# EDGAR Filing Document

**Accession Number:** 0001048702
**File Stem:** 0001752724-25-148514
**Filing Date:** 2025-6
**Character Count:** 272434
**Document Hash:** 3909bcfdb259201555ca0b4ce6d0013f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-148514.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001752724-25-148514

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONWIDE MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0001048702

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08495
- **FILM NUMBER:** 251057069

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 05-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 614-435-5749

**MAIL ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 05-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GARTMORE MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20020125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19991015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE INVESTING FOUNDATION III
- **DATE OF NAME CHANGE:** 19971029

## Series and Classes Contracts Data

### Nationwide Bond Portfolio (Series ID: S000071835)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000227359 | Class R6     |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Nationwide Mutual Funds

- **b. Investment Company Act file number:** 811-08495

- **c. CIK number of Registrant:** 0001048702

- **d. LEI of Registrant:** 549300NXDT8MH8Z3PQ44

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

  - **Street Address 1:** One Nationwide Plaza

  - **City:** Columbus

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 43215

  - **Telephone number:** 614-435-3820

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

- **a. Name of Series:** Nationwide Bond Portfolio

- **b. EDGAR series identifier (if any):** S000071835

- **c. LEI of Series:** 549300UDNENJLHLCX577

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

- **a. Date of fiscal year-end:** 2025-10-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1118175578.35

**Total Liabilities:** $152180807.18

**Net Assets:** $965994771.17

**Cash Not Reported:** $284381.30

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 692.80449400 | **1-Year:** 15945.11653400 | **5-Year:** 110683.69833300 | **10-Year:** 157942.43397200 | **30-Year:** 15815.55003900

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

- **3-Month:** 0.00000000 | **1-Year:** 90.92347800 | **5-Year:** 209.59892500 | **10-Year:** 2.57757000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227359 | 2.29%                | -0.12%               | 0.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-11055815.17            | $28728293.52                               |
| Month 2  | $247364.26               | $-4566848.55                               |
| Month 3  | $-160407.97              | $-335530.86                                |

**Designated Index Information**

- **Index Name:** Bloomberg US Aggregate Bond Total Return

- **Index Identifier:** LEHM.MC.LEHMRT00001UUSD

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4521400 | PA      | $3305567.28   | 0.34%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179WR26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3287961 | PA      | $2802584.08   | 0.29%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                               | HCA, Inc.                                                                           | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     500000 | PA      | $501389.40    | 0.05%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3132DWA60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3210889 | PA      | $2692280.00   | 0.28%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XK6T2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2632772 | PA      | $2230681.75   | 0.23%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Intel Corp.                                             | Intel Corp.                                                                         | CUSIP: 458140CL2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     426000 | PA      | $414827.86    | 0.04%             | 2034-02-21      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QFGN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3110215 | PA      | $2922608.85   | 0.30%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust                           | BLP Commercial Mortgage Trust, Series 2024-IND2, Class A                            | CUSIP: 05625AAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1589286 | PA      | $1585312.65   | 0.16%             | 2041-03-15      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Xilinx, Inc.                                            | Xilinx, Inc.                                                                        | CUSIP: 983919AK7<br>LEI: 6EY4K7ZMF9UX1CU6KC79 | Long             | DBT              | CORP              | US        |     250000 | PA      | $227396.37    | 0.02%             | 2030-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: —       |
| GNMA                                                    | GNMA                                                                                | CUSIP: 3622ABJ86<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     794806 | PA      | $668771.17    | 0.07%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                           | Comcast Corp.                                                                       | CUSIP: 20030NEJ6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     981000 | PA      | $996854.97    | 0.10%             | 2034-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                              | AerCap Ireland Capital DAC                                                          | CUSIP: 00774MAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    1325000 | PA      | $1139011.78   | 0.12%             | 2033-10-29      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Xcel Energy, Inc.                                       | Xcel Energy, Inc.                                                                   | CUSIP: 98388MAB3<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     850000 | PA      | $807921.81    | 0.08%             | 2027-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| EQT Corp.                                               | EQT Corp.                                                                           | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     100000 | PA      | $106645.33    | 0.01%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Kroger Co. (The)                                        | Kroger Co. (The)                                                                    | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    1238000 | PA      | $1213388.14   | 0.13%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   22602800 | PA      | $20048507.07  | 2.08%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                   | International Business Machines Corp.                                               | CUSIP: 459200KT7<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |     160000 | PA      | $159806.59    | 0.02%             | 2027-07-27      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    1390000 | PA      | $44278.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                            | Ford Credit Auto Owner Trust, Series 2024-1, Class A                                | CUSIP: 34533BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2225000 | PA      | $2263925.93   | 0.23%             | 2036-08-15      | Variable      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                     | Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class A4                     | CUSIP: 17328FAV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $463215.70    | 0.05%             | 2056-08-10      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| VMware LLC                                              | VMware LLC                                                                          | CUSIP: 928563AF2<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |      35000 | PA      | $34682.05     | 0.00%             | 2030-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                   | FHLMC, Series 5502, Class FG                                                        | CUSIP: 3137HJSY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1805921 | PA      | $1780861.03   | 0.18%             | 2055-02-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                | Celanese US Holdings LLC                                                            | CUSIP: 15089QAN4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     250000 | PA      | $252130.00    | 0.03%             | 2029-07-15      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | Deutsche Bank AG                                                                    | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     150000 | PA      | $144432.50    | 0.01%             | 2027-11-16      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 21H030658<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |   -2000000 | PA      | $-1770404.40  | -0.18%            | 2055-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QNDP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2711424 | PA      | $2266769.37   | 0.23%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QPFK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1140837 | PA      | $1035588.48   | 0.11%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                 | Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A2A                   | CUSIP: 448988AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1513661 | PA      | $1514957.60   | 0.16%             | 2026-06-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Westinghouse Air Brake Technologies Corp.               | Westinghouse Air Brake Technologies Corp.                                           | CUSIP: 960386AQ3<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |     400000 | PA      | $399088.54    | 0.04%             | 2025-06-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: —       |
| Mexico City Airport Trust                               | Mexico City Airport Trust                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | MX        |    2510000 | PA      | $2384500.00   | 0.25%             | 2028-04-30      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   13243257 | PA      | $79554.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Penta CLO DAC                                           | Penta CLO DAC, Series 2021-2A, Class BR                                             | CUSIP: N/A<br>LEI: 635400GBGDCFEEAL3O62       | Long             | ABS-CBDO         | CORP              | IE        |    1740000 | PA      | $1971105.78   | 0.20%             | 2038-04-15      | Floating      | 4.01%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Notes                                                                 | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    8420000 | PA      | $8479860.98   | 0.88%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Public Storage Operating Co.                            | Public Storage Operating Co.                                                        | CUSIP: 74460WAE7<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |     950000 | PA      | $836853.81    | 0.09%             | 2031-05-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ROCK Trust                                              | ROCK Trust, Series 2024-CNTR, Class B                                               | CUSIP: 74970WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     850000 | PA      | $875743.61    | 0.09%             | 2041-11-13      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| HP, Inc.                                                | HP, Inc.                                                                            | CUSIP: 40434LAK1<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |     979000 | PA      | $949476.44    | 0.10%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179VDN7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     144321 | PA      | $128432.37    | 0.01%             | 2050-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand, Inc.                                    | Ingersoll Rand, Inc.                                                                | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     710000 | PA      | $729646.96    | 0.08%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| EIDP, Inc.                                              | EIDP, Inc.                                                                          | CUSIP: 263534CP2<br>LEI: GLU7INWNWH88J9XBXD45 | Long             | DBT              | CORP              | US        |     395000 | PA      | $356661.48    | 0.04%             | 2030-07-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3132DVLR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1292338 | PA      | $1092969.30   | 0.11%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                          | Blackstone Private Credit Fund                                                      | CUSIP: 09261HBX4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     400000 | PA      | $396665.93    | 0.04%             | 2032-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                     | Kinder Morgan, Inc.                                                                 | CUSIP: 49456BAU5<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    1400000 | PA      | $1345875.08   | 0.14%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| ServiceNow, Inc.                                        | ServiceNow, Inc.                                                                    | CUSIP: 81762PAE2<br>LEI: 549300HJTQM36M0E1G39 | Long             | DBT              | CORP              | US        |     422000 | PA      | $362019.43    | 0.04%             | 2030-09-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                              | J.P. Morgan Mortgage Trust, Series 2025-2, Class A4A                                | CUSIP: 46593NAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1454975 | PA      | $1459439.58   | 0.15%             | 2055-07-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Piedmont Natural Gas Co., Inc.                          | Piedmont Natural Gas Co., Inc.                                                      | CUSIP: 720186AL9<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96221.01     | 0.01%             | 2029-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ROCK Trust                                              | ROCK Trust, Series 2024-CNTR, Class A                                               | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2700000 | PA      | $2750151.96   | 0.28%             | 2041-11-13      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Centene Corp.                                           | Centene Corp.                                                                       | CUSIP: 15135BAZ4<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     482000 | PA      | $407123.95    | 0.04%             | 2031-08-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    1240000 | PA      | $-54477.90    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                              | Occidental Petroleum Corp.                                                          | CUSIP: 674599DE2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     502000 | PA      | $546599.13    | 0.06%             | 2031-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Telefonica Emisiones SA                                 | Telefonica Emisiones SA                                                             | CUSIP: 87938WAV5<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |     825000 | PA      | $744320.19    | 0.08%             | 2038-03-06      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust, Series 2024-PAT, Class A                                                  | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     650000 | PA      | $651724.00    | 0.07%             | 2041-03-15      | Floating      | 6.41%                 | Yes           |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                     | Maryland Economic Development Corp., Series 2024                                    | CUSIP: 574205JB7<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |     825000 | PA      | $832127.84    | 0.09%             | 2033-11-30      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                      | BMO Mortgage Trust, Series 2024-C9, Class A5                                        | CUSIP: 05593MAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1300000 | PA      | $1356310.02   | 0.14%             | 2057-07-15      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Blackstone Secured Lending Fund                         | Blackstone Secured Lending Fund                                                     | CUSIP: 09261XAH5<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |     700000 | PA      | $708781.55    | 0.07%             | 2027-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| Province of Ontario Canada                              | Province of Ontario                                                                 | CUSIP: 683234AR9<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |      40000 | PA      | $34403.16     | 0.00%             | 2030-10-07      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                   | FHLMC STACR REMIC Trust, Series 2024-HQA2, Class A1                                 | CUSIP: 35564NDY6<br>LEI: 5299002OYNAPMJKK2A73 | Long             | ABS-MBS          | CORP              | US        |          0 | PA      | $0.03         | 0.00%             | 2044-08-25      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| McCormick & Co., Inc.                                   | McCormick & Co., Inc.                                                               | CUSIP: 579780AR8<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |     250000 | PA      | $242716.20    | 0.03%             | 2026-02-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Cheniere Corpus Christi Holdings LLC                    | Cheniere Corpus Christi Holdings LLC                                                | CUSIP: 16412XAG0<br>LEI: 549300I7CIEWU1BBLQ53 | Long             | DBT              | CORP              | US        |     945000 | PA      | $955502.93    | 0.10%             | 2027-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| Oracle Corp.                                            | Oracle Corp.                                                                        | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    1244000 | PA      | $1222923.77   | 0.13%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XASY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     494692 | PA      | $398386.04    | 0.04%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                            | BX Commercial Mortgage Trust, Series 2024-AIRC, Class A                             | CUSIP: 12433CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1019256 | PA      | $1019255.50   | 0.11%             | 2039-08-15      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Inflation Linked Bonds                                                | CUSIP: 912810TP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2710411 | PA      | $2166155.69   | 0.22%             | 2053-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4                    | CUSIP: 95000LAZ6<br>LEI: 549300JPCJUA5JJLRW54 | Long             | ABS-MBS          | CORP              | US        |    1225000 | PA      | $1207856.62   | 0.13%             | 2059-03-15      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | CDI                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   40302867 | PA      | $35487.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| First Horizon Corp.                                     | First Horizon Corp.                                                                 | CUSIP: 320517AE5<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | DBT              | CORP              | US        |     955000 | PA      | $960430.97    | 0.10%             | 2031-03-07      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XJCJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     129383 | PA      | $109354.88    | 0.01%             | 2051-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Huntsman International LLC                              | Huntsman International LLC                                                          | CUSIP: 44701QBE1<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |    1020000 | PA      | $961446.42    | 0.10%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                      | T-Mobile USA, Inc.                                                                  | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    5421000 | PA      | $5036180.56   | 0.52%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Zoetis, Inc.                                            | Zoetis, Inc.                                                                        | CUSIP: 98978VAN3<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |     465000 | PA      | $460548.29    | 0.05%             | 2028-08-20      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Mountain View CLO XV Ltd.                               | Mountain View CLO XV Ltd., Series 2019-2A, Class A1R                                | CUSIP: 62432PAS1<br>LEI: 254900VKL64PZVEG4F33 | Long             | ABS-CBDO         | CORP              | KY        |    1725000 | PA      | $1727415.00   | 0.18%             | 2037-07-15      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Mars, Inc.                                              | Mars, Inc.                                                                          | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    3925000 | PA      | $3940400.99   | 0.41%             | 2035-03-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| AT&T, Inc.                                              | AT&T, Inc.                                                                          | CUSIP: 00206RJY9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    5000000 | PA      | $4486837.40   | 0.46%             | 2031-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XDUC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      27309 | PA      | $21961.55     | 0.00%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179WTX6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13212008 | PA      | $10782452.36  | 1.12%             | 2051-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co. LP                             | Penske Truck Leasing Co. LP                                                         | CUSIP: 709599CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     758000 | PA      | $770680.51    | 0.08%             | 2029-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                       | NatWest Group plc                                                                   | CUSIP: 639057AF5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |     275000 | PA      | $280487.16    | 0.03%             | 2028-09-30      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp.                                   | Las Vegas Sands Corp.                                                               | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     250000 | PA      | $251406.76    | 0.03%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust  | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class B    | CUSIP: 466317AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1464419 | PA      | $1427808.87   | 0.15%             | 2037-04-15      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                            | Pacific Gas and Electric Co.                                                        | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     550000 | PA      | $396827.06    | 0.04%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust, Series 2019-C52, Class A5                    | CUSIP: 95002MAX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     530000 | PA      | $492841.97    | 0.05%             | 2052-08-15      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810UB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   14370000 | PA      | $14257173.08  | 1.48%             | 2044-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| American Express Co.                                    | American Express Co.                                                                | CUSIP: 025816CY3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199596.37    | 0.02%             | 2025-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F052656<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -21000000 | PA      | $-20954665.62 | -2.17%            | 2055-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bacardi-Martini BV                                      | Bacardi-Martini BV                                                                  | CUSIP: 05634WAA0<br>LEI: 5493002XXBV8B88K2408 | Long             | DBT              | CORP              | NL        |    2750000 | PA      | $2805000.14   | 0.29%             | 2030-02-01      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: —       |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F042657<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |   -8000000 | PA      | $-7650002.48  | -0.79%            | 2055-05-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NetApp, Inc.                                            | NetApp, Inc.                                                                        | CUSIP: 64110DAL8<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |      75000 | PA      | $74679.19     | 0.01%             | 2025-06-22      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Willis North America, Inc.                              | Willis North America, Inc.                                                          | CUSIP: 970648AJ0<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     200000 | PA      | $186139.27    | 0.02%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: —       |
| Warnermedia Holdings, Inc.                              | Warnermedia Holdings, Inc.                                                          | CUSIP: 55903VBC6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    1012000 | PA      | $866555.84    | 0.09%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley                                          | Morgan Stanley                                                                      | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    2255000 | PA      | $2295763.88   | 0.24%             | 2029-04-20      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Wisconsin Power and Light Co.                           | Wisconsin Power and Light Co.                                                       | CUSIP: 976826BQ9<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |     155000 | PA      | $144425.82    | 0.01%             | 2032-09-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Petronas Capital Ltd.                                   | Petronas Capital Ltd.                                                               | CUSIP: 716743AV1<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     560000 | PA      | $568228.88    | 0.06%             | 2031-01-03      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: —       |
| CF SECURED LLC                                          | Treasury Repurchase Agreement                                                       | CUSIP: N/A<br>LEI: 254900OXTV81I73FAT50       | Long             | RA               | CORP              | US        |   13313668 | PA      | $13313667.50  | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                    | FNMA, Series 2025-11, Class FB                                                      | CUSIP: 3136BUZ45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2492274 | PA      | $2471389.57   | 0.26%             | 2055-03-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                   | Quanta Services, Inc.                                                               | CUSIP: 74762EAH5<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     505000 | PA      | $424931.40    | 0.04%             | 2032-01-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| One New York Plaza Trust                                | One New York Plaza Trust, Series 2020-1NYP, Class A                                 | CUSIP: 68249DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1300000 | PA      | $1254500.00   | 0.13%             | 2036-01-15      | Floating      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 3622ABJ94<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     571698 | PA      | $484155.32    | 0.05%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | U.S. Treasury 10 Year Ultra Note                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         45 | NC      | $63898.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group (The)                                       | Cigna Group (The)                                                                   | CUSIP: 125523CU2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    1540000 | PA      | $1572896.51   | 0.16%             | 2031-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                   | FHLMC Multifamily Structured Pass-Through Certificates, Series KF153, Class AS      | CUSIP: 3137H9Y94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     653056 | PA      | $651808.35    | 0.07%             | 2033-02-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Cintas Corp. No. 2                                      | Cintas Corp. No. 2                                                                  | CUSIP: 17252MAN0<br>LEI: 549300QVUQTTKMTE0G41 | Long             | DBT              | CORP              | US        |       4000 | PA      | $3961.87      | 0.00%             | 2027-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    3250000 | PA      | $40381.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QMHX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1756935 | PA      | $1481155.13   | 0.15%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corp.                                    | Carrier Global Corp.                                                                | CUSIP: 14448CBC7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    1490000 | PA      | $1568533.56   | 0.16%             | 2034-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Thomson Reuters Corp.                                   | Thomson Reuters Corp.                                                               | CUSIP: 884903BV6<br>LEI: 549300561UZND4C7B569 | Long             | DBT              | CORP              | CA        |     100000 | PA      | $98536.28     | 0.01%             | 2026-05-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                         | Solventum Corp.                                                                     | CUSIP: 83444MAQ4<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    1315000 | PA      | $1342685.67   | 0.14%             | 2031-03-13      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| Deephaven Residential Mortgage Trust                    | Deephaven Residential Mortgage Trust, Series 2021-4, Class A2                       | CUSIP: 24381JAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1743286 | PA      | $1517888.41   | 0.16%             | 2066-11-25      | Variable      | 2.09%                 | Yes           |                  2 | On Loan: No      |
| Province of Ontario Canada                              | Province of Ontario                                                                 | CUSIP: 683234AS7<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |      50000 | PA      | $48731.37     | 0.01%             | 2026-01-21      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                       | BAT Capital Corp.                                                                   | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     970000 | PA      | $912447.88    | 0.09%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3132DVMC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3244959 | PA      | $2857597.38   | 0.30%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| American Express Credit Account Master Trust            | American Express Credit Account Master Trust, Series 2022-2, Class A                | CUSIP: 02582JJT8<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |    2650000 | PA      | $2648673.15   | 0.27%             | 2027-05-15      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810QN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6830000 | PA      | $6982074.18   | 0.72%             | 2041-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Centene Corp.                                           | Centene Corp.                                                                       | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     110000 | PA      | $107492.63    | 0.01%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                                | UnitedHealth Group, Inc.                                                            | CUSIP: 91324PEW8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     271000 | PA      | $239544.04    | 0.02%             | 2053-04-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: —       |
| MSWF Commercial Mortgage Trust                          | MSWF Commercial Mortgage Trust, Series 2023-1, Class A5                             | CUSIP: 55376CAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $3139599.60   | 0.33%             | 2056-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                         | Solventum Corp.                                                                     | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    1875000 | PA      | $1912297.71   | 0.20%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                        | Boeing Co. (The)                                                                    | CUSIP: 097023CU7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     200000 | PA      | $201343.19    | 0.02%             | 2027-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: —       |
| Motorola Solutions, Inc.                                | Motorola Solutions, Inc.                                                            | CUSIP: 620076BN8<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     708000 | PA      | $708169.05    | 0.07%             | 2029-05-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: —       |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        | 1803910000 | PA      | $-44234.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                 | Republic Services, Inc.                                                             | CUSIP: 760759AT7<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     180000 | PA      | $178934.22    | 0.02%             | 2028-05-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                          | Morgan Stanley                                                                      | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    1975000 | PA      | $1647614.46   | 0.17%             | 2036-09-16      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                    | American Tower Corp.                                                                | CUSIP: 03027XAX8<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     300000 | PA      | $291397.07    | 0.03%             | 2027-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                         | Microsoft Corp.                                                                     | CUSIP: 594918CN2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     410000 | PA      | $407832.42    | 0.04%             | 2026-09-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                      | BMO Mortgage Trust, Series 2024-5C4, Class A3                                       | CUSIP: 09660SAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1900000 | PA      | $2020329.85   | 0.21%             | 2057-05-15      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                    | BBCMS Mortgage Trust, Series 2024-C26, Class B                                      | CUSIP: 05555AAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1750000 | PA      | $1756133.23   | 0.18%             | 2057-05-15      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corp.                                    | Carrier Global Corp.                                                                | CUSIP: 14448CAL8<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    1150000 | PA      | $1033993.96   | 0.11%             | 2031-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: —       |
| AGCO Corp.                                              | AGCO Corp.                                                                          | CUSIP: 001084AS1<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |     572000 | PA      | $568183.78    | 0.06%             | 2034-03-21      | Fixed         | 5.80%                 | No            |                  2 | On Loan: —       |
| Cintas Corp. No. 2                                      | Cintas Corp. No. 2                                                                  | CUSIP: 17252MAP5<br>LEI: 549300QVUQTTKMTE0G41 | Long             | DBT              | CORP              | US        |     565000 | PA      | $565000.00    | 0.06%             | 2025-05-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Notes                                                                 | CUSIP: 91282CBB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   37100000 | PA      | $34321847.75  | 3.55%             | 2027-12-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                            | Barclays plc                                                                        | CUSIP: 06738ECZ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    1735000 | PA      | $1736936.40   | 0.18%             | 2036-02-25      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| Republic of Chile                                       | Republic of Chile                                                                   | CUSIP: 168863DU9<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     860000 | PA      | $510969.00    | 0.05%             | 2071-09-21      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810TZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   14450000 | PA      | $14119794.96  | 1.46%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| American Tower Corp.                                    | American Tower Corp.                                                                | CUSIP: 03027XBR0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     210000 | PA      | $201385.34    | 0.02%             | 2026-09-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179XS80<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3262328 | PA      | $2894024.70   | 0.30%             | 2053-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Halseypoint CLO 7 Ltd.                                  | Halseypoint CLO 7 Ltd., Series 2023-7A, Class A                                     | CUSIP: 40638LAA7<br>LEI: 5493000LI3XMVBCJEF82 | Long             | ABS-CBDO         | CORP              | JE        |    2100000 | PA      | $2100938.70   | 0.22%             | 2036-07-20      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust      | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class A4       | CUSIP: 61765TAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     431097 | PA      | $429096.52    | 0.04%             | 2048-10-15      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        | 4597330000 | PA      | $9831.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Water Capital Corp.                            | American Water Capital Corp., Class C                                               | CUSIP: 03040WAQ8<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97207.63     | 0.01%             | 2027-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: —       |
| CVC Cordatus Loan Fund III DAC                          | CVC Cordatus Loan Fund III DAC, Series 3A, Class B1R3                               | CUSIP: N/A<br>LEI: 213800XV458LVR3TU384       | Long             | ABS-CBDO         | CORP              | IE        |    1700000 | PA      | $1906889.87   | 0.20%             | 2038-05-26      | Floating      | 3.94%                 | Yes           |                  2 | On Loan: No      |
| Carlisle Cos., Inc.                                     | Carlisle Cos., Inc.                                                                 | CUSIP: 142339AJ9<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |     371000 | PA      | $339344.61    | 0.04%             | 2030-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: —       |
| Nomura Holdings, Inc.                                   | Nomura Holdings, Inc.                                                               | CUSIP: 65535HBE8<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |     320000 | PA      | $320145.96    | 0.03%             | 2025-07-03      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE NY BRANCH                              | Treasury Repurchase Agreement                                                       | CUSIP: N/A<br>LEI: 254900J6B390XMPVLV82       | Long             | RA               | CORP              | US        |    1000000 | PA      | $1000000.00   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Crown Castle, Inc.                                      | Crown Castle, Inc.                                                                  | CUSIP: 22822VAZ4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97006.20     | 0.01%             | 2027-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                             | ONEOK, Inc.                                                                         | CUSIP: 682680BA0<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $989510.16    | 0.10%             | 2025-09-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  396000000 | PA      | $-11093.79    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        | 1295500000 | PA      | $10277.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Martin Marietta Materials, Inc.                         | Martin Marietta Materials, Inc.                                                     | CUSIP: 573284AT3<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |     300000 | PA      | $292820.57    | 0.03%             | 2027-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| NXP BV                                                  | NXP BV                                                                              | CUSIP: 62954HAY4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2225000 | PA      | $2061193.21   | 0.21%             | 2030-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| KIND Commercial Mortgage Trust                          | KIND Commercial Mortgage Trust, Series 2024-1, Class A                              | CUSIP: 494925AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     750000 | PA      | $750234.38    | 0.08%             | 2041-08-15      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                    | JPMorgan Chase & Co.                                                                | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    2430000 | PA      | $2485468.61   | 0.26%             | 2036-04-22      | Variable      | 5.57%                 | No            |                  2 | On Loan: —       |
| FNMA                                                    | UMBS                                                                                | CUSIP: 31418D4X7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     925456 | PA      | $735280.95    | 0.08%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Republic of Poland                                      | Republic of Poland                                                                  | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     780000 | PA      | $778001.27    | 0.08%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan, Inc.                                  | Freeport-McMoRan, Inc.                                                              | CUSIP: 35671DCE3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     115000 | PA      | $113215.89    | 0.01%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AppLovin Corp.                                          | AppLovin Corp.                                                                      | CUSIP: 03831WAD0<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    2450000 | PA      | $2447560.02   | 0.25%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Province of Ontario Canada                              | Province of Ontario                                                                 | CUSIP: 68323AFG4<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |      25000 | PA      | $23042.55     | 0.00%             | 2029-10-02      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Barclays Dryrock Issuance Trust                         | Barclays Dryrock Issuance Trust, Series 2023-1, Class A                             | CUSIP: 06742LAX1<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |    4400000 | PA      | $4417193.88   | 0.46%             | 2029-02-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    3680000 | PA      | $7289.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| British Telecommunications plc                          | British Telecommunications plc                                                      | CUSIP: 111021AE1<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    1470000 | PA      | $1799035.25   | 0.19%             | 2030-12-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| LPL Holdings, Inc.                                      | LPL Holdings, Inc.                                                                  | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     915000 | PA      | $880761.04    | 0.09%             | 2029-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3133KKNB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1314612 | PA      | $1102291.64   | 0.11%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810TK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   12050000 | PA      | $10211904.33  | 1.06%             | 2042-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    3521637 | PA      | $128516.44    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                                | Lloyds Banking Group plc                                                            | CUSIP: 53944YAT0<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     730000 | PA      | $729616.27    | 0.08%             | 2026-08-11      | Variable      | 4.72%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                  | Santander Drive Auto Receivables Trust, Series 2025-1, Class A2                     | CUSIP: 80288DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     803591 | PA      | $803612.40    | 0.08%             | 2027-08-16      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                              | Mars, Inc.                                                                          | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    2250000 | PA      | $2268030.42   | 0.23%             | 2032-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Howmet Aerospace, Inc.                                  | Howmet Aerospace, Inc.                                                              | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     650000 | PA      | $652759.25    | 0.07%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: —       |
| GNMA                                                    | GNMA                                                                                | CUSIP: 3622ABGK2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     791747 | PA      | $666197.39    | 0.07%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 21H050656<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4000000 | PA      | $3923392.76   | 0.41%             | 2055-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    1160000 | PA      | $21929.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon Corp.                                               | Aon Corp.                                                                           | CUSIP: 037389BE2<br>LEI: LTS3U8DGK38SETRUWX71 | Long             | DBT              | CORP              | US        |     200000 | PA      | $183568.47    | 0.02%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-36885.69    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Allegion US Holding Co., Inc.                           | Allegion US Holding Co., Inc.                                                       | CUSIP: 01748NAF1<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |     695000 | PA      | $703663.68    | 0.07%             | 2034-05-29      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  124660000 | PA      | $-1954635.86  | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810QH4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5800000 | PA      | $5714359.40   | 0.59%             | 2040-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F062655<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1000000 | PA      | $1029769.56   | 0.11%             | 2055-05-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    -860000 | PA      | $-67436.79    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3132DWBN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4138186 | PA      | $3119046.39   | 0.32%             | 2051-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | CDI                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  115325000 | PA      | $-590614.70   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140X5TV5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     698800 | PA      | $619538.69    | 0.06%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QQUM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   11520846 | PA      | $11632731.59  | 1.20%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                      | VICI Properties LP                                                                  | CUSIP: 92564RAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     250000 | PA      | $246021.55    | 0.03%             | 2028-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| The Campbell's Co.                                      | The Campbell's Co.                                                                  | CUSIP: 134429BP3<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |    1802000 | PA      | $1816437.84   | 0.19%             | 2034-03-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| UBS Group AG                                            | UBS Group AG                                                                        | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     370000 | PA      | $413582.30    | 0.04%             | 2033-11-13      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Choice Hotels International, Inc.                       | Choice Hotels International, Inc.                                                   | CUSIP: 169905AF3<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |     465000 | PA      | $436002.07    | 0.05%             | 2029-12-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: —       |
| Sagard-Halseypoint CLO 8 Ltd.                           | Sagard-Halseypoint CLO 8 Ltd., Series 2024-8A, Class A1                             | CUSIP: 78662AAA0<br>LEI: 254900W5MVYX9QDPHC09 | Long             | ABS-CBDO         | CORP              | KY        |    2700000 | PA      | $2687534.10   | 0.28%             | 2038-01-30      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 31418D3G5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    6252780 | PA      | $4983327.45   | 0.52%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust, Series 2025-INV1, Class A1                              | CUSIP: 924929AC6<br>LEI: 213800YO7QOQOFRSRN78 | Long             | ABS-MBS          | CORP              | US        |    1607967 | PA      | $1614180.43   | 0.17%             | 2070-02-25      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4180000 | PA      | $2584415.63   | 0.27%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.      | National Rural Utilities Cooperative Finance Corp.                                  | CUSIP: 63743HEW8<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     100000 | PA      | $96516.97     | 0.01%             | 2026-06-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   13490000 | PA      | $-23912.62    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                          | Morgan Stanley                                                                      | CUSIP: 6174468C6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199710.15    | 0.02%             | 2025-07-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810TM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2550000 | PA      | $2351179.69   | 0.24%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                            | Marriott International, Inc., Series HH                                             | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    3550000 | PA      | $3173872.49   | 0.33%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                             | CUSIP: 55336VBQ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     600000 | PA      | $536466.45    | 0.06%             | 2030-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     950000 | PA      | $3646.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179TAJ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     366395 | PA      | $328512.99    | 0.03%             | 2047-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                              | Charles Schwab Corp. (The)                                                          | CUSIP: 808513BY0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     205000 | PA      | $198820.32    | 0.02%             | 2027-03-03      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| PacifiCorp                                              | PacifiCorp                                                                          | CUSIP: 695114CW6<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     100000 | PA      | $89956.19     | 0.01%             | 2030-09-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                        | Boeing Co. (The)                                                                    | CUSIP: 097023CB9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     450000 | PA      | $308540.25    | 0.03%             | 2048-11-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QNQJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1625848 | PA      | $1301712.45   | 0.13%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                   | Quanta Services, Inc.                                                               | CUSIP: 74762EAF9<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     100000 | PA      | $90520.49     | 0.01%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: —       |
| BANK                                                    | BANK, Series 2022-BNK40, Class A4                                                   | CUSIP: 06541LBG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2380000 | PA      | $2163973.35   | 0.22%             | 2064-03-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                            | Oracle Corp.                                                                        | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    2400000 | PA      | $2581864.15   | 0.27%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: —       |
| Air Lease Corp.                                         | Air Lease Corp.                                                                     | CUSIP: 00914AAX0<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    1650000 | PA      | $1661377.59   | 0.17%             | 2031-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Co.                                   | Saudi Arabian Oil Co.                                                               | CUSIP: N/A<br>LEI: 5586006WD91QHB7J4X50       | Long             | DBT              | NUSS              | SA        |    2370000 | PA      | $2270009.70   | 0.23%             | 2029-04-16      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Public Storage Operating Co.                            | Public Storage Operating Co.                                                        | CUSIP: 74460DAD1<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |     550000 | PA      | $531882.30    | 0.06%             | 2029-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3132DPH92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     749743 | PA      | $769869.28    | 0.08%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                   | FHLMC STACR REMIC Trust, Series 2024-DNA2, Class M1                                 | CUSIP: 35564NCX9<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |    2156313 | PA      | $2154287.95   | 0.22%             | 2044-05-25      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Entergy Texas, Inc.                                     | Entergy Texas, Inc.                                                                 | CUSIP: 29365TAG9<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99003.38     | 0.01%             | 2029-03-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XCXH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     759554 | PA      | $641677.72    | 0.07%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                              | J.P. Morgan Mortgage Trust, Series 2024-VIS2, Class A1                              | CUSIP: 46658DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1582172 | PA      | $1593705.27   | 0.16%             | 2064-11-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Coca-Cola Femsa SAB de CV                               | Coca-Cola Femsa SAB de CV                                                           | CUSIP: 191241AH1<br>LEI: 5493008KEVFYPMGTXO33 | Long             | DBT              | CORP              | MX        |    1852000 | PA      | $1714999.04   | 0.18%             | 2030-01-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Notes                                                                 | CUSIP: 91282CHJ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1520000 | PA      | $1520000.00   | 0.16%             | 2030-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                               | Ford Motor Credit Co. LLC                                                           | CUSIP: 345397E74<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     558000 | PA      | $555556.89    | 0.06%             | 2027-05-17      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Huntington Ingalls Industries, Inc.                     | Huntington Ingalls Industries, Inc.                                                 | CUSIP: 446413AL0<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |     500000 | PA      | $485534.99    | 0.05%             | 2027-12-01      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp.                                       | Duke Energy Corp.                                                                   | CUSIP: 26441CBS3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      90000 | PA      | $90007.84     | 0.01%             | 2028-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                          | MSWF Commercial Mortgage Trust, Series 2023-2, Class A2                             | CUSIP: 55361AAR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2050000 | PA      | $2166867.22   | 0.22%             | 2056-12-15      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    -590000 | PA      | $-26268.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    5320000 | PA      | $17232.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sempra                                                  | Sempra                                                                              | CUSIP: 816851BA6<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     100000 | PA      | $97188.05     | 0.01%             | 2027-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd.                                  | Palmer Square CLO Ltd., Series 2019-1A, Class A1R                                   | CUSIP: 69700GAJ1<br>LEI: 549300Y43K78UTRMTN21 | Long             | ABS-CBDO         | CORP              | KY        |    4000000 | PA      | $4000376.00   | 0.41%             | 2034-11-14      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140Q9W90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     767970 | PA      | $723627.83    | 0.07%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GE Capital International Funding Co. Unlimited Co.      | GE Capital International Funding Co. Unlimited Co.                                  | CUSIP: 36164QNA2<br>LEI: 549300G6UZOB126GBY72 | Long             | DBT              | CORP              | IE        |    1025000 | PA      | $976135.29    | 0.10%             | 2035-11-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| United Mexican States                                   | United Mexican States                                                               | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    2330000 | PA      | $1265348.44   | 0.13%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                        | CVS Health Corp.                                                                    | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    3200000 | PA      | $2885996.93   | 0.30%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust, Series 2024-PAT, Class B                                                  | CUSIP: 05612FAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     225000 | PA      | $224367.01    | 0.02%             | 2041-03-15      | Floating      | 7.36%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                    | JPMorgan Chase & Co.                                                                | CUSIP: 46647PDC7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    5075000 | PA      | $4959202.61   | 0.51%             | 2033-04-26      | Variable      | 4.59%                 | No            |                  2 | On Loan: —       |
| Global Payments, Inc.                                   | Global Payments, Inc.                                                               | CUSIP: 37940XAN2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     365000 | PA      | $367827.17    | 0.04%             | 2029-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: —       |
| ONE Gas, Inc.                                           | ONE Gas, Inc.                                                                       | CUSIP: 68235PAM0<br>LEI: 549300HXDWI0LATTX840 | Long             | DBT              | CORP              | US        |     195000 | PA      | $185132.18    | 0.02%             | 2032-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179XDE3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     226095 | PA      | $217754.47    | 0.02%             | 2052-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                      | Altria Group, Inc.                                                                  | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     927000 | PA      | $932627.52    | 0.10%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Cabot Corp.                                             | Cabot Corp.                                                                         | CUSIP: 127055AL5<br>LEI: K05C0SER542GQ6VLRO68 | Long             | DBT              | CORP              | US        |     720000 | PA      | $696348.23    | 0.07%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179Q3H2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     390797 | PA      | $350729.83    | 0.04%             | 2045-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FS KKR Capital Corp.                                    | FS KKR Capital Corp.                                                                | CUSIP: 302635AG2<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |     200000 | PA      | $197212.36    | 0.02%             | 2026-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Province of Quebec Canada                               | Province of Quebec                                                                  | CUSIP: 748149AJ0<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |      50000 | PA      | $49275.67     | 0.01%             | 2026-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ares European CLO XXI DAC                               | Ares European CLO XXI DAC, Series 21A, Class B                                      | CUSIP: N/A<br>LEI: 254900REPQKNP1XRDH75       | Long             | ABS-CBDO         | CORP              | IE        |     680000 | PA      | $770268.67    | 0.08%             | 2038-04-15      | Floating      | 4.15%                 | Yes           |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                   | Dominion Energy, Inc., Series C                                                     | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     100000 | PA      | $93884.43     | 0.01%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BANK5                                                   | BANK5, Series 2024-5YR9, Class AS                                                   | CUSIP: 06644VBM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1400000 | PA      | $1454064.22   | 0.15%             | 2057-08-15      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| Mars, Inc.                                              | Mars, Inc.                                                                          | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    2550000 | PA      | $2581127.70   | 0.27%             | 2030-03-01      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| BAT Capital Corp.                                       | BAT Capital Corp.                                                                   | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    1134000 | PA      | $1185085.62   | 0.12%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| Ameren Corp.                                            | Ameren Corp.                                                                        | CUSIP: 023608AJ1<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     200000 | PA      | $187268.50    | 0.02%             | 2031-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK                                                    | BANK, Series 2020-BN27, Class A5                                                    | CUSIP: 06539XAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     796000 | PA      | $693558.46    | 0.07%             | 2063-04-15      | Fixed         | 2.14%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class B12                   | CUSIP: 95003TAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     800000 | PA      | $785494.00    | 0.08%             | 2041-08-15      | Floating      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                  | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3                     | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1900000 | PA      | $1907276.05   | 0.20%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 31418D3J9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3192578 | PA      | $2790222.18   | 0.29%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                               | IRV Trust, Series 2025-200P, Class A                                                | CUSIP: 45006HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2100000 | PA      | $2103179.19   | 0.22%             | 2047-03-14      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 3622ABJH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     991715 | PA      | $839858.75    | 0.09%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Kyndryl Holdings, Inc.                                  | Kyndryl Holdings, Inc.                                                              | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |      40000 | PA      | $37433.00     | 0.00%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group, Inc.                                  | WEC Energy Group, Inc.                                                              | CUSIP: 92939UAJ5<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |     180000 | PA      | $182918.50    | 0.02%             | 2027-10-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Golub Capital BDC, Inc.                                 | Golub Capital BDC, Inc.                                                             | CUSIP: 38173MAB8<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |     163000 | PA      | $156816.39    | 0.02%             | 2026-08-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: —       |
| GNMA                                                    | GNMA, Series 2021-135, Class A                                                      | CUSIP: 38382XAA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6732164 | PA      | $5465831.99   | 0.57%             | 2051-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BANK                                                    | BANK, Series 2022-BNK43, Class A5                                                   | CUSIP: 06541QAZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1250000 | PA      | $1200506.13   | 0.12%             | 2055-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Hungary                                                 | Hungary Government Bond                                                             | CUSIP: N/A<br>LEI: 5299003F3UFKGCCMAP43       | Long             | DBT              | NUSS              | HU        |     940000 | PA      | $966944.16    | 0.10%             | 2028-05-22      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                          | Morgan Stanley                                                                      | CUSIP: 6174467X1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     300000 | PA      | $300868.10    | 0.03%             | 2025-11-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XB5T3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3476312 | PA      | $3057906.48   | 0.32%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Galaxy Pipeline Assets Bidco Ltd.                       | Galaxy Pipeline Assets Bidco Ltd.                                                   | CUSIP: N/A<br>LEI: 549300L82YB0C6JQIC26       | Long             | DBT              | CORP              | JE        |    2770000 | PA      | $2333724.31   | 0.24%             | 2036-03-31      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Southern Co. Gas Capital Corp.                          | Southern Co. Gas Capital Corp., Series 20-A                                         | CUSIP: 8426EPAD0<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |     100000 | PA      | $85071.98     | 0.01%             | 2031-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                            | BX Commercial Mortgage Trust, Series 2024-XL5, Class A                              | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1340290 | PA      | $1338614.75   | 0.14%             | 2041-03-15      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                    | Columbia Pipelines Operating Co. LLC                                                | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     975000 | PA      | $1007448.44   | 0.10%             | 2033-11-15      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: —       |
| Las Vegas Sands Corp.                                   | Las Vegas Sands Corp.                                                               | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     690000 | PA      | $691583.44    | 0.07%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Indiana Michigan Power Co.                              | Indiana Michigan Power Co.                                                          | CUSIP: 454889AS5<br>LEI: JHR9V15J0ZRG02MIRD06 | Long             | DBT              | CORP              | US        |     200000 | PA      | $196610.05    | 0.02%             | 2028-05-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| ONEOK, Inc.                                             | ONEOK, Inc.                                                                         | CUSIP: 682680AS2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     800000 | PA      | $790469.38    | 0.08%             | 2027-07-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| US Bancorp                                              | US Bancorp                                                                          | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    1025000 | PA      | $1060304.78   | 0.11%             | 2029-06-12      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co., Inc.                       | American Electric Power Co., Inc.                                                   | CUSIP: 025537AN1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     100000 | PA      | $89543.71     | 0.01%             | 2030-03-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 21H042653<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |  -14000000 | PA      | $-13399516.48 | -1.39%            | 2055-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                          | Morgan Stanley                                                                      | CUSIP: 61746BEF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $990738.50    | 0.10%             | 2027-01-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: —       |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     550000 | PA      | $-26315.61    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   80950000 | PA      | $685592.37    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                   | Bank of America Corp.                                                               | CUSIP: 59022CAJ2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2065081.20   | 0.21%             | 2037-01-29      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| Bank of America Merrill Lynch Commercial Mortgage Trust | Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2016-UB10, Class A4 | CUSIP: 06054MAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     735000 | PA      | $722503.31    | 0.07%             | 2049-07-15      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                      | Banco Santander SA                                                                  | CUSIP: 05964HAV7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    2400000 | PA      | $2551966.92   | 0.26%             | 2033-08-08      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    1000000 | PA      | $1093.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                         | Oncor Electric Delivery Co. LLC                                                     | CUSIP: 68233JCF9<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     125000 | PA      | $119535.65    | 0.01%             | 2032-06-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Veralto Corp.                                           | Veralto Corp.                                                                       | CUSIP: 92338CAF0<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |    2550000 | PA      | $2600808.44   | 0.27%             | 2033-09-18      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| Southwestern Electric Power Co.                         | Southwestern Electric Power Co., Series N                                           | CUSIP: 845437BS0<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |     250000 | PA      | $243764.27    | 0.03%             | 2026-03-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                      | Ellington Financial Mortgage Trust, Series 2021-2, Class A1                         | CUSIP: 31572LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1620688 | PA      | $1340335.44   | 0.14%             | 2066-06-25      | Variable      | 0.93%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                        | Boeing Co. (The)                                                                    | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    1089000 | PA      | $1169742.99   | 0.12%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corp.                                      | Hyatt Hotels Corp.                                                                  | CUSIP: 448579AS1<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    2303000 | PA      | $2237037.66   | 0.23%             | 2034-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Province of Ontario Canada                              | Province of Ontario                                                                 | CUSIP: 683234AQ1<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |      25000 | PA      | $23654.26     | 0.00%             | 2027-05-21      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| MSCI, Inc.                                              | MSCI, Inc.                                                                          | CUSIP: 55354GAH3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    1180000 | PA      | $1128830.13   | 0.12%             | 2029-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: —       |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179RD63<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     284341 | PA      | $255873.49    | 0.03%             | 2045-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    1760000 | PA      | $8027.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                         | Citigroup, Inc.                                                                     | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     400000 | PA      | $398799.14    | 0.04%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                            | UBS Group AG                                                                        | CUSIP: 225401BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     975000 | PA      | $1191591.33   | 0.12%             | 2033-11-15      | Variable      | 9.02%                 | Yes           |                  2 | On Loan: —       |
| FNMA                                                    | UMBS                                                                                | CUSIP: 31418DC67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2512690 | PA      | $2294926.79   | 0.24%             | 2049-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                         | Palmer Square Loan Funding Ltd., Series 2022-3A, Class A1BR                         | CUSIP: 69690CAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2075000 | PA      | $2070845.85   | 0.21%             | 2031-04-15      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| FS KKR Capital Corp.                                    | FS KKR Capital Corp.                                                                | CUSIP: 302635AL1<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |     225000 | PA      | $213644.54    | 0.02%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                               | RTX Corp.                                                                           | CUSIP: 913017DD8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     800000 | PA      | $798030.08    | 0.08%             | 2025-08-16      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-63831.63    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Sempra                                                  | Sempra                                                                              | CUSIP: 816851BP3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     200000 | PA      | $193427.22    | 0.02%             | 2029-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: —       |
| M&T Bank Corp.                                          | M&T Bank Corp.                                                                      | CUSIP: 55261FAR5<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    1280000 | PA      | $1231788.70   | 0.13%             | 2034-01-27      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| Houston Galleria Mall Trust                             | Houston Galleria Mall Trust, Series 2025-HGLR, Class A                              | CUSIP: 44216XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1200000 | PA      | $1220855.40   | 0.13%             | 2045-02-05      | Variable      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO 29 Ltd.                                     | Elmwood CLO 29 Ltd., Series 2024-5A, Class AR2                                      | CUSIP: 289913AE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1750000 | PA      | $1750379.75   | 0.18%             | 2037-04-20      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Auto Trust                              | Bank of America Auto Trust, Series 2023-2A, Class A2                                | CUSIP: 06054YAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     235709 | PA      | $235967.66    | 0.02%             | 2026-08-17      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Cedar Funding IX CLO Ltd.                               | Cedar Funding IX CLO Ltd., Series 2018-9A, Class AR                                 | CUSIP: 15033EAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2060000 | PA      | $2061030.00   | 0.21%             | 2037-07-20      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Oracle Corp.                                            | Oracle Corp.                                                                        | CUSIP: 68389XCZ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    1299000 | PA      | $1316962.10   | 0.14%             | 2032-02-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                                  | Dell International LLC                                                              | CUSIP: 24703TAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     825000 | PA      | $971756.69    | 0.10%             | 2036-07-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3132E06J6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     841596 | PA      | $879206.37    | 0.09%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AbbVie, Inc.                                            | AbbVie, Inc.                                                                        | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      46000 | PA      | $37306.55     | 0.00%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140J9VA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     733358 | PA      | $714604.71    | 0.07%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XAH88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1063818 | PA      | $856718.59    | 0.09%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                             | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     733000 | PA      | $733468.20    | 0.08%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: —       |
| Barings BDC, Inc.                                       | Barings BDC, Inc.                                                                   | CUSIP: 06759LAC7<br>LEI: 549300GSF4KFZP6ONG49 | Long             | DBT              | CORP              | US        |      25000 | PA      | $24076.43     | 0.00%             | 2026-11-23      | Fixed         | 3.30%                 | No            |                  2 | On Loan: —       |
| Province of Alberta Canada                              | Province of Alberta                                                                 | CUSIP: 013051EM5<br>LEI: LQPXMHHNJKIPJYE53543 | Long             | DBT              | NUSS              | CA        |      60000 | PA      | $52395.64     | 0.01%             | 2030-07-22      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| RR 26 Ltd.                                              | RR 26 Ltd., Series 2023-26A, Class A1R                                              | CUSIP: 74989MAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2200000 | PA      | $2180244.00   | 0.23%             | 2038-04-15      | Floating      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                              | J.P. Morgan Mortgage Trust, Series 2023-HE3, Class A1                               | CUSIP: 465985AA7<br>LEI: 5299007DSRZLE19EYU93 | Long             | ABS-O            | CORP              | US        |     517362 | PA      | $517878.09    | 0.05%             | 2054-05-25      | Floating      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Synopsys, Inc.                                          | Synopsys, Inc.                                                                      | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     659000 | PA      | $660406.85    | 0.07%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                         | Solventum Corp.                                                                     | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     925000 | PA      | $935236.03    | 0.10%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| LEX Mortgage Trust                                      | LEX Mortgage Trust, Series 2024-BBG, Class A                                        | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1600000 | PA      | $1606623.04   | 0.17%             | 2033-10-13      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    1390000 | PA      | $-39019.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                                   | Time Warner Cable LLC                                                               | CUSIP: 88732JAY4<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     825000 | PA      | $751778.04    | 0.08%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| United States of America                                | U.S. Treasury Notes                                                                 | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    8500000 | PA      | $8537187.50   | 0.88%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dominion Energy, Inc.                                   | Dominion Energy, Inc.                                                               | CUSIP: 25746UCE7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     100000 | PA      | $99718.85     | 0.01%             | 2025-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Province of Quebec Canada                               | Province of Quebec                                                                  | CUSIP: 748148SC8<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |      50000 | PA      | $49554.20     | 0.01%             | 2025-07-23      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| Ovintiv, Inc.                                           | Ovintiv, Inc.                                                                       | CUSIP: 651290AR9<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |      40000 | PA      | $39995.96     | 0.00%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AT&T, Inc.                                              | AT&T, Inc.                                                                          | CUSIP: 00206RHK1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $928303.09    | 0.10%             | 2039-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| General Mills, Inc.                                     | General Mills, Inc.                                                                 | CUSIP: 370334CG7<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |     250000 | PA      | $249352.28    | 0.03%             | 2028-04-17      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3133KPYR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1349000 | PA      | $1259353.65   | 0.13%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications, Inc.                            | Verizon Communications, Inc.                                                        | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    1525000 | PA      | $1357845.22   | 0.14%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                        | Boeing Co. (The)                                                                    | CUSIP: 097023BS3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    1800000 | PA      | $1195675.36   | 0.12%             | 2046-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                      | T-Mobile USA, Inc.                                                                  | CUSIP: 87264ABT1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    2064000 | PA      | $1857905.06   | 0.19%             | 2031-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                            | Marriott International, Inc.                                                        | CUSIP: 571903BP7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     591000 | PA      | $596029.41    | 0.06%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| FNMA                                                    | UMBS                                                                                | CUSIP: 31418EF39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2427864 | PA      | $2143270.06   | 0.22%             | 2037-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | U.S. Treasury 10 Year Note                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        195 | NC      | $315363.87    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. Morgan Mortgage Trust                              | J.P. Morgan Mortgage Trust, Series 2025-VIS1, Class A1                              | CUSIP: 46659BAC6<br>LEI: 529900CBDGTUOOQONB64 | Long             | ABS-MBS          | CORP              | US        |          0 | PA      | $0.00         | 0.00%             | 2055-08-25      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Xcel Energy, Inc.                                       | Xcel Energy, Inc.                                                                   | CUSIP: 98389BAU4<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     775000 | PA      | $761691.39    | 0.08%             | 2026-12-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy, Inc.                                | CenterPoint Energy, Inc.                                                            | CUSIP: 15189TAX5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |     100000 | PA      | $92626.64     | 0.01%             | 2030-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Expedia Group, Inc.                                     | Expedia Group, Inc.                                                                 | CUSIP: 30212PAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     496000 | PA      | $463605.67    | 0.05%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BANK5                                                   | BANK5, Series 2024-5YR8, Class A3                                                   | CUSIP: 065923AY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     875000 | PA      | $913936.89    | 0.09%             | 2057-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bills                                     | U.S. Treasury Bills                                                                 | CUSIP: 912797PS0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   17200000 | PA      | $17105237.63  | 1.77%             | 2025-06-17      | None          | 0.00%                 | No            |                  2 | On Loan: —       |
| United Mexican States                                   | United Mexican States                                                               | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    1470000 | PA      | $1200942.96   | 0.12%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group, Inc.                                | UnitedHealth Group, Inc.                                                            | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     775000 | PA      | $770976.96    | 0.08%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                | Cooperatieve Rabobank UA                                                            | CUSIP: 21684AAC0<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |     250000 | PA      | $249519.75    | 0.03%             | 2025-08-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust, Series 2025-1A, Class A2                       | CUSIP: 30167MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1125000 | PA      | $1125257.06   | 0.12%             | 2027-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179YW59<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   12337282 | PA      | $12344472.36  | 1.28%             | 2054-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F022659<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |   -2000000 | PA      | $-1662341.54  | -0.17%            | 2055-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                            | Oracle Corp.                                                                        | CUSIP: 68389XCD5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     600000 | PA      | $567467.45    | 0.06%             | 2028-03-25      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                          | Morgan Stanley                                                                      | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     420000 | PA      | $424267.49    | 0.04%             | 2035-01-18      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| HP, Inc.                                                | HP, Inc.                                                                            | CUSIP: 40434LAB1<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |      35000 | PA      | $33900.15     | 0.00%             | 2027-06-17      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    1240000 | PA      | $60326.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust, Series 2025-1A, Class A3                       | CUSIP: 30167MAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     525000 | PA      | $525852.55    | 0.05%             | 2028-08-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3133KQK62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     798284 | PA      | $819659.84    | 0.08%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   12360000 | PA      | $12429042.22  | 1.29%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 21H060655<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13000000 | PA      | $13147773.47  | 1.36%             | 2055-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3132DVML6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8579259 | PA      | $8313461.09   | 0.86%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| J M Smucker Co. (The)                                   | J M Smucker Co. (The)                                                               | CUSIP: 832696AX6<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |    1056000 | PA      | $1126259.62   | 0.12%             | 2033-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO XXXI Ltd.                                  | Trinitas CLO XXXI Ltd., Series 2024-31A, Class A1                                   | CUSIP: 895972AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3125000 | PA      | $3104859.38   | 0.32%             | 2038-01-22      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 21H032654<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |   -6000000 | PA      | $-5449951.02  | -0.56%            | 2055-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GLP Capital LP                                          | GLP Capital LP                                                                      | CUSIP: 361841AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     510000 | PA      | $518056.98    | 0.05%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F060659<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |   -5000000 | PA      | $-5072055.90  | -0.53%            | 2055-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corp.                                      | Devon Energy Corp.                                                                  | CUSIP: 25179MBF9<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     389000 | PA      | $380531.47    | 0.04%             | 2030-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| M&T Bank Corp.                                          | M&T Bank Corp.                                                                      | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    1135000 | PA      | $1220966.73   | 0.13%             | 2029-10-30      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                   | Cardinal Health, Inc.                                                               | CUSIP: 14149YBE7<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |     500000 | PA      | $498565.53    | 0.05%             | 2025-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179MK66<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     360654 | PA      | $330609.60    | 0.03%             | 2042-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 31418DR46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     667716 | PA      | $592907.58    | 0.06%             | 2035-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                         | Citigroup, Inc.                                                                     | CUSIP: 172967JT9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199849.53    | 0.02%             | 2025-06-10      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| NXP BV                                                  | NXP BV                                                                              | CUSIP: 62954HAX6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     265000 | PA      | $257943.12    | 0.03%             | 2027-05-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: —       |
| U.S. Treasury Bills                                     | U.S. Treasury Bills                                                                 | CUSIP: 912797PJ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   14000000 | PA      | $13968708.04  | 1.45%             | 2025-05-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                               | OBX Trust, Series 2024-NQM1, Class A2                                               | CUSIP: 67448LAB8<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |       3082 | PA      | $3096.49      | 0.00%             | 2063-11-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179XDB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1938633 | PA      | $1716879.60   | 0.18%             | 2052-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PPL Capital Funding, Inc.                               | PPL Capital Funding, Inc.                                                           | CUSIP: 69352PAL7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |      50000 | PA      | $49296.77     | 0.01%             | 2026-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corp.                                    | Sprint Capital Corp.                                                                | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     255000 | PA      | $306072.78    | 0.03%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                 | Hyundai Capital America                                                             | CUSIP: 44891ACP0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     235000 | PA      | $245158.97    | 0.03%             | 2030-09-21      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                              | J.P. Morgan Mortgage Trust, Series 2023-DSC1, Class A1                              | CUSIP: 46656NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1066154 | PA      | $1035902.02   | 0.11%             | 2063-07-25      | Variable      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Extra Space Storage LP                                  | Extra Space Storage LP                                                              | CUSIP: 30225VAH0<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |     430000 | PA      | $417247.63    | 0.04%             | 2029-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd.                      | Macquarie Airfinance Holdings Ltd.                                                  | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     185000 | PA      | $189879.19    | 0.02%             | 2029-03-26      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust, Series 2024-5, Class A1                                 | CUSIP: 92540HAA4<br>LEI: 213800YE6HC7EZSFHW30 | Long             | ABS-MBS          | CORP              | US        |     784497 | PA      | $791413.72    | 0.08%             | 2069-06-25      | Variable      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Boeing Co. (The)                                        | Boeing Co. (The)                                                                    | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     840000 | PA      | $848003.05    | 0.09%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: —       |
| Willis North America, Inc.                              | Willis North America, Inc.                                                          | CUSIP: 970648AG6<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     250000 | PA      | $249819.07    | 0.03%             | 2028-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| HCA, Inc.                                               | HCA, Inc.                                                                           | CUSIP: 404119BX6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     270000 | PA      | $262652.51    | 0.03%             | 2029-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Republic of Panama                                      | Republic of Panama                                                                  | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     500000 | PA      | $269920.20    | 0.03%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| Dollar General Corp.                                    | Dollar General Corp.                                                                | CUSIP: 256677AE5<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | DBT              | CORP              | US        |     995000 | PA      | $982560.55    | 0.10%             | 2027-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Southern Power Co.                                      | Southern Power Co.                                                                  | CUSIP: 843646AM2<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |     150000 | PA      | $149518.21    | 0.02%             | 2025-12-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Securities Trust              | JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5                | CUSIP: 46648KAU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $478330.95    | 0.05%             | 2050-10-15      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2500000 | PA      | $1781054.70   | 0.18%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                   | Cardinal Health, Inc.                                                               | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    1525000 | PA      | $1530697.32   | 0.16%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust  | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A   | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1522914.30   | 0.16%             | 2039-10-05      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Devon Energy Corp.                                      | Devon Energy Corp.                                                                  | CUSIP: 25179MBE2<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    1450000 | PA      | $1452332.70   | 0.15%             | 2028-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                   | Bank of America Corp.                                                               | CUSIP: 06051GGF0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     500000 | PA      | $494327.90    | 0.05%             | 2028-01-20      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XFEU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1302806 | PA      | $1219915.57   | 0.13%             | 2043-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                   | Bank of America Corp.                                                               | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    1209000 | PA      | $1008730.43   | 0.10%             | 2036-09-21      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   11100000 | PA      | $-6176.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Agilent Technologies, Inc.                              | Agilent Technologies, Inc.                                                          | CUSIP: 00846UAL5<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |     250000 | PA      | $232067.41    | 0.02%             | 2029-09-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810SK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3600000 | PA      | $2339015.62   | 0.24%             | 2049-11-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                                | COLT Mortgage Loan Trust, Series 2021-2, Class A1                                   | CUSIP: 19685WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |          0 | PA      | $0.00         | 0.00%             | 2066-08-25      | Variable      | 0.92%                 | Yes           |                  2 | On Loan: No      |
| Trinity Acquisition plc                                 | Trinity Acquisition plc                                                             | CUSIP: 89641UAC5<br>LEI: 549300FJZWZN6MJNGB63 | Long             | DBT              | CORP              | GB        |     250000 | PA      | $249153.47    | 0.03%             | 2026-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Carlyle US CLO Ltd.                                     | Carlyle US CLO Ltd., Series 2024-2A, Class B                                        | CUSIP: 14318VAC3<br>LEI: 254900ZRCTSW8R4GLC69 | Long             | ABS-CBDO         | CORP              | KY        |    2600000 | PA      | $2605837.00   | 0.27%             | 2037-04-25      | Floating      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                            | Avolon Holdings Funding Ltd.                                                        | CUSIP: 05401AAX9<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     328000 | PA      | $324221.39    | 0.03%             | 2030-01-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust, Series 2020-1, Class A2A                                 | CUSIP: 89178WBB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     770000 | PA      | $696817.28    | 0.07%             | 2060-01-25      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                | Benchmark Mortgage Trust, Series 2024-V8, Class A3                                  | CUSIP: 08190AAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1050000 | PA      | $1106896.14   | 0.11%             | 2057-07-15      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| Sunnova Hestia I Issuer LLC                             | Sunnova Hestia I Issuer LLC, Series 2023-GRID1, Class 1A                            | CUSIP: 86746BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     246940 | PA      | $249469.94    | 0.03%             | 2050-12-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                    | JPMorgan Chase & Co.                                                                | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     400000 | PA      | $365593.13    | 0.04%             | 2031-05-13      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| BAT International Finance plc                           | BAT International Finance plc                                                       | CUSIP: 05530QAP5<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |     325000 | PA      | $325374.12    | 0.03%             | 2028-03-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: —       |
| GNMA                                                    | GNMA                                                                                | CUSIP: 21H052652<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |   -1000000 | PA      | $-999464.81   | -0.10%            | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3133AWWM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     331893 | PA      | $266900.92    | 0.03%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                                        | Boeing Co. (The)                                                                    | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    1145000 | PA      | $1222887.24   | 0.13%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F040651<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2000000 | PA      | $1863687.90   | 0.19%             | 2055-05-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140J6GR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     208405 | PA      | $196437.82    | 0.02%             | 2048-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alcon Finance Corp.                                     | Alcon Finance Corp.                                                                 | CUSIP: 01400EAB9<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |    1737000 | PA      | $1618240.93   | 0.17%             | 2029-09-23      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Fortinet, Inc.                                          | Fortinet, Inc.                                                                      | CUSIP: 34959EAA7<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |     650000 | PA      | $629880.65    | 0.07%             | 2026-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 15 Year, Single Family                                                        | CUSIP: 01F020455<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1000000 | PA      | $908227.76    | 0.09%             | 2040-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                   | Quanta Services, Inc.                                                               | CUSIP: 74762EAL6<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     972000 | PA      | $958914.03    | 0.10%             | 2034-08-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                       | Wells Fargo & Co.                                                                   | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     366000 | PA      | $359575.06    | 0.04%             | 2033-07-25      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | SOP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    9190000 | PA      | $77634.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F060659<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    6000000 | PA      | $6086467.08   | 0.63%             | 2055-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3133AAKC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     108940 | PA      | $87271.50     | 0.01%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Operating Partnership LP               | Invitation Homes Operating Partnership LP                                           | CUSIP: 46188BAA0<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |    1450000 | PA      | $1215384.42   | 0.13%             | 2031-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Notes                                                                 | CUSIP: 91282CKN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   18020000 | PA      | $18764028.86  | 1.94%             | 2031-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 21H022655<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1000000 | PA      | $852108.27    | 0.09%             | 2055-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Republic of Peru                                        | Republic of Peru                                                                    | CUSIP: 715638EB4<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     100000 | PA      | $98456.13     | 0.01%             | 2035-02-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                          | Morgan Stanley                                                                      | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    3800000 | PA      | $3771366.20   | 0.39%             | 2030-01-23      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance, Inc.                                | Brookfield Finance, Inc.                                                            | CUSIP: 11271LAD4<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     300000 | PA      | $301616.14    | 0.03%             | 2029-03-29      | Fixed         | 4.85%                 | No            |                  2 | On Loan: —       |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     920576 | PA      | $37237.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F060642<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5000000 | PA      | $5069818.50   | 0.52%             | 2055-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | Euro-Bund                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |          2 | NC      | $-17.18       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SANTANDER US CAPITAL MARKETS LLC                        | Treasury Repurchase Agreement                                                       | CUSIP: N/A<br>LEI: 549300LGG2RLWD21SU97       | Long             | RA               | CORP              | US        |    1000000 | PA      | $1000000.00   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F020653<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2000000 | PA      | $1585918.50   | 0.16%             | 2055-05-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Adventist Health System                                 | Adventist Health System                                                             | CUSIP: 007944AK7<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |     645000 | PA      | $642150.36    | 0.07%             | 2034-12-01      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3132DNU27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1008492 | PA      | $943299.35    | 0.10%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                           | Comcast Corp.                                                                       | CUSIP: 20030NDH1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     750000 | PA      | $615042.82    | 0.06%             | 2040-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QMAF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2980646 | PA      | $2515345.74   | 0.26%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                 | BPCE SA                                                                             | CUSIP: 05583JAE2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    1250000 | PA      | $1243838.91   | 0.13%             | 2028-09-12      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                   | FHLMC Multifamily Structured Pass-Through Certificates, Series K126, Class A2       | CUSIP: 3137FXYV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1000000 | PA      | $891643.00    | 0.09%             | 2031-01-25      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note Trust                      | Discover Card Execution Note Trust, Series 2023-A1, Class A                         | CUSIP: 254683CY9<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |    2300000 | PA      | $2299215.47   | 0.24%             | 2028-03-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.                                  | Keurig Dr Pepper, Inc.                                                              | CUSIP: 49271VAJ9<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     470000 | PA      | $440265.38    | 0.05%             | 2030-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: —       |
| Connecticut Avenue Securities Trust                     | Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M2                     | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     675000 | PA      | $674999.06    | 0.07%             | 2044-03-25      | Floating      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                   | Bank of America Corp.                                                               | CUSIP: 06051GLG2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    2745000 | PA      | $2803909.70   | 0.29%             | 2029-04-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QDV27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2010190 | PA      | $1699253.39   | 0.18%             | 2050-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179XDA1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     383352 | PA      | $326915.43    | 0.03%             | 2052-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                           | Commonwealth of Massachusetts, Series A                                             | CUSIP: 57582PUT5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     100000 | PA      | $100839.47    | 0.01%             | 2029-05-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Pernod Ricard International Finance LLC                 | Pernod Ricard International Finance LLC                                             | CUSIP: 71427QAB4<br>LEI: 5493009254WI1A8WXT48 | Long             | DBT              | CORP              | US        |    2685000 | PA      | $2219210.42   | 0.23%             | 2031-04-01      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Camden Property Trust                                   | Camden Property Trust                                                               | CUSIP: 133131AX0<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |     100000 | PA      | $94578.39     | 0.01%             | 2029-07-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: —       |
| FactSet Research Systems, Inc.                          | FactSet Research Systems, Inc.                                                      | CUSIP: 303075AA3<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |     925000 | PA      | $893871.74    | 0.09%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Cigna Group (The)                                       | Cigna Group (The)                                                                   | CUSIP: 125523CL2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    3111000 | PA      | $2818077.82   | 0.29%             | 2030-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd.                                        | Oaktree CLO Ltd., Series 2021-1A, Class A1R                                         | CUSIP: 67402JAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3500000 | PA      | $3491250.00   | 0.36%             | 2038-01-15      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  929000000 | PA      | $3244.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                          | Broadcom, Inc.                                                                      | CUSIP: 11135FBE0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     625000 | PA      | $585547.19    | 0.06%             | 2028-02-15      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Atmos Energy Corp.                                      | Atmos Energy Corp.                                                                  | CUSIP: 049560AN5<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | DBT              | CORP              | US        |      50000 | PA      | $48886.91     | 0.01%             | 2027-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Enbridge, Inc.                                          | Enbridge, Inc.                                                                      | CUSIP: 29250NBF1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     925000 | PA      | $754111.86    | 0.08%             | 2033-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust, Series 2024-BIO, Class A                                                  | CUSIP: 05612AAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1100000 | PA      | $1091750.00   | 0.11%             | 2041-02-15      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| National Rural Utilities Cooperative Finance Corp.      | National Rural Utilities Cooperative Finance Corp.                                  | CUSIP: 637432NW1<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |     100000 | PA      | $83172.03     | 0.01%             | 2031-03-15      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital, Inc.                                   | Ashtead Capital, Inc.                                                               | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |     952000 | PA      | $953732.44    | 0.10%             | 2034-04-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179XS98<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4156207 | PA      | $3798365.62   | 0.39%             | 2053-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QSSK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   21271190 | PA      | $21272945.82  | 2.20%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140L5BW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     599850 | PA      | $507785.35    | 0.05%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 21H020659<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2000000 | PA      | $1631231.00   | 0.17%             | 2055-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Venture 38 CLO Ltd.                                     | Venture 38 CLO Ltd., Series 2019-38A, Class ARR                                     | CUSIP: 92332NBC8<br>LEI: 549300EM6DS6KQH1HN07 | Long             | ABS-CBDO         | CORP              | KY        |    5509995 | PA      | $5493465.30   | 0.57%             | 2032-07-30      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| J M Smucker Co. (The)                                   | J M Smucker Co. (The)                                                               | CUSIP: 832696AW8<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |    1369000 | PA      | $1437257.64   | 0.15%             | 2028-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Humana, Inc.                                            | Humana, Inc.                                                                        | CUSIP: 444859BY7<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     325000 | PA      | $333429.34    | 0.03%             | 2034-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QPE86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2080920 | PA      | $1890362.82   | 0.20%             | 2037-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust, Series 2017-H1, Class AS                            | CUSIP: 61691JAY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $486038.00    | 0.05%             | 2050-06-15      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust              | JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3               | CUSIP: 46644YAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     235358 | PA      | $233696.41    | 0.02%             | 2048-08-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140LQPU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3840005 | PA      | $3490654.90   | 0.36%             | 2037-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EQT Corp.                                               | EQT Corp.                                                                           | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     810000 | PA      | $810252.32    | 0.08%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley                                          | Morgan Stanley                                                                      | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     895000 | PA      | $913857.44    | 0.09%             | 2036-04-17      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| DuPont de Nemours, Inc.                                 | DuPont de Nemours, Inc.                                                             | CUSIP: 26078JAC4<br>LEI: 5493004JF0SDFLM8GD76 | Long             | DBT              | CORP              | US        |     150000 | PA      | $149742.91    | 0.02%             | 2025-11-15      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QTNV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    8481475 | PA      | $8613626.35   | 0.89%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lowe's Cos., Inc.                                       | Lowe's Cos., Inc.                                                                   | CUSIP: 548661DY0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     925000 | PA      | $795225.50    | 0.08%             | 2030-10-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F060642<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |   -5000000 | PA      | $-5069818.50  | -0.52%            | 2055-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NXP BV                                                  | NXP BV                                                                              | CUSIP: 62954HBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     400000 | PA      | $344569.21    | 0.04%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140FPFQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     762274 | PA      | $722999.95    | 0.07%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO 4 Ltd.                             | Diameter Capital CLO 4 Ltd., Series 2022-4A, Class A1R                              | CUSIP: 25255NAQ1<br>LEI: 25490087B17FBD0ODC27 | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $2005292.00   | 0.21%             | 2037-01-15      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| EQT Corp.                                               | EQT Corp.                                                                           | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     650000 | PA      | $637627.56    | 0.07%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: —       |
| AbbVie, Inc.                                            | AbbVie, Inc.                                                                        | CUSIP: 00287YDT3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     845000 | PA      | $864688.91    | 0.09%             | 2031-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                   | FHLMC STACR REMIC Trust, Series 2024-HQA1, Class A1                                 | CUSIP: 35564NBW2<br>LEI: 529900PGKDI4ZEXFQ523 | Long             | ABS-MBS          | CORP              | US        |          0 | PA      | $0.05         | 0.00%             | 2044-03-25      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810QY7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3050000 | PA      | $2344091.80   | 0.24%             | 2042-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Province of Ontario Canada                              | Province of Ontario                                                                 | CUSIP: 68323AFF6<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | NUSS              | CA        |      45000 | PA      | $44206.42     | 0.00%             | 2026-06-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust, Series 2025-ROIC, Class A                                                 | CUSIP: 05593VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4600000 | PA      | $4510225.48   | 0.47%             | 2030-03-15      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                | Celanese US Holdings LLC                                                            | CUSIP: 15089QAK0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     230000 | PA      | $219384.79    | 0.02%             | 2026-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                               | HCA, Inc.                                                                           | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    2115000 | PA      | $2155487.40   | 0.22%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bills                                     | U.S. Treasury Bills                                                                 | CUSIP: 912797NW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   14900000 | PA      | $14801776.37  | 1.53%             | 2025-06-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | U.S. Treasury Ultra Bond                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         78 | NC      | $-11042.14    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3133KQDS2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1182278 | PA      | $1214006.14   | 0.13%             | 2052-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179WR42<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2284641 | PA      | $2084385.35   | 0.22%             | 2051-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                    | BBCMS Mortgage Trust, Series 2024-C24, Class A5                                     | CUSIP: 07336VAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1075000 | PA      | $1104650.01   | 0.11%             | 2057-02-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140X9D77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3487248 | PA      | $2921703.76   | 0.30%             | 2051-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Intel Corp.                                             | Intel Corp.                                                                         | CUSIP: 458140CG3<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    1400000 | PA      | $1375682.55   | 0.14%             | 2033-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                  | Santander Drive Auto Receivables Trust, Series 2021-3, Class D                      | CUSIP: 80287EAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     330281 | PA      | $327588.28    | 0.03%             | 2027-09-15      | Fixed         | 1.33%                 | No            |                  2 | On Loan: No      |
| Wisconsin Power and Light Co.                           | Wisconsin Power and Light Co.                                                       | CUSIP: 976826BP1<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |      35000 | PA      | $30062.40     | 0.00%             | 2031-09-16      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.                         | Regeneron Pharmaceuticals, Inc.                                                     | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |    1546000 | PA      | $1321747.24   | 0.14%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Trust, Series 2017-GS7, Class A4                             | CUSIP: 36254CAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1400000 | PA      | $1352874.32   | 0.14%             | 2050-08-10      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    2870000 | PA      | $8392.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | SOP                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    6350000 | PA      | $12289.52     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                     | Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2                     | CUSIP: 20753UAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     600000 | PA      | $600378.00    | 0.06%             | 2044-01-25      | Floating      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XDRN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1378252 | PA      | $1163954.99   | 0.12%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810RV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       4700 | PA      | $3563.92      | 0.00%             | 2047-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QHE27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1775386 | PA      | $1659794.54   | 0.17%             | 2036-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust, Series 2024-MGP, Class A12                   | CUSIP: 95003TAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1800000 | PA      | $1779741.72   | 0.18%             | 2041-08-15      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179WTY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9284536 | PA      | $7913906.45   | 0.82%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Park Blue CLO 2022-II Ltd.                              | Park Blue CLO 2022-II Ltd., Series 2022-2A, Class A1R                               | CUSIP: 70018CAQ9<br>LEI: 2138008W8XU9WO8BZO09 | Long             | ABS-CBDO         | CORP              | KY        |    1450000 | PA      | $1445631.15   | 0.15%             | 2037-07-20      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   17800000 | PA      | $-19716.08    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                             | Capital One Financial Corp.                                                         | CUSIP: 14040HBK0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |     550000 | PA      | $543428.78    | 0.06%             | 2026-07-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| Amgen, Inc.                                             | Amgen, Inc.                                                                         | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    1848000 | PA      | $1900575.64   | 0.20%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                          | Hewlett Packard Enterprise Co.                                                      | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     856000 | PA      | $826443.16    | 0.09%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust              | JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class AS               | CUSIP: 46644UBE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     500000 | PA      | $488216.30    | 0.05%             | 2048-07-15      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                              | Constellation Brands, Inc.                                                          | CUSIP: 21036PBB3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     800000 | PA      | $798704.10    | 0.08%             | 2025-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QNW65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1629621 | PA      | $1417193.23   | 0.15%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK                                                    | BANK, Series 2021-BN31, Class AS                                                    | CUSIP: 06541ABP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1924301 | PA      | $1621679.46   | 0.17%             | 2054-02-15      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                            | Ford Credit Auto Lease Trust, Series 2024-A, Class A2A                              | CUSIP: 345290AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     740824 | PA      | $741246.54    | 0.08%             | 2026-07-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Laboratory Corp. of America Holdings                    | Laboratory Corp. of America Holdings                                                | CUSIP: 50540RBB7<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |     463000 | PA      | $445725.85    | 0.05%             | 2034-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3133KQK88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1545530 | PA      | $1578010.71   | 0.16%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |     820000 | PA      | $-13701.93    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810SS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    7000000 | PA      | $3731601.58   | 0.39%             | 2050-11-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3132DNRD7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     305570 | PA      | $258246.20    | 0.03%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3133A9HE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     148398 | PA      | $118849.41    | 0.01%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Southern Co. (The)                                      | Southern Co. (The), Series 21-B                                                     | CUSIP: 842587DH7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     550000 | PA      | $511658.13    | 0.05%             | 2028-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch Cos. LLC                                 | Anheuser-Busch Cos. LLC                                                             | CUSIP: 03522AAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     715000 | PA      | $691221.09    | 0.07%             | 2036-02-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GMF Floorplan Owner Revolving Trust                     | GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1                        | CUSIP: 361886CR3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2200000 | PA      | $2220979.64   | 0.23%             | 2028-06-15      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Arizona Public Service Co.                              | Arizona Public Service Co.                                                          | CUSIP: 040555DD3<br>LEI: YG6VT0TPHRH4TFVAQV64 | Long             | DBT              | CORP              | US        |     210000 | PA      | $177647.62    | 0.02%             | 2031-12-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                           | Netflix, Inc.                                                                       | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    2333000 | PA      | $2429595.56   | 0.25%             | 2029-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Kraft Heinz Foods Co.                                   | Kraft Heinz Foods Co.                                                               | CUSIP: 50077LAV8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     525000 | PA      | $504772.58    | 0.05%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth Edison Co.                                 | Commonwealth Edison Co.                                                             | CUSIP: 202795JR2<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |     149000 | PA      | $134820.35    | 0.01%             | 2030-03-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Notes                                                                 | CUSIP: 91282CCE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   31280000 | PA      | $29151493.59  | 3.02%             | 2028-05-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810SA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   11820000 | PA      | $8872387.50   | 0.92%             | 2048-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3132DVMU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8228888 | PA      | $8601236.03   | 0.89%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                   | FHLMC Multifamily Structured Pass-Through Certificates, Series K077, Class A2       | CUSIP: 3137FG6X8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2000000 | PA      | $1989175.00   | 0.21%             | 2028-05-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        | 2317630000 | PA      | $-146961.85   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179XBT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     420921 | PA      | $393448.97    | 0.04%             | 2052-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                    | Steel Dynamics, Inc.                                                                | CUSIP: 858119BK5<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |     730000 | PA      | $687962.81    | 0.07%             | 2030-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: —       |
| J.P. Morgan Mortgage Trust                              | J.P. Morgan Mortgage Trust, Series 2022-DSC1, Class A3                              | CUSIP: 46656AAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1050981 | PA      | $1013361.25   | 0.10%             | 2063-01-25      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Kyndryl Holdings, Inc.                                  | Kyndryl Holdings, Inc.                                                              | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |       5000 | PA      | $4822.66      | 0.00%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp.                                     | Regal Rexnord Corp.                                                                 | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    2061000 | PA      | $2128649.58   | 0.22%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: —       |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179XLG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   15492990 | PA      | $14911955.54  | 1.54%             | 2052-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140L6P99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      63252 | PA      | $50823.73     | 0.01%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | U.S. Treasury Long Bond                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         17 | NC      | $6341.51      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XDQC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     144953 | PA      | $116569.10    | 0.01%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    8475094 | PA      | $98909.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust  | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A    | CUSIP: 46655AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1841000 | PA      | $1680488.36   | 0.17%             | 2039-01-05      | Fixed         | 3.02%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 50 Ltd.              | Neuberger Berman Loan Advisers CLO 50 Ltd., Series 2022-50A, Class AR               | CUSIP: 64134VAQ9<br>LEI: 549300UMYON6L2REF246 | Long             | ABS-CBDO         | CORP              | JE        |    2450000 | PA      | $2441905.20   | 0.25%             | 2036-07-23      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  133980000 | PA      | $428341.80    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Co. LLC                         | Oncor Electric Delivery Co. LLC                                                     | CUSIP: 68233JCK8<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     160000 | PA      | $155840.11    | 0.02%             | 2032-09-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Province of Quebec Canada                               | Province of Quebec                                                                  | CUSIP: 748149AN1<br>LEI: 549300WN65YFEQH74Y36 | Long             | DBT              | NUSS              | CA        |      25000 | PA      | $24481.29     | 0.00%             | 2027-04-12      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F032658<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   13000000 | PA      | $11731039.71  | 1.21%             | 2055-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                  | Extra Space Storage LP                                                              | CUSIP: 30225VAM9<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |     300000 | PA      | $296203.28    | 0.03%             | 2027-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| Amgen, Inc.                                             | Amgen, Inc.                                                                         | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    1882000 | PA      | $1901833.53   | 0.20%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                   | FHLMC Multifamily Structured Pass-Through Certificates, Series K086, Class A2       | CUSIP: 3137FKSH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1000000 | PA      | $992968.00    | 0.10%             | 2028-11-25      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                      | BMO Mortgage Trust, Series 2024-5C6, Class A3                                       | CUSIP: 05593QAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     800000 | PA      | $818309.12    | 0.08%             | 2057-09-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QDVN1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1708666 | PA      | $1498188.19   | 0.16%             | 2050-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Reliance, Inc.                                          | Reliance, Inc.                                                                      | CUSIP: 759509AG7<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |     620000 | PA      | $544842.13    | 0.06%             | 2030-08-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: —       |
| Chubb Corp. (The)                                       | Chubb Corp. (The)                                                                   | CUSIP: 171232AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1049000 | PA      | $1177736.41   | 0.12%             | 2031-11-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-49076.36    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3133AAQB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     805434 | PA      | $644890.92    | 0.07%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Sound Point Euro CLO 14 Funding DAC                     | Sound Point Euro CLO 14 Funding DAC, Series 14A, Class B                            | CUSIP: N/A<br>LEI: 635400MRPPDDKPZD8B91       | Long             | ABS-CBDO         | CORP              | IE        |    1400000 | PA      | $1569724.09   | 0.16%             | 2039-04-20      | Floating      | 3.89%                 | Yes           |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                               | Williams Cos., Inc. (The)                                                           | CUSIP: 969457BZ2<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $963684.85    | 0.10%             | 2032-08-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Synopsys, Inc.                                          | Synopsys, Inc.                                                                      | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     948000 | PA      | $954581.05    | 0.10%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Interstate Power and Light Co.                          | Interstate Power and Light Co.                                                      | CUSIP: 461070AP9<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |     100000 | PA      | $98962.54     | 0.01%             | 2028-09-26      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                   | FHLMC STACR Trust, Series 2019-HQA2, Class M2                                       | CUSIP: 35564MAH8<br>LEI: 549300NKHCH87PYOHD44 | Long             | ABS-MBS          | CORP              | US        |     589346 | PA      | $589920.99    | 0.06%             | 2049-04-25      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                    | FNMA ACES, Series 2022-M1, Class A2                                                 | CUSIP: 3136BKX80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1000000 | PA      | $849578.20    | 0.09%             | 2031-10-25      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| AutoNation, Inc.                                        | AutoNation, Inc.                                                                    | CUSIP: 05329WAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1250000 | PA      | $1225854.78   | 0.13%             | 2030-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                       | BAT Capital Corp.                                                                   | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     300000 | PA      | $294462.18    | 0.03%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: —       |
| Verus Securitization Trust                              | Verus Securitization Trust, Series 2021-7, Class A1                                 | CUSIP: 92538QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1408239 | PA      | $1263902.71   | 0.13%             | 2066-10-25      | Variable      | 1.83%                 | Yes           |                  2 | On Loan: No      |
| POSCO                                                   | POSCO                                                                               | CUSIP: 73730EAD5<br>LEI: 9884000N94NH7G6LQ816 | Long             | DBT              | CORP              | KR        |     350000 | PA      | $359289.61    | 0.04%             | 2028-01-17      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                     | Euro-buxl                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |         -1 | NC      | $2215.57      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AB BSL CLO 1 Ltd.                                       | AB BSL CLO 1 Ltd., Series 2020-1A, Class A1R                                        | CUSIP: 00038KAN1<br>LEI: 549300UT754V8VGM9T25 | Long             | ABS-CBDO         | CORP              | KY        |     635000 | PA      | $635273.69    | 0.07%             | 2035-01-15      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    2990000 | PA      | $-27355.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software, Inc.                            | Constellation Software, Inc.                                                        | CUSIP: 21037XAD2<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |     622000 | PA      | $625155.29    | 0.06%             | 2034-02-16      | Fixed         | 5.46%                 | Yes           |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                 | Uber Technologies, Inc.                                                             | CUSIP: 90353TAP5<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     770000 | PA      | $745977.31    | 0.08%             | 2034-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |  133980000 | PA      | $-242542.58   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| State Board of Administration Finance Corp.             | State Board of Administration Finance Corp., Series A                               | CUSIP: 341271AF1<br>LEI: 549300S34SOJ0RULXM35 | Long             | DBT              | MUN               | US        |      75000 | PA      | $66809.16     | 0.01%             | 2030-07-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36178YCG8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     523281 | PA      | $472728.89    | 0.05%             | 2042-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CBRE Services, Inc.                                     | CBRE Services, Inc.                                                                 | CUSIP: 12505BAD2<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |     800000 | PA      | $800556.08    | 0.08%             | 2026-03-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities                           | Connecticut Avenue Securities, Series 2025-R01, Class 1M2                           | CUSIP: 20755JAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $991909.00    | 0.10%             | 2045-01-25      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Tucson Electric Power Co.                               | Tucson Electric Power Co.                                                           | CUSIP: 898813AS9<br>LEI: YLF139GXSRKPBBTNZL03 | Long             | DBT              | CORP              | US        |     100000 | PA      | $85493.92     | 0.01%             | 2030-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Choice Hotels International, Inc.                       | Choice Hotels International, Inc.                                                   | CUSIP: 169905AH9<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |     713000 | PA      | $699717.25    | 0.07%             | 2034-08-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Allegion US Holding Co., Inc.                           | Allegion US Holding Co., Inc.                                                       | CUSIP: 01748NAE4<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |      60000 | PA      | $58393.72     | 0.01%             | 2027-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                          | Western Midstream Operating LP                                                      | CUSIP: 958254AD6<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     975000 | PA      | $824942.24    | 0.09%             | 2044-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 31418DUG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    9618298 | PA      | $7700385.56   | 0.80%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140QS5D9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1573811 | PA      | $1630895.99   | 0.17%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Province of British Columbia Canada                     | Province of British Columbia                                                        | CUSIP: 110709AE2<br>LEI: 54930058TO7MEKUHWL16 | Long             | DBT              | NUSS              | CA        |      25000 | PA      | $21518.88     | 0.00%             | 2031-01-29      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp.                                       | BAT Capital Corp.                                                                   | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     110000 | PA      | $125725.53    | 0.01%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                              | AerCap Ireland Capital DAC                                                          | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     764000 | PA      | $675051.32    | 0.07%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: —       |
| Saudi Arabian Oil Co.                                   | Saudi Arabian Oil Co.                                                               | CUSIP: 80414L2P9<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | NUSS              | SA        |     200000 | PA      | $185800.00    | 0.02%             | 2054-07-17      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Capital One Multi-Asset Execution Trust                 | Capital One Multi-Asset Execution Trust, Series 2022-A2, Class A                    | CUSIP: 14041NGA3<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    2650000 | PA      | $2648775.97   | 0.27%             | 2027-05-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                   | Bank of America Corp.                                                               | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1013606.83   | 0.10%             | 2036-01-24      | Variable      | 5.51%                 | No            |                  2 | On Loan: —       |
| United States of America                                | U.S. Treasury Bond                                                                  | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   12500000 | PA      | $12375000.00  | 1.28%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XJZE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1545256 | PA      | $1586528.02   | 0.16%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                     | Maryland Economic Development Corp., Series 2024                                    | CUSIP: 574205JA9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |     490000 | PA      | $495770.19    | 0.05%             | 2032-11-30      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | U.S. Treasury 2 Year Note                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        364 | NC      | $185378.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Dryrock Issuance Trust                         | Barclays Dryrock Issuance Trust, Series 2023-2, Class A                             | CUSIP: 06742LBB8<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |    2350000 | PA      | $2353777.16   | 0.24%             | 2028-08-15      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 21H070654<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1000000 | PA      | $1030191.53   | 0.11%             | 2055-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                         | Citigroup, Inc.                                                                     | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     825000 | PA      | $827271.75    | 0.09%             | 2036-01-24      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 31418DVC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     428025 | PA      | $358475.78    | 0.04%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                    | GNMA                                                                                | CUSIP: 36179TG33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     340252 | PA      | $304807.06    | 0.03%             | 2047-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 31418DTQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    9829724 | PA      | $7873546.29   | 0.82%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Cencora, Inc.                                           | Cencora, Inc.                                                                       | CUSIP: 03073EAR6<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |     100000 | PA      | $92156.75     | 0.01%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Northwest Pipeline LLC                                  | Northwest Pipeline LLC                                                              | CUSIP: 66775VAB1<br>LEI: 549300FFKMN9OW536A14 | Long             | DBT              | CORP              | US        |     275000 | PA      | $272651.80    | 0.03%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Block Financial LLC                                     | Block Financial LLC                                                                 | CUSIP: 093662AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     275000 | PA      | $255500.08    | 0.03%             | 2028-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| IDEX Corp.                                              | IDEX Corp.                                                                          | CUSIP: 45167RAH7<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |    1800000 | PA      | $1566444.64   | 0.16%             | 2031-06-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper, Inc.                                  | Keurig Dr Pepper, Inc.                                                              | CUSIP: 49271VAP5<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     573000 | PA      | $560509.71    | 0.06%             | 2029-04-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                   | Targa Resources Corp.                                                               | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     220000 | PA      | $200905.52    | 0.02%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F030652<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   17000000 | PA      | $14750937.40  | 1.53%             | 2055-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd. Finance Corp.                                | Bunge Ltd. Finance Corp.                                                            | CUSIP: 120568BE9<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |     792000 | PA      | $782016.54    | 0.08%             | 2029-09-17      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Royalty Pharma plc                                      | Royalty Pharma plc                                                                  | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    1243000 | PA      | $1234349.34   | 0.13%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FS KKR Capital Corp.                                    | FS KKR Capital Corp.                                                                | CUSIP: 302635AH0<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |     500000 | PA      | $473469.09    | 0.05%             | 2027-01-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Broadcom, Inc.                                          | Broadcom, Inc.                                                                      | CUSIP: 11135FBF7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    1475000 | PA      | $1243800.65   | 0.13%             | 2033-02-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| McDonald's Corp.                                        | McDonald's Corp.                                                                    | CUSIP: 58013MFP4<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     750000 | PA      | $739673.24    | 0.08%             | 2027-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA or FHLMC                                           | UMBS, 30 Year, Single Family                                                        | CUSIP: 01F050650<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5000000 | PA      | $4894081.10   | 0.51%             | 2055-05-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    2539164 | PA      | $93224.36     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CDW LLC                                                 | CDW LLC                                                                             | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     125000 | PA      | $116431.94    | 0.01%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Regatta 30 Funding Ltd.                                 | Regatta 30 Funding Ltd., Series 2024-4A, Class A1                                   | CUSIP: 75903UAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2100000 | PA      | $2099317.50   | 0.22%             | 2038-01-25      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bonds                                                                 | CUSIP: 912810QL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    7250000 | PA      | $7008144.50   | 0.73%             | 2040-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd.                                       | CIFC Funding Ltd., Series 2018-1A, Class A1R                                        | CUSIP: 17181NAC8<br>LEI: 635400VBVF8AYJQBI411 | Long             | ABS-CBDO         | CORP              | KY        |    1900000 | PA      | $1896200.00   | 0.20%             | 2038-01-18      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                         | Citigroup, Inc.                                                                     | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    3650000 | PA      | $3206514.52   | 0.33%             | 2033-01-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| Apidos CLO XV                                           | Apidos CLO XV, Series 2013-15A, Class A1RR                                          | CUSIP: 03764QBC5<br>LEI: 549300HXW2GBYSKFE344 | Long             | ABS-CBDO         | CORP              | KY        |     815426 | PA      | $815589.73    | 0.08%             | 2031-04-20      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Hartwick Park CLO Ltd.                                  | Hartwick Park CLO Ltd., Series 2023-1A, Class AR                                    | CUSIP: 417403AN2<br>LEI: 2549003E1ZAWJG55NM75 | Long             | ABS-CBDO         | CORP              | JE        |    3075000 | PA      | $3054332.93   | 0.32%             | 2037-01-20      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                     | Forward Foreign Currency Contract                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $33770.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Essential Utilities, Inc.                               | Essential Utilities, Inc.                                                           | CUSIP: 29670GAD4<br>LEI: 549300ILTEOF3E3QY357 | Long             | DBT              | CORP              | US        |      50000 | PA      | $45564.92     | 0.00%             | 2030-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XC7K8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    7557079 | PA      | $6369797.01   | 0.66%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                   | Bank of America Corp.                                                               | CUSIP: 06051GJZ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    4075000 | PA      | $3794908.83   | 0.39%             | 2029-06-14      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | IRS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |    6180000 | PA      | $18020.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                      | Ares Capital Corp.                                                                  | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     500000 | PA      | $464198.76    | 0.05%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XXI Ltd.                    | Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR4                    | CUSIP: 67590QBW6<br>LEI: 549300XIS9D4AHDX5A35 | Long             | ABS-CBDO         | CORP              | KY        |    3410000 | PA      | $3401038.52   | 0.35%             | 2031-02-14      | Floating      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| Capital One Multi-Asset Execution Trust                 | Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A                    | CUSIP: 14041NGB1<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    2200000 | PA      | $2203903.24   | 0.23%             | 2027-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | OIS                                                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |   10730000 | PA      | $171768.80    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 31418DZW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    3745567 | PA      | $3132974.45   | 0.32%             | 2051-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Hungary                                                 | Hungary Government Bond                                                             | CUSIP: 445545AN6<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    1560000 | PA      | $911040.00    | 0.09%             | 2051-09-21      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                              | UMBS                                                                                | CUSIP: 3132DVLY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8119404 | PA      | $6857352.87   | 0.71%             | 2051-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Notes                                                                 | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   13700000 | PA      | $13419578.13  | 1.39%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                      | Ares Capital Corp.                                                                  | CUSIP: 04010LBA0<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     175000 | PA      | $168763.82    | 0.02%             | 2026-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| PPM CLO 6-R Ltd.                                        | PPM CLO 6-R Ltd., Series 2022-6RA, Class A1R                                        | CUSIP: 693975AC8<br>LEI: 2549003CULWUB4AA0151 | Long             | ABS-CBDO         | CORP              | JE        |    3300000 | PA      | $3311229.90   | 0.34%             | 2037-01-20      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                     | U.S. Treasury 5 Year Note                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       1034 | NC      | $1797944.47   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FNMA                                                    | UMBS                                                                                | CUSIP: 3140XQGM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     941404 | PA      | $964579.54    | 0.10%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** Nationwide Mutual Funds

**Signature:** David Majewski

**Name of Signer:** David Majewski

**Title:** Treasurer