# EDGAR Filing Document

**Accession Number:** 0000826735
**File Stem:** 0001752724-23-066033
**Filing Date:** 2023-3
**Character Count:** 130129
**Document Hash:** a5ab38ac1f585cb29b9dec9d17cfd6aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-066033.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-066033

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS INTERMEDIATE INCOME TRUST
- **CENTRAL INDEX KEY:** 0000826735
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05440
- **FILM NUMBER:** 23761545

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS MULTI GOVERNMENT INTERMEDIATE TRUST
- **DATE OF NAME CHANGE:** 19880308

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTERNATIONAL GOVERNMENT INCOME TRUST
- **DATE OF NAME CHANGE:** 19880211

## Nport-Ex

![](img86b315d61.gif)

### Quarterly Report
January 31, 2023

MFS<sup>®</sup> Intermediate<br> Income Trust

![](imgf4a49eb72.gif)

MIN-Q1

------

### Portfolio of Investments
1/31/23 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – 98.3% | Bonds – 98.3% | Bonds – 98.3% |
| Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% |
| Boeing Co., 1.167%, 2/04/2023 | $&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;$1134808 |
| Boeing Co., 1.433%, 2/04/2024 | &nbsp;&nbsp;2269000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186817 |
| Huntington Ingalls Industries, Inc., 3.844%, 5/01/2025 | &nbsp;&nbsp;2486000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5732869 |
| Asset-Backed & Securitized – 3.9% | Asset-Backed & Securitized – 3.9% | Asset-Backed & Securitized – 3.9% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 1.029%, 11/15/2054 (i) | $10462999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$593273 |
| ACREC 2021-FL1 Ltd., "AS", FLR, 5.97% (LIBOR - 1mo. + 1.5%), 10/16/2036 (n) | &nbsp;&nbsp;1087000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041623 |
| Arbor Realty Trust, Inc., CLO, 2021-FL3, "AS", FLR, 5.854% (LIBOR - 1mo. + 1.4%), 8/15/2034 (n) | &nbsp;&nbsp;1112500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052723 |
| AREIT 2022-CRE6 Trust, "AS", FLR, 5.96% (SOFR - 30 day + 1.65%), 1/16/2037 (n) | &nbsp;&nbsp;1522500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433332 |
| BDS 2021-FL9 Ltd., "A", FLR, 5.54% (LIBOR - 1mo. + 1.07%), 11/16/2038 (n) | &nbsp;&nbsp;&nbsp;&nbsp;958000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921662 |
| Brazos Securitization LLC, 5.014%, 3/01/2034 (n) | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800599 |
| BSPDF 2021-FL1 Issuer Ltd., "A", FLR, 5.654% (LIBOR - 1mo. + 1.2%), 10/15/2036 (n) | &nbsp;&nbsp;&nbsp;&nbsp;599000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572749 |
| BSPDF 2021-FL1 Issuer Ltd., "AS", FLR, 5.934% (LIBOR - 1mo. + 1.48%), 10/15/2036 (n) | &nbsp;&nbsp;&nbsp;&nbsp;774500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752440 |
| BXMT 2021-FL4 Ltd., "AS", FLR, 5.759% (LIBOR - 1mo. + 1.3%), 5/15/2038 (n) | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917465 |
| Commercial Mortgage Trust, 2017-COR2, "A3", 3.51%, 9/10/2050 | &nbsp;&nbsp;1676352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587301 |
| LoanCore 2021-CRE6 Ltd., "AS", FLR, 6.109% (LIBOR - 1mo. + 1.65%), 11/15/2038 (n) | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415357 |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "A", FLR, 5.705% (LIBOR - 1mo. + 1.2%), 11/25/2036 (n) | &nbsp;&nbsp;&nbsp;&nbsp;638622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619267 |
| ReadyCap Commercial Mortgage Trust, 2021-FL7, "AS", FLR, 6.005% (LIBOR - 1mo. + 1.5%), 11/25/2036 (n) | &nbsp;&nbsp;&nbsp;&nbsp;199500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190928 |
| Shackleton 2015-8A CLO Ltd., "A1R", FLR, 5.727% (LIBOR - 3mo. + 0.92%), 10/20/2027 (n) | &nbsp;&nbsp;&nbsp;&nbsp;743027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739117 |
|  |  | &nbsp;&nbsp;&nbsp;$13637836 |
| Automotive – 2.4% | Automotive – 2.4% | Automotive – 2.4% |
| Hyundai Capital America, 5.875%, 4/07/2025 (n) | $&nbsp;&nbsp;2094000 | &nbsp;&nbsp;&nbsp;&nbsp;$2115361 |
| Hyundai Capital America, 1.65%, 9/17/2026 (n) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883872 |
| Stellantis Finance US, Inc., 1.711%, 1/29/2027 (n) | &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013979 |
| Stellantis N.V., 2.691%, 9/15/2031 (n) | &nbsp;&nbsp;&nbsp;&nbsp;532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428775 |
| Volkswagen Group of America Finance LLC, 2.85%, 9/26/2024 (n) | &nbsp;&nbsp;1765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701888 |
| Volkswagen Group of America Finance LLC, 1.625%, 11/24/2027 (n) | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294064 |
| Volkswagen Group of America Finance LLC, 3.75%, 5/13/2030 (n) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$8349463 |
| Broadcasting – 0.6% | Broadcasting – 0.6% | Broadcasting – 0.6% |
| Warnermedia Holdings, Inc., 4.279%, 3/15/2032 (n) | $&nbsp;&nbsp;2524000 | &nbsp;&nbsp;&nbsp;&nbsp;$2246246 |
| Brokerage & Asset Managers – 2.5% | Brokerage & Asset Managers – 2.5% | Brokerage & Asset Managers – 2.5% |
| Brookfield Finance, Inc., 2.724%, 4/15/2031 | $&nbsp;&nbsp;2844000 | &nbsp;&nbsp;&nbsp;&nbsp;$2395244 |
| Charles Schwab Corp., 3.3%, 4/01/2027 | &nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032146 |
| Low Income Investment Fund, 3.386%, 7/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678815 |
| Low Income Investment Fund, 3.711%, 7/01/2029 | &nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758052 |
| National Securities Clearing Corp., 1.5%, 4/23/2025 (n) | &nbsp;&nbsp;1117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$8906874 |
| Business Services – 0.9% | Business Services – 0.9% | Business Services – 0.9% |
| Tencent Holdings Ltd., 2.88%, 4/22/2031 (n) | $&nbsp;&nbsp;1499000 | &nbsp;&nbsp;&nbsp;&nbsp;$1295646 |
| Western Union Co., 1.35%, 3/15/2026 | &nbsp;&nbsp;1968000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3046581 |
| Cable TV – 0.4% | Cable TV – 0.4% | Cable TV – 0.4% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.908%, 7/23/2025 | $&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;$1343061 |
| Computer Software – 0.7% | Computer Software – 0.7% | Computer Software – 0.7% |
| Dell International LLC/EMC Corp., 5.85%, 7/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;399000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$406561 |
| Dell International LLC/EMC Corp., 4.9%, 10/01/2026 | &nbsp;&nbsp;2054000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2449030 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Computer Software - Systems – 1.3% | Computer Software - Systems – 1.3% | Computer Software - Systems – 1.3% |
| Apple, Inc., 3.35%, 2/09/2027 | $2700000 | &nbsp;&nbsp;&nbsp;&nbsp;$2625615 |
| VMware, Inc., 1.4%, 8/15/2026 | 2333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4691518 |
| Conglomerates – 0.8% | Conglomerates – 0.8% | Conglomerates – 0.8% |
| Regal Rexnord Corp., 6.05%, 4/15/2028 (n) | $&nbsp;&nbsp;&nbsp;933000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$947196 |
| Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/2028 | 1760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2695467 |
| Consumer Products – 0.2% | Consumer Products – 0.2% | Consumer Products – 0.2% |
| GSK Consumer Healthcare Capital US LLC, 3.375%, 3/24/2029 | $&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$793266 |
| Consumer Services – 1.7% | Consumer Services – 1.7% | Consumer Services – 1.7% |
| Booking Holdings, Inc., 3.55%, 3/15/2028 | $2737000 | &nbsp;&nbsp;&nbsp;&nbsp;$2620524 |
| Conservation Fund, 3.474%, 12/15/2029 | &nbsp;&nbsp;&nbsp;563000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495959 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2026 (n) | &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387930 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2027 (n) | 1525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149300 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2029 (n) | 1392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909379 |
| Toll Road Investors Partnership II LP, Capital Appreciation, NPFG, 0%, 2/15/2031 (n) | &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5835412 |
| Containers – 0.4% | Containers – 0.4% | Containers – 0.4% |
| Berry Global, Inc., 1.65%, 1/15/2027 | $1542000 | &nbsp;&nbsp;&nbsp;&nbsp;$1348957 |
| Electronics – 1.1% | Electronics – 1.1% | Electronics – 1.1% |
| Broadcom, Inc., 3.469%, 4/15/2034 (n) | $2055000 | &nbsp;&nbsp;&nbsp;&nbsp;$1703857 |
| Broadcom, Inc., 3.137%, 11/15/2035 (n) | 1845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432377 |
| Qorvo, Inc., 1.75%, 12/15/2024 (n) | &nbsp;&nbsp;&nbsp;634000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3729455 |
| Emerging Market Quasi-Sovereign – 1.0% | Emerging Market Quasi-Sovereign – 1.0% | Emerging Market Quasi-Sovereign – 1.0% |
| DAE Funding LLC (United Arab Emirates), 1.55%, 8/01/2024 (n) | $&nbsp;&nbsp;&nbsp;613000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$578891 |
| DAE Funding LLC (United Arab Emirates), 2.625%, 3/20/2025 (n) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943330 |
| Qatar Petroleum, 2.25%, 7/12/2031 (n) | 1635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388753 |
| Sinopec Capital (2013) Ltd. (People's Republic of China), 3.125%, 4/24/2023 (n) | &nbsp;&nbsp;&nbsp;733000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3640991 |
| Energy - Integrated – 1.2% | Energy - Integrated – 1.2% | Energy - Integrated – 1.2% |
| Eni S.p.A., 4%, 9/12/2023 (n) | $1327000 | &nbsp;&nbsp;&nbsp;&nbsp;$1317579 |
| Exxon Mobil Corp., 3.294%, 3/19/2027 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4240587 |
| Financial Institutions – 3.1% | Financial Institutions – 3.1% | Financial Institutions – 3.1% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.875%, 1/16/2024 | $1719000 | &nbsp;&nbsp;&nbsp;&nbsp;$1709244 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.5%, 7/15/2025 | 2326000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368566 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.3%, 1/30/2032 | &nbsp;&nbsp;&nbsp;332000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278750 |
| Avolon Holdings Funding Ltd., 3.95%, 7/01/2024 (n) | 3123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3026229 |
| Avolon Holdings Funding Ltd., 3.25%, 2/15/2027 (n) | &nbsp;&nbsp;&nbsp;583000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526177 |
| Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n) | &nbsp;&nbsp;&nbsp;869000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749949 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 2336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012545 |
|  |  | &nbsp;&nbsp;&nbsp;$10671460 |
| Food & Beverages – 2.0% | Food & Beverages – 2.0% | Food & Beverages – 2.0% |
| Constellation Brands, Inc., 4.4%, 11/15/2025 | $3306000 | &nbsp;&nbsp;&nbsp;&nbsp;$3276646 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.125%, 2/01/2028 (n) | &nbsp;&nbsp;&nbsp;937000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916595 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029 (n) | 1451000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245466 |
| JDE Peet's N.V., 1.375%, 1/15/2027 (n) | 1931000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7114030 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Gaming & Lodging – 1.7% | Gaming & Lodging – 1.7% | Gaming & Lodging – 1.7% |
| GLP Capital LP/GLP Financing II, Inc., 4%, 1/15/2031 | $3055000 | &nbsp;&nbsp;&nbsp;&nbsp;$2697648 |
| Hyatt Hotels Corp., 1.8%, 10/01/2024 | 1286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220173 |
| Marriott International, Inc., 5.75%, 5/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29493 |
| Marriott International, Inc., 2.85%, 4/15/2031 | &nbsp;&nbsp;&nbsp;802000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682599 |
| Marriott International, Inc., 2.75%, 10/15/2033 | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6048799 |
| Industrial – 0.3% | Industrial – 0.3% | Industrial – 0.3% |
| Howard University, Washington D.C., AGM, 2.757%, 10/01/2027 | $1250000 | &nbsp;&nbsp;&nbsp;&nbsp;$1128362 |
| Insurance – 1.3% | Insurance – 1.3% | Insurance – 1.3% |
| AIA Group Ltd., 3.375%, 4/07/2030 (n) | $&nbsp;&nbsp;&nbsp;563000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$518918 |
| Corebridge Financial, Inc., 3.85%, 4/05/2029 (n) | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333352 |
| Sammons Financial Group, Inc., 4.75%, 4/08/2032 (n) | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4593925 |
| Insurance - Health – 0.2% | Insurance - Health – 0.2% | Insurance - Health – 0.2% |
| Humana, Inc., 3.7%, 3/23/2029 | $&nbsp;&nbsp;&nbsp;867000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$817467 |
| Insurance - Property & Casualty – 1.7% | Insurance - Property & Casualty – 1.7% | Insurance - Property & Casualty – 1.7% |
| Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/2025 | $3110000 | &nbsp;&nbsp;&nbsp;&nbsp;$3007373 |
| Fairfax Financial Holdings Ltd., 4.85%, 4/17/2028 | 2971000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5893112 |
| Internet – 0.4% | Internet – 0.4% | Internet – 0.4% |
| Baidu, Inc., 3.875%, 9/29/2023 | $1361000 | &nbsp;&nbsp;&nbsp;&nbsp;$1347717 |
| Machinery & Tools – 1.0% | Machinery & Tools – 1.0% | Machinery & Tools – 1.0% |
| CNH Industrial Capital LLC, 4.2%, 1/15/2024 | $&nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$467804 |
| CNH Industrial N.V., 3.85%, 11/15/2027 | 3066000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3447327 |
| Major Banks – 11.0% | Major Banks – 11.0% | Major Banks – 11.0% |
| Bank of America Corp., 4.125%, 1/22/2024 | $2876000 | &nbsp;&nbsp;&nbsp;&nbsp;$2856356 |
| Bank of America Corp., 1.734% to 7/22/2026, FLR (SOFR - 1 day + 0.96%) to 7/22/2027 | 2224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992733 |
| Barclays PLC, 2.279% to 11/24/2026, FLR (CMT - 1yr. + 1.05%) to 11/24/2027 | 1435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286350 |
| BNP Paribas S.A., 2.591% to 1/20/2027, FLR (SOFR - 1 day + 1.228%) to 1/20/2028 (n) | 1723000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562582 |
| Deutsche Bank AG, 1.447% to 4/01/2024, FLR (SOFR - 1 day + 1.131%) to 4/01/2025 | 2012000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900359 |
| Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027 | &nbsp;&nbsp;&nbsp;457000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403906 |
| Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029 | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157835 |
| Goldman Sachs Group, Inc., 3.5%, 4/01/2025 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456085 |
| Goldman Sachs Group, Inc., 1.093% to 12/09/2025, FLR (SOFR - 1 day + 0.789%) to 12/09/2026 | &nbsp;&nbsp;&nbsp;894000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799143 |
| HSBC Holdings PLC, 2.251% to 11/22/2026, FLR (SOFR - 1 day + 1.1%) to 11/22/2027 | 1446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297914 |
| JPMorgan Chase & Co., 2.005% to 3/13/2025, FLR (SOFR - 1 day + 1.585%) to 3/13/2026 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351795 |
| JPMorgan Chase & Co., 2.58% to 4/22/2031, FLR (SOFR - 1 day + 1.25%) to 4/22/2032 | 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893836 |
| Lloyds Banking Group PLC, 3.511% to 3/18/2025, FLR (CMT - 1yr. + 1.6%) to 3/18/2026 | 2546000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449824 |
| Morgan Stanley, 3.875%, 1/27/2026 | 5400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5273330 |
| Morgan Stanley, 3.625%, 1/20/2027 | &nbsp;&nbsp;&nbsp;824000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798693 |
| Morgan Stanley, 3.95%, 4/23/2027 | &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280328 |
| Morgan Stanley, 1.512% to 7/20/2026, FLR (SOFR - 1 day + 0.858%) to 7/20/2027 | &nbsp;&nbsp;&nbsp;977000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871708 |
| NatWest Group PLC, 4.269% to 3/22/2024, FLR (LIBOR - 3mo. + 1.762%) to 3/22/2025 | 2621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587185 |
| NatWest Markets PLC, 3.479%, 3/22/2025 (n) | &nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564809 |
| Standard Chartered PLC, 6.17%, 1/09/2027 (n) | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792866 |
| Sumitomo Mitsui Trust Bank Ltd., 0.85%, 3/25/2024 (n) | &nbsp;&nbsp;&nbsp;946000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900930 |
| UBS Group AG, 1.008% to 7/30/2023, FLR (CMT - 1yr. + 0.83%) to 7/30/2024 (n) | &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753882 |
| UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028 (n) | 2449000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358110 |
| UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n) | 2088000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894250 |
|  |  | &nbsp;&nbsp;&nbsp;$38484809 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Medical & Health Technology & Services – 1.3% | Medical & Health Technology & Services – 1.3% | Medical & Health Technology & Services – 1.3% |
| ProMedica Toledo Hospital, "B", AGM, 5.75%, 11/15/2038 | $1250000 | &nbsp;&nbsp;&nbsp;&nbsp;$1258314 |
| Thermo Fisher Scientific, Inc., 1.215%, 10/18/2024 | 3589000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4647933 |
| Metals & Mining – 2.1% | Metals & Mining – 2.1% | Metals & Mining – 2.1% |
| Anglo American Capital PLC, 4.75%, 4/10/2027 (n) | $1547000 | &nbsp;&nbsp;&nbsp;&nbsp;$1539897 |
| Anglo American Capital PLC, 2.25%, 3/17/2028 (n) | &nbsp;&nbsp;&nbsp;744000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650859 |
| Anglo American Capital PLC, 2.875%, 3/17/2031 (n) | &nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747255 |
| Glencore Funding LLC, 4.125%, 5/30/2023 (n) | 1518000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512985 |
| Glencore Funding LLC, 1.625%, 4/27/2026 (n) | 1191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072271 |
| Glencore Funding LLC, 3.875%, 10/27/2027 (n) | 1887000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7322497 |
| Midstream – 1.6% | Midstream – 1.6% | Midstream – 1.6% |
| Enbridge, Inc., 2.5%, 2/14/2025 | $&nbsp;&nbsp;&nbsp;483000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$459584 |
| Enbridge, Inc., 3.125%, 11/15/2029 | 1506000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357649 |
| MPLX LP, 4%, 3/15/2028 | 1395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339459 |
| Plains All American Pipeline LP, 3.8%, 9/15/2030 | 1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371776 |
| Targa Resources Corp., 4.2%, 2/01/2033 | &nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323531 |
| Targa Resources Corp., 6.125%, 3/15/2033 | &nbsp;&nbsp;&nbsp;577000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601908 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$5453907 |
| Mortgage-Backed – 0.7% | Mortgage-Backed – 0.7% |  |
| Fannie Mae, 6.5%, 11/01/2031 | $&nbsp;&nbsp;&nbsp;312492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$327170 |
| Freddie Mac, 3.064%, 8/25/2024 | 1418162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383908 |
| Freddie Mac, 3.187%, 9/25/2027 | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531761 |
| Freddie Mac, 6%, 8/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 |
| Ginnie Mae, 6%, 6/15/2033 - 10/15/2036 | &nbsp;&nbsp;&nbsp;230607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2489385 |
| Municipals – 5.4% | Municipals – 5.4% | Municipals – 5.4% |
| Bridgeview, IL, Stadium and Redevelopment Projects, Taxable, AAC, 5.06%, 12/01/2025 | $2685000 | &nbsp;&nbsp;&nbsp;&nbsp;$2607258 |
| California Earthquake Authority Rev., Taxable, "B", 1.477%, 7/01/2023 | &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398952 |
| Gainesville, TX, Hospital District, Taxable, "A", 5.711%, 8/15/2033 | 2330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427779 |
| Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Rev., Taxable, "B", 3%, 6/01/2046 | &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627709 |
| Guam International Airport Authority Rev., Taxable (A.B. Won Pat Airport), "A", 3.839%, 10/01/2036 | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91752 |
| Massachusetts Educational Financing Authority, Education Loan Subordinate Rev., Taxable, "A", 2.641%, 7/01/2037 | 2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897764 |
| Michigan Finance Authority Hospital Refunding Rev., Taxable (Trinity Health Credit Group), "T", 3.084%, 12/01/2034 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210611 |
| Michigan Finance Authority Tobacco Settlement Asset-Backed Rev., Taxable (2006 Sold Tobacco Receipts), "A-1", 2.326%, 6/01/2030 | &nbsp;&nbsp;&nbsp;211559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202530 |
| New Jersey Economic Development Authority State Pension Funding Rev., Capital Appreciation, Taxable, "B", AGM, 0%, 2/15/2023 | 3704000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697451 |
| Rhode Island Student Loan Authority, Education Loan Rev., Taxable, "2", 2.348%, 12/01/2040 | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395170 |
| Syracuse, NY, Industrial Development Agency PILOT Rev., Taxable (Carousel Center Project), "B", 5%, 1/01/2036 (n) | 3635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494870 |
| University of California, General Taxable Rev., Taxable, "BG", 1.614%, 5/15/2030 | 2010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668172 |
|  |  | &nbsp;&nbsp;&nbsp;$18720018 |
| Network & Telecom – 0.4% | Network & Telecom – 0.4% | Network & Telecom – 0.4% |
| Verizon Communications, Inc., 2.355%, 3/15/2032 | $1726000 | &nbsp;&nbsp;&nbsp;&nbsp;$1421887 |
| Oils – 0.3% | Oils – 0.3% | Oils – 0.3% |
| Marathon Petroleum Corp., 3.625%, 9/15/2024 | $1003000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$984833 |
| Other Banks & Diversified Financials – 0.5% | Other Banks & Diversified Financials – 0.5% | Other Banks & Diversified Financials – 0.5% |
| Macquarie Group Ltd., 1.34% to 1/12/2026, FLR (SOFR - 1 day + 1.069%) to 1/12/2027 (n) | $1784000 | &nbsp;&nbsp;&nbsp;&nbsp;$1585566 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Real Estate - Retail – 2.2% | Real Estate - Retail – 2.2% | Real Estate - Retail – 2.2% |
| Brixmor Operating Partnership LP, REIT, 4.05%, 7/01/2030 | $&nbsp;&nbsp;2349000 | &nbsp;&nbsp;&nbsp;&nbsp;$2148291 |
| Realty Income Corp., REIT, 3.4%, 1/15/2028 | &nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735876 |
| Regency Centers Corp., 3.7%, 6/15/2030 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7601204 |
| Retailers – 1.1% | Retailers – 1.1% | Retailers – 1.1% |
| Alibaba Group Holding Ltd., 2.8%, 6/06/2023 | $&nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp;$1592272 |
| Kohl's Corp., 9.5%, 5/15/2025 | &nbsp;&nbsp;1634000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740722 |
| Nordstrom, Inc., 2.3%, 4/08/2024 | &nbsp;&nbsp;&nbsp;&nbsp;518000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3824638 |
| Specialty Stores – 0.6% | Specialty Stores – 0.6% | Specialty Stores – 0.6% |
| DICK'S Sporting Goods, 3.15%, 1/15/2032 | $&nbsp;&nbsp;2631000 | &nbsp;&nbsp;&nbsp;&nbsp;$2152737 |
| Telecommunications - Wireless – 2.7% | Telecommunications - Wireless – 2.7% | Telecommunications - Wireless – 2.7% |
| American Tower Corp., REIT, 3.55%, 7/15/2027 | $&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;$3777687 |
| Crown Castle International Corp., REIT, 2.25%, 1/15/2031 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834639 |
| Crown Castle, Inc., REIT, 3.65%, 9/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;947000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903584 |
| Rogers Communications, Inc., 3.2%, 3/15/2027 (n) | &nbsp;&nbsp;1739000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635445 |
| T-Mobile USA, Inc., 3.875%, 4/15/2030 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$9492808 |
| Tobacco – 1.1% | Tobacco – 1.1% | Tobacco – 1.1% |
| B.A.T. Capital Corp., 4.7%, 4/02/2027 | $&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1959495 |
| Imperial Brands Finance PLC, 6.125%, 7/27/2027 (n) | &nbsp;&nbsp;&nbsp;&nbsp;523000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537041 |
| Philip Morris International, Inc., 5.75%, 11/17/2032 | &nbsp;&nbsp;1273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3835149 |
| Transportation - Services – 0.8% | Transportation - Services – 0.8% | Transportation - Services – 0.8% |
| Element Fleet Management Corp., 1.6%, 4/06/2024 (n) | $&nbsp;&nbsp;2990000 | &nbsp;&nbsp;&nbsp;&nbsp;$2851352 |
| U.S. Government Agencies and Equivalents – 0.0% | U.S. Government Agencies and Equivalents – 0.0% | U.S. Government Agencies and Equivalents – 0.0% |
| Small Business Administration, 4.93%, 1/01/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8897 |
| Small Business Administration, 5.36%, 11/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49852 |
| Small Business Administration, 5.39%, 12/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28203 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86952 |
| U.S. Treasury Obligations – 29.6% | U.S. Treasury Obligations – 29.6% | U.S. Treasury Obligations – 29.6% |
| U.S. Treasury Notes, 2.5%, 8/15/2023 | $12710000 | &nbsp;&nbsp;&nbsp;$12555097 |
| U.S. Treasury Notes, 2.75%, 2/15/2024 | &nbsp;&nbsp;8385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8215007 |
| U.S. Treasury Notes, 2.375%, 8/15/2024 | &nbsp;&nbsp;9230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8943726 |
| U.S. Treasury Notes, 2%, 2/15/2025 (f) | &nbsp;&nbsp;9900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9480410 |
| U.S. Treasury Notes, 2%, 8/15/2025 | &nbsp;&nbsp;5225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974772 |
| U.S. Treasury Notes, 2.25%, 11/15/2025 | &nbsp;&nbsp;5086000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865276 |
| U.S. Treasury Notes, 2%, 11/15/2026 | &nbsp;&nbsp;6254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869232 |
| U.S. Treasury Notes, 1.625%, 11/30/2026 | &nbsp;&nbsp;7750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7175713 |
| U.S. Treasury Notes, 1.875%, 2/28/2027 | 10066500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9373249 |
| U.S. Treasury Notes, 2.375%, 5/15/2027 | &nbsp;&nbsp;4075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3865201 |
| U.S. Treasury Notes, 0.5%, 6/30/2027 | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5670996 |
| U.S. Treasury Notes, 0.375%, 9/30/2027 | &nbsp;&nbsp;5672000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887447 |
| U.S. Treasury Notes, 1.75%, 11/15/2029 | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4033301 |
| U.S. Treasury Notes, 1.5%, 2/15/2030 | &nbsp;&nbsp;5043500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427247 |
| U.S. Treasury Notes, 1.875%, 2/15/2032 | &nbsp;&nbsp;6605500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5796068 |
| U.S. Treasury Notes, 4.125%, 11/15/2032 | &nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576906 |
|  |  | $103709648 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Utilities - Electric Power – 4.5% | Utilities - Electric Power – 4.5% | Utilities - Electric Power – 4.5% |
| Enel Americas S.A., 4%, 10/25/2026 | $&nbsp;&nbsp;&nbsp;252000 | &nbsp;&nbsp;&nbsp;$246942 |
| Enel Finance International N.V., 6.8%, 10/14/2025 (n) | &nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927426 |
| FirstEnergy Corp., 4.15%, 7/15/2027 | 2827000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701622 |
| ITC Holdings Corp., 2.95%, 5/14/2030 (n) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636286 |
| Liberty Utilities Finance Co., 2.05%, 9/15/2030 (n) | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372834 |
| Pacific Gas & Electric Co., 1.7%, 11/15/2023 | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423701 |
| Pacific Gas & Electric Co., 3.25%, 2/16/2024 | &nbsp;&nbsp;&nbsp;926000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908909 |
| Pacific Gas & Electric Co., 5.45%, 6/15/2027 | &nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402609 |
| Pacific Gas & Electric Co., 2.1%, 8/01/2027 | &nbsp;&nbsp;&nbsp;952000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835241 |
| Southern California Edison, 6.65%, 4/01/2029 | &nbsp;&nbsp;&nbsp;816000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866089 |
| Transelec S.A., 4.625%, 7/26/2023 (n) | &nbsp;&nbsp;&nbsp;927000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922235 |
| Transelec S.A., 4.25%, 1/14/2025 (n) | &nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223046 |
| Vistra Operations Co. LLC, 4.875%, 5/13/2024 (n) | 2446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$15880995 |
| **Total Bonds** |  | &nbsp;&nbsp;**$344296130** |
| Investment Companies (h) – 1.0% | Investment Companies (h) – 1.0% | Investment Companies (h) – 1.0% |
| Money Market Funds – 1.0% | Money Market Funds – 1.0% |  |
| MFS Institutional Money Market Portfolio, 4.29% (v) | 3476165 | &nbsp;&nbsp;&nbsp;$3476513 |
| Other Assets, Less Liabilities – 0.7% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524453 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$350297096** |

---

(f) All or a portion of the security has been segregated as collateral for open futures contracts.

(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end,
the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $3,476,513 and $344,296,130, respectively.

(i) Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the
security.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from
registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $87,241,675, representing 24.9% of net assets.

(v) Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized
seven-day yield of the fund at period end.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AAC | Ambac Assurance Corp. |
| AGM | Assured Guaranty Municipal |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| LIBOR | London Interbank Offered Rate |
| NPFG | National Public Finance Guarantee Corp. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 1/31/23** | **Derivative Contracts at 1/31/23** | **Derivative Contracts at 1/31/23** | **Derivative Contracts at 1/31/23** | **Derivative Contracts at 1/31/23** | **Derivative Contracts at 1/31/23** | **Derivative Contracts at 1/31/23** |
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;**Long/<br> Short** | &nbsp;&nbsp;**Currency** | &nbsp;&nbsp;**Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Note 10 yr | &nbsp;&nbsp;Long | &nbsp;&nbsp;USD | &nbsp;&nbsp;157 | &nbsp;&nbsp;$17978953 | &nbsp;&nbsp;March – 2023 | &nbsp;&nbsp;$229187 |

---

At January 31, 2023, the fund had liquid securities with an aggregate value of $321,760 to cover any collateral or margin obligations for certain derivative contracts.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

------

### Supplemental Information
1/31/23 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of January 31, 2023 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$103796600 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$103796600 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640991 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640991 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18720018 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18720018 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;131485323 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;131485323 |
| Residential Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489385 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489385 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7988351 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7988351 |
| Asset-Backed Securities (including CDOs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5649485 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5649485 |
| Foreign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70525977 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70525977 |
| Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;3476513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3476513 |
| Total | &nbsp;&nbsp;&nbsp;$3476513 | &nbsp;&nbsp;&nbsp;$344296130 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$347772643 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Assets | &nbsp;&nbsp;&nbsp;&nbsp;$229187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$229187 |

---

------

Supplemental Information (unaudited) – continued

For further information regarding security characteristics, see the Portfolio of Investments.

(2) Investments in Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Beginning<br> Value** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation or<br> Depreciation** | &nbsp;&nbsp;**Ending<br> Value** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$2639402 | &nbsp;&nbsp;$16267117 | &nbsp;&nbsp;$15430935 | &nbsp;&nbsp;$846 | &nbsp;&nbsp;$83 | &nbsp;&nbsp;$3476513 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | &nbsp;&nbsp;**Dividend<br> Income** | &nbsp;&nbsp;**Capital Gain<br> Distributions** |
| MFS Institutional Money Market Portfolio | &nbsp;&nbsp;$42048 | &nbsp;&nbsp;$— |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MFS INTERMEDIATE INCOME TRUST

- **b. Investment Company Act file number:** 811-05440

- **c. CIK number of Registrant:** 0000826735

- **d. LEI of Registrant:** WGVMPY7PP3OZCAPKRD65

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

  - **Street Address 1:** 111 HUNTINGTON AVENUE

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

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

- **a. Name of Series:** MFS INTERMEDIATE INCOME TRUST

- **c. LEI of Series:** WGVMPY7PP3OZCAPKRD65

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $350528680.53

**Total Liabilities:** $232434.51

**Net Assets:** $350296246.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -501.36000000 | **1-Year:** -15248.11000000 | **5-Year:** -45323.76000000 | **10-Year:** -25477.95000000 | **30-Year:** -1055.33000000

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

- **3-Month:** -25.61000000 | **1-Year:** -1108.16000000 | **5-Year:** -2762.83000000 | **10-Year:** -1824.01000000 | **30-Year:** -203.71000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 5.87%                | -3.77%               | 7.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1385.50                | $7104823.17                                |
| Month 2  | $-113340.36              | $-823363.66                                |
| Month 3  | $233.20                  | $6591720.72                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ELEMENT FLEET MANAGEMENT                          | Element Fleet Management Corp                                                   | CUSIP: 286181AF9<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   2990000 | PA      | $2851351.94   | 0.81%             | 2024-04-06      | Fixed         | 1.60%                 | Yes           |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                 | NatWest Group PLC                                                               | CUSIP: 780097BK6<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   2621000 | PA      | $2587184.78   | 0.74%             | 2025-03-22      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                        | MICHIGAN ST FIN AUTH REVENUE                                                    | CUSIP: 59447TXW8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2210610.75   | 0.63%             | 2034-12-01      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 912828YS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4033300.77   | 1.15%             | 2029-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Rhode Island Student Loan Authority               | RHODE ISLAND ST STUDENT LOAN AUTH LOAN REVENUE                                  | CUSIP: 762323BU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $395170.48    | 0.11%             | 2040-12-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Transelec SA                                      | Transelec SA                                                                    | CUSIP: 89366LAA2<br>LEI: 549300DPF7MAL5F6CR86 | Long             | DBT              | CORP              | CL        |    927000 | PA      | $922235.22    | 0.26%             | 2023-07-26      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Sinopec Capital 2013 Ltd                          | Sinopec Capital 2013 Ltd                                                        | CUSIP: 82937TAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    733000 | PA      | $730016.95    | 0.21%             | 2023-04-24      | Fixed         | 3.13%                 | Yes           |                  2 | On Loan: No      |
| QATAR ENERGY                                      | QatarEnergy                                                                     | CUSIP: 74730DAC7<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |   1635000 | PA      | $1388752.65   | 0.40%             | 2031-07-12      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd                                | ACREC 2021-FL1 Ltd                                                              | CUSIP: 00500RAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1087000 | PA      | $1041622.86   | 0.30%             | 2036-10-16      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                               | Charles Schwab Corp/The                                                         | CUSIP: 808513BW4<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3032146.22   | 0.87%             | 2027-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                              | Glencore Funding LLC                                                            | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1191000 | PA      | $1072271.22   | 0.31%             | 2026-04-27      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                 | Hyatt Hotels Corp                                                               | CUSIP: 448579AN2<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   1286000 | PA      | $1220172.71   | 0.35%             | 2024-10-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Antonio B Won Pat International Airport Authority | GUAM INTERNATIONAL ARPT AUTH                                                    | CUSIP: 40064REK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $91752.29     | 0.03%             | 2036-10-01      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                | Regal Rexnord Corp                                                              | CUSIP: 758750AD5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    933000 | PA      | $947196.12    | 0.27%             | 2028-04-15      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GXJ8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1456085.01   | 0.42%             | 2025-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                              | Glencore Funding LLC                                                            | CUSIP: 378272AF5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1518000 | PA      | $1512985.30   | 0.43%             | 2023-05-30      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| BDS Ltd                                           | BDS 2021-FL9 Ltd                                                                | CUSIP: 05493NAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    958000 | PA      | $921662.10    | 0.26%             | 2038-11-16      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd   | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd                          | CUSIP: 03880KAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1112500 | PA      | $1052723.15   | 0.30%             | 2034-08-15      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                            | Marriott International Inc/MD                                                   | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    802000 | PA      | $682599.20    | 0.19%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                              | Bank of America Corp                                                            | CUSIP: 06051GFB0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2876000 | PA      | $2856356.20   | 0.82%             | 2024-01-22      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                            | Standard Chartered PLC                                                          | CUSIP: 853254CQ1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   1750000 | PA      | $1792866.30   | 0.51%             | 2027-01-09      | Fixed         | 6.17%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                   | AREIT 2022-CRE6 Trust                                                           | CUSIP: 04002VAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   1522500 | PA      | $1433331.74   | 0.41%             | 2037-01-16      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Toledo Hospital/The                               | Toledo Hospital/The                                                             | CUSIP: 889184AD9<br>LEI: 5493009DCR7NWV6K4T34 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1258314.46   | 0.36%             | 2038-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                             | CUSIP: 46647PBH8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2351795.23   | 0.67%             | 2026-03-13      | Fixed         | 2.01%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs | United States Small Business Administration                                     | CUSIP: 83162CPY3<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     28315 | PA      | $28202.82     | 0.01%             | 2025-12-01      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| BRAZOS SECURITIZATN LLC                           | Brazos Securitization LLC                                                       | CUSIP: 106230AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $800599.46    | 0.23%             | 2031-09-01      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Marathon Petroleum Corp                           | Marathon Petroleum Corp                                                         | CUSIP: 56585AAG7<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |   1003000 | PA      | $984832.86    | 0.28%             | 2024-09-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                           | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2054000 | PA      | $2042468.78   | 0.58%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                              | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc                          | CUSIP: 46590XAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1451000 | PA      | $1245465.85   | 0.36%             | 2029-02-02      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                            | Anglo American Capital PLC                                                      | CUSIP: 034863AZ3<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    744000 | PA      | $650858.84    | 0.19%             | 2028-03-17      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| BROADCOM INC                                      | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1845000 | PA      | $1432377.28   | 0.41%             | 2035-11-15      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                             | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1392000 | PA      | $909378.93    | 0.26%             | 2029-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                             | Stellantis Finance US Inc                                                       | CUSIP: 85855CAA8<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1013978.82   | 0.29%             | 2027-01-29      | Fixed         | 1.71%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT                          | Sumitomo Mitsui Trust Bank Ltd                                                  | CUSIP: 86563VAU3<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    946000 | PA      | $900929.96    | 0.26%             | 2024-03-25      | Fixed         | 0.85%                 | Yes           |                  2 | On Loan: No      |
| DAE FUNDING LLC                                   | DAE Funding LLC                                                                 | CUSIP: 23371DAJ3<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |    613000 | PA      | $578891.23    | 0.17%             | 2024-08-01      | Fixed         | 1.55%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 912828ZV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6500000 | PA      | $5670996.11   | 1.62%             | 2027-06-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                           | Exxon Mobil Corp                                                                | CUSIP: 30231GBJ0<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2923008.00   | 0.83%             | 2027-03-19      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                               | COMM 2017-COR2 Mortgage Trust                                                   | CUSIP: 12595EAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1676352 | PA      | $1587301.50   | 0.45%             | 2050-09-10      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                     | Nordstrom Inc                                                                   | CUSIP: 655664AX8<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    518000 | PA      | $491644.16    | 0.14%             | 2024-04-08      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                              | Glencore Funding LLC                                                            | CUSIP: 378272AQ1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1887000 | PA      | $1799229.89   | 0.51%             | 2027-10-27      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FBU79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    550000 | PA      | $531761.51    | 0.15%             | 2027-09-25      | Variable      | 3.19%                 | No            |                  2 | On Loan: No      |
| Gainesville Hospital District                     | GAINESVILLE TX HOSP DIST                                                        | CUSIP: 363060DW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2330000 | PA      | $2427778.68   | 0.69%             | 2033-08-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                             | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |   2631000 | PA      | $2152737.03   | 0.61%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                          | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668BA9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   1765000 | PA      | $1701887.94   | 0.49%             | 2024-09-26      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                                               | CUSIP: 36200MN33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    168047 | PA      | $175361.97    | 0.05%             | 2033-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LTD                              | Tencent Holdings Ltd                                                            | CUSIP: 88032WBA3<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |   1499000 | PA      | $1295645.94   | 0.37%             | 2031-04-22      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Michigan Finance Authority                        | MICHIGAN ST FIN AUTH REVENUE                                                    | CUSIP: 59447TH89<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    211559 | PA      | $202529.71    | 0.06%             | 2030-06-01      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                           | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3055000 | PA      | $2697647.76   | 0.77%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 912828YU8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7750000 | PA      | $7175712.91   | 2.05%             | 2026-11-30      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| Baidu Inc                                         | Baidu Inc                                                                       | CUSIP: 056752AK4<br>LEI: 254900AL64IANZYI1E02 | Long             | DBT              | CORP              | KY        |   1361000 | PA      | $1347716.64   | 0.38%             | 2023-09-29      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3400000 | PA      | $3576906.25   | 1.02%             | 2032-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                            | Pacific Gas and Electric Co                                                     | CUSIP: 694308JY4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    435000 | PA      | $423700.92    | 0.12%             | 2023-11-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency            | SYRACUSE NY INDL DEV AGY PILOT REVENUE                                          | CUSIP: 87172NBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3635000 | PA      | $2494869.89   | 0.71%             | 2036-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Constellation Brands Inc                          | Constellation Brands Inc                                                        | CUSIP: 21036PBB3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |   3306000 | PA      | $3276645.93   | 0.94%             | 2025-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                          | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAJ0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    583000 | PA      | $526176.48    | 0.15%             | 2027-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| ALLIED WORLD ASSURANCE                            | Allied World Assurance Co Holdings Ltd                                          | CUSIP: 01959EAC2<br>LEI: 549300E2X3MLXVVR4T40 | Long             | DBT              | CORP              | BM        |   3110000 | PA      | $3007372.61   | 0.86%             | 2025-10-29      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                          | Rogers Communications Inc                                                       | CUSIP: 775109CB5<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |   1739000 | PA      | $1635444.55   | 0.47%             | 2027-03-15      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                          | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1719000 | PA      | $1709243.64   | 0.49%             | 2024-01-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                      | Broadcom Inc                                                                    | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   2055000 | PA      | $1703856.97   | 0.49%             | 2034-04-15      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Shackleton CLO LTD                                | Shackleton 2015-VIII CLO Ltd                                                    | CUSIP: 81882EAL6<br>LEI: 549300VJPG28RMYCYW83 | Long             | ABS-CBDO         | CORP              | KY        |    743027 | PA      | $739116.72    | 0.21%             | 2027-10-20      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                            | Pacific Gas and Electric Co                                                     | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    952000 | PA      | $835241.14    | 0.24%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP                                | Regency Centers LP                                                              | CUSIP: 75884RBA0<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2717036.76   | 0.78%             | 2030-06-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                      | Enbridge Inc                                                                    | CUSIP: 29250NBL8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    483000 | PA      | $459584.43    | 0.13%             | 2025-02-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                           | Hyundai Capital America                                                         | CUSIP: 44891ABZ9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $883872.27    | 0.25%             | 2026-09-17      | Fixed         | 1.65%                 | Yes           |                  2 | On Loan: No      |
| Village of Bridgeview IL                          | BRIDGEVIEW IL                                                                   | CUSIP: 108555GF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2607258.24   | 0.74%             | 2025-12-01      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                          | Warnermedia Holdings Inc                                                        | CUSIP: 55903VAL7<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   2524000 | PA      | $2246245.99   | 0.64%             | 2032-03-15      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| UNICREDIT SPA                                     | UniCredit SpA                                                                   | CUSIP: 904678AU3<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |   2088000 | PA      | $1894250.35   | 0.54%             | 2026-09-22      | Fixed         | 2.57%                 | Yes           |                  2 | On Loan: No      |
| Small Business Administration Participation Certs | United States Small Business Administration                                     | CUSIP: 83162CPX5<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     50458 | PA      | $49851.80     | 0.01%             | 2025-11-01      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                         | Apple Inc                                                                       | CUSIP: 037833CJ7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2625615.43   | 0.75%             | 2027-02-09      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                          | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    332000 | PA      | $278750.22    | 0.08%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                       | BNP Paribas SA                                                                  | CUSIP: 09659W2T0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1723000 | PA      | $1562582.34   | 0.45%             | 2028-01-20      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                          | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668BN1<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1294064.54   | 0.37%             | 2027-11-24      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                           | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    399000 | PA      | $406561.27    | 0.12%             | 2025-07-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                         | Boeing Co/The                                                                   | CUSIP: 097023DD4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1134808.50   | 0.32%             | 2023-02-04      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| University of California                          | UNIV OF CALIFORNIA CA REVENUES                                                  | CUSIP: 91412HGG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $1668171.96   | 0.48%             | 2030-05-15      | Fixed         | 1.61%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                           | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    894000 | PA      | $799142.95    | 0.23%             | 2026-12-09      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                          | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1343061.24   | 0.38%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                          | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAP6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   2336000 | PA      | $2012544.87   | 0.57%             | 2028-02-21      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                                      | Enbridge Inc                                                                    | CUSIP: 29250NAZ8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1506000 | PA      | $1357648.91   | 0.39%             | 2029-11-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                    | Morgan Stanley                                                                  | CUSIP: 61746BDZ6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   5400000 | PA      | $5273329.61   | 1.51%             | 2026-01-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                         | Qorvo Inc                                                                       | CUSIP: 74739DAA2<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |    634000 | PA      | $593221.12    | 0.17%             | 2024-12-15      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage Trust                | Ready Capital Mortgage Financing 2021-FL7 LLC                                   | CUSIP: 75575WAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    638622 | PA      | $619266.75    | 0.18%             | 2036-11-25      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Booking Holdings Inc                              | Booking Holdings Inc                                                            | CUSIP: 741503BC9<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |   2737000 | PA      | $2620524.31   | 0.75%             | 2028-03-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                              | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc                          | CUSIP: 46590XAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    937000 | PA      | $916595.33    | 0.26%             | 2028-02-01      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                            | Marriott International Inc/MD                                                   | CUSIP: 571903BH5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1418886.37   | 0.41%             | 2033-10-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                             | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $272319.72    | 0.08%             | 2031-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC                                      | Barclays PLC                                                                    | CUSIP: 06738EBU8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1435000 | PA      | $1286350.24   | 0.37%             | 2027-11-24      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| CNH Industrial NV                                 | CNH Industrial NV                                                               | CUSIP: 12594KAB8<br>LEI: 549300WGC2HZ5J67V817 | Long             | DBT              | CORP              | NL        |   3066000 | PA      | $2979523.41   | 0.85%             | 2027-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                            | US 10YR NOTE (CBT)MAR23                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       157 | NC      | $229186.88    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association          | Ginnie Mae I Pool                                                               | CUSIP: 36241KK56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     62560 | PA      | $66343.72     | 0.02%             | 2036-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                          | Huntington Ingalls Industries Inc                                               | CUSIP: 446413AS5<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |   2486000 | PA      | $2411243.77   | 0.69%             | 2025-05-01      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                  | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    457000 | PA      | $403906.22    | 0.12%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 912828D56<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9230000 | PA      | $8943725.83   | 2.55%             | 2024-08-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                              | Targa Resources Corp                                                            | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    357000 | PA      | $323531.34    | 0.09%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority     | MASSACHUSETTS ST EDUCTNL FING AUTH                                              | CUSIP: 57563RRZ4<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   2070000 | PA      | $1897763.58   | 0.54%             | 2037-07-01      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                             | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $387930.14    | 0.11%             | 2026-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 912828J27<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9900000 | PA      | $9480410.18   | 2.71%             | 2025-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5043500 | PA      | $4427247.34   | 1.26%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp          | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT                     | CUSIP: 38122NB76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $627709.30    | 0.18%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTERN UNION CO/THE                              | Western Union Co/The                                                            | CUSIP: 959802AZ2<br>LEI: 28ID94QU1140NC23S047 | Long             | DBT              | CORP              | US        |   1968000 | PA      | $1750934.99   | 0.50%             | 2026-03-15      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| DAE FUNDING LLC                                   | DAE Funding LLC                                                                 | CUSIP: 23371DAF1<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $943330.00    | 0.27%             | 2025-03-20      | Fixed         | 2.63%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 91282CAL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5672000 | PA      | $4887447.20   | 1.40%             | 2027-09-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                         | Boeing Co/The                                                                   | CUSIP: 097023DE2<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2269000 | PA      | $2186816.82   | 0.62%             | 2024-02-04      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 912828B66<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8385000 | PA      | $8215007.21   | 2.35%             | 2024-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Transelec SA                                      | Transelec SA                                                                    | CUSIP: 89366LAD6<br>LEI: 549300DPF7MAL5F6CR86 | Long             | DBT              | CORP              | CL        |    228000 | PA      | $223046.30    | 0.06%             | 2025-01-14      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                           | Hyundai Capital America                                                         | CUSIP: 44891ABK2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2094000 | PA      | $2115361.10   | 0.60%             | 2025-04-07      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                            | Verizon Communications Inc                                                      | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1726000 | PA      | $1421886.91   | 0.41%             | 2032-03-15      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                          | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668BF8<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $911524.19    | 0.26%             | 2030-05-13      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| BAT Capital Corp                                  | BAT Capital Corp                                                                | CUSIP: 05526DBP9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1959495.38   | 0.56%             | 2027-04-02      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                          | BXMT 2021-FL4 Ltd                                                               | CUSIP: 05609GAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $1917464.80   | 0.55%             | 2038-05-15      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| LIBERTY UTILITIES FIN                             | Liberty Utilities Finance GP 1                                                  | CUSIP: 531546AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2372834.04   | 0.68%             | 2030-09-15      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                                      | UBS Group AG                                                                    | CUSIP: 902613AB4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    770000 | PA      | $753881.53    | 0.22%             | 2024-07-30      | Fixed         | 1.01%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                          | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAF8<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   3123000 | PA      | $3026229.13   | 0.86%             | 2024-07-01      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| California Earthquake Authority                   | CALIFORNIA ST EARTHQUAKE AUTH                                                   | CUSIP: 13017HAK2<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |    405000 | PA      | $398951.53    | 0.11%             | 2023-07-01      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| TOLL ROAD INV PART II                             | Toll Road Investors Partnership II LP                                           | CUSIP: 88948ABC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1525000 | PA      | $1149299.70   | 0.33%             | 2027-02-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                        | Fannie Mae Pool                                                                 | CUSIP: 31385HZC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    312492 | PA      | $327169.75    | 0.09%             | 2031-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Enel Americas SA                                  | Enel Americas SA                                                                | CUSIP: 29274FAF1<br>LEI: 549300LKH11TFCJLZK20 | Long             | DBT              | CORP              | CL        |    252000 | PA      | $246942.36    | 0.07%             | 2026-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                          | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    869000 | PA      | $749949.23    | 0.21%             | 2027-11-18      | Fixed         | 2.53%                 | Yes           |                  2 | On Loan: No      |
| KOHL'S CORPORATION                                | Kohl's Corp                                                                     | CUSIP: 500255AW4<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |   1634000 | PA      | $1740721.74   | 0.50%             | 2025-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VMWARE INC                                        | VMware Inc                                                                      | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |   2333000 | PA      | $2065902.76   | 0.59%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| NATIONAL SECS CLEARING                            | National Securities Clearing Corp                                               | CUSIP: 637639AB1<br>LEI: 549300RYC9NELN2ICA34 | Long             | DBT              | CORP              | US        |   1117000 | PA      | $1042616.88   | 0.30%             | 2025-04-23      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| FirstEnergy Corp                                  | FirstEnergy Corp                                                                | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |   2827000 | PA      | $2701622.55   | 0.77%             | 2027-07-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 91282CEC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10066500 | PA      | $9373248.43   | 2.68%             | 2027-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                  | Berry Global Inc                                                                | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1542000 | PA      | $1348957.21   | 0.39%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| BSPDF 2021-FL1 Issuer Ltd                         | BSPDF 2021-FL1 Issuer Ltd                                                       | CUSIP: 055731AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    599000 | PA      | $572749.42    | 0.16%             | 2036-10-15      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                               | NatWest Markets PLC                                                             | CUSIP: 63906YAG3<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |    585000 | PA      | $564808.93    | 0.16%             | 2025-03-22      | Fixed         | 3.48%                 | Yes           |                  2 | On Loan: No      |
| LOW INCOME INVESTMENT                             | Low Income Investment Fund                                                      | CUSIP: 54750AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    705000 | PA      | $678814.81    | 0.19%             | 2026-07-01      | Fixed         | 3.39%                 | No            |                  2 | On Loan: No      |
| ITC HOLDINGS CORP                                 | ITC Holdings Corp                                                               | CUSIP: 465685AQ8<br>LEI: 549300HTO5U9D3SLE207 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2636285.58   | 0.75%             | 2030-05-14      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| CROWN CASTLE INC                                  | Crown Castle Inc                                                                | CUSIP: 22822VAT8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $834639.50    | 0.24%             | 2031-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                          | Lloyds Banking Group PLC                                                        | CUSIP: 53944YAR4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2546000 | PA      | $2449824.06   | 0.70%             | 2026-03-18      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| 3650R Commercial Mortgage Trust                   | 3650R 2021-PF1 Commercial Mortgage Trust                                        | CUSIP: 88581EAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10462999 | PA      | $593272.96    | 0.17%             | 2054-11-15      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                           | Sammons Financial Group Inc                                                     | CUSIP: 79588TAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1741655.46   | 0.50%             | 2032-04-08      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio          | MFS Institutional Money Market Portfolio                                        | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | STIV             | RF                | US        |   3452630 | NS      | $3452975.58   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| JDE PEET'S NV                                     | JDE Peet's NV                                                                   | CUSIP: 47216QAB9<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |   1931000 | PA      | $1675322.70   | 0.48%             | 2027-01-15      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| GSK CONSUMER HEALTHCARE                           | GSK Consumer Healthcare Capital US LLC                                          | CUSIP: 36264FAL5<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    860000 | PA      | $793265.57    | 0.23%             | 2029-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                               | Southern California Edison Co                                                   | CUSIP: 842400EB5<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    816000 | PA      | $866088.62    | 0.25%             | 2029-04-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Small Business Administration Participation Certs | United States Small Business Administration                                     | CUSIP: 83162CNM1<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |      9004 | PA      | $8896.96      | 0.00%             | 2024-01-01      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                              | Enel Finance International NV                                                   | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    895000 | PA      | $927425.64    | 0.26%             | 2025-10-14      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                          | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2326000 | PA      | $2368566.38   | 0.68%             | 2025-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                               | Macquarie Group Ltd                                                             | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   1784000 | PA      | $1585565.68   | 0.45%             | 2027-01-12      | Fixed         | 1.34%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 912828VS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12710000 | PA      | $12555096.88  | 3.58%             | 2023-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                                | Realty Income Corp                                                              | CUSIP: 756109BH6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   2875000 | PA      | $2735876.45   | 0.78%             | 2028-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                             | Stellantis Finance US Inc                                                       | CUSIP: 85855CAB6<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    532000 | PA      | $428774.62    | 0.12%             | 2031-09-15      | Fixed         | 2.69%                 | Yes           |                  2 | On Loan: No      |
| CROWN CASTLE INC                                  | Crown Castle Inc                                                                | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    947000 | PA      | $903583.51    | 0.26%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                            | Brookfield Finance Inc                                                          | CUSIP: 11271LAH5<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |   2844000 | PA      | $2395244.05   | 0.68%             | 2031-04-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 912828K74<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5225000 | PA      | $4974771.51   | 1.42%             | 2025-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                      | UBS Group AG                                                                    | CUSIP: 90352JAC7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2449000 | PA      | $2358110.24   | 0.67%             | 2028-03-23      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                          | Corebridge Financial Inc                                                        | CUSIP: 21871XAE9<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2333351.63   | 0.67%             | 2029-04-05      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC                          | Thermo Fisher Scientific Inc                                                    | CUSIP: 883556CS9<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |   3589000 | PA      | $3389618.70   | 0.97%             | 2024-10-18      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                          | Vistra Operations Co LLC                                                        | CUSIP: 92840VAK8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   2446000 | PA      | $2414055.24   | 0.69%             | 2024-05-13      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BRIXMOR OPERATING PART                            | Brixmor Operating Partnership LP                                                | CUSIP: 11120VAJ2<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   2349000 | PA      | $2148290.59   | 0.61%             | 2030-07-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                  | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CG2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   2012000 | PA      | $1900358.37   | 0.54%             | 2025-04-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                            | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BB7<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |   2971000 | PA      | $2885739.04   | 0.82%             | 2028-04-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 912828U24<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6254000 | PA      | $5869232.41   | 1.68%             | 2026-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HOWARD UNIVERSITY                                 | Howard University                                                               | CUSIP: 442851AJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1128362.15   | 0.32%             | 2027-10-01      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                    | Morgan Stanley                                                                  | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    977000 | PA      | $871707.46    | 0.25%             | 2027-07-20      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                    | Morgan Stanley                                                                  | CUSIP: 61746BEF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    824000 | PA      | $798693.34    | 0.23%             | 2027-01-20      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                  | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CS6<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $157835.14    | 0.05%             | 2029-01-18      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                            | Philip Morris International Inc                                                 | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1273000 | PA      | $1338613.26   | 0.38%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                 | HSBC Holdings PLC                                                               | CUSIP: 404280CX5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1446000 | PA      | $1297914.29   | 0.37%             | 2027-11-22      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                              | Targa Resources Corp                                                            | CUSIP: 87612GAC5<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    577000 | PA      | $601907.90    | 0.17%             | 2033-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| LOW INCOME INVESTMENT                             | Low Income Investment Fund                                                      | CUSIP: 54750AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1905000 | PA      | $1758051.96   | 0.50%             | 2029-07-01      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 912828M56<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5086000 | PA      | $4865275.53   | 1.39%             | 2025-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                          | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1371775.61   | 0.39%             | 2030-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Eni SpA                                           | Eni SpA                                                                         | CUSIP: 26874RAG3<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |   1327000 | PA      | $1317578.87   | 0.38%             | 2023-09-12      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| LoanCore 2021-CRE6 Issuer, Ltd.                   | LoanCore 2021-CRE6 Issuer Ltd                                                   | CUSIP: 53948HAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1415356.50   | 0.40%             | 2038-11-15      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                    | Morgan Stanley                                                                  | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    290000 | PA      | $280328.20    | 0.08%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                       | Freddie Mac Gold Pool                                                           | CUSIP: 31297C5V8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4659 | PA      | $4840.02      | 0.00%             | 2034-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                        | Humana Inc                                                                      | CUSIP: 444859BT8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    867000 | PA      | $817467.26    | 0.23%             | 2029-03-23      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 912828X88<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4075000 | PA      | $3865201.15   | 1.10%             | 2027-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                            | Anglo American Capital PLC                                                      | CUSIP: 034863BA7<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    870000 | PA      | $747254.86    | 0.21%             | 2031-03-17      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                            | United States Treasury Note/Bond                                                | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6605500 | PA      | $5796068.24   | 1.65%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                            | Marriott International Inc/MD                                                   | CUSIP: 571903BD4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29492.61     | 0.01%             | 2025-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                            | Pacific Gas and Electric Co                                                     | CUSIP: 694308KA4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    926000 | PA      | $908908.93    | 0.26%             | 2024-02-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ReadyCap Commercial Mortgage Trust                | Ready Capital Mortgage Financing 2021-FL7 LLC                                   | CUSIP: 75575WAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    199500 | PA      | $190927.88    | 0.05%             | 2036-11-25      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| BSPDF 2021-FL1 Issuer Ltd                         | BSPDF 2021-FL1 Issuer Ltd                                                       | CUSIP: 055731AC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    774500 | PA      | $752439.92    | 0.21%             | 2036-10-15      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| MPLX LP                                           | MPLX LP                                                                         | CUSIP: 55336VAR1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   1395000 | PA      | $1339459.01   | 0.38%             | 2028-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AIA GROUP LTD                                     | AIA Group Ltd                                                                   | CUSIP: 00131LAJ4<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    563000 | PA      | $518918.48    | 0.15%             | 2030-04-07      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                            | Westinghouse Air Brake Technologies Corp                                        | CUSIP: 960386AM2<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |   1760000 | PA      | $1748271.08   | 0.50%             | 2028-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                            | Anglo American Capital PLC                                                      | CUSIP: 034863AR1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |   1547000 | PA      | $1539897.46   | 0.44%             | 2027-04-10      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Economic Development Authority         | NEW JERSEY ST ECON DEV AUTH LEASE REVENUE                                       | CUSIP: 645913BB9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3704000 | PA      | $3697451.33   | 1.06%             | 2023-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.  | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FBTA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1418162 | PA      | $1383907.84   | 0.40%             | 2024-08-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| American Tower Corp                               | American Tower Corp                                                             | CUSIP: 03027XAP5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3777687.12   | 1.08%             | 2027-07-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                             | Alibaba Group Holding Ltd                                                       | CUSIP: 01609WAS1<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |   1605000 | PA      | $1592272.65   | 0.45%             | 2023-06-06      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                  | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2341453.33   | 0.67%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                           | Imperial Brands Finance PLC                                                     | CUSIP: 45262BAF0<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    523000 | PA      | $537040.46    | 0.15%             | 2027-07-27      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                               | JPMorgan Chase & Co                                                             | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $1893835.67   | 0.54%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                            | CNH Industrial Capital LLC                                                      | CUSIP: 12592BAJ3<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    472000 | PA      | $467803.92    | 0.13%             | 2024-01-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                            | Pacific Gas and Electric Co                                                     | CUSIP: 694308KF3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    401000 | PA      | $402608.84    | 0.11%             | 2027-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                              | Bank of America Corp                                                            | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2224000 | PA      | $1992732.40   | 0.57%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| CONSERVATION FUND                                 | Conservation Fund A Nonprofit Corp/The                                          | CUSIP: 20848FAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    563000 | PA      | $495958.79    | 0.14%             | 2029-12-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** MFS INTERMEDIATE INCOME TRUST

**Signature:** Kasey Phillips

**Name of Signer:** Kasey Phillips

**Title:** Assistant Treasurer