# EDGAR Filing Document

**Accession Number:** 0000088525
**File Stem:** 0000913181-25-000343
**Filing Date:** 2025-12
**Character Count:** 107362
**Document Hash:** 29d0622709380f373bb8ceea5f3dd951
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913181-25-000343.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000913181-25-000343

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GUGGENHEIM FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000088525

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01136
- **FILM NUMBER:** 251538210

**BUSINESS ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 301-296-5100

**MAIL ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SECURITY EQUITY FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Guggenheim Active INvestment Series (GAINS)-Limited Duration Fund (Series ID: S000085234)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000250201 | SMA Class    | GULDX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-01136

- **c. CIK number of Registrant:** 0000088525

- **d. LEI of Registrant:** 54930033G24U3UGWK691

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

  - **Street Address 1:** 702 King Farm Blvd., Suite 200

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

  - **Telephone number:** 301-296-5100

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

- **a. Name of Series:** Guggenheim Active INvestment Series (GAINS) - Limited Duration Fund

- **b. EDGAR series identifier (if any):** S000085234

- **c. LEI of Series:** 254900SH2QUUHB6Q4343

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $22177597.21

**Total Liabilities:** $3110865.21

**Net Assets:** $19066732.00

**Delayed Delivery Securities:** $2223634.58

**Cash Not Reported:** $295395.12

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 489.63816770 | **1-Year:** 3389.49871950 | **5-Year:** 1882.05110460 | **10-Year:** 502.80799310 | **30-Year:** 0.00000000

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

- **3-Month:** 217.54823040 | **1-Year:** 92.91559550 | **5-Year:** 140.45949970 | **10-Year:** 32.69772330 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000250201 | 0.28%                | 0.89%                | 0.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1705.13                 | $-42029.38                                 |
| Month 2  | $5657.60                 | $91383.90                                  |
| Month 3  | $4156.05                 | $-1059.69                                  |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GRAHAM HOLDINGS CO                     | Graham Holdings Co.                                                                              | CUSIP: 384637AA2<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24989.81     | 0.13%             | 2026-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 1-Year/2-Year Interest Rate Swap                                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -306250 | NC      | $-771.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HLEND CLO LLC                          | Hlend CLO LLC                                                                                    | CUSIP: 43367AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $149494.94    | 0.78%             | 2037-08-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | BRAVO Residential Funding Trust                                                                  | CUSIP: 10570QAE1<br>LEI: 25490082TY9NA9XBGW19 | Long             | ABS-MBS          | CORP              | US        |    136325 | PA      | $137584.28    | 0.72%             | 2065-02-25      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                              | Acrec LLC                                                                                        | CUSIP: 00112HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99151.72     | 0.52%             | 2042-08-18      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                      | PRPM LLC                                                                                         | CUSIP: 69392NAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $94278.37     | 0.49%             | 2055-04-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Securities LLC             | U.S. Secured Overnight Financing Rate                                                            | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | N/A              | DIR              |  | US        |   3700000 | OU      | $16889.98     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                       | CIFC Funding Ltd.                                                                                | CUSIP: 12570LAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $250380.00    | 1.31%             | 2035-04-17      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LL         | Stack Infrastructure Issuer LLC                                                                  | CUSIP: 85236KAP7<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99583.32     | 0.52%             | 2050-05-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                            | Freddie Mac                                                                                      | CUSIP: 3137HLKN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    190786 | PA      | $193265.07    | 1.01%             | 2051-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BSPDF Issuer Ltd                       | BSPDF Issuer LLC                                                                                 | CUSIP: 05615KAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99981.68     | 0.52%             | 2042-12-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                   | Cross Mortgage Trust                                                                             | CUSIP: 22758NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    133882 | PA      | $134900.40    | 0.71%             | 2070-02-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | BRAVO                                                                                            | CUSIP: 05613JAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75757 | PA      | $76129.44     | 0.40%             | 2064-08-01      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Tricon Residential                     | Tricon Residential Trust                                                                         | CUSIP: 895974AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198972 | PA      | $199352.44    | 1.05%             | 2042-03-17      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -218750 | NC      | $-375.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Altde Trust                            | ALTDE Trust                                                                                      | CUSIP: 00166NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240491 | PA      | $246126.00    | 1.29%             | 2050-08-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Inc.          | Citigroup Global Markets, Inc.                                                                   | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Short            | RA               | CORP              | US        |   -115066 | PA      | $-115066.36   | -0.60%            |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust               | Mill City Mortgage Loan Trust                                                                    | CUSIP: 59982HAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $100899.38    | 0.53%             | 2060-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                       | Owl Rock CLO VII LLC                                                                             | CUSIP: 69121BAQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $248750.00    | 1.30%             | 2038-04-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| FERDINAND FFP ULTIMATE HOLDINGS LP     | Focus Financial Partners LLC                                                                     | CUSIP: N/A<br>LEI: 5493007L0E0VKRC2CP39       | Long             | LON              | CORP              | US        |     29775 | PA      | $29777.98     | 0.16%             | 2031-09-15      | Variable      | 6.91%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Securities LLC             | CDX.NA.HY.44.V1                                                                                  | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | N/A              | DCR              |  | US        |   -250000 | OU      | $-19984.63    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                     | F&G Global Funding                                                                               | CUSIP: 30321L2J0<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25967.71     | 0.14%             | 2030-01-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| QTS ISSUER ABS I LLC                   | QTS Issuer ABS I LLC                                                                             | CUSIP: 74690DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $102134.71    | 0.54%             | 2055-05-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd               | Neuberger Berman Loan Advisers CLO 47 Ltd.                                                       | CUSIP: 64135DAL9<br>LEI: 549300JRWXK6DFJD7D06 | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $250000.00    | 1.31%             | 2035-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PCI GAMING AUTHORITY                   | PCI Gaming Authority, Inc.                                                                       | CUSIP: N/A<br>LEI: 549300KPXAJ1LRW5LP59       | Long             | LON              | CORP              | US        |     29625 | PA      | $29548.57     | 0.15%             | 2031-07-18      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO          | ABPCI Direct Lending Fund CLO V Ltd.                                                             | CUSIP: 000807AW7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    100000 | PA      | $101517.45    | 0.53%             | 2036-01-20      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | BRAVO Residential Funding Trust                                                                  | CUSIP: 10569PAA4<br>LEI: 254900AZU85EXAPTTF77 | Long             | ABS-MBS          | CORP              | US        |    139217 | PA      | $140510.19    | 0.74%             | 2055-02-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                      | PRPM LLC                                                                                         | CUSIP: 69382HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     93181 | PA      | $93519.34     | 0.49%             | 2030-05-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                      | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DIR              |  | GB        |   -218750 | NC      | $-316.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX Trust                                                                                        | CUSIP: 67119PAB7<br>LEI: 254900W2SY2Z6X7UAX78 | Long             | ABS-MBS          | CORP              | US        |     74145 | PA      | $74266.35     | 0.39%             | 2064-06-25      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan          | New Residential Mortgage Loan Trust                                                              | CUSIP: 64832CAC7<br>LEI: 2138002D8CMDYG7QOU84 | Long             | ABS-MBS          | CORP              | US        |     91752 | PA      | $92654.86     | 0.49%             | 2065-05-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust               | JP Morgan Mortgage Trust                                                                         | CUSIP: 46658UAE1<br>LEI: 529900DB310G9HU4BP72 | Long             | ABS-MBS          | CORP              | US        |    125196 | PA      | $126972.08    | 0.67%             | 2055-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Trust                 | Invitation Homes Trust                                                                           | CUSIP: 46188DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $97016.74     | 0.51%             | 2041-09-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIFORM MBS                            | Uniform MBS 15 Year                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    206973 | PA      | $206673.51    | 1.08%             | 2025-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                  | Foreign Exchange EUR/USD                                                                         | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              |  | US        |    311000 | NC      | $531.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNTER DOUGLAS INC                     | Hunter Douglas, Inc.                                                                             | CUSIP: N/A<br>LEI: 529900811T142NS3H544       | Long             | LON              | CORP              | US        |     79400 | PA      | $79400.00     | 0.42%             | 2032-01-17      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management            | RCKT Mortgage Trust                                                                              | CUSIP: 749427AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    129812 | PA      | $131329.37    | 0.69%             | 2045-01-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                            | Foreign Exchange EUR/USD                                                                         | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DFE              |  | US        |      6000 | NC      | $0.02         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust             | Verus Securitization Trust                                                                       | CUSIP: 92540RAE4<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-MBS          | CORP              | US        |     89209 | PA      | $89730.85     | 0.47%             | 2069-11-25      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Securities LLC             | U.S. Secured Overnight Financing Rate                                                            | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | N/A              | DIR              |  | US        |   -400000 | OU      | $-17290.73    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| LUX NEWCO                              | Froneri US, Inc.                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     24875 | PA      | $24673.00     | 0.13%             | 2031-09-30      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T         | EFMT                                                                                             | CUSIP: 26846VAA2<br>LEI: 254900CMJGXNT3R7H775 | Long             | ABS-MBS          | CORP              | US        |     91355 | PA      | $92454.02     | 0.48%             | 2060-01-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd         | Golub Capital Partners CLO 46M Ltd.                                                              | CUSIP: 38178UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251370.15    | 1.32%             | 2037-04-20      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 1-Year/2-Year Interest Rate Swap                                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -350000 | NC      | $-954.91      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CRETACEOUS MIDCO LTD                   | ContourGlobal Power Holdings S.A.                                                                | CUSIP: N/A<br>LEI: 549300O5AGIFK0PQ1516       | Long             | DBT              | CORP              | LU        |    100000 | PA      | $120201.43    | 0.63%             | 2030-02-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX Trust                                                                                        | CUSIP: 673914AC1<br>LEI: 2549007E8KF1RJ2ZV866 | Long             | ABS-MBS          | CORP              | US        |    176844 | PA      | $178329.06    | 0.94%             | 2064-12-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd         | Golub Capital Partners CLO 54M L.P                                                               | CUSIP: 38181GAA3<br>LEI: 2549007JA1TZWEDGPD41 | Long             | ABS-O            | CORP              | KY        |    100000 | PA      | $99998.34     | 0.52%             | 2037-08-05      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                            | HOMES Trust                                                                                      | CUSIP: 43761DAD2<br>LEI: 254900LUV7YA0N50XT86 | Long             | ABS-MBS          | CORP              | US        |     91940 | PA      | $92613.29     | 0.49%             | 2070-01-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 1-Year/2-Year Interest Rate Swap                                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -218750 | NC      | $-461.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hotwire Funding LLC                    | Hotwire Funding LLC                                                                              | CUSIP: 44148JAK5<br>LEI: 254900ZCO90MCT7Y9348 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $102240.87    | 0.54%             | 2054-06-20      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru         | Provident Funding Mortgage Trust                                                                 | CUSIP: 74388NAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     91709 | PA      | $92194.49     | 0.48%             | 2055-02-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -218750 | NC      | $-360.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                | Darling Global Finance B.V.                                                                      | CUSIP: N/A<br>LEI: L1N0SPPKS7EXZYUMZ898       | Long             | DBT              | CORP              | US        |    100000 | PA      | $118556.51    | 0.62%             | 2032-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 38 Ltd                     | Elmwood CLO 38 Ltd.                                                                              | CUSIP: 289908AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $249574.98    | 1.31%             | 2038-04-22      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| DOGWOOD TERM LOANS                     | Dogwood State Bank                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    149996 | PA      | $150855.70    | 0.79%             | 2032-06-24      | Fixed         | 6.45%                 | No            |                  3 | On Loan: No      |
| The Toronto-Dominion Bank              | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: PT3QB789TSUIDF371261       | N/A              | DIR              |  | US        |   -218750 | NC      | $-728.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                       | Amwins Group, Inc.                                                                               | CUSIP: N/A<br>LEI: 549300SJE7MUB8NMRG61       | Long             | LON              | CORP              | US        |     99250 | PA      | $99184.50     | 0.52%             | 2032-01-30      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| UBS AG                                 | Foreign Exchange USD/JPY                                                                         | CUSIP: N/A<br>LEI: BFM8T61CT2L1QCEMIK50       | N/A              | DFE              |  | US        |   -208000 | NC      | $-27.61       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS               | Focus Financial Partners LLC                                                                     | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10241.18     | 0.05%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PINNACLE WEST CAPITAL                  | Pinnacle West Capital Corp.                                                                      | CUSIP: 723484AM3<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101590.33    | 0.53%             | 2028-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GF                   | American National Global Funding                                                                 | CUSIP: 02771D2B9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30591.99     | 0.16%             | 2030-06-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                      | 1-Year/2-Year Interest Rate Swap                                                                 | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DIR              |  | GB        |   -218750 | NC      | $-633.77      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GCAT                                   | GCAT Trust                                                                                       | CUSIP: 36168MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     77411 | PA      | $77136.84     | 0.40%             | 2067-04-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| Apollo Aviation Securitization         | AASET                                                                                            | CUSIP: 00258PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    239205 | PA      | $244382.67    | 1.28%             | 2050-02-16      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| CREATIVE PLANNING HOLDCO LLC           | CPI Holdco B LLC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     50000 | PA      | $49937.50     | 0.26%             | 2031-05-17      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| HAH GROUP HOLDING COMPANY LLC          | HAH Group Holding Co. LLC                                                                        | CUSIP: N/A<br>LEI: 254900FFJQHW9R90FL74       | Long             | LON              | CORP              | US        |      5357 | PA      | $4809.13      | 0.03%             | 2031-09-24      | Variable      | 9.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                            | Freddie Mac                                                                                      | CUSIP: 3137HMA67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     95424 | PA      | $96340.46     | 0.51%             | 2053-04-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| XPO INC                                | XPO, Inc.                                                                                        | CUSIP: N/A<br>LEI: 54930096DB9LCLPN7H13       | Long             | LON              | CORP              | US        |     92857 | PA      | $93520.14     | 0.49%             | 2028-05-24      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                  | LoanCore                                                                                         | CUSIP: 53947FAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99359.75     | 0.52%             | 2042-08-17      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                      | PRPM LLC                                                                                         | CUSIP: 69395KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95247 | PA      | $95345.61     | 0.50%             | 2028-08-25      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                           | AGL CLO 39 Ltd.                                                                                  | CUSIP: 00121XAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $250752.48    | 1.32%             | 2038-04-20      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| Arbys Funding LLC                      | Arbys Funding LLC                                                                                | CUSIP: 038779AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95000 | PA      | $91738.22     | 0.48%             | 2050-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| HARBOURVEST STRUCTURED SOLUTIONS IV LP | HarbourVest Partners LLC                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100000.00    | 0.52%             | 2030-09-15      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG                 | Six Flags Entertainment Corporation /Six Flags Theme Parks Incorporated/ Canada's Wonderland Co. | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25470.33     | 0.13%             | 2032-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                      | PRPM 2025-5 LLC                                                                                  | CUSIP: 69392RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     98454 | PA      | $98546.47     | 0.52%             | 2030-07-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                            | Freddie Mac                                                                                      | CUSIP: 3137HJWE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    120459 | PA      | $122199.27    | 0.64%             | 2053-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Servpro Master Issuer, LLC             | SERVPRO Master Issuer LLC                                                                        | CUSIP: 817743AJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     98500 | PA      | $101775.85    | 0.53%             | 2054-01-25      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| GCAT                                   | GCAT Trust                                                                                       | CUSIP: 36831DAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     98833 | PA      | $100541.83    | 0.53%             | 2055-08-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International            | Foreign Exchange USD/JPY                                                                         | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DFE              |  | US        |    -19000 | NC      | $-2.52        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Vista Point Securitization Tru         | Vista Point Securitization Trust                                                                 | CUSIP: 92839HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60050 | PA      | $60782.15     | 0.32%             | 2054-05-25      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| NEW BOOST HOLDCO LLC                   | Worldpay                                                                                         | CUSIP: N/A<br>LEI: 254900S8RE1OL7TTCU64       | Long             | LON              | CORP              | US        |     99500 | PA      | $99541.79     | 0.52%             | 2031-01-31      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC               | Prime Security Services Borrower LLC / Prime Finance, Inc.                                       | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $5020.48      | 0.03%             | 2026-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International            | Foreign Exchange EUR/USD                                                                         | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DFE              |  | US        |    176000 | NC      | $300.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitiza         | Castlelake Aircraft Structured Trust                                                             | CUSIP: 14856VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    238555 | PA      | $242231.80    | 1.27%             | 2050-02-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust              | Towd Point Mortgage Trust                                                                        | CUSIP: 89182FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     55644 | PA      | $56509.33     | 0.30%             | 2063-10-25      | Variable      | 7.29%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd         | Golub Capital Partners Clo 49M Ltd.                                                              | CUSIP: 38181HAC7<br>LEI: 254900NUVOJAHAT10W61 | Long             | ABS-O            | CORP              | KY        |    100000 | PA      | $100150.16    | 0.53%             | 2038-07-20      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC    | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DIR              |  | US        |   -218750 | NC      | $-558.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Five Guys Funding, LLC                 | Five Guys Holdings, Inc.                                                                         | CUSIP: 33830JAE5<br>LEI: 549300XWT8G8Q3Z3HJ19 | Long             | ABS-O            | CORP              | US        |     99250 | PA      | $103232.54    | 0.54%             | 2054-01-26      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Gilead Aviation (Warehouse) LL         | Gilead Aviation LLC                                                                              | CUSIP: 37556TAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    243836 | PA      | $248824.31    | 1.31%             | 2050-03-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                  | CURRENCY CONTRACT - Rec USD / Deliver EUR                                                        | CUSIP: N/A<br>LEI: PT3QB789TSUIDF371261       | N/A              | DFE              |  | US        |     -2000 | NC      | $1.37         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC    | 9-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DIR              |  | US        |    667500 | NC      | $8424.15      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust             | Verus Securitization Trust                                                                       | CUSIP: 92540TAA8<br>LEI: 213800JOKZMXZECMAB50 | Long             | ABS-MBS          | CORP              | US        |    180691 | PA      | $182348.66    | 0.96%             | 2070-01-25      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International            | Foreign Exchange USD/JPY                                                                         | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DFE              |  | US        |     81000 | NC      | $1042.95      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. Morgan Securities LLC             | U.S. Secured Overnight Financing Rate                                                            | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | N/A              | DIR              |  | US        |  -1070000 | OU      | $-30583.60    | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| FIGRE Trust                            | FIGRE Trust                                                                                      | CUSIP: 31684UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     78515 | PA      | $78802.64     | 0.41%             | 2054-09-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                  | Foreign Exchange EUR/USD                                                                         | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              |  | US        |     20000 | NC      | $0.06         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Switch ABS Issuer, LLC                 | Switch ABS Issuer LLC                                                                            | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99071.65     | 0.52%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY HOLDINGS INC            | Ryan Specialty LLC                                                                               | CUSIP: N/A<br>LEI: 549300K52N7QBO3PYY45       | Long             | LON              | CORP              | US        |     24812 | PA      | $24804.81     | 0.13%             | 2031-09-15      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                            | FIGRE Trust                                                                                      | CUSIP: 31684DAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    126641 | PA      | $127393.74    | 0.67%             | 2054-12-25      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                   | FS Rialto Issuer LLC                                                                             | CUSIP: 30340KAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99548.72     | 0.52%             | 2042-08-19      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                  | Foreign Exchange EUR/USD                                                                         | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              |  | US        |     29000 | NC      | $0.07         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. Morgan Securities LLC             | U.S. Secured Overnight Financing Rate                                                            | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | N/A              | DIR              |  | US        |    -90000 | OU      | $-2550.90     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                  | Venture Global Plaquemines LNG LLC                                                               | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $44200.40     | 0.23%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BCRED MML CLO 2021-1 LLC               | BCRED MML CLO LLC                                                                                | CUSIP: 072917AA5<br>LEI: 2549008X01GXURMQIW78 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100195.58    | 0.53%             | 2035-04-20      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities          | Fortress Credit Opportunities XXV CLO LLC                                                        | CUSIP: 34966QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $251731.25    | 1.32%             | 2037-01-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| SLAM LLC                               | Slam Ltd.                                                                                        | CUSIP: 83100AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    468370 | PA      | $471933.03    | 2.48%             | 2049-09-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| VOLT PARENT LP                         | Calpine Construction Finance Company, LP                                                         | CUSIP: N/A<br>LEI: V0Q3DOB0FIB2XI1KWU77       | Long             | LON              | CORP              | US        |     25000 | PA      | $24997.00     | 0.13%             | 2030-07-31      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 1-Year/2-Year Interest Rate Swap                                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -350000 | NC      | $-763.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd               | Madison Park Funding LXXI Ltd.                                                                   | CUSIP: 55817DAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $249625.00    | 1.31%             | 2038-04-23      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| STAR 2025-SFR6 Trust                   | STAR 2025-SFR6 Trust                                                                             | CUSIP: 85520EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100208.52    | 0.53%             | 2042-08-17      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC    | 1-Year/2-Year Interest Rate Swap                                                                 | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DIR              |  | US        |   -306250 | NC      | $-771.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TERRAFORM GLOBAL OPERATI               | Terraform Global Operating, LP                                                                   | CUSIP: 88104UAC7<br>LEI: 549300LC7QMVR79H5O86 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29620.81     | 0.16%             | 2026-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -218750 | NC      | $-643.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                            | Freddie Mac                                                                                      | CUSIP: 3137HJ6S1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    182277 | PA      | $184326.59    | 0.97%             | 2051-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BXHPP Trust                            | BXHPP Trust                                                                                      | CUSIP: 05609JAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25000 | PA      | $22838.78     | 0.12%             | 2036-08-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                 | Sequoia Mortgage Trust                                                                           | CUSIP: 81749YAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     92831 | PA      | $93311.31     | 0.49%             | 2055-07-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank              | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: PT3QB789TSUIDF371261       | N/A              | DIR              |  | CA        |   -218750 | NC      | $-312.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. Morgan Securities LLC             | U.S. Secured Overnight Financing Rate                                                            | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | N/A              | DIR              |  | US        |  -1800000 | OU      | $-48111.42    | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| DELTA PARENT HOLDINGS INC              | Kroll, Inc.                                                                                      | CUSIP: N/A<br>LEI: 549300FDREJLOIGXY104       | Short            | LON              | CORP              | US        |    -10000 | PA      | $-39.06       | -0.00%            | 2032-09-03      | Variable      | 1.00%                 | No            |                  3 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX Trust                                                                                        | CUSIP: 673913AC3<br>LEI: 254900NK9PNLY9I00149 | Long             | ABS-MBS          | CORP              | US        |     81538 | PA      | $82170.71     | 0.43%             | 2064-10-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank              | 1-Year/2-Year Interest Rate Swap                                                                 | CUSIP: N/A<br>LEI: PT3QB789TSUIDF371261       | N/A              | DIR              |  | US        |   -350000 | NC      | $-954.91      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. Morgan Securities LLC             | CDX.NA.IG.45.V1                                                                                  | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | N/A              | DCR              |  | US        |   -500000 | OU      | $-11316.99    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| GCAT                                   | GCAT 2025-NQM4 Trust                                                                             | CUSIP: 367923AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    196447 | PA      | $198146.93    | 1.04%             | 2070-06-25      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust               | Mill City Securities Ltd.                                                                        | CUSIP: 599920AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61523 | PA      | $57446.82     | 0.30%             | 2069-11-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                | GA Global Funding Trust                                                                          | CUSIP: 36143L2R5<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155363.33    | 0.81%             | 2030-01-13      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International            | Foreign Exchange USD/JPY                                                                         | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DFE              |  | US        |     19000 | NC      | $40.18        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -218750 | NC      | $-296.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan          | New Residential Mortgage Loan Trust                                                              | CUSIP: 64832BAE5<br>LEI: 213800Z6O4V4V96AU133 | Long             | ABS-MBS          | CORP              | US        |     78543 | PA      | $78766.48     | 0.41%             | 2064-09-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                  | Foreign Exchange USD/JPY                                                                         | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              |  | US        |     18000 | NC      | $231.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                        | SBA Tower Trust                                                                                  | CUSIP: 78403DBD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $50322.97     | 0.26%             | 2029-10-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| CYPRESS INTERMEDIATE HOLDINGS II INC   | CCC Intelligent Solutions, Inc.                                                                  | CUSIP: N/A<br>LEI: 5493006JEEL9RIWY5T17       | Long             | LON              | CORP              | US        |     99250 | PA      | $99095.17     | 0.52%             | 2032-01-23      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Securities LLC             | U.S. Secured Overnight Financing Rate                                                            | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | N/A              | DIR              |  | US        |   -575000 | OU      | $-16211.04    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                 | Foreign Exchange USD/JPY                                                                         | CUSIP: N/A<br>LEI: BFM8T61CT2L1QCEMIK50       | N/A              | DFE              |  | US        |    208000 | NC      | $439.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                      | Brown & Brown, Inc.                                                                              | CUSIP: 115236AJ0<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100954.75    | 0.53%             | 2028-06-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust            | Legacy Mortgage Asset Trust                                                                      | CUSIP: 52474XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60769 | PA      | $60763.61     | 0.32%             | 2061-07-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                 | Sequoia Mortgage Trust                                                                           | CUSIP: 81743EAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    166459 | PA      | $168999.32    | 0.89%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                     | Subway Funding LLC                                                                               | CUSIP: 864300AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     49625 | PA      | $49623.40     | 0.26%             | 2054-07-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ares Direct Lending CLO LLC            | Ares Direct Lending CLO 1 LLC                                                                    | CUSIP: 04020RAC2<br>LEI: 254900W79C3ALKJIMH12 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $199469.18    | 1.05%             | 2036-04-25      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                          | Citigroup, Inc.                                                                                  | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |     50000 | NS      | $51527.85     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE LOGIC ACQUISITION INC          | Service Logic Acquisition, Inc.                                                                  | CUSIP: N/A<br>LEI: 25490008CFAWEVHSQF88       | Long             | LON              | CORP              | US        |     24688 | PA      | $24703.99     | 0.13%             | 2027-10-29      | Variable      | 7.31%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC    | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DIR              |  | US        |   -218750 | NC      | $-374.37      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                   | Cross 2025-H6 Mortgage Trust                                                                     | CUSIP: 22758TAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     98706 | PA      | $98962.48     | 0.52%             | 2070-07-25      | Variable      | 5.18%                 | No            |                  2 | On Loan: No      |
| BCRED CLO LLC                          | BCRED CLO LLC                                                                                    | CUSIP: 05556FAC7<br>LEI: 2549001W2Y6F50VEZG93 | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $251583.28    | 1.32%             | 2037-04-20      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC    | 1-Year/2-Year Interest Rate Swap                                                                 | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DIR              |  | US        |   -306250 | NC      | $-732.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -218750 | NC      | $-545.74      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Navigator Aviation Ltd                 | Navigator Aviation Ltd.                                                                          | CUSIP: 63943DAA7<br>LEI: 984500UF8C3O89B30652 | Long             | ABS-O            | CORP              | KY        |    230655 | PA      | $230817.52    | 1.21%             | 2049-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| THEVELIA US LLC                        | Thevelia US LLC                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     24811 | PA      | $24729.98     | 0.13%             | 2029-06-18      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| WHITEWATER MATTERHORN HOLDINGS LLC     | Whitewater Matterhorn Holdings LLC                                                               | CUSIP: N/A<br>LEI: 2138009J7G187M6C4Q91       | Long             | LON              | CORP              | US        |    100000 | PA      | $99891.00     | 0.52%             | 2032-05-12      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Securities LLC             | U.S. Secured Overnight Financing Rate                                                            | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | N/A              | DIR              |  | US        |   3000000 | OU      | $13944.54     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                         | Barings CLO Ltd.                                                                                 | CUSIP: 06762VAJ5<br>LEI: 549300P3XUH38MXFT836 | Long             | ABS-O            | CORP              | KY        |    100000 | PA      | $100226.03    | 0.53%             | 2037-10-20      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| JCP Direct Lending CLO LLC             | JCP Direct Lending CLO 2023-1 LLC                                                                | CUSIP: 46656TAS5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    100000 | PA      | $100250.79    | 0.53%             | 2037-07-20      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM GROUP INC                    | TransDigm, Inc.                                                                                  | CUSIP: N/A<br>LEI: 88Q84GB3X55CF5OC7582       | Long             | LON              | CORP              | US        |     24750 | PA      | $24732.92     | 0.13%             | 2032-01-19      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| PMT Loan Trust                         | PMT Loan Trust 2025-INV8                                                                         | CUSIP: 73015EAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245225 | PA      | $247082.51    | 1.30%             | 2056-07-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                        | AREIT Ltd.                                                                                       | CUSIP: 00193DAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100061.83    | 0.52%             | 2029-12-17      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, N.A.              | Foreign Exchange USD/JPY                                                                         | CUSIP: N/A<br>LEI: 7H6GLXDRUGQFU57RNE97       | N/A              | DFE              |  | US        |      8000 | NC      | $235.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CLEARWATER ANALYTICS HOLDINGS INC      | Clearwater Analytics, LLC                                                                        | CUSIP: N/A<br>LEI: 894500N8DN2JO5ZDRQ11       | Long             | LON              | CORP              | US        |    100000 | PA      | $100000.00    | 0.52%             | 2032-02-10      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 9-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -667500 | NC      | $-2352.28     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora         | Chase Home Lending Mortgage Trust                                                                | CUSIP: 161935AE1<br>LEI: 529900V91KVGSU3Z1A61 | Long             | ABS-MBS          | CORP              | US        |    139658 | PA      | $140501.07    | 0.74%             | 2056-04-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                | BDS LLC                                                                                          | CUSIP: 05555MAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100026.93    | 0.52%             | 2039-09-19      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank              | 9-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: PT3QB789TSUIDF371261       | N/A              | DIR              |  | US        |    667500 | NC      | $8424.15      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIFORM MBS                            | Uniform MBS 30 Year                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    290000 | PA      | $296201.65    | 1.55%             | 2025-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust               | Foundation Finance Trust                                                                         | CUSIP: 35040VAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90476 | PA      | $90660.59     | 0.48%             | 2050-03-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Anchor Mortgage Trust                  | Anchor Mortgage Trust                                                                            | CUSIP: 03290CAA4<br>LEI: 254900S7O2LYCU17JI96 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100501.05    | 0.53%             | 2040-05-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                            | FIGRE Trust                                                                                      | CUSIP: 30191LAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    128846 | PA      | $130439.69    | 0.68%             | 2055-01-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| G & W INTERMEDIATE HOLDINGS LLG        | Genesee & Wyoming, Inc.                                                                          | CUSIP: N/A<br>LEI: G617XSG94Z7G0RMW3L02       | Long             | LON              | CORP              | US        |     49874 | PA      | $49660.60     | 0.26%             | 2031-04-10      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Global Markets Inc.          | Citigroup Global Markets, Inc.                                                                   | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Short            | RA               | CORP              | US        |   -175604 | PA      | $-175604.24   | -0.92%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust               | JP Morgan Mortgage Trust                                                                         | CUSIP: 465983AC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     81749 | PA      | $82341.90     | 0.43%             | 2064-02-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                | NYMT Loan Trust 2025-CP1                                                                         | CUSIP: 67121VAA2<br>LEI: 254900JF85A0S614L988 | Long             | ABS-MBS          | CORP              | US        |     97925 | PA      | $93913.87     | 0.49%             | 2069-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| HLEND CLO LLC                          | Hlend CLO LLC                                                                                    | CUSIP: 403961AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250316.10    | 1.31%             | 2037-01-20      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | BRAVO Residential Funding Trust                                                                  | CUSIP: 10569MAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88072 | PA      | $88749.93     | 0.47%             | 2064-12-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                | TRTX Issuer Ltd.                                                                                 | CUSIP: 897764AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    100000 | PA      | $99834.91     | 0.52%             | 2042-09-18      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -218750 | NC      | $-728.71      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                  | Foreign Exchange EUR/USD                                                                         | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              |  | US        |      9000 | NC      | $0.02         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | BRAVO Residential Funding Trust 2025-NQM7                                                        | CUSIP: 10570TAP0<br>LEI: 254900I1LYOO3G3UAT10 | Long             | ABS-MBS          | CORP              | US        |     97537 | PA      | $98297.63     | 0.52%             | 2065-07-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| FIGRE Trust                            | FIGRE Trust                                                                                      | CUSIP: 316922AB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90038 | PA      | $91220.90     | 0.48%             | 2055-06-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities          | GS Mortgage-Backed Securities Trust 2025-HE1                                                     | CUSIP: 36272NAA2<br>LEI: 254900RIVK2GCJ08H839 | Long             | ABS-MBS          | CORP              | US        |    143813 | PA      | $144218.10    | 0.76%             | 2055-10-25      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust          | Citigroup Mortgage Loan Trust, Inc.                                                              | CUSIP: 17330VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    147773 | PA      | $148175.61    | 0.78%             | 2062-09-25      | Variable      | 9.17%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International plc | CURRENCY CONTRACT - Rec USD / Deliver EUR                                                        | CUSIP: N/A<br>LEI: 4PQUHN3JPFGFNF3BB653       | N/A              | DFE              |  | US        |     -4000 | NC      | $-4.85        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DYNASTY PARENT HOLDINGS LP             | StandardAero                                                                                     | CUSIP: N/A<br>LEI: 549300L1RCRPOAUCB870       | Long             | LON              | CORP              | US        |     14380 | PA      | $14379.50     | 0.08%             | 2031-10-31      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| CAPSTONE ACQUISITION HOLDINGS INC      | Capstone Acquisition Holdings, Inc.                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      9126 | PA      | $9084.37      | 0.05%             | 2029-11-12      | Variable      | 8.76%                 | No            |                  3 | On Loan: No      |
| BNP Paribas                            | 1-Year/2-Year Interest Rate Swap                                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -306250 | NC      | $-732.17      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ACREC LLC                              | Acrec LLC                                                                                        | CUSIP: 00112HAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $98919.49     | 0.52%             | 2042-08-18      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| DYNASTY PARENT HOLDINGS LP             | StandardAero                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |      5470 | PA      | $5469.51      | 0.03%             | 2031-10-31      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                  | Palmer Square CLO Ltd.                                                                           | CUSIP: 69688GAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $250902.60    | 1.32%             | 2037-07-20      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                  | Foreign Exchange EUR/USD                                                                         | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              |  | US        |    397000 | NC      | $697.22       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank              | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: PT3QB789TSUIDF371261       | N/A              | DIR              |  | CA        |   -218750 | NC      | $-712.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | BRAVO Residential Funding Trust                                                                  | CUSIP: 105925AC5<br>LEI: 254900RBHU9OC1RNXD92 | Long             | ABS-MBS          | CORP              | US        |    112957 | PA      | $113801.71    | 0.60%             | 2064-06-25      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| VNOM SUB INC                           | Vnom Sub, Inc.                                                                                   | CUSIP: 92763MAA3<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25004.38     | 0.13%             | 2027-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ATLX Trust                             | ATLX Trust                                                                                       | CUSIP: 049915AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90418 | PA      | $87709.65     | 0.46%             | 2064-04-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank              | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: PT3QB789TSUIDF371261       | N/A              | DIR              |  | US        |   -218750 | NC      | $-296.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                 | Level 3 Financing, Inc.                                                                          | CUSIP: N/A<br>LEI: 254900AE5FEFIJOXWL19       | Long             | LON              | CORP              | US        |     20000 | PA      | $20000.00     | 0.10%             | 2032-03-29      | Variable      | 8.42%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                      | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DIR              |  | GB        |   -218750 | NC      | $-704.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. Morgan Securities LLC             | U.S. Secured Overnight Financing Rate                                                            | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | N/A              | DIR              |  | US        |   -600000 | OU      | $-20882.21    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                  | Foreign Exchange EUR/USD                                                                         | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              |  | US        |     33000 | NC      | $0.09         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 9-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |    667500 | NC      | $8424.15      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding         | Avis Budget Rental Car Funding AESOP LLC                                                         | CUSIP: 05377RKM5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $203606.08    | 1.07%             | 2029-08-20      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| CLARIOS INTERNATIONAL INC              | Clarios Global, LP                                                                               | CUSIP: N/A<br>LEI: 549300474L1ZLXZY2P98       | Long             | LON              | CORP              | CA        |    100000 | PA      | $99969.00     | 0.52%             | 2032-01-28      | Variable      | 6.91%                 | No            |                  2 | On Loan: No      |
| UBS AG                                 | Foreign Exchange USD/JPY                                                                         | CUSIP: N/A<br>LEI: BFM8T61CT2L1QCEMIK50       | N/A              | DFE              |  | US        |    -63000 | NC      | $-8.36        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC               | Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.                                       | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24488.23     | 0.13%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| UBS AG                                 | Foreign Exchange USD/JPY                                                                         | CUSIP: N/A<br>LEI: BFM8T61CT2L1QCEMIK50       | N/A              | DFE              |  | US        |     63000 | NC      | $133.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ARAMARK                                | Aramark Services, Inc.                                                                           | CUSIP: N/A<br>LEI: 42YMHYH0XMHJEXDUB065       | Long             | LON              | CORP              | US        |     96193 | PA      | $96292.93     | 0.51%             | 2030-06-24      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust             | Verus Securitization Trust                                                                       | CUSIP: 92540XAA9<br>LEI: 213800Z7TIVJRAYLRV98 | Long             | ABS-MBS          | CORP              | US        |     96474 | PA      | $97201.45     | 0.51%             | 2070-06-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 9-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |    667500 | NC      | $8424.15      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International plc | CURRENCY CONTRACT - Rec USD / Deliver EUR                                                        | CUSIP: N/A<br>LEI: 4PQUHN3JPFGFNF3BB653       | N/A              | DFE              |  | US        |   -205000 | NC      | $80.66        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                     | BSPRT Issuer LLC                                                                                 | CUSIP: 05613RAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99564.88     | 0.52%             | 2039-07-15      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus         | BRAVO Residential Funding Trust                                                                  | CUSIP: 10570FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125498 | PA      | $126536.84    | 0.66%             | 2063-12-01      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                       | Owl Rock CLO XIII LLC                                                                            | CUSIP: 69120GAA2<br>LEI: 254900P65RXI0LEC4D85 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101210.30    | 0.53%             | 2035-09-20      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| GRANT THORNTON ADVISORS HOLDINGS LLC   | Grant Thornton Advisors LLC                                                                      | CUSIP: N/A<br>LEI: 254900XS1SHU0YY3WF58       | Long             | LON              | CORP              | US        |    100000 | PA      | $99770.00     | 0.52%             | 2031-05-30      | Variable      | 6.91%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                  | Foreign Exchange EUR/USD                                                                         | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              |  | US        |    311000 | NC      | $531.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PMT Loan Trust                         | PMT Loan Trust 2025-INV7                                                                         | CUSIP: 73015FAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96999 | PA      | $98647.48     | 0.52%             | 2056-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc                      | CURRENCY CONTRACT - Rec USD / Deliver EUR                                                        | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DFE              |  | US        |     -2000 | NC      | $-15.68       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                      | 1-Year/2-Year Interest Rate Swap                                                                 | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DIR              |  | GB        |   -218750 | NC      | $-461.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 9-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -667500 | NC      | $-2352.28     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Securities Ca         | Dreyfus Treasury Securities Cash Management Fund - Institutional Shares                          | CUSIP: N/A<br>LEI: 549300U78VESCW509025       | Long             | STIV             | RF                | US        |     93388 | NS      | $93388.06     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUS XM RADIO LLC                    | Sirius XM Radio LLC                                                                              | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     85000 | PA      | $83827.10     | 0.44%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                  | Foreign Exchange EUR/USD                                                                         | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              |  | US        |    355000 | NC      | $596.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                            | 1-Year/2-Year Interest Rate Swap                                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DIR              |  | FR        |   -218750 | NC      | $-633.77      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC               | OBX Trust                                                                                        | CUSIP: 67448PAC7<br>LEI: 254900MY906NOBBPOA44 | Long             | ABS-MBS          | CORP              | US        |     76997 | PA      | $77310.24     | 0.41%             | 2064-07-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                       | COLT Mortgage Loan Trust                                                                         | CUSIP: 12674LAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90563 | PA      | $91060.35     | 0.48%             | 2070-03-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                  | Foreign Exchange EUR/USD                                                                         | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              |  | US        |     29000 | NC      | $0.07         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                  | Jane Street Group LLC                                                                            | CUSIP: N/A<br>LEI: 5493002N1IVX6KHGYO08       | Long             | LON              | CORP              | US        |     99219 | PA      | $98392.26     | 0.52%             | 2031-12-15      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                 | Service Experts Issuer 2025-1 LLC                                                                | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     96264 | PA      | $96594.78     | 0.51%             | 2037-01-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Obligations C         | Dreyfus Treasury Obligations Cash Management Fund - Institutional Shares                         | CUSIP: N/A<br>LEI: 549300MKKM9KT7BF6329       | Long             | STIV             | RF                | US        |     18349 | NS      | $18348.69     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC    | 9-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DIR              |  | US        |   -667500 | NC      | $-2352.28     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank              | 1-Year/2-Year Interest Rate Swap                                                                 | CUSIP: N/A<br>LEI: PT3QB789TSUIDF371261       | N/A              | DIR              |  | US        |   -350000 | NC      | $-763.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Woodward Capital Management            | RCKT Mortgage Trust                                                                              | CUSIP: 74942CAA7<br>LEI: 2549008EA2IHW9G2TZ48 | Long             | ABS-MBS          | CORP              | US        |    142533 | PA      | $144487.56    | 0.76%             | 2055-05-25      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Securities LLC             | U.S. Secured Overnight Financing Rate                                                            | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | N/A              | DIR              |  | US        |    100000 | OU      | $293.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                       | Owl Rock CLO III Ltd.                                                                            | CUSIP: 69120DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    300000 | PA      | $301664.79    | 1.58%             | 2036-04-20      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| TMF GROUP LTD                          | TMF Sapphire Bidco B.V.                                                                          | CUSIP: N/A<br>LEI: 213800H27OKZZZ2CB779       | Long             | LON              | CORP              | NL        |     79400 | PA      | $79267.40     | 0.42%             | 2028-05-03      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                     | AMN Healthcare, Inc.                                                                             | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24990.00     | 0.13%             | 2027-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers LLC               | Vantage Data Centers LLC                                                                         | CUSIP: 92212KAH9<br>LEI: 5493000RL8X7WTQ7HO20 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100506.47    | 0.53%             | 2055-08-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| UNIFORM MBS                            | Uniform MBS 15 Year                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    353027 | PA      | $352612.55    | 1.85%             | 2025-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ares Direct Lending CLO LLC            | Ares Direct Lending CLO 2 LLC                                                                    | CUSIP: 04021CAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    100000 | PA      | $99674.68     | 0.52%             | 2036-10-20      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust             | Verus Securitization Trust                                                                       | CUSIP: 92539GAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110493 | PA      | $110825.28    | 0.58%             | 2068-03-25      | Variable      | 6.74%                 | No            |                  2 | On Loan: No      |
| Anchorage Credit Funding Ltd.          | Anchorage Credit Funding 3 Ltd.                                                                  | CUSIP: 03330EAJ3<br>LEI: 5493003NNQWXMTSTMF21 | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $239548.08    | 1.26%             | 2039-01-28      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                       | Owl Rock CLO X LLC                                                                               | CUSIP: 69120EAG4<br>LEI: 254900EEGFBE25I6SS76 | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $701946.70    | 3.68%             | 2037-04-20      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                         | Rocket Companies, Inc.                                                                           | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $153948.00    | 0.81%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES GLOBAL HOLDINGS LLC | Citadel Securities, LP                                                                           | CUSIP: N/A<br>LEI: 549300NV5RXBUS3X7L47       | Long             | LON              | CORP              | US        |     19850 | PA      | $19882.36     | 0.10%             | 2031-10-31      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International            | Foreign Exchange USD/JPY                                                                         | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DFE              |  | US        |    101000 | NC      | $1300.47      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank              | 9-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: PT3QB789TSUIDF371261       | N/A              | DIR              |  | US        |   -667500 | NC      | $-2352.28     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. Morgan Securities LLC             | U.S. Secured Overnight Financing Rate                                                            | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | N/A              | DIR              |  | US        |   3300000 | OU      | $-7985.93     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International            | Foreign Exchange USD/JPY                                                                         | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DFE              |  | US        |     34000 | NC      | $1001.92      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CLI Funding LLC                        | CLI Funding IX LLC                                                                               | CUSIP: 12571WAG8<br>LEI: 2549008S2Z91ASJFZL83 | Long             | ABS-O            | CORP              | US        |     97458 | PA      | $98794.20     | 0.52%             | 2050-06-20      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Capstone Acquisition Holdings, Inc.    | Capstone Acquisition Holdings, Inc.                                                              | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |      -805 | PA      | $-3.67        | -0.00%            | 2029-11-12      | Variable      | 1.00%                 | No            |                  3 | On Loan: No      |
| STORE Master Funding LLC               | Store Master Funding I-VII XIV XIX XX XXIV XXII                                                  | CUSIP: 86212XAM2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99292 | PA      | $101628.00    | 0.53%             | 2054-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC    | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DIR              |  | US        |   -218750 | NC      | $-365.33      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DELTA PARENT HOLDINGS INC              | Kroll, Inc.                                                                                      | CUSIP: N/A<br>LEI: 549300FDREJLOIGXY104       | Long             | LON              | CORP              | US        |    100000 | PA      | $99609.38     | 0.52%             | 2032-09-12      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC    | 6-Month/5-Year Interest Rate Swap                                                                | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DIR              |  | US        |   -218750 | NC      | $-547.30      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cerberus                               | Cerberus Loan Funding 50 LLC                                                                     | CUSIP: 15673UAA5<br>LEI: 635400VJODJ5OZQ2H763 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100658.14    | 0.53%             | 2037-07-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                | BDS LLC                                                                                          | CUSIP: 072921AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99585.42     | 0.52%             | 2042-10-21      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Guggenheim Funds Trust

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO