# EDGAR Filing Document

**Accession Number:** 0002052250
**File Stem:** 0001410368-25-032784
**Filing Date:** 2025-11
**Character Count:** 262428
**Document Hash:** c3a80f514ae252fe0fd92382507c974e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032784.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001410368-25-032784

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GoldenTree Opportunistic Credit Fund
- **CENTRAL INDEX KEY:** 0002052250

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24046
- **FILM NUMBER:** 251533473

**BUSINESS ADDRESS:**
- **STREET 1:** 300 PARK AVENUE, 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-847-3500

**MAIL ADDRESS:**
- **STREET 1:** 300 PARK AVENUE, 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Nport-Ex

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Footnotes** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  **Asset Backed Securities—0.3%** | **Asset Backed Securities—0.3%** | **Asset Backed Securities—0.3%** |  |  |  |  |  |  |
|  Towd Point Asset Trust,<br>Series 2018-SL1, Class D2 | (c)(d) | Asset Backed Security |  |  | 1/25/46 | $650 | $518 | $520 |
|  **Total Asset Backed Securities** | **Total Asset Backed Securities** | **Total Asset Backed Securities** | **Total Asset Backed Securities** | **Total Asset Backed Securities** |  |  | 518 | 520 |
|  **Bank Debt—16.8%** |  |  |  |  |  |  |  |  |
|  1578 Lex JV LLC | (e) | RealEstate Dev & Mgt | 14.00% | 14.00% | 1/31/29 | 763 | 756 | 756 |
|  ACProducts, Inc. | (f) | Personal & Household Products | 3 mo. USD Term<br>SOFR + 4.25% | 8.51% | 5/17/28 | 374 | 308 | 314 |
|  Allen Media LLC | (f) | Advertising | 3 mo. USD Term<br>SOFR + 5.50% | 9.65% | 2/10/27 | 103 | 70 | 74 |
|  AMC Entertainment Holdings, Inc. | (f) | Theaters & Entertainment | 1 mo. USD Term<br>SOFR + 7.00% | 11.13% | 1/4/29 | 673 | 678 | 676 |
|  American Greetings Corp. | (f) | Personal & Household Products | 1 mo. USD Term<br>SOFR + 5.75% | 9.91% | 10/30/29 | 124 | 125 | 125 |
|  Amneal Pharmaceuticals LLC | (f) | Pharmaceuticals | 1 mo. USD Term<br>SOFR + 3.50% | 7.66% | 8/1/32 | 480 | 479 | 480 |
|  AP Core Holdings II LLC | (f) | Media Content | 1 mo. USD Term<br>SOFR + 5.50% | 9.78% | 9/1/27 | 691 | 634 | 674 |
|  AP Core Holdings II LLC | (f) | Media Content | 1 mo. USD Term<br>SOFR + 5.50% | 9.78% | 9/1/27 | 914 | 831 | 891 |
|  Bausch & Lomb Corp. | (f) | Medical Products | 1 mo. USD Term<br>SOFR + 4.25% | 8.41% | 1/15/31 | 359 | 362 | 360 |
|  Bausch Health Cos., Inc. | (f) | Pharmaceuticals | 1 mo. USD Term<br>SOFR + 6.25% | 10.41% | 10/8/30 | 1736 | 1685 | 1715 |
|  Boots Group Bidco Ltd. | (f) | Food & Drug Retailers | 1 mo. GBP<br> SONIA + 4.75% | 8.72% | 8/30/32 | £505 | 678 | 686 |
|  Boots Group Bidco Ltd. | (f) | Food & Drug Retailers | 3 mo. USD Term<br>SOFR + 3.50% | 7.70% | 8/30/32 | 56 | 56 | 56 |
|  Cerba Healthcare SAS | (f) | Health Services | 6 mo. EURIBOR + 3.70% | 5.76% | 6/30/28 | 115 | 99 | 95 |
|  Charlotte Buyer, Inc. | (f) | Health Services | 1 mo. USD Term<br> SOFR + 4.25% | 8.43% | 2/11/28 | 140 | 140 | 140 |
|  Cloud Software Group, Inc. | (f) | Software/ Services | 3 mo. USD Term<br> SOFR + 3.25% | 7.25% | 8/13/32 | 118 | 118 | 119 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  Cloudera, Inc.<br> (f) | Software/ Services | 1 mo. USD Term<br> SOFR + 3.75% | 8.01% | 10/8/28 | $283 | $271 | $279 |
|  Cloudera, Inc.<br> (f) | Software/ Services | 1 mo. USD Term<br> SOFR + 6.00% | 10.26% | 10/8/29 | 123 | 109 | 114 |
|  Clover Holdings 2 LLC | Software/ Services | 7.75% | 7.75% | 12/9/31 | 179 | 180 | 181 |
|  Consolidated Energy Finance SA<br> (f) | Oil Refining & Marketing | 1 mo. USD Term<br> SOFR + 4.50% | 8.66% | 11/15/30 | 279 | 267 | 262 |
|  Constant Contact, Inc.<br> (f) | Software/Services | 3 mo. USD Term<br> SOFR + 4.00% | 8.58% | 2/10/28 | 325 | 315 | 303 |
|  Constant Contact, Inc.<br> (f) | Software/Services | 3 mo. USD Term<br> SOFR + 7.50% | 12.08% | 2/12/29 | 91 | 81 | 79 |
|  Cotiviti Corp. | Software/Services | 7.63% | 7.63% | 5/1/31 | 395 | 401 | 398 |
|  Crown Finance U.S., Inc.<br> (f) | Theaters & Entertainment | 1 mo. USD Term<br> SOFR + 4.50% | 8.78% | 12/2/31 | 1083 | 1083 | 1082 |
|  Delivery Hero SE<br> (f) | Restaurants | 3 mo. USD Term<br> SOFR + 5.00% | 9.23% | 12/12/29 | 205 | 208 | 208 |
|  DirecTV Financing LLC<br> (f) | Cable & Satellite TV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 mo. USD Term <br> SOFR + 5.25% | 9.82% | 8/2/29 | 365 | 365 | 366 |
|  DirecTV Financing LLC<br> (f) | Cable & Satellite TV | 3 mo. USD Term<br> SOFR + 5.50% | 9.81% | 2/17/31 | 116 | 113 | 114 |
|  Discovery Purchaser Corp.<br> (f) | Chemicals | 3 mo. USD Term<br> SOFR + 3.75% | 8.08% | 10/4/29 | 300 | 301 | 299 |
|  Discovery Purchaser Corp.<br> (f) | Chemicals | 3 mo. USD Term<br> SOFR + 7.00% | 11.33% | 10/4/30 | 160 | 160 | 159 |
|  Endure Digital, Inc.<br> (f) | Software/ Services | 1 mo. USD Term<br> SOFR + 3.50% | 7.84% | 2/10/28 | 349 | 251 | 253 |
|  Envision Healthcare Operating, Inc.<br> (f) | Health Facilities | 1 mo. USD Term<br> SOFR + 6.50% | 10.66% | 6/25/30 | 221 | 223 | 222 |
|  Evraz, Inc. NA<br> (f) | Steel Producers/Products | 3 mo. USD Term<br> SOFR + 7.00% | 11.31% | 7/31/31 | 1561 | 1531 | 1530 |
|  Flash Charm, Inc.<br> (f) | Software/ Services | 3 mo. USD Term<br> SOFR + 3.50% | 7.80% | 3/2/28 | 29 | 25 | 25 |
|  Global Medical Response, Inc.<br> (f) | Health Services | 1 mo. USD Term<br> SOFR + 3.50% | 7.63% | 10/1/32 | 280 | 279 | 280 |
|  GoTo Group, Inc.<br> (f) | Software/ Services | 3 mo. USD Term<br> SOFR + 4.75% | 9.22% | 4/28/28 | 1189 | 1032 | 1015 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  GoTo Group, Inc.<br> (f) | Software/ Services | 3 mo. USD Term<br> SOFR + 4.75% | 9.22% | 4/28/28 | $264 | $98 | $94 |
|  Hexion Holdings Corp.<br> (f) | Chemicals | 1 mo. USD Term<br> SOFR + 4.00% | 8.14% | 3/15/29 | 245 | 245 | 245 |
|  Hoya Midco LLC<br> (f) | Theaters & Entertainment | 3 mo. USD Term<br> SOFR + 2.25% | 6.56% | 2/3/29 | 12 | 9 | 9 |
|  Iron Oak Energy Solutions LLC<br> (f) | Oil Field Equipment & Services | 3 mo. USD Term<br> SOFR + 5.75% | 9.74% | 8/8/30 | 1334 | 1295 | 1296 |
|  Ivanti Software, Inc.<br> (f) | Software/ Services | 3 mo. USD Term<br> SOFR + 4.75% | 9.05% | 6/1/29 | 415 | 348 | 347 |
|  Ivanti Software, Inc.<br> (f) | Software/Services | 3 mo. USD Term<br> SOFR + 5.75% | 10.05% | 6/1/29 | 748 | 775 | 771 |
|  LBM Acquisition LLC<br> (f) | Support- Services | 1 mo. USD Term<br> SOFR + 3.75% | 7.99% | 6/6/31 | 300 | 294 | 293 |
|  LHS Borrower LLC<br> (f) | Personal & Household Products | 1 mo. USD Term<br> SOFR + 5.25% | 9.41% | 9/4/31 | 3398 | 3347 | 3348 |
|  Medline Borrower LP<br> (f) | Medical Products | 1 mo. USD Term<br> SOFR + 2.00% | 6.16% | 10/23/30 | 180 | 180 | 180 |
|  Michaels Cos., Inc.<br> (f) | Specialty Retail | 3 mo. USD Term<br> SOFR + 4.25% | 8.51% | 4/17/28 | 489 | 430 | 463 |
|  MSGN Holdings LP<br> (f) | Media Content | 1 mo. USD Term<br> SOFR + 5.00% | 9.27% | 12/31/29 | 115 | 104 | 107 |
|  Naked Juice LLC<br> (f) | Beverage | 3 mo. USD Term<br> SOFR + 5.50% | 9.50% | 1/24/29 | 375 | 375 | 379 |
|  Nourish Buyer I, Inc.<br> (f) | Food — Wholesale | 3 mo. USD Term<br> SOFR + 4.50% | 8.82% | 7/9/32 | 300 | 300 | 301 |
|  OID-OL Intermediate I LLC<br> (f) | Software/ Services | 3 mo. USD Term<br> SOFR + 6.00% | 10.31% | 2/1/29 | 543 | 562 | 563 |
|  OID-OL Intermediate I LLC<br> (f) | Software/ Services | 3 mo. USD Term<br> SOFR + 4.25% | 8.71% | 2/1/29 | 126 | 104 | 106 |
|  Olympus Water U.S. Holding Corp.<br> (f) | Chemicals | 3 mo. EURIBOR + 3.75% | 5.75% | 6/20/31 | 210 | 247 | 248 |
|  Oscar AcquisitionCo LLC<br> (f) | Building Materials | 3 mo. USD Term<br> SOFR + 4.25% | 8.25% | 4/29/29 | 265 | 245 | 248 |
|  PMHC II, Inc.<br> (f) | Chemicals | 3 mo. USD Term<br> SOFR + 4.25% | 8.73% | 4/23/29 | 974 | 842 | 789 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** | **Fair<br>Value<sup>(b)</sup>** |
|  Red Planet Borrower LLC<br> (f) | Software/ Services | 1 mo. USD Term<br> SOFR + 4.00% | 8.16% | 9/8/32 | $| 270 | $| 267 | $| 263 |
|  Rohm Holding GmbH<br> (f) | Chemicals | 6 mo. USD Term<br> SOFR + 5.00% | 9.63% | 7/31/26 |  | 346 |  | 344 |  | 336 |
|  SCUR-Alpha 1503 GmbH<br> (f) | Chemicals | 3 mo. USD Term<br> SOFR + 5.50% | 9.81% | 3/29/30 |  | 465 |  | 437 |  | 429 |
|  Shutterfly, Inc.<br> (f) | Specialty Retail | 3 mo. USD Term<br> SOFR + 5.00% | 9.20% | 10/1/27 |  | 222 |  | 207 |  | 210 |
|  Signal Parent, Inc.<br> (f) | Building & Construction | 3 mo. USD Term<br> SOFR + 3.50% | 7.91% | 4/3/28 |  | 80 |  | 58 |  | 58 |
|  Solaris U.S. Bidco LLC<br> (f) | Pharmaceuticals | 3 mo. USD Term<br> SOFR + 5.25% | 9.45% | 11/29/30 |  | 190 |  | 188 |  | 186 |
|  Sound Inpatient Physicians, Inc.<br> (e)(f) | Health Services | 3 mo. USD Term<br>SOFR + 3.50%, 1.50% PIK | 9.26% | 6/28/28 |  | 100 |  | 95 |  | 98 |
|  Summit Behavioral Healthcare LLC<br> (f) | Health Services | 3 mo. USD Term<br> SOFR + 5.75% | 10.06% | 12/31/29 |  | 1222 |  | 1252 |  | 1254 |
|  Summit Behavioral Healthcare LLC<br> (f) | Health Services | 3 mo. USD Term<br> SOFR + 4.25% | 8.51% | 10/24/30 |  | 113 |  | 97 |  | 101 |
|  TransDigm, Inc.<br> (f) | Aerospace/ Defense | 3 mo. USD Term<br> SOFR + 2.50% | 6.50% | 2/28/31 |  | 69 |  | 69 |  | 69 |
|  TransDigm, Inc.<br> (f) | Aerospace/ Defense | 3 mo. USD Term<br> SOFR + 2.50% | 6.50% | 1/19/32 |  | 111 |  | 111 |  | 111 |
|  X Corp. | Media — Diversified | 9.50% | 9.50% | 10/26/29 |  | 963 |  | 935 |  | 969 |
|  X.AI Corp. | Software/ Services | 12.50% | 12.50% | 6/28/30 |  | 392 |  | 396 |  | 407 |
|  **Total Bank Debt** | **Total Bank Debt** | **Total Bank Debt** | **Total Bank Debt** |  |  |  |  | 28470 |  | 28608 |
|  **Collateralized Loan Obligations—Debt—6.3%** | **Collateralized Loan Obligations—Debt—6.3%** | **Collateralized Loan Obligations—Debt—6.3%** | **Collateralized Loan Obligations—Debt—6.3%** | **Collateralized Loan Obligations—Debt—6.3%** | **Collateralized Loan Obligations—Debt—6.3%** | **Collateralized Loan Obligations—Debt—6.3%** | **Collateralized Loan Obligations—Debt—6.3%** | **Collateralized Loan Obligations—Debt—6.3%** | **Collateralized Loan Obligations—Debt—6.3%** | **Collateralized Loan Obligations—Debt—6.3%** |
|  Aurium CLO VIII DAC,<br>Series 8X, Class C<br> (f)(g) | Collateralized Loan Obligation | 3 mo. EURIBOR + 1.95% | 3.97% | 6/23/34 | € | 274 |  | 316 |  | 322 |
|  Basswood Park CLO Ltd.,<br>Series 2021-1A, Class CR<br> (c)(f) | Collateralized Loan Obligation | 3 mo. USD Term<br> SOFR + 1.70% | 5.72% | 4/20/34 |  | 745 |  | 745 |  | 745 |
|  Battalion CLO IX Ltd.,<br>Series 2015-9A, Class CRR<br> (c)(f) | Collateralized Loan Obligation | 3 mo. USD Term<br> SOFR + 1.95% | 6.26% | 7/15/31 |  | 650 |  | 650 |  | 652 |
|  CarVal CLO II Ltd., Series 2019-1A, Class CR2<br> (c)(f) | Collateralized Loan Obligation | 3 mo. USD Term<br> SOFR + 1.80% | 6.13% | 4/20/32 |  | 745 |  | 748 |  | 747 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  Contego CLO III BV, Series 3A, Class CRR<br> (c)(f) | Collateralized Loan Obligation | 3 mo. EURIBOR + 2.40% | 4.45% | 4/15/38 | € | 505 | $584 | $595 |
|  Contego CLO III BV, Series 3A, Class DRR<br> (c)(f) | Collateralized Loan Obligation | 3 mo. EURIBOR + 3.30% | 5.35% | 4/15/38 | € | 505 | 584 | 595 |
|  Contego CLO IV DAC, Series 4X, Class DR<br> (f)(g) | Collateralized Loan Obligation | 3 mo. EURIBOR + 2.65% | 4.62% | 1/23/30 | € | 475 | 558 | 557 |
|  CVC Cordatus Opportunity Loan Fund-R DAC, Series 1X, Class CR<br> (f)(g) | Collateralized Loan Obligation | 3 mo. EURIBOR + 2.10% | 4.14% | 8/15/33 | € | 510 | 584 | 601 |
|  HPS Loan Management Ltd., Series 2021-16A, Class CR<br> (c)(f) | Collateralized Loan Obligation | 3 mo. USD Term<br> SOFR + 1.80% | 6.06% | 1/23/35 |  | 575 | 575 | 577 |
|  Invesco CLO Ltd., Series 2021-3A, Class CR<br> (c)(f) | Collateralized Loan Obligation | 3 mo. USD Term<br> SOFR + 1.85% | 6.00% | 10/22/34 |  | 750 | 750 | 750 |
|  Jamestown CLO IX Ltd.,<br>Series 2016-9A, Class BR3<br> (c)(f) | Collateralized Loan Obligation | 3 mo. USD Term<br> SOFR + 2.00% | 6.26% | 7/25/34 |  | 570 | 570 | 571 |
|  Madison Park Euro Funding VII DAC, Series 7X, Class DR<br> (f)(g) | Collateralized Loan Obligation | 3 mo. EURIBOR + 2.60% | 4.63% | 5/25/31 | € | 480 | 556 | 562 |
|  Madison Park Euro Funding XIII DAC, Series 13X, Class CR<br> (f)(g) | Collateralized Loan Obligation | 3 mo. EURIBOR + 2.37% | 4.40% | 1/15/32 | € | 355 | 416 | 419 |
|  Northwoods Capital 25 Ltd., Series 2021-25A, Class CR<br> (c)(f) | Collateralized Loan Obligation | 3 mo. USD Term<br> SOFR + 1.90% | 5.64% | 7/20/34 |  | 750 | 750 | 750 |
|  Northwoods Capital 27 Ltd., Series 2021-27A, Class CR<br> (c)(f) | Collateralized Loan Obligation | 3 mo. USD Term<br> SOFR + 2.00% | 6.28% | 10/17/34 |  | 570 | 570 | 571 |
|  Palmer Square European Loan Funding DAC, Series 2024-1X, Class CR<br> (f)(g) | Collateralized Loan Obligation | 3 mo. EURIBOR + 2.05% | 4.09% | 8/15/33 | € | 675 | 773 | 796 |
|  Palmer Square European Loan Funding DAC, Series 2025-2X, Class C<br> (f)(g) | Collateralized Loan Obligation | 3 mo. EURIBOR + 2.50% | 4.55% | 2/15/35 | € | 505 | 588 | 596 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** | **Fair<br>Value<sup>(b)</sup>** |
|  Toro European CLO 7 DAC, Series 7A, Class CR<br> (c)(f) | Collateralized Loan Obligation | 3 mo. EURIBOR + 2.50% | 4.54% | 2/15/34 | € | 250 | $| 291 | $| 294 |
|  **Total Collateralized Loan Obligations—Debt** |  |  |  |  |  |  |  | 10608 |  | 10700 |
|  **Commercial Mortgage Backed Securities—1.2%** | **Commercial Mortgage Backed Securities—1.2%** | **Commercial Mortgage Backed Securities—1.2%** | **Commercial Mortgage Backed Securities—1.2%** | **Commercial Mortgage Backed Securities—1.2%** | **Commercial Mortgage Backed Securities—1.2%** | **Commercial Mortgage Backed Securities—1.2%** | **Commercial Mortgage Backed Securities—1.2%** | **Commercial Mortgage Backed Securities—1.2%** | **Commercial Mortgage Backed Securities—1.2%** | **Commercial Mortgage Backed Securities—1.2%** |
|  BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class C<br> (c)(f) | Commercial Mortgage Backed<br>Security | 1 mo. USD Term<br> SOFR + 3.30% | 7.45% | 8/15/42 |  | 100 |  | 100 |  | 100 |
|  Durst Commercial Mortgage Trust, Series 2025-151, Class D<br> (c)(f) | Commercial Mortgage Backed<br>Security | 7.02% | 7.02% | 8/10/42 |  | 190 |  | 190 |  | 195 |
|  Extended Stay America Trust, Series 2025-ESH, Class E<br> (c)(f) | Commercial Mortgage Backed<br>Security | 1 mo. USD Term<br> SOFR + 3.35% | 7.50% | 10/15/42 |  | 100 |  | 100 |  | 100 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2025-MN10, Class M2<br> (c)(f) | Commercial Mortgage Backed<br>Security | 30 day USD SOFR<br> Average + 2.85% | 7.20% | 2/25/45 |  | 360 |  | 360 |  | 359 |
|  Finance Ireland Agri Funding DAC<br> (f)(h) | Commercial Mortgage Backed<br>Security | 1 mo. EURIBOR + 6.10% | 7.98% | 7/14/28 | € | 962 |  | 1097 |  | 1130 |
|  MAD Commercial Mortgage Trust, Series 2025-11MD, Class E<br> (c)(f) | Commercial Mortgage Backed<br>Security | 7.33% | 7.33% | 10/15/42 |  | 120 |  | 120 |  | 120 |
|  **Total Commercial Mortgage Backed Securities** |  |  |  |  |  |  |  | 1967 |  | 2004 |
|  **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** | **Convertible Bonds—0.1%** |
|  Delivery Hero SE, Series B<br> (g) | Restaurants | 2.13% | 2.13% | 3/10/29 | € | 100 |  | 105 |  | 106 |
|  **Total Convertible Bonds** |  |  |  |  |  |  |  | 105 |  | 106 |
|  **Corporate Bond Obligations—29.1%** | **Corporate Bond Obligations—29.1%** |  |  |  |  |  |  |  |  |  |
|  1011778 BC ULC<br> (c) | Restaurants | 4.00% | 4.00% | 10/15/30 |  | 400 |  | 375 |  | 377 |
|  Adler Pelzer Holding GmbH<br> (g) | Auto Parts & Equipment | 9.50% | 9.50% | 4/1/27 | € | 240 |  | 276 |  | 267 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  Albertsons Cos., Inc.<br> (c) | Food & Drug Retailers | 6.25% | 6.25% | 3/15/33 | $170 | $175 | $174 |
|  Alexandrite Monnet U.K. Holdco PLC<br> (g) | RealEstate Dev & Mgt | 10.50% | 10.50% | 5/15/29 | 795 | 1012 | 1016 |
|  Alliant Holdings<br> Intermediate LLC<br> (c) | Insurance Brokerage | 6.50% | 6.50% | 10/1/31 | 250 | 255 | 256 |
|  Ally Financial, Inc., Series C<br> (i)(j) | Banking | 4.70% | 4.70% | 5/15/28 | 270 | 253 | 249 |
|  Altice Financing SA<br> (c) | Telecom — Wireline Integrated &<br>Services | 5.75% | 5.75% | 8/15/29 | 440 | 342 | 331 |
|  AMC Networks, Inc.<br> (c) | Media Content | 10.25% | 10.25% | 1/15/29 | 290 | 302 | 306 |
|  Antero Midstream Partners LP<br> (c) | Gas Distribution | 6.63% | 6.63% | 2/1/32 | 360 | 373 | 371 |
|  Archrock, Inc.<br> (c) | Oil Field Equipment & Services | 6.63% | 6.63% | 9/1/32 | 172 | 175 | 176 |
|  Aretec Group, Inc.<br> (c) | Brokerage | 7.50% | 7.50% | 4/1/29 | 120 | 120 | 121 |
|  Bank of America Corp., Series L | Banking | 4.18% | 4.18% | 11/25/27 | 878 | 879 | 878 |
|  Barclays PLC<br> (i)(j) | Banking | 6.13% | 6.13% | 12/15/25 | 235 | 235 | 235 |
|  Barclays PLC<br> (i)(j) | Banking | 9.25% | 9.25% | 9/15/28 | £200 | 287 | 291 |
|  Bath & Body Works, Inc.<br> (c) | Specialty Retail | 6.63% | 6.63% | 10/1/30 | 50 | 51 | 51 |
|  Bausch Health Cos., Inc.<br> (c) | Pharmaceuticals | 5.00% | 5.00% | 1/30/28 | 30 | 25 | 26 |
|  Bausch Health Cos., Inc.<br> (c) | Pharmaceuticals | 5.25% | 5.25% | 1/30/30 | 372 | 238 | 262 |
|  Bausch Health Cos., Inc.<br> (c) | Pharmaceuticals | 6.25% | 6.25% | 2/15/29 | 155 | 112 | 121 |
|  Bausch Health Cos., Inc.<br> (c) | Pharmaceuticals | 7.25% | 7.25% | 5/30/29 | 307 | 224 | 243 |
|  Bausch Health Cos., Inc.<br> (c) | Pharmaceuticals | 14.00% | 14.00% | 10/15/30 | 5 | 4 | 5 |
|  BellRing Brands, Inc.<br> (c) | Food — Wholesale | 7.00% | 7.00% | 3/15/30 | 375 | 388 | 387 |
|  Blue Racer Midstream LLC<br> (c) | Gas Distribution | 7.00% | 7.00% | 7/15/29 | 30 | 31 | 31 |
|  Blue Racer Midstream LLC<br> (c) | Gas Distribution | 7.25% | 7.25% | 7/15/32 | 165 | 173 | 174 |
|  Bombardier, Inc.<br> (c) | Aerospace/ Defense | 7.00% | 7.00% | 6/1/32 | 360 | 375 | 376 |
|  Borr IHC Ltd.<br> (c) | Oil Field Equipment & Services | 10.00% | 10.00% | 11/15/28 | 18 | 17 | 18 |
|  Borr IHC Ltd.<br> (c) | Oil Field Equipment & Services | 10.38% | 10.38% | 11/15/30 | 477 | 459 | 477 |
|  Boyd Gaming Corp.<br> (c) | Gaming | 4.75% | 4.75% | 6/15/31 | 175 | 169 | 169 |
|  Builders FirstSource, Inc.<br> (c) | Building Materials | 6.38% | 6.38% | 6/15/32 | 342 | 351 | 354 |
|  Cable One, Inc.<br> (c) | Telecom — Wireline Integrated &<br>Services | 4.00% | 4.00% | 11/15/30 | 99 | 81 | 84 |
|  CACI International, Inc.<br> (c) | Aerospace/ Defense | 6.38% | 6.38% | 6/15/33 | 131 | 135 | 135 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  California Resources Corp.<br> (c) | Energy — Exploration &<br>Production | 7.00% | 7.00% | 1/15/34 | $262 | $261 | $260 |
|  Calpine Corp.<br> (c) | Electric- Generation | 5.00% | 5.00% | 2/1/31 | 170 | 169 | 170 |
|  Carnival Corp.<br> (c) | Recreation & Travel | 6.13% | 6.13% | 2/15/33 | 148 | 152 | 152 |
|  Carvana Co.<br> (c) | Specialty Retail | 9.00% | 9.00% | 6/1/31 | 729 | 843 | 826 |
|  CCO Holdings LLC<br> (c) | Cable & Satellite TV | 4.25% | 4.25% | 1/15/34 | 319 | 279 | 276 |
|  CCO Holdings LLC<br> (c) | Cable & Satellite TV | 5.38% | 5.38% | 6/1/29 | 122 | 121 | 121 |
|  Charter Communications Operating LLC | Cable & Satellite TV | 5.38% | 5.38% | 4/1/38 | 80 | 74 | 75 |
|  Charter Communications Operating LLC | Cable & Satellite TV | 6.48% | 6.48% | 10/23/45 | 140 | 135 | 138 |
|  CHC Group LLC<br> (c) | Support- Services | 11.75% | 11.75% | 9/1/30 | 70 | 69 | 69 |
|  Chord Energy Corp.<br> (c) | Energy — Exploration &<br>Production | 6.00% | 6.00% | 10/1/30 | 91 | 91 | 90 |
|  Chord Energy Corp.<br> (c) | Energy — Exploration &<br>Production | 6.75% | 6.75% | 3/15/33 | 300 | 307 | 304 |
|  Cinemark USA, Inc.<br> (c) | Theaters & Entertainment | 7.00% | 7.00% | 8/1/32 | 180 | 185 | 187 |
|  Cloud Software Group, Inc.<br> (c) | Software/ Services | 6.63% | 6.63% | 8/15/33 | 493 | 497 | 502 |
|  Cloud Software Group, Inc.<br> (c) | Software/ Services | 9.00% | 9.00% | 9/30/29 | 524 | 543 | 543 |
|  Consolidated Energy Ltd.<br> (c) | Oil Refining & Marketing | 5.63% | 5.63% | 10/15/28 | 305 | 254 | 254 |
|  CSC Holdings LLC<br> (c) | Cable & Satellite TV | 4.13% | 4.13% | 12/1/30 | 180 | 120 | 118 |
|  CSC Holdings LLC<br> (c) | Cable & Satellite TV | 4.50% | 4.50% | 11/15/31 | 895 | 590 | 582 |
|  CSC Holdings LLC<br> (c) | Cable & Satellite TV | 6.50% | 6.50% | 2/1/29 | 580 | 488 | 429 |
|  Dealer Tire LLC<br> (c) | Auto Parts & Equipment | 8.00% | 8.00% | 2/1/28 | 250 | 243 | 247 |
|  Dell Technologies, Inc. | Tech Hardware & Equipment | 6.02% | 6.02% | 6/15/26 | 298 | 300 | 300 |
|  Deutsche Bank AG<br> (g)(i)(j) | Banking | 7.38% | 7.38% | 10/30/31 | 200 | 248 | 252 |
|  Deutsche Bank AG<br> (g)(i)(j) | Banking | 8.13% | 8.13% | 10/30/29 | 200 | 246 | 256 |
|  Directv Financing LLC<br> (c) | Cable & Satellite TV | 8.88% | 8.88% | 2/1/30 | 155 | 153 | 154 |
|  Directv Financing LLC<br> (c) | Cable & Satellite TV | 10.00% | 10.00% | 2/15/31 | 1360 | 1324 | 1358 |
|  DISH DBS Corp. | Cable & Satellite TV | 5.13% | 5.13% | 6/1/29 | 302 | 221 | 258 |
|  DISH DBS Corp.<br> (c) | Cable & Satellite TV | 5.25% | 5.25% | 12/1/26 | 650 | 623 | 639 |
|  DISH DBS Corp. | Cable & Satellite TV | 7.38% | 7.38% | 7/1/28 | 452 | 356 | 416 |
|  DISH DBS Corp. | Cable & Satellite TV | 7.75% | 7.75% | 7/1/26 | 210 | 205 | 208 |
|  Diversified Healthcare Trust<br> (c) | REITs |  |  | 1/15/26 | 125 | 123 | 124 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  Diversified Healthcare Trust | REITs | 4.38% | 4.38% | 3/1/31 | $248 | $210 | $219 |
|  Diversified Healthcare Trust<br> (c) | REITs | 7.25% | 7.25% | 10/15/30 | 301 | 304 | 306 |
|  DT Midstream, Inc.<br> (c) | Gas Distribution | 4.13% | 4.13% | 6/15/29 | 125 | 122 | 122 |
|  DT Midstream, Inc.<br> (c) | Gas Distribution | 4.38% | 4.38% | 6/15/31 | 125 | 120 | 121 |
|  EchoStar Corp. | Telecom — Satellite | 10.75% | 10.75% | 11/30/29 | 224 | 242 | 246 |
|  Elastic NV<br> (c) | Software/ Services | 4.13% | 4.13% | 7/15/29 | 150 | 143 | 144 |
|  Emrld Borrower LP<br> (g) | Machinery | 6.38% | 6.38% | 12/15/30 | 110 | 134 | 135 |
|  Emrld Borrower LP<br> (c) | Machinery | 6.63% | 6.63% | 12/15/30 | 80 | 81 | 82 |
|  Energizer Holdings, Inc.<br> (c) | Personal & Household Products | 6.00% | 6.00% | 9/15/33 | 171 | 171 | 167 |
|  Eurobank Ergasias Services & Holdings SA<br> (g)(i) | Banking | 6.25% | 6.25% | 4/25/34 | 135 | 168 | 170 |
|  Ford Motor Credit Co. LLC | Auto Loans | 3.63% | 3.63% | 6/17/31 | 140 | 128 | 127 |
|  Ford Motor Credit Co. LLC | Auto Loans | 4.00% | 4.00% | 11/13/30 | 50 | 47 | 47 |
|  Ford Motor Credit Co. LLC | Auto Loans | 4.39% | 4.39% | 1/8/26 | 239 | 239 | 239 |
|  Ford Motor Credit Co. LLC | Auto Loans | 5.11% | 5.11% | 5/3/29 | 30 | 30 | 30 |
|  Ford Motor Credit Co. LLC | Auto Loans | 6.95% | 6.95% | 6/10/26 | 26 | 26 | 26 |
|  Ford Motor Credit Co. LLC | Auto Loans | 7.35% | 7.35% | 3/6/30 | 160 | 172 | 171 |
|  Freedom Funding Center LLC<br> (c) | Banking | 12.00% | 12.00% | 10/1/32 | 222 | 222 | 238 |
|  Frontier Communications Holdings LLC<br> (c) | Telecom — Wireline Integrated &<br>Services | 8.63% | 8.63% | 3/15/31 | 717 | 759 | 756 |
|  Garrett Motion Holdings, Inc.<br> (c) | Auto Parts & Equipment | 7.75% | 7.75% | 5/31/32 | 160 | 167 | 168 |
|  Global Auto Holdings Ltd.<br> (c) | Specialty Retail | 8.38% | 8.38% | 1/15/29 | 74 | 72 | 72 |
|  Global Auto Holdings Ltd.<br> (c) | Specialty Retail | 8.75% | 8.75% | 1/15/32 | 467 | 423 | 454 |
|  Global Medical Response, Inc.<br> (c) | Health Services | 7.38% | 7.38% | 10/1/32 | 171 | 171 | 176 |
|  GoTo Group, Inc.<br> (c) | Software/ Services | 5.50% | 5.50% | 5/1/28 | 465 | 382 | 377 |
|  GoTo Group, Inc.<br> (c) | Software/ Services | 5.50% | 5.50% | 5/1/28 | 110 | 37 | 36 |
|  Grifols SA<br> (g) | Pharmaceuticals | 7.13% | 7.13% | 5/1/30 | 135 | 164 | 167 |
|  Grifols SA<br> (g) | Pharmaceuticals | 7.50% | 7.50% | 5/1/30 | 100 | 122 | 124 |
|  Helix Energy Solutions Group, Inc.<br> (c) | Oil Field Equipment & Services | 9.75% | 9.75% | 3/1/29 | 235 | 247 | 248 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  Hess Midstream Operations LP<br> (c) | Gas Distribution | 4.25% | 4.25% | 2/15/30 | $435 | $423 | $422 |
|  Hilton Worldwide Holdings, Inc.<br> (c) | Hotels | 6.13% | 6.13% | 4/1/32 | 335 | 345 | 344 |
|  Howard Midstream Energy Partners LLC<br> (c) | Gas Distribution | 6.63% | 6.63% | 1/15/34 | 134 | 134 | 137 |
|  Howard Midstream Energy Partners LLC<br> (c) | Gas Distribution | 7.38% | 7.38% | 7/15/32 | 223 | 229 | 231 |
|  Howden UK Refinance PLC<br> (c) | Insurance Brokerage | 8.13% | 8.13% | 2/15/32 | 73 | 76 | 76 |
|  Hudson Pacific Properties, Inc. | REITs | 3.25% | 3.25% | 1/15/30 | 502 | 414 | 431 |
|  Hudson Pacific Properties, Inc. | REITs | 5.95% | 5.95% | 2/15/28 | 95 | 93 | 94 |
|  Intesa Sanpaolo SpA<br> (c)(i) | Banking | 4.20% | 4.20% | 6/1/32 | 200 | 185 | 189 |
|  Intesa Sanpaolo SpA<br> (c) | Banking | 5.71% | 5.71% | 1/15/26 | 230 | 230 | 231 |
|  LBM Acquisition LLC<br> (c) | Support- Services | 9.50% | 9.50% | 6/15/31 | 252 | 263 | 265 |
|  LCPR Senior Secured Financing DAC<br> (c) | Telecom — Wireline Integrated &<br>Services | 5.13% | 5.13% | 7/15/29 | 335 | 221 | 186 |
|  Liberty Mutual Holding Co, Inc.<br> (c) | Property & Casualty Insurance | 4.30% | 4.30% | 2/1/61 | 585 | 368 | 368 |
|  Lightning Power LLC<br> (c) | Electric- Generation | 7.25% | 7.25% | 8/15/32 | 298 | 313 | 316 |
|  Lithia Motors, Inc.<br> (c) | Specialty Retail | 4.38% | 4.38% | 1/15/31 | 235 | 222 | 223 |
|  Live Nation Entertainment, Inc.<br> (c) | Theaters & Entertainment | 6.50% | 6.50% | 5/15/27 | 337 | 341 | 340 |
|  Lloyds Banking Group PLC<br> (i)(j) | Banking | 8.50% | 8.50% | 3/27/28 | £200 | 282 | 285 |
|  Lummus Technology Holdings V LLC<br> (c) | Chemicals | 9.00% | 9.00% | 7/1/28 | 590 | 593 | 592 |
|  Luna 1.5 SARL<br> (c) | Environmental | 10.50% | 10.50% | 7/1/32 | 100 | 116 | 122 |
|  Luna 1.5 SARL<br> (c) | Environmental | 12.00% | 12.00% | 7/1/32 | 93 | 93 | 96 |
|  Macy's, Inc.<br> (c) | Department Stores | 6.70% | 6.70% | 7/15/34 | 105 | 92 | 96 |
|  Macy's, Inc.<br> (c) | Department Stores | 7.38% | 7.38% | 8/1/33 | 94 | 98 | 98 |
|  Matador Resources Co.<br> (c) | Energy — Exploration &<br>Production | 6.25% | 6.25% | 4/15/33 | 278 | 279 | 279 |
|  Matador Resources Co.<br> (c) | Energy — Exploration<br> & Production | 6.50% | 6.50% | 4/15/32 | 277 | 281 | 280 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  Medical Properties Trust, Inc. | REITs | 0.99% | 0.99% | 10/15/26 | 265 | $289 | $296 |
|  Medical Properties Trust, Inc. | REITs | 3.50% | 3.50% | 3/15/31 | 1545 | 1039 | 1136 |
|  Medical Properties Trust, Inc. | REITs | 3.69% | 3.69% | 6/5/28 | £200 | 216 | 221 |
|  Medical Properties Trust, Inc. | REITs | 4.63% | 4.63% | 8/1/29 | 310 | 237 | 259 |
|  Medical Properties Trust, Inc. | REITs | 5.00% | 5.00% | 10/15/27 | 425 | 395 | 412 |
|  Medical Properties Trust, Inc.<br> (c) | REITs | 8.50% | 8.50% | 2/15/32 | 539 | 552 | 573 |
|  Medline Borrower LP<br> (c) | Medical<br> Products | 5.25% | 5.25% | 10/1/29 | 250 | 249 | 248 |
|  MGM Resorts International | Gaming | 6.50% | 6.50% | 4/15/32 | 250 | 257 | 255 |
|  Michaels Cos., Inc.<br> (c) | Specialty Retail | 7.88% | 7.88% | 5/1/29 | 316 | 236 | 264 |
|  Mineral Resources Ltd.<br> (c) | Metals/ Mining Excluding Steel | 7.00% | 7.00% | 4/1/31 | 88 | 88 | 89 |
|  Mineral Resources Ltd.<br> (c) | Metals/ Mining Excluding Steel | 8.50% | 8.50% | 5/1/30 | 320 | 328 | 333 |
|  MPLX LP | Gas Distribution | 5.40% | 5.40% | 9/15/35 | 128 | 126 | 128 |
|  Nabors Industries Ltd.<br> (c) | Oil Field<br> Equipment & Services | 8.88% | 8.88% | 8/15/31 | 508 | 442 | 473 |
|  Nabors Industries Ltd.<br> (c) | Oil Field<br> Equipment & Services | 9.13% | 9.13% | 1/31/30 | 126 | 133 | 131 |
|  NatWest Group PLC<br> (i)(j) | Banking | 6.00% | 6.00% | 12/29/25 | 200 | 200 | 200 |
|  NCL Corp. Ltd.<br> (c) | Recreation & Travel | 6.25% | 6.25% | 3/1/30 | 70 | 71 | 71 |
|  NCL Corp. Ltd.<br> (c) | Recreation & Travel | 6.75% | 6.75% | 2/1/32 | 250 | 255 | 257 |
|  New World Development Co Ltd.<br> (g) | RealEstate Dev & Mgt | 4.75% | 4.75% | 1/23/27 | 200 | 173 | 170 |
|  Newell Brands, Inc. | Personal & Household Products | 6.63% | 6.63% | 5/15/32 | 79 | 77 | 78 |
|  NFI Group, Inc.<br> (c) | Machinery | 9.25% | 9.25% | 7/1/30 | 205 | 220 | 219 |
|  Nidda Healthcare Holding GmbH<br> (g) | Pharmaceuticals | 5.63% | 5.63% | 2/21/30 | 160 | 191 | 192 |
|  Nidda Healthcare Holding GmbH<br> (g) | Pharmaceuticals | 7.00% | 7.00% | 2/21/30 | 100 | 121 | 122 |
|  Nissan Motor Co. Ltd.<br> (c) | Automakers | 7.75% | 7.75% | 7/17/32 | 230 | 233 | 243 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  Nokia OYJ | Tech Hardware & Equipment | 6.63% | 6.63% | 5/15/39 | $165 | $169 | $173 |
|  Nordstrom, Inc. | Department Stores | 5.00% | 5.00% | 1/15/44 | 339 | 226 | 249 |
|  NRG Energy, Inc.<br> (c) | Electric- Generation | 3.63% | 3.63% | 2/15/31 | 140 | 129 | 129 |
|  NRG Energy, Inc.<br> (c) | Electric- Generation | 3.88% | 3.88% | 2/15/32 | 265 | 245 | 244 |
|  Occidental Petroleum Corp. | Energy — Exploration<br> & Production | 6.45% | 6.45% | 9/15/36 | 74 | 76 | 79 |
|  Occidental Petroleum Corp. | Energy — Exploration<br> & Production | 6.60% | 6.60% | 3/15/46 | 300 | 296 | 314 |
|  Olympus Water U.S. Holding Corp. <br> (g) | Chemicals | 5.38% | 5.38% | 10/1/29 | 335 | 365 | 372 |
|  Olympus Water U.S. Holding Corp. <br> (c) | Chemicals | 6.13% | 6.13% | 2/15/33 | 100 | 117 | 117 |
|  Olympus Water U.S. Holding Corp. <br> (c) | Chemicals | 7.13% | 7.13% | 10/1/27 | 180 | 183 | 183 |
|  Olympus Water U.S. Holding Corp. <br> (c) | Chemicals | 7.25% | 7.25% | 2/15/33 | 100 | 100 | 100 |
|  Olympus Water U.S. Holding Corp. <br> (c) | Chemicals | 9.75% | 9.75% | 11/15/28 | 200 | 209 | 210 |
|  OneMain Holdings, Inc. | Cons/ Comm/<br> Lease Financing | 6.75% | 6.75% | 3/15/32 | 40 | 41 | 41 |
|  OneMain Holdings, Inc. | Cons/ Comm/<br> Lease Financing | 7.50% | 7.50% | 5/15/31 | 130 | 137 | 136 |
|  ONEOK, Inc. | Gas Distribution | 5.45% | 5.45% | 6/1/47 | 170 | 152 | 157 |
|  ONEOK, Inc. | Gas Distribution | 5.60% | 5.60% | 4/1/44 | 100 | 92 | 95 |
|  Osaic Holdings, Inc.<br> (c) | Investments & Misc<br> Financial Services | 8.00% | 8.00% | 8/1/33 | 32 | 32 | 33 |
|  Outfront Media Capital LLC<br> (c) | REITs | 4.63% | 4.63% | 3/15/30 | 126 | 122 | 121 |
|  Penn Entertainment, Inc.<br> (c) | Gaming | 4.13% | 4.13% | 7/1/29 | 180 | 167 | 169 |
|  PennyMac Financial Services, Inc.<br> (c) | Cons/ Comm/<br> Lease Financing | 6.75% | 6.75% | 2/15/34 | 144 | 144 | 147 |
|  Permian Resources Corp.<br> (c) | Energy — Exploration<br> & Production | 6.25% | 6.25% | 2/1/33 | 348 | 352 | 354 |
|  Petroleos Mexicanos | Integrated Energy | 6.70% | 6.70% | 2/16/32 | 202 | 188 | 200 |
|  PFGC, Inc.<br> (c) | Food — Wholesale | 6.13% | 6.13% | 9/15/32 | 170 | 175 | 174 |
|  Pike Corp.<br> (c) | Building & Construction | 8.63% | 8.63% | 1/31/31 | 144 | 155 | 154 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  Piraeus Financial Holdings SA<br> (g)(i)(j) | Banking | 8.75% | 8.75% | 6/16/26 | € | 200 | $240 | $243 |
|  Post Holdings, Inc.<br> (c) | Food — Wholesale | 5.50% | 5.50% | 12/15/29 |  | 50 | 50 | 50 |
|  Post Holdings, Inc.<br> (c) | Food — Wholesale | 6.25% | 6.25% | 2/15/32 |  | 125 | 128 | 129 |
|  Post Holdings, Inc.<br> (c) | Food — Wholesale | 6.38% | 6.38% | 3/1/33 |  | 145 | 145 | 146 |
|  Premier Entertainment Sub LLC<br> (c) | Gaming | 5.63% | 5.63% | 9/1/29 |  | 21 | 11 | 11 |
|  Premier Entertainment Sub LLC<br> (c) | Gaming | 5.88% | 5.88% | 9/1/31 |  | 14 | 7 | 7 |
|  Qnity Electronics, Inc.<br> (c) | Electronics | 6.25% | 6.25% | 8/15/33 |  | 99 | 99 | 101 |
|  QVC, Inc. | Specialty Retail | 5.45% | 5.45% | 8/15/34 |  | 96 | 44 | 50 |
|  QVC, Inc. | Specialty Retail | 5.95% | 5.95% | 3/15/43 |  | 43 | 19 | 22 |
|  RingCentral, Inc.<br> (c) | Software/ Services | 8.50% | 8.50% | 8/15/30 |  | 160 | 171 | 170 |
|  Rithm Capital Corp.<br> (c) | REITs | 8.00% | 8.00% | 4/1/29 |  | 180 | 183 | 184 |
|  Rithm Capital Corp.<br> (c) | REITs | 8.00% | 8.00% | 7/15/30 |  | 145 | 148 | 148 |
|  Rocket Cos., Inc.<br> (c) | Investments & Misc<br> Financial Services | 6.38% | 6.38% | 8/1/33 |  | 312 | 324 | 322 |
|  Royal Caribbean Cruises Ltd.<br> (c) | Recreation & Travel | 6.00% | 6.00% | 2/1/33 |  | 235 | 240 | 241 |
|  Samhallsbyggnadsbolaget I Norden Holding AB<br> (g) | RealEstate Dev & Mgt | 0.75% | 0.75% | 11/14/28 | € | 150 | 142 | 140 |
|  Seadrill Ltd.<br> (c) | Oil Field Equipment &<br> Services | 8.38% | 8.38% | 8/1/30 |  | 200 | 204 | 208 |
|  Seagate Technology Holdings PLC<br> (c) | Tech Hardware & Equipment | 4.09% | 4.09% | 6/1/29 |  | 180 | 171 | 174 |
|  Shutterfly LLC<br> (c) | Specialty Retail | 8.50% | 8.50% | 10/1/27 |  | 101 | 95 | 96 |
|  Sirius XM Radio LLC<br> (c) | Media Content | 3.88% | 3.88% | 9/1/31 |  | 190 | 173 | 172 |
|  SM Energy Co.<br> (c) | Energy — Exploration<br> & Production | 6.75% | 6.75% | 8/1/29 |  | 75 | 74 | 75 |
|  SM Energy Co.<br> (c) | Energy — Exploration<br> & Production | 7.00% | 7.00% | 8/1/32 |  | 310 | 308 | 310 |
|  SoftBank Group Corp.<br> (g) | Investments & Misc<br> Financial Services | 7.25% | 7.25% | 7/10/32 |  | 225 | 232 | 232 |
|  Sunoco LP<br> (c)(i)(j) | Oil Refining<br> & Marketing | 7.88% | 7.88% | 9/18/30 |  | 292 | 292 | 297 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  Talen Energy Supply LLC<br> (c) | Electric- Integrated | 8.63% | 8.63% | 6/1/30 | $165 | $176 | $175 |
|  Tenet Healthcare Corp. | Health Facilities | 5.13% | 5.13% | 11/1/27 | 250 | 249 | 250 |
|  Tenet Healthcare Corp. | Health Facilities | 6.13% | 6.13% | 6/15/30 | 60 | 61 | 61 |
|  Tenet Healthcare Corp. | Health Facilities | 6.25% | 6.25% | 2/1/27 | 90 | 90 | 90 |
|  Tenet Healthcare Corp. | Health Facilities | 6.75% | 6.75% | 5/15/31 | 40 | 41 | 41 |
|  Teva Pharmaceutical Industries Ltd. | Pharmaceuticals | 3.15% | 3.15% | 10/1/26 | 678 | 667 | 666 |
|  The Baldwin Insurance Group Holdings LLC<br> (c) | Insurance Brokerage | 7.13% | 7.13% | 5/15/31 | 165 | 172 | 171 |
|  T-Mobile US, Inc. | Telecom — Wireless | 7.63% | 7.63% | 3/1/26 | 390 | 391 | 391 |
|  TransDigm Group, Inc.<br> (c) | Aerospace/ Defense | 6.00% | 6.00% | 1/15/33 | 150 | 151 | 152 |
|  TransDigm Group, Inc.<br> (c) | Aerospace/ Defense | 6.63% | 6.63% | 3/1/32 | 380 | 391 | 391 |
|  Transocean Ltd.<br> (c) | Oil Field Equipment &<br> Services | 7.88% | 7.88% | 10/15/32 | 90 | 90 | 90 |
|  Transocean Ltd.<br> (c) | Oil Field Equipment &<br> Services | 8.75% | 8.75% | 2/15/30 | 229 | 240 | 241 |
|  Urban One, Inc.<br> (c) | Media — Diversified | 7.38% | 7.38% | 2/1/28 | 30 | 19 | 16 |
|  Venture Global Calcasieu Pass LLC<br> (c) | Gas Distribution | 3.88% | 3.88% | 11/1/33 | 104 | 92 | 94 |
|  Venture Global Calcasieu Pass LLC<br> (c) | Gas Distribution | 4.13% | 4.13% | 8/15/31 | 244 | 228 | 230 |
|  Venture Global Plaquemines LNG LLC<br> (c) | Gas Distribution | 6.75% | 6.75% | 1/15/36 | 55 | 57 | 58 |
|  Venture Global Plaquemines LNG LLC<br> (c) | Gas Distribution | 7.50% | 7.50% | 5/1/33 | 65 | 71 | 72 |
|  Venture Global Plaquemines LNG LLC<br> (c) | Gas Distribution | 7.75% | 7.75% | 5/1/35 | 140 | 154 | 158 |
|  Veritiv Operating Co.<br> (c) | Packaging | 10.50% | 10.50% | 11/30/30 | 205 | 221 | 220 |
|  Viatris, Inc. | Pharmaceuticals | 4.00% | 4.00% | 6/22/50 | 180 | 116 | 123 |
|  Vibrantz Technologies, Inc.<br> (c) | Chemicals | 9.00% | 9.00% | 2/15/30 | 608 | 404 | 344 |
|  Viking Holdings Ltd.<br> (c) | Recreation & Travel | 5.00% | 5.00% | 2/15/28 | 245 | 244 | 244 |
|  Viking Holdings Ltd.<br> (c) | Recreation & Travel | 5.88% | 5.88% | 10/15/33 | 131 | 131 | 131 |
|  Viking Holdings Ltd.<br> (c) | Recreation & Travel | 9.13% | 9.13% | 7/15/31 | 545 | 584 | 585 |
|  Warner Bros Discovery, Inc. | Media Content | 3.76% | 3.76% | 3/15/27 | 490 | 482 | 483 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  Warner Bros Discovery, Inc. | Media Content | 4.28% | 4.28% | 3/15/32 | $| 166 | $139 | $152 |
|  Warner Bros Discovery, Inc. | Media Content | 4.69% | 4.69% | 5/17/33 | € | 100 | 114 | 113 |
|  Warner Bros Discovery, Inc. | Media Content | 5.05% | 5.05% | 3/15/42 |  | 373 | 248 | 298 |
|  Warner Bros Discovery, Inc. | Media Content | 5.14% | 5.14% | 3/15/52 |  | 9 | 5 | 6 |
|  Warner Bros Discovery, Inc. | Media Content | 6.35% | 6.35% | 6/1/40 |  | 6 | 4 | 5 |
|  Wildfire Intermediate Holdings LLC<br> (c) | Energy — Exploration<br> & Production | 7.50% | 7.50% | 10/15/29 |  | 148 | 148 | 150 |
|  X.AI LLC/X.AI Co. Issuer Corp. | Software/ Services | 12.50% | 12.50% | 6/30/30 |  | 702 | 710 | 736 |
|  XPO, Inc.<br> (c) | Transport Infrastructure/<br> Services | 7.13% | 7.13% | 2/1/32 |  | 120 | 127 | 126 |
|  Yum! Brands, Inc. | Restaurants | 3.63% | 3.63% | 3/15/31 |  | 244 | 227 | 228 |
|  Zoominfo Midco LLC<br> (c) | Software/ Services | 3.88% | 3.88% | 2/1/29 |  | 180 | 170 | 171 |
|  **Total Corporate Bond Obligations** | **Total Corporate Bond Obligations** | **Total Corporate Bond Obligations** | **Total Corporate Bond Obligations** | **Total Corporate Bond Obligations** | **Total Corporate Bond Obligations** | **Total Corporate Bond Obligations** | 48820 | 49449 |
|  **Government Bonds—0.5%** | **Government Bonds—0.5%** | **Government Bonds—0.5%** | **Government Bonds—0.5%** | **Government Bonds—0.5%** | **Government Bonds—0.5%** | **Government Bonds—0.5%** |  |  |
|  Brazil Notas do Tesouro Nacional<br> (k) | Sovereign | 6.00% | 6.00% | 8/15/30 | R$ | 0 | 155 | 156 |
|  Brazil Notas do Tesouro Nacional<br> (k) | Sovereign | 6.00% | 6.00% | 5/15/35 | R$ | 0 | 157 | 157 |
|  Provincia de Buenos Aires Government Bonds<br> (g)(l) | Sovereign | 6.63% | 6.63% | 9/1/37 |  | 392 | 262 | 228 |
|  Turkiye Government Bonds | Sovereign | 36.00% | 36.00% | 8/12/26 | TRY | 12900 | 307 | 307 |
|  **Total Government Bonds** | **Total Government Bonds** | **Total Government Bonds** | **Total Government Bonds** | **Total Government Bonds** | **Total Government Bonds** | **Total Government Bonds** | 881 | 848 |
|  **Municipal Bonds—0.4%** | **Municipal Bonds—0.4%** | **Municipal Bonds—0.4%** | **Municipal Bonds—0.4%** | **Municipal Bonds—0.4%** | **Municipal Bonds—0.4%** | **Municipal Bonds—0.4%** |  |  |
|  Puerto Rico Electric Power Authority, Series 2010-EEE<br> (m) | Municipal | 6.05% | 6.05% | 7/1/32 |  | 800 | 437 | 548 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Principal<br>Amount<sup>(a)</sup>** | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  Puerto Rico Industrial Development Co., Series 2023<br> (l) | Municipal | 7.00% | 7.00% | 1/1/54 | $| 90 | $84 | $84 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | **Total Municipal Bonds** | 521 | 632 |
|  **Residential Mortgage Backed Securities—2.3%** | **Residential Mortgage Backed Securities—2.3%** | **Residential Mortgage Backed Securities—2.3%** | **Residential Mortgage Backed Securities—2.3%** | **Residential Mortgage Backed Securities—2.3%** | **Residential Mortgage Backed Securities—2.3%** | **Residential Mortgage Backed Securities—2.3%** |  |  |
|  EFMT, Series 2025-NQM3, Class M1B<br> (c)(f) | Residential Mortgage<br> Backed Security | 6.45% | 6.45% | 8/25/70 |  | 480 | 480 | 484 |
|  JP Morgan Mortgage Trust, Series 2025-NQM3, Class M1A<br> (c)(f) | Residential Mortgage<br> Backed Security | 5.97% | 5.97% | 11/25/65 |  | 460 | 460 | 464 |
|  JP Morgan Mortgage Trust, Series 2025-VIS3, Class B2<br> (c)(f) | Residential Mortgage<br> Backed Security | 6.51% | 6.51% | 2/25/66 |  | 25 | 24 | 24 |
|  JP Morgan Mortgage Trust, Series 2025-VIS3, Class B1<br> (c)(f) | Residential Mortgage<br> Backed Security | 6.76% | 6.76% | 2/25/66 |  | 35 | 35 | 35 |
|  PRPM LLC, Series 2025-RCF4, Class M1A<br> (c) | Residential Mortgage<br> Backed Security | 4.50% | 4.50% | 8/25/55 |  | 100 | 94 | 95 |
|  Santander Mortgage Asset Receivable Trust, Series 2025-NQM4, Class M1<br> (c)(f) | Residential Mortgage<br> Backed Security | 6.08% | 6.08% | 7/25/65 |  | 480 | 480 | 479 |
|  Verus Securitization Trust, Series 2025-8, Class B1<br> (c) | Residential Mortgage<br> Backed Security | 6.48% | 6.48% | 9/25/70 |  | 740 | 740 | 740 |
|  Verus Securitization Trust, Series 2024-7, Class B1<br> (c)(f) | Residential Mortgage<br> Backed Security | 6.50% | 6.50% | 9/25/69 |  | 380 | 380 | 381 |
|  Verus Securitization Trust, Series 2025-7, Class B1<br> (c)(f) | Residential Mortgage<br> Backed Security | 6.62% | 6.62% | 8/25/70 |  | 750 | 750 | 751 |
|  Verus Securitization Trust, Series 2025-5, Class B1<br> (c)(f) | Residential Mortgage<br> Backed Security | 7.06% | 7.06% | 6/25/70 |  | 460 | 464 | 466 |
|  **Total Residential Mortgage Backed Securities** | **Total Residential Mortgage Backed Securities** | **Total Residential Mortgage Backed Securities** | **Total Residential Mortgage Backed Securities** | **Total Residential Mortgage Backed Securities** | **Total Residential Mortgage Backed Securities** | **Total Residential Mortgage Backed Securities** | 3907 | 3919 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Industry** | **Number of<br>Shares** | **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  **Common Stock—2.5%** | **Common Stock—2.5%** | **Common Stock—2.5%** |  |  |
|  ABN AMRO Bank NV Dutch Certificate<br> (c) | Banking | 5799 | $161 | $185 |
|  Ally Financial, Inc. | Banking | 2459 | 104 | 96 |
|  Barclays PLC | Banking | 23879 | 119 | 122 |
|  Bausch & Lomb Corp.<br> (n) | Medical Products | 7587 | 106 | 114 |
|  Bausch Health Cos., Inc.<br> (n) | Pharmaceuticals | 52520 | 320 | 339 |
|  BAWAG Group AG<br> (c) | Banking | 903 | 116 | 119 |
|  Buzzi SpA | Building Materials | 997 | 55 | 55 |
|  Cable One, Inc. | Telecom — Wireline Integrated &<br>Services | 553 | 79 | 98 |
|  Cineworld Group PLC<br> (n) | Theaters & Entertainment | 17966 | 389 | 392 |
|  Comcast Corp. Class A | Cable & Satellite TV | 4770 | 160 | 150 |
|  Delivery Hero SE<br> (c)(n) | Restaurants | 2240 | 62 | 64 |
|  Elastic NV<br> (n) | Software/ Services | 1666 | 139 | 141 |
|  Energy Transfer LP | Gas Distribution | 8023 | 141 | 138 |
|  First Quantum Minerals Ltd.<br> (n) | Metals/ Mining<br> Excluding Steel | 2922 | 50 | 66 |
|  Gulfport Energy Corp.<br> (n) | Energy — Exploration<br> & Production | 589 | 109 | 107 |
|  Indivior PLC<br> (n) | Pharmaceuticals | 4149 | 74 | 100 |
|  Jazz Pharmaceuticals PLC<br> (n) | Pharmaceuticals | 2733 | 307 | 360 |
|  MGM Resorts International<br> (n) | Gaming | 6877 | 249 | 238 |
|  MPLX LP | Gas Distribution | 2023 | 104 | 101 |
|  NatWest Group PLC | Banking | 14377 | 100 | 101 |
|  Norwegian Cruise Line Holdings Ltd.<br> (n) | Recreation & Travel | 7654 | 183 | 188 |
|  Prosus NV | Advertising | 1280 | 73 | 90 |
|  PulteGroup, Inc. | Building & Construction | 779 | 103 | 103 |
|  Salesforce, Inc. | Software/Services | 422 | 104 | 100 |
|  Smartstop Self Storage REIT, Inc. | REITs | 2212 | 81 | 83 |
|  SoftBank Group Corp. | Investments & Misc Financial<br>Services | 226 | 23 | 29 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Footnotes** | **Industry** | | | | **Number of<br>Shares** | **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  TIM SA ADR |  | Telecom — Wireline Integrated &<br>Services |  |  |  | 4018 | $75 | $90 |
|  United Parks & Resorts, Inc. | (n) | Recreation & Travel |  |  |  | 3148 | 152 | 163 |
|  Victoria's Secret & Co. | (n) | Specialty Retail |  |  |  | 5907 | 106 | 160 |
|  Vodafone Group PLC |  | Telecom — Wireless |  |  |  | 198113 | 220 | 230 |
|  **Total Common Stock** | **Total Common Stock** | **Total Common Stock** | **Total Common Stock** | **Total Common Stock** | **Total Common Stock** | **Total Common Stock** | 4064 | 4322 |
|  **Private Equity—1.2%** | **Private Equity—1.2%** | **Private Equity—1.2%** | **Private Equity—1.2%** | **Private Equity—1.2%** | **Private Equity—1.2%** |  |  |  |
|  Mallinckrodt PLC | (n) | Pharmaceuticals |  |  |  | 11231 | 996 | 1173 |
|  SPN Solutions, Inc. | (n) | Oil Field Equipment &<br> Services |  |  |  | 10996 | 643 | 797 |
|  **Total Private Equity** | **Total Private Equity** | **Total Private Equity** | **Total Private Equity** | **Total Private Equity** |  |  | 1639 | 1970 |
| **Investments** | **Footnotes** | **Industry** | **Reference**<br> **Rate &**<br> **Spread** | **Interest<br>Rate** | **Maturity<br>Date** |  | **Amortized**<br> **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  **Special Purpose Vehicle—6.7%** | **Special Purpose Vehicle—6.7%** | **Special Purpose Vehicle—6.7%** | **Special Purpose Vehicle—6.7%** | **Special Purpose Vehicle—6.7%** | **Special Purpose Vehicle—6.7%** | **Special Purpose Vehicle—6.7%** |  |  |
|  GoldenTree SRT Vehicle VIII LP | (c)(f) | Banking | SOFR COMPOUNDED<br>360 + 7.45% | 11.80% | 8/31/33 |  | $1390 | $1390 |
|  GT Boots Preferred Investor, LLC |  | Food & Drug Retailers |  | 15.00% | 1/29/33 |  | 7782 | 8873 |
|  GT Boots Warrant Investor, LLC | (n) | Food & Drug Retailers |  |  |  |  |  | 1149 |
|  **Total Special Purpose Vehicle** |  |  |  |  |  |  | 9172 | 11412 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br>Rate** | **Principal<br>Amount<sup>(a)</sup>** | **Cost** | **Principal**<br> **Amount<br>including<br>Accrued<br>Interest** |
|  **Reverse Repurchase Agreements—0.5%** | **Reverse Repurchase Agreements—0.5%** | **Reverse Repurchase Agreements—0.5%** |  |  |
|  JPMorgan Securities LLC, dated 7/18/25. Collateralized by a U.S. Government Obligation, 4.0%, due 5/31/30, and with a value of $23<br> (o) | 4.20% | $23 | $23 | $23 |
|  JPMorgan Securities LLC, dated 7/18/25. Collateralized by a U.S. Government Obligation, 3.8%, due 4/15/28, and with a value of $587<br> (o) | 4.23% | 595 | 595 | 595 |
|  JPMorgan Securities LLC, dated 8/1/25. Collateralized by a U.S. Government Obligation, 4.0%, due 3/31/30, and with a value of $130<br> (o) | 4.33% | 131 | 131 | 131 |
|  **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  | 749 | 749 |
|  **TOTAL INVESTMENTS—67.9%** | **TOTAL INVESTMENTS—67.9%** | **TOTAL INVESTMENTS—67.9%** | $**111421** | $**115239** |
| **Investments** | **Interest<br>Rate** | **Number of<br>Shares** | **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  **Cash & Cash Equivalent—35.8%** | **Cash & Cash Equivalent—35.8%** | **Cash & Cash Equivalent—35.8%** |  |  |
|  Morgan Stanley Institutional Liquidity Fund — Government Portfolio, Institutional Class | 4.05% | 60848 | $60848 | $60848 |
|  **Total Cash & Cash Equivalent** | **Total Cash & Cash Equivalent** |  | 60848 | 60848 |
|  **OTHER ASSETS AND (LIABILITIES)—(3.7)%<sup>(p)</sup>** | **OTHER ASSETS AND (LIABILITIES)—(3.7)%<sup>(p)</sup>** | **OTHER ASSETS AND (LIABILITIES)—(3.7)%<sup>(p)</sup>** |  | **(6206)** |
|  **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **NET ASSETS—100.0%** |  | **$169881** |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

Investments Sold Short—(2.8)%

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Footnotes** | **Industry** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<sup>(a)</sup>** | **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  **Government Bonds Sold Short—(2.6)%** | **Government Bonds Sold Short—(2.6)%** | **Government Bonds Sold Short—(2.6)%** | **Government Bonds Sold Short—(2.6)%** | **Government Bonds Sold Short—(2.6)%** | **Government Bonds Sold Short—(2.6)%** |  |  |
|  U.S. Treasury Notes, 4.00% | (q) | Sovereign | 4.00% | 3/31/30 | $(268) | $(270) | $(271) |
|  U.S. Treasury Notes, 3.75% | (q) | Sovereign | 3.75% | 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3031) | &nbsp;&nbsp;&nbsp;&nbsp;(3033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3041) |
|  U.S. Treasury Notes, 4.00% | (q) | Sovereign | 4.00% | 5/31/30 | (45) | (45) | (46) |
|  U.S. Treasury Notes, 4.25% |  | Sovereign | 4.25% | 8/15/35 | (10) | (10) | (10) |
|  U.S. Treasury Notes, 3.88% |  | Sovereign | 3.88% | 3/31/27 | (1021) | (1023) | (1024) |
|  **Total Government Bonds Sold Short** | **Total Government Bonds Sold Short** | **Total Government Bonds Sold Short** | **Total Government Bonds Sold Short** | **Total Government Bonds Sold Short** | **Total Government Bonds Sold Short** | (4381) | (4392) |
| **Investments** | **Footnotes** | **Industry** |  |  | **Number of<br>Shares** | **Cost** | **Fair<br>Value<sup>(b)</sup>** |
|  **Exchange-Traded Funds Sold Short—(0.2)%** | **Exchange-Traded Funds Sold Short—(0.2)%** | **Exchange-Traded Funds Sold Short—(0.2)%** | **Exchange-Traded Funds Sold Short—(0.2)%** | **Exchange-Traded Funds Sold Short—(0.2)%** | **Exchange-Traded Funds Sold Short—(0.2)%** |  |  |
|  Invesco Leisure & Entertainment ETF |  | Recreation &<br> Travel |  |  | (174) | $(11) | $(11) |
|  Invesco S&P 500 Equal Weight ETF |  | Banking |  |  | (19) | (3) | (4) |
|  SPDR S&P 500 ETF Trust |  | Investments &<br> Misc Financial<br> Services |  |  | (472) | (305) | (314) |
|  SPDR S&P Oil & Gas Exploration & Production ETF |  | Energy —<br> Exploration &<br> Production |  |  | (97) | (13) | (13) |
|  **Total Exchange-Traded Funds Sold Short** | **Total Exchange-Traded Funds Sold Short** | **Total Exchange-Traded Funds Sold Short** | **Total Exchange-Traded Funds Sold Short** | **Total Exchange-Traded Funds Sold Short** | **Total Exchange-Traded Funds Sold Short** | (332) | (342) |
|  **Common Stock Sold Short—(0.0)%** | **Common Stock Sold Short—(0.0)%** | **Common Stock Sold Short—(0.0)%** | **Common Stock Sold Short—(0.0)%** | **Common Stock Sold Short—(0.0)%** | **Common Stock Sold Short—(0.0)%** | **Common Stock Sold Short—(0.0)%** |  |
|  Alerian MLP ETF |  | Energy —<br> Exploration &<br> Production |  |  | (270) | (13) | (13) |
|  Stubhub Holdings, Inc. | (n) | Specialty<br>Retail |  |  | (746) | (13) | (12) |
|  **Total Common Stock Sold Short** | **Total Common Stock Sold Short** | **Total Common Stock Sold Short** | **Total Common Stock Sold Short** | **Total Common Stock Sold Short** | **Total Common Stock Sold Short** | (26) | (25) |
|  **Total Investments Sold Short** | **Total Investments Sold Short** | **Total Investments Sold Short** | **Total Investments Sold Short** | **Total Investments Sold Short** | **Total Investments Sold Short** | $&nbsp;&nbsp;&nbsp;&nbsp;(4739) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4759) |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

Forward Currency Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br>Settlement<br>Date** | **Currency**<br> **and Amount**<br> **to be Received** | **Currency**<br> **and Amount**<br> **to be Received** | **Currency and<br>Amount to be<br>Delivered** | **Currency and<br>Amount to be<br>Delivered** | **Unrealized<br>Appreciation/<br>Depreciation** |
|  JPMorgan Chase Bank N.A. | 10/20/25 | BRL | 21 | USD | 4 | $0 |
|  JPMorgan Chase Bank N.A. | 10/20/25 | USD | 188 | BRL | 1010 | (1) |
|  JPMorgan Chase Bank N.A. | 10/20/25 | USD | 55 | BRL | 297 | (0) |
|  Goldman Sachs International | 10/31/25 | AUD | 265 | USD | 172 | 3 |
|  Goldman Sachs International | 10/31/25 | TWD | 5135 | USD | 175 | (6) |
|  Goldman Sachs International | 10/31/25 | USD | 172 | AUD | 265 | (3) |
|  Goldman Sachs International | 10/31/25 | USD | 174 | TWD | 5135 | 5 |
|  Canadian Imperial Bank of Commerce | 12/17/25 | JPY | 722 | USD | 5 | (0) |
|  Canadian Imperial Bank of Commerce | 12/17/25 | USD | 6 | CAD | 9 | 0 |
|  Canadian Imperial Bank of Commerce | 12/17/25 | USD | 6 | CAD | 8 | 0 |
|  Canadian Imperial Bank of Commerce | 12/17/25 | USD | 599 | EUR | 513 | (6) |
|  Canadian Imperial Bank of Commerce | 12/17/25 | USD | 8 | JPY | 1145 | 0 |
|  State Street Bank and Trust Company | 12/17/25 | CAD | 170 | USD | 124 | (1) |
|  State Street Bank and Trust Company | 12/17/25 | GBP | 4 | USD | 5 | 0 |
|  State Street Bank and Trust Company | 12/17/25 | JPY | 986 | USD | 7 | 0 |
|  State Street Bank and Trust Company | 12/17/25 | JPY | 4310 | USD | 29 | 0 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 8 | CAD | 11 | (0) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 6 | CAD | 9 | (0) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 217 | CAD | 298 | 3 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 1402 | EUR | 1205 | (19) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 1720 | EUR | 1470 | (14) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 1183 | EUR | 1011 | (9) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 1176 | EUR | 1005 | (9) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 585 | EUR | 500 | (5) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 456 | EUR | 390 | (4) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 119 | EUR | 102 | (1) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 49 | EUR | 43 | (1) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 656 | EUR | 558 | (1) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 478 | EUR | 406 | (1) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 101 | EUR | 86 | (1) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 163 | EUR | 139 | (1) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 375 | EUR | 319 | (1) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 133 | EUR | 113 | (1) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 38 | EUR | 32 | 0 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contract<br>Settlement<br>Date** | **Currency**<br> **and Amount**<br> **to be Received** | **Currency**<br> **and Amount**<br> **to be Received** | **Currency and<br>Amount to be<br>Delivered** | **Currency and<br>Amount to be<br>Delivered** | **Unrealized<br>Appreciation/<br>Depreciation** |
|  State Street Bank and Trust Company | 12/17/25 | USD | 117 | EUR | 99 | $0 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 60 | EUR | 51 | (0) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 125 | EUR | 106 | (0) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 151 | EUR | 128 | (0) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 135 | EUR | 115 | (0) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 96 | EUR | 81 | 0 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 128 | EUR | 108 | 0 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 425 | EUR | 358 | 2 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 235 | EUR | 197 | 3 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 562 | EUR | 473 | 4 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 691 | GBP | 515 | (1) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 112 | GBP | 84 | (1) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 289 | GBP | 215 | (1) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 86 | GBP | 64 | (0) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 114 | GBP | 85 | (0) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 35 | GBP | 26 | (0) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 136 | GBP | 101 | 0 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 23 | GBP | 17 | (0) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 62 | GBP | 46 | 0 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 217 | GBP | 162 | (0) |
|  State Street Bank and Trust Company | 12/17/25 | USD | 32 | GBP | 24 | 0 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 91 | GBP | 67 | 1 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 58 | JPY | 8547 | 0 |
|  State Street Bank and Trust Company | 12/17/25 | USD | 4 | JPY | 591 | 0 |
|  **Total Forward Foreign Currency Exchange Contracts** | **Total Forward Foreign Currency Exchange Contracts** | **Total Forward Foreign Currency Exchange Contracts** | **Total Forward Foreign Currency Exchange Contracts** | **Total Forward Foreign Currency Exchange Contracts** | **Total Forward Foreign Currency Exchange Contracts** | $**(67)** |

---

Credit Default Swaps (Over-The-Counter)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Fund Pays** | **Fund<br>Receives** | **Notional<br>Amount** | **Expiration<br>Date** | **Periodic<br>Payment<br>Frequency** | **Fair<br>Value<sup>(b)</sup>** | **Unrealized<br>Appreciation/<br>Depreciation** |
|  JPMorgan Chase Bank, N.A. | Petroleos<br> Mexicanos | 1.0% | $(6) | 6/20/26 | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

Total Return Debt Swaps (Over-The-Counter)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Fund Pays** | **Fund<br>Receives** | **Notional<br>Amount** | **Expiration<br>Date** | **Periodic<br>Payment<br>Frequency** | **Fair<br>Value<sup>(b)</sup>** | **Unrealized<br>Appreciation/<br>Depreciation** |
|  Goldman Sachs & Co. LLC | 1 day USD<br> OBFR+0.54% | Bausch Health<br> Cos., Inc. | $5 | 9/25/26 | Annually | $(1) | $(1) |
|  Goldman Sachs & Co. LLC | 1 day USD<br> OBFR+0.54% | Bausch Health<br> Cos., Inc. | $4 | 9/28/26 | Annually |  | (0) |
|  Goldman Sachs & Co. LLC | 1 day USD<br> OBFR+0.54% | Bausch Health<br> Cos., Inc. | $0 | 9/29/26 | Annually |  | (0) |
|  Goldman Sachs & Co. LLC | 1 day USD<br> OBFR+0.54% | Bausch Health<br> Cos., Inc. | $1 | 10/02/26 | Annually |  | (0) |
|  Goldman Sachs & Co. LLC | 1 day USD<br> OBFR+0.54% | Bausch Health<br> Cos., Inc. | $0 | 10/09/26 | Annually |  | (0) |
|  Goldman Sachs & Co. LLC | 1 day USD<br> OBFR+0.54% | Bausch Health<br> Cos., Inc. | $6 | 10/12/26 | Annually | (1) | (1) |
|  Goldman Sachs & Co. LLC | 1 day USD<br> OBFR+0.54% | Bausch Health<br> Cos., Inc. | $9 | 10/15/26 | Annually | (1) | (1) |
|  Goldman Sachs & Co. LLC | 1 day USD<br> OBFR+0.54% | Bausch Health<br> Cos., Inc. | $2 | 10/16/26 | Annually |  | (0) |
|  **Total Return Debt Swaps (Over-The-Counter)** |  |  |  |  |  | $**(3)** | $**(3)** |

---

Unfunded Commitments

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br>Commitment** | **Unrealized<br>Appreciation/<br>Depreciation** |
|  1578 Lex JV LLC | $551 | $0 |
|  Finance Ireland Agri Funding DAC | 1707 |  |
|  Iron Oak Energy Solutions LLC | 889 | 0 |
|  LHS Borrower LLC | 272 | 0 |
|  **Total Unfunded Commitments** | **$3419** | **$0** |

---

**Footnotes** 

(a) Denominated in U.S. dollars unless otherwise noted.

(b) Fair value is determined by GoldenTree Opportunistic Credit Fund's (the "Fund") investment adviser,
GoldenTree Asset Management Credit Advisor LLC (the "Advisor'"), which has been designated by the Fund's board of trustees (the "Board") as its valuation designee.

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

(c) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and,
unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At September 30, 2025, these securities amounted to $46,402, which
represents 27.3% of the Fund's net assets.

(d) Principal only security. This security entitles the holder to receive principal payments from an underlying pool of assets
or on the security itself.

(e) Payment-in-kind (PIK) security.

(f) Variable or floating rate security. The interest rate shown was the current rate as of September 30, 2025 and changes
periodically.

(g) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S
applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at September 30, 2025
amounted to $8,045, which represents 4.9% of the Fund's net assets.

(h) All or a portion of investments is owned by GoldenTree Opportunistic Credit Fund Cayman LP a wholly-owned subsidiary of
the Fund.

(i) Security converts to floating rate after the indicated fixed–rate coupon period.

(j) Perpetual security which has no stated maturity date, but may be called/redeemed by the issuer.

(k) Index-linked bond whose principal amount adjusts according to a government retail price index.

(l) Step bond, for which coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset
in the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of September 30, 2025.

(m) Defaulted security.

(n) Non-income producing security.

(o) Open reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

(p) Includes the effect of investments sold short, forward foreign currency exchange contracts, swap contracts and reverse
repurchase agreements payable.

(q) All or a portion of the security has been segregated with the broker as collateral for open reverse repurchase agreements.
The value of the securities is $740.

**Abbreviations** 

---

| | |
|:---|:---|
|  ABN | ABN AMRO Bank NV |
|  ADR | American Depositary Receipt |
|  CLO | Collateralized Loan Obligation |
|  EURIBOR | Euro Interbank Offer Rate |
|  REIT | Real Estate Investment Trust |
|  SOFR | Secured Overnight Financing Rate |
|  SONIA | Sterling Overnight Interbank Average |
|  SPDR | Standard & Poor's Depositary Receipt |

---

------

**GoldenTree Opportunistic Credit Fund**

**Unaudited Consolidated Schedule of Investments (continued)** 

As of September 30, 2025 (in thousands, except share amounts)

**Currency** 

---

| | |
|:---|:---|
|  AUD | Australia Dollar |
|  BRL | Brazil Real |
|  CAD | Canada Dollar |
|  EUR | Euro Member Countries |
|  GBP | United Kingdom Pound |
|  JPY | Japan Yen |
|  TWD | Taiwan New Dollar |
|  USD | United States Dollar |
|  R$ | Brazil Real |
|  € | Euro Member Countries |
|  TRY | Turkish Lira |
|  £ | United Kingdom Pound |
|  $ | United States Dollar |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** GoldenTree Opportunistic Credit Fund

- **b. Investment Company Act file number:** 811-24046

- **c. CIK number of Registrant:** 0002052250

- **d. LEI of Registrant:** 984500397060C70T3790

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

  - **Street Address 1:** 300 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 212-847-3500

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

- **a. Name of Series:** GoldenTree Opportunistic Credit Fund

- **c. LEI of Series:** 984500397060C70T3790

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

- **a. Date of fiscal year-end:** 2025-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $188268648.40

**Total Liabilities:** $18609195.27

**Net Assets:** $169659453.13

**Delayed Delivery Securities:** $10143291.77

**Cash Not Reported:** $5140705.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -52.93000000 | **1-Year:** -1644.86000000 | **5-Year:** -1640.40000000 | **10-Year:** -602.97000000 | **30-Year:** -181.79000000

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

- **3-Month:** -296.85000000 | **1-Year:** -6419.55000000 | **5-Year:** -21173.77000000 | **10-Year:** -7283.81000000 | **30-Year:** -1405.18000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.47%                | 1.56%                | 2.12%                |
| Class ID N/A | 0.22%                | 1.45%                | 2.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $38208.50                | $54684.00                                  |
| Month 2  | $32929.18                | $1202901.29                                |
| Month 3  | $153250.45               | $1375113.36                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SUNOCO LP                                 | Sunoco LP                                                                                                | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    292000 | PA      | $296587.32    | 0.17%             | 2030-09-18      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| X.AI LLC/X.AI CO ISSUER                   | X.AI LLC / X.AI Co Issuer Corp                                                                           | CUSIP: 983984AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    709000 | PA      | $743526.88    | 0.44%             | 2030-06-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                      | Matador Resources Co                                                                                     | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    277000 | PA      | $279650.61    | 0.16%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Evraz Inc NA Canada                       | Evraz Inc NA Canada Term Loan                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   1561000 | PA      | $1530248.30   | 0.90%             | 2031-07-31      | Floating      | 11.31%                | No            |                  3 | On Loan: No      |
| CROWN FINANCE US INC                      | Crown Finance US Inc 2025 Term Loan B                                                                    | CUSIP: 22834KAV3<br>LEI: 254900ABTWPQTCKKR839 | Long             | LON              | CORP              | US        |   1082900 | PA      | $1082022.85   | 0.64%             | 2031-12-02      | Floating      | 8.63%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                  | Outfront Media Capital LLC / Outfront Media Capital Corp                                                 | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    126000 | PA      | $121097.47    | 0.07%             | 2030-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                          | Deutsche Bank AG                                                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $256236.56    | 0.15%             | 2029-10-30      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                  | Performance Food Group Inc                                                                               | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    170000 | PA      | $174132.87    | 0.10%             | 2032-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Rohm Holding GmbH                         | Rohm Holding GmbH USD Term Loan B                                                                        | CUSIP: 000000000<br>LEI: 529900TDB6090VCVJG31 | Long             | LON              | CORP              | DE        |    345927 | PA      | $335837.89    | 0.20%             | 2026-07-31      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                  | Antero Midstream Partners LP / Antero Midstream Finance Corp                                             | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $370775.52    | 0.22%             | 2032-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HEXION HOLDINGS CORPORATION               | Hexion Holdings Corporation 2024 Term Loan B                                                             | CUSIP: 00217XAE6<br>LEI: 549300LBB370MUHGLV84 | Long             | LON              | CORP              | US        |    244660 | PA      | $244617.13    | 0.14%             | 2029-03-15      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Endure Digital Inc                        | Endure Digital Inc Non-CoOp Term Loan                                                                    | CUSIP: 29279UAB2<br>LEI: 549300UTQC2651SB0W88 | Long             | LON              | CORP              | US        |    349088 | PA      | $253088.85    | 0.15%             | 2028-02-10      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| SPN NEW UN PE                             | SPN NEW UN PE                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10996 | NS      | $796660.20    | 0.47%             |  |  |  | No            |                  3 | On Loan: No      |
| LIGHTNING POWER LLC                       | Lightning Power LLC                                                                                      | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    298000 | PA      | $315497.37    | 0.19%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| IVANTI SOFTWARE INC                       | Ivanti Software Inc 2025 1st Lien Term Loan                                                              | CUSIP: 46583DAH2<br>LEI: 254900GHAXAYKWDX9F60 | Long             | LON              | CORP              | US        |    415455 | PA      | $347112.87    | 0.20%             | 2029-06-01      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| Victoria's Secret & Co                    | Victoria's Secret & Co                                                                                   | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |      5907 | NS      | $160315.98    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GRIFOLS SA                                | Grifols SA                                                                                               | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    135000 | PA      | $166767.20    | 0.10%             | 2030-05-01      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Salesforce Inc                            | Salesforce Inc                                                                                           | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       422 | NS      | $100014.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust                    | SPDR S&P 500 ETF Trust                                                                                   | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Short            | EC               | RF                | US        |      -472 | NS      | $-314436.96   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-397.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cerba Healthcare SAS                      | Cerba Healthcare SAS 2021 EUR Term Loan B                                                                | CUSIP: 000000000<br>LEI: 9845000C1FYE89DC8677 | Long             | LON              | CORP              | FR        |    115000 | PA      | $94890.47     | 0.06%             | 2028-06-30      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                  | Ford Motor Credit Co LLC                                                                                 | CUSIP: 345397XU2<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    239000 | PA      | $238912.19    | 0.14%             | 2026-01-08      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                  | Brazil Notas do Tesouro Nacional Serie B                                                                 | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    195000 | PA      | $155895.26    | 0.09%             | 2030-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Envision Healthcare Operating Inc         | Envision Healthcare Operating Inc Replacement Term Loan                                                  | CUSIP: 29414YAC8<br>LEI: 2549008OEFCKI8NXLV86 | Long             | LON              | CORP              | US        |    220678 | PA      | $222241.46    | 0.13%             | 2030-06-25      | Floating      | 10.66%                | No            |                  2 | On Loan: No      |
| Nordstrom Inc                             | Nordstrom Inc                                                                                            | CUSIP: 655664AR1<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    339000 | PA      | $249031.94    | 0.15%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRON OAK ENERGY SOLUTIONS LLC             | Iron Oak Energy Solutions LLC Additional Facility                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2224000 | PA      | $2159726.40   | 1.27%             | 2030-08-08      | Floating      | 9.74%                 | No            |                  3 | On Loan: No      |
| Cloudera Inc                              | Cloudera Inc 2021 Term Loan                                                                              | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |    282900 | PA      | $279068.00    | 0.16%             | 2028-10-08      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO                  | Wildfire Intermediate Holdings LLC                                                                       | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    148000 | PA      | $149535.50    | 0.09%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                  | Blue Racer Midstream LLC / Blue Racer Finance Corp                                                       | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $173524.56    | 0.10%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP BIDCO LTD                     | BOOTS GROUP BIDCO LTD USD TERM LOAN                                                                      | CUSIP: 09947PAB7<br>LEI: 254900YVLYOVF1PF1N93 | Long             | LON              | CORP              | US        |     56000 | PA      | $56221.48     | 0.03%             | 2032-08-30      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                   | Macy's Retail Holdings LLC                                                                               | CUSIP: 55617LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $96337.50     | 0.06%             | 2034-07-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| OID OL INTERMEDIATE I LLC                 | OID OL INTERMEDIATE I LLC REVOLVER                                                                       | CUSIP: 67089SAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2785000 | PA      | $2576125.00   | 1.52%             | 2028-11-02      | Floating      | 7.91%                 | No            |                  3 | On Loan: No      |
| JPMorgan Chase Bank NA                    | PURCHASED USD / SOLD BRL                                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-250.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                    | Energizer Holdings Inc                                                                                   | CUSIP: 29272WAG4<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    171000 | PA      | $167242.16    | 0.10%             | 2033-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HPS Loan Management Ltd                   | HPS Loan Management 2021-16 Ltd                                                                          | CUSIP: 40440XAS0<br>LEI: 529900WV2JMUABMCHN18 | Long             | ABS-CBDO         | CORP              | KY        |    575000 | PA      | $576875.08    | 0.34%             | 2035-01-23      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $2675.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CALPINE CORP                              | Calpine Corp                                                                                             | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169503.14    | 0.10%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                        | Rithm Capital Corp                                                                                       | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |    180000 | PA      | $184241.16    | 0.11%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN                   | Borr IHC Ltd / Borr Finance LLC                                                                          | CUSIP: 100018AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     17805 | PA      | $17643.88     | 0.01%             | 2028-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp                                                             | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    319000 | PA      | $275795.58    | 0.16%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD GBP                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1418.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                         | Chord Energy Corp                                                                                        | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303956.61    | 0.18%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                   | Turkiye Government Bond                                                                                  | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |  12900000 | PA      | $306542.64    | 0.18%             | 2026-08-12      | Fixed         | 36.00%                | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                     | Tenet Healthcare Corp                                                                                    | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89970.28     | 0.05%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                  | Olympus Water US Holding Corp                                                                            | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    335000 | PA      | $371623.96    | 0.22%             | 2029-10-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos Inc                     | Bausch Health Cos Inc                                                                                    | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | CA        |     52520 | NS      | $338754.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ZI TECH LLC/ZI FIN CORP                   | ZoomInfo Technologies LLC/ZoomInfo Finance Corp                                                          | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $170607.20    | 0.10%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VIBRANTZ TECH INC                         | Vibrantz Technologies Inc                                                                                | CUSIP: 69357VAA3<br>LEI: 549300GYZ1T3S8OPH343 | Long             | DBT              | CORP              | US        |    608000 | PA      | $343520.00    | 0.20%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| United Parks & Resorts Inc                | United Parks & Resorts Inc                                                                               | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Long             | EC               | CORP              | US        |      3118 | NS      | $161200.60    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| POST HOLDINGS INC                         | Post Holdings Inc                                                                                        | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128509.78    | 0.08%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                  | Lloyds Banking Group PLC                                                                                 | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $284613.01    | 0.17%             | 2028-03-27      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2025-8                                                                        | CUSIP: 924930AJ9<br>LEI: 213800K8E68XJS6Z1D09 | Long             | ABS-MBS          | CORP              | US        |    740000 | PA      | $740000.00    | 0.44%             | 2070-09-25      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                         | Newell Brands Inc                                                                                        | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     79000 | PA      | $77965.73     | 0.05%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                          | Cinemark USA Inc                                                                                         | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |    180000 | PA      | $187083.54    | 0.11%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PIRAEUS FINANCIAL HLDGS                   | Piraeus Financial Holdings SA                                                                            | CUSIP: 000000000<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | DBT              | CORP              | GR        |    200000 | PA      | $242549.47    | 0.14%             | 2026-06-16      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| PRP Advisors, LLC                         | PRPM 2025-RCF4 LLC                                                                                       | CUSIP: 69382WAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $94924.36     | 0.06%             | 2055-08-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Invesco S&P 500 Equal Weight ETF          | Invesco S&P 500 Equal Weight ETF                                                                         | CUSIP: 46137V357<br>LEI: 549300F8VBQFIX481R47 | Short            | EC               | RF                | US        |       -19 | NS      | $-3604.30     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| QVC Inc                                   | QVC Inc                                                                                                  | CUSIP: 747262AM5<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |     43000 | PA      | $22092.82     | 0.01%             | 2043-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                   | Howard Midstream Energy Partners LLC                                                                     | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    223000 | PA      | $231479.58    | 0.14%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Consolidated Energy Finance SA            | Consolidated Energy Finance SA 2024 Term Loan B                                                          | CUSIP: 000000000<br>LEI: 549300PUNIS0USNSL750 | Long             | LON              | CORP              | LU        |    279291 | PA      | $262384.25    | 0.15%             | 2030-11-15      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| Invesco CLO Ltd                           | Invesco CLO 2021-3 Ltd                                                                                   | CUSIP: 46151VAG6<br>LEI: 5493000BVI47XOSBML18 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $750000.00    | 0.44%             | 2034-10-22      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                          | MGM Resorts International                                                                                | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254698.50    | 0.15%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce        | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DFE              |  | US        |         1 | NC      | $-5790.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                                   | MPLX LP                                                                                                  | CUSIP: 55336VCC2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    128000 | PA      | $128278.06    | 0.08%             | 2035-09-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International               | PURCHASED AUD / SOLD USD                                                                                 | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | AU        |         1 | NC      | $3518.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                    | PURCHASED USD / SOLD BRL                                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-1167.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                   | MPT Operating Partnership LP / MPT Finance Corp                                                          | CUSIP: 55342UAL8<br>LEI: N/A                  | Long             | DBT              |  | US        |    200000 | PA      | $221036.92    | 0.13%             | 2028-06-05      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Development Co     | PUERTO RICO CMWLTH INDL DEV COMPANY GEN PURPOSE REVENUES                                                 | CUSIP: 745211LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $83855.21     | 0.05%             | 2054-01-01      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                 | ONEOK Inc                                                                                                | CUSIP: 682680DA8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    170000 | PA      | $156842.80    | 0.09%             | 2047-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| DELIVERY HERO AG                          | Delivery Hero SE                                                                                         | CUSIP: 000000000<br>LEI: 529900C3EX1FZGE48X78 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $106059.04    | 0.06%             | 2029-03-10      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| BHMS Mortgage Trust                       | BHMS Commercial Mortgage Trust 2025-ATLS                                                                 | CUSIP: 088928AE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100062.50    | 0.06%             | 2042-08-15      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| PMHC II Inc                               | PMHC II Inc 2022 Term Loan B                                                                             | CUSIP: 69346EAG2<br>LEI: 549300GYZ1T3S8OPH343 | Long             | LON              | CORP              | US        |    973796 | PA      | $789266.77    | 0.47%             | 2029-04-23      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                        | Viking Cruises Ltd                                                                                       | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    545000 | PA      | $584959.40    | 0.34%             | 2031-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                    | Cloud Software Group Inc                                                                                 | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    493000 | PA      | $501856.33    | 0.30%             | 2033-08-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                     | Venture Global Plaquemines LNG LLC                                                                       | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    140000 | PA      | $158019.16    | 0.09%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Contego CLO DAC                           | Contego CLO III BV                                                                                       | CUSIP: 000000000<br>LEI: 724500XA96HF0GU8WL83 | Long             | ABS-CBDO         | CORP              | NL        |    505000 | PA      | $594572.29    | 0.35%             | 2038-04-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-8698.88     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-13714.53    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1438.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                         | Seagate Data Storage Technology Pte Ltd                                                                  | CUSIP: 81180LAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    180000 | PA      | $174137.18    | 0.10%             | 2029-06-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| CHC GROUP LLC                             | CHC Group LLC                                                                                            | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     70000 | PA      | $69019.32     | 0.04%             | 2030-09-01      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                             | EchoStar Corp                                                                                            | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    224000 | PA      | $246438.08    | 0.15%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                      | Michaels Cos Inc/The                                                                                     | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    316000 | PA      | $263860.00    | 0.16%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                       | Sirius XM Radio LLC                                                                                      | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    190000 | PA      | $172193.64    | 0.10%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Pediatric Associates Holding Company LLC  | Pediatric Associates Holding Company LLC 2021 Term Loan B                                                | CUSIP: 70533DAF7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     72303 | PA      | $69311.84     | 0.04%             | 2028-12-29      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                        | Osaic Holdings Inc                                                                                       | CUSIP: 00791GAC1<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     64000 | PA      | $66329.41     | 0.04%             | 2033-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU                  | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp                                       | CUSIP: 74052HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $11340.00     | 0.01%             | 2029-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                         | NatWest Group PLC                                                                                        | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200231.60    | 0.12%             | 2025-12-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP INC                  | Cloud Software Group Inc 2025 Term Loan B (2032)                                                         | CUSIP: 88632NBL3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    118053 | PA      | $118549.76    | 0.07%             | 2032-08-13      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| AMC Entertainment Holdings, Inc.          | AMC Entertainment Holdings Inc 2024 Term Loan                                                            | CUSIP: 00164CAD7<br>LEI: 549300ZO77UNR6NRBR11 | Long             | LON              | CORP              | US        |    673312 | PA      | $676436.67    | 0.40%             | 2029-01-04      | Floating      | 11.14%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                    | PURCHASED BRL / SOLD USD                                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | BR        |         1 | NC      | $24.27        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SPRINT LLC                                | Sprint LLC                                                                                               | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    390000 | PA      | $390871.47    | 0.23%             | 2026-03-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                          | DT Midstream Inc                                                                                         | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $121958.02    | 0.07%             | 2029-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COMPANIES INC               | Bausch Health Companies Inc 2025 Term Loan B                                                             | CUSIP: 000000000<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | LON              | CORP              | CA        |   1735838 | PA      | $1714677.64   | 1.01%             | 2030-10-08      | Floating      | 10.38%                | No            |                  2 | On Loan: No      |
| Summit Behavioral Healthcare LLC          | Summit Behavioral Healthcare LLC 2025 FLSO Term Loan                                                     | CUSIP: 000000000<br>LEI: 254900QVBD0VL3INID05 | Long             | LON              | CORP              | US        |    113343 | PA      | $100875.39    | 0.06%             | 2030-10-24      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                     | Bausch Health Cos Inc                                                                                    | CUSIP: 071734AR8<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      5000 | PA      | $5012.50      | 0.00%             | 2030-10-15      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| IVANTI SOFTWARE INC                       | Ivanti Software Inc 2025 Newco Term Loan                                                                 | CUSIP: 46583VAB5<br>LEI: 254900GHAXAYKWDX9F60 | Long             | LON              | CORP              | US        |    748000 | PA      | $770907.50    | 0.45%             | 2029-06-01      | Floating      | 9.88%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                         | Post Holdings Inc                                                                                        | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    145000 | PA      | $146349.81    | 0.09%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG                     | Illuminate Buyer LLC / Illuminate Holdings IV Inc                                                        | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $591864.40    | 0.35%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FINANCE IR 07/28                          | FINANCE IR 07/28                                                                                         | CUSIP: 000000000<br>LEI: 894500TXYJQODS3QTP91 | Long             | ABS-O            | CORP              | IE        |    962296 | PA      | $1129784.26   | 0.67%             | 2028-07-14      | Floating      | 7.98%                 | No            |                  3 | On Loan: No      |
| AP Core Holdings II LLC                   | AP Core Holdings II LLC Amortization Term Loan B1                                                        | CUSIP: 00187GAC3<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |    690860 | PA      | $674234.90    | 0.40%             | 2027-09-01      | Floating      | 9.75%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                     | Tenet Healthcare Corp                                                                                    | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41411.15     | 0.02%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                              | Comcast Corp                                                                                             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      4770 | NS      | $149873.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EUROBANK ERG SVCS HLDGS                   | Eurobank Ergasias Services and Holdings SA                                                               | CUSIP: 000000000<br>LEI: JEUVK5RWVJEN8W0C9M24 | Long             | DBT              | CORP              | GR        |    135000 | PA      | $170384.10    | 0.10%             | 2034-04-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                                                      | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Short            | DBT              | UST               | US        |  -1021000 | PA      | $-1024270.39  | -0.60%            | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                  | Warnermedia Holdings Inc                                                                                 | CUSIP: 55903VBE2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5940.00      | 0.00%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| X Corp.                                   | X Corp 2025 Fixed Term Loan                                                                              | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    963339 | PA      | $969359.87    | 0.57%             | 2029-10-26      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Northwoods Capital Ltd                    | Northwoods Capital 25 Ltd                                                                                | CUSIP: 668468AQ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $750000.00    | 0.44%             | 2034-07-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                       | Petroleos Mexicanos                                                                                      | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    202000 | PA      | $200182.61    | 0.12%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                  | Builders FirstSource Inc                                                                                 | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    342000 | PA      | $353508.64    | 0.21%             | 2032-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FINANCE IR 07/28                          | FINANCE IR 07/28                                                                                         | CUSIP: 000000000<br>LEI: 894500TXYJQODS3QTP91 | Long             | ABS-O            | CORP              | IE        |   1706834 | PA      | $0.00         | 0.00%             | 2028-07-14      | Fixed         | 1.50%                 | No            |                  3 | On Loan: No      |
| XPO INC                                   | XPO Inc                                                                                                  | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    120000 | PA      | $126027.96    | 0.07%             | 2032-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Buzzi SpA                                 | Buzzi SpA                                                                                                | CUSIP: 000000000<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |       997 | NS      | $54733.91     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| OID-OL Intermediate I LLC                 | OID-OL Intermediate I LLC Term Loan 1                                                                    | CUSIP: 67089SAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    543000 | PA      | $562572.44    | 0.33%             | 2029-02-01      | Floating      | 10.16%                | No            |                  2 | On Loan: No      |
| Palmer Square European Loan Funding       | Palmer Square European Loan Funding 2025-2 DAC                                                           | CUSIP: 000000000<br>LEI: 254900595EZPT26ANZ17 | Long             | ABS-CBDO         | CORP              | IE        |    505000 | PA      | $596452.96    | 0.35%             | 2035-02-15      | Floating      | 4.55%                 | Yes           |                  2 | On Loan: No      |
| AMC NETWORKS INC                          | AMC Networks Inc                                                                                         | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    290000 | PA      | $305587.50    | 0.18%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| DURST Commercial Mortgage Trust           | Durst Commercial Mortgage Trust 2025-151                                                                 | CUSIP: 266895AG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190000 | PA      | $195163.69    | 0.12%             | 2042-08-10      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                     | Directv Financing LLC / Directv Financing Co-Obligor Inc                                                 | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1358003.52   | 0.80%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce        | PURCHASED USD / SOLD CAD                                                                                 | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DFE              |  | US        |         1 | NC      | $78.70        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                     | Mineral Resources Ltd                                                                                    | CUSIP: 603051AF0<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     88000 | PA      | $89138.37     | 0.05%             | 2031-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Cotiviti Corporation                      | Cotiviti Corporation 2024 Fixed Term Loan B                                                              | CUSIP: 22164MAD9<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    395000 | PA      | $397838.08    | 0.23%             | 2031-05-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| RED PLANET BORROWER LLC                   | RED PLANET BORROWER LLC 2025 TERM LOAN B                                                                 | CUSIP: 57165KAE6<br>LEI: 254900LGTHBRY5NA0C90 | Long             | LON              | CORP              | US        |    270000 | PA      | $263250.00    | 0.16%             | 2032-09-08      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Battalion CLO LTD                         | Battalion CLO IX Ltd                                                                                     | CUSIP: 07132EAW5<br>LEI: 549300JMWGEYZEC6GK98 | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $651623.05    | 0.38%             | 2031-07-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Toro European CLO                         | Toro European CLO 7 DAC                                                                                  | CUSIP: 000000000<br>LEI: 635400B4VLIGNRNR9O61 | Long             | ABS-CBDO         | CORP              | IE        |    250000 | PA      | $294165.44    | 0.17%             | 2034-02-15      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Madison Park Euro Funding                 | Madison Park Euro Funding XIII DAC                                                                       | CUSIP: 000000000<br>LEI: 635400DWZPBUYDTIFB95 | Long             | ABS-CBDO         | CORP              | IE        |    355000 | PA      | $418817.74    | 0.25%             | 2032-01-15      | Floating      | 4.40%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                             | TransDigm Inc                                                                                            | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    380000 | PA      | $391227.10    | 0.23%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2025-7                                                                        | CUSIP: 924931AJ7<br>LEI: 213800OVCAXDOBS94P47 | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $751315.05    | 0.44%             | 2070-08-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                   | Long: 10076915E TRS USD R E RE / Short: 10076915E TRS USD P V 00MOBFR PV OBFR+54BPS                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      6161 | OU      | $-672.48      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                  | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC                            | CUSIP: 44287DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     73000 | PA      | $75737.35     | 0.04%             | 2032-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                  | Olympus Water US Holding Corp                                                                            | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $117401.54    | 0.07%             | 2033-02-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                   | Long: 10076915  TRS USD R E RE / Short: 10076915  TRS USD P V 00MOBFR PV OBFR+54BPS                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      4606 | OU      | $-464.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                        | New Flyer Holdings Inc                                                                                   | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    205000 | PA      | $219425.52    | 0.13%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                     | Bausch Health Cos Inc                                                                                    | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    155000 | PA      | $120973.65    | 0.07%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD CAD                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-10.20       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                 | Bausch & Lomb Corporation 2025 Term Loan B                                                               | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    359100 | PA      | $359773.31    | 0.21%             | 2031-01-15      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-500.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| URBAN ONE INC                             | Urban One Inc                                                                                            | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |     30000 | PA      | $15774.90     | 0.01%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-9432.24     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BOOTS PREF                                | BOOTS PREF                                                                                               | CUSIP: 000000000<br>LEI: 549300RPTUOIXG4LIH86 | N/A              | DE               |  | JE        |     25422 | NS      | $302521.80    | 0.18%             |  |  |  | No            |                  3 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                  | Olympus Water US Holding Corp                                                                            | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209900.00    | 0.12%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                         | NatWest Group PLC                                                                                        | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     14377 | NS      | $100854.59    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                   | MPT Operating Partnership LP / MPT Finance Corp                                                          | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              |  | US        |    310000 | PA      | $258700.98    | 0.15%             | 2029-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Delivery Hero SE                          | Delivery Hero SE                                                                                         | CUSIP: 000000000<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |      2240 | NS      | $64195.21     | 0.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| FORD MOTOR CREDI                          | Ford Motor Credit Co LLC                                                                                 | CUSIP: 345397B69<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    140000 | PA      | $127330.82    | 0.08%             | 2031-06-17      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Nokia OYJ                                 | Nokia Oyj                                                                                                | CUSIP: 654902AC9<br>LEI: 549300A0JPRWG1KI7U06 | Long             | DBT              | CORP              | FI        |    165000 | PA      | $173475.56    | 0.10%             | 2039-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD GBP                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $196.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC                | Amneal Pharmaceuticals LLC 2025 Term Loan B                                                              | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |    480000 | PA      | $480398.40    | 0.28%             | 2032-08-01      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                   | Frontier Communications Holdings LLC                                                                     | CUSIP: 35908MAE0<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |    717000 | PA      | $755905.14    | 0.45%             | 2031-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                    | Long: 10076576  CDS USD R F  1.00000 FIX CORPORATE / Short: 10076576  CDS USD P V 03MEVENT FLO CORPORATE | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | US        |    455000 | OU      | $-725.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                  | Venture Global Calcasieu Pass LLC                                                                        | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    104000 | PA      | $93706.58     | 0.06%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                         | BARCLAYS BANK PLC                                                                                        | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |   1390000 | PA      | $1390000.00   | 0.82%             | 2033-08-31      | Floating      | 11.71%                | No            |                  3 | On Loan: No      |
| RINGCENTRAL INC                           | RingCentral Inc                                                                                          | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |    160000 | PA      | $170245.28    | 0.10%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                              | SM Energy Co                                                                                             | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75359.48     | 0.04%             | 2029-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                       | Intesa Sanpaolo SpA                                                                                      | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    230000 | PA      | $230560.05    | 0.14%             | 2026-01-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN                   | Borr IHC Ltd / Borr Finance LLC                                                                          | CUSIP: 100018AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    477500 | PA      | $477415.37    | 0.28%             | 2030-11-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                  | Liberty Mutual Group Inc                                                                                 | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    585000 | PA      | $368340.55    | 0.22%             | 2061-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce        | PURCHASED USD / SOLD JPY                                                                                 | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DFE              |  | US        |         1 | NC      | $14.63        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                       | Altice Financing SA                                                                                      | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    440000 | PA      | $331100.00    | 0.20%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ADLER PELZER HLDG GMBH                    | Adler Pelzer Holding GmbH                                                                                | CUSIP: 000000000<br>LEI: 984500950ABB2CB7E742 | Long             | DBT              | CORP              | DE        |    240000 | PA      | $267444.04    | 0.16%             | 2027-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                  | Diversified Healthcare Trust                                                                             | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              |  | US        |    248000 | PA      | $219081.24    | 0.13%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                        | Ally Financial Inc                                                                                       | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    270000 | PA      | $248835.19    | 0.15%             | 2028-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE INC               | GLOBAL MEDICAL RESPONSE INC 2025 TERM LOAN B                                                             | CUSIP: 37956SAB0<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |    280000 | PA      | $280400.40    | 0.17%             | 2032-10-01      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                   | Long: 10076915F TRS USD R E RE / Short: 10076915F TRS USD P V 00MOBFR PV OBFR+54BPS                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      8554 | OU      | $-897.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DISH DBS CORP                             | DISH DBS Corp                                                                                            | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    302000 | PA      | $258261.30    | 0.15%             | 2029-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                | Grifols SA                                                                                               | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    100000 | PA      | $123618.14    | 0.07%             | 2030-05-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                  | Occidental Petroleum Corp                                                                                | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     74000 | PA      | $78637.36     | 0.05%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                  | Nidda Healthcare Holding GmbH                                                                            | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |    160000 | PA      | $192356.46    | 0.11%             | 2030-02-21      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                   | MPT Operating Partnership LP / MPT Finance Corp                                                          | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              |  | US        |    539000 | PA      | $572720.92    | 0.34%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD GBP                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-364.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD GBP                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $671.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                                                      | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Short            | DBT              | UST               | US        |   -268000 | PA      | $-271151.09   | -0.16%            | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp                             | DISH DBS Corp                                                                                            | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $207994.79    | 0.12%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Olympus Water US Holding Corporation      | Olympus Water US Holding Corporation 2024 EUR Term Loan B                                                | CUSIP: 68163YAH8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | LON              | CORP              | US        |    210000 | PA      | $248212.39    | 0.15%             | 2031-06-20      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO                      | Veritiv Operating Co                                                                                     | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |    205000 | PA      | $220011.73    | 0.13%             | 2030-11-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                         | Jamestown CLO IX Ltd                                                                                     | CUSIP: 47048JBM4<br>LEI: 254900NFTK4YH0WYT485 | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $571296.18    | 0.34%             | 2034-07-25      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD GBP                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-34.29       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                                                      | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Short            | DBT              | UST               | US        |    -10000 | PA      | $-10082.81    | -0.01%            | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust        | EFMT 2025-NQM3                                                                                           | CUSIP: 26846YAG3<br>LEI: 254900QTMZ2ZHRYMFA85 | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $483808.42    | 0.29%             | 2070-08-25      | Variable      | 6.45%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                     | Bausch Health Cos Inc                                                                                    | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    372000 | PA      | $262260.00    | 0.15%             | 2030-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                          | CSC Holdings LLC                                                                                         | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1142000 | PA      | $742614.44    | 0.44%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                     | Tenet Healthcare Corp                                                                                    | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249541.20    | 0.15%             | 2027-11-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MALLINCKRODT PVE                          | MALLINCKRODT PVE                                                                                         | CUSIP: 000000000<br>LEI: 549300LMDE3RUP8Z3L60 | Long             | EC               | CORP              | US        |     11231 | NS      | $1173639.50   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                     | DirecTV Financing LLC 2025 Term Loan B                                                                   | CUSIP: 25460HAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    116170 | PA      | $113846.81    | 0.07%             | 2031-02-17      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD GBP                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $227.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                  | Warnermedia Holdings Inc                                                                                 | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    166000 | PA      | $152097.50    | 0.09%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk        | Freddie Mac Mscr Trust Mn10                                                                              | CUSIP: 35563UAB4<br>LEI: 529900M14O2Z3FO2N217 | Long             | ABS-MBS          | USGSE             | US        |    360000 | PA      | $359230.64    | 0.21%             | 2045-02-25      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                     | Venture Global Plaquemines LNG LLC                                                                       | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58419.74     | 0.03%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                  | Ford Motor Credit Co LLC                                                                                 | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46640.56     | 0.03%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allen Media LLC                           | Allen Media LLC 2021 Term Loan B                                                                         | CUSIP: 01771JAG8<br>LEI: 549300ERNJNM4RN5JP79 | Long             | LON              | CORP              | US        |    103240 | PA      | $74023.40     | 0.04%             | 2027-02-10      | Floating      | 9.73%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                  | Charter Communications Operating LLC / Charter Communications Operating Capital                          | CUSIP: 161175BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $75452.75     | 0.04%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                   | MPT Operating Partnership LP / MPT Finance Corp                                                          | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              |  | US        |    425000 | PA      | $411709.27    | 0.24%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Summit Behavioral Healthcare LLC          | Summit Behavioral Healthcare LLC 2025 FLFO Term Loan                                                     | CUSIP: 000000000<br>LEI: 254900QVBD0VL3INID05 | Long             | LON              | CORP              | US        |   1221698 | PA      | $1253767.58   | 0.74%             | 2029-12-31      | Floating      | 10.01%                | No            |                  2 | On Loan: No      |
| Northwoods Capital Ltd                    | Northwoods Capital 27 Ltd                                                                                | CUSIP: 66860XAU1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $571305.30    | 0.34%             | 2034-10-17      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| JPMorgan Securities LLC                   | J P MORGAN TERM REPO                                                                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |    130935 | PA      | $130935.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| DEALER TIRE LLC/DT ISSR                   | Dealer Tire LLC / DT Issuer LLC                                                                          | CUSIP: 24229JAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $247260.76    | 0.15%             | 2028-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                           | Yum! Brands Inc                                                                                          | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    244000 | PA      | $227833.08    | 0.13%             | 2031-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $203.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Gulfport Energy Corp                      | Gulfport Energy Corp                                                                                     | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |       589 | NS      | $106597.22    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LHS BORROWER LLC                          | LHS BORROWER LLC 2025 REVOLVER                                                                           | CUSIP: 50204EAF5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    272000 | PA      | $268001.60    | 0.16%             | 2031-09-04      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                             | TransDigm Inc 2023 Term Loan J                                                                           | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     69000 | PA      | $69043.82     | 0.04%             | 2031-02-28      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                          | CSC Holdings LLC                                                                                         | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    180000 | PA      | $117873.90    | 0.07%             | 2030-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| X.AI Corp                                 | XAI Corp Fixed Term Loan                                                                                 | CUSIP: 98402XAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    392000 | PA      | $407329.16    | 0.24%             | 2030-06-28      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                                                      | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Short            | DBT              | UST               | US        |  -3031000 | PA      | $-3041063.86  | -1.79%            | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                             | DISH DBS Corp                                                                                            | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $638686.30    | 0.38%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Greetings Corporation            | American Greetings Corporation 2024 Term Loan B                                                          | CUSIP: 02639DAN6<br>LEI: 549300WMJOT8C9DNMF90 | Long             | LON              | CORP              | US        |    124199 | PA      | $124742.09    | 0.07%             | 2029-10-30      | Floating      | 9.91%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                  | EMRLD Borrower LP / Emerald Co-Issuer Inc                                                                | CUSIP: 000000000<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |    110000 | PA      | $134719.50    | 0.08%             | 2030-12-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Discovery Purchaser Corporation           | Discovery Purchaser Corporation Term Loan                                                                | CUSIP: 25471NAC0<br>LEI: 2549001LSO1ZBIPA5D65 | Long             | LON              | CORP              | US        |    300000 | PA      | $299001.00    | 0.18%             | 2029-10-04      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| SCUR-Alpha 1503 GmbH                      | SCUR-Alpha 1503 GmbH USD Term Loan B1                                                                    | CUSIP: 000000000<br>LEI: 254900GAG6U7Z5TROP43 | Long             | LON              | CORP              | DE        |    464525 | PA      | $429269.88    | 0.25%             | 2030-03-29      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                  | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                                      | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  60847966 | NS      | $60847965.50  | 35.86%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD JPY                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $39.68        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                     | Qnity Electronics Inc                                                                                    | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     99000 | PA      | $101097.41    | 0.06%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                              | SM Energy Co                                                                                             | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    310000 | PA      | $310239.01    | 0.18%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Indivior PLC                              | Indivior PLC                                                                                             | CUSIP: 000000000<br>LEI: 213800V3NCQTY7IED471 | Long             | EC               | CORP              | GB        |      4149 | NS      | $100032.39    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CABLE ONE INC                             | Cable One Inc                                                                                            | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |     99000 | PA      | $83879.27     | 0.05%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                    | Cloud Software Group Inc                                                                                 | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    524000 | PA      | $543496.15    | 0.32%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                         | Lithia Motors Inc                                                                                        | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    235000 | PA      | $223160.09    | 0.13%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LUNA 1.5 SARL                             | Luna 1.5 Sarl                                                                                            | CUSIP: 550356AA7<br>LEI: 64884UZ60Y77J5XK5C41 | Long             | DBT              | CORP              | LU        |     93000 | PA      | $96297.43     | 0.06%             | 2032-07-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Michaels Companies Inc                    | Michaels Companies Inc 2021 Term Loan B                                                                  | CUSIP: 59408UAB3<br>LEI: 549300H9LWMBP7HYLR98 | Long             | LON              | CORP              | US        |    489000 | PA      | $463075.67    | 0.27%             | 2028-04-17      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Discovery Purchaser Corporation           | Discovery Purchaser Corporation 2nd Lien Term Loan                                                       | CUSIP: 25471NAB2<br>LEI: 2549001LSO1ZBIPA5D65 | Long             | LON              | CORP              | US        |    160000 | PA      | $159267.20    | 0.09%             | 2030-10-04      | Floating      | 10.99%                | No            |                  2 | On Loan: No      |
| BOOTS GROUP BIDCO LTD                     | BOOTS GROUP BIDCO LTD GBP TERM LOAN B                                                                    | CUSIP: 000000000<br>LEI: 254900Q2CMXV6QWMW891 | Long             | LON              | CORP              | GB        |    505000 | PA      | $686434.60    | 0.40%             | 2032-08-30      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                            | Rocket Cos Inc                                                                                           | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    312000 | PA      | $322019.57    | 0.19%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD CAD                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $2519.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Flash Charm, Inc.                         | Flash Charm Inc 2024 Term Loan                                                                           | CUSIP: 45168RAT0<br>LEI: 549300VQ6S3PWR8NUC48 | Long             | LON              | CORP              | US        |     29000 | PA      | $25520.00     | 0.02%             | 2028-03-02      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| AP Core Holdings II LLC                   | AP Core Holdings II LLC High-Yield Term Loan B2                                                          | CUSIP: 00187GAD1<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |    914000 | PA      | $891245.97    | 0.53%             | 2027-09-01      | Floating      | 9.75%                 | No            |                  2 | On Loan: No      |
| ALEXANDRITE MONNET UK                     | Alexandrite Monnet UK Holdco PLC                                                                         | CUSIP: 000000000<br>LEI: 254900UEO4639PJFQ079 | Long             | DBT              |  | GB        |    795000 | PA      | $1016440.23   | 0.60%             | 2029-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                   | Global Medical Response Inc                                                                              | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    171000 | PA      | $176012.01    | 0.10%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ACProducts Inc                            | ACProducts Inc 2021 Term Loan B                                                                          | CUSIP: 00488YAB2<br>LEI: 254900KTNXVUUHWHBF39 | Long             | LON              | CORP              | US        |    374023 | PA      | $314306.86    | 0.19%             | 2028-05-17      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                  | Global Auto Holdings Ltd/AAG FH UK Ltd                                                                   | CUSIP: 00033GAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    467000 | PA      | $454157.50    | 0.27%             | 2032-01-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                   | Long: 10076915B TRS USD R E RE / Short: 10076915B TRS USD P V 00MOBFR PV OBFR01 +54BPS                   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       266 | OU      | $-26.95       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Contego CLO DAC                           | Contego CLO III BV                                                                                       | CUSIP: 000000000<br>LEI: 724500XA96HF0GU8WL83 | Long             | ABS-CBDO         | CORP              | NL        |    505000 | PA      | $594539.09    | 0.35%             | 2038-04-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                     | Bath & Body Works Inc                                                                                    | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51114.85     | 0.03%             | 2030-10-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                          | Deutsche Bank AG                                                                                         | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $252420.89    | 0.15%             | 2031-10-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust 2025-NQM4                                                      | CUSIP: 80263BAF6<br>LEI: 254900P9WEZD48ETI035 | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $479402.40    | 0.28%             | 2065-07-25      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-354.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                   | Teva Pharmaceutical Finance Netherlands III BV                                                           | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    678000 | PA      | $665946.86    | 0.39%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                  | Warnermedia Holdings Inc                                                                                 | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    373000 | PA      | $297773.36    | 0.18%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NAKED JUICE LLC                           | Naked Juice LLC 2025 FLFO Term Loan                                                                      | CUSIP: 62984CAK9<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | LON              | CORP              | US        |    375000 | PA      | $378594.38    | 0.22%             | 2029-01-24      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                       | SoftBank Group Corp                                                                                      | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    225000 | PA      | $231691.41    | 0.14%             | 2032-07-10      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                     | Nabors Industries Inc                                                                                    | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    508000 | PA      | $473105.46    | 0.28%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                  | Olympus Water US Holding Corp                                                                            | CUSIP: 16308NAA2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    180000 | PA      | $183194.54    | 0.11%             | 2027-10-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd        | Norwegian Cruise Line Holdings Ltd                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      7654 | NS      | $188518.02    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                      | Bank of America Corp                                                                                     | CUSIP: 06051GGC7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    878000 | PA      | $878404.82    | 0.52%             | 2027-11-25      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                  | Venture Global Calcasieu Pass LLC                                                                        | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    244000 | PA      | $230298.94    | 0.14%             | 2031-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BOOTS PREF                                | BOOTS PREF                                                                                               | CUSIP: 000000000<br>LEI: 549300RPTUOIXG4LIH86 | N/A              | DE               |  | JE        |     40675 | NS      | $846446.75    | 0.50%             |  |  |  | No            |                  3 | On Loan: No      |
| Madison Avenue Trust                      | MAD Commercial Mortgage Trust 2025-11MD                                                                  | CUSIP: 55616AAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $119448.07    | 0.07%             | 2042-10-15      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                       | LBM Acquisition LLC 2024 Incremental Term Loan B                                                         | CUSIP: 50179JAH1<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |    300000 | PA      | $293334.00    | 0.17%             | 2031-06-06      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-840.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                  | Olympus Water US Holding Corp                                                                            | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100104.15    | 0.06%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                     | Tenet Healthcare Corp                                                                                    | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60765.41     | 0.04%             | 2030-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                       | Intesa Sanpaolo SpA                                                                                      | CUSIP: 46115HBQ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $188873.40    | 0.11%             | 2032-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                            | GoTo Group Inc                                                                                           | CUSIP: 38349YAA3<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |    465000 | PA      | $376650.00    | 0.22%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                    | U.S. Treasury Notes                                                                                      | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Short            | DBT              | UST               | US        |    -45000 | PA      | $-45541.41    | -0.03%            | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                  | Charter Communications Operating LLC / Charter Communications Operating Capital                          | CUSIP: 161175BA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $138307.08    | 0.08%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                        | Energy Transfer LP                                                                                       | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |      8023 | NS      | $137674.68    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Credit Co LLC                  | Ford Motor Credit Co LLC                                                                                 | CUSIP: 345397ZR7<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29777.49     | 0.02%             | 2029-05-03      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust               | Extended Stay America Trust 2025-ESH                                                                     | CUSIP: 30227TAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100000.00    | 0.06%             | 2042-10-15      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International               | PURCHASED USD / SOLD TWD                                                                                 | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $4800.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                       | NCL Corp Ltd                                                                                             | CUSIP: 62886HBP5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     70000 | PA      | $70889.70     | 0.04%             | 2030-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                    | Helix Energy Solutions Group Inc                                                                         | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    235000 | PA      | $247566.16    | 0.15%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                   | Long: 10076915G TRS USD R E RE / Short: 10076915G TRS USD P V 00MOBFR0 PV OBFR+54BPS                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      2436 | OU      | $-216.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                           | Nissan Motor Co Ltd                                                                                      | CUSIP: 654922AC7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    230000 | PA      | $243400.45    | 0.14%             | 2032-07-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                          | ABN AMRO Bank NV                                                                                         | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |      5799 | NS      | $185526.71    | 0.11%             |  |  |  | Yes           |                  1 | On Loan: No      |
| VIKING CRUISES LTD                        | Viking Cruises Ltd                                                                                       | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    131000 | PA      | $131091.93    | 0.08%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust 2025-VIS3                                                                       | CUSIP: 46594EAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25000 | PA      | $24571.60     | 0.01%             | 2066-02-25      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                        | Rithm Capital Corp                                                                                       | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |    145000 | PA      | $148443.75    | 0.09%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                 | ONEOK Inc                                                                                                | CUSIP: 682680CW1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94812.08     | 0.06%             | 2044-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                       | LBM Acquisition LLC                                                                                      | CUSIP: 52109SAB5<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    252000 | PA      | $264806.33    | 0.16%             | 2031-06-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SOLARIS US BIDCO LLC                      | Solaris US Bidco LLC Term Loan B                                                                         | CUSIP: 83419KAC0<br>LEI: 2549003TDWENUCVBGQ49 | Long             | LON              | CORP              | US        |    189761 | PA      | $186203.29    | 0.11%             | 2030-11-29      | Floating      | 9.45%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                   | MPLX LP                                                                                                  | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |      2023 | NS      | $101048.85    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Securities LLC                   | J P MORGAN TERM REPO                                                                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |    594506 | PA      | $594506.25    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                     | PennyMac Financial Services Inc                                                                          | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    144000 | PA      | $146892.38    | 0.09%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SHUTTERFLY FINANCE LLC                    | Shutterfly Finance LLC                                                                                   | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100666 | PA      | $95632.70     | 0.06%             | 2027-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                    | Penn Entertainment Inc                                                                                   | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $168716.99    | 0.10%             | 2029-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Madison Park Euro Funding                 | Madison Park Euro Funding VII DAC                                                                        | CUSIP: 000000000<br>LEI: 635400IO9TSS5V8VQS23 | Long             | ABS-CBDO         | CORP              | IE        |    480000 | PA      | $562155.74    | 0.33%             | 2031-05-25      | Floating      | 4.63%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD GBP                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-18.34       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2025-5                                                                        | CUSIP: 92540XAE1<br>LEI: 213800Z7TIVJRAYLRV98 | Long             | ABS-MBS          | CORP              | US        |    460000 | PA      | $465621.38    | 0.27%             | 2070-06-25      | Variable      | 7.06%                 | No            |                  2 | On Loan: No      |
| Cable One Inc                             | Cable One Inc                                                                                            | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Long             | EC               | CORP              | US        |       553 | NS      | $97908.65     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED ENERGY FIN                   | Consolidated Energy Finance SA                                                                           | CUSIP: 20914UAF3<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    305000 | PA      | $254062.38    | 0.15%             | 2028-10-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                  | Archrock Partners LP / Archrock Partners Finance Corp                                                    | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    172000 | PA      | $176434.50    | 0.10%             | 2032-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                  | Hudson Pacific Properties LP                                                                             | CUSIP: 44409MAC0<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |    502000 | PA      | $431097.40    | 0.25%             | 2030-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                             | TransDigm Inc 2024 Term Loan L                                                                           | CUSIP: 89364MCD4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    111000 | PA      | $111071.04    | 0.07%             | 2032-01-19      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| ELASTIC NV                                | Elastic NV                                                                                               | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $143985.51    | 0.08%             | 2029-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                          | CSC Holdings LLC                                                                                         | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    580000 | PA      | $428663.77    | 0.25%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                  | Brazil Notas do Tesouro Nacional Serie B                                                                 | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    200000 | PA      | $156965.98    | 0.09%             | 2035-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                  | Ford Motor Credit Co LLC                                                                                 | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    160000 | PA      | $171263.90    | 0.10%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                             | TransDigm Inc                                                                                            | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151662.45    | 0.09%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BAWAG Group AG                            | BAWAG Group AG                                                                                           | CUSIP: 000000000<br>LEI: 529900S9YO2JHTIIDG38 | Long             | EC               | CORP              | AT        |       635 | NS      | $83498.48     | 0.05%             |  |  |  | Yes           |                  1 | On Loan: No      |
| MINERAL RESOURCES LTD                     | Mineral Resources Ltd                                                                                    | CUSIP: 603051AD5<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    320000 | PA      | $332848.00    | 0.20%             | 2030-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                       | Medline Borrower LP                                                                                      | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247838.30    | 0.15%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Prosus NV                                 | Prosus NV                                                                                                | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |      1280 | NS      | $90076.92     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Towd Point Asset Trust 2018-SL1           | Towd Point Asset Trust 2018-SL1                                                                          | CUSIP: 89174UAH9<br>LEI: 54930022FYEFQVX02P24 | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $519940.85    | 0.31%             | 2046-01-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                   | Garrett Motion Holdings Inc / Garrett LX I Sarl                                                          | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $167840.48    | 0.10%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Securities LLC                   | J P MORGAN TERM REPO                                                                                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |     23345 | PA      | $23345.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                   | Howard Midstream Energy Partners LLC                                                                     | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    134000 | PA      | $136623.10    | 0.08%             | 2034-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SAMHALLSBYG HOLD                          | Samhallsbyggnadsbolaget I Norden Holding AB                                                              | CUSIP: 000000000<br>LEI: 636700JPED0N9T4ET363 | Long             | DBT              | CORP              | SE        |    150000 | PA      | $140097.12    | 0.08%             | 2028-11-14      | Fixed         | 0.75%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                 | MGM Resorts International                                                                                | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |      6877 | NS      | $238356.82    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs & Co. LLC                   | Long: 10076915A TRS USD R E RE / Short: 10076915A TRS USD P V 00MOBFR PF OBFR+54BPS                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |      3934 | OU      | $-399.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                  | Hudson Pacific Properties LP                                                                             | CUSIP: 44409MAD8<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |     95000 | PA      | $93635.55     | 0.06%             | 2028-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                    | CACI International Inc                                                                                   | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    131000 | PA      | $135133.14    | 0.08%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                            | NRG Energy Inc                                                                                           | CUSIP: 629377CS9<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    265000 | PA      | $244208.21    | 0.14%             | 2032-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                  | Nidda Healthcare Holding GmbH                                                                            | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $122115.36    | 0.07%             | 2030-02-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Jazz Pharmaceuticals PLC                  | Jazz Pharmaceuticals PLC                                                                                 | CUSIP: 000000000<br>LEI: 635400GAUMJCLEZRRV50 | Long             | EC               | CORP              | IE        |      2733 | NS      | $360209.40    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SEADRILL FINANCE LTD                      | Seadrill Finance Ltd                                                                                     | CUSIP: 81172QAA2<br>LEI: 213800WMN3OHFUDHD642 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $207652.80    | 0.12%             | 2030-08-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                             | Carnival Corp                                                                                            | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    148000 | PA      | $151705.33    | 0.09%             | 2033-02-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD GBP                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-176.28      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                  | Live Nation Entertainment Inc                                                                            | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    337000 | PA      | $340117.56    | 0.20%             | 2027-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                     | Directv Financing LLC                                                                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $153715.05    | 0.09%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Elastic NV                                | Elastic NV                                                                                               | CUSIP: 000000000<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |      1666 | NS      | $140760.34    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sound Inpatient Physicians                | Sound Inpatient Physicians 2024 Tranche B Term Loan (Second Out)                                         | CUSIP: 83607JAE1<br>LEI: 54930047QBMPL027P218 | Long             | LON              | CORP              | US        |    100250 | PA      | $97775.33     | 0.06%             | 2028-06-28      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                   | Macy's Retail Holdings LLC                                                                               | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     94000 | PA      | $98016.06     | 0.06%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                    | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                                    | CUSIP: 01309QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $173859.00    | 0.10%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DirecTV Financing LLC                     | DirecTV Financing LLC 2024 Term Loan                                                                     | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    365000 | PA      | $366084.05    | 0.22%             | 2029-08-02      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| SoftBank Group Corp                       | SoftBank Group Corp                                                                                      | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |       226 | NS      | $28554.69     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| POST HOLDINGS INC                         | Post Holdings Inc                                                                                        | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49800.41     | 0.03%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                              | Barclays PLC                                                                                             | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $290810.30    | 0.17%             | 2028-09-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce        | PURCHASED JPY / SOLD USD                                                                                 | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DFE              |  | JP        |         1 | NC      | $-8.35        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BALDWIN INSUR GRP/FIN                     | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance                          | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $171278.25    | 0.10%             | 2031-05-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                            | Transocean International Ltd                                                                             | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    228750 | PA      | $240684.12    | 0.14%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                            | CarVal CLO II Ltd                                                                                        | CUSIP: 14686ABC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    745000 | PA      | $746837.17    | 0.44%             | 2032-04-20      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                          | DT Midstream Inc                                                                                         | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $120804.25    | 0.07%             | 2031-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU                  | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp                                       | CUSIP: 74052HAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14000 | PA      | $7217.89      | 0.00%             | 2031-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                  | Hess Midstream Operations LP                                                                             | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    435000 | PA      | $421618.40    | 0.25%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                  | EMRLD Borrower LP / Emerald Co-Issuer Inc                                                                | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82235.92     | 0.05%             | 2030-12-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Constant Contact Inc                      | Constant Contact Inc Term Loan                                                                           | CUSIP: 21031HAC5<br>LEI: 2549000JW50H0AI5B946 | Long             | LON              | CORP              | US        |    325000 | PA      | $302732.63    | 0.18%             | 2028-02-10      | Floating      | 8.49%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                              | Barclays PLC                                                                                             | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |     23879 | NS      | $121907.98    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                  | Provincia de Buenos Aires/Government Bonds                                                               | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    380218 | PA      | $221476.74    | 0.13%             | 2037-09-01      | Floating      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                   | Talen Energy Supply LLC                                                                                  | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    165000 | PA      | $175153.94    | 0.10%             | 2030-06-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Smartstop Self Storage REIT Inc           | Smartstop Self Storage REIT Inc                                                                          | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               |  | US        |      2212 | NS      | $83259.68     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1237.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                     | Venture Global Plaquemines LNG LLC                                                                       | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     65000 | PA      | $71825.65     | 0.04%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square European Loan Funding       | Palmer Square European Loan Funding 2024-1 DAC                                                           | CUSIP: 000000000<br>LEI: 254900S9D49Z2X16W073 | Long             | ABS-CBDO         | CORP              | IE        |    675000 | PA      | $796031.36    | 0.47%             | 2033-08-15      | Floating      | 4.09%                 | Yes           |                  2 | On Loan: No      |
| CHARLOTTE BUYER INC                       | Charlotte Buyer Inc 2025 Repriced Term Loan B                                                            | CUSIP: 12568YAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    140000 | PA      | $139953.10    | 0.08%             | 2028-02-11      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| LHS BORROWER LLC                          | LHS BORROWER LLC 2025 TERM LOAN                                                                          | CUSIP: 50204EAE8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3398000 | PA      | $3347709.60   | 1.97%             | 2031-09-04      | Floating      | 9.28%                 | No            |                  3 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1046.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PulteGroup Inc                            | PulteGroup Inc                                                                                           | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       728 | NS      | $96190.64     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-18669.92    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                  | Global Auto Holdings Ltd/AAG FH UK Ltd                                                                   | CUSIP: 00033GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     74000 | PA      | $72397.67     | 0.04%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Stubhub Holdings Inc                      | Stubhub Holdings Inc                                                                                     | CUSIP: 86384P109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -746 | NS      | $-12562.64    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BOOTS PREF CONVERT                        | BOOTS PREF CONVERT                                                                                       | CUSIP: 000000000<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | JE        |   8126000 | PA      | $8873592.00   | 5.23%             | 2033-01-29      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1310.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| QVC Inc                                   | QVC Inc                                                                                                  | CUSIP: 747262AW3<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |     96000 | PA      | $50293.34     | 0.03%             | 2034-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-3638.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International               | PURCHASED USD / SOLD AUD                                                                                 | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-2983.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED JPY / SOLD USD                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |         1 | NC      | $83.35        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aurium CLO                                | Aurium Clo VIII DAC                                                                                      | CUSIP: 000000000<br>LEI: 549300FEAY35HPC4RS38 | Long             | ABS-CBDO         | CORP              | IE        |    274000 | PA      | $321689.88    | 0.19%             | 2034-06-23      | Floating      | 3.97%                 | Yes           |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                  | Diversified Healthcare Trust                                                                             | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              |  | US        |    301000 | PA      | $305915.19    | 0.18%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD GBP                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-483.49      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ally Financial Inc                        | Ally Financial Inc                                                                                       | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |      2459 | NS      | $96392.80     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NABORS INDUSTRIES INC                     | Nabors Industries Inc                                                                                    | CUSIP: 62957HAP0<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    126000 | PA      | $131040.00    | 0.08%             | 2030-01-31      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                             | DISH DBS Corp                                                                                            | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    452000 | PA      | $416488.62    | 0.25%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD GBP                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1351.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                  | Warnermedia Holdings Inc                                                                                 | CUSIP: 000000000<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    100000 | PA      | $112505.75    | 0.07%             | 2033-05-17      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED GBP / SOLD USD                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |         1 | NC      | $76.35        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Basswood Park CLO Ltd                     | Basswood Park CLO Ltd                                                                                    | CUSIP: 070252AN1<br>LEI: 5493005HSAGIQZIVAS94 | Long             | ABS-CBDO         | CORP              | KY        |    745000 | PA      | $744995.53    | 0.44%             | 2034-04-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                            | GoTo Group Inc                                                                                           | CUSIP: 38349YAB1<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |    110000 | PA      | $35612.50     | 0.02%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                              | Cloudera Inc 2021 Second Lien Term Loan                                                                  | CUSIP: 74339VAE8<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |    123420 | PA      | $113855.40    | 0.07%             | 2029-10-08      | Floating      | 10.23%                | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                         | Chord Energy Corp                                                                                        | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     91000 | PA      | $90366.39     | 0.05%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                  | 1011778 BC ULC / New Red Finance Inc                                                                     | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    400000 | PA      | $376969.36    | 0.22%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                      | OneMain Finance Corp                                                                                     | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    130000 | PA      | $135897.04    | 0.08%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                               | Viatris Inc                                                                                              | CUSIP: 92556VAF3<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |    180000 | PA      | $122800.22    | 0.07%             | 2050-06-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos Inc                     | Bausch Health Cos Inc                                                                                    | CUSIP: 071734AF4<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    307000 | PA      | $242678.27    | 0.14%             | 2029-05-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                   | Royal Caribbean Cruises Ltd                                                                              | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    235000 | PA      | $240988.19    | 0.14%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CVC Cordatus Opportunity Loan Fund DAC    | CVC Cordatus Opportunity Loan Fund-R DAC                                                                 | CUSIP: 000000000<br>LEI: 635400C8SJP8XE4FXA57 | Long             | ABS-CBDO         | CORP              | IE        |    510000 | PA      | $600920.80    | 0.35%             | 2033-08-15      | Floating      | 4.14%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                  | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                                           | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $255608.16    | 0.15%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bausch + Lomb Corp                        | Bausch + Lomb Corp                                                                                       | CUSIP: 071705107<br>LEI: 549300NY6OZM39SO6475 | Long             | EC               | CORP              | CA        |      7587 | NS      | $114336.09    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $270.72       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                   | Dell International LLC / EMC Corp                                                                        | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    298000 | PA      | $300403.41    | 0.18%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| NOURISH BUYER I INC                       | Nourish Buyer I Inc 2025 Term Loan B                                                                     | CUSIP: 66979CAH4<br>LEI: 254900WHHUSAU0TJQB23 | Long             | LON              | CORP              | US        |    300000 | PA      | $300750.00    | 0.18%             | 2032-07-09      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                  | Blue Racer Midstream LLC / Blue Racer Finance Corp                                                       | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $31107.96     | 0.02%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                | Verus Securitization Trust 2024-7                                                                        | CUSIP: 924925AG5<br>LEI: 213800HQOHEFNJCQYJ07 | Long             | ABS-MBS          | CORP              | US        |    380000 | PA      | $380921.77    | 0.22%             | 2069-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $3904.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BELLRING BRANDS INC                       | BellRing Brands Inc                                                                                      | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |    375000 | PA      | $387274.13    | 0.23%             | 2030-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                      | Matador Resources Co                                                                                     | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    278000 | PA      | $279306.32    | 0.16%             | 2033-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                            | Bombardier Inc                                                                                           | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    360000 | PA      | $376265.88    | 0.22%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                       | Medline Borrower LP 2025 Incremental Term Loan B                                                         | CUSIP: 58503UAJ2<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    179550 | PA      | $179648.75    | 0.11%             | 2030-10-23      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                        | Vodafone Group PLC                                                                                       | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |    198113 | NS      | $229566.49    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LUNA 1.5 SARL                             | Luna 1.5 Sarl                                                                                            | CUSIP: 000000000<br>LEI: 64884UZ60Y77J5XK5C41 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $121780.75    | 0.07%             | 2032-07-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| VOC Escrow Ltd                            | VOC Escrow Ltd                                                                                           | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    245000 | PA      | $244333.45    | 0.14%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                   | MPT Operating Partnership LP / MPT Finance Corp                                                          | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              |  | US        |   1545000 | PA      | $1136361.71   | 0.67%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                          | Boyd Gaming Corp                                                                                         | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    175000 | PA      | $168701.07    | 0.10%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                  | Permian Resources Operating LLC                                                                          | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    348000 | PA      | $354491.94    | 0.21%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Shutterfly Inc                            | Shutterfly Inc 2023 2nd Lien PIK Term Loan                                                               | CUSIP: 000000000<br>LEI: 549300I1C8WJQ5FZE154 | Long             | LON              | CORP              | US        |    222000 | PA      | $210437.13    | 0.12%             | 2027-10-01      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust 2025-VIS3                                                                       | CUSIP: 46594EAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35000 | PA      | $35008.58     | 0.02%             | 2066-02-25      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED JPY / SOLD USD                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |         1 | NC      | $141.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED CAD / SOLD USD                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CA        |         1 | NC      | $-949.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                  | Ford Motor Credit Co LLC                                                                                 | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26337.99     | 0.02%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Signal Parent Inc                         | Signal Parent Inc Term Loan B                                                                            | CUSIP: 82666KAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     79792 | PA      | $58472.53     | 0.03%             | 2028-04-03      | Floating      | 7.90%                 | No            |                  2 | On Loan: No      |
| GoTo Group Inc                            | GoTo Group Inc 2024 Second Out Term Loan                                                                 | CUSIP: 38349FAD8<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |    264212 | PA      | $93795.22     | 0.06%             | 2028-04-28      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| Delivery Hero SE                          | Delivery Hero SE 2024 USD Term Loan B                                                                    | CUSIP: 000000000<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | US        |    205000 | PA      | $207530.73    | 0.12%             | 2029-12-12      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                | Carvana Co                                                                                               | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    729450 | PA      | $825903.71    | 0.49%             | 2031-06-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                  | California Resources Corp                                                                                | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    262000 | PA      | $260196.44    | 0.15%             | 2034-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $2447.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cineworld Group PLC                       | Cineworld Group PLC                                                                                      | CUSIP: 000000000<br>LEI: 213800J2J3TOOI176M73 | Long             | EC               | CORP              | GB        |     17966 | NS      | $392260.66    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD GBP                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-234.12      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HELP AT HOME INC                          | Help At Home Inc 2024 Term Loan B                                                                        | CUSIP: 40467AAN9<br>LEI: 254900FFJQHW9R90FL74 | Long             | LON              | CORP              | US        |        25 | PA      | $22.64        | 0.00%             | 2031-09-24      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                      | OneMain Finance Corp                                                                                     | CUSIP: 682691AJ9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40740.84     | 0.02%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                       | NCL Corp Ltd                                                                                             | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $257107.90    | 0.15%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD GBP                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $91.57        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                   | MPT Operating Partnership LP / MPT Finance Corp                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              |  | US        |    265000 | PA      | $295940.60    | 0.17%             | 2026-10-15      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-4664.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                     | Bausch Health Cos Inc                                                                                    | CUSIP: 071734AH0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $25744.80     | 0.02%             | 2028-01-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                            | NRG Energy Inc                                                                                           | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    140000 | PA      | $129433.43    | 0.08%             | 2031-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Oscar Acquisitionco LLC                   | Oscar AcquisitionCo LLC Term Loan B                                                                      | CUSIP: 68778DAB4<br>LEI: 254900RDCZK0Q19MEL65 | Long             | LON              | CORP              | US        |    264692 | PA      | $247847.88    | 0.15%             | 2029-04-29      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-316.90      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                  | Discovery Communications LLC                                                                             | CUSIP: 25470DAD1<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |      6000 | PA      | $5131.68      | 0.00%             | 2040-06-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                  | Occidental Petroleum Corp                                                                                | CUSIP: 674599DL6<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    300000 | PA      | $313643.40    | 0.18%             | 2046-03-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                  | JP Morgan Mortgage Trust Series 2025-NQM3                                                                | CUSIP: 46659QAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    460000 | PA      | $463623.79    | 0.27%             | 2065-11-25      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                              | Barclays PLC                                                                                             | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    235000 | PA      | $235039.86    | 0.14%             | 2025-12-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC                          | Aretec Group Inc                                                                                         | CUSIP: 040133AA8<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120575.16    | 0.07%             | 2029-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                   | Long: 10076915D TRS USD R E RE / Short: 10076915D TRS USD P V 00MOBFR PV OBFR+54BPS                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       258 | OU      | $-26.28       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                  | Hilton Domestic Operating Co Inc                                                                         | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    335000 | PA      | $344390.39    | 0.20%             | 2032-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce        | PURCHASED USD / SOLD CAD                                                                                 | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DFE              |  | US        |         1 | NC      | $45.99        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                  | Warnermedia Holdings Inc                                                                                 | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    490000 | PA      | $483262.50    | 0.28%             | 2027-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $84.63        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCPR SR SECURED FIN DAC                   | LCPR Senior Secured Financing DAC                                                                        | CUSIP: 50201DAD5<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |    335000 | PA      | $185925.00    | 0.11%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CLOVER HOLDINGS 2 LLC                     | Clover Holdings 2 LLC Fixed Term Loan B                                                                  | CUSIP: 18914DAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    179000 | PA      | $180846.39    | 0.11%             | 2031-12-09      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HOYA MIDCO LLC                            | Hoya Midco LLC 2025 Term Loan B                                                                          | CUSIP: 44325HAF5<br>LEI: 549300LK73TSUP0YKH27 | Long             | LON              | CORP              | US        |     12000 | PA      | $8662.56      | 0.01%             | 2029-02-03      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| FREEDOM FUNDING CENTER                    | Freedom Funding Center LLC                                                                               | CUSIP: 356380AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    222000 | PA      | $238095.00    | 0.14%             | 2032-10-01      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| Contego CLO DAC                           | Contego CLO IV DAC                                                                                       | CUSIP: 000000000<br>LEI: 635400H7QVHLSOZWVU92 | Long             | ABS-CBDO         | CORP              | IE        |    475000 | PA      | $557481.11    | 0.33%             | 2030-01-23      | Floating      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Constant Contact Inc                      | Constant Contact Inc Second Lien Term Loan                                                               | CUSIP: 21031HAE1<br>LEI: 2549000JW50H0AI5B946 | Long             | LON              | CORP              | US        |     91000 | PA      | $78866.52     | 0.05%             | 2029-02-12      | Floating      | 12.25%                | No            |                  2 | On Loan: No      |
| MSGN HOLDINGS LP                          | MSGN Holdings LP Term Loan                                                                               | CUSIP: 000000000<br>LEI: 54930058MZR87X6O6D52 | Long             | LON              | CORP              | US        |    114996 | PA      | $106946.21    | 0.06%             | 2029-12-31      | Floating      | 9.27%                 | No            |                  3 | On Loan: No      |
| Goldman Sachs & Co. LLC                   | Long: 10076915C TRS USD R E RE / Short: 10076915C TRS USD P V 00MOBFR0 PV OBFR+54BPS                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               |  | US        |       948 | OU      | $-96.29       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp                                                             | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    122000 | PA      | $121186.46    | 0.07%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OID-OL Intermediate I LLC                 | OID-OL Intermediate I LLC Term Loan 2                                                                    | CUSIP: 67089SAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    125508 | PA      | $105714.99    | 0.06%             | 2029-02-01      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD JPY                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $341.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-810.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-25.31       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TIM SA/Brazil                             | TIM SA/Brazil                                                                                            | CUSIP: 88706T108<br>LEI: 529900QI0CH1DN5ZCS77 | Long             | EC               | CORP              | BR        |      4018 | NS      | $89681.76     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International               | PURCHASED TWD / SOLD USD                                                                                 | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TW        |         1 | NC      | $-6282.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| 1578 Lex JV LLC                           | 1578 Lex JV LLC PIK Fixed Delayed Draw Term Loan                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1314000 | PA      | $1300860.00   | 0.77%             | 2029-01-31      | Variable      | 14.00%                | No            |                  3 | On Loan: No      |
| PIKE CORP                                 | Pike Corp                                                                                                | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    144000 | PA      | $154475.57    | 0.09%             | 2031-01-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd                | First Quantum Minerals Ltd                                                                               | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |      2922 | NS      | $66095.11     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $27.36        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority      | PUERTO RICO ELEC PWR AUTH PWRREVENUE                                                                     | CUSIP: 74526QZS4<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |    800000 | PA      | $548000.00    | 0.32%             | 2032-07-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| NEW WORLD CHINA LAND LTD                  | New World China Land Ltd                                                                                 | CUSIP: 000000000<br>LEI: 549300X7767HIID3YE28 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $169994.84    | 0.10%             | 2027-01-23      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                  | Diversified Healthcare Trust                                                                             | CUSIP: 25525PAC1<br>LEI: N/A                  | Long             | DBT              |  | US        |    125000 | PA      | $123627.03    | 0.07%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GoTo Group Inc                            | GoTo Group Inc 2024 First Out Term Loan                                                                  | CUSIP: 38349FAC0<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |   1189451 | PA      | $1014993.91   | 0.60%             | 2028-04-28      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.             | PURCHASED USD / SOLD EUR                                                                                 | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1130.83     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-04

**Name of Applicant:** GoldenTree Opportunistic Credit Fund

**Signature:** Wei Zhong

**Name of Signer:** Wei Zhong

**Title:** Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer