# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-25-006140
**Filing Date:** 2025-12
**Character Count:** 67597
**Document Hash:** a9214a483d5b792a888c06ff8e6471c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006140.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-006140

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251605341

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Westwood Income Opportunity Fund (Series ID: S000072841)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229472 | Westwood Income Opportunity Fund C Class Shares       | WWICX           |
| C000229473 | Westwood Income Opportunity Fund Institutional Shares | WHGIX           |
| C000229474 | Westwood Income Opportunity Fund A Class Shares       | WWIAX           |
| C000240107 | Westwood Income Opportunity Fund Ultra Shares         | WHGOX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Ultimus Managers Trust

- **b. Investment Company Act file number:** 811-22680

- **c. CIK number of Registrant:** 0001545440

- **d. LEI of Registrant:** 549300FU214TAR7BFY91

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

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

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

- **a. Name of Series:** WESTWOOD INCOME OPPORTUNITY FUND

- **b. EDGAR series identifier (if any):** S000072841

- **c. LEI of Series:** 549300SJOJ6MJI123D95

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

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

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $550125379.84

**Total Liabilities:** $1524651.55

**Net Assets:** $548600728.29

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 37.40000502 | **1-Year:** 7964.01802495 | **5-Year:** 25996.53083469 | **10-Year:** 32470.08245298 | **30-Year:** 27079.94472851

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

- **3-Month:** 0.00000000 | **1-Year:** 2533.82414359 | **5-Year:** 6900.11130280 | **10-Year:** 1505.34191773 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229472 | 1.86%                | 2.55%                | 0.50%                |
| Class ID C000229473 | 2.00%                | 2.53%                | 0.59%                |
| Class ID C000229474 | 1.99%                | 2.52%                | 0.57%                |
| Class ID C000240107 | 2.01%                | 2.62%                | 0.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7573203.76              | $1003699.90                                |
| Month 2  | $280145.82               | $14051210.28                               |
| Month 3  | $-104964.17              | $3723588.20                                |

**Designated Index Information**

- **Index Name:** 60 Russ 1000 Val 40 BB Agg

- **Index Identifier:** 60 Russ 1000 Val 40 BB Agg

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| General Dynamics Corporation                                                         | General Dynamics Corporation                                           | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     19032 | NS      | $6564136.80   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                     | Philip Morris International, Inc.                                      | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     23785 | NS      | $3432889.05   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley 5.942%, Due 02/07/39                                    | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1830000 | PA      | $1920005.75   | 0.35%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | Kinder Morgan, Inc.                                                    | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    151018 | NS      | $3955161.42   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | Charter Communications Operating, LLC 6.384%, Due 10/23/35             | CUSIP: 161175AZ7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   2430000 | PA      | $2514242.54   | 0.46%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | Micron Technology, Inc. 01/16/2026 280 Call                            | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -460 | NS      | $-492200.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                       | BNP Paribas SA 7.45% Due 12/27/2035                                    | CUSIP: 05602XQQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2750000 | PA      | $2859549.00   | 0.52%             | 2049-12-27      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| iShares Trust                                                                        | ISHARES CORE S&P MID-CAP ETF                                           | CUSIP: 464287507<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     60344 | NS      | $3918135.92   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66 Co.                                                                      | Phillips 66 Co 6.2%, Due 03/15/2056                                    | CUSIP: 718547BA9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |   1780000 | PA      | $1797641.58   | 0.33%             | 2056-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | Apple, Inc.                                                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     19527 | NS      | $5279514.99   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Southstate Bank Corp.                                                                | SOUTHSTATE BANK CORP                                                   | CUSIP: 84472E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64715 | NS      | $5736984.75   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | Federal Home Loan Mortgage Corporation 4.000%, Due 10/01/2052          | CUSIP: 3140XJXY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2603167 | PA      | $2481157.49   | 0.45%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mercury General Corporation                                                          | Mercury General Corporation                                            | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |     78905 | NS      | $6099356.50   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc.                                                                        | Enbridge Inc 7.2% Due 06/27/2054                                       | CUSIP: 29250NCF0<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   2515000 | PA      | $2687096.42   | 0.49%             | 2054-06-27      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| International Business Machines Corp.                                                | International Business Machines Corporation                            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     23648 | NS      | $7269631.68   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Corners Funding Trust IV                                                        | Five Corners Funding Trust IV 5.997%, Due 02/15/53                     | CUSIP: 33835PAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1925000 | PA      | $2003479.90   | 0.37%             | 2053-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Tyson Foods, Inc.                                                                    | Tyson Foods, Inc.                                                      | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     65826 | NS      | $3384114.66   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 6.500%, Due 11/1/2053           | CUSIP: 31418EXW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2376903 | PA      | $2463242.83   | 0.45%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Flex Ltd.                                                                            | Flex Ltd 6.000%, Due 01/15/28                                          | CUSIP: 33938XAE5<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | US        |   2735000 | PA      | $2824691.37   | 0.51%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup, Inc. Floating rate, Due 12/31/2049                          | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3330000 | PA      | $3448041.84   | 0.63%             | 2049-12-31      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                   | Boeing Co/The                                                          | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |     71350 | NS      | $4617772.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 5.500%, Due 04/01/2053          | CUSIP: 3132DP3N6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   2379017 | PA      | $2418753.04   | 0.44%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Century Communities Inc                                                              | Century Communities Inc 6.625%, Due 09/15/2033                         | CUSIP: 156504AN2<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |   1289000 | PA      | $1285116.89   | 0.23%             | 2033-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| San Diego Gas & Electric Company                                                     | San Diego Gas & Electric Co 5.4%, Due 04/15/2035                       | CUSIP: 797440CG7<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |   2030000 | PA      | $2100607.60   | 0.38%             | 2035-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVIDIA Corporation                                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     44000 | NS      | $8909560.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | Hewlett Packard Enterprise Company                                     | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               | CORP              | US        |     75800 | NS      | $5122564.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                                                | JPMorgan Nasdaq Equity Premium Income ETF                              | CUSIP: 46654Q203<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |    135236 | NS      | $7992447.60   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                                                               | Micron Technology, Inc.                                                | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     46000 | NS      | $10293420.00  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                                                          | RenaissanceRe Holdings Ltd 5.75%, Due 06/05/2033                       | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | US        |   2440000 | PA      | $2551860.56   | 0.47%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Golub Capital Private Credit Fund                                                    | Golub Capital Private Credit Fund 5.875% Due 05/01/2030                | CUSIP: 38179RAD7<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |   3635000 | PA      | $3692171.24   | 0.67%             | 2030-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | UNITED STATES TREAS BDS 4.25% 02/15/54                                 | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3820000 | PA      | $3788962.50   | 0.69%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                                                  | Cisco Systems, Inc.                                                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     72447 | NS      | $5296600.17   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                                                                   | State Street Corporation Floating rate, Due 12/31/2049                 | CUSIP: 857477CH4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4155076.00   | 0.76%             | 2049-12-31      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer, L.P.                                                  | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |    525479 | NS      | $8843811.57   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Mara Holdings Inc                                                                    | MARA Holdings Inc 0.0%, Due 08/01/2032                                 | CUSIP: 565788AJ5<br>LEI: 549300M8ISKPTX2W7F94 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $2086392.50   | 0.38%             | 2032-08-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| TPG Inc                                                                              | TPG Inc                                                                | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |     80822 | NS      | $4448442.88   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corporation                                                           | Alliant Energy Corporation                                             | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     49517 | NS      | $3308725.94   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company 5.198%, Due 1/23/2030                            | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3595000 | PA      | $3698229.35   | 0.67%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                               | Ultra 10-Year US Treasury Note Futures 2025-12-19                      | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |        60 | NS      | $81846.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                                                   | Meta Platforms, Inc. Class A                                           | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      6208 | NS      | $4024956.80   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrims Pride Corporation                                                           | Pilgrim's Pride Corp 6.250%, Due 07/01/33                              | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3195525.00   | 0.58%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust                                                | JPMorgan Equity Premium Income ETF                                     | CUSIP: 46641Q332<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |    100401 | NS      | $5710808.88   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                                                          | Walmart, Inc.                                                          | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     42727 | NS      | $4323117.86   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.                                                         | Honeywell International, Inc.                                          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     26532 | NS      | $5341687.56   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds Inc.                                                            | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND - CLASS U                   | CUSIP: 31846V211<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   7661694 | PA      | $7661694.07   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.750%, Due 11/15/53                  | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5030000 | PA      | $5082854.28   | 0.93%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Northern Oil And Gas, Inc.                                                           | Northern Oil & Gas Inc 7.875%, Due 10/15/2033                          | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   3667000 | PA      | $3571503.95   | 0.65%             | 2033-10-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corp 5.518% Due 10/25/2035                             | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3140000 | PA      | $3219417.73   | 0.59%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Barrick Mining Corp.                                                                 | Barrick Mining Corporation                                             | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    208543 | NS      | $6840210.40   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                                                             | Alcon, Inc. 0                                                          | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     67289 | NS      | $4971984.21   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                               | CBOT 2 Year US Treasury Note Future 12/31/2025                         | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |       115 | NS      | $-32672.18    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                                               | Intesa Sanpaolo S.p.A. 7.778%, Due 06/20/54                            | CUSIP: 46115HCB1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2578998.66   | 0.47%             | 2054-06-20      | Fixed         | 7.78%                 | Yes           |                  2 | On Loan: No      |
| Medtronic PLC                                                                        | Medtronic plc                                                          | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | US        |     46019 | NS      | $4173923.30   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Sixth Street Lending Partners                                                        | Sixth Street Lending Partners 5.75%, Due 01/15/2030                    | CUSIP: 829932AD4<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |   2085000 | PA      | $2112845.07   | 0.39%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley 6.296%, Due 10/18/2028                                  | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2385000 | PA      | $2479915.68   | 0.45%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | Citigroup, Inc. 6.174%, Due 05/25/34                                   | CUSIP: 17327CAR4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $2194472.11   | 0.40%             | 2034-05-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                                      | BAE Systems plc ADR                                                    | CUSIP: 05523R107<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | US        |     24687 | NS      | $2441791.17   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackline Inc                                                                        | BlackLine Inc 1.00% Due 06/01/2029                                     | CUSIP: 09239BAF6<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   2105000 | PA      | $2257823.00   | 0.41%             | 2029-06-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                                      | Sinclair Television Group Inc 8.125% Due 2/15/2033                     | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   2566000 | PA      | $2614984.94   | 0.48%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                          | CME Euro Foreign Exchange Currency Future 2025-12-15                   | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DFE              | CORP              | US        |        75 | NS      | $-67790.25    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Note/Bond 3.875%, Due 07/31/2030                | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1935000 | PA      | $1948529.89   | 0.36%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NextEra Energy Capital Holdings Inc 3.0% Due 3/1/2027                  | CUSIP: 65339KCY4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   2920000 | PA      | $3655840.00   | 0.67%             | 2027-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Northern Oil And Gas, Inc.                                                           | Northern Oil and Gas Inc 3.625%, Due 04/15/29                          | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1889550.00   | 0.34%             | 2029-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Prologis Inc.                                                                        | Prologis, Inc. REIT                                                    | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     33273 | NS      | $4128846.57   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Florida Gas Transmission Co.                                                         | Florida Gas Transmission Co LLC 5.75% Due 07/15/2035                   | CUSIP: 340711BC3<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |   2880000 | PA      | $2995166.71   | 0.55%             | 2035-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                   | Ares Capital Corporation 7.000%, Due  01/15/27                         | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3080867.46   | 0.56%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                                                    | FedEx Corporation                                                      | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     22091 | NS      | $5607137.62   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | U.S. Treasury Notes 4.625%, Due 02/15/2035                             | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7565000 | PA      | $7886512.50   | 1.44%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Becton, Dickinson and Company                                                        | Becton, Dickinson and Company                                          | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     14883 | NS      | $2659740.93   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties LP                                                           | Corporate Office Properties LP 5.250%, Due 09/15/28                    | CUSIP: 22003BAQ9<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |   2045000 | PA      | $2312508.23   | 0.42%             | 2028-09-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | United States Treasury Notes 4.375%, Due 05/15/2034                    | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6315000 | PA      | $6479041.98   | 1.18%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Inc                                                               | CenterPoint Energy Inc 4.25% Due 8/15/2026                             | CUSIP: 15189TBD8<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |   3615000 | PA      | $3976500.00   | 0.72%             | 2026-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | Energy Transfer Operating LP 7.125%, Perpetual                         | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2580760.00   | 0.47%             | 2165-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                                                        | Chevron Corporation                                                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16420 | NS      | $2589762.40   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Georgia Power Company                                                                | Georgia Power Co 5.25%, Due 03/15/2034                                 | CUSIP: 373334KW0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |   2785000 | PA      | $2873575.39   | 0.52%             | 2034-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                                                 | Columbia Pipelines Operating Co LLC 6.544%, Due 11/15/53               | CUSIP: 19828TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3705000 | PA      | $3976931.92   | 0.72%             | 2053-11-15      | Fixed         | 6.54%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.75% Due 05/15/2055                  | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8650000 | PA      | $8758125.00   | 1.60%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Kimco Realty OP LLC                                                                  | Kimco Realty OP LLC 4.85%, Due 3/1/2025                                | CUSIP: 49447BAB9<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |   2545000 | PA      | $2531274.89   | 0.46%             | 2035-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                   | Dell International, LLC / EMC Corporation 8.350%, Due 07/15/2046       | CUSIP: 24703TAK2<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   1314000 | PA      | $1699031.03   | 0.31%             | 2046-07-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                               | MPT Operating Partnership LP / MPT Finance Corp 8.5% Due 2/15/2032     | CUSIP: 55342UAQ7<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3142278.00   | 0.57%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                        | Freddie Mac STACR REMIC Trust 2021-HQA1 9.34839%, Due 08/25/2033       | CUSIP: 35564KCP2<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   2145000 | PA      | $2504287.50   | 0.46%             | 2033-08-25      | Floating      | 9.18%                 | Yes           |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                                | WEC Energy Group, Inc.                                                 | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     60784 | NS      | $6791396.32   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia                                                                  | The Bank of Nova Scotia 8.625%, Due 10/27/2082                         | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3458682.27   | 0.63%             | 2082-10-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                               | Ultra U.S. Treasury Bond Futures 2025-12-19                            | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |        80 | NS      | $167275.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Truck Leasing Co LP / PTL Finance Corp.                                       | Penske Truck Leasing Co./ PTL Finance Corporation 6.200%, Due 06/15/30 | CUSIP: 709599BV5<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |   2815000 | PA      | $3008762.61   | 0.55%             | 2030-06-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | Wells Fargo & Company                                                  | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    103880 | NS      | $9034443.60   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Company                                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     24554 | NS      | $7639240.48   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                                                        | US Bancorp Floating Rate, Due 12/31/2049                               | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   4025000 | PA      | $3909299.77   | 0.71%             | 2049-12-31      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corp.                                                               | Lincoln National Corporation Floating rate, Due 12/31/2049             | CUSIP: 534187BR9<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $2221343.22   | 0.40%             | 2049-12-31      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Compass Group Diversified Holdings LLC                                               | Compass Group Diversified Holdings 5.250%, Due 04/15/2029              | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |   2950750 | PA      | $2672707.26   | 0.49%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Public Storage                                                                       | Public Storage REIT                                                    | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     10916 | NS      | $3040760.96   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                                       | Mexico Government International Bond 7.375%, Due 05/13/2055            | CUSIP: 91087BBD1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   3980000 | PA      | $4467550.00   | 0.81%             | 2055-05-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | Barclays, PLC Floating rate, Due 12/31/2049                            | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $3352535.55   | 0.61%             | 2049-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Meritage Homes Corp                                                                  | Meritage Homes Corp 1.25% Due 05/15/2028                               | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   2680000 | PA      | $2669513.08   | 0.49%             | 2028-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Essex Property Trust, Inc.                                                           | Essex Property Trust, Inc. REIT                                        | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     13590 | NS      | $3421554.30   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                                                                 | Gilead Sciences, Inc.                                                  | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     86365 | NS      | $10345663.35  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                                                | Bank of America Corp 6.25%, Due 3/15/2030                              | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3055000 | PA      | $3107750.69   | 0.57%             | 2035-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                            | Sunoco LP 7.875%, Due 03/18/2045                                       | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1482630.00   | 0.27%             | 2045-03-18      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                                               | CBOT 5 Year US Treasury Note 2025-12-31                                | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |       342 | NS      | $-89559.83    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                                                               | Sempra Energy 6.400%, Due 10/01/2054                                   | CUSIP: 816851BT5<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3080967.00   | 0.56%             | 2054-10-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                         | Barclays PLC 7.385%, Due 11/02/28                                      | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | US        |   2845000 | PA      | $3011893.67   | 0.55%             | 2028-11-02      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 4.500%, Due 12/01/2052          | CUSIP: 3132DWFQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   2443377 | PA      | $2391954.61   | 0.44%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                                                               | Marvell Technology, Inc.                                               | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84748 | NS      | $7944277.52   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Connect Finco SARL/Connect US Finco LLC                                              | Connect Finco SARL / Connect US Finco LLC 9.0%, Due 9/15/2029          | CUSIP: 20752TAB0<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | US        |   2585000 | PA      | $2737072.97   | 0.50%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Gitlab Inc                                                                           | GitLab, Inc. - Class A                                                 | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |     41060 | NS      | $2001675.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                                                          | Capital One Financial Corporation                                      | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     25239 | NS      | $5552327.61   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS/Community Health Systems Inc                                                     | CHS / Community Health Systems, Inc. 10.875%, Due 01/15/2032           | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   2675000 | PA      | $2883529.17   | 0.53%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Shift4 Payments Inc                                                                  | SHIFT4 PMTS INC                                                        | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     11500 | NS      | $982790.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | Charter Communications 6.484%, Due 10/23/2045                          | CUSIP: 161175BA1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3643560.71   | 0.66%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet, Inc. Class A                                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     50912 | NS      | $14315945.28  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | Federal Home Loan Mortgage Corporation 5.000%, Due 01/01/2053          | CUSIP: 3132DWF57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |   2367787 | PA      | $2367448.16   | 0.43%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                          | Capital One Financial Corporation 7.624%, Due 10/30/2031               | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2560000 | PA      | $2885513.86   | 0.53%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                  | Ally Financial, Inc. 6.992%, Due 06/13/29                              | CUSIP: 02005NBT6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   3175000 | PA      | $3333398.50   | 0.61%             | 2029-06-13      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.375%, Due 08/15/2043                | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5250000 | PA      | $5101933.62   | 0.93%             | 2043-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GDS Holdings Ltd.                                                                    | GDS Holdings Ltd 2.25%, Due 06/01/2032                                 | CUSIP: 36165LAC2<br>LEI: 391200MGV8DDCHTN2R77 | Long             | DBT              | CORP              | KY        |   1310000 | PA      | $1754090.00   | 0.32%             | 2032-06-01      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| HP Inc                                                                               | HP Inc 6.1% Due 04/25/2035                                             | CUSIP: 40434LAS4<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |   1435000 | PA      | $1518222.58   | 0.28%             | 2035-04-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corp 4.8%, Due 09/26/2032                                       | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1096526.02   | 0.20%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Boston Properties LP                                                                 | Boston Properties LP 2.0%, Due 10/01/2030                              | CUSIP: 10112RBM5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3669375.00   | 0.67%             | 2030-10-01      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BAT Capital Corp 7.75%, Due 10/19/2032                                 | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   3576000 | PA      | $4164855.63   | 0.76%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                                      | MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   1333000 | PA      | $1333000.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                                                     | Kratos Defense & Security Solutions, Inc. 11/21/2025 100 Call          | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -980 | NS      | $-480200.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                                                                      | Home Depot, Inc. (The)                                                 | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     13360 | NS      | $5071322.40   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                                                    | Johnson & Johnson                                                      | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     34880 | NS      | $6587785.60   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC Holdings PLC Floating rate, Due 12/31/2049                        | CUSIP: 404280DT3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | US        |   3455000 | PA      | $3658368.21   | 0.67%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SBL Holdings Inc.                                                                    | SBL Holdings Inc 7.2%, Due 10/30/2034                                  | CUSIP: 78397DAD0<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3513542.87   | 0.64%             | 2034-10-30      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | Alphabet Inc 5.30% Due 05/15/2065                                      | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   2225000 | PA      | $2185262.90   | 0.40%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | United States Treasury Note/Bond 4.5%, Due 11/15/2054                  | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5430000 | PA      | $5277069.15   | 0.96%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                            | Mars Inc 5.7% Due 11/1/2025                                            | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1646110.61   | 0.30%             | 2055-05-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Deluxe Corporation                                                                   | Deluxe Corp 8.125%, Due 9/15/2029                                      | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2720775.20   | 0.50%             | 2029-09-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Products Partners L.P.                                                    | Enterprise Products Partners L.P.                                      | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    132866 | NS      | $4090944.14   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc.                                                                          | Ventas, Inc. REIT                                                      | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     75006 | NS      | $5534692.74   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | U.S. Treasury Notes 4.125, Due 11/15/2032                              | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1310000 | PA      | $1328166.02   | 0.24%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                                         | National Australia Bank Ltd 6.429%, Due 01/12/33                       | CUSIP: 632525BC4<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $3129482.27   | 0.57%             | 2033-01-12      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Walt Disney Company                                                                  | Walt Disney Company (The)                                              | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     34365 | NS      | $3870186.30   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials Inc.                                                     | Solstice Advanced Materials, Inc.                                      | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |      6633 | NS      | $298949.31    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.                                            | Kratos Defense & Security Solutions, Inc.                              | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     98000 | NS      | $8878800.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                                         | UNITED STATES TREAS NTS 4.00% Due 02/28/2030                           | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3250000 | PA      | $3289990.24   | 0.60%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Farmers Exchange Capital                                                             | Farmers Exchange Capital 7.050%, Due 07/15/2028                        | CUSIP: 309588AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3854737.96   | 0.70%             | 2028-07-15      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                             | Celanese US Holdings LLC 6.350%, due 11/15/28                          | CUSIP: 15089QAW4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   2475000 | PA      | $2563520.85   | 0.47%             | 2028-11-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corporation                                                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     23468 | NS      | $12151965.08  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TransCanada Trust                                                                    | Transcanada Trust 5.600%, Due 03/07/2082                               | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | US        |   2918000 | PA      | $2885955.40   | 0.53%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corporation 6.900%, Due 11/09/52                                | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $2213751.00   | 0.40%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Mylan Inc                                                                            | Mylan, Inc. 5.200%, Due 04/15/2048                                     | CUSIP: 628530BJ5<br>LEI: 30ZMPDNA1RHIBH89C294 | Long             | DBT              | CORP              | US        |   2650000 | PA      | $2156127.48   | 0.39%             | 2048-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | Lockheed Martin Corporation                                            | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      5475 | NS      | $2693043.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitios Latinoamerica S.A.B. De C.V                                                   | America Movil SAB de CV 5.375%, Due 04/04/2032                         | CUSIP: 03217KAB4<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | US        |   3050000 | PA      | $3056981.45   | 0.56%             | 2032-04-04      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

**Name of Applicant:** Westwood Income Opportunity Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** Treasurer