# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-25-001703
**Filing Date:** 2025-11
**Character Count:** 130095
**Document Hash:** e4705516fcc3436dbde3e004c3a7a074
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001703.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0002066578-25-001703

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisers Investment Trust
- **CENTRAL INDEX KEY:** 0001516523

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 251533967

**BUSINESS ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (855) 351-4583

**MAIL ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### River Canyon Total Return Bond Fund (Series ID: S000048359)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000152732 | Institutional Shares | RCTIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Advisers Investment Trust

- **b. Investment Company Act file number:** 811-22538

- **c. CIK number of Registrant:** 0001516523

- **d. LEI of Registrant:** 549300BG52TB5QPLYE22

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

  - **Street Address 1:** 50 S. LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 312-557-4100

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

- **a. Name of Series:** River Canyon Total Return Bond Fund

- **b. EDGAR series identifier (if any):** S000048359

- **c. LEI of Series:** 549300KPJ4MWUB2SY635

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1695740605.29

**Total Liabilities:** $31127658.03

**Net Assets:** $1664612947.26

**Delayed Delivery Securities:** $29739689.23

**Cash Not Reported:** $314800.39

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 165.918777422863 | **1-Year:** 5215.008508071469 | **5-Year:** 14475.576473223163 | **10-Year:** 12351.287578279370 | **30-Year:** 211.426973358305

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

- **3-Month:** 4630.231756387318 | **1-Year:** 51052.306739699186 | **5-Year:** 64240.524527972230 | **10-Year:** 34544.406138637175 | **30-Year:** 13430.654411535025

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000152732 | 0.29%                | 1.16%                | 0.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-63993.57               | $-5252769.34                               |
| Month 2  | $344680.56               | $7194016.02                                |
| Month 3  | $110721.19               | $-2314682.13                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dana Inc.                                                                   | DAN 4.5 02/15/32                                                            | CUSIP: 235825AJ5<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   3292000 | PA      | $3241504.01   | 0.19%             | 2032-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LENDINGPOINT 2022-C ASSET SECURITIZ                                         | LDPT 2022-C E                                                               | CUSIP: 525919AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6400000 | PA      | $0.00         | 0.00%             | 2030-02-15      | Fixed         | 13.09%                | Yes           |                  3 | On Loan: No      |
| Ondeck Asset Sec tr II 2016-1                                               | ONDK 2023-1A C                                                              | CUSIP: 67108SAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6046513.20   | 0.36%             | 2030-08-19      | Fixed         | 9.93%                 | Yes           |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE T                                         | GRADE 2025-LOC4 B2                                                          | CUSIP: 79589VAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1005067.80   | 0.06%             | 2055-06-25      | Variable      | 9.36%                 | Yes           |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE T                                         | GRADE 2025-LOC4 B1                                                          | CUSIP: 79589VAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4020566.40   | 0.24%             | 2055-06-25      | Variable      | 8.36%                 | Yes           |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2025-A                                               | OPTN 2025-C D                                                               | CUSIP: 68378RAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13000000 | PA      | $13053374.10  | 0.78%             | 2033-07-08      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust 2022-3                                             | AOMT 2022-3 A2                                                              | CUSIP: 03464TAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5225711 | PA      | $4942012.07   | 0.30%             | 2067-01-10      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| FAT BRANDS GFG ROYAL I LLC                                                  | FGFG 2021-1A A2                                                             | CUSIP: 31189WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15072000 | PA      | $13866240.00  | 0.83%             | 2051-07-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST 2025-5                                         | PAID 2025-5 D                                                               | CUSIP: 69548WAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2521266.75   | 0.15%             | 2033-03-15      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Pagaya US Holding Co. LLC                                                   | PGY 8.875 08/01/30                                                          | CUSIP: 69549FAC3<br>LEI: 254900M9VGE3HM0OYH17 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3258985.49   | 0.20%             | 2030-08-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2025-A                                               | OPTN 2025-C E                                                               | CUSIP: 68378RAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12500000 | PA      | $12556380.00  | 0.75%             | 2033-07-08      | Fixed         | 9.20%                 | Yes           |                  2 | On Loan: No      |
| SOUND POINT CLO LTD 2021-31                                                 | SNDPT 2021-3A D                                                             | CUSIP: 83615PAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2687380.85   | 0.16%             | 2034-10-25      | Floating      | 7.83%                 | Yes           |                  2 | On Loan: No      |
| Newrez LLC / Newres Gmsr Excess Owner LLC                                   | NZES 2021-GNT1 A                                                            | CUSIP: 65246QAA7<br>LEI: 549300FNXYY540N23N64 | Long             | ABS-O            | CORP              | US        |   3313467 | PA      | $3241806.97   | 0.19%             | 2026-11-25      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| GALAXY US OPCO INC TL                                                       | GALAXY US OPCO INC TL                                                       | CUSIP: LX2040538<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6753405 | PA      | $6116085.89   | 0.37%             | 2029-04-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE T                                         | GRADE 2025-LOC4 M3                                                          | CUSIP: 79589VAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1501453.65   | 0.09%             | 2055-06-25      | Variable      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SEC TR 2020-2                                                   | VSTA 2025-CES2 B2                                                           | CUSIP: 92842UAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3125000 | PA      | $3147990.31   | 0.19%             | 2055-08-25      | Variable      | 8.15%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2021-41 SE                                                              | CUSIP: 38382PEE8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  21657678 | PA      | $2605840.97   | 0.16%             | 2049-02-20      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| Park River Holdings (fka PrimeSource and Dimora)                            | Park River Holdings (fka PrimeSource and Dimora) Term Loan B 325 2028-01-07 | CUSIP: 70082HAC0<br>LEI: 254900PGY077KWCROT75 | Long             | LON              | CORP              | US        |   7922934 | PA      | $7912158.58   | 0.48%             | 2027-12-28      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Home Equity Mortgage Trust 2006-3                                           | HEMT 2006-3 A3                                                              | CUSIP: 436944AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2708000 | PA      | $135.13       | 0.00%             | 2036-09-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| ICG US CLO 2020-1 Ltd.                                                      | ICG 2020-1A DR                                                              | CUSIP: 449251AS6<br>LEI: 254900UXTGDH0QOBDH07 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3001527.90   | 0.18%             | 2035-01-20      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| SAFCO AUTO RECEIVAB 8.62%                                                   | SAFCO AUTO RECEIVAB 8.62%                                                   | CUSIP: 78637CAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2991007.20   | 0.18%             | 2029-11-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Trident TPI Holdings Inc                                                    | TEKNI 12.75 12/31/28 144A                                                   | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |   5395000 | PA      | $5752413.36   | 0.35%             | 2028-12-31      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes Series 2021-1                       | SBCLN 2023-A D                                                              | CUSIP: 80290CBW3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205896 | PA      | $206481.76    | 0.01%             | 2033-06-15      | Fixed         | 7.08%                 | Yes           |                  2 | On Loan: No      |
| Home Equity Mortgage Trust 2006-3                                           | HEMT 2006-3 A2                                                              | CUSIP: 436944AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2612532 | PA      | $152123.03    | 0.01%             | 2036-09-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| Home Equity Mortgage Trust 2006-4                                           | HEMT 2006-4 A2                                                              | CUSIP: 43709JAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1613431 | PA      | $103359.28    | 0.01%             | 2036-11-25      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| SKYLINE AIRCRAFT 6.171%                                                     | SKYLINE AIRCRAFT 6.171%                                                     | CUSIP: 830848AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3700423 | PA      | $3557031.80   | 0.21%             | 2033-08-17      | Fixed         | 6.17%                 | No            |                  3 | On Loan: No      |
| Home Equity Mortgage Trust 2006-4                                           | HEMT 2006-4 A3                                                              | CUSIP: 43709JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1354000 | PA      | $1174.32      | 0.00%             | 2036-11-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2021-C                                               | OPTN 2021-C C                                                               | CUSIP: 68377WAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1189422 | PA      | $1174012.66   | 0.07%             | 2031-10-08      | Fixed         | 3.61%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2021-205 NS                                                             | CUSIP: 38383C3U2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        | 142130803 | PA      | $2213204.01   | 0.13%             | 2051-11-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS MORTGAGE LOAN TRUST 2021-N                                         | BARC 2022-INV1 B2                                                           | CUSIP: 06744YAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4450880 | PA      | $3426852.69   | 0.21%             | 2062-02-25      | Variable      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| IMPERIAL FUND MTG                                                           | IMPRL 2022-NQM5 B1                                                          | CUSIP: 45276QAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1125000 | PA      | $1120704.08   | 0.07%             | 2067-08-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FAT BRANDS FAZOLI'S NATIVE I LLC                                            | FATFZ 2021-1 A2                                                             | CUSIP: 31200BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15340324 | PA      | $14223503.66  | 0.85%             | 2051-07-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2023-HB12 LLC                                                          | CFMT 2023-HB12 M3                                                           | CUSIP: 12530QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4876642.50   | 0.29%             | 2033-04-25      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Brand Industrial Services Inc.                                              | BRANDI 10.375 08/01/30 144A                                                 | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |   5325000 | PA      | $5308028.69   | 0.32%             | 2030-08-01      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| CONFLUENCE TECH INC TL                                                      | CONFLUENCE TECH INC TL                                                      | CUSIP: 20716HAB1<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |   3213515 | PA      | $3189413.34   | 0.19%             | 2028-07-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | FNR 2024-9 SD                                                               | CUSIP: 3136BRHA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |  46188598 | PA      | $5584778.92   | 0.34%             | 2050-03-25      | Floating      | 1.54%                 | No            |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                                      | ABCLN 2025-A G                                                              | CUSIP: 02007G5K5<br>LEI: 549300C04BJ0G297NC13 | Long             | ABS-O            | CORP              | US        |   4646828 | PA      | $4691208.27   | 0.28%             | 2033-06-15      | Fixed         | 10.22%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2023-75 SD                                                              | CUSIP: 38384AXB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  79987350 | PA      | $10591436.96  | 0.64%             | 2048-04-20      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | FNR 2013-67 KS                                                              | CUSIP: 3136AFFD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   6659190 | PA      | $747227.67    | 0.04%             | 2043-07-25      | Floating      | 1.64%                 | No            |                  2 | On Loan: No      |
| BARCLAYS MORTGAGE LOAN TRUST 2021-N                                         | BARC 2022-INV1 B1                                                           | CUSIP: 06744YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4021920 | PA      | $3373392.24   | 0.20%             | 2062-02-25      | Variable      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| IMPERIAL FUND MTG                                                           | IMPRL 2022-NQM5 M1                                                          | CUSIP: 45276QAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2989152.90   | 0.18%             | 2067-08-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| DISH Network Corporation                                                    | DISH 11.75 11/15/27 144A                                                    | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   8300000 | PA      | $8783533.10   | 0.53%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | FNR 2020-27 SA                                                              | CUSIP: 3136B9TQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |  14509141 | PA      | $1598479.31   | 0.10%             | 2050-05-25      | Floating      | 1.49%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                      | FHR 5386 SA                                                                 | CUSIP: 3137HBYA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  48937642 | PA      | $5781336.40   | 0.35%             | 2048-03-15      | Floating      | 1.51%                 | No            |                  2 | On Loan: No      |
| Home Equity Mortgage Trust 2006-5                                           | HEMT 2006-5 A2                                                              | CUSIP: 43709PAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    254840 | PA      | $12741.99     | 0.00%             | 2037-01-25      | Floating      | 4.67%                 | No            |                  3 | On Loan: No      |
| Home Equity Mortgage Trust 2006-4                                           | HEMT 2006-4 M6                                                              | CUSIP: 43709JAK8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4391000 | PA      | $128.17       | 0.00%             | 2036-11-25      | Floating      | 3.99%                 | No            |                  3 | On Loan: No      |
| Optiv Security                                                              | Optiv Security First-lien Term Loan 525 2026-08-01                          | CUSIP: 68405PAB8<br>LEI: 549300EMRBO1UNORKL53 | Long             | LON              | CORP              | US        |   5909548 | PA      | $4609447.22   | 0.28%             | 2026-07-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | MSCR 2025-MN11 B1                                                           | CUSIP: 35563YAC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |  12000000 | PA      | $12288289.20  | 0.74%             | 2045-07-25      | Floating      | 8.76%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SEC TR 2020-2                                                   | VSTA 2025-CES2 M1                                                           | CUSIP: 92842UAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2013274.60   | 0.12%             | 2055-08-25      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust 2020-Pj2                                | GSMBS 2025-HE1 M3                                                           | CUSIP: 36272NAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2004812.00   | 0.12%             | 2055-10-25      | Variable      | 6.81%                 | Yes           |                  2 | On Loan: No      |
| Digicel International Finance Ltd/DIFL US LLC                               | DIGDIF 8.625 08/01/32 144A                                                  | CUSIP: 25381MAA5<br>LEI: 5493007V023VOEW4FK27 | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $5140916.15   | 0.31%             | 2032-08-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST 2025-2CON                                          | BHG 2025-2CON E                                                             | CUSIP: 05494LAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3037539.90   | 0.18%             | 2036-09-17      | Fixed         | 7.76%                 | Yes           |                  2 | On Loan: No      |
| CLSEC HOLDINGS 22T LLC                                                      | CLAF 2021-1 C                                                               | CUSIP: 12567UAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12620277 | PA      | $11973302.73  | 0.72%             | 2037-05-11      | None          | 6.17%                 | No            |                  2 | On Loan: No      |
| Cobham Ultra SeniorCo S.a.r.l.                                              | Cobham Ultra SeniorCo S.a.r.l.                                              | CUSIP: L1802PAC3<br>LEI: 254900L6IKLPZKIC4F32 | Long             | LON              | CORP              | LU        |  39493593 | PA      | $39470686.88  | 2.37%             | 2028-11-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HOA FUNDING LLC 2021-1                                                      | HOA 2021-1A A2                                                              | CUSIP: 40390GAA6<br>LEI: 213800H4W6EV1TBCKR73 | Long             | ABS-O            | CORP              | US        |  14221951 | PA      | $10285315.24  | 0.62%             | 2051-08-20      | Fixed         | 4.72%                 | Yes           |                  3 | On Loan: No      |
| UPSTART SEC TR 2022-3                                                       | UPST 2022-3 R                                                               | CUSIP: 91683TAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5575 | PA      | $151488.43    | 0.01%             | 2032-06-20      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| GOLDMAN HOME IMPROVEMENT TRUST 2022                                         | GHIT 2022-GRN1 R                                                            | CUSIP: 38150YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $1981556.93   | 0.12%             | 2052-06-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2021-160 SG                                                             | CUSIP: 38383AVJ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  11931411 | PA      | $1729084.61   | 0.10%             | 2051-09-20      | Floating      | 2.05%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust 2020-Pj2                                | GSMBS 2025-HE1 B1                                                           | CUSIP: 36272NAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2518036.50   | 0.15%             | 2055-10-25      | Variable      | 7.66%                 | Yes           |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST 2025-2CON                                          | BHG 2025-2CON D                                                             | CUSIP: 05494LAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4250000 | PA      | $4314856.28   | 0.26%             | 2036-09-17      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| FREEDOM CENTER 13% PIK                                                      | FREEDOM CENTER 13% PIK                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2460000 | PA      | $2460000.00   | 0.15%             | 2037-07-25      | Fixed         | 13.00%                | No            |                  3 | On Loan: No      |
| Countrywide Asset                                                           | CWL 2006-S3 A5                                                              | CUSIP: 23242MAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         1 | PA      | $562675.00    | 0.03%             | 2021-06-25      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| Ardagh Metal Packaging Finance PLC / Ardagh Metal Packaging Finance USA LLC | AMPBEV 4 09/01/29 144A                                                      | CUSIP: 03969YAB4<br>LEI: 635400FSFRHBFVPTP424 | Long             | DBT              | CORP              | IE        |   2000000 | PA      | $1851033.32   | 0.11%             | 2029-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| AHEAD DB Holdings LLC                                                       | AHEDBB 6.625 05/01/28 144A                                                  | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |  17059000 | PA      | $17062787.10  | 1.03%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Sound Point Clo I Ltd/Inc                                                   | SNDPT 2021-2A D                                                             | CUSIP: 83614UAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3911751.20   | 0.23%             | 2034-07-25      | Floating      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| U.S. AUTO FD TR 2022-1                                                      | USAUT 2022-1A E                                                             | CUSIP: 90355FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $0.00         | 0.00%             | 2029-06-15      | Fixed         | 11.79%                | Yes           |                  3 | On Loan: No      |
| GATEWAY CAS & ENT LTD TL                                                    | GATEWAY CAS & ENT LTD TL                                                    | CUSIP: LX2565617<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $996250.00    | 0.06%             | 2030-12-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| USB AUTO OWNER TRUST 2025-1                                                 | USCAR 2025-1A R                                                             | CUSIP: 90367VAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22500 | PA      | $6770528.55   | 0.41%             | 2032-12-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| LATAM Airlines Group SA                                                     | LTMCI 7.625 01/07/31 144A                                                   | CUSIP: 51817RAE6<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |   5000000 | PA      | $5177180.10   | 0.31%             | 2031-01-07      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                      | FHR 5564 PS                                                                 | CUSIP: 3137HMDZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  61600129 | PA      | $4715003.24   | 0.28%             | 2055-08-25      | Floating      | 1.45%                 | No            |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TRUST 2025-3                               | VCC 2025-3 M3                                                               | CUSIP: 92262RAK6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2146759 | PA      | $2185025.79   | 0.13%             | 2055-06-25      | Variable      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings (Cablevision/Altice USA)                                       | CSC Holdings (Cablevision/Altice USA) Term Loan B 250 2027-04-01            | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |  24907860 | PA      | $24074941.19  | 1.45%             | 2027-04-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Ferrellgas, L.P. / Ferrellgas Finance Corp.                                 | FGP 5.375 04/01/26 144A                                                     | CUSIP: 315289AA6<br>LEI: 549300EW667UKOZLEW85 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4949620.50   | 0.30%             | 2026-04-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Nep Group Inc                                                               | NEPBRO L 08/19/26 8                                                         | CUSIP: 62908HAP0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2184096 | PA      | $2173175.90   | 0.13%             | 2026-08-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                            | CRFT 2025-2A CLN                                                            | CUSIP: 251937AD0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   8000000 | PA      | $8060000.00   | 0.48%             | 2035-01-21      | Floating      | 11.62%                | Yes           |                  3 | On Loan: No      |
| CTR Partnership LP/ Caretrust Cap Corp                                      | CTREV 3.875 06/30/28 144A                                                   | CUSIP: 126458AE8<br>LEI: 254900L7G64R08G6RJ22 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9726557.00   | 0.58%             | 2028-06-30      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Sbna Auto Receivables Trust 2024-A                                          | SBAT 2025-SF1 F                                                             | CUSIP: 78437XAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3562122.20   | 0.21%             | 2033-06-15      | Fixed         | 8.71%                 | Yes           |                  2 | On Loan: No      |
| SAIF SECURITIZATION TRUST 2025-CES1                                         | SAIF 2025-CES1 B1                                                           | CUSIP: 78438CAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3990500 | PA      | $3999676.95   | 0.24%             | 2065-06-25      | Variable      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| U.S. Bank National Association                                              | USCLN 2025-SUP2 E                                                           | CUSIP: 90355PAF3<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $6999881.00   | 0.42%             | 2032-08-31      | Floating      | 8.09%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2019-110 PS                                                             | CUSIP: 38381YWG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  40177677 | PA      | $5069792.11   | 0.30%             | 2049-09-20      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                      | FHR 5370 SE                                                                 | CUSIP: 3137HBF41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  44820163 | PA      | $5182264.15   | 0.31%             | 2048-05-15      | Floating      | 1.51%                 | No            |                  2 | On Loan: No      |
| PENFED AUTO RECEIVA 0.00%                                                   | PENFED AUTO RECEIVA 0.00%                                                   | CUSIP: 706917AB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40000 | PA      | $5919197.64   | 0.36%             | 2033-10-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST 2025-NQM4                                                | ADMT 2025-NQM4 B1                                                           | CUSIP: 002941AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4003162.40   | 0.24%             | 2070-10-25      | Variable      | 7.15%                 | Yes           |                  2 | On Loan: No      |
| Cwheq Home Equity Loan Trust Series 2006-S5                                 | CWL 2006-S5 A6                                                              | CUSIP: 126683AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         2 | PA      | $1515080.00   | 0.09%             | 2035-06-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| LABL Escrow Issuer LLC                                                      | LABL 10.5 07/15/27 144A                                                     | CUSIP: 50168AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  27749000 | PA      | $22858498.20  | 1.37%             | 2027-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| MPOWER EDUCATION TRUST 2024-A                                               | MPOWR 2024-A C                                                              | CUSIP: 62476DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5965000 | PA      | $6084136.56   | 0.37%             | 2041-07-22      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TR                                         | VCC 2025-4 M3                                                               | CUSIP: 92262JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  14000000 | PA      | $13941960.20  | 0.84%             | 2055-09-25      | Variable      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| AVANT CREDIT CARD MASTER TRUST                                              | AVCCT 2025-1A F                                                             | CUSIP: 05351KAV1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6056000 | PA      | $6041306.93   | 0.36%             | 2031-04-15      | Fixed         | 10.79%                | Yes           |                  2 | On Loan: No      |
| Vici Properties Inc                                                         | VICI 4.25 12/01/26 144A                                                     | CUSIP: 92564RAA3<br>LEI: 254900RKH6RY9KCJQH63 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4980891.70   | 0.30%             | 2026-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Fremf 2012 Kf01 Mortgage Trust                                              | FREMF 2019-KF59 C                                                           | CUSIP: 30297XAJ5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |  19291012 | PA      | $19099164.39  | 1.15%             | 2029-02-25      | Variable      | 10.47%                | Yes           |                  2 | On Loan: No      |
| TKC Holdings Inc.                                                           | TKCHOL 10.5 05/15/29 144A                                                   | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16447000 | PA      | $16843158.89  | 1.01%             | 2029-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Stonegate Pub Company Financing 2019 PLC                                    | STONPB 10.75 07/31/29 REGS                                                  | CUSIP: G8506MAF3<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |   1665000 | PA      | $2253456.40   | 0.14%             | 2029-07-31      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| MPOWER EDUCATION TRUST 2024-A                                               | MPOWR 2024-A B                                                              | CUSIP: 62476DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4440000 | PA      | $4518883.70   | 0.27%             | 2041-07-22      | Fixed         | 8.35%                 | Yes           |                  2 | On Loan: No      |
| PREIT ASSOC LP RC TL                                                        | PREIT ASSOC LP RC TL                                                        | CUSIP: 74044UAX4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $1950000.00   | 0.12%             | 2028-12-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST 2025-1                                                     | UNLOK 2025-1 A                                                              | CUSIP: 91528BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16941117 | PA      | $16985557.23  | 1.02%             | 2041-07-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST 2025-1CON                                          | BHG 2025-1CON E                                                             | CUSIP: 08860AAE9<br>LEI: 549300IEWA7GZ3ECTT90 | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2083080.40   | 0.13%             | 2036-04-17      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TR                                         | VCC 2025-4 M4                                                               | CUSIP: 92262JAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13000000 | PA      | $12945713.30  | 0.78%             | 2055-09-25      | Variable      | 9.35%                 | Yes           |                  2 | On Loan: No      |
| CARMAX SELECT RECEI 0.00%                                                   | CARMAX SELECT RECEI 0.00%                                                   | CUSIP: 14320BAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9899 | PA      | $6967720.50   | 0.42%             | 2032-09-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AVANT CREDIT CARD MASTER TRUST                                              | AVCCT 2025-1A E                                                             | CUSIP: 05351KAU3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15619000 | PA      | $15582796.72  | 0.94%             | 2031-04-15      | Fixed         | 7.67%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance I Ltd.                                             | HORZN 2018-1 A                                                              | CUSIP: 440405AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2069191 | PA      | $2043306.08   | 0.12%             | 2038-12-15      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| IMPERIAL FUND MORTGAGE TRUST 2022-NQM4                                      | IMPRL 2022-NQM4 B1                                                          | CUSIP: 45276NAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3248118.40   | 0.20%             | 2067-06-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Brock Group                                                                 | Brock Group Term Loan B 600 2030-04-08                                      | CUSIP: 11163AAB3<br>LEI: 5493000L6QAVHKOAM302 | Long             | LON              | CORP              | US        |   4000000 | PA      | $3920000.00   | 0.24%             | 2030-05-02      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                   | STX 8.25 12/15/29 144a                                                      | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   3490000 | PA      | $3694520.98   | 0.22%             | 2029-12-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| SERVICE EXPERTS ISSUER 2025-1 LLC                                           | SE 2025-1A B                                                                | CUSIP: 81758JAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5041368.50   | 0.30%             | 2037-01-20      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| U.S. Bank National Association                                              | USCLN 2025-SUP2 D                                                           | CUSIP: 90355PAE6<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $8008074.40   | 0.48%             | 2032-08-31      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| U.S. AUTO FD TR 2022-1                                                      | USAUT 2022-1A A                                                             | CUSIP: 90355FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12178 | PA      | $12169.57     | 0.00%             | 2026-04-15      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| PRPM TR 2022-INV1                                                           | PRPM 2022-INV1 B1                                                           | CUSIP: 69377EAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2600000 | PA      | $2212199.86   | 0.13%             | 2067-04-25      | Variable      | 4.42%                 | Yes           |                  2 | On Loan: No      |
| U.S. Bank National Association                                              | USCLN 2025-SUP2 R                                                           | CUSIP: 90355PAG1<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | ABS-O            | CORP              | US        |  10250000 | PA      | $10249685.33  | 0.62%             | 2032-08-31      | Floating      | 10.89%                | Yes           |                  2 | On Loan: No      |
| PRET 2025-RPL4 TRUST                                                        | PRET 2025-RPL4 A2                                                           | CUSIP: 740943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2748011.70   | 0.17%             | 2065-03-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Houghton Mifflin Harcourt Co.                                               | HMHC L 04/07/28 1                                                           | CUSIP: 44157YAG9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $1943340.00   | 0.12%             | 2028-04-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PR GO SER A-2 (2021) CUSTODIAL TR                                           | PR PRGGEN 0 03/15/2049                                                      | CUSIP: 69374SAA9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    521000 | PA      | $69669.94     | 0.00%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PRIFA SER 2005A (2023) CUSTODIAL TR                                         | PR PRIGEN 0 03/15/2049                                                      | CUSIP: 69363BAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1029000 | PA      | $279621.80    | 0.02%             | 2049-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Champ Acquisition Corp                                                      | VISANT 8.375 12/01/31 144A                                                  | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5315675.00   | 0.32%             | 2031-12-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Pret 2021-Rn4 LLC                                                           | PRET 2025-RPL1 M1                                                           | CUSIP: 69392FAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $7393353.60   | 0.44%             | 2069-07-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2024-10                                                | PAID 2024-10 E                                                              | CUSIP: 69546UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3648582 | PA      | $3756691.59   | 0.23%             | 2032-06-15      | Fixed         | 10.41%                | Yes           |                  2 | On Loan: No      |
| HARVEST SBA LOAN TRUST 2024-1                                               | HSLT 2024-1 B                                                               | CUSIP: 41756NAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2823739 | PA      | $2829121.98   | 0.17%             | 2051-12-25      | Variable      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| Octane Receivables Trust 2024-RVM1                                          | OCTL 2024-RVM1 E                                                            | CUSIP: 67579FAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2154008.40   | 0.13%             | 2046-01-22      | Fixed         | 8.42%                 | Yes           |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2025-A                                               | OPTN 2025-A D                                                               | CUSIP: 68377TAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8500000 | PA      | $8516827.45   | 0.51%             | 2033-02-08      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Cohesity                                                                    | Cohesity Term Loan B 400 2031-10-17                                         | CUSIP: 18914DAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6154575 | PA      | $6152667.08   | 0.37%             | 2031-11-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST 2024-NQM6                                                | ADMT 2024-NQM6 B1A                                                          | CUSIP: 00249YAG1<br>LEI: 984500ZC5CFCDPFA8942 | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4080222.80   | 0.25%             | 2070-01-25      | Variable      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2025-A                                               | OPTN 2025-A E                                                               | CUSIP: 68377TAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $6528494.05   | 0.39%             | 2033-02-08      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| TWIN HOSPITALITY I 9.00%                                                    | TWIN HOSPITALITY I 9.00%                                                    | CUSIP: 90164DAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7396875 | PA      | $7396874.98   | 0.44%             | 2054-10-26      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| EFMT 2024-RM3                                                               | EFMT 2024-RM3 A1B                                                           | CUSIP: 26845EAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3410048 | PA      | $3265613.00   | 0.20%             | 2054-12-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE T                                         | GRADE 2025-NPL1 A2                                                          | CUSIP: 79582BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6033390.00   | 0.36%             | 2030-01-25      | Variable      | 9.05%                 | Yes           |                  2 | On Loan: No      |
| BUILDERS CAP LN ACQ TR 2024-NPL1                                            | BLDRS 2024-NPL1 A1B                                                         | CUSIP: 12007KAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  20000000 | PA      | $19888008.00  | 1.19%             | 2029-11-29      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| PRPM 2024-7 LLC                                                             | PRPM 2024-7 A2                                                              | CUSIP: 74448LAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5002434.50   | 0.30%             | 2029-11-25      | Variable      | 8.84%                 | Yes           |                  2 | On Loan: No      |
| TWIN HOSPITALITY I 9.00%                                                    | TWIN HOSPITALITY I 9.00%                                                    | CUSIP: 90164DAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21697500 | PA      | $21378666.09  | 1.28%             | 2054-10-26      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania REIT Associates LP                                             | Pennsylvania REIT Associates LP                                             | CUSIP: 74044UAW6<br>LEI: 54930041KOX8ORVMNG55 | Long             | LON              | CORP              | US        |   1404588 | PA      | $1439702.91   | 0.09%             | 2029-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CMG Media Corp.                                                             | CMGMCO L 06/18/29 5                                                         | CUSIP: 88145LAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  22512181 | PA      | $21483599.92  | 1.29%             | 2029-06-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Ondeck Asset Sec tr II 2016-1                                               | ONDK 2024-2A D                                                              | CUSIP: 67108SAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3041359.50   | 0.18%             | 2031-10-17      | Fixed         | 9.49%                 | Yes           |                  2 | On Loan: No      |
| CASCADE MH ASSET TRUST 2024-MH1                                             | CMHAT 2024-MH1 B3                                                           | CUSIP: 14731VAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8936000 | PA      | $7171140.00   | 0.43%             | 2056-11-25      | Variable      | 8.35%                 | Yes           |                  3 | On Loan: No      |
| CFMT 2024-NR1                                                               | CFMT 2024-NR1 A2                                                            | CUSIP: 12531DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10000000 | PA      | $10138331.00  | 0.61%             | 2029-11-25      | Variable      | 9.32%                 | Yes           |                  2 | On Loan: No      |
| Pret 2021-Rn4 LLC                                                           | PRET 2025-RPL1 A2                                                           | CUSIP: 69392FAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1876447.80   | 0.11%             | 2069-07-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Silver Aircraft Lease Investment Ltd/Silver Aircraft Leasing Inc            | SLVRR 2019-1 A                                                              | CUSIP: 827304AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2471004 | PA      | $2392006.44   | 0.14%             | 2044-07-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| FOUNDATION FINANCE TRUST 2023-2                                             | FFIN 2023-2A D                                                              | CUSIP: 35042RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2661931 | PA      | $2849330.03   | 0.17%             | 2049-06-15      | Fixed         | 9.10%                 | Yes           |                  2 | On Loan: No      |
| Pretium Pkg Holdings Inc                                                    | PRETPK L 10/02/28 2                                                         | CUSIP: 74142KAJ8<br>LEI: 254900S6SXME9YWLU075 | Long             | LON              | CORP              | US        |   8759909 | PA      | $8687639.75   | 0.52%             | 2028-10-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | FHR 4833 SA                                                                 | CUSIP: 3137FJBK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  15087073 | PA      | $1612120.09   | 0.10%             | 2044-10-15      | Floating      | 1.51%                 | No            |                  2 | On Loan: No      |
| Pluto Acquisition I Inc                                                     | ACCARE L 06/20/28 6                                                         | CUSIP: 72941DAH5<br>LEI: 254900MOXD90LKQ6AY47 | Long             | LON              | CORP              | US        |   7798973 | PA      | $7779475.16   | 0.47%             | 2028-06-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RRE 17 Loan Management Designated Activity Co.                              | RRME 18A D                                                                  | CUSIP: BCC3DYZH0<br>LEI: 254900JL258DPQ497O62 | Long             | ABS-O            | CORP              | IE        |   1280000 | PA      | $1503584.82   | 0.09%             | 2039-04-15      | Floating      | 8.45%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                        | FIGRE 2024-HE1 F                                                            | CUSIP: 31684HAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1080867.20   | 0.06%             | 2054-03-25      | Variable      | 10.03%                | Yes           |                  2 | On Loan: No      |
| CHASE AUTO OWNER TRUST 2024-2                                               | CHAOT 2024-2A R1                                                            | CUSIP: 16144CAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6875 | PA      | $1522494.40   | 0.09%             | 2031-08-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                        | FIGRE 2025-HE2 F                                                            | CUSIP: 31684KAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5293887.00   | 0.32%             | 2049-12-31      | Variable      | 8.73%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST 2025-CES1                                  | VSTA 2025-CES1 B2                                                           | CUSIP: 92842DAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2696000 | PA      | $2785043.22   | 0.17%             | 2055-04-25      | Variable      | 8.96%                 | Yes           |                  2 | On Loan: No      |
| Pret 2021-Rn4 LLC                                                           | PRET 2025-RPL2 M2                                                           | CUSIP: 69392LAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $6343609.30   | 0.38%             | 2064-08-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PRPM 2025-RCF2 LLC                                                          | PRPM 2025-RCF2 M1                                                           | CUSIP: 74448VAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4652339.00   | 0.28%             | 2064-10-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Indymac ABS, Inc.                                                           | INDYL 2005-L3 A                                                             | CUSIP: 456606JY9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    964803 | PA      | $771842.44    | 0.05%             | 2038-12-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| SERVICE EXP ISSUER LLC 2021-1                                               | SE 2021-1A C                                                                | CUSIP: 81758VAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2792150.70   | 0.17%             | 2032-02-02      | Fixed         | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | FNR 2022-19 SA                                                              | CUSIP: 3136BMLZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |  27953660 | PA      | $2651614.30   | 0.16%             | 2052-04-25      | Floating      | 1.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2022-190 DS                                                             | CUSIP: 38383LAV2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  28121899 | PA      | $3296907.33   | 0.20%             | 2049-08-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | FHR 5240 SB                                                                 | CUSIP: 3137H8EW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  14480043 | PA      | $1579688.66   | 0.09%             | 2050-03-25      | Variable      | 1.54%                 | No            |                  2 | On Loan: No      |
| Rakuten Group Inc.                                                          | RAKUTN 11.25 02/15/27 144A                                                  | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   2000000 | PA      | $2167690.32   | 0.13%             | 2027-02-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST 2025-CES1                                  | VSTA 2025-CES1 B1                                                           | CUSIP: 92842DAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3179000 | PA      | $3185495.33   | 0.19%             | 2055-04-25      | Variable      | 7.62%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corporation                                                        | DISH 7.75 07/01/26                                                          | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  65000000 | PA      | $64379339.70  | 3.87%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust 2021-B                                       | MFIT 2021-BA D                                                              | CUSIP: 56847JAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1980000 | PA      | $1877411.84   | 0.11%             | 2036-11-20      | Fixed         | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Sound Point Euro CLO X Funding DAC                                          | SNDPE 10A E                                                                 | CUSIP: BCC3D9NR6<br>LEI: 635400YEKGN7SV65BD82 | Long             | ABS-O            | CORP              | IE        |   2000000 | PA      | $2411087.19   | 0.14%             | 2038-04-20      | Floating      | 8.54%                 | Yes           |                  2 | On Loan: No      |
| Bridgepoint CLO VI Designated Activity Co                                   | BRGPT 6A E                                                                  | CUSIP: BCC3DZDM0<br>LEI: 635400SMEI2C85PDRY45 | Long             | ABS-O            | CORP              | IE        |   1500000 | PA      | $1762006.95   | 0.11%             | 2036-11-14      | Floating      | 8.68%                 | Yes           |                  2 | On Loan: No      |
| SERVICE EXPERTS ISSUER 2024-1 LLC                                           | SE 2024-1A B                                                                | CUSIP: 81758FAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4151430.80   | 0.25%             | 2035-11-20      | Fixed         | 8.08%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                                               | SPLS 10.75 09/01/29 144A                                                    | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8898925.50   | 0.53%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | MSCR 2024-MN9 B1                                                            | CUSIP: 355917AC9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |   3000000 | PA      | $3192552.60   | 0.19%             | 2044-10-25      | Floating      | 10.35%                | Yes           |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST 2025-CES1                                  | VSTA 2025-CES1 M1                                                           | CUSIP: 92842DAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2018328.40   | 0.12%             | 2055-04-25      | Variable      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| CASCADE MH ASSET TRUST 2024-MH1                                             | CMHAT 2024-MH1 X                                                            | CUSIP: 14731VAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 133683836 | PA      | $3272982.70   | 0.20%             | 2056-11-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| SANTANDER MTG 25-NQM2                                                       | SAN 2025-NQM2 B2                                                            | CUSIP: 802638AH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3214800 | PA      | $3156491.24   | 0.19%             | 2065-02-25      | Variable      | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Ambac Assurance Corporation                                                 | ABK 5.1 PERP 144A                                                           | CUSIP: 023138AA8<br>LEI: 549300RYYRVPPB8NC636 | Long             | DBT              | CORP              | US        |  14858809 | PA      | $18573510.70  | 1.12%             | 2049-12-31      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| LENDMARK FDG TRUST 2021-2                                                   | LFT 2021-2A C                                                               | CUSIP: 52604DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3160000 | PA      | $2970742.86   | 0.18%             | 2032-04-20      | Fixed         | 3.09%                 | Yes           |                  2 | On Loan: No      |
| MOMNT TECHNOLOGIES TRUST 2023-1                                             | MMNT 2023-1A C                                                              | CUSIP: 608934AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9180000 | PA      | $9355657.46   | 0.56%             | 2045-03-20      | Fixed         | 11.24%                | Yes           |                  2 | On Loan: No      |
| NEP Group                                                                   | NEP Group Term Loan B 475 2026-08-01                                        | CUSIP: 62908HAM7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5815904 | PA      | $5767457.14   | 0.35%             | 2026-08-19      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                                            | AMCX 10.25 01/15/29 144A                                                    | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |   3446000 | PA      | $3631222.50   | 0.22%             | 2029-01-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Rakuten Group Inc.                                                          | RAKUTN 9.75 04/15/29 144A                                                   | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   5000000 | PA      | $5622324.00   | 0.34%             | 2029-04-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Cobra Acquisitionco LLC                                                     | EXETFI 12.25 11/01/29 144A                                                  | CUSIP: 19106CAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3060205.20   | 0.18%             | 2029-11-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| FIGRE TRUST 2024-HE2                                                        | FIGRE 2024-HE2 E                                                            | CUSIP: 316927AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2094276.20   | 0.13%             | 2054-05-25      | Variable      | 8.20%                 | Yes           |                  2 | On Loan: No      |
| Brookfield Property Reit Inc/Bpr Cumulus Llc/Bpr Nimbus Llc/Ggsi Sellco Llc | BPYU 5.75 05/15/26 144A                                                     | CUSIP: 11284DAA3<br>LEI: 549300K1JD1LDRNBET48 | Long             | DBT              | CORP              | US        |  20454000 | PA      | $20397753.55  | 1.23%             | 2026-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE T                                         | GRADE 2023-SEQ3 B1                                                          | CUSIP: 79582GAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10502250 | PA      | $10564217.48  | 0.63%             | 2053-06-01      | Variable      | 10.25%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2019-110 AS                                                             | CUSIP: 38381YYL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   8668046 | PA      | $1064819.20   | 0.06%             | 2049-09-20      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | TPMT 2024-CES1 M2                                                           | CUSIP: 89183CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1006833.30   | 0.06%             | 2064-01-25      | Variable      | 6.86%                 | Yes           |                  2 | On Loan: No      |
| PLUTO ACQSTN I TL                                                           | PLUTO ACQSTN I TL                                                           | CUSIP: LX2264757<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  17125331 | PA      | $12587118.11  | 0.76%             | 2028-09-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Capital Four Clo VII DAC                                                    | CFOUR 7A E                                                                  | CUSIP: BCC3DV8G8<br>LEI: 5493000ABIFW1R8ICX20 | Long             | ABS-O            | CORP              | IE        |   1000000 | PA      | $1176338.04   | 0.07%             | 2037-04-25      | Floating      | 8.73%                 | Yes           |                  2 | On Loan: No      |
| Ondeck Asset Sec tr II 2016-1                                               | ONDK 2024-1A C                                                              | CUSIP: 67118NAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3094159.20   | 0.19%             | 2031-06-17      | Fixed         | 8.99%                 | Yes           |                  2 | On Loan: No      |
| POINT SECURITIZATION TRUST 2025-1                                           | PNT 2025-1 A1                                                               | CUSIP: 73072DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    973953 | PA      | $974099.83    | 0.06%             | 2055-06-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2023-135 SP                                                             | CUSIP: 38384EHY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2496776 | PA      | $2787835.95   | 0.17%             | 2053-09-20      | Floating      | 9.15%                 | No            |                  2 | On Loan: No      |
| Trinitas Euro CLO VI DAC                                                    | TRNTE 6A E                                                                  | CUSIP: BCC3DD803<br>LEI: 635400LWFWL9KRF4UY56 | Long             | ABS-O            | CORP              | IE        |   2000000 | PA      | $2353164.37   | 0.14%             | 2037-04-15      | Floating      | 8.41%                 | Yes           |                  2 | On Loan: No      |
| EFMT 2025-CES2                                                              | EFMT 2025-CES2 B1                                                           | CUSIP: 28225GAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6477000 | PA      | $6556441.05   | 0.39%             | 2050-03-25      | Variable      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| EFMT 2025-RM1                                                               | EFMT 2025-RM1 A3                                                            | CUSIP: 267951AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8421303 | PA      | $7248364.84   | 0.44%             | 2055-05-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Resid Asset Secur                                                           | RAST 2006-A6 1A3                                                            | CUSIP: 76113FAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11987946 | PA      | $874737.64    | 0.05%             | 2036-07-25      | Floating      | 1.46%                 | No            |                  2 | On Loan: No      |
| SEB FUNDING LLC                                                             | SEB4P 2024-1A A2                                                            | CUSIP: 78433DAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7500000 | PA      | $7670282.25   | 0.46%             | 2054-04-30      | Fixed         | 7.39%                 | Yes           |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund IVB LP                                      | BVCLN 2024-CAR1 E                                                           | CUSIP: 07336QAE2<br>LEI: 549300PYZPV2K342TZ72 | Long             | ABS-O            | CORP              | US        |    695208 | PA      | $703260.63    | 0.04%             | 2031-12-26      | Floating      | 7.96%                 | Yes           |                  2 | On Loan: No      |
| ELECTRO RT LLC INTL TL                                                      | ELECTRO RT LLC INTL TL                                                      | CUSIP: LX2264161<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4631094 | PA      | $4492161.26   | 0.27%             | 2028-12-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| EFMT 2025-CES2                                                              | EFMT 2025-CES2 B2                                                           | CUSIP: 28225GAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3445000 | PA      | $3485795.00   | 0.21%             | 2050-03-25      | Variable      | 8.52%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2025-1                                                 | PAID 2025-1 E                                                               | CUSIP: 69548VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2999744 | PA      | $3046743.55   | 0.18%             | 2032-07-15      | Fixed         | 10.08%                | Yes           |                  2 | On Loan: No      |
| Trinitas Euro CLO IX DAC                                                    | TRNTE 9A F                                                                  | CUSIP: BCC3LJKL1<br>LEI: 6354007JC9AHJHESO672 | Long             | ABS-O            | CORP              | IE        |   1500000 | PA      | $1786206.24   | 0.11%             | 2039-05-15      | Floating      | 10.48%                | Yes           |                  2 | On Loan: No      |
| AQUA FINANCE ISSUERTRUST 2025-A                                             | AQFIT 2025-A D                                                              | CUSIP: 038394AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2040297.00   | 0.12%             | 2050-12-19      | Fixed         | 6.77%                 | Yes           |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST 2023-REV                                          | AVNT 2023-REV1 E                                                            | CUSIP: 05358RAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11420000 | PA      | $11418993.90  | 0.69%             | 2034-07-15      | Fixed         | 12.75%                | Yes           |                  3 | On Loan: No      |
| MPOWER ED TR 2025-A                                                         | MPOWR 2025-A B                                                              | CUSIP: 624930AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $8077852.80   | 0.49%             | 2042-07-21      | Fixed         | 8.47%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2016-116 BS                                                             | CUSIP: 38380AMY0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   9562069 | PA      | $1229901.00   | 0.07%             | 2046-09-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| CHASE AUTO OWNER TRUST 2024-1                                               | CHAOT 2024-1A R1                                                            | CUSIP: 16144BAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8850 | PA      | $1569755.96   | 0.09%             | 2031-06-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Penta Clo 19 Designated Activity Co.                                        | PENTA 2025-19A F                                                            | CUSIP: BCC3LQ2G6<br>LEI: 6354002XCASIOZDCP242 | Long             | ABS-O            | CORP              | IE        |   1300000 | PA      | $1541943.63   | 0.09%             | 2038-07-15      | Floating      | 10.70%                | Yes           |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2025-NPL2                           | GRADE 2025-NPL2 A1                                                          | CUSIP: 79589BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6689909 | PA      | $6694130.05   | 0.40%             | 2030-05-25      | Variable      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Providus CLO XII Designated Activity Co.                                    | PRVD 12A F                                                                  | CUSIP: BCC3MBKR4<br>LEI: 635400OLELBUCIFIV691 | Long             | ABS-O            | CORP              | IE        |   1000000 | PA      | $1174623.05   | 0.07%             | 2038-08-18      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Wilton Park Clo DAC                                                         | WILPA 1A ER                                                                 | CUSIP: BCC3MGL92<br>LEI: 254900MA3TGEBS397E50 | Long             | ABS-O            | CORP              | IE        |   3000000 | PA      | $3546537.70   | 0.21%             | 2038-07-15      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| PRHTA SR LIEN SER J (2019)                                                  | PR PRHGEN 0 12/06/2049                                                      | CUSIP: 69379GAA0<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |   2490000 | PA      | $471535.28    | 0.03%             | 2049-12-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LATAM Airlines Group SA                                                     | LTMCI 7.875 04/15/30 144A                                                   | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |   2839000 | PA      | $2953837.55   | 0.18%             | 2030-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| FORM TECH LLC TL                                                            | FORM TECH LLC TL                                                            | CUSIP: LX2497597<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5090242 | PA      | $4458187.09   | 0.27%             | 2030-05-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF COMWLTH PUERTO RICO                               | PR PRCDEV 7.5 08/20/2040                                                    | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15854946 | PA      | $15404427.71  | 0.93%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                                | Northern Institutional Funds TREAS PRT PRMR                                 | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        | 157595818 | NS      | $157595817.68 | 9.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                                            | LOFT 2024-1A B                                                              | CUSIP: 25162AAC2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   2400000 | PA      | $2402400.00   | 0.14%             | 2034-05-21      | Floating      | 14.87%                | Yes           |                  3 | On Loan: No      |
| AQUA FINANCE TRUST 2024-A                                                   | AQFIT 2024-A D                                                              | CUSIP: 03837DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4089020.00   | 0.25%             | 2050-04-18      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| CASCADE FDG MTG TR 2024-RM5                                                 | CFMT 2024-RM5 M3                                                            | CUSIP: 147275AD3<br>LEI: 984500AB3AED98FEEV98 | Long             | ABS-O            | CORP              | US        |  18000000 | PA      | $16226690.40  | 0.97%             | 2054-10-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PRIFA SER 2005C (2019) CUSTODIAL TR                                         | PR PRIGEN 0 03/15/2049                                                      | CUSIP: 69362SAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4128000 | PA      | $970088.67    | 0.06%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PRIFA CABS (2045) CUSTODIAL TR                                              | PR PRIGEN 0 03/15/2049                                                      | CUSIP: 69361SAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  73420000 | PA      | $14109906.99  | 0.85%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PRHTA SR LIEN SER I (2023) CUSTODIAL TR                                     | PR PRHGEN 0 12/06/2049                                                      | CUSIP: 69379CAA9<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $361825.17    | 0.02%             | 2049-12-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                                      | ABCLN 2024-B F                                                              | CUSIP: 02007G4G5<br>LEI: 549300C04BJ0G297NC13 | Long             | ABS-O            | CORP              | US        |    789700 | PA      | $802261.41    | 0.05%             | 2032-09-15      | Fixed         | 8.04%                 | Yes           |                  2 | On Loan: No      |
| PRCCDA SER A (2024) CUSTODIAL TR                                            | PR PRDGEN 0 03/15/2049                                                      | CUSIP: 69368SAA7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $317097.40    | 0.02%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PRIFA CABS (2042) CUSTODIAL TR                                              | PR PRIGEN 0 03/15/2049                                                      | CUSIP: 69361RAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36764000 | PA      | $8725163.36   | 0.52%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| AVANT CREDIT CARD MASTER TRUST                                              | AVCCT 2024-1A E                                                             | CUSIP: 05351KAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17000000 | PA      | $17683940.60  | 1.06%             | 2030-04-15      | Fixed         | 13.15%                | Yes           |                  2 | On Loan: No      |
| HAH Group Holding Co. LLC                                                   | HAHGRO 9.75 10/01/31 144A                                                   | CUSIP: 40518JAA7<br>LEI: 254900FFJQHW9R90FL74 | Long             | DBT              | CORP              | US        |  16766000 | PA      | $15929015.63  | 0.96%             | 2031-10-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| HTAP 2024-2                                                                 | HTAP 2024-2 A                                                               | CUSIP: 40444WAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10881419 | PA      | $10850888.90  | 0.65%             | 2042-04-25      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST 2023-NQM2                                                | ADMT 2024-NQM5 B1B                                                          | CUSIP: 00039KAH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6308000 | PA      | $6341370.58   | 0.38%             | 2069-11-25      | Variable      | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2019-115 SW                                                             | CUSIP: 38381YVS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  17025394 | PA      | $2177345.27   | 0.13%             | 2049-09-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                        | FIGRE 2024-HE5 E                                                            | CUSIP: 31684FAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4109000 | PA      | $4155424.71   | 0.25%             | 2054-10-25      | Variable      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| OPORTUN FUNDING TR 2024-3                                                   | OPTN 2024-3 D                                                               | CUSIP: 68377NAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4113188.40   | 0.25%             | 2029-08-15      | Fixed         | 9.60%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                                      | ABCLN 2024-B G                                                              | CUSIP: 02007G4H3<br>LEI: 549300C04BJ0G297NC13 | Long             | ABS-O            | CORP              | US        |   4606583 | PA      | $4699385.13   | 0.28%             | 2032-09-15      | Fixed         | 11.39%                | Yes           |                  2 | On Loan: No      |
| PUERTO RICO COMWLTH                                                         | PR PRC 11/01/2043                                                           | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  33142857 | PA      | $21915714.30  | 1.32%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PRIFA SER 2005 (2020) CUSTODIAL TR                                          | PR PRIGEN 0 03/15/2049                                                      | CUSIP: 69362VAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $331947.35    | 0.02%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PRHTA SUB LIEN SER A1 (2018) CUSTODIAL TR                                   | PR PRHGEN 0 12/06/2049                                                      | CUSIP: 69378DAA8<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |   2545000 | PA      | $630563.20    | 0.04%             | 2049-12-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                              | HPE 4.85 10/15/31                                                           | CUSIP: 42824CBU2<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5052204.60   | 0.30%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST 2024-2                                                     | UNLOK 2024-2 C                                                              | CUSIP: 91528AAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6485000 | PA      | $5007329.85   | 0.30%             | 2039-10-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| LABL Inc                                                                    | LABL 8.625 10/01/31 144A                                                    | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |   5200000 | PA      | $3820095.24   | 0.23%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2020-7 LS                                                               | CUSIP: 38382DCC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  15227950 | PA      | $1901224.73   | 0.11%             | 2050-01-20      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| AVANT CREDIT CARD MASTER TRUST                                              | AVCCT 2024-2A D                                                             | CUSIP: 05351KAN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $7085842.40   | 0.43%             | 2029-05-15      | Fixed         | 8.98%                 | Yes           |                  2 | On Loan: No      |
| PRIFA SER 2005A (2016) CUSTODIAL TR                                         | PR PRIGEN 0 03/15/2049                                                      | CUSIP: 69362JAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $278343.68    | 0.02%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Ondeck Asset Sec tr II 2016-1                                               | ONDK 2024-2A C                                                              | CUSIP: 67108SAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2255490.68   | 0.14%             | 2031-10-17      | Fixed         | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                            | LOFT 2024-1A A                                                              | CUSIP: 25162AAB4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1840000 | PA      | $1839080.00   | 0.11%             | 2034-05-21      | Floating      | 8.12%                 | Yes           |                  3 | On Loan: No      |
| GOODLEAP HOME IMPT 2024-1                                                   | GDLP 2024-1A C                                                              | CUSIP: 381935AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    844202 | PA      | $880819.09    | 0.05%             | 2046-10-20      | Fixed         | 8.94%                 | Yes           |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes Series 2021-1                       | SBCLN 2023-B F                                                              | CUSIP: 80290CCF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5554828 | PA      | $5778378.85   | 0.35%             | 2033-12-15      | Fixed         | 12.24%                | Yes           |                  2 | On Loan: No      |
| Stonegate Pub Company Financing 2019 PLC                                    | STONPB 10.75 07/31/29 144A                                                  | CUSIP: YW7336186<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |  13958000 | PA      | $18891137.82  | 1.13%             | 2029-07-31      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2024-128 SB                                                             | CUSIP: 38384UNE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   4397839 | PA      | $4707042.76   | 0.28%             | 2054-08-20      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Huntington National Bank of Ohio                                            | HACLN 2025-1 D                                                              | CUSIP: 446438TA1<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | ABS-O            | CORP              | US        |   3839664 | PA      | $3854841.46   | 0.23%             | 2033-03-21      | Floating      | 7.89%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2025-HB16 LLC                                                          | CFMT 2025-HB16 M3                                                           | CUSIP: 12531BAD0<br>LEI: 9845009142A6KE49BF08 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2821839.60   | 0.17%             | 2035-03-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| PENFED AUTO REC OW TR 2024-A                                                | PNFED 2024-A R1                                                             | CUSIP: 70687FAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37500 | PA      | $4209967.99   | 0.25%             | 2032-09-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2024-HB15 LLC                                                          | CFMT 2024-HB15 M3                                                           | CUSIP: 15723AAD3<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3853238.80   | 0.23%             | 2034-08-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ONITY LN INVT TR 2024-HB2                                                   | OLIT 2024-HB2 M3                                                            | CUSIP: 68278DAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1952659.00   | 0.12%             | 2037-08-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AVANT CREDIT CARD MASTER TRUST                                              | AVCCT 2024-1A D                                                             | CUSIP: 05351KAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  20280000 | PA      | $20667153.31  | 1.24%             | 2030-04-15      | Fixed         | 8.80%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT STZ 2024-CES3                                                   | VSTA 2024-CES3 B2                                                           | CUSIP: 92841WAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3077000 | PA      | $3185939.65   | 0.19%             | 2055-01-25      | Variable      | 9.48%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST 20                                         | VSTA 2024-CES2 B1                                                           | CUSIP: 92841YAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1483000 | PA      | $1495615.44   | 0.09%             | 2054-10-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| FOUNDATION FINANCE TRUST 2025-1                                             | FFIN 2025-1A E                                                              | CUSIP: 35040WAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5064064.00   | 0.30%             | 2050-04-15      | Fixed         | 8.37%                 | Yes           |                  2 | On Loan: No      |
| GREENSKY HOME IMPRT TR 2025-1                                               | GSKY 2025-1A E                                                              | CUSIP: 39571NAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2075712.80   | 0.12%             | 2060-03-25      | Fixed         | 8.65%                 | Yes           |                  2 | On Loan: No      |
| U S Bank National Assn Minneapolis Minnesota                                | USCLN 2023-1 D                                                              | CUSIP: 90357PAX2<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | ABS-O            | CORP              | US        |   1121643 | PA      | $1142793.57   | 0.07%             | 2032-08-25      | Fixed         | 13.60%                | Yes           |                  2 | On Loan: No      |
| STREAM INNOV ISSUE TR 2024-1                                                | STRE 2024-1A B                                                              | CUSIP: 86324CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1249800 | PA      | $1340663.24   | 0.08%             | 2044-07-15      | Fixed         | 7.89%                 | Yes           |                  2 | On Loan: No      |
| U S Bank National Assn Minneapolis Minnesota                                | USCLN 2025-SUP1 D                                                           | CUSIP: 90357PBG8<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | ABS-O            | CORP              | US        |   3070991 | PA      | $3081587.86   | 0.19%             | 2032-02-25      | Floating      | 7.06%                 | Yes           |                  2 | On Loan: No      |
| Harvest Clo XXXVI Designated Activity Company                               | HARVT 36A F                                                                 | CUSIP: BCC3MK3C6<br>LEI: 635400D94DGVG9CDLP77 | Long             | ABS-O            | CORP              | IE        |   1500000 | PA      | $1748743.24   | 0.11%             | 2038-07-15      | Floating      | 10.32%                | Yes           |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                                      | ABCLN 2024-A F                                                              | CUSIP: 02007GZ97<br>LEI: 549300C04BJ0G297NC13 | Long             | ABS-O            | CORP              | US        |    548996 | PA      | $567400.88    | 0.03%             | 2032-05-17      | Fixed         | 9.89%                 | Yes           |                  2 | On Loan: No      |
| Pret 2021-Rn4 LLC                                                           | PRET 2025-RPL1 M2                                                           | CUSIP: 69392FAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2739322.20   | 0.16%             | 2069-07-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2024-171 S                                                              | CUSIP: 38384XQL0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  50932921 | PA      | $4792426.23   | 0.29%             | 2052-09-20      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| VISTA PT SEC TR 24-CES1                                                     | VSTA 2024-CES1 B2                                                           | CUSIP: 92839HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2060293.40   | 0.12%             | 2054-05-25      | Variable      | 10.34%                | Yes           |                  2 | On Loan: No      |
| U S Bank National Assn Minneapolis Minnesota                                | USCLN 2025-SUP1 R                                                           | CUSIP: 90357PBJ2<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | ABS-O            | CORP              | US        |   9596846 | PA      | $9596846.22   | 0.58%             | 2032-02-25      | Floating      | 11.86%                | Yes           |                  3 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2013-9 S                                                                | CUSIP: 38378FEC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  15040438 | PA      | $2002116.93   | 0.12%             | 2043-01-20      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2020-47 SG                                                              | CUSIP: 38382EFF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  33101269 | PA      | $3249296.72   | 0.20%             | 2049-02-20      | Floating      | 1.75%                 | No            |                  2 | On Loan: No      |
| MOMNT TECHNOLOGIES TRUST 2023-1                                             | MMNT 2023-1A B                                                              | CUSIP: 608934AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3079121.40   | 0.18%             | 2045-03-20      | Fixed         | 8.29%                 | Yes           |                  2 | On Loan: No      |
| NORTHEAST GROCERY TL                                                        | NORTHEAST GROCERY TL                                                        | CUSIP: LX2201973<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5619260 | PA      | $5642692.46   | 0.34%             | 2028-12-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST 2024-REV                                          | AVNT 2024-REV1 E                                                            | CUSIP: 05352UAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4070000 | PA      | $3823333.17   | 0.23%             | 2033-10-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TR                                         | VCC 2025-1 M4                                                               | CUSIP: 922955AN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8489131 | PA      | $8616489.84   | 0.52%             | 2055-02-25      | Variable      | 10.15%                | Yes           |                  2 | On Loan: No      |
| Avianca Midco 2 PLC                                                         | AVIAGP 9.625 02/14/30 144A                                                  | CUSIP: 05369YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |  15000000 | PA      | $14920500.00  | 0.90%             | 2030-02-14      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Avianca Midco 2 PLC                                                         | AVIAGP 9 12/01/28 144@                                                      | CUSIP: 05369YAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   5600000 | PA      | $5593000.00   | 0.34%             | 2028-12-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                        | FIGRE 2025-HE3 F                                                            | CUSIP: 31684LAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1708450.08   | 0.10%             | 2055-05-25      | Variable      | 9.08%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | MSCR 2021-MN3 B1                                                            | CUSIP: 35563GAC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGA              | US        |   5000000 | PA      | $5301658.50   | 0.32%             | 2051-11-25      | Floating      | 11.21%                | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2024-6                                                 | PAID 2024-6 D                                                               | CUSIP: 69548LAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2532035 | PA      | $2609182.80   | 0.16%             | 2031-11-15      | Fixed         | 11.35%                | Yes           |                  2 | On Loan: No      |
| Huntington National Bank of Ohio                                            | HACLN 2024-1 D                                                              | CUSIP: 44644NAD1<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | ABS-O            | CORP              | US        |   1016886 | PA      | $1041621.96   | 0.06%             | 2032-05-20      | Floating      | 9.64%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                        | FIGRE 2025-HE3 E                                                            | CUSIP: 31684LAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1865359.48   | 0.11%             | 2055-05-25      | Variable      | 8.10%                 | Yes           |                  2 | On Loan: No      |
| Cwheq Inc                                                                   | CWL 2006-S2 A3                                                              | CUSIP: 126685DX1<br>LEI: 549300X21P41B4WETI38 | Long             | ABS-O            | CORP              | US        |    272073 | PA      | $257111.63    | 0.02%             | 2027-07-25      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2023-147 SH                                                             | CUSIP: 38384DRF6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  28322447 | PA      | $4018595.55   | 0.24%             | 2051-04-20      | Floating      | 1.86%                 | No            |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST 2023-REV                                          | AVNT 2023-REV1 D                                                            | CUSIP: 05358RAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4200000 | PA      | $4342555.56   | 0.26%             | 2032-09-15      | Fixed         | 9.41%                 | Yes           |                  2 | On Loan: No      |
| FIGRE TRUST 2024-HE2                                                        | FIGRE 2024-HE3 E                                                            | CUSIP: 31684GAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2076500.60   | 0.12%             | 2054-07-25      | Variable      | 7.55%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2024-173 SG                                                             | CUSIP: 38384VRE9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  25449904 | PA      | $3317769.07   | 0.20%             | 2043-11-20      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| Pembroke Olive Downs Pty Ltd                                                | PMBROV 11.5 02/18/30                                                        | CUSIP: Q7414BAA0<br>LEI: 8755007XG1B6S61ECH90 | Long             | DBT              | CORP              | AU        |   5000000 | PA      | $4925000.00   | 0.30%             | 2030-02-18      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                        | FIGRE 2025-HE3 D                                                            | CUSIP: 31684LAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1821686.13   | 0.11%             | 2055-05-25      | Variable      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| CROSS 2023-H1 MTG TR                                                        | CROSS 2023-H1 B1                                                            | CUSIP: 22758CAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2618000 | PA      | $2635636.16   | 0.16%             | 2068-03-25      | Variable      | 8.31%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                                 | HERTZ 2024-2A D                                                             | CUSIP: 42806MCP2<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |   6250000 | PA      | $6546680.63   | 0.39%             | 2031-01-27      | Fixed         | 9.41%                 | Yes           |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST 2024-REV                                          | AVNT 2024-REV1 D                                                            | CUSIP: 05352UAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12445000 | PA      | $12525875.08  | 0.75%             | 2033-10-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST 2025-REV1                                         | AVNT 2025-REV1 E                                                            | CUSIP: 05352BAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4988000 | PA      | $5181059.04   | 0.31%             | 2034-05-15      | Fixed         | 12.81%                | Yes           |                  2 | On Loan: No      |
| ACHM TRUST 2025-HE1                                                         | ACHM 2025-HE1 C                                                             | CUSIP: 00449SAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8951202 | PA      | $9183548.69   | 0.55%             | 2055-03-25      | Variable      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2025-A                                               | OPTN 2025-B E                                                               | CUSIP: 68378QAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3030227.40   | 0.18%             | 2033-05-09      | Fixed         | 9.40%                 | No            |                  2 | On Loan: No      |
| WTS. TWIN HSPTL GRP INC                                                     | WTS. TWIN HSPTL GRP INC                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    160755 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

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

**Name of Applicant:** Advisers Investment Trust

**Signature:** Troy Sheets

**Name of Signer:** Troy Sheets

**Title:** Treasurer