# EDGAR Filing Document

**Accession Number:** 0001699360
**File Stem:** 0001145549-25-042285
**Filing Date:** 2025-6
**Character Count:** 93961
**Document Hash:** ab44713d62865f4b5d84e9dd13fece7a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-042285.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001145549-25-042285

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morningstar Funds Trust
- **CENTRAL INDEX KEY:** 0001699360

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23235
- **FILM NUMBER:** 251077258

**BUSINESS ADDRESS:**
- **STREET 1:** 22 W. WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 312-696-6000

**MAIL ADDRESS:**
- **STREET 1:** 22 W. WASHINGTON STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602

## Series and Classes Contracts Data

### Morningstar Defensive Bond Fund (Series ID: S000057732)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000186143 | Institutional | MSTBX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-23235

- **c. CIK number of Registrant:** 0001699360

- **d. LEI of Registrant:** 254900AE65UZA65M0T82

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

  - **Street Address 1:** 22 W. WASHINGTON STREET

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60602

  - **Telephone number:** 312-696-6000

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

- **a. Name of Series:** Morningstar Defensive Bond Fund

- **b. EDGAR series identifier (if any):** S000057732

- **c. LEI of Series:** 254900JILOAKN6ZD6Q96

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

- **a. Date of fiscal year-end:** 2025-04-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $112894021.86

**Total Liabilities:** $520895.36

**Net Assets:** $112373126.50

**Cash Not Reported:** $0.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.412186039559 | **1-Year:** 1383.167558611406 | **5-Year:** 10377.285030639842 | **10-Year:** 1708.594346760731 | **30-Year:** 12.526087247993

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

- **3-Month:** 27.296779930234 | **1-Year:** 310.495456029818 | **5-Year:** 139.729705609126 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186143 | 1.05%                | 0.30%                | 0.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-88820.98               | $913335.48                                 |
| Month 2  | $18555.91                | $-74314.87                                 |
| Month 3  | $-183457.65              | $659448.34                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BX TRUST                                                                   | BX 2019-OC11 A                                     | CUSIP: 05606FAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    418000 | PA      | $387808.57    | 0.35%             | 2041-12-11      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                   | GNR 2020-75 IO                                     | CUSIP: 38380PLB8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2182294 | PA      | $137341.58    | 0.12%             | 2062-02-16      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K096 A2                                       | CUSIP: 3137FNB82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    774000 | PA      | $727900.48    | 0.65%             | 2029-07-25      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| ELM TRUST                                                                  | MDCP 2020-3A A2                                    | CUSIP: 289338AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21594 | PA      | $21372.06     | 0.02%             | 2029-08-20      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4202                                          | CUSIP: 31418DU42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    116678 | PA      | $97145.88     | 0.09%             | 2040-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ABPCI DIRECT LENDING FUND ABS I LTD                                        | ABDLF 2020-1A B                                    | CUSIP: 00090TAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    570069 | PA      | $551578.00    | 0.49%             | 2030-12-29      | Fixed         | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS6264                                          | CUSIP: 3140XM6A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    184689 | PA      | $158610.69    | 0.14%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K105 A2                                       | CUSIP: 3137FRUJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $90457.54     | 0.08%             | 2030-01-25      | Fixed         | 1.87%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                   | GNR 2020-43 IO                                     | CUSIP: 38380PAD6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    882309 | PA      | $69379.22     | 0.06%             | 2061-11-16      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K104 A2                                       | CUSIP: 3137FREH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    118000 | PA      | $108842.94    | 0.10%             | 2030-01-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ELM TRUST                                                                  | MDCP 2020-4A A2                                    | CUSIP: 28924AAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     27621 | PA      | $27330.95     | 0.02%             | 2029-10-22      | Fixed         | 2.29%                 | Yes           |                  2 | On Loan: No      |
| ELM TRUST                                                                  | MDCP 2020-4A B                                     | CUSIP: 28924AAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     98369 | PA      | $96787.87     | 0.09%             | 2029-10-22      | Fixed         | 3.87%                 | Yes           |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING LLC                                     | GCPAF 2020-1A B                                    | CUSIP: 38177UAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    160245 | PA      | $155340.58    | 0.14%             | 2029-01-22      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RB5130                                          | CUSIP: 3133KYVX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     91166 | PA      | $75304.87     | 0.07%             | 2041-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4473                                          | CUSIP: 31418D6K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    764382 | PA      | $627607.58    | 0.56%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Parent Inc                                         | FYBR 5.875 10/15/27 144A                           | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    137000 | PA      | $136845.05    | 0.12%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ARBOR MULTIFAMILY MORTGAGE SECURITIES TRUST                                | AMMST 2020-MF1 A5                                  | CUSIP: 03881BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $495778.91    | 0.44%             | 2053-05-16      | Fixed         | 2.76%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHR 4162 P                                         | CUSIP: 3137AYHU8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     61882 | PA      | $60462.95     | 0.05%             | 2033-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                   | GNR 2020-42 IO                                     | CUSIP: 38380PBP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1368071 | PA      | $92417.27     | 0.08%             | 2062-03-16      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                        | GSMBS 2021-PJ5 A8                                  | CUSIP: 36261HAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    231375 | PA      | $206158.15    | 0.18%             | 2051-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                   | GNR 2020-71 IO                                     | CUSIP: 38380PHG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1179719 | PA      | $87694.65     | 0.08%             | 2062-01-16      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS1680                                          | CUSIP: 3140XG2N8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    788900 | PA      | $675254.02    | 0.60%             | 2036-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SC0457                                          | CUSIP: 3132D9QJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    224114 | PA      | $192201.04    | 0.17%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K114 A2                                       | CUSIP: 3137FVNG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $87142.95     | 0.08%             | 2030-06-25      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                               | Northern Institutional Funds TREAS PRT PRMR        | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |       107 | NS      | $107.20       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SB1000                                          | CUSIP: 3132CXDD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    818507 | PA      | $726539.40    | 0.65%             | 2035-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SC0443                                          | CUSIP: 3132D9P40<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    330069 | PA      | $283462.23    | 0.25%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MONROE CAPITAL ABS FUNDING LTD                                             | MCAF 2021-1A A2                                    | CUSIP: 610331AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    218604 | PA      | $214913.96    | 0.19%             | 2031-04-22      | Fixed         | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Texas Electric Market Stabilization Funding N LLC                          | ERCOTT 4.265 08/01/34 A-1                          | CUSIP: 88240TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     83285 | PA      | $82980.85     | 0.07%             | 2034-08-01      | Fixed         | 4.26%                 | Yes           |                  2 | On Loan: No      |
| PG&E Recovery Funding LLC                                                  | PCG 5.045 07/15/32 A-1                             | CUSIP: 71710TAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280249 | PA      | $285962.68    | 0.25%             | 2032-07-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| DTE Electric Securitization Funding II LLC                                 | DTE 5.97 03/01/32 A-1                              | CUSIP: 23346TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    227270 | PA      | $240497.51    | 0.21%             | 2032-03-01      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS6156                                          | CUSIP: 3140XMZW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    614839 | PA      | $545830.94    | 0.49%             | 2035-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                   | GNR 2015-7 IO                                      | CUSIP: 38378X2M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    871490 | PA      | $22216.37     | 0.02%             | 2057-01-16      | Variable      | 0.49%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                                               | BX 2021-VOLT E                                     | CUSIP: 05609VAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    242000 | PA      | $238067.50    | 0.21%             | 2036-09-15      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4334                                          | CUSIP: 31418DY89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    130133 | PA      | $114924.20    | 0.10%             | 2041-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DIAMOND INFRASTRUCTURE FUNDING LLC                                         | DNFRA 2021-1A C                                    | CUSIP: 25265LAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    104000 | PA      | $97819.35     | 0.09%             | 2049-04-15      | Fixed         | 3.48%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings Llc                                       | FYBR 6 01/15/30 144A                               | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    214000 | PA      | $214758.42    | 0.19%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: —       |
| MidCap Financial Issuer Trust                                              | MIDCAP 6.5 05/01/28                                | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    461000 | PA      | $440084.06    | 0.39%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| SBA Tower Trust                                                            | SBATOW 1.631 11/15/26 144A                         | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    117000 | PA      | $111378.10    | 0.10%             | 2051-05-15      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING LLC                                     | GCPAF 2021-2A B                                    | CUSIP: 38178XAC7<br>LEI: 254900PB1UJ4L5M1SM74 | Long             | DBT              | CORP              | US        |    743214 | PA      | $714011.06    | 0.64%             | 2029-10-19      | Fixed         | 3.99%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FNS 284 1                                          | CUSIP: 31364HP50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21354 | PA      | $20544.70     | 0.02%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K095 A2                                       | CUSIP: 3137FNAE0<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    725000 | PA      | $689798.64    | 0.61%             | 2029-06-25      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST                                                   | JPMMT 2021-7 A4                                    | CUSIP: 46592NAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     75513 | PA      | $67339.73     | 0.06%             | 2051-11-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| VCP RRL ABS I LTD                                                          | VCRRL 2021-1A A                                    | CUSIP: 92243RAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    158808 | PA      | $152090.50    | 0.14%             | 2031-10-20      | Fixed         | 2.15%                 | Yes           |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST                                               | BX 2021-VOLT F                                     | CUSIP: 05609VAQ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $362310.77    | 0.32%             | 2036-09-15      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| Fortress Credit Investments IV LLC                                         | FCO 2017-9A A1TR                                   | CUSIP: 34961JAY0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    954000 | PA      | $955845.51    | 0.85%             | 2033-10-17      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2021-SFR11                                            | PROG 2021-SFR11 A                                  | CUSIP: 74333XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120439 | PA      | $113773.29    | 0.10%             | 2041-01-17      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SB8102                                          | CUSIP: 3132D6AB6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     62278 | PA      | $55137.45     | 0.05%             | 2036-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| VCP RRL ABS I LTD                                                          | VCRRL 2021-1A B                                    | CUSIP: 92243RAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    146483 | PA      | $136019.54    | 0.12%             | 2031-10-20      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Diamond Issuer Llc                                                         | SHINE 2021-1A C                                    | CUSIP: 25267TAS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    282000 | PA      | $259492.93    | 0.23%             | 2051-11-20      | Fixed         | 3.79%                 | Yes           |                  2 | On Loan: No      |
| SLG OFFICE TRUST                                                           | SLG 2021-OVA A                                     | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    455000 | PA      | $397282.70    | 0.35%             | 2041-07-17      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FNR 2012-144 PD                                    | CUSIP: 3136ABJH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     60912 | PA      | $60227.50     | 0.05%             | 2042-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4302                                          | CUSIP: 31418DX80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    122406 | PA      | $108372.17    | 0.10%             | 2036-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4328                                          | CUSIP: 31418DY22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89375 | PA      | $79127.38     | 0.07%             | 2036-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4359                                          | CUSIP: 31418DZZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64085 | PA      | $56736.46     | 0.05%             | 2036-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN 310215                                          | CUSIP: 31374CSC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    261808 | PA      | $243524.18    | 0.22%             | 2044-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K099 A2                                       | CUSIP: 3137FPJG1<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    155000 | PA      | $145813.96    | 0.13%             | 2029-09-25      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Evergreen AcqCo 1 LP/TVI Inc.                                              | EVRGRN 9.75 04/26/28 144A                          | CUSIP: 30015DAA9<br>LEI: 549300F6POVHG3ME8T95 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103245.50    | 0.09%             | 2028-04-26      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K116 A2                                       | CUSIP: 3137FWHT0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $87051.06     | 0.08%             | 2030-07-25      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K151 A3                                       | CUSIP: 3137BKGK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    183000 | PA      | $177637.15    | 0.16%             | 2030-04-25      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                     | FHMS K752 A2                                       | CUSIP: 3137HAGZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    136000 | PA      | $136527.53    | 0.12%             | 2030-07-25      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FA1222                                          | CUSIP: 3140W1LC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    184773 | PA      | $151826.82    | 0.14%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                   | GNR 2015-108 IO                                    | CUSIP: 38379KYD4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     37621 | PA      | $231.73       | 0.00%             | 2056-10-16      | Variable      | 0.34%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FA1315                                          | CUSIP: 3140W1N90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    275000 | PA      | $227669.70    | 0.20%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SC0659                                          | CUSIP: 3132D9WU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    230000 | PA      | $189985.15    | 0.17%             | 2042-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                   | GNR 2012-150 IO                                    | CUSIP: 38378B2X6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    553873 | PA      | $5003.52      | 0.00%             | 2052-11-16      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| J.C. Penney Corporation                                                    | J.C. Penney Corporation TLb 425 2023-06-23         | CUSIP: 46611NAJ2<br>LEI: 8TDNUQ07MEFMWW1VHP39 | Long             | LON              | CORP              | US        |    228931 | PA      | $22.89        | 0.00%             | 2023-06-23      | Floating      |  | No            |                  3 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS7513                                          | CUSIP: 3140XPK32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    330760 | PA      | $319434.79    | 0.28%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS7628                                          | CUSIP: 3140XPPN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89850 | PA      | $86773.92     | 0.08%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS7748                                          | CUSIP: 3140XPTE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    195158 | PA      | $172589.06    | 0.15%             | 2036-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS9622                                          | CUSIP: 3140XRVQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    407861 | PA      | $352140.02    | 0.31%             | 2041-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST                                                   | JPMMT 2021-8 A4                                    | CUSIP: 46592TAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74348 | PA      | $66338.01     | 0.06%             | 2051-12-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS9576                                          | CUSIP: 3140XRUA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    340320 | PA      | $300427.49    | 0.27%             | 2037-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4204                                          | CUSIP: 31418DU67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     83951 | PA      | $72472.96     | 0.06%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Oaktree Strategic Credit Fund                                              | OAKSCF 8.4 11/14/28 *                              | CUSIP: 67403AAB5<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |    313000 | PA      | $337108.47    | 0.30%             | 2028-11-14      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SC0592                                          | CUSIP: 3132D9UR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    208661 | PA      | $167642.21    | 0.15%             | 2041-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS9724                                          | CUSIP: 3140XRYW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127487 | PA      | $102377.23    | 0.09%             | 2042-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4488                                          | CUSIP: 31418D7A4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100660 | PA      | $86857.00     | 0.08%             | 2036-11-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SB1298                                          | CUSIP: 3132CXNP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    455864 | PA      | $403554.48    | 0.36%             | 2036-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2024-V11 MORTGAGE TRUST                                          | BMARK 2024-V11 A3                                  | CUSIP: 081921AZ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    126000 | PA      | $132003.80    | 0.12%             | 2057-11-19      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| HPS Corporate Lending Fund                                                 | HLEND 6.75 01/30/29                                | CUSIP: 40440VAF2<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |    207000 | PA      | $213130.62    | 0.19%             | 2029-01-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SC0576                                          | CUSIP: 3132D9T95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    127628 | PA      | $109713.19    | 0.10%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE BACKED SECURITIES TRUST 2022-PJ3                               | GSMBS 2022-PJ3 A24                                 | CUSIP: 362924BK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     76382 | PA      | $69245.65     | 0.06%             | 2052-08-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                        | GSMBS 2021-PJ10 A8                                 | CUSIP: 36262PAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     72004 | PA      | $63742.49     | 0.06%             | 2052-03-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR QN4913                                          | CUSIP: 3133GBN67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    175645 | PA      | $155509.59    | 0.14%             | 2036-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4454                                          | CUSIP: 31418D5Q1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    161834 | PA      | $140045.35    | 0.12%             | 2036-09-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RB5107                                          | CUSIP: 3133KYU80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    153718 | PA      | $127502.81    | 0.11%             | 2041-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CHI COMMERCIAL MORTGAGE TRUST 2025-SFT                                     | CHI 2025-SFT A                                     | CUSIP: 16706GAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    291000 | PA      | $294249.63    | 0.26%             | 2042-04-17      | Variable      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4266                                          | CUSIP: 31418DW40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     91010 | PA      | $75546.38     | 0.07%             | 2041-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K120 A2                                       | CUSIP: 3137F72P9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    140000 | PA      | $121600.18    | 0.11%             | 2030-10-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING LLC                                     | GCPAF 2020-1A A2                                   | CUSIP: 38177UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     62123 | PA      | $61601.91     | 0.05%             | 2029-01-22      | Fixed         | 3.21%                 | Yes           |                  2 | On Loan: No      |
| CERBERUS LOAN FUNDING XLIII LLC                                            | CERB 2023-4A A                                     | CUSIP: 156940AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    451000 | PA      | $451332.48    | 0.40%             | 2035-10-15      | Floating      | 6.73%                 | Yes           |                  2 | On Loan: No      |
| Kansas Gas Service Securitization I L.L.C                                  | OGS 5.486 08/01/32 22A                             | CUSIP: 484915AA1<br>LEI: 549300HXDWI0LATTX840 | Long             | DBT              | CORP              | US        |    371850 | PA      | $384077.17    | 0.34%             | 2032-08-01      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RB5076                                          | CUSIP: 3133KYT90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     49648 | PA      | $43837.78     | 0.04%             | 2040-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RB5110                                          | CUSIP: 3133KYVB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    529510 | PA      | $439040.68    | 0.39%             | 2041-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RB5134                                          | CUSIP: 3133KYV30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    114080 | PA      | $93949.53     | 0.08%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Cerberus Loan Funding XL LLC                                               | CERB 2023-1A A                                     | CUSIP: 15675AAA7<br>LEI: 635400FRD1HEGKSHCI69 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250285.63    | 0.22%             | 2035-03-22      | Floating      | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K097 A2                                       | CUSIP: 3137FNX54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    359000 | PA      | $337061.40    | 0.30%             | 2029-07-25      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| MONROE CAPITAL ABS FUNDING LTD                                             | MCAF 2021-1A B                                     | CUSIP: 610331AC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    132109 | PA      | $129538.70    | 0.12%             | 2031-04-22      | Fixed         | 3.91%                 | Yes           |                  2 | On Loan: No      |
| VT Topco Inc.                                                              | VERCOR 8.5 08/15/30 144A                           | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104637.73    | 0.09%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS1967                                          | CUSIP: 3140XHFH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1122148 | PA      | $968141.57    | 0.86%             | 2037-03-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| ELM TRUST                                                                  | MDCP 2020-3A B                                     | CUSIP: 289338AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     57831 | PA      | $56994.65     | 0.05%             | 2029-08-20      | Fixed         | 4.48%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS7700                                          | CUSIP: 3140XPRW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    496849 | PA      | $424554.02    | 0.38%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2024-SFR5 TRUST                                       | PROG 2024-SFR5 A                                   | CUSIP: 74332HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105000 | PA      | $98218.44     | 0.09%             | 2041-08-19      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| VERIZON MASTER TRUST                                                       | VZMT 2024-7 A                                      | CUSIP: 92348KDJ9<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    233000 | PA      | $231547.13    | 0.21%             | 2032-08-20      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A                                 | FORDF 2024-2 A                                     | CUSIP: 34528QJF2<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    374000 | PA      | $385544.48    | 0.34%             | 2031-04-15      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2024-SFR3 TRUST                                       | PROG 2024-SFR3 A                                   | CUSIP: 74331VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130861 | PA      | $122102.28    | 0.11%             | 2041-06-20      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                               | OCINCC 7.95 06/13/28                               | CUSIP: 69120VBB6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    468000 | PA      | $493684.74    | 0.44%             | 2028-06-13      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SB1242                                          | CUSIP: 3132CXLX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     92517 | PA      | $81671.88     | 0.07%             | 2036-10-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BMO 2024-5C7 MORTGAGE TRUST                                                | BMO 2024-5C7 A3                                    | CUSIP: 09660WAU5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    126000 | PA      | $130130.76    | 0.12%             | 2057-11-19      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| ROCK TRUST 2024-CNTR                                                       | ROCC 2024-CNTR A                                   | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    209000 | PA      | $212882.13    | 0.19%             | 2041-11-15      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RB5113                                          | CUSIP: 3133KYVE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    339686 | PA      | $281541.89    | 0.25%             | 2041-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| J P MORGAN MORTGAGE TRUST 2021-11                                          | JPMMT 2021-11 A4                                   | CUSIP: 46654KAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    443017 | PA      | $395883.48    | 0.35%             | 2052-01-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SC0501                                          | CUSIP: 3132D9RW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     92130 | PA      | $76389.00     | 0.07%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| J P MORGAN MORTGAGE TRUST                                                  | JPMMT 2021-10 A4A                                  | CUSIP: 46654AAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    131408 | PA      | $114224.19    | 0.10%             | 2051-12-25      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A                                 | FORDF 2024-4 A                                     | CUSIP: 34528QJQ8<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    197000 | PA      | $196645.12    | 0.17%             | 2031-09-15      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR ZJ0720                                          | CUSIP: 3131WQYR2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     88672 | PA      | $85715.08     | 0.08%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SBA Tower Trust                                                            | SBATOW 2.328 01/15/28 144A                         | CUSIP: 78403DAR1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    151000 | PA      | $141186.49    | 0.13%             | 2052-07-15      | Fixed         | 2.33%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RB5104                                          | CUSIP: 3133KYU56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    602644 | PA      | $500055.47    | 0.44%             | 2041-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS5363                                          | CUSIP: 3140XL5Z7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     82838 | PA      | $80000.46     | 0.07%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4175                                          | CUSIP: 31418DT93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     88926 | PA      | $73404.84     | 0.07%             | 2040-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                        | GSMBS 2021-PJ4 A8                                  | CUSIP: 36264PAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64923 | PA      | $57907.08     | 0.05%             | 2051-09-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| J P MORGAN MORTGAGE TRUST                                                  | JPMMT 2021-10 A4                                   | CUSIP: 46654AAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    352764 | PA      | $313596.16    | 0.28%             | 2051-12-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SC0504                                          | CUSIP: 3132D9RZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     91987 | PA      | $76155.32     | 0.07%             | 2042-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SB8097                                          | CUSIP: 3132D57J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     61427 | PA      | $54384.56     | 0.05%             | 2036-04-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING LLC                                     | GCPAF 2021-1A A2                                   | CUSIP: 38178HAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    110477 | PA      | $109353.07    | 0.10%             | 2029-04-15      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4445                                          | CUSIP: 31418D5F5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    516916 | PA      | $426984.00    | 0.38%             | 2041-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RB5137                                          | CUSIP: 3133KYV63<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    536051 | PA      | $442123.87    | 0.39%             | 2041-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| iShares Trust                                                              | iShares Trust 0-5YR HIGH YEILD CORP BD ET          | CUSIP: 46434V407<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     58578 | NS      | $2479020.96   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                                               | Northern Institutional Funds TREAS PRT PRMR        | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  14799010 | NS      | $14799010.43  | 13.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                                               | Northern Institutional Funds TREAS PRT PRMR        | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |       500 | NS      | $500.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Strategic Trust                                                     | Schwab Strategic Trust SHORT-TERM US TREASURY ETF  | CUSIP: 808524862<br>LEI: 549300NAZEQOIX80E226 | Long             | EC               | RF                | US        |   1668926 | NS      | $40821929.96  | 36.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Malvern Funds                                                     | Vanguard Malvern Funds SH-TERM INFL PROTECTED ETF  | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |     35418 | NS      | $1778337.78   | 1.58%             |  |  |  | No            |                  1 | On Loan: —       |
| Fnma Pass-Thru I                                                           | FN BR2134                                          | CUSIP: 3140L0LQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78548 | PA      | $67554.72     | 0.06%             | 2041-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                               | T 4.25 01/31/30                                    | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    193000 | PA      | $197500.82    | 0.18%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                               | Northern Institutional Funds TREAS PRT PRMR        | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2187987 | NS      | $2187987.37   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                      | FN BM7354                                          | CUSIP: 3140JCE42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    186333 | PA      | $167502.47    | 0.15%             | 2052-04-01      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                   | AESOP 2024-1A A                                    | CUSIP: 05377RHY3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $127684.54    | 0.11%             | 2030-06-20      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Copper Property CTL Pass Through Trust                                     | Copper Property CTL Pass Through Trust EQUITY CTFS | CUSIP: 217519107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25536 | NS      | $301580.16    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FH 8D0086                                          | CUSIP: 3142BNCX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     76236 | PA      | $67972.72     | 0.06%             | 2051-09-01      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| PHI Group Inc                                                              | PHI Group Inc COM                                  | CUSIP: 69360B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44387 | NS      | $1064844.13   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS NAT GAS SECURITIZATION FIN CORP                                      | TX TNGUTL 5.1 04/01/2035                           | CUSIP: 88258MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     88267 | PA      | $90103.86     | 0.08%             | 2035-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FH 8D0161                                          | CUSIP: 3142BNFA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    100744 | PA      | $92260.68     | 0.08%             | 2052-03-01      | Variable      | 2.56%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS ABS FUNDING LLC                                     | GCPAF 2021-1A B                                    | CUSIP: 38178HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    293963 | PA      | $289279.58    | 0.26%             | 2029-04-15      | Fixed         | 3.82%                 | Yes           |                  2 | On Loan: No      |
| WINDSTREAM CORP COMMON                                                     | WINDSTREAM CORP COMMON                             | CUSIP: 3G1999G72<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3665 | NS      | $59098.13     | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| GS MORTGAGE BACKED SECURITIES TRUST                                        | GSMBS 2021-PJ7 A8                                  | CUSIP: 36262CAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    239558 | PA      | $214120.70    | 0.19%             | 2052-01-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                               | T 4.625 09/30/30                                   | CUSIP: 91282CHZ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    883000 | PA      | $919182.30    | 0.82%             | 2030-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PG&E Recovery Funding LLC                                                  | PCG 4.838 06/01/33 A-1                             | CUSIP: 71710TAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    324000 | PA      | $323926.91    | 0.29%             | 2033-06-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: —       |
| United States Treasury Notes                                               | T 4.375 12/31/29                                   | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4185000 | PA      | $4304010.94   | 3.83%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR QK0692                                          | CUSIP: 3133D3XV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    274611 | PA      | $227864.19    | 0.20%             | 2041-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL 2024-SFR4 TRUST                                       | PROG 2024-SFR4 A                                   | CUSIP: 74334JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    602000 | PA      | $564579.32    | 0.50%             | 2041-07-18      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS9361                                          | CUSIP: 3140XRMK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    454869 | PA      | $402534.74    | 0.36%             | 2037-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST                                                   | JPMMT 2021-6 A4                                    | CUSIP: 46653PAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     88930 | PA      | $79440.96     | 0.07%             | 2051-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2024-1                                | TALNT 2024-1A A                                    | CUSIP: 89231JAA0<br>LEI: 254900CVU48B7WLCPS92 | Long             | ABS-O            | CORP              | US        |    409000 | PA      | $421076.22    | 0.37%             | 2036-11-25      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K109 A2                                       | CUSIP: 3137FTFY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    151000 | PA      | $133822.59    | 0.12%             | 2030-04-25      | Fixed         | 1.56%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K108 A2                                       | CUSIP: 3137FTBM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $88823.45     | 0.08%             | 2030-03-25      | Fixed         | 1.52%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K106 A2                                       | CUSIP: 3137FRUT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $91223.68     | 0.08%             | 2030-01-25      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                     | FHMS K751 A2                                       | CUSIP: 3137HA4B9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    504000 | PA      | $508982.90    | 0.45%             | 2030-03-25      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| Springcastle I Spv Llc                                                     | SCFT 2020-AA A                                     | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    154523 | PA      | $144604.76    | 0.13%             | 2037-09-25      | Fixed         | 1.97%                 | Yes           |                  2 | On Loan: No      |
| Cologix Data Centers US Issuer LLC / Cologix Data Centers US Co-Issuer LLC | CLGIX 2021-1A A2                                   | CUSIP: 19521UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    412000 | PA      | $392312.37    | 0.35%             | 2051-12-26      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ2                               | GSMBS 2022-PJ2 A24                                 | CUSIP: 36267EBT7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    116484 | PA      | $105472.21    | 0.09%             | 2052-06-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Consumers 2023 Securitization Funding LLC                                  | CMS 5.21 09/01/30 A2                               | CUSIP: 21071BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    197000 | PA      | $201890.52    | 0.18%             | 2030-09-01      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4176                                          | CUSIP: 31418DUA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    139504 | PA      | $120489.49    | 0.11%             | 2040-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications, Inc.                                          | CNSL 6.5 10/01/28 144A                             | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |    180000 | PA      | $176704.20    | 0.16%             | 2028-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Abpci Direct Lending Fund ABS II LLC                                       | ABDLF 2022-2A C                                    | CUSIP: 00090NAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    816976 | PA      | $780192.11    | 0.69%             | 2032-03-01      | Fixed         | 8.17%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RB5084                                          | CUSIP: 3133KYUH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     98069 | PA      | $81527.13     | 0.07%             | 2040-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Abpci Direct Lending Fund ABS II LLC                                       | ABDLF 2022-2A A1                                   | CUSIP: 00090NAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    195725 | PA      | $192253.40    | 0.17%             | 2032-03-01      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                                        | GSMBS 2021-PJ6 A8                                  | CUSIP: 36262LAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    133188 | PA      | $118377.49    | 0.11%             | 2051-11-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RC2043                                          | CUSIP: 3133L8HU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    130330 | PA      | $115062.23    | 0.10%             | 2036-06-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR ZS3012                                          | CUSIP: 3132A3KZ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     87053 | PA      | $84113.53     | 0.07%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Power Fuel Securitization LLC                                     | VIRPFS 4.877 05/01/31 A-2                          | CUSIP: 92808VAB8<br>LEI: 254900BELJ95ONW6U791 | Long             | DBT              | CORP              | US        |    424000 | PA      | $433118.17    | 0.39%             | 2031-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                   | AESOP 2024-3A A                                    | CUSIP: 05377RJK1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    467000 | PA      | $474996.30    | 0.42%             | 2030-12-20      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| PRET 2024-RPL1 TRUST                                                       | PRET 2024-RPL1 A1                                  | CUSIP: 693989AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     84700 | PA      | $81248.69     | 0.07%             | 2063-10-25      | Variable      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR SB8109                                          | CUSIP: 3132D6AJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     65921 | PA      | $57046.02     | 0.05%             | 2036-07-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN BQ6602                                          | CUSIP: 3140KSKQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    245814 | PA      | $217013.74    | 0.19%             | 2036-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR QN7917                                          | CUSIP: 3133GEYN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    179464 | PA      | $158436.62    | 0.14%             | 2036-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-15                                           | JPMMT 2021-15 A4                                   | CUSIP: 46654TAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70610 | PA      | $62771.69     | 0.06%             | 2052-06-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                                                 | JPMMT 2021-13 A4                                   | CUSIP: 46592XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110434 | PA      | $99147.40     | 0.09%             | 2052-04-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN BM7277                                          | CUSIP: 3140JCCP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    204519 | PA      | $185427.72    | 0.17%             | 2051-08-01      | Variable      | 1.97%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FH 8D0226                                          | CUSIP: 3142BNHB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     67693 | PA      | $61861.73     | 0.06%             | 2052-05-01      | Variable      | 2.54%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS7649                                          | CUSIP: 3140XPQB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89595 | PA      | $86527.25     | 0.08%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE BACKED SECURITIES 2022-PJ5                                     | GSMBS 2022-PJ5 A22                                 | CUSIP: 362925BG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    587491 | PA      | $521844.44    | 0.46%             | 2052-10-25      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4301                                          | CUSIP: 31418DX72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132915 | PA      | $115023.86    | 0.10%             | 2036-04-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                     | FHMS K754 A2                                       | CUSIP: 3137HBC51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    545000 | PA      | $562888.32    | 0.50%             | 2030-11-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FH 841600                                          | CUSIP: 31288QX54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     86643 | PA      | $81587.80     | 0.07%             | 2052-11-01      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS CLO 46M-R                                           | GOCAP 2019-46A A1R                                 | CUSIP: 38178UAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    343000 | PA      | $342367.34    | 0.30%             | 2037-04-20      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Gmf Floorplan Owner Revolving Trust                                        | GFORT 2024-2A A                                    | CUSIP: 361886DF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    342000 | PA      | $350594.49    | 0.31%             | 2031-03-17      | Fixed         | 5.06%                 | Yes           |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2024-3                                          | JPMMT 2024-3 A4                                    | CUSIP: 46657QAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    239574 | PA      | $216394.64    | 0.19%             | 2054-05-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS6661                                          | CUSIP: 3140XNMK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     86460 | PA      | $83498.98     | 0.07%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2022-3                                          | JPMMT 2022-3 A4A                                   | CUSIP: 46654UAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74723 | PA      | $66081.97     | 0.06%             | 2052-08-25      | Variable      | 26.03%                | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FH 841640                                          | CUSIP: 31288QZD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     98524 | PA      | $88883.23     | 0.08%             | 2053-05-01      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                           | FN FS6519                                          | CUSIP: 3140XNG57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    812522 | PA      | $719290.72    | 0.64%             | 2036-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR QN7387                                          | CUSIP: 3133GEF45<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    238635 | PA      | $210677.25    | 0.19%             | 2036-08-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MMAF EQUIPMENT FINANCE LLC 2024-A                                          | MMAF 2024-A A4                                     | CUSIP: 55318CAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    132000 | PA      | $135002.79    | 0.12%             | 2049-07-13      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K103 A2                                       | CUSIP: 3137FQKN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    382000 | PA      | $359166.03    | 0.32%             | 2029-11-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K107 A2                                       | CUSIP: 3137FRZA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $89627.59     | 0.08%             | 2030-01-25      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RB5117                                          | CUSIP: 3133KYVJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     74083 | PA      | $61516.06     | 0.05%             | 2041-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4417                                          | CUSIP: 31418D4B5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100980 | PA      | $89358.37     | 0.08%             | 2036-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K102 A2                                       | CUSIP: 3137FQKC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    271000 | PA      | $253973.37    | 0.23%             | 2029-10-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Heartland Dental LLC / Heartland Dental Finance Corp.                      | HEARTL 10.5 04/30/28 144A                          | CUSIP: 42239PAB5<br>LEI: 5493008FRC0GRKBN1075 | Long             | DBT              | CORP              | US        |    359000 | PA      | $378275.43    | 0.34%             | 2028-04-30      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| HOTWIRE FUNDING LLC                                                        | HWIRE 2023-1A A2                                   | CUSIP: 44148HAA1<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    115000 | PA      | $115524.38    | 0.10%             | 2053-05-20      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4278                                          | CUSIP: 31418DXG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66152 | PA      | $58568.39     | 0.05%             | 2036-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K094 A2                                       | CUSIP: 3137FMTY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    532000 | PA      | $508274.40    | 0.45%             | 2029-06-25      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K111 A2                                       | CUSIP: 3137FUZC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $87507.05     | 0.08%             | 2030-05-25      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RB5121                                          | CUSIP: 3133KYVN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     73050 | PA      | $62796.04     | 0.06%             | 2041-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CERBERUS LOAN FUNDING XLI LLC                                              | CERB 2023-2A A1                                    | CUSIP: 15674VAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    419000 | PA      | $429616.20    | 0.38%             | 2035-07-16      | Floating      | 6.85%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR RB5090                                          | CUSIP: 3133KYUP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     94016 | PA      | $81161.51     | 0.07%             | 2040-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FR QK0622                                          | CUSIP: 3133D3VP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     91567 | PA      | $76065.87     | 0.07%             | 2041-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K101 A2                                       | CUSIP: 3137FQ3Z4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    404000 | PA      | $378210.05    | 0.34%             | 2029-10-25      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FHMS K117 A2                                       | CUSIP: 3137FX3Q9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    493000 | PA      | $428653.29    | 0.38%             | 2030-08-25      | Fixed         | 1.41%                 | No            |                  2 | On Loan: No      |
| Wepco Environmental Trust Finance I Llc                                    | WEPCO 2021-1 A                                     | CUSIP: 950739AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74074 | PA      | $65816.05     | 0.06%             | 2035-12-15      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                      | FN MA4382                                          | CUSIP: 31418D2Q4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75695 | PA      | $66924.87     | 0.06%             | 2036-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                           | FH 841463                                          | CUSIP: 31288QTU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    663497 | PA      | $598472.96    | 0.53%             | 2052-07-01      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                               | Northern Institutional Funds LIQ ASET PORTF        | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    331508 | NS      | $331507.50    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Morningstar Funds Trust

**Signature:** D. Scott Schilling

**Name of Signer:** D. Scott Schilling

**Title:** Chief Compliance Officer