# EDGAR Filing Document

**Accession Number:** 0001396092
**File Stem:** 0001396092-25-000089
**Filing Date:** 2025-11
**Character Count:** 111230
**Document Hash:** 92047208d2c7da35768bac12bd77085e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001396092-25-000089.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001396092-25-000089

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** World Funds Trust
- **CENTRAL INDEX KEY:** 0001396092

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22172
- **FILM NUMBER:** 251457839

**BUSINESS ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235
- **BUSINESS PHONE:** 804-267-7400

**MAIL ADDRESS:**
- **STREET 1:** 8730 STONY POINT PARKWAY
- **STREET 2:** SUITE 205
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23235

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Abacus World Funds Trust
- **DATE OF NAME CHANGE:** 20070410

## Series and Classes Contracts Data

### Curasset Capital Management Core Bond Fund (Series ID: S000073806)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000230996 | Founders Class      | CMBEX           |
| C000230997 | Institutional Class | CMBIX           |
| C000230998 | Class A             | CMBAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** World Funds Trust

- **b. Investment Company Act file number:** 811-22172

- **c. CIK number of Registrant:** 0001396092

- **d. LEI of Registrant:** 5493007BOSPYEMKSSY03

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

  - **Street Address 1:** 8730 Stony Point Parkway

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23235

  - **Telephone number:** 800-673-0550

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

- **a. Name of Series:** Curasset Capital Management Core Bond Fund

- **b. EDGAR series identifier (if any):** S000073806

- **c. LEI of Series:** 549300F7X8LOIFDMO498

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

- **a. Date of fiscal year-end:** 2025-09-30

- **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:** $281459872.41

**Total Liabilities:** $128072.25

**Net Assets:** $281331800.16

**Cash Not Reported:** $2450402.41

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -390.96 | **1-Year:** -19300.60 | **5-Year:** -55901.81 | **10-Year:** -18069.87 | **30-Year:** 75772.89

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

- **3-Month:** -114.73 | **1-Year:** -1487.53 | **5-Year:** -3379.22 | **10-Year:** -72.11 | **30-Year:** -4369.33

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230998 |  |  |  |
| Class ID C000230996 | -0.29%               | 1.47%                | 0.68%                |
| Class ID C000230997 |  | 1.05%                | 0.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4977758.76             | $3741701.55                                |
| Month 2  | $143269.53               | $1017198.26                                |
| Month 3  | $28565.83                | $865308.53                                 |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Aggregate Bond Index (USD)

- **Index Identifier:** 1USD1

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Default                           | Fannie Mae - CAS 03/25/2045 VAR% 144A                     | CUSIP: 20754VAC1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $914625.00    | 0.33%             | 2045-03-25      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Default                           | Lad Auto Receivables Trust                                | CUSIP: 501687AC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    484000 | PA      | $489520.02    | 0.17%             | 2030-04-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Default                           | CPS Auto Trust                                            | CUSIP: 12663BAD0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $1802817.00   | 0.64%             | 2028-08-15      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae Cas 07/25/2045 VAR% 144A                       | CUSIP: 20753CAC4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    450000 | PA      | $451571.85    | 0.16%             | 2045-07-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 05/25/2044 VAR% 144A                    | CUSIP: 35564NDA8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $904356.00    | 0.32%             | 2044-05-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 11/15/2053 4.750%                             | CUSIP: 912810TV0<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $4006876.00   | 1.42%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | ASB Bank Ltd.                                             | CUSIP: 00216LAE3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1783766.00   | 0.63%             | 2031-10-22      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Zais Matrix 04/15/2032 VAR%                               | CUSIP: 98888BBN5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $484608.00    | 0.17%             | 2032-04-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Default                           | Energen Corp 02/15/2028 7.125%                            | CUSIP: 29265AAS5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    475000 | PA      | $498179.53    | 0.18%             | 2028-02-18      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Venture CDO Ltd  10/20/2034 VAR% 144A                     | CUSIP: 92331DBL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    440000 | PA      | $436260.00    | 0.16%             | 2034-10-20      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac STACR 08/25/2044 VAR% 144A                    | CUSIP: 35564NEC3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1280000 | PA      | $1286003.20   | 0.46%             | 2044-08-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564K2F5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2055000 | PA      | $645945.01    | 0.23%             | 2043-06-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Default                           | Sofi Consumer Loan Pro 06/25/2034 4.82% 144A              | CUSIP: 83407HAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $360734.48    | 0.13%             | 2034-06-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Default                           | Avolon Holdings Funding Ltd.                              | CUSIP: 05401AAR2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $961453.00    | 0.34%             | 2027-11-18      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Default                           | CoreVest American Finance Trust 10/15/2054 2.911% 144A    | CUSIP: 21873NAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    960000 | PA      | $908563.20    | 0.32%             | 2054-10-15      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KT58<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1462981 | PA      | $860515.42    | 0.31%             | 2043-04-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Default                           | TSY INFL 02/15/2055 2.375%                                | CUSIP: 912810UH9<br>LEI: N/A | Long             | DBT              | UST               | US        |   9250000 | PA      | $9243682.60   | 3.29%             | 2055-02-15      | Floating      | 2.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Horizon Bancorp 07/01/2030 Var%                           | CUSIP: 440407AA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $450000.00    | 0.16%             | 2030-07-01      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Default                           | Avid Automobile Receivables Trust                         | CUSIP: 05368QAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $525869.81    | 0.19%             | 2027-12-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Default                           | MDC Holdings, Inc.                                        | CUSIP: 552676AT5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $960499.00    | 0.34%             | 2030-01-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 3136AAL86<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $54338.64     | 0.02%             | 2032-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Default                           | CA, Inc.                                                  | CUSIP: 12673PAJ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $601723.80    | 0.21%             | 2027-03-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Default                           | Allegro CLO Ltd 01/19/2033 VAR% 144A                      | CUSIP: 01750HAU6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $470893.00    | 0.17%             | 2033-01-19      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Default                           | Avnet, Inc.                                               | CUSIP: 053807AV5<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1018839.00   | 0.36%             | 2032-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Bank                                    | CUSIP: 3130ARR78<br>LEI: N/A | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4967015.00   | 1.77%             | 2029-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 02/25/2042 VAR% 144A                          | CUSIP: 35564KRF8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1400000 | PA      | $1425132.80   | 0.51%             | 2042-02-25      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                       | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KYW3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1089886.00   | 0.39%             | 2042-06-25      | Floating      | 11.10%                | No            |                  2 | On Loan: No      |
| Default                           | Charles Schwab Corp.                                      | CUSIP: 808513CB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $497657.50    | 0.18%             | 2164-06-19      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Provident Funding Mortgage Trust                          | CUSIP: 74388JAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $616102.35    | 0.22%             | 2051-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Default                           | X-Caliber Funding LLC                                     | CUSIP: 98373XBD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $457886.76    | 0.16%             | 2025-11-15      | Fixed         | 8.58%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 06/25/2042 VAR% 144A                           | CUSIP: 20754MCB1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    850000 | PA      | $899076.45    | 0.32%             | 2042-06-25      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Pagaya AI Debt Selection Trust 07/15/2031 VAR% 144A       | CUSIP: 69548RAC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $266395.83    | 0.09%             | 2031-07-15      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| Default                           | Flowserve Corp.                                           | CUSIP: 34355JAB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $885348.00    | 0.31%             | 2032-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Default                           | Tricolor Auto Securitization Trust 02/15/2028 6.570% 144A | CUSIP: 89616PAB9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    360000 | PA      | $283303.08    | 0.10%             | 2028-02-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Default                           | Saluda Grace Alternative Mortgage 02/25/2030 7.500% 144A  | CUSIP: 79584CAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $454309.65    | 0.16%             | 2030-02-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Exelon Corp.                                              | CUSIP: 210371AF7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1157742.00   | 0.41%             | 2032-04-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 12/25/2041 VAR% 144A                           | CUSIP: 20754LAJ8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $939910.50    | 0.33%             | 2041-12-25      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TS7<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $4529100.00   | 1.61%             | 2043-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Saluda Grace Alternative Mortgage 04/25/2030 VAR% 144A    | CUSIP: 795935AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $242860.08    | 0.09%             | 2030-04-25      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| Default                           | Banco Santander SA                                        | CUSIP: 05971KAG4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $226866.75    | 0.08%             | 2030-12-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Lendbuzz Sec 07/15/2026 4.759% 144A                       | CUSIP: 52611JAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    569000 | PA      | $295319.18    | 0.10%             | 2026-07-15      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 3136AJGA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   9211902 | PA      | $44989.15     | 0.02%             | 2042-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Helmerich & Payne Inc 12/01/2029 4.85% 144A               | CUSIP: 423452AM3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    900000 | PA      | $896207.40    | 0.32%             | 2029-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Default                           | Quanta Services, Inc.                                     | CUSIP: 74762EAF9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $933545.00    | 0.33%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 05/25/2043 VAR% 144A                    | CUSIP: 35564KX87<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $948950.10    | 0.34%             | 2043-05-25      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 11/25/2043 VAR% 144A                          | CUSIP: 35564K3F4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2340000 | PA      | $2097935.68   | 0.75%             | 2043-11-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TF5<br>LEI: N/A | Long             | DBT              | UST               | US        |  15000000 | PA      | $11115240.00  | 3.95%             | 2042-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TH1<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $3360312.00   | 1.19%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CFV8<br>LEI: N/A | Long             | DBT              | UST               | US        |   4000000 | PA      | $4046564.00   | 1.44%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | GLS Auto Receivables Trust 10/15/2027 3.510% 144A         | CUSIP: 36261EAE7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    292500 | PA      | $168048.34    | 0.06%             | 2027-10-15      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Default                           | Truist Financial Corp.                                    | CUSIP: 89832QAF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $499154.00    | 0.18%             | 2030-03-01      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Default                           | AutoNation, Inc.                                          | CUSIP: 05329RAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $936907.00    | 0.33%             | 2032-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Default                           | Federated Government Obligations Fund                     | CUSIP: 60934N104<br>LEI: N/A | Long             | STIV             | RF                | US        |  10179534 | NS      | $10179534.31  | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | Lowe's Companies, Inc.                                    | CUSIP: 548661EJ2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $403732.50    | 0.14%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Default                           | Factset Research Systems                                  | CUSIP: 303075AA3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $245425.75    | 0.09%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | BorgWarner, Inc.                                          | CUSIP: 099724AC0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $434297.60    | 0.15%             | 2029-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae- Cas 03/25/2042 VAR% 144A                      | CUSIP: 20753XAB0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2200000 | PA      | $2269432.00   | 0.81%             | 2042-03-25      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 04/25/2043 VAR%                         | CUSIP: 35564KT66<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1200000 | PA      | $1255993.20   | 0.45%             | 2043-04-25      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| Default                           | BreanAsset Backed Sec 01/25/2065 5.0000% 144A             | CUSIP: 10638FAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    337500 | PA      | $328079.36    | 0.12%             | 2065-01-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | American Express Co.                                      | CUSIP: 025816CH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $490443.50    | 0.17%             | 2149-06-16      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| Default                           | Exeter Automobile Receivables Trust                       | CUSIP: 30166QAF6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    483750 | PA      | $437239.93    | 0.16%             | 2028-07-17      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Default                           | FedEx Corp.                                               | CUSIP: 31428XBS4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $865572.00    | 0.31%             | 2048-10-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Default                           | Avis Budget Rental Car 08/20/2031 6.24% 144A              | CUSIP: 05377RKS2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $103379.60    | 0.04%             | 2031-08-20      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury N/B 02/29/2032 4.125%                         | CUSIP: 91282CMR9<br>LEI: N/A | Long             | DBT              | UST               | US        |   4100000 | PA      | $4155255.70   | 1.48%             | 2032-02-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Constellation Brands, Inc.                                | CUSIP: 21036PBF4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $935649.00    | 0.33%             | 2030-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Connecticut Avenue Securities Trust                       | CUSIP: 20755DAB2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2110000 | PA      | $2194400.00   | 0.78%             | 2042-07-25      | Floating      | 7.96%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20754EAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $179858.18    | 0.06%             | 2043-07-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Default                           | Trinity Rail Leasing LP                                   | CUSIP: 89657BAB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $61929.17     | 0.02%             | 2049-10-18      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Default                           | New Cingular Wireless 03/01/2031 8.750%                   | CUSIP: 00209AAF3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $593589.00    | 0.21%             | 2031-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KQC6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1250000 | PA      | $1270450.00   | 0.45%             | 2042-01-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686KAD9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    640000 | PA      | $69943.95     | 0.02%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| Default                           | Gov. National Mortgage 11/20/2051 3.00%                   | CUSIP: 38383DP36<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   9760425 | PA      | $1294926.10   | 0.46%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Brean Asset Backed 05/25/2065 4.7500% 144A                | CUSIP: 10638GAG8<br>LEI: N/A | Long             | DBT              | UST               | US        |    264000 | PA      | $205765.28    | 0.07%             | 2065-05-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 207942AA1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    450000 | PA      | $224257.02    | 0.08%             | 2043-06-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20755CAA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1310000 | PA      | $587691.48    | 0.21%             | 2043-10-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| DOMTAR CORP                       | Steel Dynamics, Inc.                                      | CUSIP: 858119BF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $499910.00    | 0.18%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Toll Bros Finance Corp.                                   | CUSIP: 88947EAS9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007298.00   | 0.36%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                           | X-Caliber Funding LLC 08/04/2027 12.000% 144A             | CUSIP: 98373XBP4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $452999.70    | 0.16%             | 2027-08-04      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 3136BNEW2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  33214554 | PA      | $35813.17     | 0.01%             | 2046-11-25      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| Default                           | Research-Driven Pagaya Motor 03/25/2032 7.540% 144A       | CUSIP: 76088UAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $101812.92    | 0.04%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 12/25/2041 VAR% 144A                           | CUSIP: 20754AAB9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1004530.00   | 0.36%             | 2041-12-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KWS4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2587500 | PA      | $920569.04    | 0.33%             | 2042-05-25      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Default                           | DT Auto Owner Trust 09/15/2028 2.650% 144A                | CUSIP: 23344QAE9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $446127.75    | 0.16%             | 2028-09-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Default                           | Bank of America Corp.                                     | CUSIP: 060505GB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    625000 | PA      | $614743.13    | 0.22%             | 2164-06-19      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Weyerhaeuser Co.                                          | CUSIP: 962166CA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $455125.00    | 0.16%             | 2032-03-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Exeter Automobile Receivables Trust                       | CUSIP: 30166QAG4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    787500 | PA      | $772205.18    | 0.27%             | 2029-10-15      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 02/25/2045 VAR% 144A                          | CUSIP: 35564NGZ0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $792623.54    | 0.28%             | 2045-02-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| N/A                               | US 2YR NOTE (CBT) Dec25                                   | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |       227 | PA      | $81451.69     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | MPLX LP 02/15/2031 4.8000%                                | CUSIP: 55336VCA6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $452716.20    | 0.16%             | 2031-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Default                           | Eagle Pt Income Co Inc Pfd B                              | CUSIP: 269817300<br>LEI: N/A | Long             | EP               | CORP              | US        |      9100 | NS      | $227500.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | COMM Mortgage Trust                                       | CUSIP: 20048KAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     55000 | PA      | $16500.00     | 0.01%             | 2033-09-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686JAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2019192.00   | 0.72%             | 2028-04-10      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Default                           | Crossroads Asset Trusts 08/20/2030 5.90%                  | CUSIP: 227927AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $156149.56    | 0.06%             | 2030-08-20      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Sound Point CLO LTD 07/18/2031 VAR% 144A                  | CUSIP: 83607EAC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $474653.00    | 0.17%             | 2031-07-18      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Default                           | PEAC Solutions Rec 10/20/2031 4.65%144A                   | CUSIP: 69392BAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $452761.20    | 0.16%             | 2031-10-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 08/25/2044 VAR% 144A                          | CUSIP: 35564NDY6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1350000 | PA      | $1198462.49   | 0.43%             | 2044-08-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Default                           | United Auto Credit Securitization Turst                   | CUSIP: 90944KAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $181368.40    | 0.06%             | 2029-04-10      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 02/15/2034 4.000%                             | CUSIP: 91282CJZ5<br>LEI: N/A | Long             | DBT              | UST               | US        |   5030000 | PA      | $5016836.49   | 1.78%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CDJ7<br>LEI: N/A | Long             | DBT              | UST               | US        |   3028000 | PA      | $2620876.32   | 0.93%             | 2031-11-15      | Floating      | 1.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20754MBZ9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $450280.12    | 0.16%             | 2042-06-25      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Default                           | Fortune Brands Innovation                                 | CUSIP: 34964CAG1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $411132.50    | 0.15%             | 2052-03-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | AMN Healthcare, Inc.                                      | CUSIP: 00175PAB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     90000 | PA      | $89964.00     | 0.03%             | 2027-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Arivo Acceptance Auto Loan Rec'ls Trust                   | CUSIP: 04047JAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $523402.50    | 0.19%             | 2029-03-15      | Fixed         | 9.84%                 | No            |                  2 | On Loan: No      |
| Default                           | TransCanada Pipelines Ltd.                                | CUSIP: 89352LAG5<br>LEI: N/A | Long             | DBT              | CORP              | CA        |    850000 | PA      | $934020.80    | 0.33%             | 2029-06-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Default                           | DT Auto Owner Trust 12/15/2027 3.400% 144A                | CUSIP: 23345YAG6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    576000 | PA      | $318744.15    | 0.11%             | 2027-12-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Connecticut Avenue Securities Trust                       | CUSIP: 20754DAB3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $1026746.00   | 0.36%             | 2042-04-25      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| Default                           | GS Mortgage-Backed Sec 10/25/2055 Var% 144A               | CUSIP: 36272NAA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $216327.15    | 0.08%             | 2055-10-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Default                           | Southern Calif Gas Co 04/01/2054 5.600%                   | CUSIP: 842434DA7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003476.00   | 0.36%             | 2054-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 01/25/2042 VAR% 144A                          | CUSIP: 35564KPV5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    650000 | PA      | $656234.15    | 0.23%             | 2042-01-25      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20754LAB5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $253477.50    | 0.09%             | 2026-12-25      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Default                           | Benefit Street Partners 07/15/2037 VAR% 144A              | CUSIP: 08179MAL3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    940000 | PA      | $750571.20    | 0.27%             | 2037-07-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Default                           | ONEOK, Inc.                                               | CUSIP: 682680AY9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $963448.00    | 0.34%             | 2029-09-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Citigroup, Inc.                                           | CUSIP: 172967MP3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $249578.75    | 0.09%             | 2031-03-31      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Default                           | Space Coast Credit 11/15/2028 4.67% 144A                  | CUSIP: 80620BAB3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $451531.80    | 0.16%             | 2028-11-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac- STACR 11/25/2041 VAR% 144A                   | CUSIP: 35564KMH9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    477000 | PA      | $481025.88    | 0.17%             | 2041-11-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| BELLSOUTH TELECOMMUNICATIONS, LLC | Bellsouth Telecommunications                              | CUSIP: 079867AW7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $523272.00    | 0.19%             | 2028-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Aqua Finance Trust                                        | CUSIP: 038413AA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $140321.30    | 0.05%             | 2046-07-17      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Default                           | PRA Health Sciences, Inc.                                 | CUSIP: 45569KAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     90000 | PA      | $88758.36     | 0.03%             | 2026-07-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20755AAB8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    450000 | PA      | $282350.08    | 0.10%             | 2043-01-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Default                           | AutoNation, Inc.                                          | CUSIP: 05329WAS1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $873159.00    | 0.31%             | 2031-08-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 09/25/2042 VAR%                               | CUSIP: 35564KH36<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $252882.63    | 0.09%             | 2042-09-25      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Default                           | Atlas Senior Loan Fund LTD 04/22/2031 VAR% 144A           | CUSIP: 04942VBA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    516000 | PA      | $517548.00    | 0.18%             | 2031-04-22      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Default                           | Apache Corp. 12/15/2029 7.75%                             | CUSIP: 03743QAY4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    133000 | PA      | $143921.83    | 0.05%             | 2029-12-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Arivo Acceptance Auto Loan Rec'ls Trust                   | CUSIP: 04047EAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $9849.98      | 0.00%             | 2028-05-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| Default                           | Golun Capital Partners 04/25/2034 VAR% 144A               | CUSIP: 38180UAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $901980.00    | 0.32%             | 2034-04-25      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Occidental Petroleum Corp.                                | CUSIP: 674599DT9<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1079070.00   | 0.38%             | 2029-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 30711XY32<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    534000 | PA      | $581655.23    | 0.21%             | 2031-01-25      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| Default                           | Hasbro, Inc.                                              | CUSIP: 418056AH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    700000 | PA      | $742542.50    | 0.26%             | 2028-07-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Default                           | Eversource Energy                                         | CUSIP: 30040WAP3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $924760.00    | 0.33%             | 2032-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 02/15/2044 4.500%                             | CUSIP: 912810TZ1<br>LEI: N/A | Long             | DBT              | UST               | US        |   3800000 | PA      | $3716726.80   | 1.32%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 3137AQH35<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  25937000 | PA      | $6154.25      | 0.00%             | 2027-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac STACR 10/25/2041 VAR% 144A                    | CUSIP: 35564KKY4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $858253.25    | 0.31%             | 2041-10-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| Default                           | ICG US CLO Ltd 01/15/2031 VAR                             | CUSIP: BCC2FMLA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $471786.00    | 0.17%             | 2031-01-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Sequoia Mortgage Trust                                    | CUSIP: 81748AAD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $71669.15     | 0.03%             | 2050-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Zais Clo 15 LTD 10/25/2032 VAR% 144A                      | CUSIP: 98888DBA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1598560.00   | 0.57%             | 2032-10-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 02/25/2037 1.5000%                             | CUSIP: 31423XPH8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  10800000 | PA      | $405184.61    | 0.14%             | 2037-02-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Default                           | MSCI, Inc.                                                | CUSIP: 55354GAK6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $95445.90     | 0.03%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 10/25/2041 VAR% 144A                           | CUSIP: 20754RAB2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    350000 | PA      | $200148.88    | 0.07%             | 2041-10-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Default                           | Energy Transfer LP                                        | CUSIP: 29273VAJ9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $399233.60    | 0.14%             | 2028-02-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                           | SBL Holdings, Inc.                                        | CUSIP: 78432MAA3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $403300.00    | 0.14%             | 2026-11-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686KAB3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    288000 | PA      | $75612.49     | 0.03%             | 2028-03-10      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Default                           | Mastec Inc 08/15/2029 6.625% 144A                         | CUSIP: 576323AQ2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $450000.00    | 0.16%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                        | Federal National Mortgage Assoc.                          | CUSIP: 3136BNFA9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  22017104 | PA      | $32779.00     | 0.01%             | 2047-02-25      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| Default                           | Foursight Capital Automobile Recei Trust                  | CUSIP: 35105JAF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $399584.40    | 0.14%             | 2028-05-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Default                           | Connecticut Avenue Securities Trust                       | CUSIP: 20753DAA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    550000 | PA      | $221381.44    | 0.08%             | 2042-09-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae- Cas 12/25/2041 VAR% 144A                      | CUSIP: 20754LAF6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1600000 | PA      | $1638496.00   | 0.58%             | 2041-12-25      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Default                           | Ally Financial Inc Perpetual                              | CUSIP: 02005NBM1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    225000 | PA      | $219133.80    | 0.08%             | 2057-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Default                           | Velocity Commercial Capital                               | CUSIP: 92259HAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $111475.95    | 0.04%             | 2053-11-25      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Default                           | Smithfield Foods, Inc.                                    | CUSIP: 832248BC1<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $913620.00    | 0.32%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Polus Capital Management 10/20/2037 VAR% 144A             | CUSIP: 73163EAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $805585.26    | 0.29%             | 2037-10-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                        | Federal National Mortgage Assoc.                          | CUSIP: 3136BMXV5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |  22736291 | PA      | $43056.30     | 0.02%             | 2046-02-25      | Floating      | 0.16%                 | No            |                  2 | On Loan: No      |
| Default                           | NatWest Group plc                                         | CUSIP: 780097BG5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $507857.00    | 0.18%             | 2029-05-18      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 01/31/2029 4.000%                             | CUSIP: 91282CJW2<br>LEI: N/A | Long             | DBT              | UST               | US        |   4750000 | PA      | $4801395.00   | 1.71%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Hubbell, Inc.                                             | CUSIP: 443510AH5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    600000 | PA      | $589219.20    | 0.21%             | 2027-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Default                           | Enbridge Energy LP                                        | CUSIP: 511546AB9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $537327.00    | 0.19%             | 2028-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Masco Corp.                                               | CUSIP: 574599AY2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1097525.00   | 0.39%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Default                           | GLS Auto Receivables Trust                                | CUSIP: 36260CAE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $214543.23    | 0.08%             | 2027-07-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 08/15/2053 4.125%                             | CUSIP: 912810TT5<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $4519335.00   | 1.61%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | HF Sinclair Corp. 02/01/2028 5.000% 144A                  | CUSIP: 403949AQ3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    400000 | PA      | $400852.40    | 0.14%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CHT1<br>LEI: N/A | Long             | DBT              | UST               | US        |   3000000 | PA      | $2975157.00   | 1.06%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Ocwen Loan Investment Trust 02/25/2037 3.000% 144A        | CUSIP: 675952AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $147798.99    | 0.05%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KHE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     87717 | PA      | $24779.50     | 0.01%             | 2034-01-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Default                           | BreanAsset Backed Sec 07/25/2065 4.50% 144A               | CUSIP: 10638KAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    472000 | PA      | $410394.99    | 0.15%             | 2065-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CARMAX INC                        | Carmax Auto Owner Trust                                   | CUSIP: 14318UAH4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1041070.00   | 0.37%             | 2029-04-16      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| Default                           | Ford Holdings LLC 03/01/2030 9.30%                        | CUSIP: 345277AE7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    810000 | PA      | $927589.32    | 0.33%             | 2030-03-01      | Fixed         | 9.30%                 | No            |                  2 | On Loan: No      |
| Default                           | Albemarle Corp.                                           | CUSIP: 012653AE1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $493634.00    | 0.18%             | 2032-06-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| N/A                               | US 5YR NOTE (CBT) Dec25                                   | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |       518 | PA      | $224134.97    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Default                           | General Motors Financial Co.                              | CUSIP: 37045XDS2<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $900930.00    | 0.32%             | 2032-01-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Default                           | Q0RV0 Inc 04/01/2031 3.375% 144A                          | CUSIP: 74736KAJ0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    987000 | PA      | $906837.84    | 0.32%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Alliant Energy Finance LLC                                | CUSIP: 01882YAD8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $924974.00    | 0.33%             | 2032-03-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 09/25/2042 VAR% 144A                    | CUSIP: 35564KH44<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $2101880.00   | 0.75%             | 2042-09-25      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686GAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1453950 | PA      | $367225.05    | 0.13%             | 2028-12-11      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Default                           | BGC GROUP INC 04/02/2030 6.1500% 144A                     | CUSIP: 05555LAC5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    900000 | PA      | $922078.80    | 0.33%             | 2030-04-02      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Default                           | Saratoga Invest Corp 04/20/2033 Var% 144A                 | CUSIP: 80349BBF3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $456120.00    | 0.16%             | 2033-04-20      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Default                           | Valero Energy Corp.                                       | CUSIP: 91913YBC3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $907162.00    | 0.32%             | 2031-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Receivables Trust                            | CUSIP: 14686KAF4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $38516.42     | 0.01%             | 2028-03-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae Cas 02/25/20244 VAR% 144A                      | CUSIP: 20754GAE0<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $907402.50    | 0.32%             | 2044-02-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CHC8<br>LEI: N/A | Long             | DBT              | UST               | US        |   3000000 | PA      | $2881641.00   | 1.02%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Celanese US Holdings 07/15/2032 6.629%                    | CUSIP: 15089QAP9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    225000 | PA      | $229907.48    | 0.08%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 03/25/2043 VAR% 144A                          | CUSIP: 35564KP37<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $612723.66    | 0.22%             | 2043-03-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 04/25/2042 VAR%                               | CUSIP: 35564KUX5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    586000 | PA      | $602847.50    | 0.21%             | 2042-04-25      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Default                           | Owens Corning                                             | CUSIP: 690742AK7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $977026.00    | 0.35%             | 2030-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | NGC Ltd 04/20/2038 VAR% 144A                              | CUSIP: 652942AA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    880000 | PA      | $879824.00    | 0.31%             | 2038-04-20      | Floating      | 1.00%                 | No            |                  2 | On Loan: No      |
| Default                           | CPS Auto Trust                                            | CUSIP: 12663BAE8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $913330.80    | 0.32%             | 2029-10-15      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| Default                           | Trocolor Auto Securitization Trust                        | CUSIP: 89616KAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $204070.00    | 0.07%             | 2028-06-15      | Fixed         | 13.45%                | No            |                  2 | On Loan: No      |
| Default                           | Arivo Acceptance Auto 02/15/2029 7.700% 144A              | CUSIP: 04047JAB1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    675000 | PA      | $696896.33    | 0.25%             | 2029-02-15      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 01/25/2044 VAR% 144A                           | CUSIP: 20753UAB6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $907344.00    | 0.32%             | 2044-01-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                           | Banco Santander SA                                        | CUSIP: 05964HAQ8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    200000 | PA      | $199701.00    | 0.07%             | 2028-03-24      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| Default                           | Domtar Corp.                                              | CUSIP: 70478JAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $86193.40     | 0.03%             | 2028-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Veros Auto Receivables Trust 11/15/2028 8.320% 144A       | CUSIP: 924933AC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    819000 | PA      | $840483.19    | 0.30%             | 2028-11-15      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20755DAA4<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1700000 | PA      | $997201.84    | 0.35%             | 2042-07-25      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Default                           | Switch ABS Issuer 06/25/2054 6.20% 144A                   | CUSIP: 871044AG8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $455546.70    | 0.16%             | 2054-06-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Default                           | Pioneer Natural Resource                                  | CUSIP: 723787AB3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1063763.00   | 0.38%             | 2028-01-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Default                           | Targa Resources Partners LP                               | CUSIP: 87612BBQ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $508590.00    | 0.18%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 10/25/2044 VAR% 144A                          | CUSIP: 35564NFA6<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $900275.40    | 0.32%             | 2044-10-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Default                           | Ally Financial, Inc.                                      | CUSIP: 36186CBY8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1139970.00   | 0.41%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae - CAS 05/25/2044 VAR% 144A                     | CUSIP: 20753GAC5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $901692.00    | 0.32%             | 2044-05-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Default                           | EQT Corp 04/01/2029 6.3750% 144A                          | CUSIP: 26884LAZ2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    880000 | PA      | $912547.68    | 0.32%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Exter Automobile Rec 04/15/2027 1.400%                    | CUSIP: 30165XAF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1558050 | PA      | $542906.94    | 0.19%             | 2027-04-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 04/25/2042 VAR% 144A                           | CUSIP: 20754DAA5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2000000 | PA      | $326835.72    | 0.12%             | 2042-04-25      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Default                           | WAMU Mortgage Pass-Through 10/25/2045 VAR%                | CUSIP: 92922F4S4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  17400000 | PA      | $334625.33    | 0.12%             | 2045-10-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Default                           | Teva Pharmaceutical Industries Ltd.                       | CUSIP: 88167AAP6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $99860.30     | 0.04%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 05/25/2045 VAR% 144A                          | CUSIP: 35564NHZ9<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $709011.29    | 0.25%             | 2045-05-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Default                           | Voya CLO Ltd 10/15/2037 VAR% 144A                         | CUSIP: 92944YAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1125000 | PA      | $1124437.50   | 0.40%             | 2037-10-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Default                           | TREASURY 08/31/2029 3.625%                                | CUSIP: 91282CLK5<br>LEI: N/A | Long             | DBT              | UST               | US        |   2350000 | PA      | $2344308.30   | 0.83%             | 2029-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Lendbuzz Securitization Trust                             | CUSIP: 525931AB7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $182044.96    | 0.06%             | 2028-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 11/25/2043 VAR% 144A                          | CUSIP: 35564NAA1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1800000 | PA      | $1898647.20   | 0.67%             | 2043-11-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Default                           | Transamerica Capital II                                   | CUSIP: 893472AA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    675000 | PA      | $687164.85    | 0.24%             | 2026-12-01      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Default                           | Exeter Automobile Receivables Trust                       | CUSIP: 30167JAF1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1130000 | PA      | $677154.45    | 0.24%             | 2028-06-15      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Default                           | Fortune Brands Innovation                                 | CUSIP: 34964CAF3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $476403.00    | 0.17%             | 2032-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Carvana Auto Rec Trust 01/10/2031 4.74%                   | CUSIP: 146919AF2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $449245.80    | 0.16%             | 2031-01-10      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Default                           | ARTFI 12/22/2031 VAR% 144A                                | CUSIP: 83589CAB4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $480231.84    | 0.17%             | 2031-12-22      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury 11/15/2033 4.500%                             | CUSIP: 91282CJJ1<br>LEI: N/A | Long             | DBT              | UST               | US        |   2000000 | PA      | $2067812.00   | 0.74%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | CCO HLDGS LLC 06/01/2029 5.375% 144A                      | CUSIP: 1248EPCB7<br>LEI: N/A | Long             | DBT              | CORP              | US        |    225000 | PA      | $223499.70    | 0.08%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Default                           | Halcyon Loan 07/21/2031 VAR%                              | CUSIP: 40538TAC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    467000 | PA      | $469942.10    | 0.17%             | 2031-07-21      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Default                           | Venture CDO Ltd  07/15/2032 VAR%                          | CUSIP: 92328XBF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $910620.00    | 0.32%             | 2032-07-15      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac STACR 05/25/2042 VAR% 144A                    | CUSIP: 35564KWT2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1800000 | PA      | $1868058.00   | 0.66%             | 2042-05-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Default                           | Oshkosh Corp.                                             | CUSIP: 688225AH4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $943092.00    | 0.34%             | 2030-03-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Default                           | Lendbuzz Securitization Trust 05/15/2029 5.990% 144A      | CUSIP: 525920AB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $252810.12    | 0.09%             | 2029-05-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Default                           | Crossroads Asset Trusts 06/22/2026 4.73% 144A             | CUSIP: 22767VAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $341295.17    | 0.12%             | 2026-06-22      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal National Mortgage Assoc.                          | CUSIP: 20753ACJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $342268.13    | 0.12%             | 2043-04-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Default                           | Corning, Inc.                                             | CUSIP: 219350AX3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    200000 | PA      | $195460.60    | 0.07%             | 2037-03-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Default                           | General Motors Financial Co.                              | CUSIP: 37045XDE3<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $221488.00    | 0.08%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Default                           | DT Auto Owner Trust                                       | CUSIP: 23344QAD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $348614.96    | 0.12%             | 2027-05-17      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| Default                           | Charter Comm Opt LLC 02/01/2034 6.650%                    | CUSIP: 161175CP7<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1068597.00   | 0.38%             | 2034-02-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Default                           | US TREASURY 08/15/2044 4.125%                             | CUSIP: 912810UD8<br>LEI: N/A | Long             | DBT              | UST               | US        |    745000 | PA      | $691511.24    | 0.25%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Can-Pack SA/Canpack US LLC                                | CUSIP: 13806CAA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $469197.50    | 0.17%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 05/25/2042 VAR% 144A                           | CUSIP: 20754NAB1<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $441782.09    | 0.16%             | 2042-05-25      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Default                           | CH Robinson Worldwide, Inc.                               | CUSIP: 12541WAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000705.00   | 0.36%             | 2028-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Default                           | Shackleton CLO Ltd 08/15/2030 VAR% 144A                   | CUSIP: 81883EAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    888000 | PA      | $896169.60    | 0.32%             | 2030-08-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KTB5<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    500000 | PA      | $515614.50    | 0.18%             | 2042-03-25      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac- STACR 12/25/2041 VAR% 144A                   | CUSIP: 35564KPP8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1473357.20   | 0.52%             | 2041-12-25      | Floating      | 11.36%                | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 03/25/2052 VAR% 144A                    | CUSIP: 35564KL49<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $968346.00    | 0.34%             | 2052-03-25      | Floating      | 9.36%                 | No            |                  2 | On Loan: No      |
| Default                           | Bluemountain CLO Ltd 10/20/2030 var% 144A                 | CUSIP: 09629EAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $482976.00    | 0.17%             | 2030-10-20      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae- CAS 12/25/2042 Var%                           | CUSIP: 207932AA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1890000 | PA      | $1191043.88   | 0.42%             | 2042-12-25      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Default                           | Crown Castle, Inc.                                        | CUSIP: 22822VAZ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $245181.00    | 0.09%             | 2027-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Default                           | United Auto Credit Securitization Trust                   | CUSIP: 90944DAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $376192.68    | 0.13%             | 2028-11-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Greensky Home Imp 06/25/2060 4.9300% 144A                 | CUSIP: 39571VAB4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $225346.14    | 0.08%             | 2060-06-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Default                           | Harvest SBA Loan Trust                                    | CUSIP: 41755NAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $242050.23    | 0.09%             | 2047-06-25      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Default                           | Bridgecrest Lending Au 10/16/2028 5.370%                  | CUSIP: 10805NAD7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $1357665.30   | 0.48%             | 2028-10-16      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae-CAS 10/25/2041 VAR%                            | CUSIP: 20754RAF3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $916981.20    | 0.33%             | 2041-10-25      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Default                           | GLS Auto Receivables 04/17/2028 6.15% 144A                | CUSIP: 36265NAE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1375771.55   | 0.49%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae - CAS 04/25/2043 VAR% 144A                     | CUSIP: 20753AAA2<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   1900000 | PA      | $2009204.40   | 0.71%             | 2043-04-25      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| Default                           | Westrock MWV LLC                                          | CUSIP: 961548AY0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    750000 | PA      | $866905.50    | 0.31%             | 2031-02-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Default                           | CPS Auto Trust                                            | CUSIP: 12664WAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $329907.00    | 0.12%             | 2030-11-15      | Fixed         | 10.72%                | No            |                  2 | On Loan: No      |
| Default                           | Las Vegas Sands Corp.                                     | CUSIP: 517834AF4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $483669.00    | 0.17%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 01/25/2051 VAR% 144A                          | CUSIP: 35564KAH2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $390015.26    | 0.14%             | 2051-01-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KX79<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $370429.18    | 0.13%             | 2043-05-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Default                           | Crossroads Asset Trusts 08/20/2032 8.32% 144A             | CUSIP: 22767VAF5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $227717.33    | 0.08%             | 2032-08-20      | Fixed         | 8.32%                 | No            |                  2 | On Loan: No      |
| Default                           | TREASURY 08/15/2034 3.875%                                | CUSIP: 91282CLF6<br>LEI: N/A | Long             | DBT              | UST               | US        |   9830000 | PA      | $9679483.04   | 3.44%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury N/B 03/31/2032 4.125%                         | CUSIP: 91282CMT5<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $5066405.00   | 1.80%             | 2032-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Barclays plc                                              | CUSIP: 06738EBD6<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $253719.50    | 0.09%             | 2029-05-16      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Default                           | Nissan Motor Co.                                          | CUSIP: 654744AD3<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $942085.00    | 0.33%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Default                           | SCF Equipment Trust LLC                                   | CUSIP: 784033AJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $496777.00    | 0.18%             | 2031-11-20      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Default                           | Avis Budget Rental Car 08/20/2029 5.87% 144A              | CUSIP: 05377RKN3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $111805.32    | 0.04%             | 2029-08-20      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Default                           | Government National Mortgage Assoc.                       | CUSIP: 38383HMA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $790609.96    | 0.28%             | 2052-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Default                           | Fannie Mae 07/25/2044 VAR% 144A                           | CUSIP: 20754XAC7<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    900000 | PA      | $903798.00    | 0.32%             | 2044-07-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Default                           | Upstart Securitization 06/20/2033 7.92% 144A              | CUSIP: 91683VAB0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $323299.73    | 0.11%             | 2033-06-20      | Fixed         | 7.92%                 | No            |                  2 | On Loan: No      |
| Default                           | Flagship Credit Auto Trust                                | CUSIP: 33846QAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    414000 | PA      | $144564.00    | 0.05%             | 2027-09-15      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Default                           | Prestige Auto Receivables Trust                           | CUSIP: 74113XAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    550400 | PA      | $47933.82     | 0.02%             | 2028-02-15      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| Default                           | Fidelity NATL Financial 06/15/2030 3.40%                  | CUSIP: 31620RAJ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1025722.44   | 0.36%             | 2030-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Default                           | Timken Co.                                                | CUSIP: 88738TAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |    320000 | PA      | $339744.32    | 0.12%             | 2028-05-08      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Lear Corp 05/30/2030 3.50%                                | CUSIP: 521865BB0<br>LEI: N/A | Long             | DBT              | CORP              | US        |   1000000 | PA      | $956252.00    | 0.34%             | 2030-05-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac Stacr 06/25/2043 VAR% 144A                    | CUSIP: 35564K2G3<br>LEI: N/A | Long             | DBT              | USGSE             | US        |   2250000 | PA      | $2334703.50   | 0.83%             | 2043-06-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Default                           | Tricolor Auto 01/16/2029 5.12%                            | CUSIP: 89617QAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $590775.90    | 0.21%             | 2029-01-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Phillips 66 Partners LP                                   | CUSIP: 718549AF5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    549000 | PA      | $530080.91    | 0.19%             | 2028-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Default                           | The Goldman Sachs Group, Inc.                             | CUSIP: 38141GYU2<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $491670.50    | 0.17%             | 2026-11-10      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANKSHARE          | First Citizens Bancshare                                  | CUSIP: 31959XAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $514884.00    | 0.18%             | 2164-06-19      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Default                           | US TREASURY N/B 11/15/2027 4.125%                         | CUSIP: 91282CLX7<br>LEI: N/A | Long             | DBT              | UST               | US        |   2000000 | PA      | $2020390.00   | 0.72%             | 2027-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Default                           | Alliance Res Op/Finance 06/15/29 8.625% 144A              | CUSIP: 01879NAC9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    450000 | PA      | $476341.65    | 0.17%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Default                           | Exeter Automobile Recei  06/15/2027 VAR%                  | CUSIP: 30166AAF1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1048500 | PA      | $510721.55    | 0.18%             | 2027-06-15      | Floating      | 1.55%                 | No            |                  2 | On Loan: No      |
| Default                           | Sempra                                                    | CUSIP: 816851BK4<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $499900.00    | 0.18%             | 2025-10-15      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Default                           | First Investors Auto Owner Trust                          | CUSIP: 32057KAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $495708.00    | 0.18%             | 2029-06-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Default                           | Voya CLO Ltd 10/18/2031 VAR% 144A                         | CUSIP: 92916XAL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    737436 | PA      | $743630.46    | 0.26%             | 2031-10-18      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Default                           | Lendbuzz Sec 05/15/2030 5.18% 144A                        | CUSIP: 52611JAB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $902481.30    | 0.32%             | 2030-05-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Default                           | Winwater Mortgage Loan Trust                              | CUSIP: 97655JCC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    230000 | PA      | $109581.48    | 0.04%             | 2046-01-20      | Floating      | 3.78%                 | No            |                  2 | On Loan: No      |
| Default                           | Timken Co.                                                | CUSIP: 887389AK0<br>LEI: N/A | Long             | DBT              | CORP              | US        |    500000 | PA      | $502243.50    | 0.18%             | 2028-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Default                           | Freddie Mac 03/25/2042 VAR% 144A                          | CUSIP: 35564KTJ8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    250000 | PA      | $263416.50    | 0.09%             | 2042-03-25      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| Default                           | Federal Home Loan Mortgage Corp.                          | CUSIP: 35564KQY8<br>LEI: N/A | Long             | DBT              | USGSE             | US        |    100000 | PA      | $102308.80    | 0.04%             | 2042-01-25      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| Default                           | Flagship Credit Auto 07/16/2029 5.6400% 144A              | CUSIP: 33846BAG9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1350000 | PA      | $1361701.80   | 0.48%             | 2029-07-16      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Default                           | Ciena Corp.                                               | CUSIP: 171779AL5<br>LEI: N/A | Long             | DBT              | CORP              | US        |    100000 | PA      | $95371.10     | 0.03%             | 2030-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Default                           | EPR Properties                                            | CUSIP: 26884UAE9<br>LEI: N/A | Long             | DBT              | CORP              | US        |    360000 | PA      | $362784.96    | 0.13%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 912810TQ1<br>LEI: N/A | Long             | DBT              | UST               | US        |   5000000 | PA      | $4538085.00   | 1.61%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Plains All American Pipeline LP                           | CUSIP: 72650RBN1<br>LEI: N/A | Long             | DBT              | CORP              | US        |    250000 | PA      | $241012.25    | 0.09%             | 2030-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Default                           | US Treasury                                               | CUSIP: 91282CDY4<br>LEI: N/A | Long             | DBT              | UST               | US        |   4500000 | PA      | $3992346.00   | 1.42%             | 2032-02-15      | Floating      | 1.88%                 | No            |                  2 | On Loan: No      |
| Default                           | Westlake Automobile Receivable                            | CUSIP: 96042WAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    324800 | PA      | $137395.30    | 0.05%             | 2027-03-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Default                           | Amer. Credit Accept. Receivables Trust                    | CUSIP: 02530BAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $177929.38    | 0.06%             | 2028-06-13      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Default                           | ZAIS CLO 01/20/2032 VAR%                                  | CUSIP: 98887YAQ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $472585.00    | 0.17%             | 2032-01-20      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** World Funds Trust

**Signature:** Ann MacDonald

**Name of Signer:** Ann MacDonald

**Title:** Principal Financial Officer