NPORT-P false 0000822671 XXXXXXXX S000003876 C000010848 C000010847 Putnam Variable Trust 811-05346 0000822671 549300TBVD21LYBGBD46 100 Federal Street Boston 02110 617-292-1000 Putnam VT Income Fund S000003876 T240UNT2CVVGMZTWE450 2025-12-31 2025-06-30 N 164704155.51 30254067.65 134450087.86 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 16976129.71999999 0.00000000 0.00000000 0.00000000 USD N LBUSTRUU Index BM0838 JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 46647PDK9 380000.00000000 PA USD 396207.19000000 0.294687193073 Long DBT CORP US N 2 2033-09-14 Fixed 5.71700000 N N N N N N Mars, Inc. 54930073HKEO6GZBSS03 571676AU9 16000.00000000 PA USD 16213.17000000 0.012058876463 Long DBT CORP US N 2 2031-04-20 Fixed 4.65000000 N N N N N N Liberty Mutual Group, Inc. QUR0DG15Z6FFGYCHH861 53079EBN3 200000.00000000 PA USD 185387.56000000 0.137885785685 Long DBT CORP US N 2 2052-06-15 Fixed 5.50000000 N N N N N N HCA, Inc. L3CJ6J7LJ2DX62FTXD46 404119BT5 35000.00000000 PA USD 35052.33000000 0.026070886644 Long DBT CORP US N 2 2026-06-15 Fixed 5.25000000 N N N N N N Ford Credit Auto Owner Trust N/A 34531QAD1 688000.00000000 PA USD 697045.69000000 0.518441974337 Long ABS-O CORP US N 2 2029-04-15 Fixed 5.10000000 N N N N N N Electricite de France SA 549300X3UK4GG3FNMO06 28504DAF0 100000.00000000 PA USD 102222.71000000 0.076030229230 Long DBT NUSS FR N 2 2035-01-13 Fixed 5.75000000 N N N N N N Broadcom, Inc. 549300WV6GIDOZJTV909 11135FAQ4 158000.00000000 PA USD 155518.46000000 0.115670032259 Long DBT CORP US N 2 2030-11-15 Fixed 4.15000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376R7A8 1153897.28750000 PA USD 77062.11000000 0.057316518885 Long ABS-MBS USGA US N 2 2067-09-20 Variable 2.42276040 N N N N N N COMM Mortgage Trust N/A 12630BAE8 389000.00000000 PA USD 222278.49000000 0.165324168647 Long ABS-MBS CORP US N 2 2046-11-10 Variable 5.10916680 N N N N N N Toll Brothers Finance Corp. N/A 88947EAT7 73000.00000000 PA USD 72639.29000000 0.054026956141 Long DBT CORP US N 2 2028-02-15 Fixed 4.35000000 N N N N N N Oaktree CLO Ltd. N/A 67402CBE5 250000.00000000 PA USD 251675.27000000 0.187188624422 Long ABS-CBDO CORP KY N 2 2037-07-20 Floating 5.77946880 N N N N N N GNMA 549300M8ZYFG0OCMTT87 36179TXX8 139632.66000000 PA USD 139451.76000000 0.103720095850 Long ABS-MBS USGA US N 2 2048-05-20 Fixed 5.00000000 N N N N N N JPMBB Commercial Mortgage Securities Trust N/A 46640LAN2 122000.00000000 PA USD 94485.34000000 0.070275402198 Long ABS-MBS CORP US N 2 2046-08-15 Variable 4.17238560 N N N N N N Constellation Energy Generation LLC S2PEWKCZFFECR4533P43 210385AD2 44000.00000000 PA USD 47415.52000000 0.035266261818 Long DBT CORP US N 2 2034-01-15 Fixed 6.12500000 N N N N N N CVS Pass Through Trust N/A 126650BP4 10022.99000000 PA USD 10166.45000000 0.007561504913 Long ABS-O CORP US N 2 2028-12-10 Fixed 6.03600000 N N N N N N PVH Corp. 123WALMHY1GZXG2YDL90 693656AE0 130000.00000000 PA USD 130975.19000000 0.097415473715 Long DBT CORP US N 2 2030-06-13 Fixed 5.50000000 N N N N N N ONEOK, Inc. 2T3D6M0JSY48PSZI1Q41 682680BG7 205000.00000000 PA USD 216904.96000000 0.161327495914 Long DBT CORP US N 2 2032-11-15 Fixed 6.10000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376RBE5 640510.30000000 PA USD 14406.36000000 0.010715024608 Long ABS-MBS USGA US N 2 2065-05-20 Variable 1.83539880 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 61747YFY6 67000.00000000 PA USD 67983.69000000 0.050564258515 Long DBT CORP US N 2 2029-04-12 Fixed 4.99400000 N N N N N N WFRBS Commercial Mortgage Trust N/A 92937EAG9 75464.85000000 PA USD 74260.69000000 0.055232905520 Long ABS-MBS CORP US N 2 2045-03-15 Variable 3.71400120 N N N N N N Biogen, Inc. W8J5WZB5IY3K0NDQT671 09062XAH6 145000.00000000 PA USD 130689.94000000 0.097203313199 Long DBT CORP US N 2 2030-05-01 Fixed 2.25000000 N N N N N N Duke Energy Carolinas LLC MWIUSDMN17TCR56VW396 26442CBJ2 90000.00000000 PA USD 91620.35000000 0.068144507347 Long DBT CORP US N 2 2033-01-15 Fixed 4.95000000 N N N N N N Glencore Funding LLC 213800STG1QDNBY87K49 378272BP2 70000.00000000 PA USD 75168.22000000 0.055907899501 Long DBT CORP US N 2 2030-10-06 Fixed 6.37500000 N N N N N N Bain Capital Credit CLO Ltd. N/A 05682GAA6 250000.00000000 PA USD 250000.00000000 0.185942608130 Long ABS-CBDO CORP KY N 2 2035-04-22 Floating 5.59238040 N N N N N N Tapestry, Inc. 549300LJNVY5SW3VTN33 876030AA5 17000.00000000 PA USD 15194.53000000 0.011301242150 Long DBT CORP US N 2 2032-03-15 Fixed 3.05000000 N N N N N N FNMA N/A 20754TAB8 25578.08000000 PA USD 25609.09000000 0.019047283945 Long ABS-MBS CORP US N 2 2045-02-25 Floating 5.30620920 N N N N N N Morgan Stanley Bank of America Merrill Lynch Trust N/A 61765TAK9 214000.00000000 PA USD 213467.55000000 0.158770851992 Long ABS-MBS CORP US N 2 2048-10-15 Fixed 4.06900000 N N N N N N Enbridge, Inc. 98TPTUM4IVMFCZBCUR27 29250NAJ4 90000.00000000 PA USD 73846.64000000 0.054924947372 Long DBT CORP CA N 2 2044-06-10 Fixed 4.50000000 N N N N N N Xilinx, Inc. 6EY4K7ZMF9UX1CU6KC79 983919AK7 320000.00000000 PA USD 293476.25000000 0.218278957396 Long DBT CORP US N 2 2030-06-01 Fixed 2.37500000 N N N N N N DCP Midstream Operating LP 549300Y6CTBSE0QIPL28 26439XAC7 85000.00000000 PA USD 98915.51000000 0.073570431655 Long DBT CORP US N 2 2030-08-16 Fixed 8.12500000 N N N N N N Rogers Communications, Inc. 5493000M6Z4XFIP6PF03 775109DE8 90000.00000000 PA USD 91295.96000000 0.067903235656 Long DBT CORP CA N 2 2029-02-15 Fixed 5.00000000 N N N N N N Humana, Inc. 529900YLDW34GJAO4J06 444859BU5 165000.00000000 PA USD 170347.63000000 0.126699530443 Long DBT CORP US N 2 2028-03-01 Fixed 5.75000000 N N N N N N FNMA N/A 20754EAA3 8410.46000000 PA USD 8460.31000000 0.006292528427 Long ABS-MBS CORP US N 2 2043-07-25 Floating 6.00517080 N N N N N N VICI Properties LP 254900X4QE7SGKQLLN38 925650AF0 70000.00000000 PA USD 71599.45000000 0.053253553894 Long DBT CORP US N 2 2034-04-01 Fixed 5.75000000 N N N N N N EQT Corp. 4NT01YGM4X7ZX86ISY52 26884LAG4 210000.00000000 PA USD 227755.30000000 0.169397657989 Long DBT CORP US N 2 2030-02-01 Fixed 7.00000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3618FRPC8 284241.69000000 PA USD 295697.49000000 0.219931050032 Long ABS-MBS USGA US N 2 2053-11-20 Fixed 6.00000000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 31397KMR9 1067.04000000 PA USD 903.13000000 0.000671721390 Long ABS-MBS USGSE US N 2 2037-09-15 None 0.00000000 N N N N N N CVS Pass Through Trust N/A 12665UAA2 82081.42820000 PA USD 78687.95000000 0.058525770605 Long DBT CORP US N 2 2036-01-10 Fixed 4.70400000 N N N N N N Rogers Communications, Inc. 5493000M6Z4XFIP6PF03 775109BG5 100000.00000000 PA USD 80256.80000000 0.059692634848 Long DBT CORP CA N 2 2048-02-15 Fixed 4.30000000 N N N N N N Georgia-Pacific LLC L2EVHWFHVAQK72TMH265 37331NAT8 170000.00000000 PA USD 172129.06000000 0.128024505405 Long DBT CORP US N 2 2032-06-30 Fixed 4.95000000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 172967LD1 64000.00000000 PA USD 63437.62000000 0.047183026065 Long DBT CORP US N 2 2028-01-10 Fixed 3.88700000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3618G7SL8 416494.72000000 PA USD 431639.56000000 0.321040742233 Long ABS-MBS USGA US N 2 2053-11-20 Fixed 6.00000000 N N N N N N Berry Global, Inc. 549300AP2Q7ERHX6RI89 08576PAL5 13000.00000000 PA USD 13349.05000000 0.009928628692 Long DBT CORP US N 2 2028-04-15 Fixed 5.50000000 N N N N N N JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL N/A 46590XAZ9 110000.00000000 PA USD 112498.10000000 0.083672760494 Long DBT CORP LU N 2 2028-02-01 Fixed 5.12500000 N N N N N N Deutsche Bank AG 7LTWFZYICNSX8D621K86 251526CP2 150000.00000000 PA USD 145581.56000000 0.108279259848 Long DBT CORP DE N 2 2027-11-16 Fixed 2.31100000 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 3132E0ZK1 401123.06000000 PA USD 404021.84000000 0.300499498684 Long ABS-MBS USGSE US N 2 2053-11-01 Fixed 5.50000000 N N N N N N Elevance Health, Inc. 8MYN82XMYQH89CTMTH67 28622HAC5 65000.00000000 PA USD 58095.96000000 0.043210057296 Long DBT CORP US N 2 2053-02-15 Fixed 5.12500000 N N N N N N RMF Proprietary Issuance Trust N/A 74970FAA5 115107.48000000 PA USD 111301.89000000 0.082783054865 Long ABS-MBS CORP US N 2 2062-08-25 Variable 3.99999960 N N N N N N CIFC Funding 2021-IV Ltd. N/A 12547DAL0 250000.00000000 PA USD 250691.30000000 0.186456776630 Long ABS-CBDO CORP KY N 2 2037-07-23 Floating 5.63933880 N N N N N N Morgan Stanley Capital I Trust N/A 61691QAK4 205000.00000000 PA USD 185804.68000000 0.138196027207 Long ABS-MBS CORP US N 2 2051-10-15 Variable 4.93849440 N N N N N N Celanese US Holdings LLC CD30XVRLT4QO00B1C706 15089QAM6 47000.00000000 PA USD 48703.69000000 0.036224364576 Long DBT CORP US N 2 2027-07-15 Fixed 6.41499840 N N N N N N FHLMC N/A 35563PKR9 235000.00000000 PA USD 227960.58000000 0.169550339184 Long ABS-MBS CORP US N 2 2058-08-25 Variable 4.74999840 N N N N N N CSMC Trust N/A 12594PAX9 5184203.70000000 PA USD 25619.30000000 0.019054877841 Long ABS-MBS CORP US N 2 2049-12-15 Variable 0.78259680 N N N N N N Station Place Securitization Trust N/A 85778YAA4 325000.00000000 PA USD 325210.80000000 0.241882177376 Long ABS-MBS CORP US N 2 2025-08-04 Floating 5.21962920 N N N N N N FNMA N/A 207932AA2 7864.89000000 PA USD 8071.62000000 0.006003432298 Long ABS-MBS CORP US N 2 2042-12-25 Floating 6.70620960 N N N N N N Neuberger Berman CLO XVII Ltd. 549300XVEYZNG956Y145 64129UCC7 250000.00000000 PA USD 251000.00000000 0.186686378562 Long ABS-CBDO CORP KY N 2 2038-07-22 Floating 5.67237960 N N N N N N Wells Fargo & Co. PBLD0EJDB5FWOLXP3B76 95000U3E1 125000.00000000 PA USD 129087.98000000 0.096011822717 Long DBT CORP US N 2 2029-07-25 Fixed 5.57400000 N N N N N N Crown Castle, Inc. 54930012H97VSM0I2R19 22822VAH4 130000.00000000 PA USD 127803.56000000 0.095056509098 Long DBT CORP US N 2 2027-09-01 Fixed 3.65000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38375UB25 1235746.31000000 PA USD 36138.17000000 0.026878502331 Long ABS-MBS USGA US N 2 2067-04-20 Variable 1.90445040 N N N N N N Alexander Funding Trust II N/A 014916AA8 100000.00000000 PA USD 106978.62000000 0.079567534467 Long DBT CORP US N 2 2028-07-31 Fixed 7.46700000 N N N N N N FNMA N/A 20755DAA4 11568.90000000 PA USD 11832.69000000 0.008800804959 Long ABS-MBS CORP US N 2 2042-07-25 Floating 6.85517040 N N N N N N Bain Capital Credit CLO Ltd. N/A 05682GAQ1 250000.00000000 PA USD 250187.50000000 0.186082065086 Long ABS-CBDO CORP KY N 2 2035-04-22 Floating 0.00000000 N N N N N N N/A N/A N/A 384300.00000000 PA USD 25027.69000000 0.018614855816 N/A DIR US N 2 BANK OF AMERICA NA B4TYDEB6GKMZO031MB27 Put Purchased N/A Swaption 1.00000000 3.42800000 USD 2027-08-13 XXXX 2911.22000000 N N N FNMA N/A 20755RAB1 9035.75000000 PA USD 9038.69000000 0.006722710370 Long ABS-MBS CORP US N 2 2044-09-25 Floating 5.35516920 N N N N N N Mars, Inc. 54930073HKEO6GZBSS03 571676AQ8 100000.00000000 PA USD 57286.28000000 0.042607841253 Long DBT CORP US N 2 2050-07-16 Fixed 2.45000000 N N N N N N Ally Financial, Inc. 549300JBN1OSM8YNAI90 02005NBQ2 20000.00000000 PA USD 20118.35000000 0.014963433881 Long DBT CORP US N 2 2027-06-09 Fixed 4.75000000 N N N N N N ServiceNow, Inc. 549300HJTQM36M0E1G39 81762PAE2 240000.00000000 PA USD 208079.13000000 0.154763104518 Long DBT CORP US N 2 2030-09-01 Fixed 1.40000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376RJD9 913474.86000000 PA USD 12772.66000000 0.009499926852 Long ABS-MBS USGA US N 2 2065-09-20 Variable 1.62052920 N N N N N N Credit Agricole SA 969500TJ5KRTCJQWXH05 225313AJ4 200000.00000000 PA USD 202669.00000000 0.150739209788 Long DBT CORP FR N 2 2025-12-23 Fixed 8.12500000 N N N N N N Alimentation Couche-Tard, Inc. 549300OSW32RVX8CCZ87 01626PAH9 260000.00000000 PA USD 255923.52000000 0.190348347162 Long DBT CORP CA N 2 2027-07-26 Fixed 3.55000000 N N N N N N Southern Co. (The) 549300FC3G3YU2FBZD92 842587DT1 85000.00000000 PA USD 88873.00000000 0.066101109649 Long DBT CORP US N 2 2034-03-15 Fixed 5.70000000 N N N N N N BANK 549300664283JRAXM588 06539LBC3 6751302.43000000 PA USD 79788.92000000 0.059344639538 Long ABS-MBS CORP US N 2 2061-08-15 Variable 0.59769000 N N N N N N Centene Corp. 549300Z7JJ4TQSQGT333 15135BAZ4 180000.00000000 PA USD 154348.79000000 0.114800066297 Long DBT CORP US N 2 2031-08-01 Fixed 2.62500000 N N N N N N Alimentation Couche-Tard, Inc. 549300OSW32RVX8CCZ87 01626PAM8 134000.00000000 PA USD 125269.72000000 0.093171913826 Long DBT CORP CA N 2 2030-01-25 Fixed 2.95000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3138WNBL2 74697.26000000 PA USD 67433.34000000 0.050154924458 Long ABS-MBS USGSE US N 2 2043-04-01 Fixed 3.00000000 N N N N N N Interpublic Group of Cos., Inc. (The) 5493008IUOJ5VWTRC333 460690BP4 150000.00000000 PA USD 150793.94000000 0.112156073975 Long DBT CORP US N 2 2028-10-01 Fixed 4.65000000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 3137AMVW4 24686.41000000 PA USD 479.75000000 0.000356823865 Long ABS-MBS USGSE US N 2 2041-07-15 Fixed 4.50000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38375UKB5 2127675.95000000 PA USD 51225.93000000 0.038100332112 Long ABS-MBS USGA US N 2 2064-06-20 Variable 1.53354960 N N N N N N Oncor Electric Delivery Co. LLC 549300SP2X2BS1KERD24 68233JCM4 95000.00000000 PA USD 84332.89000000 0.062724310070 Long DBT CORP US N 2 2052-09-15 Fixed 4.95000000 N N N N N N JBS USA LUX SARL / JBS USA Food Co. / JBS USA Foods Group N/A 472140AA0 25000.00000000 PA USD 25924.50000000 0.019281876577 Long DBT CORP US N 2 2035-04-20 Fixed 5.95000000 N N N N N N WFRBS Commercial Mortgage Trust 549300GADFYEKC4OLM57 92890PAL8 278124.42000000 PA USD 2.39000000 0.000001777611 Long ABS-MBS CORP US N 2 2046-06-15 Variable 0.45605880 N N N N N N BBCMS Mortgage Trust N/A 07337BAG9 1064968.20000000 PA USD 52885.26000000 0.039334492704 Long ABS-MBS CORP US N 2 2058-05-15 Variable 1.39467960 N N N N N N Hyundai Capital America 549300RIPPWJB5Z0FK07 44891ACR6 295000.00000000 PA USD 311234.02000000 0.231486661670 Long DBT CORP US N 2 2029-01-16 Fixed 6.50000000 N N N N N N EPR Properties 549300YSSXFHMPOWZ492 26884UAD1 24000.00000000 PA USD 23888.49000000 0.017767552539 Long DBT CORP US N 2 2027-06-01 Fixed 4.50000000 N N N N N N Icon Investments Six DAC 635400FQ1M7J2CHLAS59 45115AAB0 200000.00000000 PA USD 207569.99000000 0.154384421240 Long DBT CORP IE N 2 2029-05-08 Fixed 5.84900000 N N N N N N IPALCO Enterprises, Inc. 5493000YFVK2DZX0JV43 462613AP5 105000.00000000 PA USD 100873.29000000 0.075026570533 Long DBT CORP US N 2 2030-05-01 Fixed 4.25000000 N N N N N N Morgan Stanley Resecuritization Trust N/A 61690WAY2 43568.95000000 PA USD 43521.70000000 0.032370153633 Long ABS-MBS CORP US N 2 2047-08-26 Variable 4.28897880 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 61747YFA8 35000.00000000 PA USD 35618.93000000 0.026492306972 Long DBT CORP US N 2 2029-02-01 Fixed 5.12300000 N N N N N N Wells Fargo Commercial Mortgage Trust N/A 95001WBF4 148000.00000000 PA USD 144039.39000000 0.107132239400 Long ABS-MBS CORP US N 2 2052-03-15 Fixed 4.54600000 N N N N N N Gartner, Inc. PP55B5R38BFB8O8HH686 366651AE7 49000.00000000 PA USD 45883.77000000 0.034126991458 Long DBT CORP US N 2 2030-10-01 Fixed 3.75000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376RA63 1721089.45000000 PA USD 75777.85000000 0.056361324269 Long ABS-MBS USGA US N 2 2066-10-20 Variable 2.99786040 N N N N N N Xcel Energy, Inc. LGJNMI9GH8XIDG5RCM61 98389BBA7 170000.00000000 PA USD 173520.93000000 0.129059737157 Long DBT CORP US N 2 2033-08-15 Fixed 5.45000000 N N N N N N J.P. Morgan Chase Commercial Mortgage Securities Trust N/A 46631QAT9 8923.66000000 PA USD 11606.36000000 0.008632467397 Long ABS-MBS CORP US N 2 2051-02-12 Variable 8.18849160 N N N N N N Aircastle Ltd. / Aircastle Ireland DAC N/A 00929JAB2 150000.00000000 PA USD 151327.90000000 0.112553217635 Long DBT CORP BM N 2 2030-03-15 Fixed 5.25000000 N N N N N N Eli Lilly & Co. FRDRIPF3EKNDJ2CQJL29 532457CG1 70000.00000000 PA USD 64195.24000000 0.047746521420 Long DBT CORP US N 2 2053-02-27 Fixed 4.87500000 N N N N N N COMM Mortgage Trust N/A 12592GAG8 46980.03340000 PA USD 45265.26000000 0.033666962008 Long ABS-MBS CORP US N 2 2047-08-10 Variable 4.66108560 N N N N N N Huntsman International LLC 3YTEJFW18LGIUQ2N5J61 44701QBE1 150000.00000000 PA USD 142367.35000000 0.105888625486 Long DBT CORP US N 2 2029-05-01 Fixed 4.50000000 N N N N N N Royal Bank of Canada ES7IP3U3RHIGC71XBU11 780082AD5 140000.00000000 PA USD 139974.77000000 0.104109095224 Long DBT CORP CA N 2 2026-01-27 Fixed 4.65000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38379HVB8 711400.65000000 PA USD 141986.39000000 0.105605278702 Long ABS-MBS USGA US N 2 2044-12-20 Fixed 5.00000000 N N N N N N Wyeth LLC 549300Q9GR3WRH4N4836 983024AN0 225000.00000000 PA USD 240112.18000000 0.178588339971 Long DBT CORP US N 2 2037-04-01 Fixed 5.95000000 N N N N N N Columbia Pipelines Operating Co. LLC N/A 19828TAC0 45000.00000000 PA USD 46557.90000000 0.034628389420 Long DBT CORP US N 2 2053-11-15 Fixed 6.54400000 N N N N N N Elevance Health, Inc. 8MYN82XMYQH89CTMTH67 036752AN3 215000.00000000 PA USD 194146.56000000 0.144400470903 Long DBT CORP US N 2 2030-05-15 Fixed 2.25000000 N N N N N N American Tower Corp. 5493006ORUSIL88JOE18 03027XBM1 195000.00000000 PA USD 174975.90000000 0.130141900823 Long DBT CORP US N 2 2031-04-15 Fixed 2.70000000 N N N N N N Mars, Inc. 54930073HKEO6GZBSS03 571676BA2 75000.00000000 PA USD 75936.03000000 0.056478973876 Long DBT CORP US N 2 2035-03-01 Fixed 5.20000000 N N N N N N First-Citizens Bank & Trust Co. L9VVX1KT5TFTKS0MLF66 125581GX0 107000.00000000 PA USD 111115.22000000 0.082644215238 Long DBT CORP US N 2 2028-03-09 Fixed 6.12500000 N N N N N N South Bow USA Infrastructure Holdings LLC 254900Z1WAY7QFQ7O850 83007CAC6 180000.00000000 PA USD 180639.47000000 0.134354296732 Long DBT CORP US N 2 2029-10-01 Fixed 5.02600000 N N N N N N Pacific Gas and Electric Co. 1HNPXZSMMB7HMBMVBS46 694308JN8 145000.00000000 PA USD 117015.14000000 0.087032401289 Long DBT CORP US N 2 2050-07-01 Fixed 4.95000000 N N N N N N Huntsman International LLC 3YTEJFW18LGIUQ2N5J61 44701QBG6 15000.00000000 PA USD 13950.41000000 0.010375902479 Long DBT CORP US N 2 2034-10-15 Fixed 5.70000000 N N N N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 45866FAU8 200000.00000000 PA USD 199170.36000000 0.148137024802 Long DBT CORP US N 2 2027-09-15 Fixed 4.00000000 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 3131XULN5 362817.56000000 PA USD 324532.35000000 0.241377566326 Long ABS-MBS USGSE US N 2 2046-06-01 Fixed 3.00000000 N N N N N N N/A N/A N/A 188900.00000000 PA USD 1541.84000000 0.001146775003 N/A DIR FR N 2 BNP PARIBAS NY BRANCH 549300QVEGJN81E8T563 Put Purchased N/A Swaption 1.00000000 3.83250000 USD 2025-09-08 XXXX -2963.43000000 N N N UBS Commercial Mortgage Trust N/A 90276WAT4 4003197.73000000 PA USD 81329.37000000 0.060490380701 Long ABS-MBS CORP US N 2 2050-12-15 Variable 1.12343760 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38384ARL9 423256.99000000 PA USD 446196.97000000 0.331868113366 Long ABS-MBS USGA US N 2 2053-05-20 Floating 4.62038040 N N N N N N Georgia Power Co. D981X4Z4RWS7PDMJUZ03 373334KT7 270000.00000000 PA USD 272209.02000000 0.202461020541 Long DBT CORP US N 2 2033-05-17 Fixed 4.95000000 N N N N N N CenterPoint Energy Resources Corp. 2JADVB0458J06WCD4N56 15189WAS9 115000.00000000 PA USD 116983.81000000 0.087009098961 Long DBT CORP US N 2 2034-07-01 Fixed 5.40000000 N N N N N N N/A N/A N/A 285000.00000000 PA USD -44023.50000000 -0.03274337763 N/A DCR US N 2 CITIBANK NA E57ODZWZ7FF32TWEFA76 Markit CMBX North American Index Series BBB-6 137BERAF4 Y Receipt of notional amount upon default event with regard to the reference instrument 2063-05-11 53386.23000000 USD 0.00000000 USD 285000.00000000 USD -44023.50000000 N N N CaixaBank SA 7CUNS533WID6K7DGFI87 12803RAG9 200000.00000000 PA USD 206898.75000000 0.153885172775 Long DBT CORP ES N 2 2030-03-15 Fixed 5.67300000 N N N N N N Hayfin US XIV Ltd. 5493000YWK38UXBNS724 42088AAA2 150000.00000000 PA USD 150368.23000000 0.111839443464 Long ABS-CBDO CORP KY N 2 2034-07-20 Floating 5.76108000 N N N N N N Fifth Third Bancorp THRNG6BD57P9QWTQLG42 316773DK3 115000.00000000 PA USD 121149.36000000 0.090107311886 Long DBT CORP US N 2 2029-07-27 Fixed 6.33900000 N N N N N N CNA Financial Corp. 549300YX2GSZD7YG1R84 126117AY6 65000.00000000 PA USD 65145.84000000 0.048453549593 Long DBT CORP US N 2 2034-02-15 Fixed 5.12500000 N N N N N N FHLMC 529900ZTXRUUVE8G8W08 35564K3G2 12681.70000000 PA USD 12787.14000000 0.009510696648 Long ABS-MBS CORP US N 2 2043-11-25 Floating 6.15516840 N N N N N N DTE Energy Co. 549300IX8SD6XXD71I78 233331BM8 145000.00000000 PA USD 146735.07000000 0.109137206479 Long DBT CORP US N 2 2027-07-01 Fixed 4.95000000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 46647PEW2 34000.00000000 PA USD 35034.09000000 0.026057320272 Long DBT CORP US N 2 2036-01-24 Fixed 5.50200000 N N N N N N Hewlett Packard Enterprise Co. 549300BX44RGX6ANDV88 42824CBW8 55000.00000000 PA USD 50834.87000000 0.037809473247 Long DBT CORP US N 2 2054-10-15 Fixed 5.60000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3617LELG7 11540.78000000 PA USD 10375.39000000 0.007716908307 Long ABS-MBS USGA US N 2 2049-10-20 Fixed 3.50000000 N N N N N N Wachovia Bank Commercial Mortgage Trust N/A 92978PAG4 9241.00000000 PA USD 19.83000000 0.000014748967 Long ABS-MBS CORP US N 2 2048-11-15 Variable 0.48771360 N N N N N N Virginia Electric and Power Co. CQKUMNNZVDJLRYV2PT43 927804GR9 120000.00000000 PA USD 120345.37000000 0.089509327896 Long DBT CORP US N 2 2034-08-15 Fixed 5.05000000 N N N N N N Waste Connections, Inc. 549300HDLRTPBQU69P29 94106BAG6 40000.00000000 PA USD 40443.24000000 0.030080486107 Long DBT CORP CA N 2 2034-03-01 Fixed 5.00000000 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 3132E0K27 392060.29000000 PA USD 394893.55000000 0.293710146482 Long ABS-MBS USGSE US N 2 2053-09-01 Fixed 5.50000000 N N N N N N Hyatt Hotels Corp. T27JQIMTYSH41TCD5186 448579AQ5 22000.00000000 PA USD 22461.36000000 0.016706095442 Long DBT CORP US N 2 2027-01-30 Fixed 5.75000000 N N N N N N Saluda Grade Alternative Mortgage Trust N/A 79584CAA9 245000.00000000 PA USD 246678.84000000 0.183472427520 Long ABS-MBS CORP US N 2 2030-02-25 Fixed 7.49999880 N N N N N N N/A N/A N/A 48000.00000000 PA USD 1704.07000000 0.001267436880 N/A DCR US N 2 BANK OF AMERICA NA B4TYDEB6GKMZO031MB27 Markit CMBX North American Index Series BBB-6 137BERAF4 Y Payout of notional amount upon default event with regard to the reference instrument 2063-05-11 0.00000000 USD 3280.95000000 USD 48000.00000000 USD 1704.07000000 N N N AbbVie, Inc. FR5LCKFTG8054YNNRU85 00287YDU0 61000.00000000 PA USD 62131.07000000 0.046211252806 Long DBT CORP US N 2 2034-03-15 Fixed 5.05000000 N N N N N N Massachusetts Mutual Life Insurance Co. R6ZXK5P01NP6HXSY1S07 575767AN8 29000.00000000 PA USD 19208.85000000 0.014286974672 Long DBT CORP US N 2 2070-10-15 Fixed 3.72900000 N N N N N N Royal Bank of Canada ES7IP3U3RHIGC71XBU11 78016HZS2 140000.00000000 PA USD 144064.47000000 0.107150893162 Long DBT CORP CA N 2 2028-08-01 Fixed 5.20000000 N N N N N N Wells Fargo Commercial Mortgage Trust N/A 95001XBF2 2200686.76000000 PA USD 88478.83000000 0.065807937657 Long ABS-MBS CORP US N 2 2052-05-15 Variable 1.57069440 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3138YND46 158082.11000000 PA USD 154154.46000000 0.114655529389 Long ABS-MBS USGSE US N 2 2045-05-01 Fixed 4.50000000 N N N N N N Motorola Solutions, Inc. 6S552MUG6KGJVEBSEC55 620076BT5 35000.00000000 PA USD 31079.55000000 0.023116050346 Long DBT CORP US N 2 2030-11-15 Fixed 2.30000000 N N N N N N Berry Global, Inc. 549300AP2Q7ERHX6RI89 08576PAH4 104000.00000000 PA USD 102153.98000000 0.075979109888 Long DBT CORP US N 2 2026-01-15 Fixed 1.57000000 N N N N N N BDS Ltd. N/A 05493NAA0 33363.94000000 PA USD 33415.43000000 0.024853408823 Long ABS-CBDO CORP KY N 2 2038-11-16 Floating 5.49907920 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376CM30 221949.22000000 PA USD 25527.67000000 0.018986726157 Long ABS-MBS USGA US N 2 2039-08-20 Fixed 6.00000000 N N N N N N Duke Energy Ohio, Inc. L6KC0HABGHNFU1Z6QY21 26442EAJ9 65000.00000000 PA USD 67075.52000000 0.049888788521 Long DBT CORP US N 2 2033-04-01 Fixed 5.25000000 N N N N N N DuPont de Nemours, Inc. 5493004JF0SDFLM8GD76 26078JAF7 265000.00000000 PA USD 267214.97000000 0.198746593812 Long DBT CORP US N 2 2048-11-15 Fixed 5.41900000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3136BFHG1 3399013.22000000 PA USD 556955.51000000 0.414247040567 Long ABS-MBS USGSE US N 2 2051-03-25 Fixed 2.50000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3138W1SQ1 30473.48000000 PA USD 27541.89000000 0.020484843437 Long ABS-MBS USGSE US N 2 2043-02-01 Fixed 3.00000000 N N N N N N Dell International LLC / EMC Corp. N/A 24703TAK2 5000.00000000 PA USD 6382.72000000 0.004747278415 Long DBT CORP US N 2 2046-07-15 Fixed 8.35000000 N N N N N N Crown Castle, Inc. 54930012H97VSM0I2R19 22822VBF7 230000.00000000 PA USD 232183.57000000 0.172691274282 Long DBT CORP US N 2 2029-09-01 Fixed 4.90000000 N N N N N N Brunswick Corp. YM4O38W15AX4YLLQKU27 117043AV1 154000.00000000 PA USD 117822.13000000 0.087632616590 Long DBT CORP US N 2 2052-04-01 Fixed 5.10000000 N N N N N N Howmet Aerospace, Inc. 549300HO5WFZUT5N2T22 443201AB4 142000.00000000 PA USD 135863.48000000 0.101051239283 Long DBT CORP US N 2 2029-01-15 Fixed 3.00000000 N N N N N N N/A N/A N/A 257000.00000000 PA USD -835.67000000 -0.00062154663 N/A DCR GB N 2 GOLDMAN SACHS INTL W22LROWP2IHZNBB6K528 Markit CMBX North American BBB- 10 137BERAJ6 Y Receipt of notional amount upon default event with regard to the reference instrument 2059-11-17 49237.34000000 USD 0.00000000 USD 257000.00000000 USD -835.67000000 N N N GNMA 549300M8ZYFG0OCMTT87 3617GPMJ1 16187.93000000 PA USD 15729.48000000 0.011699122142 Long ABS-MBS USGA US N 2 2048-05-20 Fixed 4.50000000 N N N N N N FNMA or FHLMC N/A 01F032674 -1000000.00000000 PA USD -900439.75000000 -0.66972046231 Short ABS-MBS USGSE US N 2 2055-07-25 Fixed 3.50000000 N N N N N N Service Corp. International 549300RKVM2ME20JHZ15 817565CF9 15000.00000000 PA USD 13797.77000000 0.010262373360 Long DBT CORP US N 2 2030-08-15 Fixed 3.37500000 N N N N N N MSCI, Inc. 549300HTIN2PD78UB763 55354GAQ3 250000.00000000 PA USD 219253.48000000 0.163074255651 Long DBT CORP US N 2 2033-08-15 Fixed 3.25000000 N N N N N N FHLMC 5493000ISE4NWBTOSK36 35564KNK1 15207.63000000 PA USD 15186.05000000 0.011294934976 Long ABS-MBS CORP US N 2 2041-12-25 Floating 5.25516840 N N N N N N FHLMC 5493000ISOMSKCX2AW62 35564KMH9 108000.00000000 PA USD 108831.84000000 0.080945904708 Long ABS-MBS CORP US N 2 2041-11-25 Floating 6.10517160 N N N N N N Birch Grove CLO 2 Ltd. N/A 09077LAL6 175000.00000000 PA USD 175165.04000000 0.130282577563 Long ABS-CBDO CORP KY N 2 2037-10-19 Floating 5.66947080 N N N N N N Towd Point Mortgage Trust N/A 89176VAC6 153000.00000000 PA USD 129901.38000000 0.096616805587 Long ABS-MBS CORP US N 2 2058-07-25 Variable 3.25000080 N N N N N N J.P. Morgan Chase Commercial Mortgage Securities Trust N/A 46635TAU6 147821.15000000 PA USD 142998.46000000 0.106358026443 Long ABS-MBS CORP US N 2 2046-02-15 Variable 5.01310080 N N N N N N New Residential Mortgage Loan Trust N/A 64830UAB1 212000.00000000 PA USD 199432.13000000 0.148331721588 Long ABS-MBS CORP US N 2 2060-05-24 Variable 2.89077120 N N N N N N Biogen, Inc. W8J5WZB5IY3K0NDQT671 09062XAK9 105000.00000000 PA USD 67081.32000000 0.049893102390 Long DBT CORP US N 2 2051-02-15 Fixed 3.25000000 N N N N N N Carnival Corp. F1OF2ZSX47CR0BCWA982 143658BQ4 333000.00000000 PA USD 326131.88000000 0.242567249446 Long DBT CORP PA N 2 2028-08-01 Fixed 4.00000000 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 61747YFM2 60000.00000000 PA USD 61612.51000000 0.045825563211 Long DBT CORP US N 2 2039-02-07 Fixed 5.94200000 N N N N N N Pacific Gas and Electric Co. 1HNPXZSMMB7HMBMVBS46 694308HW0 190000.00000000 PA USD 183888.71000000 0.136770985372 Long DBT CORP US N 2 2027-12-01 Fixed 3.30000000 N N N N N N Aviation Capital Group LLC 549300ODEK8HY3445C77 05369AAS0 130000.00000000 PA USD 131295.03000000 0.097653361250 Long DBT CORP US N 2 2030-04-10 Fixed 5.12500000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 46647PEK8 125000.00000000 PA USD 127254.17000000 0.094647889060 Long DBT CORP US N 2 2035-07-22 Fixed 5.29400000 N N N N N N Oracle Corp. 1Z4GXXU7ZHVWFCD8TV52 68389XCA1 55000.00000000 PA USD 40630.91000000 0.030220069504 Long DBT CORP US N 2 2051-03-25 Fixed 3.95000000 N N N N N N Marriott International, Inc. 225YDZ14ZO8E1TXUSU86 571903BF9 210000.00000000 PA USD 191006.12000000 0.142064704486 Long DBT CORP US N 2 2032-10-15 Fixed 3.50000000 N N N N N N Athene Global Funding 549300LM1QSI4MSIL320 04685A4D0 74000.00000000 PA USD 74644.89000000 0.055518662120 Long DBT CORP US N 2 2031-11-13 Fixed 5.32200000 N N N N N N AIMCO CLO 17 Ltd. N/A 00889JAK0 250000.00000000 PA USD 250264.32000000 0.186139201530 Long ABS-CBDO CORP JE N 2 2037-07-20 Floating 5.62237920 N N N N N N PulteGroup, Inc. N/A 745867AP6 95000.00000000 PA USD 101980.18000000 0.075849842587 Long DBT CORP US N 2 2033-05-15 Fixed 6.37500000 N N N N N N N/A N/A N/A 94.00000000 NC USD 105013.33000000 0.078105809874 N/A DIR US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Long United States of America U.S. Treasury 5 Year Notes 2025-09-30 10246000.00000000 USD 105013.33000000 N N N Tapestry, Inc. 549300LJNVY5SW3VTN33 876030AL1 37000.00000000 PA USD 37162.46000000 0.027640338947 Long DBT CORP US N 2 2035-03-11 Fixed 5.50000000 N N N N N N ERAC USA Finance LLC LTKX5ODQW6Z7BQ2K1V47 26884TAR3 40000.00000000 PA USD 39434.13000000 0.029329939926 Long DBT CORP US N 2 2026-12-01 Fixed 3.30000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3618BQLU8 105500.14000000 PA USD 106539.11000000 0.079240639925 Long ABS-MBS USGA US N 2 2053-06-20 Fixed 5.50000000 N N N N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 29273VBD1 129000.00000000 PA USD 131927.50000000 0.098123773736 Long DBT CORP US N 2 2030-04-01 Fixed 5.20000000 N N N N N N Waste Connections, Inc. 549300HDLRTPBQU69P29 94106BAE1 22000.00000000 PA USD 20101.90000000 0.014951198857 Long DBT CORP CA N 2 2032-06-01 Fixed 3.20000000 N N N N N N Morgan Stanley Bank of America Merrill Lynch Trust N/A 61690QAH2 16682.14000000 PA USD 16561.03000000 0.012317604446 Long ABS-MBS CORP US N 2 2050-07-15 Variable 4.31130960 N N N N N N BMO Mortgage Trust N/A 05615BAD3 999988.93000000 PA USD 55850.68000000 0.041540084420 Long ABS-MBS CORP US N 2 2058-05-15 Variable 1.57986000 N N N N N N Motorola Solutions, Inc. 6S552MUG6KGJVEBSEC55 620076CB3 133000.00000000 PA USD 135282.41000000 0.100619056598 Long DBT CORP US N 2 2032-08-15 Fixed 5.20000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 36179TCZ6 863887.95000000 PA USD 852327.11000000 0.633935703253 Long ABS-MBS USGA US N 2 2047-07-20 Fixed 4.50000000 N N N N N N JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL N/A 46590XAY2 19000.00000000 PA USD 19542.36000000 0.014535029549 Long DBT CORP LU N 2 2033-04-01 Fixed 5.75000000 N N N N N N Wells Fargo Commercial Mortgage Trust 549300W6NRTMFPYUPG47 94989EAJ6 3469153.61000000 PA USD 70.42000000 0.000052376313 Long ABS-MBS CORP US N 2 2050-04-15 Variable 0.74662200 N N N N N N FNMA or FHLMC N/A 01F020679 5000000.00000000 PA USD 3959281.75000000 2.944796699666 Long ABS-MBS USGSE US N 2 2055-07-25 Fixed 2.00000000 N N N N N N Broadcom, Inc. 549300WV6GIDOZJTV909 11135FBX8 120000.00000000 PA USD 122928.11000000 0.091430293543 Long DBT CORP US N 2 2029-07-12 Fixed 5.05000000 N N N N N N Hyatt Hotels Corp. T27JQIMTYSH41TCD5186 448579AU6 80000.00000000 PA USD 80889.68000000 0.060163352280 Long DBT CORP US N 2 2028-03-30 Fixed 5.05000000 N N N N N N Nutrien Ltd. 5493002QQ7GD21OWF963 67077MAW8 25000.00000000 PA USD 23285.54000000 0.017319096157 Long DBT CORP CA N 2 2030-05-13 Fixed 2.95000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38377X4D1 532232.52000000 PA USD 70877.09000000 0.052716283885 Long ABS-MBS USGA US N 2 2042-11-20 Fixed 3.50000000 N N N N N N Rio Tinto Finance USA plc 2138006TSNBEUA761G16 76720AAS5 115000.00000000 PA USD 117253.34000000 0.087209567406 Long DBT CORP GB N 2 2030-03-14 Fixed 4.87500000 N N N N N N BA Credit Card Trust 5493006DQ60M1CRKHH19 05522RDJ4 687000.00000000 PA USD 697575.54000000 0.518836061101 Long ABS-O CORP US N 2 2029-05-15 Fixed 4.93000000 N N N N N N Johnson Controls International plc 549300XQ6S1GYKGBL205 478375AR9 138000.00000000 PA USD 137467.73000000 0.102244432999 Long DBT CORP IE N 2 2026-02-14 Fixed 3.90000000 N N N N N N Palmer Square CLO Ltd. N/A 69688FAJ9 250000.00000000 PA USD 250000.00000000 0.185942608130 Long ABS-CBDO CORP KY N 2 2035-01-15 Floating 6.16771080 N N N N N N Novartis Capital Corp. 5493002KF87V5RSRQS84 66989HAK4 265000.00000000 PA USD 221333.05000000 0.164620978329 Long DBT CORP US N 2 2045-11-20 Fixed 4.00000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38379LL46 575675.37000000 PA USD 114951.26000000 0.085497348368 Long ABS-MBS USGA US N 2 2045-04-16 Fixed 4.00000000 N N N N N N CNO Global Funding 6354008GTNR4833ULD48 18977W2C3 150000.00000000 PA USD 140222.51000000 0.104293356911 Long DBT CORP US N 2 2029-01-06 Fixed 2.65000000 N N N N N N Equinix, Inc. 549300EVUN2BTLJ3GT74 29444UBE5 193000.00000000 PA USD 183212.94000000 0.136268367627 Long DBT CORP US N 2 2029-11-18 Fixed 3.20000000 N N N N N N General Motors Financial Co., Inc. 5493008B6JBRUJ90QL97 37045XEN2 140000.00000000 PA USD 144235.50000000 0.107278100219 Long DBT CORP US N 2 2029-01-07 Fixed 5.80000000 N N N N N N Capital One Financial Corp. ZUE8T73ROZOF6FLBAR73 14040HDC6 132000.00000000 PA USD 149176.32000000 0.110952936048 Long DBT CORP US N 2 2031-10-30 Fixed 7.62400000 N N N N N N Ellington Financial Mortgage Trust N/A 31574PAB1 179000.00000000 PA USD 175599.29000000 0.130605559873 Long ABS-MBS CORP US N 2 2065-05-25 Variable 3.14899920 N N N N N N UnitedHealth Group, Inc. 549300GHBMY8T5GXDE41 91324PDZ2 160000.00000000 PA USD 99660.92000000 0.074124845573 Long DBT CORP US N 2 2050-05-15 Fixed 2.90000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 36179XS80 953662.54000000 PA USD 846030.42000000 0.629252411408 Long ABS-MBS USGA US N 2 2053-02-20 Fixed 3.00000000 N N N N N N Spectra Energy Partners LP 2HKVXE7U4NF5B6UGSU72 84756NAH2 145000.00000000 PA USD 143014.60000000 0.106370030898 Long DBT CORP US N 2 2026-10-15 Fixed 3.37500000 N N N N N N Vertiv Group Corp. 549300ZT8RQ5VK10E643 92535UAB0 211000.00000000 PA USD 205915.03000000 0.153153510925 Long DBT CORP US N 2 2028-11-15 Fixed 4.12500000 N N N N N N Paramount Global 5KYC8KF17ROCY24M3H09 92556HAB3 40000.00000000 PA USD 38907.82000000 0.028938486109 Long DBT CORP US N 2 2031-01-15 Fixed 4.95000000 N N N N N N TELUS Corp. L2TEUTQ8OSHMJWVLCE40 87971MCL5 110000.00000000 PA USD 110684.39000000 0.082323776623 Long DBT CORP CA N 2 2055-10-15 Fixed 6.62500000 N N N N N N FNMA or FHLMC N/A 01F052672 -4000000.00000000 PA USD -3999709.88000000 -2.97486594740 Short ABS-MBS USGSE US N 2 2055-07-25 Fixed 5.50000000 N N N N N N Corebridge Global Funding 54930057MDZ7KOVOTV71 00138CBA5 305000.00000000 PA USD 312291.61000000 0.232273265842 Long DBT CORP US N 2 2029-06-24 Fixed 5.20000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3138ET7G5 311815.68000000 PA USD 294427.21000000 0.218986253327 Long ABS-MBS USGSE US N 2 2045-09-01 Fixed 4.00000000 N N N N N N NextEra Energy Capital Holdings, Inc. UMI46YPGBLUE4VGNNT48 65339KAT7 100000.00000000 PA USD 98655.60000000 0.073377118282 Long DBT CORP US N 2 2027-05-01 Fixed 3.55000000 N N N N N N BRAVO Residential Funding Trust N/A 10567MAA3 94303.16000000 PA USD 95191.70000000 0.070800771881 Long ABS-MBS CORP US N 2 2063-10-25 Fixed 6.39399960 N N N N N N Ares Capital Corp. WEQ82666OJYSI5GUAB47 04010LBG7 58000.00000000 PA USD 59361.42000000 0.044151269028 Long DBT CORP US N 2 2029-07-15 Fixed 5.95000000 N N N N N N COMM Mortgage Trust N/A 12631DBG7 227000.00000000 PA USD 208181.65000000 0.154839355863 Long ABS-MBS CORP US N 2 2047-05-10 Variable 4.94083080 N N N N N N Howmet Aerospace, Inc. 549300HO5WFZUT5N2T22 013817AK7 16000.00000000 PA USD 17000.85000000 0.012644729557 Long DBT CORP US N 2 2037-02-01 Fixed 5.95000000 N N N N N N CFCRE Commercial Mortgage Trust N/A 12527DAF7 24803.50000000 PA USD 23963.29000000 0.017823186567 Long ABS-MBS CORP US N 2 2047-12-15 Variable 5.07983400 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3622ACN55 434918.69000000 PA USD 442944.49000000 0.329449014909 Long ABS-MBS USGA US N 2 2053-07-20 Fixed 5.50000000 N N N N N N FHLMC 5493000ISU5NYXNHD479 35564KHE2 4381.08000000 PA USD 4401.35000000 0.003273593993 Long ABS-MBS CORP US N 2 2034-01-25 Floating 5.95517040 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 3132E0JF0 849328.64000000 PA USD 858222.84000000 0.638320772905 Long ABS-MBS USGSE US N 2 2053-09-01 Fixed 5.50000000 N N N N N N COMM Mortgage Trust N/A 12592PBL6 35874.02510000 PA USD 35439.40000000 0.026358777866 Long ABS-MBS CORP US N 2 2047-12-10 Variable 4.55743080 N N N N N N Pacific Gas and Electric Co. 1HNPXZSMMB7HMBMVBS46 694308KG1 64000.00000000 PA USD 65369.49000000 0.048619893850 Long DBT CORP US N 2 2032-06-15 Fixed 5.90000000 N N N N N N N/A N/A N/A 271700.00000000 PA USD 5666.35000000 0.004214463590 N/A DIR US N 2 CITIBANK NA E57ODZWZ7FF32TWEFA76 Put Purchased N/A Swaption 1.00000000 4.60750000 USD 2026-05-26 XXXX -4196.36000000 N N N FHLMC S6XOOCT0IEG5ABCC6L87 31397P6U9 9651.50000000 PA USD 8382.31000000 0.006234514334 Long ABS-MBS USGSE US N 2 2037-04-15 None 0.00000000 N N N N N N N/A N/A N/A -2237700.00000000 PA USD -598.46000000 -0.00044511685 N/A DIR US N 2 MIZUHO CAPITAL MARKETS LLC OV6W8S6QX2D1J857QP30 Put Written N/A Swaption 1.00000000 4.50000000 USD 2025-10-09 XXXX 6687.07000000 N N N N/A N/A N/A 106000.00000000 PA USD 2905.62000000 0.002161114244 N/A DCR US N 2 BANK OF AMERICA NA B4TYDEB6GKMZO031MB27 Markit CMBX North American Index Series BBB-6 137BERAF4 Y Payout of notional amount upon default event with regard to the reference instrument 2063-05-11 0.00000000 USD 6387.90000000 USD 106000.00000000 USD 2905.62000000 N N N Glencore Funding LLC 213800STG1QDNBY87K49 378272BU1 20000.00000000 PA USD 20394.77000000 0.015169026904 Long DBT CORP US N 2 2034-04-04 Fixed 5.63400000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3140FXDF6 1107000.84000000 PA USD 998014.66000000 0.742293795329 Long ABS-MBS USGSE US N 2 2056-06-01 Fixed 3.50000000 N N N N N N Sound Point CLO XXXII Ltd. N/A 83616AAC3 250000.00000000 PA USD 250318.85000000 0.186179759332 Long ABS-CBDO CORP KY N 2 2034-10-25 Floating 5.69337840 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 3131XVET8 461353.20000000 PA USD 426574.23000000 0.317273299549 Long ABS-MBS USGSE US N 2 2046-10-01 Fixed 3.50000000 N N N N N N Synopsys, Inc. QG7T915N9S0NY5UKNE63 871607AC1 90000.00000000 PA USD 91277.79000000 0.067889721347 Long DBT CORP US N 2 2030-04-01 Fixed 4.85000000 N N N N N N N/A N/A N/A 473000.00000000 PA USD 60987.54000000 0.045360729004 N/A DIR N/A N 2 MIZUHO CAPITAL MARKETS LLC OV6W8S6QX2D1J857QP30 Put Purchased N/A Swaption 1.00000000 4.01000000 USD 2032-03-29 XXXX 4274.84000000 N N N Prologis LP GL16H1DHB0QSHP25F723 74340XCJ8 110000.00000000 PA USD 110338.61000000 0.082066595683 Long DBT CORP US N 2 2034-03-15 Fixed 5.00000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3138XW2X5 108736.13000000 PA USD 106512.61000000 0.079220930008 Long ABS-MBS USGSE US N 2 2044-07-01 Fixed 4.50000000 N N N N N N Fifth Third Bancorp THRNG6BD57P9QWTQLG42 316773DM9 60000.00000000 PA USD 60684.80000000 0.045135559943 Long DBT CORP US N 2 2030-09-06 Fixed 4.89500000 N N N N N N Oncor Electric Delivery Co. LLC 549300SP2X2BS1KERD24 68233JBK9 161000.00000000 PA USD 168863.07000000 0.125595358610 Long DBT CORP US N 2 2029-03-15 Fixed 5.75000000 N N N N N N GS Mortgage Securities Trust 549300WF5YRKNHB1FX69 36198EAG0 3850465.73990000 PA USD 38.50000000 0.000028635161 Long ABS-MBS CORP US N 2 2046-07-10 Variable 0.08865200 N N N N N N Wells Fargo Commercial Mortgage Trust N/A 95001ABE5 3078834.72000000 PA USD 65200.79000000 0.048494419778 Long ABS-MBS CORP US N 2 2050-11-15 Variable 1.30120920 N N N N N N Allegro CLO XII Ltd. 254900E0ZQX4DLP7HF87 01750TAN6 250000.00000000 PA USD 251199.61000000 0.186834842578 Long ABS-CBDO CORP KY N 2 2037-07-21 Floating 5.70947040 N N N N N N ONEOK, Inc. 2T3D6M0JSY48PSZI1Q41 682680CD3 15000.00000000 PA USD 14859.49000000 0.011052049304 Long DBT CORP US N 2 2031-10-15 Fixed 4.75000000 N N N N N N Ryder System, Inc. ZXJ6Y2OSPZXIVGRILD15 78355HLC1 200000.00000000 PA USD 203614.60000000 0.151442519109 Long DBT CORP US N 2 2029-09-01 Fixed 4.95000000 N N N N N N N/A N/A N/A 32.00000000 NC USD 110444.32000000 0.082145219655 N/A DIR US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Long United States of America U.S. Treasury Long Bonds 2025-09-19 3695000.00000000 USD 110444.32000000 N N N Wise CLO Ltd. 254900UJ1RZE30CBZ497 97718GAA1 250000.00000000 PA USD 251178.79000000 0.186819357278 Long ABS-CBDO CORP KY N 2 2037-07-15 Floating 5.71610160 N N N N N N CVS Health Corp. 549300EJG376EN5NQE29 126650EH9 45000.00000000 PA USD 46525.96000000 0.034604633392 Long DBT CORP US N 2 2055-03-10 Fixed 7.00000000 N N N N N N COMM Mortgage Trust N/A 12631DAG8 198000.00000000 PA USD 158895.89000000 0.118182064830 Long ABS-MBS CORP US N 2 2047-05-10 Variable 5.00458320 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 097023AU9 55000.00000000 PA USD 58142.79000000 0.043244888066 Long DBT CORP US N 2 2033-02-15 Fixed 6.12500000 N N N N N N FNMA or FHLMC N/A 01F012478 1000000.00000000 PA USD 888907.33000000 0.661142989304 Long ABS-MBS USGSE US N 2 2040-07-25 Fixed 1.50000000 N N N N N N J.P. Morgan Chase Commercial Mortgage Securities Trust N/A 46639YAC1 498000.00000000 PA USD 21595.77000000 0.016062295193 Long ABS-MBS CORP US N 2 2046-04-15 Variable 3.25000000 Y N N N N N Harley-Davidson Motorcycle Trust N/A 41284PAC9 702000.00000000 PA USD 703565.18000000 0.523290978234 Long ABS-O CORP US N 2 2029-07-16 Fixed 4.31000000 N N N N N N Illumina, Inc. SQ95QG8SR5Q56LSNF682 452327AQ2 105000.00000000 PA USD 105152.37000000 0.078209223715 Long DBT CORP US N 2 2026-09-09 Fixed 4.65000000 N N N N N N Gartner, Inc. PP55B5R38BFB8O8HH686 366651AG2 80000.00000000 PA USD 76120.71000000 0.056616333400 Long DBT CORP US N 2 2029-06-15 Fixed 3.62500000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38381J2J5 2547906.11000000 PA USD 131080.85000000 0.097494060499 Long ABS-MBS USGSE US N 2 2063-06-16 Variable 0.70039080 N N N N N N N/A N/A N/A 167000.00000000 PA USD -72460.73000000 -0.05389414849 N/A DCR US N 2 J P MORGAN SECURITIES LLC ZBUT11V806EZRVTWT807 Markit CMBX North American Index Series BB-6 137BEMAE8 Y Receipt of notional amount upon default event with regard to the reference instrument 2063-05-11 85971.43000000 USD 0.00000000 USD 167000.00000000 USD -72460.73000000 N N N RTX Corp. I07WOS4YJ0N7YRFE7309 913017CY3 370000.00000000 PA USD 368634.94000000 0.274179768765 Long DBT CORP US N 2 2028-11-16 Fixed 4.12500000 N N N N N N Mars, Inc. 54930073HKEO6GZBSS03 571676AZ8 355000.00000000 PA USD 359898.71000000 0.267682019200 Long DBT CORP US N 2 2032-03-01 Fixed 5.00000000 N N N N N N Athene Holding Ltd. 549300H316CT32FQXI76 04686JAH4 35000.00000000 PA USD 34580.25000000 0.025719767499 Long DBT CORP US N 2 2054-04-01 Fixed 6.25000000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 3137FQNN9 3313570.72000000 PA USD 409290.93000000 0.304418492032 Long ABS-MBS USGSE US N 2 2050-01-25 Floating 1.63035000 N N N N N N Barclays plc 213800LBQA1Y9L22JB70 06738ECY9 200000.00000000 PA USD 204348.23000000 0.151988171411 Long DBT CORP GB N 2 2031-02-25 Fixed 5.36700000 N N N N N N Enbridge, Inc. 98TPTUM4IVMFCZBCUR27 29250NAL9 95000.00000000 PA USD 94850.78000000 0.070547205665 Long DBT CORP CA N 2 2026-12-01 Fixed 4.25000000 N N N N N N Hewlett Packard Enterprise Co. 549300BX44RGX6ANDV88 42824CBT5 221000.00000000 PA USD 219945.83000000 0.163589205110 Long DBT CORP US N 2 2029-10-15 Fixed 4.55000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3618BTAG5 56908.44000000 PA USD 57608.73000000 0.042847670029 Long ABS-MBS USGA US N 2 2053-06-20 Fixed 5.50000000 N N N N N N Analog Devices, Inc. GYVOE5EZ4GDAVTU4CQ61 032654BB0 95000.00000000 PA USD 97434.41000000 0.072468833268 Long DBT CORP US N 2 2034-04-01 Fixed 5.05000000 N N N N N N PNC Financial Services Group, Inc. (The) CFGNEKW0P8842LEUIA51 693475BE4 350000.00000000 PA USD 339822.15000000 0.252749667485 Long DBT CORP US N 2 2033-06-06 Fixed 4.62600000 N N N N N N Amgen, Inc. 62QBXGPJ34PQ72Z12S66 031162DT4 98000.00000000 PA USD 95752.62000000 0.071217967592 Long DBT CORP US N 2 2053-03-02 Fixed 5.65000000 N N N N N N FHLMC N/A 35563PLU1 300902.93000000 PA USD 293571.46000000 0.218349771779 Long ABS-MBS CORP US N 2 2058-10-25 Variable 4.74999840 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38382HLM0 3507761.47000000 PA USD 517002.30000000 0.384531024284 Long ABS-MBS USGA US N 2 2050-08-20 Floating 1.86793920 N N N N N N Oncor Electric Delivery Co. LLC 549300SP2X2BS1KERD24 68233JBH6 90000.00000000 PA USD 88668.48000000 0.065948993720 Long DBT CORP US N 2 2028-11-15 Fixed 3.70000000 N N N N N N Prologis LP GL16H1DHB0QSHP25F723 74340XCA7 80000.00000000 PA USD 69429.19000000 0.051639378675 Long DBT CORP US N 2 2031-02-01 Fixed 1.75000000 N N N N N N Intesa Sanpaolo SpA 2W8N8UU78PMDQKZENC08 46115HBQ9 210000.00000000 PA USD 193284.04000000 0.143758954030 Long DBT CORP IT N 2 2032-06-01 Fixed 4.19800000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3138WHFD9 585418.94000000 PA USD 524730.21000000 0.390278815248 Long ABS-MBS USGSE US N 2 2046-06-01 Fixed 3.00000000 N N N N N N US Bancorp N1GZ7BBF3NP8GI976H15 91159HJB7 260000.00000000 PA USD 220750.44000000 0.164187650237 Long DBT CORP US N 2 2036-11-03 Fixed 2.49100000 N N N N N N Carnival Corp. F1OF2ZSX47CR0BCWA982 143658BQ4 200000.00000000 PA USD 195875.00000000 0.145686033469 Long DBT CORP PA N 2 2028-08-01 Fixed 4.00000000 N N N N N N FNMA N/A 20755RAA3 52353.57000000 PA USD 52562.47000000 0.039094411046 Long ABS-MBS CORP US N 2 2044-09-25 Floating 5.45517000 N N N N N N KKR Group Finance Co. VI LLC 549300TUJWGHJM3FSJ07 48252AAA9 110000.00000000 PA USD 106869.70000000 0.079486522992 Long DBT CORP US N 2 2029-07-01 Fixed 3.75000000 N N N N N N Evergy Missouri West, Inc. EZIFUDC0VSUS6T6LCG85 30037FAA8 165000.00000000 PA USD 167957.10000000 0.124921524911 Long DBT CORP US N 2 2027-12-15 Fixed 5.15000000 N N N N N N Enel Finance International NV 0YQH6LCEF474UTUV4B96 29278GBA5 200000.00000000 PA USD 228119.97000000 0.169668888753 Long DBT CORP NL N 2 2032-10-14 Fixed 7.50000000 N N N N N N Brunswick Corp. YM4O38W15AX4YLLQKU27 117043AT6 44000.00000000 PA USD 37435.33000000 0.027843291585 Long DBT CORP US N 2 2031-08-18 Fixed 2.40000000 N N N N N N Toronto-Dominion Bank (The) PT3QB789TSUIDF371261 891160MJ9 180000.00000000 PA USD 178003.56000000 0.132393784811 Long DBT CORP CA N 2 2031-09-15 Fixed 3.62500000 N N N N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 45866FAN4 118000.00000000 PA USD 98037.27000000 0.072917222710 Long DBT CORP US N 2 2032-09-15 Fixed 1.85000000 N N N N N N Targa Resources Partners LP / Targa Resources Partners Finance Corp. N/A 87612BBS0 93000.00000000 PA USD 92304.15000000 0.068653097568 Long DBT CORP US N 2 2031-02-01 Fixed 4.87500000 N N N N N N WaMu Mortgage-Backed Pass-Through Certificates Trust N/A 92922F7S1 410045.66000000 PA USD 375923.10000000 0.279600486681 Long ABS-MBS CORP US N 2 2045-12-25 Floating 5.25368160 N N N N N N Eastern Energy Gas Holdings LLC 549300BFOD6TDMVV4O24 27636AAB8 43000.00000000 PA USD 44780.25000000 0.033306225910 Long DBT CORP US N 2 2035-01-15 Fixed 5.80000000 N N N N N N N/A N/A N/A 193000.00000000 PA USD -2364.25000000 -0.00175845924 N/A DCR GB N 2 GOLDMAN SACHS INTL W22LROWP2IHZNBB6K528 Markit CMBX North American Index Series BBB-13 137BERAM9 Y Receipt of notional amount upon default event with regard to the reference instrument 2072-12-16 40819.50000000 USD 0.00000000 USD 193000.00000000 USD -2364.25000000 N N N Charter Communications Operating LLC / Charter Communications Operating Capital N/A 161175AY0 57000.00000000 PA USD 56996.75000000 0.042392497399 Long DBT CORP US N 2 2025-07-23 Fixed 4.90800000 N N N N N N Wells Fargo Commercial Mortgage Trust 549300RVQJTKIK3XGD11 95001LAV4 12899791.27000000 PA USD 169455.53000000 0.126036012841 Long ABS-MBS CORP US N 2 2051-03-15 Variable 0.72105120 N N N N N N NiSource, Inc. 549300D8GOWWH0SJB189 65473PAU9 100000.00000000 PA USD 99055.65000000 0.073674663644 Long DBT CORP US N 2 2055-04-01 Fixed 5.85000000 N N N N N N South Bow USA Infrastructure Holdings LLC 254900Z1WAY7QFQ7O850 83007CAE2 35000.00000000 PA USD 34649.14000000 0.025771005844 Long DBT CORP US N 2 2034-10-01 Fixed 5.58400000 N N N N N N FNMA 549300HG8ZEWVWVSN227 62547NAB5 208400.11000000 PA USD 211911.57000000 0.157613560074 Long ABS-MBS CORP US N 2 2049-10-25 Floating 7.66964880 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3140J5JS9 362303.63000000 PA USD 325599.56000000 0.242171325569 Long ABS-MBS USGSE US N 2 2047-03-01 Fixed 3.00000000 N N N N N N Hyundai Capital America 549300RIPPWJB5Z0FK07 44891ACV7 20000.00000000 PA USD 20441.41000000 0.015203716357 Long DBT CORP US N 2 2031-01-08 Fixed 5.40000000 N N N N N N LPL Holdings, Inc. 549300Z5YF8CCRMYUL26 50212YAC8 50000.00000000 PA USD 49918.45000000 0.037127867147 Long DBT CORP US N 2 2027-11-15 Fixed 4.62500000 N N N N N N N/A N/A N/A 188900.00000000 PA USD 3878.85000000 0.002884973942 N/A DIR FR N 2 BNP PARIBAS NY BRANCH 549300QVEGJN81E8T563 Call Purchased N/A Swaption 1.00000000 3.83250000 USD 2025-09-08 XXXX -626.42000000 N N N COMM Mortgage Trust N/A 12624BAL0 66313.29000000 PA USD 60395.56000000 0.044920431783 Long ABS-MBS CORP US N 2 2045-05-15 Variable 5.27354280 N N N N N N UnitedHealth Group, Inc. 549300GHBMY8T5GXDE41 91324PFQ0 110000.00000000 PA USD 112156.84000000 0.083418941396 Long DBT CORP US N 2 2035-06-15 Fixed 5.30000000 N N N N N N PacifiCorp SGY07Y7FNYBNLM6Z1M11 695114CW6 133000.00000000 PA USD 121676.57000000 0.090499435096 Long DBT CORP US N 2 2030-09-15 Fixed 2.70000000 N N N N N N Berkshire Hathaway Energy Co. 549300JD0S5IZJE9LY15 084659AX9 100000.00000000 PA USD 79976.10000000 0.059483858488 Long DBT CORP US N 2 2050-10-15 Fixed 4.25000000 N N N N N N Brown & Brown, Inc. 549300PC8KTJ71XKFY89 115236AK7 92000.00000000 PA USD 92906.92000000 0.069101420072 Long DBT CORP US N 2 2030-06-23 Fixed 4.90000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376RG26 407140.83000000 PA USD 22183.07000000 0.016499111568 Long ABS-MBS USGA US N 2 2066-11-20 Variable 2.75792040 N N N N N N Morgan Stanley Bank of America Merrill Lynch Trust 549300P1YQ48837ZOI22 61762MBG5 273000.00000000 PA USD 24242.35000000 0.018030743144 Long ABS-MBS CORP US N 2 2046-07-15 Variable 4.11167880 N N N N N N LCCM N/A 50190DAL0 5669647.98550000 PA USD 119916.46000000 0.089190317320 Long ABS-MBS CORP US N 2 2050-07-12 Variable 1.66942080 N N N N N N N/A N/A N/A 140000.00000000 PA USD 13016.01000000 0.009680923387 N/A DCR US N 2 CITIBANK NA E57ODZWZ7FF32TWEFA76 Markit CMBX North American Index Series BB-6 137BEMAE8 Y Payout of notional amount upon default event with regard to the reference instrument 2063-05-11 0.00000000 USD 24342.35000000 USD 140000.00000000 USD 13016.01000000 N N N J.P. Morgan Mortgage Trust N/A 46593DAX5 188376.85000000 PA USD 189285.35000000 0.140784846639 Long ABS-MBS CORP US N 2 2055-02-25 Floating 5.65517160 N N N N N N Morgan Stanley Residential Mortgage Loan Trust N/A 61777BBQ0 110151.17000000 PA USD 110575.20000000 0.082242564329 Long ABS-MBS CORP US N 2 2054-09-25 Floating 5.65517160 N N N N N N Rockland Park CLO Ltd. N/A 773663AC3 250000.00000000 PA USD 250555.43000000 0.186355720541 Long ABS-CBDO CORP KY N 2 2034-04-20 Floating 6.18108120 N N N N N N Ashtead Capital, Inc. 213800J1134IW58IC398 045054AR4 200000.00000000 PA USD 207276.25000000 0.154165946113 Long DBT CORP US N 2 2033-10-15 Fixed 5.95000000 N N N N N N FNMA N/A 20755AAB8 15826.23000000 PA USD 16160.26000000 0.012019523569 Long ABS-MBS CORP US N 2 2043-01-25 Floating 6.60516840 N N N N N N FNMA or FHLMC N/A 01F040677 1000000.00000000 PA USD 929961.19000000 0.691677636513 Long ABS-MBS USGSE US N 2 2055-07-25 Fixed 4.00000000 N N N N N N Sprint Capital Corp. 549300L17W0GQBR1PO80 852060AD4 149000.00000000 PA USD 159994.16000000 0.118998925583 Long DBT CORP US N 2 2028-11-15 Fixed 6.87500000 N N N N N N N/A N/A N/A 572900.00000000 PA USD 27186.78000000 0.020220723119 N/A DIR N/A N 2 MIZUHO CAPITAL MARKETS LLC OV6W8S6QX2D1J857QP30 Call Purchased N/A Swaption 1.00000000 3.88400000 USD 2028-01-31 XXXX 1864.60000000 N N N GNMA 549300M8ZYFG0OCMTT87 3617BUS59 69846.08000000 PA USD 64259.84000000 0.047794568990 Long ABS-MBS USGA US N 2 2047-11-20 Fixed 3.50000000 N N N N N N Merck & Co., Inc. 4YV9Y5M8S0BRK1RP0397 58933YAT2 205000.00000000 PA USD 162028.99000000 0.120512371973 Long DBT CORP US N 2 2045-02-10 Fixed 3.70000000 N N N N N N Morgan Stanley Capital I Trust N/A 61691ABP7 412000.00000000 PA USD 395921.45000000 0.294474668110 Long ABS-MBS CORP US N 2 2048-12-15 Variable 4.31499960 N N N N N N CIFC Funding Ltd. 549300O8WGQU5B6HEB94 12548RAH7 250000.00000000 PA USD 251125.00000000 0.186779349866 Long ABS-CBDO CORP KY N 2 2037-10-24 Floating 5.63518080 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3617BG3Z1 96084.01000000 PA USD 88280.73000000 0.065660596735 Long ABS-MBS USGA US N 2 2047-11-20 Fixed 3.50000000 N N N N N N Marsh & McLennan Cos., Inc. 549300XMP3KDCKJXIU47 571748BG6 194000.00000000 PA USD 194818.18000000 0.144900002001 Long DBT CORP US N 2 2029-03-15 Fixed 4.37500000 N N N N N N Mars, Inc. 54930073HKEO6GZBSS03 571676BB0 70000.00000000 PA USD 70210.31000000 0.052220352636 Long DBT CORP US N 2 2045-05-01 Fixed 5.65000000 N N N N N N N/A N/A N/A 66.00000000 NC USD 119514.78000000 0.088891559613 N/A DIR US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Long United States of America U.S. Treasury 10 Year Notes 2025-09-19 7400250.00000000 USD 119514.78000000 N N N FNMA or FHLMC N/A 01F022675 4000000.00000000 PA USD 3317132.52000000 2.467185089126 Long ABS-MBS USGSE US N 2 2055-07-25 Fixed 2.50000000 N N N N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 023135BZ8 101000.00000000 PA USD 89704.82000000 0.066719792770 Long DBT CORP US N 2 2031-05-12 Fixed 2.10000000 N N N N N N Marvell Technology, Inc. N/A 573874AQ7 67000.00000000 PA USD 70788.14000000 0.052650125505 Long DBT CORP US N 2 2033-09-15 Fixed 5.95000000 N N N N N N Oracle Corp. 1Z4GXXU7ZHVWFCD8TV52 68389XCC7 130000.00000000 PA USD 127362.43000000 0.094728409647 Long DBT CORP US N 2 2026-03-25 Fixed 1.65000000 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 097023CR4 70000.00000000 PA USD 47899.42000000 0.035626172330 Long DBT CORP US N 2 2059-08-01 Fixed 3.95000000 N N N N N N Verus Securitization Trust 984500A3F1D749452747 92540EAA1 307618.66000000 PA USD 308439.94000000 0.229408507580 Long ABS-MBS CORP US N 2 2069-01-25 Fixed 5.71200120 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 3137HANZ5 428804.05000000 PA USD 93707.36000000 0.069696763677 Long ABS-MBS USGSE US N 2 2046-12-15 Fixed 4.00000000 N N N N N N Becton Dickinson & Co. ICE2EP6D98PQUILVRZ91 075887CJ6 45000.00000000 PA USD 41673.77000000 0.030995717937 Long DBT CORP US N 2 2030-05-20 Fixed 2.82300000 N N N N N N Meta Platforms, Inc. BQ4BKCS1HXDV9HN80Z93 30303M8W5 30000.00000000 PA USD 29342.41000000 0.021824016976 Long DBT CORP US N 2 2064-08-15 Fixed 5.55000000 N N N N N N GoldenTree Loan Management US CLO 9 Ltd. 549300CQMHYJ3DLMP206 38138JAN3 250000.00000000 PA USD 251385.20000000 0.186972878933 Long ABS-CBDO CORP KY N 2 2037-04-20 Floating 5.76947160 N N N N N N BRAVO Residential Funding Trust N/A 10569KAA5 100051.70000000 PA USD 101041.39000000 0.075151598342 Long ABS-MBS CORP US N 2 2064-02-25 Fixed 6.28499880 N N N N N N Exelon Corp. 3SOUA6IRML7435B56G12 30161NAC5 225000.00000000 PA USD 231543.19000000 0.172214978573 Long DBT CORP US N 2 2035-06-15 Fixed 5.62500000 N N N N N N FNMA N/A 20753YCK6 19000.00000000 PA USD 19586.68000000 0.014567993455 Long ABS-MBS CORP US N 2 2042-03-25 Floating 7.40517120 N N N N N N CVS Health Corp. 549300EJG376EN5NQE29 126650CY4 292000.00000000 PA USD 268155.54000000 0.199446161968 Long DBT CORP US N 2 2038-03-25 Fixed 4.78000000 N N N N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 38141GWZ3 353000.00000000 PA USD 351044.28000000 0.261096355969 Long DBT CORP US N 2 2029-05-01 Fixed 4.22300000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 3133Q3H79 150628.70000000 PA USD 151371.81000000 0.112585876595 Long ABS-MBS USGSE US N 2 2053-10-25 Floating 5.45517000 N N N N N N N/A N/A N/A 193000.00000000 PA USD -1745.05000000 -0.00129791659 N/A DCR GB N 2 MORGAN STANLEY INTL PLC IGJSJL3JD5P30I6NJZ34 Markit CMBX North American Index Series BBB-9 137BERAI8 Y Receipt of notional amount upon default event with regard to the reference instrument 2058-09-17 34667.63000000 USD 0.00000000 USD 193000.00000000 USD -1745.05000000 N N N J.P. Morgan Chase Commercial Mortgage Securities Trust N/A 46634SAM7 138000.00000000 PA USD 132962.59000000 0.098893643073 Long ABS-MBS CORP US N 2 2045-05-15 Variable 5.12937720 N N N N N N Fairfax Financial Holdings Ltd. GLS7OQD0WOEDI8YAP031 303901BB7 220000.00000000 PA USD 222017.43000000 0.165129999938 Long DBT CORP CA N 2 2028-04-17 Fixed 4.85000000 N N N N N N Lendbuzz Securitization Trust N/A 52609YAB7 244980.22000000 PA USD 245308.89000000 0.182453499216 Long ABS-O CORP US N 2 2029-10-15 Fixed 4.97000000 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 61761JZN2 760000.00000000 PA USD 755561.16000000 0.561964050768 Long DBT CORP US N 2 2027-04-23 Fixed 3.95000000 N N N N N N Prologis LP GL16H1DHB0QSHP25F723 74340XBM2 54000.00000000 PA USD 49118.93000000 0.036533207811 Long DBT CORP US N 2 2030-04-15 Fixed 2.25000000 N N N N N N TIAA Real Estate CDO Ltd. 5493005Y5RSPJ6PO8N21 88631FAA6 859373.09000000 PA USD 72.02000000 0.000053566346 Long ABS-CBDO CORP KY N 2 2038-12-28 Fixed 8.00000000 Y N N N N N Angel Oak Mortgage Trust N/A 034931AA3 88650.90000000 PA USD 87830.02000000 0.065325371963 Long ABS-MBS CORP US N 2 2067-09-26 Fixed 4.79999880 N N N N N N Ares Capital Corp. WEQ82666OJYSI5GUAB47 04010LAZ6 175000.00000000 PA USD 174110.67000000 0.129498368332 Long DBT CORP US N 2 2026-01-15 Fixed 3.87500000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3617GCYW8 152323.64000000 PA USD 141783.99000000 0.105454739566 Long ABS-MBS USGA US N 2 2048-02-20 Fixed 4.00000000 N N N N N N Magnetite XL Ltd. 5299008V4F49IY3SSP69 55955RAA7 250000.00000000 PA USD 250878.83000000 0.186596255899 Long ABS-CBDO CORP KY N 2 2037-07-15 Floating 5.70610080 N N N N N N Elmwood CLO 27 Ltd. N/A 29003FAA0 250000.00000000 PA USD 251614.18000000 0.187143187486 Long ABS-CBDO CORP US N 2 2037-04-18 Floating 5.78946960 N N N N N N Broadcom Corp. / Broadcom Cayman Finance Ltd. N/A 11134LAH2 122000.00000000 PA USD 121204.98000000 0.090148680398 Long DBT CORP US N 2 2027-01-15 Fixed 3.87500000 N N N N N N Credit Suisse Commercial Mortgage Trust N/A 22545YBS9 2974849.28000000 PA USD 535.18000000 0.000398051060 Long ABS-MBS CORP US N 2 2049-01-15 Variable 0.02965320 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3138M7KQ7 12213.11000000 PA USD 11078.81000000 0.008240091305 Long ABS-MBS USGSE US N 2 2042-10-01 Fixed 3.00000000 N N N N N N Eversource Energy SJ7XXD41SQU3ZNWUJ746 30040WAT5 165000.00000000 PA USD 169326.18000000 0.125939806135 Long DBT CORP US N 2 2028-03-01 Fixed 5.45000000 N N N N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 29278NAN3 182000.00000000 PA USD 185331.28000000 0.137843926285 Long DBT CORP US N 2 2027-06-01 Fixed 5.50000000 N N N N N N N/A N/A N/A -65.00000000 NC USD -52403.52000000 -0.03897618873 N/A DIR US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Short United States of America U.S. Treasury 2 Year Notes 2025-09-30 -13521523.47000000 USD -52403.52000000 N N N GNMA 549300M8ZYFG0OCMTT87 3617ATK85 71791.03000000 PA USD 66139.57000000 0.049192656585 Long ABS-MBS USGA US N 2 2047-11-20 Fixed 3.50000000 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 31329MU32 167124.24000000 PA USD 151291.28000000 0.112525980762 Long ABS-MBS USGSE US N 2 2043-03-01 Fixed 3.00000000 N N N N N N Pacific Gas and Electric Co. 1HNPXZSMMB7HMBMVBS46 694308KH9 75000.00000000 PA USD 75542.83000000 0.056186523342 Long DBT CORP US N 2 2053-01-15 Fixed 6.75000000 N N N N N N Wells Fargo & Co. PBLD0EJDB5FWOLXP3B76 949746TD3 50000.00000000 PA USD 49518.79000000 0.036830611856 Long DBT CORP US N 2 2026-03-15 Fixed 3.90000000 N N N N N N American Electric Power Co., Inc. 1B4S6S7G0TW5EE83BO58 025537AM3 210000.00000000 PA USD 210196.81000000 0.156338172288 Long DBT CORP US N 2 2028-12-01 Fixed 4.30000000 N N N N N N FNMA N/A 20753GAB7 5997.54000000 PA USD 5998.10000000 0.004461209431 Long ABS-MBS CORP US N 2 2044-05-25 Floating 5.40516960 N N N N N N International Flavors & Fragrances, Inc. BZLRL03D3GPGMOGFO832 459506AQ4 18000.00000000 PA USD 15914.32000000 0.011836600669 Long DBT CORP US N 2 2030-11-01 Fixed 2.30000000 N N N N N N Ares Capital Corp. WEQ82666OJYSI5GUAB47 04010LBE2 35000.00000000 PA USD 36124.74000000 0.026868513494 Long DBT CORP US N 2 2027-01-15 Fixed 7.00000000 N N N N N N Sound Point CLO XXVI Ltd. N/A 83614XAQ4 250000.00000000 PA USD 250304.69000000 0.186169227543 Long ABS-CBDO CORP KY N 2 2034-07-20 Floating 5.70107880 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 097023CK9 76000.00000000 PA USD 54577.59000000 0.040593197720 Long DBT CORP US N 2 2049-05-01 Fixed 3.90000000 N N N N N N Wells Fargo Commercial Mortgage Trust N/A 94989WBB2 95000.00000000 PA USD 82459.79000000 0.061331153673 Long ABS-MBS CORP US N 2 2048-11-15 Fixed 3.85200000 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 3131XQKR6 152720.57000000 PA USD 149579.61000000 0.111252891225 Long ABS-MBS USGSE US N 2 2044-08-01 Fixed 4.50000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3617G0S27 14787.17000000 PA USD 13809.98000000 0.010271454797 Long ABS-MBS USGA US N 2 2048-05-20 Fixed 4.00000000 N N N N N N VICI Properties LP / VICI Note Co., Inc. N/A 92564RAH8 145000.00000000 PA USD 144638.02000000 0.107577482694 Long DBT CORP US N 2 2026-09-01 Fixed 4.50000000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 48128BAN1 87000.00000000 PA USD 85805.11000000 0.063819303777 Long DBT CORP US N 2 2026-06-01 Fixed 3.65000000 N N N N N N S&P Global, Inc. Y6X4K52KMJMZE7I7MY94 78409VAP9 70000.00000000 PA USD 65115.45000000 0.048430946410 Long DBT CORP US N 2 2029-12-01 Fixed 2.50000000 N N N N N N HCA, Inc. L3CJ6J7LJ2DX62FTXD46 404119CK3 50000.00000000 PA USD 46139.34000000 0.034317076867 Long DBT CORP US N 2 2032-03-15 Fixed 3.62500000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376REB8 371362.95000000 PA USD 20686.77000000 0.015386207870 Long ABS-MBS USGA US N 2 2065-07-20 Variable 2.82818880 N N N N N N N/A N/A N/A 3166000.00000000 PA USD 42146.31000000 0.031347179217 N/A DIR GB N 2 LCH Clearnet 549300TXTCI7WVVJS380 Y 2035-09-17 9618.70000000 USD 0.00000000 USD 3166000.00000000 USD 42146.31000000 N N N GNMA 549300M8ZYFG0OCMTT87 36197F2T9 41755.11000000 PA USD 38641.70000000 0.028740553922 Long ABS-MBS USGA US N 2 2047-11-15 Fixed 3.50000000 N N N N N N AGL Core CLO 31 Ltd. 254900LYT9TA0J0GKX14 00852MAA8 250000.00000000 PA USD 250210.59000000 0.186099238745 Long ABS-CBDO CORP KY N 2 2037-07-20 Floating 5.66947080 N N N N N N GE HealthCare Technologies, Inc. 549300OI9J7XOWZMUN85 36266GAA5 225000.00000000 PA USD 228363.07000000 0.169849699345 Long DBT CORP US N 2 2029-08-14 Fixed 4.80000000 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 3131XWED1 292778.24000000 PA USD 270690.24000000 0.201331396883 Long ABS-MBS USGSE US N 2 2047-02-01 Fixed 3.50000000 N N N N N N Toll Brothers Finance Corp. N/A 88947EAU4 145000.00000000 PA USD 140788.02000000 0.104713966529 Long DBT CORP US N 2 2029-11-01 Fixed 3.80000000 N N N N N N J.P. Morgan Chase Commercial Mortgage Securities Trust N/A 46639EAN1 127000.00000000 PA USD 120819.16000000 0.089861718889 Long ABS-MBS CORP US N 2 2047-12-15 Variable 3.69047880 N N N N N N Extra Space Storage LP 549300YNKSKNZFR8UC42 30225VAR8 130000.00000000 PA USD 137416.39000000 0.102206247825 Long DBT CORP US N 2 2031-01-15 Fixed 5.90000000 N N N N N N Neuberger Berman Loan Advisers CLO 25 Ltd. 549300YJLHTYDSFV8K03 64131JAU0 250000.00000000 PA USD 250234.04000000 0.186116680162 Long ABS-CBDO CORP KY N 2 2038-07-18 Floating 5.66947080 N N N N N N Targa Resources Partners LP / Targa Resources Partners Finance Corp. N/A 87612BBG6 220000.00000000 PA USD 220185.19000000 0.163767234000 Long DBT CORP US N 2 2028-01-15 Fixed 5.00000000 N N N N N N Pfizer Investment Enterprises Pte. Ltd. 5493000FQO8XF9C0RT95 716973AE2 240000.00000000 PA USD 239375.85000000 0.178040679489 Long DBT CORP SG N 2 2033-05-19 Fixed 4.75000000 N N N N N N COLT Mortgage Loan Trust 213800MIPEZY1A8W1N28 19688RAA7 473672.04000000 PA USD 481027.60000000 0.357774106106 Long ABS-MBS CORP US N 2 2068-09-25 Fixed 7.17999840 N N N N N N Paramount Global 5KYC8KF17ROCY24M3H09 124857AZ6 230000.00000000 PA USD 223827.58000000 0.166476335986 Long DBT CORP US N 2 2029-06-01 Fixed 4.20000000 N N N N N N Netflix, Inc. 549300Y7VHGU0I7CE873 64110LBA3 20000.00000000 PA USD 19752.90000000 0.014691622976 Long DBT CORP US N 2 2054-08-15 Fixed 5.40000000 N N N N N N Westpac Banking Corp. EN5TNI6CI43VEPAMHL14 961214EG4 185000.00000000 PA USD 168091.03000000 0.125021138085 Long DBT CORP AU N 2 2039-07-24 Fixed 4.42100000 N N N N N N BAE Systems plc 8SVCSVKSGDWMW2QHOH83 05523RAM9 200000.00000000 PA USD 197628.29000000 0.146990078731 Long DBT CORP GB N 2 2054-03-26 Fixed 5.50000000 N N N N N N AS Mileage Plan IP Ltd. N/A 00218QAA8 230000.00000000 PA USD 227734.81000000 0.169382418133 Long DBT CORP KY N 2 2029-10-20 Fixed 5.02100000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3138MAJN9 22065.51000000 PA USD 19970.15000000 0.014853207102 Long ABS-MBS USGSE US N 2 2042-09-01 Fixed 3.00000000 N N N N N N Florida Power & Light Co. A89MY1K3YLIGJMYWVX50 341081FF9 203000.00000000 PA USD 172771.11000000 0.128502043211 Long DBT CORP US N 2 2042-02-01 Fixed 4.12500000 N N N N N N ICG US CLO Ltd. 254900T2ODAPJRGAZY53 449259AJ9 250000.00000000 PA USD 250537.49000000 0.186342377299 Long ABS-CBDO CORP KY N 2 2034-07-28 Floating 5.71422960 N N N N N N N/A N/A N/A 193000.00000000 PA USD -2045.80000000 -0.00152160555 N/A DCR GB N 2 GOLDMAN SACHS INTL W22LROWP2IHZNBB6K528 Markit CMBX North American Index Series BBB-11 137BERAK3 Y Receipt of notional amount upon default event with regard to the reference instrument 2054-11-18 24897.00000000 USD 0.00000000 USD 193000.00000000 USD -2045.80000000 N N N Sherwin-Williams Co. (The) Z15BMIOX8DDH0X2OBP21 824348BM7 50000.00000000 PA USD 33833.15000000 0.025164096609 Long DBT CORP US N 2 2050-05-15 Fixed 3.30000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3140XGXN4 1122867.63000000 PA USD 895009.32000000 0.665681469045 Long ABS-MBS USGSE US N 2 2051-01-01 Fixed 2.00000000 N N N N N N ABN AMRO Bank NV BFXS5XCH7N0Y05NIXW11 00080QAF2 200000.00000000 PA USD 200041.46000000 0.148784923226 Long DBT CORP NL N 2 2025-07-28 Fixed 4.75000000 N N N N N N N/A N/A N/A 456000.00000000 PA USD 59487.88000000 0.044245326237 N/A DIR DE N 2 DEUTSCHE BANK AG 7LTWFZYICNSX8D621K86 Call Purchased N/A Swaption 1.00000000 4.33000000 USD 2032-05-19 XXXX 2373.88000000 N N N Hyundai Auto Receivables Trust N/A 44933XAD9 589023.47000000 PA USD 592918.21000000 0.440995033500 Long ABS-O CORP US N 2 2028-04-17 Fixed 5.48000000 N N N N N N N/A N/A N/A 456000.00000000 PA USD 52958.79000000 0.039389182144 N/A DIR DE N 2 DEUTSCHE BANK AG 7LTWFZYICNSX8D621K86 Put Purchased N/A Swaption 1.00000000 4.33000000 USD 2032-05-19 XXXX -4155.21000000 N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 06051GKL2 550000.00000000 PA USD 503462.81000000 0.374460751951 Long DBT CORP US N 2 2037-03-08 Fixed 3.84600000 N N N N N N Ford Motor Credit Co. LLC UDSQCVRUX5BONN0VY111 345397D83 305000.00000000 PA USD 307519.32000000 0.228723777644 Long DBT CORP US N 2 2027-03-05 Fixed 5.80000000 N N N N N N Jane Street Group / JSG Finance, Inc. N/A 47077WAE8 185000.00000000 PA USD 190333.74000000 0.141564608122 Long DBT CORP US N 2 2033-05-01 Fixed 6.75000000 N N N N N N Bank of New York Mellon (The) HPFHU0OQ28E4N0NFVK49 06405LAH4 250000.00000000 PA USD 253569.21000000 0.188597280995 Long DBT CORP US N 2 2029-04-20 Fixed 4.72900000 N N N N N N GS Mortgage Securities Trust N/A 36191YAA6 517248.54000000 PA USD 330.88000000 0.000246098760 Long ABS-MBS CORP US N 2 2044-08-10 Variable 0.08560440 N N N N N N Meta Platforms, Inc. BQ4BKCS1HXDV9HN80Z93 30303M8V7 297000.00000000 PA USD 289855.57000000 0.215586002667 Long DBT CORP US N 2 2054-08-15 Fixed 5.40000000 N N N N N N Nippon Life Insurance Co. 549300Y0HHMFW3EVWY08 654579AP6 200000.00000000 PA USD 207187.20000000 0.154099713356 Long DBT CORP JP N 2 2055-04-30 Fixed 6.50000000 N N N N N N FNMA or FHLMC N/A 01F050676 1000000.00000000 PA USD 980134.54000000 0.728995090743 Long ABS-MBS USGSE US N 2 2055-07-25 Fixed 5.00000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38378U8K6 985569.71000000 PA USD 28637.21000000 0.021299510067 Long ABS-MBS USGA US N 2 2064-12-20 Variable 1.61548920 N N N N N N Wells Fargo Commercial Mortgage Trust N/A 95002XBG9 122000.00000000 PA USD 112254.46000000 0.083491548266 Long ABS-MBS CORP US N 2 2053-08-15 Variable 4.15727280 N N N N N N OBX Trust N/A 67117DAA8 231061.25000000 PA USD 230034.60000000 0.171092933936 Long ABS-MBS CORP US N 2 2062-08-25 Fixed 5.10999840 N N N N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 59022CAJ2 300000.00000000 PA USD 317000.96000000 0.235775941128 Long DBT CORP US N 2 2037-01-29 Fixed 6.11000000 N N N N N N Toronto-Dominion Bank (The) PT3QB789TSUIDF371261 89117F8Z5 200000.00000000 PA USD 209381.40000000 0.155731694439 Long DBT CORP CA N 2 2082-10-31 Fixed 8.12500000 N N N N N N Southern Co. Gas Capital Corp. E8CD46SWUD2TSN8PA636 8426EPAH1 45000.00000000 PA USD 44625.78000000 0.033191335692 Long DBT CORP US N 2 2034-09-15 Fixed 4.95000000 N N N N N N Banco Santander SA 5493006QMFDDMYWIAM13 05964HAV7 200000.00000000 PA USD 216891.72000000 0.161317648394 Long DBT CORP ES N 2 2033-08-08 Fixed 6.92100000 N N N N N N Banco Santander SA 5493006QMFDDMYWIAM13 05964HAJ4 200000.00000000 PA USD 199575.41000000 0.148438289016 Long DBT CORP ES N 2 2028-04-12 Fixed 4.37900000 N N N N N N Morgan Stanley Bank of America Merrill Lynch Trust N/A 61765TAG8 2045718.41000000 PA USD 632.54000000 0.000470464549 Long ABS-MBS CORP US N 2 2048-10-15 Variable 1.05509160 N N N N N N T-Mobile USA, Inc. 549300V2JRLO5DIFGE82 87264ACY9 255000.00000000 PA USD 256834.66000000 0.191026026154 Long DBT CORP US N 2 2033-07-15 Fixed 5.05000000 N N N N N N Pharmacia LLC N/A 71713UAW2 120000.00000000 PA USD 128865.11000000 0.095846058601 Long DBT CORP US N 2 2028-12-01 Fixed 6.60000000 N N N N N N El Paso Natural Gas Co. LLC N/A 283695BK9 200000.00000000 PA USD 235194.87000000 0.174930990186 Long DBT CORP US N 2 2032-06-15 Fixed 8.37500000 N N N N N N Athene Holding Ltd. 549300H316CT32FQXI76 04686JAG6 40000.00000000 PA USD 41449.15000000 0.030828652223 Long DBT CORP US N 2 2034-01-15 Fixed 5.87500000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3136BV4Y1 111353.83000000 PA USD 111525.98000000 0.082949726381 Long ABS-MBS USGSE US N 2 2054-06-25 Floating 5.45517000 N N N N N N Flex Ltd. 549300EAQH74YHD07T53 33938XAF2 80000.00000000 PA USD 80920.41000000 0.060186208345 Long DBT CORP SG N 2 2032-01-15 Fixed 5.25000000 N N N N N N CSAIL Commercial Mortgage Trust 549300ZAGI6FKGY8O078 12635FAV6 4286026.08000000 PA USD 45.43000000 0.000033789490 Long ABS-MBS CORP US N 2 2048-08-15 Variable 0.62426160 N N N N N N FNMA N/A 20754VAA5 38323.35000000 PA USD 38575.16000000 0.028691063437 Long ABS-MBS CORP US N 2 2045-03-25 Floating 5.75516880 N N N N N N Bank of Nova Scotia (The) L3I9ZG2KFGXZ61BMYR72 0641598X7 200000.00000000 PA USD 201977.40000000 0.150224818157 Long DBT CORP CA N 2 2085-04-27 Fixed 7.35000000 N N N N N N Haleon US Capital LLC 549300N8C3A3L0UVQB07 36264FAL5 250000.00000000 PA USD 241820.88000000 0.179859220509 Long DBT CORP US N 2 2029-03-24 Fixed 3.37500000 N N N N N N Paramount Global 5KYC8KF17ROCY24M3H09 124857AX1 18000.00000000 PA USD 17477.11000000 0.012998957663 Long DBT CORP US N 2 2028-06-01 Fixed 3.70000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3140FXG55 722115.48000000 PA USD 649785.52000000 0.483291257255 Long ABS-MBS USGSE US N 2 2057-09-01 Fixed 3.50000000 N N N N N N ING Groep NV 549300NYKK9MWM7GGW15 456837BF9 200000.00000000 PA USD 203716.94000000 0.151518636575 Long DBT CORP NL N 2 2027-09-11 Fixed 6.08300000 N N N N N N Birch Grove CLO 8 Ltd. 254900WH1INTG23INE62 09077TAA3 150000.00000000 PA USD 150549.50000000 0.111974266730 Long ABS-CBDO CORP JE N 2 2037-04-20 Floating 5.89947120 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 172967KA8 500000.00000000 PA USD 500583.13000000 0.372318931112 Long DBT CORP US N 2 2027-09-29 Fixed 4.45000000 N N N N N N UBS Group AG 549300SZJ9VS8SGXAN81 225401BB3 370000.00000000 PA USD 457605.55000000 0.340353477847 Long DBT CORP CH N 2 2033-11-15 Fixed 9.01600000 N N N N N N FHLMC 5493000ISONLNOUKGB71 35564KKY4 57873.38000000 PA USD 58114.71000000 0.043224002992 Long ABS-MBS CORP US N 2 2041-10-25 Floating 5.80516920 N N N N N N DTE Electric Co. 9N0FWODEJVKHC2DYLO03 23338VAY2 45000.00000000 PA USD 45842.03000000 0.034095946480 Long DBT CORP US N 2 2035-05-15 Fixed 5.25000000 N N N N N N Vistra Operations Co. LLC 549300ZH5GKBTJZ7NM23 92840VAQ5 9000.00000000 PA USD 9890.78000000 0.007356469718 Long DBT CORP US N 2 2033-10-15 Fixed 6.95000000 N N N N N N NYMT Loan Trust N/A 62956BAA7 131337.65000000 PA USD 131285.23000000 0.097646072300 Long ABS-MBS CORP US N 2 2062-07-25 Fixed 5.24999880 N N N N N N Canadian Natural Resources Ltd. 549300T15RIMIKZC5Q38 136385AC5 110000.00000000 PA USD 121215.20000000 0.090156281732 Long DBT CORP CA N 2 2032-01-15 Fixed 7.20000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3618G7ST1 173079.22000000 PA USD 177682.88000000 0.132155272509 Long ABS-MBS USGA US N 2 2053-11-20 Fixed 6.00000000 N N N N N N ERAC USA Finance LLC LTKX5ODQW6Z7BQ2K1V47 26882PBE1 83000.00000000 PA USD 95311.65000000 0.070889987144 Long DBT CORP US N 2 2037-10-15 Fixed 7.00000000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 172967NX5 105000.00000000 PA USD 105240.81000000 0.078275002772 Long DBT CORP US N 2 2026-09-29 Fixed 5.61000000 N N N N N N N/A N/A N/A 384300.00000000 PA USD 11691.82000000 0.008696030018 N/A DIR US N 2 BANK OF AMERICA NA B4TYDEB6GKMZO031MB27 Call Purchased N/A Swaption 1.00000000 3.42800000 USD 2027-08-13 XXXX -10424.65000000 N N N Consolidated Edison Co. of New York, Inc. VZFZPMWDHTQCFKYOBP05 209111FB4 85000.00000000 PA USD 72122.80000000 0.053642806150 Long DBT CORP US N 2 2042-03-15 Fixed 4.20000000 N N N N N N AerCap Ireland Capital DAC / AerCap Global Aviation Trust N/A 00774MBJ3 150000.00000000 PA USD 152735.78000000 0.113600357151 Long DBT CORP IE N 2 2029-01-19 Fixed 5.10000000 N N N N N N AT&T, Inc. 549300Z40J86GGSTL398 00206RMM1 162000.00000000 PA USD 135637.11000000 0.100882871970 Long DBT CORP US N 2 2033-12-01 Fixed 2.55000000 N N N N N N Mutual of Omaha Cos. Global Funding 635400AL5J3F1ZPTAN95 62829D2A7 125000.00000000 PA USD 126916.00000000 0.094396368213 Long DBT CORP US N 2 2026-07-27 Fixed 5.80000000 N N N N N N Royalty Pharma plc 549300FGFN7VOK8BZR03 78081BAQ6 82000.00000000 PA USD 83744.65000000 0.062286794551 Long DBT CORP GB N 2 2029-09-02 Fixed 5.15000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3138ETDK9 25358.56000000 PA USD 22930.33000000 0.017054901461 Long ABS-MBS USGSE US N 2 2045-05-01 Fixed 3.00000000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 3137AW3K9 115014.90000000 PA USD 8589.70000000 0.006388764884 Long ABS-MBS USGSE US N 2 2042-11-15 Fixed 4.50000000 N N N N N N Charter Communications Operating LLC / Charter Communications Operating Capital N/A 161175CD4 168000.00000000 PA USD 154757.11000000 0.115103762640 Long DBT CORP US N 2 2029-01-15 Fixed 2.25000000 N N N N N N UBS Commercial Mortgage Trust N/A 90278MBB2 5555349.75000000 PA USD 270575.53000000 0.201246078977 Long ABS-MBS CORP US N 2 2052-10-15 Variable 1.57769280 N N N N N N Time Warner Cable Enterprises LLC N/A 88731EAJ9 334000.00000000 PA USD 389090.82000000 0.289394247481 Long DBT CORP US N 2 2033-07-15 Fixed 8.37500000 N N N N N N J.P. Morgan Mortgage Trust 5299007DSRZLE19EYU93 465985AA7 291636.95000000 PA USD 293273.44000000 0.218128113315 Long ABS-O CORP US N 2 2054-05-20 Floating 5.90185080 N N N N N N FHLMC 5493000IRILHAKSCHN59 35564KP37 29494.28000000 PA USD 29941.57000000 0.022269654469 Long ABS-MBS CORP US N 2 2043-03-25 Floating 6.40621080 N N N N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 06051GMB2 100000.00000000 PA USD 100011.10000000 0.074385299103 Long DBT CORP US N 2 2035-08-15 Fixed 5.42500000 N N N N N N Toyota Auto Receivables Owner Trust N/A 89231CAD9 280505.47000000 PA USD 279696.44000000 0.208029942153 Long ABS-O CORP US N 2 2027-04-15 Fixed 3.76000000 N N N N N N T-Mobile USA, Inc. 549300V2JRLO5DIFGE82 87264AAZ8 261000.00000000 PA USD 215957.17000000 0.160622557736 Long DBT CORP US N 2 2050-04-15 Fixed 4.50000000 N N N N N N N/A N/A N/A 2317000.00000000 PA USD -5995.21000000 -0.00445905993 N/A DIR GB N 2 LCH Clearnet 549300TXTCI7WVVJS380 Y 2027-09-17 0.00000000 USD 4136.15000000 USD 2317000.00000000 USD -5995.21000000 N N N Synopsys, Inc. QG7T915N9S0NY5UKNE63 871607AE7 65000.00000000 PA USD 65542.66000000 0.048748692576 Long DBT CORP US N 2 2035-04-01 Fixed 5.15000000 N N N N N N Kellanova LONOZNOJYIBXOHXWDB86 487836AT5 30000.00000000 PA USD 34389.11000000 0.025577603218 Long DBT CORP US N 2 2031-04-01 Fixed 7.45000000 N N N N N N American Electric Power Co., Inc. 1B4S6S7G0TW5EE83BO58 025537AP6 100000.00000000 PA USD 65666.71000000 0.048840957298 Long DBT CORP US N 2 2050-03-01 Fixed 3.25000000 N N N N N N Corebridge Financial, Inc. 549300XY1661QCIA7J65 21871XAF6 100000.00000000 PA USD 98024.28000000 0.072907561133 Long DBT CORP US N 2 2029-04-05 Fixed 3.85000000 N N N N N N Mars, Inc. 54930073HKEO6GZBSS03 571676BD6 35000.00000000 PA USD 34966.97000000 0.026007398400 Long DBT CORP US N 2 2065-05-01 Fixed 5.80000000 N N N N N N Brown & Brown, Inc. 549300PC8KTJ71XKFY89 115236AL5 82000.00000000 PA USD 83681.29000000 0.062239669257 Long DBT CORP US N 2 2032-06-23 Fixed 5.25000000 N N N N N N Zoetis, Inc. 549300HD9Q1LOC9KLJ48 98978VAS2 74000.00000000 PA USD 66532.56000000 0.049484950927 Long DBT CORP US N 2 2030-05-15 Fixed 2.00000000 N N N N N N Nutrien Ltd. 5493002QQ7GD21OWF963 67077MAT5 95000.00000000 PA USD 94057.89000000 0.069957477527 Long DBT CORP CA N 2 2029-04-01 Fixed 4.20000000 N N N N N N WaMu Mortgage-Backed Pass-Through Certificates Trust N/A 92922F4W5 526521.26000000 PA USD 522037.14000000 0.388275789409 Long ABS-MBS CORP US N 2 2045-10-25 Floating 5.29368120 N N N N N N UnitedHealth Group, Inc. 549300GHBMY8T5GXDE41 91324PDK5 370000.00000000 PA USD 366933.61000000 0.272914369815 Long DBT CORP US N 2 2028-06-15 Fixed 3.85000000 N N N N N N Comcast Corp. 51M0QTTNCGUN7KFCFZ59 20030NBW0 172000.00000000 PA USD 167396.56000000 0.124504611833 Long DBT CORP US N 2 2027-01-15 Fixed 2.35000000 N N N N N N American Tower Corp. 5493006ORUSIL88JOE18 03027XCN8 60000.00000000 PA USD 60874.92000000 0.045276965578 Long DBT CORP US N 2 2030-03-15 Fixed 4.90000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38375UWZ9 410150.99000000 PA USD 9628.70000000 0.007161542363 Long ABS-MBS USGA US N 2 2066-01-20 Variable 1.94774040 N N N N N N Weyerhaeuser Co. 08IRJODWFYBI7QWRGS31 962166BR4 32000.00000000 PA USD 36150.09000000 0.026887368074 Long DBT CORP US N 2 2032-03-15 Fixed 7.37500000 N N N N N N Discover Card Execution Note Trust 549300CKCX1QE4RUW216 254683CX1 695000.00000000 PA USD 696088.37000000 0.517729948027 Long ABS-O CORP US N 2 2027-10-15 Fixed 5.03000000 N N N N N N Viatris, Inc. 254900ZZTSW7NL773X71 92556VAC0 110000.00000000 PA USD 104862.67000000 0.077993753421 Long DBT CORP US N 2 2027-06-22 Fixed 2.30000000 N N N N N N Fidelity National Financial, Inc. 549300CAZYIH39SYQ287 31620RAL9 89000.00000000 PA USD 54993.96000000 0.040902881415 Long DBT CORP US N 2 2051-09-17 Fixed 3.20000000 N N N N N N N/A N/A N/A 1265000.00000000 PA USD -25332.05000000 -0.01884122978 N/A DIR GB N 2 LCH Clearnet 549300TXTCI7WVVJS380 Y 2055-09-17 0.00000000 USD 1612.81000000 USD 1265000.00000000 USD -25332.05000000 N N N Morgan Stanley Bank of America Merrill Lynch Trust N/A 61690VBA5 2109376.13000000 PA USD 43.45000000 0.000032316825 Long ABS-MBS CORP US N 2 2048-10-15 Variable 0.94525560 N N N N N N Morgan Stanley Capital I Trust N/A 61691EBB0 7892552.05000000 PA USD 45752.33000000 0.034029230272 Long ABS-MBS CORP US N 2 2049-12-15 Variable 0.76636800 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38379B6E3 205504.31000000 PA USD 43178.51000000 0.032114899058 Long ABS-MBS USGA US N 2 2044-05-20 Fixed 5.00000000 N N N N N N Nasdaq, Inc. 549300L8X1Q78ERXFD06 63111XAJ0 19000.00000000 PA USD 19803.72000000 0.014729421389 Long DBT CORP US N 2 2034-02-15 Fixed 5.55000000 N N N N N N Bunker Hill Loan Depositary Trust N/A 12062RAC4 332000.00000000 PA USD 313461.32000000 0.233143261554 Long ABS-MBS CORP US N 2 2055-02-25 Variable 3.25299960 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 097023BS3 205000.00000000 PA USD 140479.23000000 0.104484297657 Long DBT CORP US N 2 2046-06-15 Fixed 3.37500000 N N N N N N Philip Morris International, Inc. HL3H1H2BGXWVG3BSWR90 718172DA4 296000.00000000 PA USD 304651.93000000 0.226591097744 Long DBT CORP US N 2 2030-02-15 Fixed 5.12500000 N N N N N N NRG Energy, Inc. 5E2UPK5SW04M13XY7I38 629377CN0 191000.00000000 PA USD 188241.02000000 0.140008104863 Long DBT CORP US N 2 2025-12-02 Fixed 2.00000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376RBT2 916349.55000000 PA USD 29909.65000000 0.022245913317 Long ABS-MBS USGA US N 2 2065-05-20 Variable 1.76780880 N N N N N N American Tower Corp. 5493006ORUSIL88JOE18 03027XAP5 118000.00000000 PA USD 116335.31000000 0.086526763836 Long DBT CORP US N 2 2027-07-15 Fixed 3.55000000 N N N N N N COLT Mortgage Loan Trust N/A 19688JAB3 66569.13000000 PA USD 66041.24000000 0.049119521638 Long ABS-MBS CORP US N 2 2065-03-25 Variable 3.09399840 N N N N N N Capital One Financial Corp. ZUE8T73ROZOF6FLBAR73 14040HCG8 225000.00000000 PA USD 190873.76000000 0.141966259031 Long DBT CORP US N 2 2032-07-29 Fixed 2.35900000 N N N N N N Pacific Gas and Electric Co. 1HNPXZSMMB7HMBMVBS46 694308KL0 45000.00000000 PA USD 46638.82000000 0.034688575323 Long DBT CORP US N 2 2029-01-15 Fixed 6.10000000 N N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 92343VHA5 117000.00000000 PA USD 117761.66000000 0.087587640792 Long DBT CORP US N 2 2037-07-02 Fixed 5.40100000 N N N N N N N/A N/A N/A 572900.00000000 PA USD 20695.81000000 0.015392931555 N/A DIR N/A N 2 MIZUHO CAPITAL MARKETS LLC OV6W8S6QX2D1J857QP30 Put Purchased N/A Swaption 1.00000000 4.38400000 USD 2028-01-31 XXXX -5686.24000000 N N N Diameter Capital CLO 7 Ltd. N/A 25255WAA6 250000.00000000 PA USD 250325.22000000 0.186184497150 Long ABS-CBDO CORP KY N 2 2037-07-20 Floating 5.74947000 N N N N N N Vistra Operations Co. LLC 549300ZH5GKBTJZ7NM23 92840VAS1 80000.00000000 PA USD 83146.80000000 0.061842131398 Long DBT CORP US N 2 2034-04-15 Fixed 6.00000000 N N N N N N T-Mobile USA, Inc. 549300V2JRLO5DIFGE82 87264ADB8 115000.00000000 PA USD 112738.50000000 0.083851562906 Long DBT CORP US N 2 2054-01-15 Fixed 5.75000000 N N N N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 29273RAR0 20000.00000000 PA USD 20746.51000000 0.015430640715 Long DBT CORP US N 2 2042-02-01 Fixed 6.50000000 N N N N N N Hewlett Packard Enterprise Co. 549300BX44RGX6ANDV88 42824CBU2 55000.00000000 PA USD 54882.06000000 0.040819653503 Long DBT CORP US N 2 2031-10-15 Fixed 4.85000000 N N N N N N FHLMC 5493000IRODEKU3J3Q16 35564KTJ8 911000.00000000 PA USD 967664.38000000 0.719720154446 Long ABS-MBS CORP US N 2 2042-03-25 Floating 9.55517040 N N N N N N Foundry JV Holdco LLC 21380048QROAMGM6EP30 350930AG8 200000.00000000 PA USD 207522.01000000 0.154348735135 Long DBT CORP US N 2 2033-01-25 Fixed 5.90000000 N N N N N N DR Horton, Inc. 529900ZIUEYVSB8QDD25 23331ABS7 225000.00000000 PA USD 222593.71000000 0.165558619962 Long DBT CORP US N 2 2034-10-15 Fixed 5.00000000 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 61748UAE2 15000.00000000 PA USD 15359.46000000 0.011423912207 Long DBT CORP US N 2 2031-01-15 Fixed 5.23000000 N N N N N N Voya CLO Ltd. N/A 92920KAA7 250000.00000000 PA USD 249336.78000000 0.185449324703 Long ABS-CBDO CORP KY N 2 2037-07-20 Floating 5.61947040 N N N N N N Visio Trust N/A 92838CAB4 105969.55000000 PA USD 105646.87000000 0.078577018194 Long ABS-MBS CORP US N 2 2057-08-25 Fixed 5.85000000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 3137F7Q24 3410562.09000000 PA USD 676245.91000000 0.502971712970 Long ABS-MBS USGSE US N 2 2050-10-25 Fixed 3.50000000 N N N N N N JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. N/A 472140AE2 110000.00000000 PA USD 110230.45000000 0.081986149473 Long DBT CORP US N 2 2036-01-15 Fixed 5.50000000 N N N N N N FNMA 5493002KQF9IH3CTQZ40 62548QAD3 371171.10000000 PA USD 377608.62000000 0.280854126620 Long ABS-MBS CORP US N 2 2050-03-25 Floating 8.16964920 N N N N N N Chevy Chase Funding LLC Mortgage-Backed Certificates 549300TC8R2SGZ2KM445 16678RBV8 36759.05000000 PA USD 35673.21000000 0.026532678831 Long ABS-MBS CORP US N 2 2035-08-25 Floating 4.73367960 N N N N N N Jefferies Financial Group, Inc. 549300HOF34RGOJ5YL07 47233WEJ4 75000.00000000 PA USD 78489.26000000 0.058377990858 Long DBT CORP US N 2 2034-04-14 Fixed 6.20000000 N N N N N N GLP Capital LP / GLP Financing II, Inc. N/A 361841AH2 88000.00000000 PA USD 88074.18000000 0.065506970952 Long DBT CORP US N 2 2026-04-15 Fixed 5.37500000 N N N N N N FMC Corp. CKDHZ2X64EEBQCSP7013 302491AZ8 255000.00000000 PA USD 261597.81000000 0.194568716290 Long DBT CORP US N 2 2055-11-01 Fixed 8.45000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3136APCA8 573001.76000000 PA USD 74806.24000000 0.055638669480 Long ABS-MBS USGSE US N 2 2045-06-25 Fixed 5.00000000 N N N N N N Credit Agricole SA 969500TJ5KRTCJQWXH05 225313AK1 250000.00000000 PA USD 242986.22000000 0.180725965945 Long DBT CORP FR N 2 2033-01-10 Fixed 4.00000000 N N N N N N F&G Annuities & Life, Inc. N/A 30190AAF1 60000.00000000 PA USD 61899.04000000 0.046038675753 Long DBT CORP US N 2 2029-06-04 Fixed 6.50000000 N N N N N N United States of America 254900HROIFWPRGM1V77 912797MS3 1100000.00000000 PA USD 1088006.39000000 0.809226983274 Long STIV UST US N 2 2025-10-02 None 0.00000000 N N N N N N Elevation CLO Ltd. 5493005Q4N14IP6ASK07 28623CAL5 163346.57000000 PA USD 163296.80000000 0.121455331565 Long ABS-CBDO CORP KY N 2 2031-10-20 Floating 5.18946840 N N N N N N Carmax Auto Owner Trust N/A 14319GAD3 680000.00000000 PA USD 687406.70000000 0.511272778576 Long ABS-O CORP US N 2 2029-07-16 Fixed 4.89000000 N N N N N N Macquarie Airfinance Holdings Ltd. 549300MCGUSL5B852H65 55609NAE8 100000.00000000 PA USD 100013.30000000 0.074386935398 Long DBT CORP GB N 2 2030-03-17 Fixed 5.15000000 N N N N N N Philip Morris International, Inc. HL3H1H2BGXWVG3BSWR90 718172DT3 65000.00000000 PA USD 64861.07000000 0.048241746087 Long DBT CORP US N 2 2030-04-30 Fixed 4.37500000 N N N N N N Berry Global, Inc. 549300AP2Q7ERHX6RI89 08576PAF8 155000.00000000 PA USD 148723.15000000 0.110615881601 Long DBT CORP US N 2 2027-01-15 Fixed 1.65000000 N N N N N N Oracle Corp. 1Z4GXXU7ZHVWFCD8TV52 68389XBQ7 110000.00000000 PA USD 84270.98000000 0.062678263243 Long DBT CORP US N 2 2047-11-15 Fixed 4.00000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3140XNNB6 857020.10000000 PA USD 864186.79000000 0.642756582576 Long ABS-MBS USGSE US N 2 2053-11-01 Fixed 5.50000000 N N N N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 06051GLC1 100000.00000000 PA USD 104091.36000000 0.077420075848 Long DBT CORP US N 2 2028-11-10 Fixed 6.20400000 N N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 92343VCV4 150000.00000000 PA USD 138732.69000000 0.103185272845 Long DBT CORP US N 2 2036-01-15 Fixed 4.27200000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 21H022671 -4000000.00000000 PA USD -3399007.52000000 -2.52808129328 Short ABS-MBS USGA US N 2 2055-07-15 Fixed 2.50000000 N N N N N N Kenvue, Inc. 5493008HSF8L4M2LIJ82 49177JAK8 315000.00000000 PA USD 319811.73000000 0.237866508747 Long DBT CORP US N 2 2033-03-22 Fixed 4.90000000 N N N N N N CBAM Ltd. 254900JYLIAZT0YFW632 12481KAS7 175000.00000000 PA USD 175261.46000000 0.130354291908 Long ABS-CBDO CORP KY N 2 2034-07-17 Floating 5.73140160 N N N N N N AutoNation, Inc. N/A 05329WAM4 16000.00000000 PA USD 15993.54000000 0.011895522163 Long DBT CORP US N 2 2025-10-01 Fixed 4.50000000 N N N N N N American Express Co. R4PP93JZOLY261QX3811 025816DP1 50000.00000000 PA USD 50585.66000000 0.037624118217 Long DBT CORP US N 2 2028-02-16 Fixed 5.09800000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376RCL8 964819.28000000 PA USD 48065.17000000 0.035749452280 Long ABS-MBS USGA US N 2 2065-06-20 Variable 2.04919920 N N N N N N GNMA 549300M8ZYFG0OCMTT87 36179TZ73 93415.41000000 PA USD 93596.51000000 0.069614316725 Long ABS-MBS USGA US N 2 2048-06-20 Fixed 5.00000000 N N N N N N Residential Mortgage Loan Trust N/A 76123MAC7 464000.00000000 PA USD 449511.69000000 0.334333504094 Long ABS-MBS CORP US N 2 2060-05-25 Variable 2.91099960 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38379LWF9 145343.76000000 PA USD 6443.05000000 0.004792150085 Long ABS-MBS USGA US N 2 2040-11-20 Fixed 3.50000000 N N N N N N Marvell Technology, Inc. N/A 573874AR5 5000.00000000 PA USD 5023.63000000 0.003736427457 Long DBT CORP US N 2 2030-07-15 Fixed 4.75000000 N N N N N N Cheniere Energy Partners LP 5493005UEC8AZ34LDV29 16411QAG6 195000.00000000 PA USD 192980.22000000 0.143532981697 Long DBT CORP US N 2 2029-10-01 Fixed 4.50000000 N N N N N N Global Payments, Inc. 549300NOMHGVQBX6S778 37940XAG7 60000.00000000 PA USD 58060.86000000 0.043183950954 Long DBT CORP US N 2 2027-01-15 Fixed 2.15000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376RFF8 439553.92000000 PA USD 11281.15000000 0.008390585814 Long ABS-MBS USGA US N 2 2065-08-20 Variable 1.83300840 N N N N N N UBS Group AG 549300SZJ9VS8SGXAN81 N/A 247000.00000000 PA USD 247382.54000000 0.183995818773 Long DBT CORP CH N 2 2025-08-07 Fixed 6.87500000 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 3132AATC8 261904.02000000 PA USD 249358.47000000 0.185465457084 Long ABS-MBS USGSE US N 2 2045-09-01 Fixed 4.00000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3140EVB63 117788.12000000 PA USD 111676.33000000 0.083061552266 Long ABS-MBS USGSE US N 2 2046-06-01 Fixed 4.00000000 N N N N N N Ameren Corp. XRZQ5S7HYJFPHJ78L959 023608AQ5 75000.00000000 PA USD 76386.81000000 0.056814250712 Long DBT CORP US N 2 2029-01-15 Fixed 5.00000000 N N N N N N Crown Point CLO 10 Ltd. N/A 22846FAC2 250000.00000000 PA USD 250540.66000000 0.186344735052 Long ABS-CBDO CORP KY N 2 2034-07-20 Floating 5.70107880 N N N N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 06051GMA4 50000.00000000 PA USD 51386.33000000 0.038219632889 Long DBT CORP US N 2 2035-01-23 Fixed 5.46800000 N N N N N N T-Mobile USA, Inc. 549300V2JRLO5DIFGE82 87264ADS1 74000.00000000 PA USD 75491.69000000 0.056148486922 Long DBT CORP US N 2 2032-05-15 Fixed 5.12500000 N N N N N N HCA, Inc. L3CJ6J7LJ2DX62FTXD46 404119BX6 30000.00000000 PA USD 29483.10000000 0.021928658039 Long DBT CORP US N 2 2029-06-15 Fixed 4.12500000 N N N N N N GLP Capital LP / GLP Financing II, Inc. N/A 361841AS8 60000.00000000 PA USD 64127.46000000 0.047696108660 Long DBT CORP US N 2 2033-12-01 Fixed 6.75000000 N N N N N N Constellation Energy Generation LLC S2PEWKCZFFECR4533P43 210385AF7 43000.00000000 PA USD 42174.70000000 0.031368294860 Long DBT CORP US N 2 2054-03-15 Fixed 5.75000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3138M7G33 37032.13000000 PA USD 33546.41000000 0.024950827875 Long ABS-MBS USGSE US N 2 2042-09-01 Fixed 3.00000000 N N N N N N Cisco Systems, Inc. 549300LKFJ962MZ46593 17275RBT8 105000.00000000 PA USD 107518.46000000 0.079969051498 Long DBT CORP US N 2 2034-02-26 Fixed 5.05000000 N N N N N N Oshkosh Corp. 549300FEKNPCFSA2B506 688239AF9 125000.00000000 PA USD 125221.95000000 0.093136383912 Long DBT CORP US N 2 2028-05-15 Fixed 4.60000000 N N N N N N Tapestry, Inc. 549300LJNVY5SW3VTN33 876030AK3 92000.00000000 PA USD 93245.23000000 0.069353045047 Long DBT CORP US N 2 2030-03-11 Fixed 5.10000000 N N N N N N CSAIL Commercial Mortgage Trust 549300UFJ8EKD81Y8R30 126281BF0 116000.00000000 PA USD 105879.15000000 0.078749781190 Long ABS-MBS CORP US N 2 2050-04-15 Variable 3.95891640 N N N N N N FNMA N/A 20755JAB9 20281.94000000 PA USD 20307.96000000 0.015104460192 Long ABS-MBS CORP US N 2 2045-01-25 Floating 5.40621000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 48123UAB0 63000.00000000 PA USD 55919.98000000 0.041591627711 Long DBT CORP US N 2 2047-05-15 Floating 5.58794160 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3140XFZU8 821448.85000000 PA USD 757170.44000000 0.563160985650 Long ABS-MBS USGSE US N 2 2037-02-01 Fixed 2.00000000 N N N N N N Vistra Operations Co. LLC 549300ZH5GKBTJZ7NM23 92840VAE2 82000.00000000 PA USD 80825.80000000 0.060115840224 Long DBT CORP US N 2 2029-07-15 Fixed 4.30000000 N N N N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 59022CAA1 100000.00000000 PA USD 99866.04000000 0.074277407764 Long DBT CORP US N 2 2026-09-15 Floating 5.34008160 N N N N N N Ally Financial, Inc. 549300JBN1OSM8YNAI90 36186CBY8 145000.00000000 PA USD 165177.43000000 0.122854088553 Long DBT CORP US N 2 2031-11-01 Fixed 8.00000000 N N N N N N FNMA or FHLMC N/A 01F060675 1000000.00000000 PA USD 1016279.09000000 0.755878338330 Long ABS-MBS USGSE US N 2 2055-07-25 Fixed 6.00000000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 46647PBP0 300000.00000000 PA USD 277486.59000000 0.206386321062 Long DBT CORP US N 2 2031-05-13 Fixed 2.95600000 N N N N N N GCAT Trust N/A 36166RAC8 27887.94000000 PA USD 27125.29000000 0.020174988675 Long ABS-MBS CORP US N 2 2065-04-25 Fixed 3.93500160 N N N N N N FNMA N/A 20755JAA1 24366.09000000 PA USD 24343.27000000 0.018105804456 Long ABS-MBS CORP US N 2 2045-01-25 Floating 5.25620880 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 097023DT9 80000.00000000 PA USD 87655.19000000 0.065195338578 Long DBT CORP US N 2 2054-05-01 Fixed 6.85800000 N N N N N N Pilgrim's Pride Corp. 549300ZSLGV64ZL3HD75 72147KAH1 30000.00000000 PA USD 27036.08000000 0.020108636915 Long DBT CORP US N 2 2032-03-01 Fixed 3.50000000 N N N N N N Berry Global, Inc. 549300AP2Q7ERHX6RI89 085770AA3 3000.00000000 PA USD 2998.71000000 0.002230351833 Long DBT CORP US N 2 2026-07-15 Fixed 4.87500000 N N N N N N Republic Services, Inc. NKNQHM6BLECKVOQP7O46 760759BJ8 335000.00000000 PA USD 344690.40000000 0.256370527893 Long DBT CORP US N 2 2029-11-15 Fixed 5.00000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3618BQKD7 30338.27000000 PA USD 30674.35000000 0.022814674566 Long ABS-MBS USGA US N 2 2053-06-20 Fixed 5.50000000 N N N N N N Electricite de France SA 549300X3UK4GG3FNMO06 268317AP9 95000.00000000 PA USD 90985.45000000 0.067672287499 Long DBT NUSS FR N 2 2035-10-13 Fixed 4.75000000 N N N N N N Philip Morris International, Inc. HL3H1H2BGXWVG3BSWR90 718172DP1 110000.00000000 PA USD 110880.28000000 0.082469473813 Long DBT CORP US N 2 2031-11-01 Fixed 4.75000000 N N N N N N Northern States Power Co. 3S1GHB0TEH85KX44SB51 665772CZ0 65000.00000000 PA USD 65678.32000000 0.048849592473 Long DBT CORP US N 2 2035-05-15 Fixed 5.05000000 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 3133KR5T7 344456.70000000 PA USD 352636.42000000 0.262280542625 Long ABS-MBS USGSE US N 2 2053-09-01 Fixed 6.00000000 N N N N N N Puget Sound Energy, Inc. 8MNFJR7KOMBQ7X62LK44 745332CL8 160000.00000000 PA USD 152709.95000000 0.113581145561 Long DBT CORP US N 2 2053-06-01 Fixed 5.44800000 N N N N N N LPL Holdings, Inc. 549300Z5YF8CCRMYUL26 50212YAL8 179000.00000000 PA USD 181873.06000000 0.135271804499 Long DBT CORP US N 2 2030-03-15 Fixed 5.20000000 N N N N N N Penske Truck Leasing Co. LP / PTL Finance Corp. N/A 709599AW4 133000.00000000 PA USD 130994.13000000 0.097429560727 Long DBT CORP US N 2 2026-11-15 Fixed 3.40000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3136BQKK4 253236.81000000 PA USD 39731.72000000 0.029551278569 Long ABS-MBS USGSE US N 2 2047-03-25 Fixed 3.50000000 N N N N N N Morgan Stanley Capital I Trust N/A 61690YBV3 3108868.67000000 PA USD 26657.62000000 0.019827149557 Long ABS-MBS CORP US N 2 2049-11-15 Variable 1.07409600 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3618B5MP4 24476.93000000 PA USD 24716.48000000 0.018383387019 Long ABS-MBS USGA US N 2 2053-07-20 Fixed 5.50000000 N N N N N N Ellington CLO III Ltd. 254900V20GCNJI0I7591 28852LAG8 250000.00000000 PA USD 250702.31000000 0.186464965542 Long ABS-CBDO CORP KY N 2 2030-07-20 Floating 6.53108040 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3140XNRT3 898117.38000000 PA USD 780350.62000000 0.580401718154 Long ABS-MBS USGSE US N 2 2052-04-01 Fixed 3.00000000 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 097023CJ2 36000.00000000 PA USD 31745.61000000 0.023611446080 Long DBT CORP US N 2 2034-05-01 Fixed 3.60000000 N N N N N N FirstEnergy Transmission LLC 549300AINIIPOLYX2R63 33767BAG4 45000.00000000 PA USD 45044.13000000 0.033502492052 Long DBT CORP US N 2 2030-01-15 Fixed 4.55000000 N N N N N N Hyundai Capital America 549300RIPPWJB5Z0FK07 44891ADX2 20000.00000000 PA USD 20263.70000000 0.015071540913 Long DBT CORP US N 2 2032-06-23 Fixed 5.40000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38378HVU7 373089.09000000 PA USD 56789.91000000 0.042238655923 Long ABS-MBS USGA US N 2 2042-09-20 Fixed 3.50000000 N N N N N N NatWest Group plc 2138005O9XJIJN4JPN90 639057AJ7 200000.00000000 PA USD 201787.66000000 0.150083695155 Long DBT CORP GB N 2 2027-03-02 Fixed 5.84700000 N N N N N N GS Mortgage Securities Trust 549300WZ62L3Y22NOZ64 36252AAE6 15402554.09000000 PA USD 25500.47000000 0.018966495601 Long ABS-MBS CORP US N 2 2048-11-10 Variable 0.85128480 N N N N N N Broadcom, Inc. 549300WV6GIDOZJTV909 11135FBV2 400000.00000000 PA USD 388417.45000000 0.288893414784 Long DBT CORP US N 2 2037-05-15 Fixed 4.92600000 N N N N N N VICI Properties LP 254900X4QE7SGKQLLN38 925650AB9 58000.00000000 PA USD 58342.42000000 0.043393366957 Long DBT CORP US N 2 2028-02-15 Fixed 4.75000000 N N N N N N N/A N/A N/A 1865500.00000000 PA USD 50825.18000000 0.037802266111 N/A DIR GB N 2 GOLDMAN SACHS INTL W22LROWP2IHZNBB6K528 Call Purchased N/A Swaption 1.00000000 2.35000000 USD 2029-03-12 XXXX -57933.47000000 N N N GNMA 549300M8ZYFG0OCMTT87 3617G0SZ4 28248.64000000 PA USD 26398.70000000 0.019634572516 Long ABS-MBS USGA US N 2 2048-05-20 Fixed 4.00000000 N N N N N N Macquarie Airfinance Holdings Ltd. 549300MCGUSL5B852H65 55609NAD0 114000.00000000 PA USD 120736.15000000 0.089799978506 Long DBT CORP GB N 2 2031-03-26 Fixed 6.50000000 N N N N N N FNMA or FHLMC N/A 01F042673 -3000000.00000000 PA USD -2869967.55000000 -2.13459700598 Short ABS-MBS USGSE US N 2 2055-07-25 Fixed 4.50000000 N N N N N N Barclays Commercial Mortgage Trust N/A 05492JAE2 234000.00000000 PA USD 136139.02000000 0.101256177788 Long ABS-MBS CORP US N 2 2052-11-15 Variable 2.70143640 N N N N N N S&P Global, Inc. Y6X4K52KMJMZE7I7MY94 78409VBF0 65000.00000000 PA USD 65955.36000000 0.049055646634 Long DBT CORP US N 2 2028-08-01 Fixed 4.75000000 N N N N N N DBUBS Mortgage Trust N/A 23305YAM1 267868.24310000 PA USD 257412.01000000 0.191455442013 Long ABS-MBS CORP US N 2 2044-08-10 Variable 5.53025880 N N N N N N N/A N/A N/A 2237700.00000000 PA USD 6637.68000000 0.004936910124 N/A DIR US N 2 CITIBANK NA E57ODZWZ7FF32TWEFA76 Put Purchased N/A Swaption 1.00000000 4.00000000 USD 2025-12-08 XXXX -18648.33000000 N N N FNMA N/A 20753XAB0 19000.00000000 PA USD 19753.58000000 0.014692128740 Long ABS-MBS CORP US N 2 2042-03-25 Floating 7.80517080 N N N N N N Morgan Stanley Bank of America Merrill Lynch Trust N/A 61690AAJ3 390000.00000000 PA USD 369287.61000000 0.274665205414 Long ABS-MBS CORP US N 2 2047-12-15 Variable 4.62718080 N N N N N N Constellation Energy Generation LLC S2PEWKCZFFECR4533P43 210385AE0 106000.00000000 PA USD 113900.47000000 0.084715801836 Long DBT CORP US N 2 2053-10-01 Fixed 6.50000000 N N N N N N Brown & Brown, Inc. 549300PC8KTJ71XKFY89 115236AM3 110000.00000000 PA USD 112212.99000000 0.083460704106 Long DBT CORP US N 2 2035-06-23 Fixed 5.55000000 N N N N N N Westinghouse Air Brake Technologies Corp. 06BTX5UWZD0GQ5N5Y745 960386AR1 130000.00000000 PA USD 134660.74000000 0.100156676833 Long DBT CORP US N 2 2034-03-11 Fixed 5.61100000 N N N N N N Paramount Global 5KYC8KF17ROCY24M3H09 92553PAP7 20000.00000000 PA USD 14733.86000000 0.010958609424 Long DBT CORP US N 2 2043-03-15 Fixed 4.37500000 N N N N N N Waste Management, Inc. 549300YX8JIID70NFS41 94106LBV0 93000.00000000 PA USD 95303.88000000 0.070884208048 Long DBT CORP US N 2 2029-02-15 Fixed 4.87500000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 46647PDW3 155000.00000000 PA USD 158409.98000000 0.117820659340 Long DBT CORP US N 2 2027-10-22 Fixed 6.07000000 N N N N N N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 45866FAV6 49000.00000000 PA USD 49186.89000000 0.036583754449 Long DBT CORP US N 2 2029-06-15 Fixed 4.35000000 N N N N N N LPL Holdings, Inc. 549300Z5YF8CCRMYUL26 50212YAH7 41000.00000000 PA USD 43741.30000000 0.032533485619 Long DBT CORP US N 2 2028-11-17 Fixed 6.75000000 N N N N N N UnitedHealth Group, Inc. 549300GHBMY8T5GXDE41 91324PCR1 50000.00000000 PA USD 44277.74000000 0.032932473830 Long DBT CORP US N 2 2045-07-15 Fixed 4.75000000 N N N N N N Ovintiv, Inc. 2549003MEX7YMKLGI239 69047QAC6 93000.00000000 PA USD 96070.01000000 0.071454032889 Long DBT CORP US N 2 2033-07-15 Fixed 6.25000000 N N N N N N Morgan Stanley Capital I Trust N/A 61760RAN2 67561.16000000 PA USD 65805.55000000 0.048944222385 Long ABS-MBS CORP US N 2 2049-07-15 Variable 5.10595560 N N N N N N CNO Global Funding 6354008GTNR4833ULD48 18977W2F6 95000.00000000 PA USD 96036.14000000 0.071428841385 Long DBT CORP US N 2 2029-09-09 Fixed 4.95000000 N N N N N N Xcel Energy, Inc. LGJNMI9GH8XIDG5RCM61 98389BBE9 90000.00000000 PA USD 91925.12000000 0.068371186261 Long DBT CORP US N 2 2035-04-15 Fixed 5.60000000 N N N N N N Oaktree CLO Ltd. N/A 67402JAN1 250000.00000000 PA USD 251133.48000000 0.186785657039 Long ABS-CBDO CORP KY N 2 2038-01-15 Floating 5.60610000 N N N N N N General Motors Financial Co., Inc. 5493008B6JBRUJ90QL97 37045XEZ5 91000.00000000 PA USD 90881.07000000 0.067594652741 Long DBT CORP US N 2 2029-10-06 Fixed 4.90000000 N N N N N N T-Mobile USA, Inc. 549300V2JRLO5DIFGE82 87264ABF1 7000.00000000 PA USD 6800.67000000 0.005058137267 Long DBT CORP US N 2 2030-04-15 Fixed 3.87500000 N N N N N N Banc of America Commercial Mortgage Trust N/A 06054ABC2 483000.00000000 PA USD 466677.88000000 0.347101208655 Long ABS-MBS CORP US N 2 2048-09-15 Variable 4.45086360 N N N N N N Air Lease Corp. 5493004NW4M4P8TMMK63 00912XBF0 40000.00000000 PA USD 40279.59000000 0.029958768076 Long DBT CORP US N 2 2028-10-01 Fixed 4.62500000 N N N N N N Hyundai Auto Receivables Trust N/A 448979AD6 362038.84000000 PA USD 362150.75000000 0.269357019964 Long ABS-O CORP US N 2 2027-04-15 Fixed 4.58000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3140QS3Q2 90089.09000000 PA USD 90740.13000000 0.067489825737 Long ABS-MBS USGSE US N 2 2053-09-01 Fixed 5.50000000 N N N N N N Constellation Energy Generation LLC S2PEWKCZFFECR4533P43 210385AB6 272000.00000000 PA USD 281523.50000000 0.209388855359 Long DBT CORP US N 2 2028-03-01 Fixed 5.60000000 N N N N N N Georgia Power Co. D981X4Z4RWS7PDMJUZ03 373334KW0 10000.00000000 PA USD 10204.00000000 0.007589433493 Long DBT CORP US N 2 2034-03-15 Fixed 5.25000000 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 097023DG7 357000.00000000 PA USD 351478.47000000 0.261419293653 Long DBT CORP US N 2 2026-02-04 Fixed 2.19600000 N N N N N N Aircastle Ltd. 549300PNK8AKY3OIKP58 00928QAX9 75000.00000000 PA USD 78338.13000000 0.058265584832 Long DBT CORP BM N 2 2028-07-18 Fixed 6.50000000 N N N N N N Putnam Funds Trust 549300S9JYWEMKQCLW53 74676P664 13564586.55000000 NS USD 13564586.55000000 10.08893840525 Long RF US N 1 N N N GNMA 549300M8ZYFG0OCMTT87 38384DZX8 216643.68000000 PA USD 220226.23000000 0.163797758339 Long ABS-MBS USGA US N 2 2051-04-20 Floating 5.45185080 N N N N N N Venture Global Calcasieu Pass LLC 549300GKHS6RS20NLH85 92328MAE3 365000.00000000 PA USD 376721.98000000 0.280194670004 Long DBT CORP US N 2 2030-01-15 Fixed 6.25000000 N N N N N N Duke Energy Corp. I1BZKREC126H0VB1BL91 26441CAX3 180000.00000000 PA USD 176416.54000000 0.131213406259 Long DBT CORP US N 2 2027-08-15 Fixed 3.15000000 N N N N N N Wells Fargo Commercial Mortgage Trust N/A 95002BAL7 218000.00000000 PA USD 171475.68000000 0.127538540680 Long ABS-MBS CORP US N 2 2052-10-15 Fixed 2.50000000 N N N N N N Blackstone Private Credit Fund 549300ORP3TTCNXSYO43 09261HAK3 112000.00000000 PA USD 108959.75000000 0.081041040384 Long DBT CORP US N 2 2027-03-15 Fixed 3.25000000 N N N N N N Sempra, Inc. PBBKGKLRK5S5C0Y4T545 816851BR9 50000.00000000 PA USD 51065.89000000 0.037981299092 Long DBT CORP US N 2 2033-08-01 Fixed 5.50000000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 31396EU46 64183.06000000 PA USD 66606.37000000 0.049539848623 Long ABS-MBS USGSE US N 2 2035-03-15 Floating 6.60501000 N N N N N N N/A N/A N/A 701800.00000000 PA USD 16901.48000000 0.012570821089 N/A DIR US N 2 BANK OF AMERICA NA B4TYDEB6GKMZO031MB27 Put Purchased N/A Swaption 1.00000000 4.22500000 USD 2026-11-23 XXXX -19030.68000000 N N N GNMA 549300M8ZYFG0OCMTT87 3618GCNA6 980359.73000000 PA USD 986998.65000000 0.734100412807 Long ABS-MBS USGA US N 2 2054-04-20 Fixed 5.50000000 N N N N N N Oshkosh Corp. 549300FEKNPCFSA2B506 688225AH4 15000.00000000 PA USD 14048.29000000 0.010448702729 Long DBT CORP US N 2 2030-03-01 Fixed 3.10000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 36179XFD3 366383.76000000 PA USD 311660.76000000 0.231804058264 Long ABS-MBS USGA US N 2 2052-09-20 Fixed 2.50000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376RAF3 515221.40000000 PA USD 12246.81000000 0.009108815170 Long ABS-MBS USGA US N 2 2065-04-20 Variable 1.80024120 N N N N N N Duke Energy Ohio, Inc. L6KC0HABGHNFU1Z6QY21 26442EAF7 97000.00000000 PA USD 95181.50000000 0.070793185422 Long DBT CORP US N 2 2029-02-01 Fixed 3.65000000 N N N N N N American Tower Corp. 5493006ORUSIL88JOE18 03027XCD0 250000.00000000 PA USD 258000.13000000 0.191892868280 Long DBT CORP US N 2 2033-07-15 Fixed 5.55000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376RBQ8 1292952.41000000 PA USD 26259.86000000 0.019531307430 Long ABS-MBS USGA US N 2 2065-04-20 Variable 1.71807840 N N N N N N JPMBB Commercial Mortgage Securities Trust N/A 46639NAW1 99343.99000000 PA USD 95475.78000000 0.071012062185 Long ABS-MBS CORP US N 2 2045-07-15 Variable 4.07102040 N N N N N N RR 29 Ltd. N/A 74989VAA9 250000.00000000 PA USD 250474.03000000 0.186295177628 Long ABS-CBDO CORP KY N 2 2039-07-15 Floating 5.64609960 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3140NUCB3 226000.00000000 PA USD 233122.19000000 0.173389392086 Long ABS-MBS USGSE US N 2 2028-12-01 Fixed 5.28000000 N N N N N N Citigroup Mortgage Loan Trust N/A 17330VAA4 120134.05000000 PA USD 120095.07000000 0.089323162157 Long ABS-MBS CORP US N 2 2062-09-25 Fixed 6.17000040 N N N N N N N/A N/A N/A 27000.00000000 PA USD 3333.76000000 0.002479552117 N/A DCR US N 2 MERRILL LYNCH INTERNATIONAL AHYI0DDQ2LCHPGHJC422 Markit CMBX North American Index Series BB-6 137BEMAE8 Y Payout of notional amount upon default event with regard to the reference instrument 2063-05-11 0.00000000 USD 5518.13000000 USD 27000.00000000 USD 3333.76000000 N N N JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL N/A 47214BAC2 65000.00000000 PA USD 70998.85000000 0.052806845372 Long DBT CORP LU N 2 2034-03-15 Fixed 6.75000000 N N N N N N FNMA 549300Z5THZ1JXIHVK60 20754PAC4 7104.77000000 PA USD 7105.34000000 0.005284741805 Long ABS-MBS CORP US N 2 2039-11-25 Floating 6.56965080 N N N N N N AES Corp. (The) 2NUNNB7D43COUIRE5295 00130HCE3 140000.00000000 PA USD 137353.82000000 0.102159710109 Long DBT CORP US N 2 2026-01-15 Fixed 1.37500000 N N N N N N Ovintiv, Inc. 2549003MEX7YMKLGI239 69047QAB8 29000.00000000 PA USD 29821.04000000 0.022180007818 Long DBT CORP US N 2 2028-05-15 Fixed 5.65000000 N N N N N N NiSource, Inc. 549300D8GOWWH0SJB189 65473PAS4 230000.00000000 PA USD 236218.87000000 0.175692611109 Long DBT CORP US N 2 2029-07-01 Fixed 5.20000000 N N N N N N Vistra Operations Co. LLC 549300ZH5GKBTJZ7NM23 92840VAG7 465000.00000000 PA USD 459051.13000000 0.341428657508 Long DBT CORP US N 2 2027-01-30 Fixed 3.70000000 N N N N N N Neuberger Berman Group LLC / Neuberger Berman Finance Corp. N/A 64128XAE0 75000.00000000 PA USD 64214.77000000 0.047761047257 Long DBT CORP US N 2 2045-04-15 Fixed 4.87500000 N N N N N N Elmwood CLO I Ltd. N/A 290015AW6 100000.00000000 PA USD 100642.40000000 0.074854841377 Long ABS-CBDO CORP KY N 2 2037-04-20 Floating 5.78946960 N N N N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 06051GHZ5 195000.00000000 PA USD 178149.34000000 0.132502211664 Long DBT CORP US N 2 2031-02-13 Fixed 2.49600000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 46647PEV4 86000.00000000 PA USD 88212.76000000 0.065610042658 Long DBT CORP US N 2 2031-01-24 Fixed 5.14000000 N N N N N N A&D Mortgage Trust 9845002EOD0CFAFA4F48 00002MAA7 520351.01000000 PA USD 529262.23000000 0.393649597723 Long ABS-MBS CORP US N 2 2068-09-25 Fixed 7.47200160 N N N N N N Waste Connections, Inc. 549300HDLRTPBQU69P29 941053AJ9 110000.00000000 PA USD 107668.86000000 0.080080914571 Long DBT CORP CA N 2 2029-05-01 Fixed 3.50000000 N N N N N N Howmet Aerospace, Inc. 549300HO5WFZUT5N2T22 022249AU0 135000.00000000 PA USD 142289.46000000 0.105830693207 Long DBT CORP US N 2 2028-01-15 Fixed 6.75000000 N N N N N N Crown Castle, Inc. 54930012H97VSM0I2R19 22822VAF8 25000.00000000 PA USD 21422.41000000 0.015933355151 Long DBT CORP US N 2 2047-05-15 Fixed 4.75000000 N N N N N N Pfizer Investment Enterprises Pte. Ltd. 5493000FQO8XF9C0RT95 716973AG7 120000.00000000 PA USD 113370.54000000 0.084321655570 Long DBT CORP SG N 2 2053-05-19 Fixed 5.30000000 N N N N N N N/A N/A N/A 701800.00000000 PA USD 25130.74000000 0.018691501359 N/A DIR US N 2 BANK OF AMERICA NA B4TYDEB6GKMZO031MB27 Call Purchased N/A Swaption 1.00000000 3.72500000 USD 2026-11-23 XXXX -9187.28000000 N N N JBS USA Holding Lux SARL / JBS USA Food Co. / JBS Lux Co. SARL N/A 46590XAN6 157000.00000000 PA USD 149254.77000000 0.111011284838 Long DBT CORP LU N 2 2029-02-02 Fixed 3.00000000 N N N N N N Celanese US Holdings LLC CD30XVRLT4QO00B1C706 15089QAK0 65000.00000000 PA USD 62699.83000000 0.046634279678 Long DBT CORP US N 2 2026-08-05 Fixed 1.40000000 N N N N N N Athene Global Funding 549300LM1QSI4MSIL320 04685A3Z2 80000.00000000 PA USD 81785.96000000 0.060829978843 Long DBT CORP US N 2 2031-07-11 Fixed 5.52600000 N N N N N N GM Financial Consumer Automobile Receivables Trust N/A 38013JAD5 447352.41000000 PA USD 448046.25000000 0.333243553151 Long ABS-O CORP US N 2 2028-02-16 Fixed 4.66000000 N N N N N N JPMBB Commercial Mortgage Securities Trust N/A 46642NBF2 1041080.51000000 PA USD 16.03000000 0.000011922640 Long ABS-MBS CORP US N 2 2047-09-15 Variable 0.54888480 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3618FTV78 65031.36000000 PA USD 67043.61000000 0.049865054807 Long ABS-MBS USGA US N 2 2053-11-20 Fixed 6.00000000 N N N N N N MasTec, Inc. 549300TMDIT8WREDOF45 576323AT6 320000.00000000 PA USD 331248.32000000 0.246372706237 Long DBT CORP US N 2 2029-06-15 Fixed 5.90000000 N N N N N N Amgen, Inc. 62QBXGPJ34PQ72Z12S66 031162DU1 75000.00000000 PA USD 72970.31000000 0.054273159029 Long DBT CORP US N 2 2063-03-02 Fixed 5.75000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 31413R3V6 2996.33000000 PA USD 3038.28000000 0.002259782829 Long ABS-MBS USGSE US N 2 2038-03-01 Fixed 5.00000000 N N N N N N Harley-Davidson Motorcycle Trust N/A 41284XAD0 105000.00000000 PA USD 106299.29000000 0.079062268899 Long ABS-O CORP US N 2 2030-04-15 Fixed 4.67000000 N N N N N N VICI Properties LP / VICI Note Co., Inc. N/A 92564RAD7 22000.00000000 PA USD 21670.87000000 0.016118152352 Long DBT CORP US N 2 2027-02-15 Fixed 3.75000000 N N N N N N Evergy Kansas Central, Inc. J75GNWGEO73W89ZV3S44 30036FAB7 60000.00000000 PA USD 59286.81000000 0.044095776316 Long DBT CORP US N 2 2053-03-15 Fixed 5.70000000 N N N N N N UBS Commercial Mortgage Trust N/A 90353DBA2 4194689.73000000 PA USD 93587.30000000 0.069607466599 Long ABS-MBS CORP US N 2 2051-08-15 Variable 1.02175560 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 31398PJU4 200352.02000000 PA USD 22620.36000000 0.016824354940 Long ABS-MBS USGSE US N 2 2040-04-25 Floating 1.98034920 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 097023CN3 25000.00000000 PA USD 23187.42000000 0.017246117402 Long DBT CORP US N 2 2030-02-01 Fixed 2.95000000 N N N N N N Equinix, Inc. 549300EVUN2BTLJ3GT74 29444UBS4 70000.00000000 PA USD 62050.69000000 0.046151468539 Long DBT CORP US N 2 2031-05-15 Fixed 2.50000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3617LEPL2 5937.76000000 PA USD 5338.20000000 0.003970395322 Long ABS-MBS USGA US N 2 2049-11-20 Fixed 3.50000000 N N N N N N BDS Ltd. N/A 07335YAA4 152451.15000000 PA USD 152657.56000000 0.113542179428 Long ABS-CBDO CORP KY N 2 2036-12-16 Floating 5.77908000 N N N N N N N/A N/A N/A 12200000.00000000 PA USD 79308.33000000 0.058987190906 N/A DIR FR N 2 BNP PARIBAS NY BRANCH 549300QVEGJN81E8T563 Call Purchased N/A Swaption 1.00000000 3.85000000 USD 2026-02-05 XXXX 28678.33000000 N N N Kellanova LONOZNOJYIBXOHXWDB86 487836BQ0 18000.00000000 PA USD 15430.79000000 0.011476965352 Long DBT CORP US N 2 2046-04-01 Fixed 4.50000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376R2Q8 1155514.18000000 PA USD 37289.14000000 0.027734559786 Long ABS-MBS USGA US N 2 2067-03-20 Variable 2.26711080 N N N N N N Hyundai Capital America 549300RIPPWJB5Z0FK07 44891ADG9 50000.00000000 PA USD 49566.60000000 0.036866171520 Long DBT CORP US N 2 2029-09-26 Fixed 4.55000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38375BFR8 406680.70000000 PA USD 14994.32000000 0.011152331871 Long ABS-MBS USGA US N 2 2060-08-20 Variable 1.45306080 N N N N N N Glencore Funding LLC 213800STG1QDNBY87K49 378272AN8 124000.00000000 PA USD 123033.51000000 0.091508686947 Long DBT CORP US N 2 2027-03-27 Fixed 4.00000000 N N N N N N Time Warner Cable LLC 549300U5NFR7S6E3GM41 88732JBD9 115000.00000000 PA USD 91660.58000000 0.068174429231 Long DBT CORP US N 2 2042-09-15 Fixed 4.50000000 N N N N N N Aker BP ASA 549300NFTY73920OYK69 00973RAP8 75000.00000000 PA USD 68450.04000000 0.050911115856 Long DBT CORP NO N 2 2054-10-01 Fixed 5.80000000 N N N N N N Atlassian Corp. 549300V7ZY5P02D2MY38 049468AA9 27000.00000000 PA USD 27731.95000000 0.020626204446 Long DBT CORP US N 2 2029-05-15 Fixed 5.25000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3140EVTB3 291085.98000000 PA USD 260370.42000000 0.193655819898 Long ABS-MBS USGSE US N 2 2046-07-01 Fixed 3.00000000 N N N N N N Amgen, Inc. 62QBXGPJ34PQ72Z12S66 031162CQ1 218000.00000000 PA USD 212981.93000000 0.158409662195 Long DBT CORP US N 2 2027-11-02 Fixed 3.20000000 N N N N N N Penske Truck Leasing Co. LP / PTL Finance Corp. N/A 709599BN3 110000.00000000 PA USD 109875.31000000 0.081722006841 Long DBT CORP US N 2 2027-07-01 Fixed 4.40000000 N N N N N N Motorola Solutions, Inc. 6S552MUG6KGJVEBSEC55 620076CA5 40000.00000000 PA USD 40442.44000000 0.030079891090 Long DBT CORP US N 2 2030-08-15 Fixed 4.85000000 N N N N N N Dick's Sporting Goods, Inc. 529900SSBV5I4LWSK313 253393AG7 60000.00000000 PA USD 42916.91000000 0.031920328713 Long DBT CORP US N 2 2052-01-15 Fixed 4.10000000 N N N N N N Amgen, Inc. 62QBXGPJ34PQ72Z12S66 031162DQ0 273000.00000000 PA USD 281373.33000000 0.209277163353 Long DBT CORP US N 2 2030-03-02 Fixed 5.25000000 N N N N N N Hyatt Hotels Corp. T27JQIMTYSH41TCD5186 448579AR3 105000.00000000 PA USD 106858.83000000 0.079478438207 Long DBT CORP US N 2 2029-06-30 Fixed 5.25000000 N N N N N N Hewlett Packard Enterprise Co. 549300BX44RGX6ANDV88 42824CBV0 28000.00000000 PA USD 27173.13000000 0.020210570653 Long DBT CORP US N 2 2034-10-15 Fixed 5.00000000 N N N N N N Paychex, Inc. 529900K900DW6SUBM174 704326AA5 80000.00000000 PA USD 81971.36000000 0.060967873881 Long DBT CORP US N 2 2030-04-15 Fixed 5.10000000 N N N N N N WestRock MWV LLC 4DL8C98Z5G5IXZLH3578 961548AY0 39000.00000000 PA USD 45230.40000000 0.033641034171 Long DBT CORP US N 2 2031-02-15 Fixed 7.95000000 N N N N N N Daimler Truck Finance North America LLC 5493003HSDTSCZRXBA58 233853AY6 355000.00000000 PA USD 360168.89000000 0.267882971095 Long DBT CORP US N 2 2027-09-25 Fixed 5.12500000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38376R2S4 1013207.39000000 PA USD 37338.72000000 0.027771435924 Long ABS-MBS USGA US N 2 2067-05-20 Variable 2.42035920 N N N N N N Charter Communications Operating LLC / Charter Communications Operating Capital N/A 161175CE2 100000.00000000 PA USD 71348.07000000 0.053066584883 Long DBT CORP US N 2 2042-03-01 Fixed 3.50000000 N N N N N N Comcast Corp. 51M0QTTNCGUN7KFCFZ59 20030NCZ2 135000.00000000 PA USD 92646.56000000 0.068907772002 Long DBT CORP US N 2 2050-02-01 Fixed 3.45000000 N N N N N N Occidental Petroleum Corp. IM7X0T3ECJW4C1T7ON55 674599DD4 235000.00000000 PA USD 258816.08000000 0.192499747764 Long DBT CORP US N 2 2031-05-01 Fixed 7.50000000 N N N N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 29273VAJ9 125000.00000000 PA USD 124886.70000000 0.092887034875 Long DBT CORP US N 2 2028-02-15 Fixed 6.62500000 N N N N N N Duke Energy Corp. I1BZKREC126H0VB1BL91 26441CBF1 65000.00000000 PA USD 50762.78000000 0.037755854836 Long DBT CORP US N 2 2049-06-15 Fixed 4.20000000 N N N N N N Brunswick Corp. YM4O38W15AX4YLLQKU27 117043AW9 50000.00000000 PA USD 51530.59000000 0.038326929212 Long DBT CORP US N 2 2029-03-18 Fixed 5.85000000 N N N N N N Dick's Sporting Goods, Inc. 529900SSBV5I4LWSK313 253393AF9 160000.00000000 PA USD 143496.26000000 0.106728275365 Long DBT CORP US N 2 2032-01-15 Fixed 3.15000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3138X0YX0 177258.46000000 PA USD 165977.91000000 0.123449461909 Long ABS-MBS USGSE US N 2 2043-07-01 Fixed 3.50000000 N N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 92343VGH1 250000.00000000 PA USD 236924.89000000 0.176217727910 Long DBT CORP US N 2 2028-03-22 Fixed 2.10000000 N N N N N N N/A N/A N/A 131000.00000000 PA USD 3163.43000000 0.002352865699 N/A DCR US N 2 BANK OF AMERICA NA B4TYDEB6GKMZO031MB27 Markit CMBX North American Index Series BBB-6 137BERAF4 Y Payout of notional amount upon default event with regard to the reference instrument 2063-05-11 0.00000000 USD 7466.99000000 USD 131000.00000000 USD 3163.43000000 N N N GS Mortgage Securities Trust N/A 36253BAW3 2691913.57000000 PA USD 15770.31000000 0.011729490289 Long ABS-MBS CORP US N 2 2047-06-10 Variable 0.74368800 N N N N N N N/A N/A N/A -18300000.00000000 PA USD -57510.01000000 -0.04277424501 N/A DIR FR N 2 BNP PARIBAS NY BRANCH 549300QVEGJN81E8T563 Call Written N/A Swaption 1.00000000 3.30000000 USD 2026-02-05 XXXX -17250.01000000 N N N JPMBB Commercial Mortgage Securities Trust N/A 46643PBG4 561029.29000000 PA USD 6.79000000 0.000005050201 Long ABS-MBS CORP US N 2 2047-11-15 Variable 0.61425360 N N N N N N GS Mortgage Securities Trust N/A 36253GAS1 120000.00000000 PA USD 76498.87000000 0.056897597627 Long ABS-MBS CORP US N 2 2047-09-10 Variable 4.54208760 N N N N N N FNMA N/A 20754TAC6 74214.67000000 PA USD 74307.68000000 0.055267855293 Long ABS-MBS CORP US N 2 2045-02-25 Floating 5.45621040 N N N N N N Truist Financial Corp. 549300DRQQI75D2JP341 89788MAH5 105000.00000000 PA USD 104959.39000000 0.078065690897 Long DBT CORP US N 2 2026-07-28 Fixed 4.26000000 N N N N N N Home Depot, Inc. (The) QEKMOTMBBKA8I816DO57 437076DF6 92000.00000000 PA USD 88398.26000000 0.065748012074 Long DBT CORP US N 2 2054-06-25 Fixed 5.30000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38380LQD8 1537712.48000000 PA USD 67166.51000000 0.049956464193 Long ABS-MBS USGA US N 2 2068-11-20 Variable 2.65250160 N N N N N N Netflix, Inc. 549300Y7VHGU0I7CE873 64110LAU0 242000.00000000 PA USD 252883.68000000 0.188087404050 Long DBT CORP US N 2 2029-11-15 Fixed 5.37500000 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 61747YES0 314000.00000000 PA USD 312950.15000000 0.232763068422 Long DBT CORP US N 2 2037-04-20 Fixed 5.29700000 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 097023CP8 30000.00000000 PA USD 25284.08000000 0.018805551117 Long DBT CORP US N 2 2035-02-01 Fixed 3.25000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3617BG4P2 52561.96000000 PA USD 48360.28000000 0.035968946372 Long ABS-MBS USGA US N 2 2048-01-20 Fixed 3.50000000 N N N N N N Rogers Communications, Inc. 5493000M6Z4XFIP6PF03 775109DG3 80000.00000000 PA USD 81988.60000000 0.060980696483 Long DBT CORP CA N 2 2055-04-15 Fixed 7.00000000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 17327CAR4 76000.00000000 PA USD 79589.54000000 0.059196346589 Long DBT CORP US N 2 2034-05-25 Fixed 6.17400000 N N N N N N Rogers Communications, Inc. 5493000M6Z4XFIP6PF03 775109CH2 38000.00000000 PA USD 35327.25000000 0.026275364012 Long DBT CORP CA N 2 2032-03-15 Fixed 3.80000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38378DRC1 1263203.20000000 PA USD 226456.84000000 0.168431901833 Long ABS-MBS USGA US N 2 2042-03-20 Fixed 4.00000000 N N N N N N Air Lease Corp. 5493004NW4M4P8TMMK63 00914AAE2 260000.00000000 PA USD 247832.00000000 0.184330113832 Long DBT CORP US N 2 2029-10-01 Fixed 3.25000000 N N N N N N N/A N/A N/A 85.00000000 NC USD 327228.07000000 0.243382563156 N/A DIR US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Long United States of America U.S. Treasury Ultra Bonds 2025-09-19 10125625.00000000 USD 327228.07000000 N N N International Flavors & Fragrances, Inc. BZLRL03D3GPGMOGFO832 459506AK7 75000.00000000 PA USD 75002.34000000 0.055784522861 Long DBT CORP US N 2 2028-09-26 Fixed 4.45000000 N N N N N N USB Auto Owner Trust N/A 90367VAC3 139000.00000000 PA USD 140232.79000000 0.104301002871 Long ABS-O CORP US N 2 2030-06-17 Fixed 4.49000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38379DJU9 175599.89000000 PA USD 5590.54000000 0.004158078353 Long ABS-MBS USGA US N 2 2029-07-16 Fixed 3.50000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 31417GHQ2 43260.16000000 PA USD 39098.66000000 0.029080427259 Long ABS-MBS USGSE US N 2 2043-05-01 Fixed 3.00000000 N N N N N N N/A N/A N/A 193000.00000000 PA USD -1620.85000000 -0.00120554030 N/A DCR GB N 2 GOLDMAN SACHS INTL W22LROWP2IHZNBB6K528 Markit CMBX North American Index Series BBB-12 137BERAL1 Y Receipt of notional amount upon default event with regard to the reference instrument 2061-08-17 35029.50000000 USD 0.00000000 USD 193000.00000000 USD -1620.85000000 N N N Royal Caribbean Cruises Ltd. K2NEH8QNVW44JIWK7Z55 780153BG6 20000.00000000 PA USD 20261.36000000 0.015069800490 Long DBT CORP LR N 2 2028-04-01 Fixed 5.50000000 N N N N N N Columbia Pipelines Operating Co. LLC N/A 19828TAA4 50000.00000000 PA USD 52810.57000000 0.039278940490 Long DBT CORP US N 2 2030-08-15 Fixed 5.92700000 N N N N N N Aviation Capital Group LLC 549300ODEK8HY3445C77 05369AAQ4 210000.00000000 PA USD 213967.91000000 0.159143004966 Long DBT CORP US N 2 2029-07-15 Fixed 5.37500000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38375USW1 210649.09000000 PA USD 4794.16000000 0.003565754456 Long ABS-MBS USGA US N 2 2064-12-20 Variable 1.56781080 N N N N N N N/A N/A N/A 28.00000000 NC USD 52023.54000000 0.038693570847 N/A DIR US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Long United States of America U.S. Treasury 10 Year Ultra Notes 2025-09-19 3199437.50000000 USD 52023.54000000 N N N HCA, Inc. L3CJ6J7LJ2DX62FTXD46 404119CU1 41000.00000000 PA USD 41965.69000000 0.031212839402 Long DBT CORP US N 2 2034-04-01 Fixed 5.60000000 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 31329MXU9 172076.47000000 PA USD 161338.99000000 0.119999170374 Long ABS-MBS USGSE US N 2 2043-08-01 Fixed 3.50000000 N N N N N N HCA, Inc. L3CJ6J7LJ2DX62FTXD46 404119BU2 66000.00000000 PA USD 66027.57000000 0.049109354297 Long DBT CORP US N 2 2027-02-15 Fixed 4.50000000 N N N N N N Wells Fargo Commercial Mortgage Trust 549300PX4QZK7CUM8D08 94988XAC0 73535.27380000 PA USD 8902.55000000 0.006621453464 Long ABS-MBS CORP US N 2 2050-08-15 Fixed 3.93800000 N N N N N N Hyundai Capital America 549300RIPPWJB5Z0FK07 44891ABL0 8000.00000000 PA USD 8502.41000000 0.006323841163 Long DBT CORP US N 2 2030-04-08 Fixed 6.37500000 N N N N N N Carnival Corp. F1OF2ZSX47CR0BCWA982 143658BY7 23000.00000000 PA USD 23404.00000000 0.017407203202 Long DBT CORP PA N 2 2030-03-15 Fixed 5.75000000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 172967PK1 70000.00000000 PA USD 72324.70000000 0.053792973400 Long DBT CORP US N 2 2029-08-15 Fixed 7.12500000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3138W1L39 129689.81000000 PA USD 116972.06000000 0.087000359658 Long ABS-MBS USGSE US N 2 2043-03-01 Fixed 3.00000000 N N N N N N Warnermedia Holdings, Inc. 549300DXR29GD4N0A520 55903VBA0 6000.00000000 PA USD 5599.26000000 0.004164564031 Long DBT CORP US N 2 2027-03-15 Fixed 3.75500000 N N N N N N Dominion Energy, Inc. ILUL7B6Z54MRYCF6H308 25746UBM0 135000.00000000 PA USD 121943.11000000 0.090697679667 Long DBT CORP US N 2 2041-08-01 Fixed 4.90000000 N N N N N N Commonwealth Bank of Australia MSFSBD3QN1GSN7Q6C537 202712BV6 200000.00000000 PA USD 206551.40000000 0.153626824115 Long DBT CORP AU N 2 2034-03-13 Fixed 5.83700000 N N N N N N Hyundai Capital America 549300RIPPWJB5Z0FK07 44891ACY1 41000.00000000 PA USD 41793.59000000 0.031084836510 Long DBT CORP US N 2 2029-03-19 Fixed 5.35000000 N N N N N N Diamondback Energy, Inc. 549300R22LSX6OHWEN64 25278XAV1 75000.00000000 PA USD 79911.60000000 0.059435885295 Long DBT CORP US N 2 2033-03-15 Fixed 6.25000000 N N N N N N Atlassian Corp. 549300V7ZY5P02D2MY38 049468AB7 18000.00000000 PA USD 18492.76000000 0.013754368103 Long DBT CORP US N 2 2034-05-15 Fixed 5.50000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3617GQYF4 111032.18000000 PA USD 102266.29000000 0.076062642745 Long ABS-MBS USGA US N 2 2048-05-20 Fixed 4.00000000 N N N N N N Lloyds Banking Group plc 549300PPXHEU2JF0AM85 53944YAQ6 305000.00000000 PA USD 217452.67000000 0.161734866418 Long DBT CORP GB N 2 2046-12-14 Fixed 3.36900000 N N N N N N Canadian Natural Resources Ltd. 549300T15RIMIKZC5Q38 136385BB6 124000.00000000 PA USD 125177.83000000 0.093103568761 Long DBT CORP CA N 2 2029-12-15 Fixed 5.00000000 N N N N N N Teachers Insurance & Annuity Association of America O06XD7BJ4EPXNABVFN69 878091BC0 170000.00000000 PA USD 191899.00000000 0.142728802230 Long DBT CORP US N 2 2039-12-16 Fixed 6.85000000 N N N N N N Hyatt Hotels Corp. T27JQIMTYSH41TCD5186 448579AT9 75000.00000000 PA USD 76086.75000000 0.056591074956 Long DBT CORP US N 2 2031-12-15 Fixed 5.37500000 N N N N N N FHLMC 5493000IRJ8RDHSNEL96 35564KE39 5941.00000000 PA USD 6052.54000000 0.004501700293 Long ABS-MBS CORP US N 2 2042-08-25 Floating 6.60516840 N N N N N N DT Midstream, Inc. N/A 23345MAD9 75000.00000000 PA USD 76444.65000000 0.056857270394 Long DBT CORP US N 2 2034-12-15 Fixed 5.80000000 N N N N N N FHLMC 5493000ISA3AUOXQEF68 35564KRE1 2531.90000000 PA USD 2533.94000000 0.001884669649 Long ABS-MBS CORP US N 2 2042-02-25 Floating 5.60517120 N N N N N N Morgan Stanley Capital I Trust N/A 61691ABL6 88000.00000000 PA USD 87465.98000000 0.065054609775 Long ABS-MBS CORP US N 2 2048-12-15 Fixed 3.80900000 N N N N N N FNMA N/A 20754AAB9 24000.00000000 PA USD 24156.58000000 0.017966949954 Long ABS-MBS CORP US N 2 2041-12-25 Floating 5.95517040 N N N N N N Station Place Securitization Trust N/A 85772UAA8 277000.00000000 PA USD 280031.77000000 0.208279350692 Long ABS-MBS CORP US N 2 2026-07-23 Floating 5.22142920 N N N N N N Pfizer Investment Enterprises Pte. Ltd. 5493000FQO8XF9C0RT95 716973AC6 57000.00000000 PA USD 57467.99000000 0.042742991778 Long DBT CORP SG N 2 2028-05-19 Fixed 4.45000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 36179XS72 4141363.88000000 PA USD 3552296.70000000 2.642093252998 Long ABS-MBS USGA US N 2 2053-02-20 Fixed 2.50000000 N N N N N N Rogers Communications, Inc. 5493000M6Z4XFIP6PF03 775109DH1 40000.00000000 PA USD 40564.57000000 0.030170727773 Long DBT CORP CA N 2 2055-04-15 Fixed 7.12500000 N N N N N N WFRBS Commercial Mortgage Trust 5493003CHVRASC16O965 92938CAL1 90551.03000000 PA USD 46633.78000000 0.034684826720 Long ABS-MBS CORP US N 2 2046-08-15 Variable 4.28569560 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3136BQKJ7 691745.18000000 PA USD 87975.18000000 0.065433337679 Long ABS-MBS USGSE US N 2 2046-08-25 Fixed 3.00000000 N N N N N N Arthur J Gallagher & Co. 54930049QLLMPART6V29 04316JAL3 95000.00000000 PA USD 96453.11000000 0.071738971342 Long DBT CORP US N 2 2029-12-15 Fixed 4.85000000 N N N N N N WFRBS Commercial Mortgage Trust N/A 92890KBD6 1587329.43000000 PA USD 346.83000000 0.000257961899 Long ABS-MBS CORP US N 2 2057-09-15 Variable 0.39269880 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3617BUS26 73913.54000000 PA USD 68093.13000000 0.050645656751 Long ABS-MBS USGA US N 2 2047-11-20 Fixed 3.50000000 N N N N N N Apple, Inc. HWUPKR0MPOU8FGXBT394 037833BH2 468000.00000000 PA USD 413767.74000000 0.307748210942 Long DBT CORP US N 2 2045-05-13 Fixed 4.37500000 N N N N N N Oracle Corp. 1Z4GXXU7ZHVWFCD8TV52 68389XAV7 80000.00000000 PA USD 76017.64000000 0.056539672981 Long DBT CORP US N 2 2034-07-08 Fixed 4.30000000 N N N N N N Golden Credit Card Trust 549300BEDPMEONLTJX58 380881FP2 483000.00000000 PA USD 482838.44000000 0.359120955356 Long ABS-O CORP CA N 2 2027-09-15 Fixed 4.31000000 N N N N N N PRKCM Trust N/A 693964AA6 435401.49000000 PA USD 437026.41000000 0.325047321988 Long ABS-MBS CORP US N 2 2058-06-25 Variable 6.48200000 N N N N N N Apex Credit CLO 2024-II Ltd. 213800V47GF24QSFBA63 03753EAA0 250000.00000000 PA USD 251125.00000000 0.186779349866 Long ABS-CBDO CORP KY N 2 2037-07-25 Floating 5.80177080 N N N N N N NextEra Energy Capital Holdings, Inc. UMI46YPGBLUE4VGNNT48 65339KDM9 25000.00000000 PA USD 25116.30000000 0.018680761314 Long DBT CORP US N 2 2055-03-15 Fixed 5.90000000 N N N N N N Meta Platforms, Inc. BQ4BKCS1HXDV9HN80Z93 30303M8R6 140000.00000000 PA USD 141638.67000000 0.105346654847 Long DBT CORP US N 2 2063-05-15 Fixed 5.75000000 N N N N N N Exelon Corp. 3SOUA6IRML7435B56G12 30161NBM2 280000.00000000 PA USD 287387.50000000 0.213750325175 Long DBT CORP US N 2 2029-03-15 Fixed 5.15000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3617GPMK8 75459.05000000 PA USD 72925.50000000 0.054239830676 Long ABS-MBS USGA US N 2 2048-05-20 Fixed 4.50000000 N N N N N N Oracle Corp. 1Z4GXXU7ZHVWFCD8TV52 68389XCE3 45000.00000000 PA USD 41058.86000000 0.030538366060 Long DBT CORP US N 2 2031-03-25 Fixed 2.87500000 N N N N N N 7-Eleven, Inc. 549300K23JPL0SS3LB18 817826AD2 359000.00000000 PA USD 331192.39000000 0.246331107157 Long DBT CORP US N 2 2028-02-10 Fixed 1.30000000 N N N N N N Chase Auto Owner Trust N/A 16144LAC0 689000.00000000 PA USD 697266.90000000 0.518606503794 Long ABS-O CORP US N 2 2029-07-25 Fixed 5.22000000 N N N N N N Elmwood CLO III Ltd. N/A 29002HAW9 250000.00000000 PA USD 250762.15000000 0.186509472765 Long ABS-CBDO CORP KY N 2 2037-07-18 Floating 5.64946920 N N N N N N Northrop Grumman Corp. RIMU48P07456QXSO0R61 666807BU5 45000.00000000 PA USD 42270.56000000 0.031439592694 Long DBT CORP US N 2 2050-05-01 Fixed 5.25000000 N N N N N N Berkshire Hathaway Finance Corp. 549300RLHFT5RU20WM87 084664BV2 210000.00000000 PA USD 185103.41000000 0.137674443316 Long DBT CORP US N 2 2043-05-15 Fixed 4.30000000 N N N N N N Duke Energy Corp. I1BZKREC126H0VB1BL91 26441CCF0 21000.00000000 PA USD 20531.18000000 0.015270484628 Long DBT CORP US N 2 2054-06-15 Fixed 5.80000000 N N N N N N Williams Cos., Inc. (The) D71FAKCBLFS2O0RBPG08 969457CP3 87000.00000000 PA USD 89475.91000000 0.066549536280 Long DBT CORP US N 2 2035-03-15 Fixed 5.60000000 N N N N N N N/A N/A N/A 1625000.00000000 PA USD -16027.28000000 -0.01192061697 N/A DIR GB N 2 LCH Clearnet 549300TXTCI7WVVJS380 Y 2030-09-17 0.00000000 USD 1830.00000000 USD 1625000.00000000 USD -16027.28000000 N N N GNMA 549300M8ZYFG0OCMTT87 3617GQXB4 330937.26000000 PA USD 304814.84000000 0.226712265385 Long ABS-MBS USGA US N 2 2048-04-20 Fixed 4.00000000 N N N N N N NextEra Energy Capital Holdings, Inc. UMI46YPGBLUE4VGNNT48 65339KDK3 80000.00000000 PA USD 82475.26000000 0.061342659802 Long DBT CORP US N 2 2032-03-15 Fixed 5.30000000 N N N N N N Nutrien Ltd. 5493002QQ7GD21OWF963 67077MAS7 44000.00000000 PA USD 40669.41000000 0.030248704666 Long DBT CORP CA N 2 2045-01-15 Fixed 5.25000000 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 097023DP7 20000.00000000 PA USD 20584.54000000 0.015310172219 Long DBT CORP US N 2 2027-05-01 Fixed 6.25900000 N N N N N N Arroyo Mortgage Trust N/A 04285AAD7 330000.00000000 PA USD 302427.02000000 0.224936275471 Long ABS-MBS CORP US N 2 2048-10-25 Variable 4.20400080 N N N N N N MSCI, Inc. 549300HTIN2PD78UB763 55354GAK6 109000.00000000 PA USD 102316.03000000 0.076099637886 Long DBT CORP US N 2 2030-09-01 Fixed 3.62500000 N N N N N N Occidental Petroleum Corp. IM7X0T3ECJW4C1T7ON55 674599EJ0 65000.00000000 PA USD 65256.82000000 0.048536093236 Long DBT CORP US N 2 2029-08-01 Fixed 5.20000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 38382AAJ4 117971.67000000 PA USD 14760.23000000 0.010978222651 Long ABS-MBS USGA US N 2 2049-10-20 Floating 1.56794040 N N N N N N WestRock MWV LLC 4DL8C98Z5G5IXZLH3578 961548AV6 105000.00000000 PA USD 120379.03000000 0.089534363209 Long DBT CORP US N 2 2030-01-15 Fixed 8.20000000 N N N N N N Southern Co. (The) 549300FC3G3YU2FBZD92 842587DS3 10000.00000000 PA USD 10414.15000000 0.007745736849 Long DBT CORP US N 2 2029-03-15 Fixed 5.50000000 N N N N N N AerCap Ireland Capital DAC / AerCap Global Aviation Trust N/A 00774MAX3 245000.00000000 PA USD 222104.99000000 0.165195124477 Long DBT CORP IE N 2 2032-01-30 Fixed 3.30000000 N N N N N N Truist Financial Corp. 549300DRQQI75D2JP341 89788MAS1 120000.00000000 PA USD 124435.99000000 0.092551810103 Long DBT CORP US N 2 2035-01-24 Fixed 5.71100000 N N N N N N N/A N/A N/A 473000.00000000 PA USD 51828.80000000 0.038548728992 N/A DIR N/A N 2 MIZUHO CAPITAL MARKETS LLC OV6W8S6QX2D1J857QP30 Call Purchased N/A Swaption 1.00000000 4.01000000 USD 2032-03-29 XXXX -4883.90000000 N N N FNMA B1V7KEBTPIMZEU4LTD58 3138Y9DA3 172118.68000000 PA USD 168918.11000000 0.125636295735 Long ABS-MBS USGSE US N 2 2044-12-01 Fixed 4.50000000 N N N N N N American Electric Power Co., Inc. 1B4S6S7G0TW5EE83BO58 025537AX9 45000.00000000 PA USD 46803.27000000 0.034810888371 Long DBT CORP US N 2 2033-03-01 Fixed 5.62500000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 21H060671 -1000000.00000000 PA USD -1014919.77000000 -0.75486731630 Short ABS-MBS USGA US N 2 2055-07-15 Fixed 6.00000000 N N N N N N VICI Properties LP / VICI Note Co., Inc. N/A 92564RAL9 410000.00000000 PA USD 396870.70000000 0.295180692193 Long DBT CORP US N 2 2029-02-15 Fixed 3.87500000 N N N N N N Kinder Morgan Energy Partners LP 549300PDHUGWPWGOT525 494550BW5 86000.00000000 PA USD 79901.22000000 0.059428164958 Long DBT CORP US N 2 2044-09-01 Fixed 5.40000000 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3140EVUP0 306477.98000000 PA USD 274137.98000000 0.203895723954 Long ABS-MBS USGSE US N 2 2046-08-01 Fixed 3.00000000 N N N N N N Public Service Enterprise Group, Inc. PUSS41EMO3E6XXNV3U28 744573BA3 60000.00000000 PA USD 61054.19000000 0.045410301303 Long DBT CORP US N 2 2030-03-15 Fixed 4.90000000 N N N N N N N/A N/A N/A 2237700.00000000 PA USD 5384.90000000 0.004005129402 N/A DIR US N 2 MIZUHO CAPITAL MARKETS LLC OV6W8S6QX2D1J857QP30 Call Purchased N/A Swaption 1.00000000 2.85000000 USD 2025-10-09 XXXX -9680.55000000 N N N N/A N/A N/A 1568800.00000000 PA USD 52899.86000000 0.039345351752 N/A DIR GB N 2 NATWEST MARKETS PLC RR3QWICWWIPCS8A4S074 Put Purchased N/A Swaption 1.00000000 4.82500000 USD 2027-04-30 XXXX -3890.70000000 N N N HCA, Inc. L3CJ6J7LJ2DX62FTXD46 404119CV9 54000.00000000 PA USD 52868.82000000 0.039322265118 Long DBT CORP US N 2 2054-04-01 Fixed 6.00000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 21H042679 3000000.00000000 PA USD 2872111.44000000 2.136191567974 Long ABS-MBS USGA US N 2 2055-07-15 Fixed 4.50000000 N N N N N N Thermo Fisher Scientific, Inc. HCHV7422L5HDJZCRFL38 883556BZ4 135000.00000000 PA USD 126532.99000000 0.094111496700 Long DBT CORP US N 2 2029-10-01 Fixed 2.60000000 N N N N N N Duke Energy Corp. I1BZKREC126H0VB1BL91 26441CCE3 29000.00000000 PA USD 29805.48000000 0.022168434751 Long DBT CORP US N 2 2034-06-15 Fixed 5.45000000 N N N N N N Imperial Fund Mortgage Trust N/A 452763AA3 272174.39000000 PA USD 273064.65000000 0.203097412836 Long ABS-MBS CORP US N 2 2067-11-25 Fixed 7.36899840 N N N N N N Oracle Corp. 1Z4GXXU7ZHVWFCD8TV52 68389XBZ7 475000.00000000 PA USD 374737.06000000 0.278718345197 Long DBT CORP US N 2 2041-03-25 Fixed 3.65000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3618BTAF7 9909.80000000 PA USD 10043.95000000 0.007470393035 Long ABS-MBS USGA US N 2 2053-06-20 Fixed 5.50000000 N N N N N N Eastern Energy Gas Holdings LLC 549300BFOD6TDMVV4O24 27636AAA0 17000.00000000 PA USD 16270.06000000 0.012101189563 Long DBT CORP US N 2 2054-10-15 Fixed 5.65000000 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 3131XRJN5 25936.39000000 PA USD 25795.64000000 0.019186034319 Long ABS-MBS USGSE US N 2 2045-03-01 Fixed 4.50000000 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 097023DQ5 30000.00000000 PA USD 31724.27000000 0.023595574019 Long DBT CORP US N 2 2029-05-01 Fixed 6.29800000 N N N N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 023135BU9 453000.00000000 PA USD 260442.44000000 0.193709386245 Long DBT CORP US N 2 2060-06-03 Fixed 2.70000000 N N N N N N Station Place Securitization Trust N/A 85779PAA2 325000.00000000 PA USD 326726.69000000 0.243009651537 Long ABS-MBS CORP US N 2 2025-10-27 Floating 5.21962920 N N N N N N N/A N/A N/A 193000.00000000 PA USD -1656.59000000 -0.00123212266 N/A DCR GB N 2 GOLDMAN SACHS INTL W22LROWP2IHZNBB6K528 Markit CMBX North American BBB- 13 137BERAM9 Y Receipt of notional amount upon default event with regard to the reference instrument 2072-12-16 40111.84000000 USD 0.00000000 USD 193000.00000000 USD -1656.59000000 N N N GNMA 549300M8ZYFG0OCMTT87 38376RJH0 545066.82000000 PA USD 21659.87000000 0.016109970878 Long ABS-MBS USGA US N 2 2065-10-20 Variable 2.24398080 N N N N N N Moody's Corp. 549300GCEDD8YCF5WU84 615369AE5 108000.00000000 PA USD 103368.01000000 0.076882069506 Long DBT CORP US N 2 2044-07-15 Fixed 5.25000000 N N N N N N Ashtead Capital, Inc. 213800J1134IW58IC398 045054AF0 200000.00000000 PA USD 199270.04000000 0.148211163839 Long DBT CORP US N 2 2027-08-15 Fixed 4.37500000 N N N N N N UBS Commercial Mortgage Trust N/A 90276WAS6 128000.00000000 PA USD 125526.41000000 0.093362832258 Long ABS-MBS CORP US N 2 2050-12-15 Fixed 3.67900000 N N N N N N BRAVO Residential Funding Trust N/A 10568YAF5 353000.00000000 PA USD 335567.87000000 0.249585459809 Long ABS-MBS CORP US N 2 2059-05-26 Variable 3.25000080 N N N N N N Royalty Pharma plc 549300FGFN7VOK8BZR03 78081BAR4 103000.00000000 PA USD 104411.22000000 0.077657978259 Long DBT CORP GB N 2 2034-09-02 Fixed 5.40000000 N N N N N N DR Horton, Inc. 529900ZIUEYVSB8QDD25 23331ABU2 95000.00000000 PA USD 96799.55000000 0.071996643171 Long DBT CORP US N 2 2035-10-15 Fixed 5.50000000 N N N N N N FHLMC Pool S6XOOCT0IEG5ABCC6L87 3131XQTV8 11601.97000000 PA USD 11224.91000000 0.008348756165 Long ABS-MBS USGSE US N 2 2044-11-01 Fixed 4.50000000 N N N N N N Jefferies Financial Group, Inc. 549300HOF34RGOJ5YL07 47233WJG5 55000.00000000 PA USD 55103.99000000 0.040984718475 Long DBT CORP US N 2 2026-03-16 Fixed 5.03000000 N N N N N N FHLMC Multifamily Structured Credit Risk N/A 35563GAB5 337000.00000000 PA USD 348373.14000000 0.259109641016 Long ABS-MBS USGSE US N 2 2051-11-25 Floating 8.30517120 N N N N N N AT&T, Inc. 549300Z40J86GGSTL398 00206RCQ3 335000.00000000 PA USD 292749.72000000 0.217738585864 Long DBT CORP US N 2 2046-05-15 Fixed 4.75000000 N N N N N N American Transmission Systems, Inc. N/A 030288AC8 65000.00000000 PA USD 57232.80000000 0.042568064410 Long DBT CORP US N 2 2032-01-15 Fixed 2.65000000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 31396HU72 3222.81000000 PA USD 2816.35000000 0.002094717857 Long ABS-MBS USGSE US N 2 2036-02-15 Floating 0.00000000 N N N N N N OBX Trust 254900K7TTKPUWNMSZ83 67117XAA4 317492.95000000 PA USD 321737.51000000 0.239298846970 Long ABS-MBS CORP US N 2 2063-04-25 Fixed 6.84399960 N N N N N N Wells Fargo Bank NA KB1H1DSPRFMYMCUFXT09 92976GAJ0 495000.00000000 PA USD 548147.35000000 0.407695791594 Long DBT CORP US N 2 2038-01-15 Fixed 6.60000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 21H050672 3000000.00000000 PA USD 2947379.16000000 2.192173472633 Long ABS-MBS USGA US N 2 2055-07-15 Fixed 5.00000000 N N N N N N DTE Energy Co. 549300IX8SD6XXD71I78 233331BL0 45000.00000000 PA USD 47098.14000000 0.035030203958 Long DBT CORP US N 2 2034-06-01 Fixed 5.85000000 N N N N N N FHLMC S6XOOCT0IEG5ABCC6L87 31397PUB4 55730.63000000 PA USD 64876.00000000 0.048252850580 Long ABS-MBS USGSE US N 2 2037-04-15 Floating 8.01425160 N N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 92343VCQ5 85000.00000000 PA USD 80705.19000000 0.060026134072 Long DBT CORP US N 2 2034-11-01 Fixed 4.40000000 N N N N N N Occidental Petroleum Corp. IM7X0T3ECJW4C1T7ON55 674599DZ5 109000.00000000 PA USD 115375.69000000 0.085813026853 Long DBT CORP US N 2 2027-07-15 Fixed 8.50000000 N N N N N N Synopsys, Inc. QG7T915N9S0NY5UKNE63 871607AG2 10000.00000000 PA USD 9949.65000000 0.007400255483 Long DBT CORP US N 2 2055-04-01 Fixed 5.70000000 N N N N N N Cheniere Energy Partners LP 5493005UEC8AZ34LDV29 16411QAN1 89000.00000000 PA USD 79830.20000000 0.059375342382 Long DBT CORP US N 2 2032-01-31 Fixed 3.25000000 N N N N N N American Tower Corp. 5493006ORUSIL88JOE18 03027XBA7 48000.00000000 PA USD 44748.30000000 0.033282462445 Long DBT CORP US N 2 2030-01-15 Fixed 2.90000000 N N N N N N Marvell Technology, Inc. N/A 573874AP9 68000.00000000 PA USD 70819.90000000 0.052673747654 Long DBT CORP US N 2 2029-02-15 Fixed 5.75000000 N N N N N N Energy Transfer LP MTLVN9N7JE8MIBIJ1H73 29273VAZ3 30000.00000000 PA USD 30743.45000000 0.022866069103 Long DBT CORP US N 2 2029-07-01 Fixed 5.25000000 N N N N N N FHLMC 529900WZAMS87JCAOC53 35564NFY4 69750.00000000 PA USD 69680.26000000 0.051826117118 Long ABS-MBS CORP US N 2 2045-01-25 Floating 5.25516840 N N N N N N FNMA B1V7KEBTPIMZEU4LTD58 3136FCT22 6108.29000000 PA USD 5038.69000000 0.003747628640 Long ABS-MBS USGSE US N 2 2036-08-25 None 0.00000000 N N N N N N Capital One Multi-Asset Execution Trust R42WS16M9R97TJJKGU15 14041NGB1 400000.00000000 PA USD 400508.48000000 0.297886365397 Long ABS-O CORP US N 2 2027-10-15 Fixed 4.95000000 N N N N N N Pacific Gas and Electric Co. 1HNPXZSMMB7HMBMVBS46 694308JF5 100000.00000000 PA USD 94739.43000000 0.070464386827 Long DBT CORP US N 2 2027-08-01 Fixed 2.10000000 N N N N N N Duke Energy Corp. I1BZKREC126H0VB1BL91 26441CCC7 25000.00000000 PA USD 25405.02000000 0.018895502713 Long DBT CORP US N 2 2029-01-05 Fixed 4.85000000 N N N N N N Australia & New Zealand Banking Group Ltd. JHE42UYNWWTJB8YTTU19 05254HAA2 200000.00000000 PA USD 202640.60000000 0.150718086708 Long DBT CORP AU N 2 2026-06-15 Fixed 6.75000000 N N N N N N GNMA 549300M8ZYFG0OCMTT87 3617BG4Q0 219944.74000000 PA USD 202084.39000000 0.150304394155 Long ABS-MBS USGA US N 2 2048-01-20 Fixed 3.50000000 N N N N N N Mars, Inc. 54930073HKEO6GZBSS03 571676BC8 55000.00000000 PA USD 54904.86000000 0.040836611469 Long DBT CORP US N 2 2055-05-01 Fixed 5.70000000 N N N N N N 2025-07-30 Putnam Variable Trust Monica Krogh Monica Krogh Assistant Treasurer