34%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM7 TRUS 7.299% | OBX 2023-NQM7 TRUS 7.299% | CUSIP: 67117XAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    257473 | PA      | $260672.98    | 0.09%             | 2063-04-25      | Variable      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE 5.95%  | BLACKSTONE PRIVATE 5.95%  | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    595000 | PA      | $612108.24    | 0.21%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CRH AMERICA FIN. IN 5.50% | CRH AMERICA FIN. IN 5.50% | CUSIP: 12636YAF9<br>LEI: 549300WEVUODRJ4CWK56 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1377645.89   | 0.47%             | 2035-01-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN. U 5.30% | BHP BILLITON FIN. U 5.30% | CUSIP: 055451BL1<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |   2250000 | PA      | $2341269.36   | 0.80%             | 2035-02-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SANTANDER NQM1 M1A VAR    | SANTANDER NQM1 M1A VAR    | CUSIP: 80262BAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1676000 | PA      | $1702067.67   | 0.58%             | 2065-01-25      | Variable      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC SERVS. INC 5.15% | REPUBLIC SERVS. INC 5.15% | CUSIP: 760759BM1<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1228714.87   | 0.42%             | 2035-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE R 5.89% | EXETER AUTOMOBILE R 5.89% | CUSIP: 30168JAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    555000 | PA      | $569520.91    | 0.19%             | 2031-07-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3138ET2J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    253215 | PA      | $232739.40    | 0.08%             | 2044-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31416CGK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    338683 | PA      | $351124.45    | 0.12%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PERNOD RICARD INTL 1.625% | PERNOD RICARD INTL 1.625% | CUSIP: 71427QAB4<br>LEI: 5493009254WI1A8WXT48 | Long             | DBT              | CORP              | US        |    370000 | PA      | $318615.54    | 0.11%             | 2031-04-01      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3140J55Y1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1731255 | PA      | $1589268.94   | 0.54%             | 2045-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NATWEST GRP. PLC F2V      | NATWEST GRP. PLC F2V      | CUSIP: 639057AD0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $228745.00    | 0.08%             | 2049-12-31      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140QLZ82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    594878 | PA      | $509350.42    | 0.17%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.00%    | FREDDIE MAC POOL 2.00%    | CUSIP: 3132D6NT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1645987 | PA      | $1521952.38   | 0.52%             | 2035-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY F2F        | MORGAN STANLEY F2F        | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    660000 | PA      | $701491.53    | 0.24%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| PMT LOAN TST. 2024-IN VAR | PMT LOAN TST. 2024-IN VAR | CUSIP: 73015BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1647391 | PA      | $1676009.79   | 0.57%             | 2059-10-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CARDINAL HEALTH INC 5.35% | CARDINAL HEALTH INC 5.35% | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1901618.50   | 0.65%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| LPL HLDGS. INC 5.75%      | LPL HLDGS. INC 5.75%      | CUSIP: 50212YAQ7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    970000 | PA      | $994677.92    | 0.34%             | 2035-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NBM US HLDGS. INC 7.00%   | NBM US HLDGS. INC 7.00%   | CUSIP: 62877VAA9<br>LEI: 5493008K1QMSP0J8UC24 | Long             | DBT              | CORP              | US        |    333000 | PA      | $332005.03    | 0.11%             | 2026-05-14      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| SEASONED LOANS STRU 2.75% | SEASONED LOANS STRU 2.75% | CUSIP: 35564CCZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |    820198 | PA      | $783854.13    | 0.27%             | 2029-09-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DP5B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1084596 | PA      | $1102249.00   | 0.38%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133KQ2M7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    930175 | PA      | $947038.35    | 0.32%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133C5ED9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1060515 | PA      | $1073166.79   | 0.37%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OW 5.23% | FORD CREDIT AUTO OW 5.23% | CUSIP: 344930AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    352773 | PA      | $355340.07    | 0.12%             | 2028-05-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQQ33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    909589 | PA      | $926061.04    | 0.32%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK5 2023-5YR2 VAR       | BANK5 2023-5YR2 VAR       | CUSIP: 06211CAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    853000 | PA      | $899691.60    | 0.31%             | 2056-07-15      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31418MRQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    341265 | PA      | $349834.44    | 0.12%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 31418CZN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    376372 | PA      | $380580.34    | 0.13%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3138WBF91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    111811 | PA      | $110767.65    | 0.04%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132CW4K7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    751712 | PA      | $720789.52    | 0.25%             | 2035-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE I POOL 5.00%   | GINNIE MAE I POOL 5.00%   | CUSIP: 3622ACCF5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    954925 | PA      | $978931.24    | 0.33%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132DQFR2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1032276 | PA      | $949730.14    | 0.32%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DP6A1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    125831 | PA      | $129757.90    | 0.04%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.50% | FREDDIE MAC GOLD PO 3.50% | CUSIP: 3128MFKH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    538290 | PA      | $532252.19    | 0.18%             | 2033-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140JAUW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     70026 | PA      | $70964.87     | 0.02%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQG59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1070153 | PA      | $1088708.76   | 0.37%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3138MRMJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18155 | PA      | $17867.77     | 0.01%             | 2028-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5.00%  | FREDDIE MAC REMICS 5.00%  | CUSIP: 31395XRF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    466054 | PA      | $474394.22    | 0.16%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3140X4V45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    765807 | PA      | $755670.56    | 0.26%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTS. LP / IC 5.25% | ICAHN ENTS. LP / IC 5.25% | CUSIP: 451102BZ9<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    835000 | PA      | $820760.09    | 0.28%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DQG75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1110135 | PA      | $1109288.41   | 0.38%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQKL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1087997 | PA      | $1105490.82   | 0.38%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DQPS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    675212 | PA      | $675967.29    | 0.23%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3138EMVM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    522757 | PA      | $517801.75    | 0.18%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMER 2.931% | WELLS FARGO COMMER 2.931% | CUSIP: 95000FAT3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $365225.08    | 0.12%             | 2048-07-15      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.00% | FREDDIE MAC GOLD PO 3.00% | CUSIP: 31335BBR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    280972 | PA      | $251610.81    | 0.09%             | 2047-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 31418CR97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1141348 | PA      | $1099664.08   | 0.38%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3140H1XQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    442531 | PA      | $425342.97    | 0.15%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3131XY4R7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    448947 | PA      | $404451.45    | 0.14%             | 2048-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3140X4NV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    838686 | PA      | $760559.71    | 0.26%             | 2048-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 31418CKS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    262076 | PA      | $258158.13    | 0.09%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140X4T63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15623 | PA      | $15395.74     | 0.01%             | 2034-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132CWGZ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    308965 | PA      | $301950.12    | 0.10%             | 2032-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132ADPS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |   1241028 | PA      | $1200389.62   | 0.41%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION INS. IN STP | CONSTELLATION INS. IN STP | CUSIP: 67740QAH9<br>LEI: 549300K609B872PZT291 | Long             | DBT              | CORP              | US        |   2095000 | PA      | $2110979.72   | 0.72%             | 2030-01-24      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132DMBA2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    575274 | PA      | $521688.10    | 0.18%             | 2047-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DQPV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    922549 | PA      | $936979.85    | 0.32%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140XLE38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    704814 | PA      | $713097.49    | 0.24%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132A5F42<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    457302 | PA      | $396945.93    | 0.14%             | 2046-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.50%    | FREDDIE MAC POOL 3.50%    | CUSIP: 3131XBJA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    467055 | PA      | $463470.57    | 0.16%             | 2029-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.50%     | FANNIE MAE POOL 6.50%     | CUSIP: 3140XLDQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    405461 | PA      | $428273.09    | 0.15%             | 2040-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3138EKMM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42577 | PA      | $42289.36     | 0.01%             | 2028-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 4.50% | FREDDIE MAC GOLD PO 4.50% | CUSIP: 3132VQCD6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    189632 | PA      | $187183.32    | 0.06%             | 2049-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WPX ENERGY INC 4.50%      | WPX ENERGY INC 4.50%      | CUSIP: 98212BAL7<br>LEI: ZXZE9GCS2BB547GJW219 | Long             | DBT              | CORP              | US        |   1593000 | PA      | $1594385.21   | 0.55%             | 2030-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FINANCE OF AMERICA 2.00%  | FINANCE OF AMERICA 2.00%  | CUSIP: 31739TAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1041327 | PA      | $1049348.43   | 0.36%             | 2073-04-25      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DQB21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1057758 | PA      | $1056937.38   | 0.36%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140XLFD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1136454 | PA      | $1135704.27   | 0.39%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3132DNQM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    950157 | PA      | $962003.91    | 0.33%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3138WG2W3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    678342 | PA      | $655066.15    | 0.22%             | 2031-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 31418CRE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21496 | PA      | $21150.67     | 0.01%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC F2F         | CITIGROUP INC F2F         | CUSIP: 172967LS8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $996541.54    | 0.34%             | 2028-10-27      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.50% | FREDDIE MAC GOLD PO 3.50% | CUSIP: 31335B4G8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     69521 | PA      | $66085.55     | 0.02%             | 2043-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140JAUJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     95571 | PA      | $96540.70     | 0.03%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FIN. CORP 5.375%  | ONEMAIN FIN. CORP 5.375%  | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    825000 | PA      | $815646.73    | 0.28%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LADDER CAP. FIN. HL 4.25% | LADDER CAP. FIN. HL 4.25% | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    690000 | PA      | $683906.15    | 0.23%             | 2027-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| VMWARE LLC 4.70%          | VMWARE LLC 4.70%          | CUSIP: 928563AF2<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    205000 | PA      | $207534.62    | 0.07%             | 2030-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED EDISON 3.35% | CONSOLIDATED EDISON 3.35% | CUSIP: 209111FX6<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |      7000 | PA      | $6777.79      | 0.00%             | 2030-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140XJAB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    640691 | PA      | $619486.96    | 0.21%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC 6.25%         | OVINTIV INC 6.25%         | CUSIP: 69047QAC6<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1265780.96   | 0.43%             | 2033-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORP F2F         | M&T BANK CORP F2F         | CUSIP: 55261FAY0<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1495195.42   | 0.51%             | 2031-07-08      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| MSRW 2025-CC PAS 5.89372% | MSRW 2025-CC PAS 5.89372% | CUSIP: 55361BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1995871 | PA      | $2003758.43   | 0.69%             | 2030-08-15      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 4.86% | WESTLAKE AUTOMOBILE 4.86% | CUSIP: 96043LAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $304408.23    | 0.10%             | 2030-05-15      | Fixed         | 4.86%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 5.15% | WESTLAKE AUTOMOBILE 5.15% | CUSIP: 96043LAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $813883.52    | 0.28%             | 2030-11-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| AUSTRALIA & NEW ZEALA F2V | AUSTRALIA & NEW ZEALA F2V | CUSIP: 052528AV8<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   2175000 | PA      | $2256529.90   | 0.77%             | 2036-06-18      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| NTT FIN. CORP 5.502%      | NTT FIN. CORP 5.502%      | CUSIP: 62954WAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    600000 | PA      | $620632.73    | 0.21%             | 2035-07-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ROCKET COS INC 6.375%     | ROCKET COS INC 6.375%     | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1651382.40   | 0.56%             | 2033-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO F2F   | AMERICAN EXPRESS CO F2F   | CUSIP: 025816EK1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    330000 | PA      | $335744.76    | 0.11%             | 2033-07-20      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIV 5.48% | CARVANA AUTO RECEIV 5.48% | CUSIP: 14688YAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1692000 | PA      | $1730107.73   | 0.59%             | 2031-11-10      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.00%     | FANNIE MAE POOL 4.00%     | CUSIP: 3138LTJF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132836 | PA      | $129194.13    | 0.04%             | 2042-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.00%  | GINNIE MAE II POOL 4.00%  | CUSIP: 36179XHX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1046663 | PA      | $993133.81    | 0.34%             | 2052-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%    | FREDDIE MAC POOL 5.00%    | CUSIP: 3132DPSX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1091643 | PA      | $1089047.12   | 0.37%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH I 8.375% | LIFEPOINT HEALTH I 8.375% | CUSIP: 53219LAY5<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    850000 | PA      | $905851.96    | 0.31%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.25%  | UNITED STATES TSY. 4.25%  | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $51058.59     | 0.02%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 3.50% | FREDDIE MAC GOLD PO 3.50% | CUSIP: 3128MEN56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11405 | PA      | $11325.08     | 0.00%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3132CWLH5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    695997 | PA      | $678311.34    | 0.23%             | 2034-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 4.50% | FREDDIE MAC GOLD PO 4.50% | CUSIP: 312934WB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    137153 | PA      | $137039.40    | 0.05%             | 2039-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE R 5.49% | EXETER AUTOMOBILE R 5.49% | CUSIP: 30167MAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    580000 | PA      | $589449.94    | 0.20%             | 2031-05-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PAR 5.75% | CHENIERE ENERGY PAR 5.75% | CUSIP: 16411QAS0<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    260000 | PA      | $270293.25    | 0.09%             | 2034-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITADEL LP 6.375%         | CITADEL LP 6.375%         | CUSIP: 17288XAC8<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1524117.92   | 0.52%             | 2032-01-23      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| TYCO ELECTNCS. GRP. 5.00% | TYCO ELECTNCS. GRP. 5.00% | CUSIP: 902133BD8<br>LEI: C33G1C5SYE2YM95EE712 | Long             | DBT              | CORP              | LU        |   1390000 | PA      | $1410322.08   | 0.48%             | 2035-05-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 7.50% | FREDDIE MAC GOLD PO 7.50% | CUSIP: 31292HAK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     30641 | PA      | $31568.83     | 0.01%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 8.00%     | FANNIE MAE POOL 8.00%     | CUSIP: 31385HNU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       297 | PA      | $303.96       | 0.00%             | 2031-05-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 7.00%     | FANNIE MAE POOL 7.00%     | CUSIP: 31387JSE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |         3 | PA      | $3.12         | 0.00%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MSRW 2025-CC PAS 6.65052% | MSRW 2025-CC PAS 6.65052% | CUSIP: 55361BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    940000 | PA      | $943988.70    | 0.32%             | 2030-08-15      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3140QEDX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    701150 | PA      | $626228.53    | 0.21%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5.50%  | FREDDIE MAC REMICS 5.50%  | CUSIP: 3137HBTY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    541751 | PA      | $548772.17    | 0.19%             | 2051-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DSV58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    724146 | PA      | $746885.68    | 0.26%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC F2F         | CITIGROUP INC F2F         | CUSIP: 172967PL9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    690000 | PA      | $715514.79    | 0.24%             | 2035-06-11      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FASHION SHOW MALL LLC VAR | FASHION SHOW MALL LLC VAR | CUSIP: 50245XAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    580000 | PA      | $591708.52    | 0.20%             | 2041-10-10      | Variable      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 7.00%     | FANNIE MAE POOL 7.00%     | CUSIP: 3140XNT38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    212127 | PA      | $223287.68    | 0.08%             | 2040-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 5.04% | SYNCHRONY CARD FNDG 5.04% | CUSIP: 87166PAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    301000 | PA      | $305444.69    | 0.10%             | 2030-03-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 6.00%     | FANNIE MAE POOL 6.00%     | CUSIP: 3140NM6E2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    271990 | PA      | $279349.85    | 0.10%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 31418EUY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    602306 | PA      | $618631.56    | 0.21%             | 2043-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INC 7.95% | BLUE OWL CREDIT INC 7.95% | CUSIP: 69120VBB6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2142193.36   | 0.73%             | 2028-06-13      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| NNN REIT INC 5.50%        | NNN REIT INC 5.50%        | CUSIP: 637417AT3<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |    510000 | PA      | $529081.00    | 0.18%             | 2034-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CARLISLE COS INC 5.55%    | CARLISLE COS INC 5.55%    | CUSIP: 142339AM2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    584000 | PA      | $591158.42    | 0.20%             | 2040-09-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ARES CAP. CORP 5.95%      | ARES CAP. CORP 5.95%      | CUSIP: 04010LBG7<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    610000 | PA      | $630226.43    | 0.22%             | 2029-07-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO LEASE 5.41%  | HYUNDAI AUTO LEASE 5.41%  | CUSIP: 44934FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $553912.04    | 0.19%             | 2027-05-17      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 7.00%     | FANNIE MAE POOL 7.00%     | CUSIP: 31385H4W9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10165 | PA      | $10612.33     | 0.00%             | 2032-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 7.00%     | FANNIE MAE POOL 7.00%     | CUSIP: 31385JBZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5847 | PA      | $6116.97      | 0.00%             | 2032-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HARLEY-DAVIDSON MOT 5.37% | HARLEY-DAVIDSON MOT 5.37% | CUSIP: 412922AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410000 | PA      | $414457.68    | 0.14%             | 2029-03-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO F2F   | JPMORGAN CHASE & CO F2F   | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2088973.22   | 0.71%             | 2030-04-22      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GRP. OF 4.85%  | VOLKSWAGEN GRP. OF 4.85%  | CUSIP: 928668CX8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    880000 | PA      | $883671.61    | 0.30%             | 2030-09-11      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%    | FREDDIE MAC POOL 2.50%    | CUSIP: 3132DM6T7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    380905 | PA      | $326643.31    | 0.11%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 7.00%     | FANNIE MAE POOL 7.00%     | CUSIP: 31387EKT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9403 | PA      | $9817.14      | 0.00%             | 2031-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATL. MT 2.50% | GOVERNMENT NATL. MT 2.50% | CUSIP: 38380FMH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    648275 | PA      | $606847.18    | 0.21%             | 2046-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINL. GRP. 6.875% | SAMMONS FINL. GRP. 6.875% | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |    430000 | PA      | $473477.73    | 0.16%             | 2034-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| NATWEST GRP. PLC F2V      | NATWEST GRP. PLC F2V      | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $225151.00    | 0.08%             | 2049-12-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT C 5.73% | FORD MOTOR CREDIT C 5.73% | CUSIP: 345397H48<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    920000 | PA      | $927572.28    | 0.32%             | 2030-09-05      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| BX TST. 2024-PAT FRN      | BX TST. 2024-PAT FRN      | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1208000 | PA      | $1208377.50   | 0.41%             | 2041-03-15      | Floating      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| JOHN DEERE OWNER TS 4.96% | JOHN DEERE OWNER TS 4.96% | CUSIP: 47800RAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $131413.40    | 0.04%             | 2028-11-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANC 6.50% | MACQUARIE AIRFINANC 6.50% | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    375000 | PA      | $401701.59    | 0.14%             | 2031-03-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%    | FREDDIE MAC POOL 6.00%    | CUSIP: 3132DQRJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    685344 | PA      | $707306.19    | 0.24%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140QQVF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    270843 | PA      | $274752.91    | 0.09%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANSPORTA 7.00% | FORTRESS TRANSPORTA 7.00% | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1219198.13   | 0.42%             | 2032-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%     | FANNIE MAE POOL 4.50%     | CUSIP: 3140XJMM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    976077 | PA      | $954420.81    | 0.33%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MTGE. TST. 20 VAR | SEQUOIA MTGE. TST. 20 VAR | CUSIP: 81749BAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    564111 | PA      | $557258.03    | 0.19%             | 2053-01-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 4.50%    | FREDDIE MAC POOL 4.50%    | CUSIP: 3132DNVK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1072520 | PA      | $1050830.15   | 0.36%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FINL. F2V  | MITSUBISHI UFJ FINL. F2V  | CUSIP: 606822DL5<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   1030000 | PA      | $1080539.83   | 0.37%             | 2036-04-24      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM. FIN. NE 6.00% | TEVA PHARM. FIN. NE 6.00% | CUSIP: 88167AAT8<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    770000 | PA      | $801944.22    | 0.27%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 7.00%     | FANNIE MAE POOL 7.00%     | CUSIP: 31385WXS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55174 | PA      | $57602.89     | 0.02%             | 2032-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE II POOL 4.00%  | GINNIE MAE II POOL 4.00%  | CUSIP: 36179MC24<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1019412 | PA      | $986671.94    | 0.34%             | 2042-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3140X6RX1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    346198 | PA      | $341793.79    | 0.12%             | 2034-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 31417GTC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18631 | PA      | $18448.66     | 0.01%             | 2028-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3140X4S49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    301836 | PA      | $288817.44    | 0.10%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KEYBANK NA/CLEVELAN 5.00% | KEYBANK NA/CLEVELAN 5.00% | CUSIP: 49327M3H5<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    660000 | PA      | $664252.42    | 0.23%             | 2033-01-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO F2F   | AMERICAN EXPRESS CO F2F   | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1098763.90   | 0.38%             | 2036-04-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| DTE ELEC. CO 5.25%        | DTE ELEC. CO 5.25%        | CUSIP: 23338VAY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    970000 | PA      | $998037.85    | 0.34%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE 5.25%  | BLACKSTONE PRIVATE 5.25%  | CUSIP: 09261HBS5<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1129213.60   | 0.39%             | 2030-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MTGE. TS 3.75% | TOWD POINT MTGE. TS 3.75% | CUSIP: 89180YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    326032 | PA      | $313158.66    | 0.11%             | 2062-09-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%    | FREDDIE MAC POOL 5.50%    | CUSIP: 3133BV5N1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   1333187 | PA      | $1349043.32   | 0.46%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DELL EQUIPMENT FINA 5.65% | DELL EQUIPMENT FINA 5.65% | CUSIP: 24702HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    228042 | PA      | $228381.40    | 0.08%             | 2028-09-22      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & CO F2F      | WELLS FARGO & CO F2F      | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    810000 | PA      | $787405.27    | 0.27%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140N3AX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1008830 | PA      | $1009143.00   | 0.35%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140N9N44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    962470 | PA      | $964826.22    | 0.33%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC NON GOLD FRN  | FREDDIE MAC NON GOLD FRN  | CUSIP: 3128QSRR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     84395 | PA      | $86077.26     | 0.03%             | 2037-11-01      | Variable      | 6.71%                 | No            |                  2 | On Loan: No      |
| GINNIE MAE I POOL 3.50%   | GINNIE MAE I POOL 3.50%   | CUSIP: 36230RYJ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    898642 | PA      | $839005.16    | 0.29%             | 2040-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%    | FREDDIE MAC POOL 3.00%    | CUSIP: 3133LPSP3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    208063 | PA      | $204297.04    | 0.07%             | 2030-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OPER 4.50% | PATTERN ENERGY OPER 4.50% | CUSIP: 70339PAA7<br>LEI: 254900P898KPCM50SP51 | Long             | DBT              | CORP              | US        |    230000 | PA      | $224164.53    | 0.08%             | 2028-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| DAVITA INC 3.75%          | DAVITA INC 3.75%          | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    825000 | PA      | $755616.05    | 0.26%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| SANDS CHINA LTD STP       | SANDS CHINA LTD STP       | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |       100 | PA      | $94.08        | 0.00%             | 2029-03-08      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| KBC GRP. NV F2V           | KBC GRP. NV F2V           | CUSIP: 48241FAB0<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |    620000 | PA      | $640489.78    | 0.22%             | 2029-01-19      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| FIVE 2023-V1 MTGE. TR VAR | FIVE 2023-V1 MTGE. TR VAR | CUSIP: 337964AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1140000 | PA      | $1168977.32   | 0.40%             | 2056-02-10      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 5.00% | FREDDIE MAC GOLD PO 5.00% | CUSIP: 3128M9FH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    207936 | PA      | $213452.19    | 0.07%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GATX CORP 4.00%           | GATX CORP 4.00%           | CUSIP: 361448BF9<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4916.24      | 0.00%             | 2030-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%     | FANNIE MAE POOL 3.50%     | CUSIP: 3138EEQK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     59981 | PA      | $58908.92     | 0.02%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE 2.625% | BLACKSTONE PRIVATE 2.625% | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    720000 | PA      | $703028.74    | 0.24%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| US BANCORP F2F            | US BANCORP F2F            | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1450181.15   | 0.50%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140XJPE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1244450 | PA      | $1242224.52   | 0.42%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%     | FANNIE MAE POOL 3.00%     | CUSIP: 3140XTAN1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    818678 | PA      | $733713.63    | 0.25%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 2.50%     | FANNIE MAE POOL 2.50%     | CUSIP: 3140MHSH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    910146 | PA      | $767952.14    | 0.26%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.00%     | FANNIE MAE POOL 5.00%     | CUSIP: 3140XKB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1027684 | PA      | $1027300.56   | 0.35%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MTGE. TST VAR | J.P. MORGAN MTGE. TST VAR | CUSIP: 465978AH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    769023 | PA      | $758440.66    | 0.26%             | 2053-06-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ANGEL OAK MTGE. TST 4.75% | ANGEL OAK MTGE. TST 4.75% | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    862674 | PA      | $858820.35    | 0.29%             | 2067-09-26      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%     | FANNIE MAE POOL 5.50%     | CUSIP: 3140XKP79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    979087 | PA      | $993127.04    | 0.34%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.375% | UNITED STATES TSY. 4.375% | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    310000 | PA      | $318016.41    | 0.11%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PSEG POWER LLC 5.75%      | PSEG POWER LLC 5.75%      | CUSIP: 69362BBE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    980000 | PA      | $1025210.08   | 0.35%             | 2035-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade    | FUT. U.S. T-BONDS DEC25   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       190 | NC      | $22152822.00  | 7.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | DEC 25 CBT ULT DEC 25     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -152 | NC      | $-17491871.20 | -5.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | DEC 25 CBT UL DEC 25      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -45 | NC      | $-5402812.50  | -1.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | DEC 25 5 YR T NOTEDEC 25  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        23 | NC      | $2511491.90   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade    | DEC 25 US 2YR DEC 25      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        90 | NC      | $18755856.00  | 6.42%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

**Name of Signer:** Randal E. Rein

**Title:** Treasurer and Principal Financial Officer