| 1 | Cdx Ig43 5y Ice | N/A | 26.47% | 613,100,000 |
| 2 | Federal National Mortgage Association 6% | N/A | 10.81% | 253,900,000 |
| 3 | 2 Year Treasury Note Future Mar 25 | N/A | 8.16% | 187,800,000 |
| 4 | Cdx Hy43 5y Ice | N/A | 7.14% | 156,100,000 |
| 5 | Federal National Mortgage Association 4.5% | N/A | 6.57% | 162,800,000 |
| 6 | Federal National Mortgage Association 4% | N/A | 5.89% | 149,700,000 |
|
| 7 | Federal National Mortgage Association 6.5% | N/A | 4.56% | 105,700,000 |
| 8 | United States Treasury Notes 1.875% | N/A | 4.53% | 108,302,861 |
| 9 | 10 Year Treasury Note Future Mar 25 | N/A | 3.84% | 82,200,000 |
| 10 | United States Treasury Notes 2.125% | N/A | 3.43% | 80,584,505 |
| 11 | Rfr Gbp Sonio/5.00000 03/20/24-5Y Lch | N/A | 2.74% | 51,000,000 |
| 12 | U S Tips Repo | N/A | 2.47% | 58,600,000 |
| 13 | Irs Aud 4.75000 12/20/28-5y Lch | N/A | 2.15% | 78,175,000 |
| 14 | Irs Eur 2.50000 03/19/25-10y Lch | N/A | 1.25% | 27,275,000 |
| 15 | U S Treasury Repo | N/A | 1.17% | 27,800,000 |
| 16 | United States Treasury Bills 0% | N/A | 1.16% | 27,770,000 |
| 17 | TOWD POINT MORTGAGE TRUST 2024-4 4.3811% | N/A | 0.94% | 22,770,062 |
| 18 | Greywolf CLO III Ltd. 6.1832% | N/A | 0.88% | 20,800,000 |
| 19 | Offset: Cash | N/A | 0.87% | 0 |
| 20 | Bain Cap Cr Clo 2021-4 Ltd / Ba 144A FRN 5.7592% | N/A | 0.84% | 20,000,000 |
| 21 | Ultra 10 Year US Treasury Note Future Mar 25 | N/A | 0.84% | 17,500,000 |
| 22 | TOWD POINT MORTGAGE TRUST 2024-5 4.4666% | N/A | 0.82% | 19,645,364 |
| 23 | SEQUOIA MORTGAGE TRUST 2024-HYB1 4.4972% | N/A | 0.81% | 19,472,662 |
| 24 | PFP 2024-11 LTD 6.4545% | N/A | 0.77% | 18,244,100 |
| 25 | Elevation Clo 2021-15 Ltd / Elevatio FRN 5.9259% | N/A | 0.76% | 18,000,000 |
| 26 | Pikes Peak Clo 2 / Pikes Peak Clo 2 FRN 5.8524% | N/A | 0.76% | 18,000,000 |
| 27 | Pikes Peak Clo 4 Ltd / Pikes Pe 144A FRN 5.8659% | N/A | 0.76% | 18,000,000 |
| 28 | PRET 2024-NPL7 LLC 5.9251% | N/A | 0.73% | 17,311,561 |
| 29 | RAMP Series 2006 RZ4 Trust 5.0822% | N/A | 0.67% | 17,396,574 |
| 30 | AG TRUST 2024-NLP 6.6249% | N/A | 0.66% | 15,500,000 |
| 31 | Ofsi Bsl Clo Xi Ltd / Ofsi Bsl Clo X FRN 5.8243% | N/A | 0.66% | 15,600,000 |
| 32 | Accredited Mortgage Loan Trust 5.1422% | N/A | 0.62% | 15,692,213 |
| 33 | CHASE HOME LENDING MORTGAGE TRUST 2024-RPL4 3.375% | N/A | 0.52% | 13,780,531 |
| 34 | Renaissance Hm Eqt 5.909% | N/A | 0.52% | 46,053,710 |
| 35 | MILL CITY MORTGAGE LOAN TRUST 3.25% | N/A | 0.51% | 13,945,000 |
| 36 | SMB PRIVATE EDUCATION LOAN TRUST 2024-F 5.06% | N/A | 0.50% | 11,800,000 |
| 37 | MEXICAN UDIBONOS I/L | N/A | 0.49% | 2,494,096 |
| 38 | TRICOLOR AUTO SECURITIZATION TRUST 2024-3 5.22% | N/A | 0.48% | 11,345,522 |
| 39 | BAIN CAPITAL CREDIT CLO LIMITED 5.8773% | N/A | 0.47% | 11,100,000 |
| 40 | REPUBLIC OF SOUTH AFRICA | N/A | 0.47% | 238,400,000 |
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| 41 | VERUS SECURITIZATION TRUST 2024-INV1 6.116% | N/A | 0.47% | 11,004,099 |
| 42 | Invsc 3a Ar 3meur + 111bp 144a | N/A | 0.45% | 10,000,000 |
| 43 | Invsc 5A A 3Meur + 107 Bps 144A | N/A | 0.45% | 10,000,000 |
| 44 | TOWD POINT MORTGAGE TRUST 2024-CES6 5.725% | N/A | 0.45% | 10,700,000 |
| 45 | Harvt 26a A 3meur + 94 Bp 144a | N/A | 0.44% | 10,000,000 |
| 46 | U S Treasury Repo | N/A | 0.44% | 10,500,000 |
| 47 | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-5C2 5.92% | N/A | 0.44% | 10,000,000 |
| 48 | BMO 2024-5C7 MORTGAGE TRUST 5.5657% | N/A | 0.43% | 10,000,000 |
| 49 | Fortress Cr Bsl Vii Ltd / Fortress C FRN 5.6495% | N/A | 0.43% | 10,200,000 |
| 50 | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-5C2 5.439% | N/A | 0.43% | 10,000,000 |
