# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0001752724-25-154339
**Filing Date:** 2025-6
**Character Count:** 58953
**Document Hash:** 364c7488d2623b2782e4cc8b4ec4b845
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-154339.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001752724-25-154339

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251071200

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

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

## Series and Classes Contracts Data

### Westwood Alternative Income Fund (Series ID: S000072839)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229465 | Westwood Alternative Income Fund Ultra Shares         | WMNUX           |
| C000229466 | Westwood Alternative Income Fund Institutional Shares | WMNIX           |
| C000229467 | Westwood Alternative Income Fund A Class Shares       | WMNAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

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

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

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

- **b. EDGAR series identifier (if any):** S000072839

- **c. LEI of Series:** 549300ODTU016FPTQP22

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $208486266.62

**Total Liabilities:** $57968441.24

**Net Assets:** $150517825.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 92.68368320 | **1-Year:** 1203.07938699 | **5-Year:** 2849.97525540 | **10-Year:** 347.44710575 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 1242.13210692 | **5-Year:** 2190.69771786 | **10-Year:** 36.72396078 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229465 | 0.72%                | 0.34%                | 0.72%                |
| Class ID C000229466 | 0.62%                | 0.30%                | 0.72%                |
| Class ID C000229467 | 0.62%                | 0.40%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $109196.19               | $-1571036.00                               |
| Month 2  | $-601183.17              | $-2940143.18                               |
| Month 3  | $2635691.22              | $-3429371.22                               |

**Designated Index Information**

- **Index Name:** WESTWOOD ALT INCOME DRP

- **Index Identifier:** WESTWOOD ALT INCOME DRP

### Schedule of Portfolio Investments

| Name                                            | Title                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BNP Paribas                                     | Box, Inc                                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -17800 | NC      | $-21721.90    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Shift4 Payments Inc                             | Shift4 Payments, Inc. 0.500%, Due 08/01/27                      | CUSIP: 82452JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2024000.00   | 1.34%             | 2027-08-01      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| Exact Sciences Corporation                      | Exact Sciences Corporation 0.375%, Due 03/01/2028               | CUSIP: 30063PAC9<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1775000.00   | 1.18%             | 2028-03-01      | Fixed         | 0.38%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Tetra Tech Inc                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -17600 | NC      | $-20420.92    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Advanced Energy Industries Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -10000 | NC      | $-69555.35    | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| Ormat Technologies Inc.                         | Ormat Technologies, Inc. 2.500%, Due 07/15/2027                 | CUSIP: 686688AB8<br>LEI: 5493000TSHHWY24VHM09 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1802500.00   | 1.20%             | 2027-07-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | BURLINGTON STORES, INC                                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -6650 | NC      | $50772.61     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| ON Semiconductor Corp.                          | ON Semiconductor Corporation 0.000%, Due 05/01/2027             | CUSIP: 682189AS4<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2134800.00   | 1.42%             | 2027-05-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Akamai Technologies, Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -8900 | NC      | $-55993.45    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| Halozyme Therapeutics Inc                       | Halozyme Therapeutics, Inc. 1.000%, Due 08/15/2028              | CUSIP: 40637HAF6<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2810856.31   | 1.87%             | 2028-08-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| Northern Oil And Gas, Inc.                      | Northern Oil and Gas Inc 3.625%, Due 04/15/29                   | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2777910.00   | 1.85%             | 2029-04-15      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | SYNAPTICS INC                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -12000 | NC      | $-74497.50    | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| Cheesecake Factory Inc                          | Cheesecake Factory Inc/The 2.0% Due 03/15/2030                  | CUSIP: 163072AB7<br>LEI: 529900872XMLK10SY247 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1959629.06   | 1.30%             | 2030-03-15      | Fixed         | 2.00%                 | Yes           | 2                  | On Loan: No      |
| Box Inc.                                        | Box Inc 1.50%, Due 09/15/29                                     | CUSIP: 10316TAC8<br>LEI: 549300KQUCPD8687YS68 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1466250.00   | 0.97%             | 2029-09-15      | Fixed         | 1.50%                 | Yes           | 2                  | On Loan: No      |
| Expedia Group Inc                               | Expedia Group, Inc. Zero Coupon, Due 02/15/2026                 | CUSIP: 30212PBE4<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2926398.96   | 1.94%             | 2026-02-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Northern Oil and Gas, Inc.                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -41700 | NC      | $-74490.07    | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Nutanix Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -24400 | NC      | $-140196.64   | -0.09%            |  |  |  | No            | N/A                | On Loan: No      |
| Parsons Corporation                             | Parsons Corp 2.625% Due 03/01/2029                              | CUSIP: 70202LAD4<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3162000.00   | 2.10%             | 2029-03-01      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| FTAI Infra Escrow Holdings LLC                  | FTAI Infra Escrow Holdings LLC 10.5%, Due 6/1/2027              | CUSIP: 30327TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1034938.00   | 0.69%             | 2027-06-01      | Fixed         | 10.50%                | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | The Chefs' Warehouse Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -26800 | NC      | $-107769.33   | -0.07%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Itron, Inc.                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -15000 | NC      | $-120433.59   | -0.08%            |  |  |  | No            | N/A                | On Loan: No      |
| Liberty Media Corp Del                          | Liberty Media Corp - Liberty Formula One 2.250%, Due 08/15/2027 | CUSIP: 531229AQ5<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1821612.35   | 1.21%             | 2027-08-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Rapid7 Inc                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4700 | NC      | $-2404.13     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Workiva, Inc.                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -3500 | NC      | $-20072.10    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Global Payments Inc                             | Global Payments Inc 1.5% Due 3/1/2031                           | CUSIP: 37940XAU6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3101000.00   | 2.06%             | 2031-03-01      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Bill.com Holdings, Inc.                                         | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -7100 | NC      | $-23355.22    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Blackstone Private Credit Fund                  | Blackstone Private Credit Fund 7.050%, Due 09/29/2025           | CUSIP: 09261HBA4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1097329.49   | 0.73%             | 2025-09-29      | Fixed         | 7.05%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | The Cheesecake Factory Inc.                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -17400 | NC      | $-49643.72    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| Vishay Intertechnology, Inc.                    | Vishay Intertechnology Inc 2.250%, Due 09/15/30                 | CUSIP: 928298AR9<br>LEI: 5493009O8F3QQJTCQR75 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1245000.00   | 0.83%             | 2030-09-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Granite Construction Inc                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -8700 | NC      | $-30373.35    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Shift4 Payments Inc                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -8100 | NC      | $-27130.43    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| RLJ Lodging Trust LP                            | RLJ Lodging 3.75%, Due 07/01/2026                               | CUSIP: 74965LAA9<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1960885.00   | 1.30%             | 2026-07-01      | Fixed         | 3.75%                 | Yes           | 2                  | On Loan: No      |
| BILL Holdings Inc                               | BILL Holdings Inc 0.0% Due 04/01/2030                           | CUSIP: 090043AE0<br>LEI: 549300IBF9VZZIGOZW63 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1696000.00   | 1.13%             | 2030-04-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Pennymac Corporation                            | Pennymac Corporation 5.5%, Due 03/15/2026                       | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $978000.00    | 0.65%             | 2026-03-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Sarepta Therapeutics Inc                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -2700 | NC      | $-21302.27    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Snowflake Inc                                   | Snowflake Inc 0%, Due 10/01/2029                                | CUSIP: 833445AC3<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $3101250.00   | 2.06%             | 2029-10-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | UBER TECHNOLOGIES                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -19210 | NC      | $-131919.64   | -0.09%            |  |  |  | No            | N/A                | On Loan: No      |
| Celanese US Holdings Llc                        | Celanese US Holdings LLC 6.350%, due 11/15/28                   | CUSIP: 15089QAW4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    915000 | PA      | $926453.97    | 0.62%             | 2028-11-15      | Fixed         | 6.35%                 | No            | 2                  | On Loan: No      |
| Meritage Homes Corp                             | Meritage Homes Corporation 1.750%, Due 05/15/28                 | CUSIP: 59001ABE1<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1456500.00   | 0.97%             | 2028-05-15      | Fixed         | 1.75%                 | Yes           | 2                  | On Loan: No      |
| Post Holdings Inc.                              | Post Holdings Inc. 2.500, Due 08/15/27                          | CUSIP: 737446AT1<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2355137.58   | 1.56%             | 2027-08-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Progress Software Corporation                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -19500 | NC      | $-54291.92    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| Blackline Inc                                   | BlackLine Inc 1.0% Due 6/01/2029                                | CUSIP: 09239BAE9<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1479400.61   | 0.98%             | 2029-06-01      | Fixed         | 1.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Lantheus Holdings Inc                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -24500 | NC      | $-34043.76    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Snap Inc.                                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -51600 | NC      | $762.81       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Dropbox Inc                                     | Dropbox Inc. 0.000%, Due 03/01/28                               | CUSIP: 26210CAD6<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2039636.02   | 1.36%             | 2028-03-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Parsons Corp                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -15800 | NC      | $31568.37     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | CMS Energy Corp                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14700 | NC      | $-9787.20     | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Live Nation Entertainment, Inc.                 | Live Nation Entertainment Inc 3.125%, Due 01/15/29              | CUSIP: 538034BA6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2813000.00   | 1.87%             | 2029-01-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| Rwt Holdings Inc                                | RWT Holdings, Inc. 5.750%, Due 10/01/2025                       | CUSIP: 749772AD1<br>LEI: Z31FN4C0IQMCYFAEUP31 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498500.00    | 0.33%             | 2025-10-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| ZTO Express (Cayman) Inc.                       | ZTO Express Cayman, Inc. 1.500%, Due 09/01/27                   | CUSIP: 98980AAB1<br>LEI: 549300SCJPK3YZJTJR78 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1969400.00   | 1.31%             | 2027-09-01      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| Advanced Energy Industries, Inc.                | Advanced Energy Industries Inc 2.500%, Due 09/15/28             | CUSIP: 007973AE0<br>LEI: 549300756XI3QLFT2U27 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2623606.45   | 1.74%             | 2028-09-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Veeco Instruments Inc.                          | Veeco Instruments Inc 2.875%, Due 06/01/2029                    | CUSIP: 922417AJ9<br>LEI: 5493004201F72ADDZW04 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2027000.00   | 1.35%             | 2029-06-01      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| Datadog Inc                                     | Datadog Inc 0%, Due 12/01/2029                                  | CUSIP: 23804LAC7<br>LEI: 549300F6JNO0KRPO1K63 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2247456.35   | 1.49%             | 2029-12-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Trip.com Group Ltd.                             | Trip.com Group Ltd 0.750%, Due 06/15/2029                       | CUSIP: 89677QAA5<br>LEI: 2549004RMYDSRQL4KW41 | Long             | DBT              | CORP              | KY        |   2000000 | PA      | $2256000.00   | 1.50%             | 2029-06-15      | Fixed         | 0.75%                 | Yes           | 2                  | On Loan: No      |
| Service Properties Trust                        | Service Properties Trust 8.625% Due 11/15/2031                  | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1167853.50   | 0.78%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Live Nation Entertainment, Inc.                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14400 | NC      | $-46887.64    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| Progress Software Corp.                         | Progress Software Corporation 1.000%, Due 04/15/2026            | CUSIP: 743312AB6<br>LEI: 549300R65B3JG6972S24 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2300204.76   | 1.53%             | 2026-04-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Tyler Technologies Inc                                          | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -3550 | NC      | $128308.92    | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Ormat Technologies, Inc.                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -8450 | NC      | $-11847.87    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Ares Capital Corp.                              | Ares Capital Corporation 7.000%, Due  01/15/27                  | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1735000 | PA      | $1782192.64   | 1.18%             | 2027-01-15      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Lumentum Holdings Inc.                          | Lumentum Holdings Inc 1.5% Due 12/15/2029                       | CUSIP: 55024UAH2<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2275027.44   | 1.51%             | 2029-12-15      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Jazz Pharmaceuticals plc                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4300 | NC      | $-59681.07    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Liberty Media Corporation                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -11200 | NC      | $-92701.17    | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Wisdomtree, Inc.                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20600 | NC      | $-6718.40     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Alphatec Holdings Inc.                          | Alphatec Holdings Inc 0.75% Due 3/15/2030                       | CUSIP: 02081GAC6<br>LEI: 549300EZE8CQ8K65FS24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985892.23    | 0.66%             | 2030-03-15      | Fixed         | 0.75%                 | Yes           | 2                  | On Loan: No      |
| Rapid7 Inc.                                     | Rapid7, Inc. 1.250%, Due 03/15/29                               | CUSIP: 753422AH7<br>LEI: 549300GNVG5D60KEYN14 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $850562.00    | 0.57%             | 2029-03-15      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | PPL Corp                                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -28600 | NC      | $-28469.37    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Seagate HDD Cayman                              | Seagate HDD Cayman 3.5% Due 6/1/2028                            | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |   1500000 | PA      | $1897500.00   | 1.26%             | 2028-06-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Ionis Pharmaceuticals, Inc.                     | Ionis Pharmaceuticals Inc 1.75%, Due 06/15/28                   | CUSIP: 462222AF7<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $974005.37    | 0.65%             | 2028-06-15      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| OSI System Inc.                                 | OSI Systems Inc 2.25% Due 08/01/2029                            | CUSIP: 671044AE5<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1905005.54   | 1.27%             | 2029-08-01      | Fixed         | 2.25%                 | Yes           | 2                  | On Loan: No      |
| Burlington Stores Inc.                          | Burlington Stores Inc 1.25% Due 12/15/2027                      | CUSIP: 122017AD8<br>LEI: 5299003Z37DVGKKC1W09 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2562000.00   | 1.70%             | 2027-12-15      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| Workiva Inc                                     | Workiva, Inc. 1.250%, Due 08/15/2028                            | CUSIP: 98139AAD7<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1410750.00   | 0.94%             | 2028-08-15      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Alphatec Holdings Inc                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -37600 | NC      | $-39614.02    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Datadog Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4300 | NC      | $-40613.88    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas Swap Gain Loss                      | BNP Paribas Swap Gain Loss                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | RF                | US        |   -681433 | PA      | $-681432.71   | -0.45%            |  |  |  | No            | 1                  | On Loan: No      |
| BNP Paribas                                     | MP Materials Corporation                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -53100 | NC      | $19091.61     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Ionis Pharmaceuticals Inc                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -8400 | NC      | $-18167.91    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Seagate Technology Holdings                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -12600 | NC      | $-203907.62   | -0.14%            |  |  |  | No            | N/A                | On Loan: No      |
| Merit Medical Systems Inc.                      | Merit Medical Systems, Inc. 3.000%, Due 02/01/29                | CUSIP: 589889AA2<br>LEI: 549300OYTY138SP2CE83 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3819000.00   | 2.54%             | 2029-02-01      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | JD.com Inc                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -31300 | NC      | $152855.91    | 0.10%             |  |  |  | No            | N/A                | On Loan: No      |
| Nutanix Inc                                     | Nutanix Inc 0.25% Due 10/01/2027                                | CUSIP: 67059NAH1<br>LEI: 549300X7J6E8TKVIXW09 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2655000.00   | 1.76%             | 2027-10-01      | Fixed         | 0.25%                 | No            | 2                  | On Loan: No      |
| Jazz Investments I LTD                          | Jazz Investments I Ltd. 2.000%, Due 06/15/2026                  | CUSIP: 472145AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2569957.78   | 1.71%             | 2026-06-15      | Fixed         | 2.00%                 | No            | 2                  | On Loan: No      |
| Five9 Inc.                                      | Five9 Inc 1.0% Due 3/15/2029                                    | CUSIP: 338307AF8<br>LEI: 254900MXP6EWY0SFFR59 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2115585.65   | 1.41%             | 2029-03-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| Sarepta Therapeutics Inc                        | Sarepta Therapeutics, Inc. 1.25 %, Due 09/15/27                 | CUSIP: 803607AD2<br>LEI: 549300IKDPIED8J8IG21 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1421911.37   | 0.94%             | 2027-09-15      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| Granite Construction Inc                        | Granite Construction Inc 3.25% Due 6/15/2030                    | CUSIP: 387328AE7<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1259500.00   | 0.84%             | 2030-06-15      | Fixed         | 3.25%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Expedia Group Inc                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |      -600 | NC      | $-3053.10     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | FIVE9 INC                                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -10100 | NC      | $-20014.70    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | MKS Instruments Inc                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -6500 | NC      | $-18515.80    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Core Scientific Inc.                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -90700 | NC      | $-112326.36   | -0.07%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Dexcom, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4800 | NC      | $-9768.90     | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Alibaba Group Holding Ltd.                      | Alibaba Group Holding Ltd 0.500%, Due 06/01/2031                | CUSIP: 01609WBF8<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |   3000000 | PA      | $3942000.00   | 2.62%             | 2031-06-01      | Fixed         | 0.50%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Snowflake Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -11100 | NC      | $-141047.29   | -0.09%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Global Payments Inc                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -8900 | NC      | $82391.83     | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Fluor Corporation                               | Fluor Corporation 1.125%, Due 08/15/29                          | CUSIP: 343412AJ1<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2630000.00   | 1.75%             | 2029-08-15      | Fixed         | 1.12%                 | No            | 2                  | On Loan: No      |
| Chefs Warehouse Inc.                            | Chefs' Warehouse Inc/The 2.375% Due 12/15/2028                  | CUSIP: 163086AE1<br>LEI: 549300JYEDC8C547E980 | Long             | DBT              | CORP              | US        |   1470000 | PA      | $2110036.13   | 1.40%             | 2028-12-15      | Fixed         | 2.38%                 | No            | 2                  | On Loan: No      |
| MKS Instruments Inc.                            | MKS Instruments, Inc. 1.250%, Due 06/01/30                      | CUSIP: 55306NAA2<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1719862.94   | 1.14%             | 2030-06-01      | Fixed         | 1.25%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Dropbox Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -28200 | NC      | $-44424.47    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Veeco Instruments                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -37200 | NC      | $24676.25     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | ON Semiconductor Corporation                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -18800 | NC      | $-65579.22    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| Akamai Technologies, Inc.                       | Akamai Technologies, Inc. 0.375%, Due 09/01/2027                | CUSIP: 00971TAL5<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2958000.00   | 1.97%             | 2027-09-01      | Fixed         | 0.38%                 | No            | 2                  | On Loan: No      |
| Tetra Tech Inc                                  | Tetra Tech, Inc. 2.250%, Due 08/15/2028                         | CUSIP: 88162GAB9<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1592250.00   | 1.06%             | 2028-08-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| GEO Group Inc                                   | GEO Group Inc/The 8.625% Due 04/15/2029                         | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1576871.66   | 1.05%             | 2029-04-15      | Fixed         | 8.62%                 | No            | 2                  | On Loan: No      |
| DexCom Inc                                      | Dexcom, Inc. 0.375%, Due 05/15/28                               | CUSIP: 252131AM9<br>LEI: 549300YSK3QDSFR5EU59 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2710427.34   | 1.80%             | 2028-05-15      | Fixed         | 0.38%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Halozyme Therapeutics, Inc.                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -28100 | NC      | $-1021.28     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Exact Sciences Corporation                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4600 | NC      | $-8728.85     | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT | MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    125000 | PA      | $125000.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| BNP Paribas                                     | Alibaba Group Holding Ltd                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -22300 | NC      | $-155292.46   | -0.10%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Merit Medical Systems Inc                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -26400 | NC      | $-61709.61    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| Iron Mountain Inc.                              | Iron Mountain, Inc. 7.000%, Due 02/15/29                        | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1026867.00   | 0.68%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Fluor Corp                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -33600 | NC      | $-28345.84    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Blackstone Mortgage Trust, Inc                  | Blackstone Mortgage Trust Inc 5.5%, Due 03/15/2027              | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $969000.00    | 0.64%             | 2027-03-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Snap Inc                                        | Snap Inc 0.5% Due 05/01/2030                                    | CUSIP: 83304AAJ5<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2043750.00   | 1.36%             | 2030-05-01      | Fixed         | 0.50%                 | Yes           | 2                  | On Loan: No      |
| Western Digital Corp.                           | Western Digital Corp 3.0%, Due 11/15/2028                       | CUSIP: 958102AT2<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1357000.00   | 0.90%             | 2028-11-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| PPL Capital Funding Inc.                        | PPL Capital Funding Inc 2.875%, Due 03/15/28                    | CUSIP: 69352PAS2<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1708500.00   | 1.14%             | 2028-03-15      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| Tyler Technologies Inc.                         | Tyler Technologies, Inc. 0.250%, Due 03/15/2026                 | CUSIP: 902252AB1<br>LEI: 25490040SMU4Z8LBCW70 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2941250.00   | 1.95%             | 2026-03-15      | Fixed         | 0.25%                 | No            | 2                  | On Loan: No      |
| First American Funds Inc.                       | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND - CLASS U            | CUSIP: 31846V211<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   3991107 | PA      | $3991107.48   | 2.65%             |  |  |  | No            | 1                  | On Loan: No      |
| JD.com Inc.                                     | JD.com, Inc. 0.250%, Due 06/01/29                               | CUSIP: 47215PAH9<br>LEI: 549300HVTWB0GJZ16V92 | Long             | DBT              | CORP              | KY        |   2500000 | PA      | $2622750.00   | 1.74%             | 2029-06-01      | Fixed         | 0.25%                 | Yes           | 2                  | On Loan: No      |
| DigitalOcean Holdings Inc                       | Digital Ocean Holdings, Inc.                                    | CUSIP: 25402DAB8<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $928800.00    | 0.62%             | 2026-12-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Trip.com Group Ltd                                              | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -18200 | NC      | $-44159.44    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| JPRIME                                          | JPRIME                                                          | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | RF                | US        |        -1 | PA      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Alnylam Pharmaceuticals Inc.                    | Alnylam Pharmaceuticals, Inc. 1.000%, Due 09/15/2027            | CUSIP: 02043QAB3<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2866158.58   | 1.90%             | 2027-09-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| MP Materials Corp                               | MP Materials Corp 3.000%, Due 03/01/30                          | CUSIP: 553368AC5<br>LEI: 89450063PHPS61USMT84 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $2087250.00   | 1.39%             | 2030-03-01      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| Lantheus Holdings Inc                           | Lantheus Holdings Inc 2.625%, Due 12/15/27                      | CUSIP: 516544AB9<br>LEI: 5299005HUB5IOJGO7S39 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $3707043.33   | 2.46%             | 2027-12-15      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| Microchip Technology Incorporated               | Microchip Technology, Inc. 0.750%, Due 06/01/30                 | CUSIP: 595017BF0<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1877070.40   | 1.25%             | 2030-06-01      | Fixed         | 0.75%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | BlackLine Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -12500 | NC      | $-16498.64    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Uber Technologies Inc                           | Uber Technologies Inc 0.875%, Due 12/01/2028                    | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2621000.00   | 1.74%             | 2028-12-01      | Fixed         | 0.88%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Lumentum Holdings, Inc.                                         | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -19500 | NC      | $-122215.22   | -0.08%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Post Holdings Inc                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -13800 | NC      | $56991.71     | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | ZTO Express Cayman, Inc.                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -13200 | NC      | $3710.53      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Core Scientific Inc                             | Core Scientific Inc 3.0%, Due 09/01/2029                        | CUSIP: 21874AAC0<br>LEI: 549300NY2WTA02KF7L12 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1643674.25   | 1.09%             | 2029-09-01      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Vishay Intertechnology, Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -22600 | NC      | $-32095.68    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| WisdomTree, Inc.                                | WisdomTree Inc 3.25%, Due 8/15/2029                             | CUSIP: 97717PAG9<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493750.00    | 0.33%             | 2029-08-15      | Fixed         | 3.25%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Alnylam Pharmaceuticals, Inc.                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4800 | NC      | $-153249.62   | -0.10%            |  |  |  | No            | N/A                | On Loan: No      |
| Itron, Inc.                                     | Itron Inc 1.375%, Due 07/15/2030                                | CUSIP: 465741AP1<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3270268.62   | 2.17%             | 2030-07-15      | Fixed         | 1.38%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Western Digital Corp.                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -19900 | NC      | $-129046.79   | -0.09%            |  |  |  | No            | N/A                | On Loan: No      |
| Synaptics Incorporated                          | Synaptics Inc .75%, Due 12/01/2031                              | CUSIP: 87157DAH2<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1758000.00   | 1.17%             | 2031-12-01      | Fixed         | 0.75%                 | Yes           | 2                  | On Loan: No      |
| CMS Energy Corporation                          | CMS Energy Corp 3.375%, Due 5/1/2028                            | CUSIP: 125896BX7<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2210000.00   | 1.47%             | 2028-05-01      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Trade                          | 5-YEAR U.S. TREASURY NOTE FUTURE 6/30/2025                      | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DE               | CORP              | US        |       100 | NS      | $2829.30      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| BNP Paribas                                     | Microchip Tech                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -3300 | NC      | $-18336.95    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | OSI Systems Inc                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -5500 | NC      | $-96694.04    | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Meritage Homes Corp                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4500 | NC      | $-17836.82    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-05-21

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

**Signature:** Daniel D. Bauer

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

**Title:** Treasurer