# EDGAR Filing Document

**Accession Number:** 0000764719
**File Stem:** 0001410368-25-009049
**Filing Date:** 2025-9
**Character Count:** 273311
**Document Hash:** 1496c30d8d25961e4430af2ab58c762d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-009049.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-009049

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS SERIES TRUST XV
- **CENTRAL INDEX KEY:** 0000764719

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04253
- **FILM NUMBER:** 251335181

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 18006372929

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS GOVERNMENT LIMITED MATURITY FUND /MA/
- **DATE OF NAME CHANGE:** 19930623

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS GOVERNMENT PREMIUM FUND
- **DATE OF NAME CHANGE:** 19930408

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MFS GOVERNMENT PREMIUM ACCOUNT
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### MFS Commodity Strategy Fund (Series ID: S000028958)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000088951 | A            | MCSAX           |
| C000088952 | B            | MCSFX           |
| C000088953 | C            | MCSHX           |
| C000088954 | I            | MCSIX           |
| C000088955 | R1           | MCSNX           |
| C000088956 | R2           | MCSOX           |
| C000088957 | R3           | MCSQX           |
| C000088958 | R4           | MCSTX           |
| C000119775 | R6           | MCSRX           |

## Nport-Ex

CMS-Q3

![](imge5b85cf41.gif)

**Quarterly Report**

July 31, 2025

MFS<sup>®</sup> Commodity <br>Strategy Fund

![](imgf408cb792.gif)

------

**Portfolio of Investments**

7/31/25 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 87.7%  | Bonds – 87.7%  | Bonds – 87.7%  |
| Aerospace & Defense – 0.9% | Aerospace & Defense – 0.9% | Aerospace & Defense – 0.9% |
| Boeing Co., 2.196%, 2/04/2026  | $4392000 | &nbsp;&nbsp;&nbsp; $4333735 |
| Boeing Co., 6.388%, 5/01/2031  | 1780000 | &nbsp;&nbsp;&nbsp; 1915009 |
| Huntington Ingalls Industries, Inc., 5.353%, 1/15/2030  | 1444000 | &nbsp;&nbsp;&nbsp; 1475992 |
|  |  | &nbsp;&nbsp;&nbsp; $7724736 |
| Apparel Manufacturers – 0.2% | Apparel Manufacturers – 0.2% | Apparel Manufacturers – 0.2% |
| Tapestry, Inc., 5.1%, 3/11/2030  | $1472000 | &nbsp;&nbsp;&nbsp; $1492286 |
| Asset-Backed & Securitized – 16.2% | Asset-Backed & Securitized – 16.2% | Asset-Backed & Securitized – 16.2% |
| 3650R Commercial Mortgage Trust, 2021-PF1, "XA", 1.109%, 11/15/2054 (i) | $19503710 | &nbsp;&nbsp;&nbsp; $743150 |
| ACREC 2021-FL1 Ltd., "AS", FLR, 5.964% ((SOFR - 1mo. + 0.11448%) + 1.5%), 10/16/2036 (n) | 1812000 | &nbsp;&nbsp;&nbsp; 1808318 |
| ACREC 2021-FL1 Ltd., "B", FLR, 6.264% ((SOFR - 1mo. + 0.11448%) + 1.8%), 10/16/2036 (n) | 1406000 | &nbsp;&nbsp;&nbsp; 1401810 |
| ACREC 2021-FL1 Ltd., "C", FLR, 6.614% ((SOFR - 1mo. + 0.11448%) + 2.15%), 10/16/2036 (n) | 1129000 | &nbsp;&nbsp;&nbsp; 1129459 |
| Affirm Asset Securitization Trust, 2024-X2, "A", 5.22%, 12/17/2029 (n) | 240743 | &nbsp;&nbsp;&nbsp; 240781 |
| AmeriCredit Automobile Receivables Trust, 2024-1, "A2-A", 5.75%, 2/18/2028  | 471038 | &nbsp;&nbsp;&nbsp; 471779 |
| Angel Oak Mortgage Trust, 2024-13, "A1", 5.464%, 12/26/2069 (n) | 2785485 | &nbsp;&nbsp;&nbsp; 2783421 |
| Angel Oak Mortgage Trust, 2024-7, "A1", 5.621%, 5/25/2069 (n) | 2334452 | &nbsp;&nbsp;&nbsp; 2331299 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 1675122 | &nbsp;&nbsp;&nbsp; 1660996 |
| Arbor Realty Trust, Inc., CLO, 2021-FL3, "B", FLR, 6.056% ((SOFR - 1mo. + 0.11448%) + 1.6%), 8/15/2034 (n) | 571500 | &nbsp;&nbsp;&nbsp; 571219 |
| Arbor Realty Trust, Inc., CLO, 2021-FL3, "C", FLR, 6.306% ((SOFR - 1mo. + 0.11448%) + 1.85%), 8/15/2034 (n) | 332000 | &nbsp;&nbsp;&nbsp; 330642 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "AS", FLR, 6.156% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 1684000 | &nbsp;&nbsp;&nbsp; 1684037 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "B", FLR, 6.456% ((SOFR - 1mo. + 0.11448%) + 2%), 11/15/2036 (n) | 1684000 | &nbsp;&nbsp;&nbsp; 1681932 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "C", FLR, 6.756% ((SOFR - 1mo. + 0.11448%) + 2.3%), 11/15/2036 (n) | 1014000 | &nbsp;&nbsp;&nbsp; 1012754 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "C", FLR, 6.64% (SOFR - 30 day + 2.3%), 1/15/2037 (n) | 2695500 | &nbsp;&nbsp;&nbsp; 2698861 |
| ARDN Mortgage Trust, 2025-ARCP, "A", FLR, 6.092% (SOFR - 1mo. + 1.75%), 6/15/2035 (n) | 2999000 | &nbsp;&nbsp;&nbsp; 3000281 |
| AREIT 2022-CRE6 Trust, "C", FLR, 6.497% (SOFR - 30 day + 2.15%), 1/20/2037 (n) | 894000 | &nbsp;&nbsp;&nbsp; 882826 |
| AREIT 2022-CRE6 Trust, "D", FLR, 7.197% (SOFR - 30 day + 2.85%), 1/20/2037 (n) | 795500 | &nbsp;&nbsp;&nbsp; 777602 |
| AREIT 2022-CRE7 LLC, "B", FLR, 7.587% (SOFR - 1mo. + 3.244%), 6/17/2039 (n) | 2563500 | &nbsp;&nbsp;&nbsp; 2565392 |
| ARI Fleet Lease Trust, 2023-B, "A2", 6.05%, 7/15/2032 (n) | 257865 | &nbsp;&nbsp;&nbsp; 259756 |
| AutoNation Finance Trust, 2025-1A, 4.72%, 4/10/2028 (n) | 828000 | &nbsp;&nbsp;&nbsp; 828748 |
| Bain Capital Credit CLO Ltd., 2021-4A, "BR", FLR, 5.975% (SOFR - 3mo. + 1.65%), 10/20/2034 (n) | 2344422 | &nbsp;&nbsp;&nbsp; 2345918 |
| Balboa Bay Loan Funding Ltd., 2022-1A, "BR", 6.175% (SOFR - 3mo. + 1.85%), 4/20/2037 (n) | 3115644 | &nbsp;&nbsp;&nbsp; 3119713 |
| BBCMS Mortgage Trust, 2018-C2, "XA", 0.747%, 12/15/2051 (i) | 18746167 | &nbsp;&nbsp;&nbsp; 365151 |
| BBCMS Mortgage Trust, 2021-C10, "XA", 1.329%, 7/15/2054 (i) | 6799823 | &nbsp;&nbsp;&nbsp; 353899 |
| BBCMS Mortgage Trust, 2021-C11, "XA", 1.347%, 9/15/2054 (i) | 7313686 | &nbsp;&nbsp;&nbsp; 405613 |
| BBCMS Mortgage Trust, 2021-C9, "XA", 1.696%, 2/15/2054 (i) | 11054939 | &nbsp;&nbsp;&nbsp; 732871 |
| BDS 2021-FL10 Ltd., "B", FLR, 6.414% ((SOFR - 1mo. + 0.11448%) + 1.95%), 12/16/2036 (n) | 793500 | &nbsp;&nbsp;&nbsp; 792526 |
| BDS 2021-FL10 Ltd., "C", FLR, 6.764% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/16/2036 (n) | 577000 | &nbsp;&nbsp;&nbsp; 575931 |
| BDS 2024-FL13 Ltd., "A", FLR, 5.926% (SOFR - 1mo. + 1.5762%), 9/19/2039 (n) | 749000 | &nbsp;&nbsp;&nbsp; 750791 |
| Benchmark 2021-B23 Mortgage Trust, "XA", 1.255%, 2/15/2054 (i) | 12400876 | &nbsp;&nbsp;&nbsp; 606545 |
| Benchmark 2021-B27 Mortgage Trust, "XA", 1.233%, 7/15/2054 (i) | 14105082 | &nbsp;&nbsp;&nbsp; 727364 |
| Benchmark 2021-B28 Mortgage Trust, "XA", 1.253%, 8/15/2054 (i) | 9972727 | &nbsp;&nbsp;&nbsp; 521826 |
| Benchmark 2021-B29 Mortgage Trust, "XA", 1.016%, 9/15/2054 (i) | 14660798 | &nbsp;&nbsp;&nbsp; 553233 |
| BSPRT 2021-FL6 Issuer Ltd., "C", FLR, 6.506% ((SOFR - 1mo. + 0.11448%) + 2.05%), 3/15/2036 (n) | 485000 | &nbsp;&nbsp;&nbsp; 482419 |
| BSPRT 2021-FL7 Issuer Ltd., "B", FLR, 6.506% ((SOFR - 1mo. + 0.11448%) + 2.05%), 12/15/2038 (n) | 339000 | &nbsp;&nbsp;&nbsp; 338856 |
| BSPRT 2021-FL7 Issuer Ltd., "C", FLR, 6.756% ((SOFR - 1mo. + 0.11448%) + 2.3%), 12/15/2038 (n) | 408500 | &nbsp;&nbsp;&nbsp; 405619 |
| BSPRT 2022-FL8 Issuer Ltd., "A", FLR, 5.84% (SOFR - 30 day + 1.5%), 2/15/2037 (n) | 1055539 | &nbsp;&nbsp;&nbsp; 1055539 |
| BSPRT 2022-FL8 Issuer Ltd., "B", FLR, 6.389% (SOFR - 30 day + 2.05%), 2/15/2037 (n) | 445500 | &nbsp;&nbsp;&nbsp; 443816 |
| BSPRT 2022-FL8 Issuer Ltd., "C", FLR, 6.64% (SOFR - 30 day + 2.3%), 2/15/2037 (n) | 719500 | &nbsp;&nbsp;&nbsp; 717141 |
| Business Jet Securities LLC, 2024-1A, "A", 6.197%, 5/15/2039 (n) | 799602 | &nbsp;&nbsp;&nbsp; 814174 |
| Business Jet Securities LLC, 2024-1A, "B", 6.924%, 5/15/2039 (n) | 95596 | &nbsp;&nbsp;&nbsp; 97490 |
| Business Jet Securities LLC, 2024-2A, "A", 5.364%, 9/15/2039 (n) | 903805 | &nbsp;&nbsp;&nbsp; 900563 |
| Business Jet Securities LLC, 2024-2A, "B", 5.754%, 9/15/2039 (n) | 527147 | &nbsp;&nbsp;&nbsp; 518090 |
| BXMT 2020-FL2 Ltd., "B", FLR, 6.107% ((SOFR - 1mo. + 0.11448%) + 1.4%), 2/15/2038 (n) | 1492000 | &nbsp;&nbsp;&nbsp; 1472434 |
| BXMT 2020-FL2 Ltd., "A", FLR, 5.607% ((SOFR - 1mo. + 0.11448%) + 0.9%), 2/15/2038 (n) | 370367 | &nbsp;&nbsp;&nbsp; 369424 |
| BXMT 2021-FL4 Ltd., "AS", FLR, 5.758% ((SOFR - 1mo. + 0.11448%) + 1.3%), 5/15/2038 (n) | 2601000 | &nbsp;&nbsp;&nbsp; 2576968 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| CD 2017-CD4 Mortgage Trust, "XA", 1.215%, 5/10/2050 (i) | $9093324 | &nbsp;&nbsp;&nbsp; $133933 |
| CF Hippolyta Issuer LLC, 2020-1, "A1", 1.69%, 7/15/2060 (n) | 358250 | &nbsp;&nbsp;&nbsp; 307291 |
| CF Hippolyta Issuer LLC, 2020-1, "B1", 2.28%, 7/15/2060 (n) | 113394 | &nbsp;&nbsp;&nbsp; 87274 |
| Chesapeake Funding II LLC, 2023-1A, "A1", 5.65%, 5/15/2035 (n) | 493131 | &nbsp;&nbsp;&nbsp; 495706 |
| Chesapeake Funding II LLC, 2023-2A, "A1", 6.16%, 10/15/2035 (n) | 568015 | &nbsp;&nbsp;&nbsp; 574448 |
| Colt Funding LLC, 2024-2, "A1", 6.125%, 4/25/2069 (n) | 925624 | &nbsp;&nbsp;&nbsp; 930467 |
| Colt Funding LLC, 2024-3, "A1", 6.393%, 6/25/2069 (n) | 1392428 | &nbsp;&nbsp;&nbsp; 1405112 |
| Colt Funding LLC, 2024-3, "A2", 6.646%, 6/25/2069 (n) | 462123 | &nbsp;&nbsp;&nbsp; 466521 |
| Colt Funding LLC, 2024-5, "A1", 5.123%, 8/25/2069 (n) | 1954403 | &nbsp;&nbsp;&nbsp; 1941325 |
| Commercial Mortgage Pass-Through Certificates, 2019-BN24, "XA", 0.632%, 11/15/2062 (i) | 8906518 | &nbsp;&nbsp;&nbsp; 217616 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN31, "XA", 1.279%, 2/15/2054 (i) | 10708749 | &nbsp;&nbsp;&nbsp; 585151 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN32, "XA", 0.87%, 4/15/2054 (i) | 10461515 | &nbsp;&nbsp;&nbsp; 319535 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN34, "XA", 1.067%, 6/15/2063 (i) | 11273317 | &nbsp;&nbsp;&nbsp; 445650 |
| Commercial Mortgage Pass-Through Certificates, 2021-BN35, "XA", 1.029%, 6/15/2064 (i) | 6044134 | &nbsp;&nbsp;&nbsp; 263608 |
| COOPR Residential Mortgage Trust, 2025-CES1, "A1A", 5.654%, 5/25/2060 (n) | 427383 | &nbsp;&nbsp;&nbsp; 429152 |
| Credit Acceptance Auto Loan Trust, 2023-3A, "B", 7.09%, 10/17/2033 (n) | 1292000 | &nbsp;&nbsp;&nbsp; 1322293 |
| Dell Equipment Finance Trust, 2024-2, "A2", 4.69%, 8/22/2030 (n) | 1156312 | &nbsp;&nbsp;&nbsp; 1156497 |
| Dell Equipment Finance Trust, 2024-2, "A3", 4.59%, 8/22/2030 (n) | 754000 | &nbsp;&nbsp;&nbsp; 756138 |
| DLLST LLC, 2024-1A, "A3", 5.05%, 8/20/2027 (n) | 398067 | &nbsp;&nbsp;&nbsp; 399142 |
| Dryden Senior Loan Fund, 2017-49A, "BR", CLO, FLR, 6.19% ((SOFR - 3mo. + 0.26161%) + 1.6%), 7/18/2030 (n) | 1945990 | &nbsp;&nbsp;&nbsp; 1948755 |
| Dryden Senior Loan Fund, 2021-95A, "BR", FLR, 5.922% (SOFR - 3mo. + 1.6%), 8/20/2034 (n) | 3250000 | &nbsp;&nbsp;&nbsp; 3252090 |
| Empire District Bondco LLC, 4.943%, 1/01/2033  | 589296 | &nbsp;&nbsp;&nbsp; 592256 |
| Enterprise Fleet Financing 2023-1 LLC, "A2", 5.51%, 1/22/2029 (n) | 370358 | &nbsp;&nbsp;&nbsp; 371343 |
| Enterprise Fleet Financing 2023-2 LLC, "A2", 5.56%, 4/22/2030 (n) | 495361 | &nbsp;&nbsp;&nbsp; 497966 |
| Enterprise Fleet Financing 2023-2 LLC, "A3", 5.5%, 4/22/2030 (n) | 689000 | &nbsp;&nbsp;&nbsp; 698466 |
| Enterprise Fleet Financing 2024-3 LLC, "A2", 5.31%, 4/20/2027 (n) | 609361 | &nbsp;&nbsp;&nbsp; 611614 |
| Exeter Automobile Receivables Trust, 2024-4A, "A3", 5.28%, 8/15/2030  | 944000 | &nbsp;&nbsp;&nbsp; 945232 |
| Fortress CBO Investments Ltd., 2022-FL3, "AS", FLR, 6.6% (SOFR - 30 day + 2.25%), 2/23/2039 (n) | 1227216 | &nbsp;&nbsp;&nbsp; 1224338 |
| General Motors Co., FLR, 4.789% (SOFR - 1mo. + 0.45%), 11/15/2028 (n) | 1225000 | &nbsp;&nbsp;&nbsp; 1223750 |
| General Motors Co., FLR, 4.889% (SOFR - 1mo. + 0.55%), 11/15/2029 (n) | 1693000 | &nbsp;&nbsp;&nbsp; 1693077 |
| GreatAmerica Leasing Receivables Funding LLC, 2023-1, "A2", 5.35%, 2/16/2026 (n) | 34652 | &nbsp;&nbsp;&nbsp; 34656 |
| GS Mortgage Securities Trust, 2017-GS6, "XA", 1.14%, 5/10/2050 (i) | 10193046 | &nbsp;&nbsp;&nbsp; 150782 |
| GS Mortgage Securities Trust, 2017-GS7, "XA", 1.072%, 8/10/2050 (i) | 10214160 | &nbsp;&nbsp;&nbsp; 160986 |
| GS Mortgage Securities Trust, 2020-GC47, "A5", 1.122%, 5/12/2053 (i) | 8600553 | &nbsp;&nbsp;&nbsp; 368234 |
| Invesco Ltd., FLR, 6.067% (SOFR - 3mo. + 1.75%), 7/15/2038 (n) | 2068965 | &nbsp;&nbsp;&nbsp; 2077607 |
| JP Morgan Mortgage Trust, 5.592%, 2/25/2064 (n) | 1039510 | &nbsp;&nbsp;&nbsp; 1039755 |
| JPMorgan Chase Commercial Mortgage Securities Corp., 1.017%, 9/15/2050 (i) | 9153656 | &nbsp;&nbsp;&nbsp; 134640 |
| LAD Auto Receivables Trust, 2022-1A, "A", 5.21%, 6/15/2027 (n) | 46330 | &nbsp;&nbsp;&nbsp; 46344 |
| LAD Auto Receivables Trust, 2024-2A, "A2", 5.7%, 3/15/2027 (n) | 62808 | &nbsp;&nbsp;&nbsp; 62823 |
| LAD Auto Receivables Trust, 2024-3A, "A2", 4.64%, 11/15/2027 (n) | 467856 | &nbsp;&nbsp;&nbsp; 467634 |
| LoanCore 2021-CRE5 Ltd., "AS", FLR, 6.206% ((SOFR - 1mo. + 0.11448%) + 1.75%), 7/15/2036 (n) | 1752500 | &nbsp;&nbsp;&nbsp; 1751998 |
| LoanCore 2021-CRE5 Ltd., "B", FLR, 6.456% ((SOFR - 1mo. + 0.11448%) + 2.0%), 7/15/2036 (n) | 741000 | &nbsp;&nbsp;&nbsp; 739166 |
| LoanCore 2025-CRE8 Ltd., "A", FLR, 5.728% (SOFR - 1mo. + 1.385%), 8/17/2042 (n) | 1791500 | &nbsp;&nbsp;&nbsp; 1788069 |
| LoanCore 2025-CRE8 Ltd., "AS", FLR, 5.934% (SOFR - 1mo. + 1.5909%), 8/17/2042 (n) | 2698500 | &nbsp;&nbsp;&nbsp; 2685016 |
| MF1 2020-FL4 Ltd., "B", FLR, 7.207% ((SOFR - 1mo. + 0.11448%) + 2.75%), 12/15/2035 (n) | 2437000 | &nbsp;&nbsp;&nbsp; 2433953 |
| MF1 2021-FL6 Ltd., "B", FLR, 6.114% ((SOFR - 1mo. + 0.11448%) + 1.65%), 7/16/2036 (n) | 3089144 | &nbsp;&nbsp;&nbsp; 3081492 |
| MF1 2022-FL8 Ltd., "C", FLR, 6.55% (SOFR - 30 day + 2.2%), 2/19/2037 (n) | 941914 | &nbsp;&nbsp;&nbsp; 936692 |
| MF1 2022-FL9 LLC, "B", FLR, 7.5% (SOFR - 1mo. + 3.15%), 6/19/2037 (n) | 2988000 | &nbsp;&nbsp;&nbsp; 2990241 |
| MF1 2024-FL14 LLC, "C", FLR, 7.639% (SOFR - 1mo. + 3.289%), 3/19/2039 (n) | 818643 | &nbsp;&nbsp;&nbsp; 821810 |
| Morgan Stanley Bank of America Merrill Lynch Trust, 2017-C33, "XA", 1.232%, 5/15/2050 (i) | 8342686 | &nbsp;&nbsp;&nbsp; 121279 |
| Morgan Stanley Capital I Trust, 2017-H1, "XA", 1.25%, 6/15/2050 (i) | 3663848 | &nbsp;&nbsp;&nbsp; 54990 |
| Morgan Stanley Capital I Trust, 2018-H4, "XA", 0.799%, 12/15/2051 (i) | 14239041 | &nbsp;&nbsp;&nbsp; 322026 |
| Morgan Stanley Capital I Trust, 2021-L5, "XA", 1.276%, 5/15/2054 (i) | 9393882 | &nbsp;&nbsp;&nbsp; 452964 |
| Morgan Stanley Capital I Trust, 2021-L6, "XA", 1.172%, 6/15/2054 (i) | 8381556 | &nbsp;&nbsp;&nbsp; 354851 |
| New Residential Mortgage Loan Trust, 2024-NQM3, "A-1", 5.53%, 5/25/2065 (n) | 744476 | &nbsp;&nbsp;&nbsp; 746903 |
| New Residential Mortgage Loan Trust, 2024-NQMI, "A-1", 6.129%, 3/25/2064 (n) | 1542307 | &nbsp;&nbsp;&nbsp; 1547074 |
| NextGear Floorplan Master Owner Trust, 2023-1A, "A1", FLR, 5.439% (SOFR - 1mo. + 1.1%), 3/15/2028 (n) | 956000 | &nbsp;&nbsp;&nbsp; 958374 |
| OBX Trust, 2023-NQM5, "A1", 5.988%, 1/25/2064 (n) | 480372 | &nbsp;&nbsp;&nbsp; 482291 |
| OBX Trust, 2024-NQM1, "A1", 5.928%, 11/25/2063 (n) | 510273 | &nbsp;&nbsp;&nbsp; 512238 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| OBX Trust, 2024-NQM1, "A1", 5.875%, 6/25/2064 (n) | $1633100 | &nbsp;&nbsp;&nbsp; $1637434 |
| OBX Trust, 2024-NQM1, "A2", 6.253%, 11/25/2063 (n) | 154446 | &nbsp;&nbsp;&nbsp; 154894 |
| OBX Trust, 2024-NQM8, "A1", 6.233%, 5/25/2064 (n) | 1068398 | &nbsp;&nbsp;&nbsp; 1077982 |
| OCP CLO 2015-10A Ltd., "B1R3", FLR, 5.963% (SOFR - 3mo. + 1.65%), 1/26/2038 (n) | 2250000 | &nbsp;&nbsp;&nbsp; 2257092 |
| OneMain Financial Issuance Trust, 2020-2A, "A", 1.75%, 9/14/2035 (n) | 1819000 | &nbsp;&nbsp;&nbsp; 1776802 |
| OneMain Financial Issuance Trust, 2022-S1, "A", 4.13%, 5/14/2035 (n) | 916284 | &nbsp;&nbsp;&nbsp; 913115 |
| OneMain Financial Issuance Trust, 2023-2A, "B", 6.17%, 9/15/2036 (n) | 969000 | &nbsp;&nbsp;&nbsp; 995439 |
| OneMain Financial Issuance Trust, 2023-2A, "C", 6.74%, 9/15/2036 (n) | 2280000 | &nbsp;&nbsp;&nbsp; 2339523 |
| Palmer Square Loan Funding 2025-1A Ltd., "A2", FLR, 5.521% (SOFR - 3mo. + 1.2%), 2/15/2033 (n) | 3000000 | &nbsp;&nbsp;&nbsp; 2974122 |
| Palmer Square Loan Funding 2025-2A Ltd., "A2", FLR, 0% (SOFR - 3mo. + 1.4%), 7/15/2033 (n)(w) | 2500000 | &nbsp;&nbsp;&nbsp; 2500000 |
| Provident Funding Mortgage Trust, 2024-1, "A3", 5.5%, 12/25/2054 (n) | 1921036 | &nbsp;&nbsp;&nbsp; 1918167 |
| Provident Funding Mortgage Trust, 2025-1, "A", 5.5%, 2/25/2055 (n) | 2846495 | &nbsp;&nbsp;&nbsp; 2842873 |
| Santander Drive Auto Receivables Trust, 2024-4, "A2", 5.41%, 7/15/2027  | 266407 | &nbsp;&nbsp;&nbsp; 266574 |
| Santander Mortgage Asset Receivables Trust, 2025-NQM2, "A1", 5.732%, 2/25/2065 (n) | 436806 | &nbsp;&nbsp;&nbsp; 437919 |
| Shackleton 2013-4RA CLO Ltd., "B", FLR, 6.481% ((SOFR - 3mo. + 2.1616%) + 1.9%) 4/13/2031 (n) | 722762 | &nbsp;&nbsp;&nbsp; 724276 |
| Shelter Growth CRE 2021-FL3 Ltd., "C", FLR, 6.606% ((SOFR - 1mo. + 0.11448%) + 2.15%), 9/15/2036 (n) | 2649500 | &nbsp;&nbsp;&nbsp; 2647932 |
| Southwick Park CLO Ltd., 2019-4A, "B2R", 2.46%, 7/20/2032 (n) | 1123000 | &nbsp;&nbsp;&nbsp; 1038372 |
| Starwood Commercial Mortgage, 2021-FL2, "B", FLR, 6.264% ((SOFR - 1mo. + 0.11448%) + 1.8%), 4/18/2038 (n) | 2295000 | &nbsp;&nbsp;&nbsp; 2273396 |
| TCW Gem Ltd., 2020-1A, "BR3", FLR, 5.925% (SOFR - 3mo. + 1.6%), 4/20/2034 (n) | 4157184 | &nbsp;&nbsp;&nbsp; 4134685 |
| TPG Real Estate Finance, 2021-FL4, "AS", FLR, 5.858% ((SOFR - 1mo. + 0.11448%) + 1.4%), 3/15/2038 (n) | 1305000 | &nbsp;&nbsp;&nbsp; 1301227 |
| TPG Real Estate Finance, 2021-FL4, "B", FLR, 6.307% ((SOFR - 1mo. + 0.11448%) + 1.85%), 3/15/2038 (n) | 2749000 | &nbsp;&nbsp;&nbsp; 2738587 |
| UBS Commercial Mortgage Trust, 2017-C1, "XA", 1.008%, 11/15/2050 (i) | 5284210 | &nbsp;&nbsp;&nbsp; 90178 |
| UBS Commercial Mortgage Trust, 2018-C14, "XA", 0.877%, 12/15/2051 (i) | 6008269 | &nbsp;&nbsp;&nbsp; 141790 |
| Verus Securitization Trust, 2024-3, "A2", 6.642%, 4/25/2069 (n) | 796199 | &nbsp;&nbsp;&nbsp; 804363 |
| Verus Securitization Trust, 2024-6, "A1", 5.799%, 7/25/2069 (n) | 790108 | &nbsp;&nbsp;&nbsp; 793459 |
| Virginia Power Fuel Securitization LLC, 5.088%, 5/01/2027  | 351038 | &nbsp;&nbsp;&nbsp; 352277 |
| Wells Fargo Commercial Mortgage Trust, 2021-C61, "XA", 1.466%, 11/15/2054 (i) | 5707648 | &nbsp;&nbsp;&nbsp; 322226 |
|  |  | &nbsp;&nbsp;&nbsp; $142984315 |
| Automotive – 1.0% | Automotive – 1.0% | Automotive – 1.0% |
| Ford Motor Credit Co. LLC, 5.8%, 3/05/2027  | $3279000 | &nbsp;&nbsp;&nbsp; $3297442 |
| LKQ Corp., 5.75%, 6/15/2028  | 2976000 | &nbsp;&nbsp;&nbsp; 3046573 |
| Stellantis Finance US, Inc., 1.711%, 1/29/2027 (n) | 1276000 | &nbsp;&nbsp;&nbsp; 1216555 |
| Volkswagen Group of America Finance LLC, 1.25%, 11/24/2025 (n) | 1359000 | &nbsp;&nbsp;&nbsp; 1344177 |
|  |  | &nbsp;&nbsp;&nbsp; $8904747 |
| Brokerage & Asset Managers – 1.7% | Brokerage & Asset Managers – 1.7% | Brokerage & Asset Managers – 1.7% |
| Brookfield Finance, Inc., 3.9%, 1/25/2028  | $4053000 | &nbsp;&nbsp;&nbsp; $3993245 |
| Charles Schwab Corp., 5.875%, 8/24/2026  | 2643000 | &nbsp;&nbsp;&nbsp; 2678846 |
| Charles Schwab Corp., 5.643% to 5/19/2028, FLR (SOFR - 1 day + 2.210%) to 5/19/2029  | 2072000 | &nbsp;&nbsp;&nbsp; 2141593 |
| LPL Holdings, Inc., 5.7%, 5/20/2027  | 1575000 | &nbsp;&nbsp;&nbsp; 1600806 |
| LPL Holdings, Inc., 4.625%, 11/15/2027 (n) | 1085000 | &nbsp;&nbsp;&nbsp; 1078520 |
| LPL Holdings, Inc., 6.75%, 11/17/2028  | 822000 | &nbsp;&nbsp;&nbsp; 872811 |
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 1711000 | &nbsp;&nbsp;&nbsp; 1658711 |
| LPL Holdings, Inc., 5.2%, 3/15/2030  | 825000 | &nbsp;&nbsp;&nbsp; 835032 |
|  |  | &nbsp;&nbsp;&nbsp; $14859564 |
| Business Services – 0.7% | Business Services – 0.7% | Business Services – 0.7% |
| Global Payments, Inc., 1.2%, 3/01/2026  | $2281000 | &nbsp;&nbsp;&nbsp; $2235054 |
| Paychex, Inc., 5.1%, 4/15/2030  | 2365000 | &nbsp;&nbsp;&nbsp; 2416272 |
| Tencent Holdings Ltd., 1.81%, 1/26/2026 (n) | 1551000 | &nbsp;&nbsp;&nbsp; 1530907 |
|  |  | &nbsp;&nbsp;&nbsp; $6182233 |
| Cable TV – 1.1% | Cable TV – 1.1% | Cable TV – 1.1% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.15%, 11/10/2026  | $1356000 | &nbsp;&nbsp;&nbsp; $1375591 |
| Cox Communications, Inc., 5.45%, 9/15/2028 (n) | 3417000 | &nbsp;&nbsp;&nbsp; 3492316 |
| Videotron Ltd., 5.125%, 4/15/2027 (n) | 2566000 | &nbsp;&nbsp;&nbsp; 2563561 |
| Videotron Ltd., 3.625%, 6/15/2029 (n) | 2035000 | &nbsp;&nbsp;&nbsp; 1939816 |
|  |  | &nbsp;&nbsp;&nbsp; $9371284 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Computer Software - Systems – 0.1% | Computer Software - Systems – 0.1% | Computer Software - Systems – 0.1% |
| VMware, Inc., 1.4%, 8/15/2026  | $1143000 | &nbsp;&nbsp;&nbsp; $1107355 |
| Conglomerates – 0.5% | Conglomerates – 0.5% | Conglomerates – 0.5% |
| Regal Rexnord Corp., 6.05%, 2/15/2026  | $2847000 | &nbsp;&nbsp;&nbsp; $2845392 |
| Regal Rexnord Corp., 6.05%, 4/15/2028  | 1728000 | &nbsp;&nbsp;&nbsp; 1780107 |
|  |  | &nbsp;&nbsp;&nbsp; $4625499 |
| Consumer Services – 0.9% | Consumer Services – 0.9% | Consumer Services – 0.9% |
| CBRE Services, Inc., 5.5%, 4/01/2029  | $2000000 | &nbsp;&nbsp;&nbsp; $2060087 |
| CBRE Services, Inc., 4.8%, 6/15/2030  | 564000 | &nbsp;&nbsp;&nbsp; 567220 |
| Meituan, 4.5%, 4/02/2028 (n) | 1575000 | &nbsp;&nbsp;&nbsp; 1569925 |
| Meituan, 4.625%, 10/02/2029 (n) | 845000 | &nbsp;&nbsp;&nbsp; 842782 |
| Rentokil Terminix LLC, 5%, 4/28/2030 (n) | 2935000 | &nbsp;&nbsp;&nbsp; 2947482 |
|  |  | &nbsp;&nbsp;&nbsp; $7987496 |
| Containers – 0.6% | Containers – 0.6% | Containers – 0.6% |
| Berry Global, Inc., 1.57%, 1/15/2026  | $2361000 | &nbsp;&nbsp;&nbsp; $2325241 |
| Berry Global, Inc., 1.65%, 1/15/2027  | 2847000 | &nbsp;&nbsp;&nbsp; 2728873 |
|  |  | &nbsp;&nbsp;&nbsp; $5054114 |
| Electrical Equipment – 0.6% | Electrical Equipment – 0.6% | Electrical Equipment – 0.6% |
| Arrow Electronics, Inc., 5.15%, 8/21/2029  | $2322000 | &nbsp;&nbsp;&nbsp; $2354173 |
| Arrow Electronics, Inc., 2.95%, 2/15/2032  | 1133000 | &nbsp;&nbsp;&nbsp; 993575 |
| Molex Electronic Technologies LLC, 4.75%, 4/30/2028 (n) | 1758000 | &nbsp;&nbsp;&nbsp; 1759608 |
|  |  | &nbsp;&nbsp;&nbsp; $5107356 |
| Electronics – 1.1% | Electronics – 1.1% | Electronics – 1.1% |
| Broadcom, Inc., 5.05%, 7/12/2027  | $1166000 | &nbsp;&nbsp;&nbsp; $1179874 |
| Broadcom, Inc., 4.15%, 2/15/2028  | 1175000 | &nbsp;&nbsp;&nbsp; 1168872 |
| Broadcom, Inc., 4.75%, 4/15/2029  | 1918000 | &nbsp;&nbsp;&nbsp; 1935147 |
| Broadcom, Inc., 5.05%, 7/12/2029  | 657000 | &nbsp;&nbsp;&nbsp; 670566 |
| Broadcom, Inc., 4.35%, 2/15/2030  | 1679000 | &nbsp;&nbsp;&nbsp; 1666824 |
| SK hynix, Inc., 6.25%, 1/17/2026 (n) | 2977000 | &nbsp;&nbsp;&nbsp; 2990727 |
|  |  | &nbsp;&nbsp;&nbsp; $9612010 |
| Emerging Market Sovereign – 0.2% | Emerging Market Sovereign – 0.2% | Emerging Market Sovereign – 0.2% |
| Eagle Funding LuxCo. S.à r.l. (United Mexican States), 5.5%, 8/17/2030 (n)  | $2225000 | &nbsp;&nbsp;&nbsp; $2235013 |
| Energy - Independent – 1.2% | Energy - Independent – 1.2% | Energy - Independent – 1.2% |
| Diamondback Energy, Inc., 5.2%, 4/18/2027  | $934000 | &nbsp;&nbsp;&nbsp; $942991 |
| Diamondback Energy, Inc., 5.15%, 1/30/2030  | 934000 | &nbsp;&nbsp;&nbsp; 950985 |
| EQT Corp., 5.7%, 4/01/2028  | 2645000 | &nbsp;&nbsp;&nbsp; 2719059 |
| Occidental Petroleum Corp., 5%, 8/01/2027  | 895000 | &nbsp;&nbsp;&nbsp; 901437 |
| Occidental Petroleum Corp., 5.2%, 8/01/2029  | 1333000 | &nbsp;&nbsp;&nbsp; 1336243 |
| Occidental Petroleum Corp., 6.625%, 9/01/2030  | 1000000 | &nbsp;&nbsp;&nbsp; 1055581 |
| Pioneer Natural Resources Co., 1.9%, 8/15/2030  | 3452000 | &nbsp;&nbsp;&nbsp; 3057019 |
|  |  | &nbsp;&nbsp;&nbsp; $10963315 |
| Financial Institutions – 1.0% | Financial Institutions – 1.0% | Financial Institutions – 1.0% |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.45%, 4/15/2027  | $1438000 | &nbsp;&nbsp;&nbsp; $1479150 |
| Avolon Holdings Funding Ltd., 5.5%, 1/15/2026 (n) | 892000 | &nbsp;&nbsp;&nbsp; 893953 |
| Avolon Holdings Funding Ltd., 4.25%, 4/15/2026 (n) | 769000 | &nbsp;&nbsp;&nbsp; 765787 |
| Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 (n) | 1715000 | &nbsp;&nbsp;&nbsp; 1634233 |
| Avolon Holdings Funding Ltd., 2.75%, 2/21/2028 (n) | 1313000 | &nbsp;&nbsp;&nbsp; 1245398 |
| SMBC Aviation Capital Finance DAC, 5.3%, 4/03/2029 (n) | 2945000 | &nbsp;&nbsp;&nbsp; 3000544 |
|  |  | &nbsp;&nbsp;&nbsp; $9019065 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Food & Beverages – 1.8% | Food & Beverages – 1.8% | Food & Beverages – 1.8% |
| Bacardi Ltd., 4.7%, 5/15/2028 (n) | $684000 | &nbsp;&nbsp;&nbsp; $686667 |
| Bacardi-Martini B.V., 5.25%, 1/15/2029 (n) | 2771000 | &nbsp;&nbsp;&nbsp; 2814263 |
| Constellation Brands, Inc., 4.8%, 5/01/2030  | 1510000 | &nbsp;&nbsp;&nbsp; 1518067 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 3%, 2/02/2029  | 3980000 | &nbsp;&nbsp;&nbsp; 3769433 |
| JDE Peet's N.V., 1.375%, 1/15/2027 (n) | 1050000 | &nbsp;&nbsp;&nbsp; 998417 |
| Mars, Inc., 4.6%, 3/01/2028 (n) | 1473000 | &nbsp;&nbsp;&nbsp; 1481103 |
| Mars, Inc., 4.8%, 3/01/2030 (n) | 3089000 | &nbsp;&nbsp;&nbsp; 3119671 |
| Suntory Holdings Ltd., 5.124%, 6/11/2029 (n) | 1958000 | &nbsp;&nbsp;&nbsp; 1993112 |
|  |  | &nbsp;&nbsp;&nbsp; $16380733 |
| Gaming & Lodging – 1.3% | Gaming & Lodging – 1.3% | Gaming & Lodging – 1.3% |
| Flutter Treasury DAC, 5.875%, 6/04/2031 (n) | $2079000 | &nbsp;&nbsp;&nbsp; $2092711 |
| GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/2026  | 405000 | &nbsp;&nbsp;&nbsp; 405118 |
| Hyatt Hotels Corp., 5.75%, 1/30/2027  | 1067000 | &nbsp;&nbsp;&nbsp; 1084581 |
| Las Vegas Sands Corp., 5.9%, 6/01/2027  | 828000 | &nbsp;&nbsp;&nbsp; 841817 |
| Las Vegas Sands Corp., 5.625%, 6/15/2028  | 1210000 | &nbsp;&nbsp;&nbsp; 1229256 |
| Marriott International, Inc., 3.75%, 10/01/2025  | 459000 | &nbsp;&nbsp;&nbsp; 458124 |
| Marriott International, Inc., 4.9%, 4/15/2029  | 2619000 | &nbsp;&nbsp;&nbsp; 2651687 |
| Sands China Ltd., 3.8%, 1/08/2026  | 2616000 | &nbsp;&nbsp;&nbsp; 2604324 |
|  |  | &nbsp;&nbsp;&nbsp; $11367618 |
| Industrial – 0.1% | Industrial – 0.1% | Industrial – 0.1% |
| Booz Allen Hamilton, Inc., 4%, 7/01/2029 (n) | $369000 | &nbsp;&nbsp;&nbsp; $356928 |
| Howard University, Washington D.C., AGM, 2.516%, 10/01/2025  | 152000 | &nbsp;&nbsp;&nbsp; 151198 |
|  |  | &nbsp;&nbsp;&nbsp; $508126 |
| Insurance – 1.0% | Insurance – 1.0% | Insurance – 1.0% |
| Corebridge Financial, Inc., 3.65%, 4/05/2027  | $1837000 | &nbsp;&nbsp;&nbsp; $1809759 |
| Corebridge Global Funding, 5.2%, 1/12/2029 (n) | 1117000 | &nbsp;&nbsp;&nbsp; 1136903 |
| Equitable Financial Life Insurance Co., 5.5%, 12/02/2025 (n) | 1377000 | &nbsp;&nbsp;&nbsp; 1380776 |
| Sammons Financial Group Global Funding, 5.05%, 1/10/2028 (n) | 904000 | &nbsp;&nbsp;&nbsp; 914008 |
| Sammons Financial Group Global Funding, 5.1%, 12/10/2029 (n) | 3311000 | &nbsp;&nbsp;&nbsp; 3365456 |
|  |  | &nbsp;&nbsp;&nbsp; $8606902 |
| Insurance - Health – 0.3% | Insurance - Health – 0.3% | Insurance - Health – 0.3% |
| Elevance Health, Inc., 4.5%, 10/30/2026  | $1298000 | &nbsp;&nbsp;&nbsp; $1298806 |
| Elevance Health, Inc., 4.75%, 2/15/2030  | 1104000 | &nbsp;&nbsp;&nbsp; 1109157 |
|  |  | &nbsp;&nbsp;&nbsp; $2407963 |
| Insurance - Property & Casualty – 0.7% | Insurance - Property & Casualty – 0.7% | Insurance - Property & Casualty – 0.7% |
| Arthur J. Gallagher & Co., 4.6%, 12/15/2027  | $1321000 | &nbsp;&nbsp;&nbsp; $1325529 |
| Arthur J. Gallagher & Co., 4.85%, 12/15/2029  | 1321000 | &nbsp;&nbsp;&nbsp; 1332690 |
| Brown & Brown, Inc., 4.7%, 6/23/2028  | 784000 | &nbsp;&nbsp;&nbsp; 786384 |
| Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027  | 1300000 | &nbsp;&nbsp;&nbsp; 1307614 |
| Marsh & McLennan Cos., Inc., 4.65%, 3/15/2030  | 1300000 | &nbsp;&nbsp;&nbsp; 1311236 |
|  |  | &nbsp;&nbsp;&nbsp; $6063453 |
| International Market Quasi-Sovereign – 0.2% | International Market Quasi-Sovereign – 0.2% | International Market Quasi-Sovereign – 0.2% |
| NBN Co. Ltd. (Commonwealth of Australia), 5.75%, 10/06/2028 (n)  | $2064000 | &nbsp;&nbsp;&nbsp; $2146473 |
| Machinery & Tools – 0.3% | Machinery & Tools – 0.3% | Machinery & Tools – 0.3% |
| AGCO Corp., 5.45%, 3/21/2027  | $1337000 | &nbsp;&nbsp;&nbsp; $1347427 |
| Ashtead Capital, Inc., 4.25%, 11/01/2029 (n) | 1227000 | &nbsp;&nbsp;&nbsp; 1198141 |
| CNH Industrial Capital LLC, 1.875%, 1/15/2026  | 448000 | &nbsp;&nbsp;&nbsp; 441798 |
|  |  | &nbsp;&nbsp;&nbsp; $2987366 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Major Banks – 6.7% | Major Banks – 6.7% | Major Banks – 6.7% |
| Barclays PLC, 2.279% to 11/24/2026, FLR (CMT - 1yr. + 1.05%) to 11/24/2027  | $2856000 | &nbsp;&nbsp;&nbsp; $2770697 |
| BNP Paribas S.A., 2.591% to 1/20/2027, FLR (SOFR - 1 day + 1.228%) to 1/20/2028 (n) | 3494000 | &nbsp;&nbsp;&nbsp; 3392484 |
| Capital One Financial Corp., 7.149% to 10/29/2026, FLR (SOFR - 1 day + 2.44%) to 10/29/2027  | 1305000 | &nbsp;&nbsp;&nbsp; 1344131 |
| Capital One Financial Corp., 5.7% to 2/01/2029, FLR (SOFR - 1 day + 1.905%) to 2/01/2030  | 621000 | &nbsp;&nbsp;&nbsp; 640908 |
| Danske Bank A.S., 5.705% to 3/01/2029, FLR (CMT - 1yr. + 1.4%) to 3/01/2030 (n) | 1451000 | &nbsp;&nbsp;&nbsp; 1501608 |
| Deutsche Bank AG, 7.146% to 7/13/2026, FLR (SOFR - 1 day + 2.52%) to 7/13/2027  | 1989000 | &nbsp;&nbsp;&nbsp; 2033150 |
| Deutsche Bank AG, 2.311% to 11/16/2026, FLR (SOFR - 1 day + 1.219%) to 11/16/2027  | 999000 | &nbsp;&nbsp;&nbsp; 969434 |
| Deutsche Bank AG, 6.72% to 1/18/2028, FLR (SOFR - 1 day + 3.18%) to 1/18/2029  | 169000 | &nbsp;&nbsp;&nbsp; 176984 |
| Deutsche Bank AG, 4.95% to 8/04/2030, FLR (SOFR - 1 day + 1.3%) to 8/04/2031 (w) | 1284000 | &nbsp;&nbsp;&nbsp; 1286126 |
| Goldman Sachs Group, Inc., 1.093% to 12/09/2025, FLR (SOFR - 1 day + 0.789%) to 12/09/2026  | 1268000 | &nbsp;&nbsp;&nbsp; 1251579 |
| HSBC Holdings PLC, 7.336% to 11/03/2025, FLR (SOFR - 1 day + 3.03%) to 11/03/2026  | 646000 | &nbsp;&nbsp;&nbsp; 650179 |
| HSBC Holdings PLC, 4.899% to 3/03/2028, FLR (SOFR - 1 day + 1.03%) to 3/03/2029  | 3032000 | &nbsp;&nbsp;&nbsp; 3053361 |
| Huntington Bancshares, Inc., 4.443% to 8/04/2027, FLR (SOFR - 1 day + 1.970%) to 8/04/2028  | 254000 | &nbsp;&nbsp;&nbsp; 253295 |
| Huntington Bancshares, Inc., 6.208% to 8/21/2028, FLR (SOFR - 1 day + 2.02%) to 8/21/2029  | 449000 | &nbsp;&nbsp;&nbsp; 469759 |
| Huntington Bancshares, Inc., 5.272% to 1/15/2030, FLR (SOFR - 1 day + 1.276%) to 1/15/2031  | 946000 | &nbsp;&nbsp;&nbsp; 965721 |
| JPMorgan Chase & Co., 1.04% to 2/04/2026, FLR (SOFR - 1 day + 0.695%) to 2/04/2027  | 2090000 | &nbsp;&nbsp;&nbsp; 2053076 |
| Mitsubishi UFJ Financial Group, Inc., 5.159%, 4/24/2031  | 732000 | &nbsp;&nbsp;&nbsp; 747372 |
| Mizuho Financial Group, Inc., 4.711% to 7/08/2030, FLR (CMT - 1yr. + 0.92%) to 7/08/2031  | 2778000 | &nbsp;&nbsp;&nbsp; 2772065 |
| Morgan Stanley, 4.994% to 4/12/2028, FLR (SOFR - 1 day + 1.38%) to 4/12/2029  | 1406000 | &nbsp;&nbsp;&nbsp; 1423338 |
| Morgan Stanley Private Bank N.A., 4.466% to 7/06/2027, FLR (SOFR - 1 day + 0.77%) to 7/06/2028  | 1713000 | &nbsp;&nbsp;&nbsp; 1711174 |
| Morgan Stanley Private Bank N.A., 4.734% to 7/18/2030, FLR (SOFR - 1 day + 1.08%) to 7/18/2031  | 2394000 | &nbsp;&nbsp;&nbsp; 2404792 |
| Nationwide Building Society, 2.972% to 2/16/2027, FLR (SOFR - 1 day + 1.29%) to 2/16/2028 (n) | 3118000 | &nbsp;&nbsp;&nbsp; 3038960 |
| PNC Financial Services Group, Inc., 5.102% to 7/23/2026, FLR (SOFR - 1 day + 0.796%) to 7/23/2027  | 2566000 | &nbsp;&nbsp;&nbsp; 2576698 |
| PNC Financial Services Group, Inc., 5.354% to 12/02/2027, FLR (SOFR - 1 day + 1.62%) to 12/02/2028  | 3959000 | &nbsp;&nbsp;&nbsp; 4040270 |
| Sumitomo Mitsui Financial Group, Inc., 2.174%, 1/14/2027  | 2295000 | &nbsp;&nbsp;&nbsp; 2224437 |
| Toronto-Dominion Bank, 5.532%, 7/17/2026  | 3664000 | &nbsp;&nbsp;&nbsp; 3700969 |
| UBS Group AG, 5.711% to 1/12/2026, FLR (CMT - 1yr. + 1.55%) to 1/12/2027 (n) | 1834000 | &nbsp;&nbsp;&nbsp; 1841673 |
| UBS Group AG, 4.703% to 8/05/2026, FLR (CMT - 1yr. + 2.05%) to 8/05/2027 (n) | 1237000 | &nbsp;&nbsp;&nbsp; 1237338 |
| UBS Group AG, 9.25% to 11/13/2028, FLR (CMT - 5yr. + 4.745%) to 12/31/2164 (n) | 428000 | &nbsp;&nbsp;&nbsp; 469743 |
| UBS Group AG, 6.6% to 2/05/2031, FLR (USD SOFR ICE Swap Rate - 5yr. + 3.122%) to 2/05/2174 (n)(w) | 2393000 | &nbsp;&nbsp;&nbsp; 2393000 |
| UniCredit S.p.A., 2.569% to 9/22/2025, FLR (CMT - 1yr. + 2.3%) to 9/22/2026 (n) | 2522000 | &nbsp;&nbsp;&nbsp; 2512990 |
| Wells Fargo & Co., 3.526% to 3/24/2027, FLR (SOFR - 1 day + 1.51%) to 3/24/2028  | 3868000 | &nbsp;&nbsp;&nbsp; 3806713 |
|  |  | &nbsp;&nbsp;&nbsp; $59714024 |
| Medical & Health Technology & Services – 0.2% | Medical & Health Technology & Services – 0.2% | Medical & Health Technology & Services – 0.2% |
| IQVIA, Inc., 5.7%, 5/15/2028  | $788000 | &nbsp;&nbsp;&nbsp; $806518 |
| IQVIA, Inc., 6.25%, 2/01/2029  | 598000 | &nbsp;&nbsp;&nbsp; 624884 |
|  |  | &nbsp;&nbsp;&nbsp; $1431402 |
| Metals & Mining – 1.4% | Metals & Mining – 1.4% | Metals & Mining – 1.4% |
| Anglo American Capital PLC, 4.75%, 4/10/2027 (n) | $2917000 | &nbsp;&nbsp;&nbsp; $2922744 |
| Glencore Funding LLC, 1.625%, 9/01/2025 (n) | 2677000 | &nbsp;&nbsp;&nbsp; 2669866 |
| Glencore Funding LLC, 1.625%, 4/27/2026 (n) | 1675000 | &nbsp;&nbsp;&nbsp; 1637403 |
| Glencore Funding LLC, 5.186%, 4/01/2030 (n) | 2434000 | &nbsp;&nbsp;&nbsp; 2472700 |
| Rio Tinto Finance (USA) PLC, 4.5%, 3/14/2028  | 1223000 | &nbsp;&nbsp;&nbsp; 1228622 |
| Rio Tinto Finance (USA) PLC, 4.875%, 3/14/2030  | 1398000 | &nbsp;&nbsp;&nbsp; 1419140 |
|  |  | &nbsp;&nbsp;&nbsp; $12350475 |
| Midstream – 1.2% | Midstream – 1.2% | Midstream – 1.2% |
| Columbia Pipelines Holdings Co. LLC, 6.042%, 8/15/2028 (n) | $2962000 | &nbsp;&nbsp;&nbsp; $3078527 |
| DCP Midstream Operating LP, 5.625%, 7/15/2027  | 2855000 | &nbsp;&nbsp;&nbsp; 2905344 |
| Enbridge, Inc., 5.25%, 4/05/2027  | 1976000 | &nbsp;&nbsp;&nbsp; 1998756 |
| Enbridge, Inc., 4.9%, 6/20/2030  | 821000 | &nbsp;&nbsp;&nbsp; 828204 |
| Energy Transfer LP, 5.55%, 2/15/2028  | 916000 | &nbsp;&nbsp;&nbsp; 938633 |
| Gray Oak Pipeline LLC, 2.6%, 10/15/2025 (n) | 491000 | &nbsp;&nbsp;&nbsp; 488339 |
|  |  | &nbsp;&nbsp;&nbsp; $10237803 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Mortgage-Backed – 0.4% | Mortgage-Backed – 0.4% |  |
| Fannie Mae, 3%, 12/01/2031  | $155653 | &nbsp;&nbsp;&nbsp; $150852 |
| Fannie Mae, 5.35%, 2/25/2045 (n) | 350938 | &nbsp;&nbsp;&nbsp; 350938 |
| Freddie Mac, 4.954%, 7/25/2029  | 657962 | &nbsp;&nbsp;&nbsp; 658061 |
| Freddie Mac, 1.57%, 4/25/2030 (i) | 6266589 | &nbsp;&nbsp;&nbsp; 374110 |
| Freddie Mac, 3%, 4/15/2033 - 6/15/2045  | 2186566 | &nbsp;&nbsp;&nbsp; 2101170 |
| Freddie Mac, 2%, 7/15/2042  | 283636 | &nbsp;&nbsp;&nbsp; 264913 |
|  |  | &nbsp;&nbsp;&nbsp; $3900044 |
| Municipals – 0.2% | Municipals – 0.2% | Municipals – 0.2% |
| Kentucky Higher Education Student Loan Corp. Rev., Taxable, "A-2", 5.949%, 6/01/2037  | $1515000 | &nbsp;&nbsp;&nbsp; $1533301 |
| Massachusetts Educational Financing Authority, Education Loan Rev., Taxable, "A", 2.562%, 7/01/2026  | 315000 | &nbsp;&nbsp;&nbsp; 309720 |
|  |  | &nbsp;&nbsp;&nbsp; $1843021 |
| Network & Telecom – 0.3% | Network & Telecom – 0.3% | Network & Telecom – 0.3% |
| NTT Finance Corp., 4.567%, 7/16/2027 (n) | $536000 | &nbsp;&nbsp;&nbsp; $536474 |
| NTT Finance Corp., 4.62%, 7/16/2028 (n) | 1109000 | &nbsp;&nbsp;&nbsp; 1111342 |
| NTT Finance Corp., 4.876%, 7/16/2030 (n) | 1109000 | &nbsp;&nbsp;&nbsp; 1115275 |
|  |  | &nbsp;&nbsp;&nbsp; $2763091 |
| Oil Services – 0.3% | Oil Services – 0.3% | Oil Services – 0.3% |
| Schlumberger Holdings Corp., 5%, 5/29/2027 (n) | $1313000 | &nbsp;&nbsp;&nbsp; $1326602 |
| Schlumberger Holdings Corp., 5%, 11/15/2029 (n) | 919000 | &nbsp;&nbsp;&nbsp; 936497 |
|  |  | &nbsp;&nbsp;&nbsp; $2263099 |
| Oils – 0.2% | Oils – 0.2% | Oils – 0.2% |
| Marathon Petroleum Corp., 5.15%, 3/01/2030  | $2064000 | &nbsp;&nbsp;&nbsp; $2102104 |
| Other Banks & Diversified Financials – 2.8% | Other Banks & Diversified Financials – 2.8% | Other Banks & Diversified Financials – 2.8% |
| AIB Group PLC, 7.583% to 10/14/2025, FLR (SOFR - 1 day + 3.456%) to 10/14/2026 (n) | $2632000 | &nbsp;&nbsp;&nbsp; $2646440 |
| AIB Group PLC, 6.608% to 9/13/2028, FLR (SOFR - 1 day + 2.33%) to 9/13/2029 (n) | 409000 | &nbsp;&nbsp;&nbsp; 431643 |
| American Express Co., 4.731% to 4/25/2028, FLR (SOFR - 1 day + 1.26%) to 4/25/2029  | 2697000 | &nbsp;&nbsp;&nbsp; 2720622 |
| Banque Federative du Credit Mutuel S.A., 5.896%, 7/13/2026 (n) | 1887000 | &nbsp;&nbsp;&nbsp; 1913661 |
| BPCE S.A., 5.281%, 5/30/2029 (n) | 1969000 | &nbsp;&nbsp;&nbsp; 2020245 |
| CaixaBank S.A., 4.634% to 7/03/2028, FLR (SOFR - 1 day + 1.14%) to 7/03/2029 (n) | 770000 | &nbsp;&nbsp;&nbsp; 768822 |
| CaixaBank S.A., 5.673% to 3/15/2029, FLR (SOFR - 1 day + 1.78%) to 3/15/2030 (n) | 2441000 | &nbsp;&nbsp;&nbsp; 2520030 |
| Citizens Financial Group, Inc., 5.841% to 1/23/2029, FLR (SOFR - 1 day + 2.01%) to 1/23/2030  | 2201000 | &nbsp;&nbsp;&nbsp; 2272760 |
| First Citizens Bancshare, Inc., 5.231% to 3/12/2030, FLR (SOFR - 1 day + 1.41%) to 3/12/2031  | 944000 | &nbsp;&nbsp;&nbsp; 949051 |
| M&T Bank Corp., 4.833% to 1/16/2028, FLR (SOFR - 1 day + 0.93%) to 1/16/2029  | 1321000 | &nbsp;&nbsp;&nbsp; 1328106 |
| M&T Bank Corp., 7.413% to 10/30/2028, FLR (SOFR - 1 day + 2.80%) to 10/30/2029  | 706000 | &nbsp;&nbsp;&nbsp; 764146 |
| Macquarie Group Ltd., 1.34% to 1/12/2026, FLR (SOFR - 1 day + 1.069%) to 1/12/2027 (n) | 1904000 | &nbsp;&nbsp;&nbsp; 1875457 |
| Synchrony Financial, 5.019% to 7/29/2028, FLR (SOFR - 1 day + 1.395%) to 7/29/2029  | 1140000 | &nbsp;&nbsp;&nbsp; 1139334 |
| Truist Financial Corp., 5.435% to 1/24/2029, FLR (SOFR - 1 day + 1.62%) to 1/24/2030  | 3350000 | &nbsp;&nbsp;&nbsp; 3444230 |
|  |  | &nbsp;&nbsp;&nbsp; $24794547 |
| Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% |
| Amgen, Inc., 5.507%, 3/02/2026  | $1758000 | &nbsp;&nbsp;&nbsp; $1758006 |
| Bayer US Finance LLC, 6.25%, 1/21/2029 (n) | 566000 | &nbsp;&nbsp;&nbsp; 593012 |
| Biogen, Inc., 5.05%, 1/15/2031  | 1853000 | &nbsp;&nbsp;&nbsp; 1878127 |
|  |  | &nbsp;&nbsp;&nbsp; $4229145 |
| Printing & Publishing – 0.2% | Printing & Publishing – 0.2% | Printing & Publishing – 0.2% |
| News Corp., 3.875%, 5/15/2029 (n)  | $1816000 | &nbsp;&nbsp;&nbsp; $1733901 |
| Real Estate - Apartment – 0.2% | Real Estate - Apartment – 0.2% | Real Estate - Apartment – 0.2% |
| American Homes 4 Rent LP, REIT, 4.95%, 6/15/2030  | $1808000 | &nbsp;&nbsp;&nbsp; $1819790 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Real Estate - Office – 0.4% | Real Estate - Office – 0.4% | Real Estate - Office – 0.4% |
| Corporate Office Property LP, REIT, 2.25%, 3/15/2026  | $3275000 | &nbsp;&nbsp;&nbsp; $3217846 |
| Corporate Office Property LP, REIT, 2%, 1/15/2029  | 524000 | &nbsp;&nbsp;&nbsp; 478456 |
|  |  | &nbsp;&nbsp;&nbsp; $3696302 |
| Real Estate - Retail – 0.4% | Real Estate - Retail – 0.4% | Real Estate - Retail – 0.4% |
| STORE Capital Corp., REIT, 4.5%, 3/15/2028  | $394000 | &nbsp;&nbsp;&nbsp; $388759 |
| WEA Finance LLC, 4.125%, 9/20/2028 (n) | 2268000 | &nbsp;&nbsp;&nbsp; 2222768 |
| WEA Finance LLC, 3.5%, 6/15/2029 (n) | 534000 | &nbsp;&nbsp;&nbsp; 511778 |
| WEA Finance LLC, REIT, 2.875%, 1/15/2027 (n) | 391000 | &nbsp;&nbsp;&nbsp; 380331 |
|  |  | &nbsp;&nbsp;&nbsp; $3503636 |
| Retailers – 0.2% | Retailers – 0.2% | Retailers – 0.2% |
| AutoNation, Inc., 3.85%, 3/01/2032  | $1712000 | &nbsp;&nbsp;&nbsp; $1574282 |
| Specialty Chemicals – 0.2% | Specialty Chemicals – 0.2% | Specialty Chemicals – 0.2% |
| International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (n) | $1393000 | &nbsp;&nbsp;&nbsp; $1383565 |
| International Flavors & Fragrances, Inc., 1.832%, 10/15/2027 (n) | 294000 | &nbsp;&nbsp;&nbsp; 276651 |
|  |  | &nbsp;&nbsp;&nbsp; $1660216 |
| Specialty Stores – 0.4% | Specialty Stores – 0.4% | Specialty Stores – 0.4% |
| Genuine Parts Co., 4.95%, 8/15/2029  | $1945000 | &nbsp;&nbsp;&nbsp; $1969244 |
| Ross Stores, Inc., 0.875%, 4/15/2026  | 1749000 | &nbsp;&nbsp;&nbsp; 1703379 |
|  |  | &nbsp;&nbsp;&nbsp; $3672623 |
| Telecommunications - Wireless – 0.6% | Telecommunications - Wireless – 0.6% | Telecommunications - Wireless – 0.6% |
| Crown Castle, Inc., REIT, 2.9%, 3/15/2027  | $448000 | &nbsp;&nbsp;&nbsp; $435584 |
| Rogers Communications, Inc., 3.2%, 3/15/2027  | 4027000 | &nbsp;&nbsp;&nbsp; 3943040 |
| T-Mobile USA, Inc., 4.2%, 10/01/2029  | 855000 | &nbsp;&nbsp;&nbsp; 846345 |
|  |  | &nbsp;&nbsp;&nbsp; $5224969 |
| Tobacco – 0.9% | Tobacco – 0.9% | Tobacco – 0.9% |
| B.A.T. International Finance PLC, 5.931%, 2/02/2029  | $2088000 | &nbsp;&nbsp;&nbsp; $2181319 |
| Japan Tobacco, Inc., 4.85%, 5/15/2028 (n) | 1751000 | &nbsp;&nbsp;&nbsp; 1767182 |
| Philip Morris International, Inc., 5%, 11/17/2025  | 667000 | &nbsp;&nbsp;&nbsp; 667768 |
| Philip Morris International, Inc., 5.125%, 11/17/2027  | 946000 | &nbsp;&nbsp;&nbsp; 960477 |
| Philip Morris International, Inc., 4.875%, 2/15/2028  | 1262000 | &nbsp;&nbsp;&nbsp; 1277632 |
| Philip Morris International, Inc., 4.125%, 4/28/2028  | 903000 | &nbsp;&nbsp;&nbsp; 897113 |
|  |  | &nbsp;&nbsp;&nbsp; $7751491 |
| Transportation - Services – 1.4% | Transportation - Services – 1.4% | Transportation - Services – 1.4% |
| Element Fleet Management Corp., 5.643%, 3/13/2027 (n) | $3216000 | &nbsp;&nbsp;&nbsp; $3260747 |
| Element Fleet Management Corp., 5.037%, 3/25/2030 (n) | 2502000 | &nbsp;&nbsp;&nbsp; 2523526 |
| ERAC USA Finance LLC, 3.8%, 11/01/2025 (n) | 684000 | &nbsp;&nbsp;&nbsp; 682291 |
| GXO Logistics, Inc., 6.25%, 5/06/2029  | 1230000 | &nbsp;&nbsp;&nbsp; 1279376 |
| Penske Truck Leasing Co. LP, 5.35%, 1/12/2027 (n) | 1598000 | &nbsp;&nbsp;&nbsp; 1611370 |
| Penske Truck Leasing Co. LP, 5.35%, 3/30/2029 (n) | 1804000 | &nbsp;&nbsp;&nbsp; 1843470 |
| Penske Truck Leasing Co. LP, 5.25%, 7/01/2029 (n) | 1278000 | &nbsp;&nbsp;&nbsp; 1303376 |
|  |  | &nbsp;&nbsp;&nbsp; $12504156 |
| U.S. Treasury Obligations – 32.7% | U.S. Treasury Obligations – 32.7% | U.S. Treasury Obligations – 32.7% |
| U.S. Treasury Notes, 3.125%, 8/15/2025 (f)(s) | $14315000 | &nbsp;&nbsp;&nbsp; $14307295 |
| U.S. Treasury Notes, 2.25%, 11/15/2025 (f)(s) | 33500000 | &nbsp;&nbsp;&nbsp; 33295598 |
| U.S. Treasury Notes, 4.875%, 11/30/2025  | 51280000 | &nbsp;&nbsp;&nbsp; 51352112 |
| U.S. Treasury Notes, 4.625%, 2/28/2026 (f)(s) | 23843000 | &nbsp;&nbsp;&nbsp; 23880814 |
| U.S. Treasury Notes, 2.25%, 3/31/2026 (f)(s) | 30477000 | &nbsp;&nbsp;&nbsp; 30074965 |
| U.S. Treasury Notes, 4.125%, 6/15/2026  | 30754000 | &nbsp;&nbsp;&nbsp; 30732076 |
| U.S. Treasury Notes, 4.625%, 6/30/2026 (f)(s) | 14907000 | &nbsp;&nbsp;&nbsp; 14960106 |
| U.S. Treasury Notes, 4.5%, 7/15/2026  | 57693000 | &nbsp;&nbsp;&nbsp; 57858417 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| U.S. Treasury Obligations – continued | U.S. Treasury Obligations – continued | U.S. Treasury Obligations – continued |
| U.S. Treasury Notes, 4.625%, 11/15/2026 (f) | $32309000 | &nbsp;&nbsp;&nbsp; $32517242 |
|  |  | &nbsp;&nbsp;&nbsp; $288978625 |
| Utilities - Electric Power – 2.2% | Utilities - Electric Power – 2.2% | Utilities - Electric Power – 2.2% |
| Algonquin Power & Utilities Corp., 5.365%, 6/15/2026  | $722000 | &nbsp;&nbsp;&nbsp; $725828 |
| American Transmission Systems, Inc., 2.65%, 1/15/2032 (n) | 253000 | &nbsp;&nbsp;&nbsp; 222552 |
| Con Edison Co. of NY, Inc., FLR, 4.856% (SOFR - 1 day + 0.52%), 11/18/2027  | 1985000 | &nbsp;&nbsp;&nbsp; 1988164 |
| Edison International, 4.7%, 8/15/2025  | 1686000 | &nbsp;&nbsp;&nbsp; 1685741 |
| Enel Finance International N.V., 7.05%, 10/14/2025 (n) | 1536000 | &nbsp;&nbsp;&nbsp; 1541975 |
| FirstEnergy Corp., 1.6%, 1/15/2026  | 900000 | &nbsp;&nbsp;&nbsp; 886507 |
| NextEra Energy Capital Holdings, Inc., 5.749%, 9/01/2025  | 1681000 | &nbsp;&nbsp;&nbsp; 1682044 |
| NextEra Energy Capital Holdings, Inc., 4.685%, 9/01/2027 (w) | 1711000 | &nbsp;&nbsp;&nbsp; 1719397 |
| Pacific Gas & Electric Co., 5.3%, 9/04/2025  | 3295000 | &nbsp;&nbsp;&nbsp; 3295629 |
| Pacific Gas & Electric Co., 6.1%, 1/15/2029  | 1552000 | &nbsp;&nbsp;&nbsp; 1605128 |
| Pacific Gas & Electric Co., 5.55%, 5/15/2029  | 2561000 | &nbsp;&nbsp;&nbsp; 2610356 |
| PSEG Power LLC, 5.2%, 5/15/2030 (n) | 605000 | &nbsp;&nbsp;&nbsp; 618161 |
| Trans-Allegheny Interstate Line Co., 5%, 1/15/2031 (n) | 820000 | &nbsp;&nbsp;&nbsp; 830660 |
|  |  | &nbsp;&nbsp;&nbsp; $19412142 |
| **Total Bonds**  |  | &nbsp;&nbsp; **$774859910** |
| Mutual Funds (h) – 9.2%  | Mutual Funds (h) – 9.2%  | Mutual Funds (h) – 9.2%  |
| Money Market Funds – 9.2% | Money Market Funds – 9.2% |  |
| MFS Institutional Money Market Portfolio, 4.35% (v)  | 81524315 | &nbsp;&nbsp;&nbsp; $81524314 |
| Short-Term Obligations (s)(y) – 4.1%  |  |  |
| Federal Home Loan Bank, 4.18%, due 8/01/2025  | $36402000 | &nbsp;&nbsp;&nbsp; $36397713 |
| Other Assets, Less Liabilities – (1.0)% |  | &nbsp;&nbsp;&nbsp; (8828846)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$883953091** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts, cleared swap agreements, and uncleared swap agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(h) An affiliated issuer, which may be considered one in which the fund owns 5% or more
 of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated
 issuers and in unaffiliated issuers were $81,524,314 and $811,257,623, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest only security for which the fund receives interest on notional principal
 (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $259,618,867, representing 29.4% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(s) All or a portion of security is held by a wholly-owned subsidiary. See Principles
 of Consolidation in the notes for details of the wholly-owned subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;(v) Affiliated issuer that is available only to investment companies managed by MFS. The
 rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(w) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(y) The rate shown represents an annualized yield at time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| AGM | Assured Guaranty Municipal |
| BCOMALTR | Bloomberg Aluminum Subindex Total Return, this index is composed of futures contracts on aluminum. It is quoted in USD. |
| BCOMBOTR | Bloomberg Soybean Oil Subindex Total Return, this index is composed of futures contracts on soybean oil. It is quoted in USD. |
| BCOMCLTR | Bloomberg WTI Crude Oil Subindex Total Return, this index is composed of composed of futures contracts on WTI crude oil. It reflects the <br> return on fully collateralized futures positions. It is quoted in USD.<br>|
| BCOMCNTR | Bloomberg Corn Subindex Total Return, this index is composed of futures contracts on corn. It reflects the return on fully collateralized futures <br> positions. It is quoted in USD.<br>|
| BCOMF3T | Bloomberg Commodity Index 3 Month Forward Total Return, this index is composed of longer-dated futures contracts on 19 physical <br> commodities. It is quoted in USD.<br>|
| BCOMF6T | Bloomberg Commodity Index 6 Month Forward Total Return, this index is composed of longer-dated futures contracts on 21 physical <br> commodities. It is quoted in USD.<br>|
| BCOMHGTR | Bloomberg Copper Subindex Total Return, this index is composed of futures contracts on copper. It is quoted in USD. |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | |
|:---|:---|
| BCOMKCTR | Bloomberg Coffee Subindex Total Return, this index is composed of futures contracts on coffee. It reflects the return on fully collateralized <br> futures positions. It is quoted in USD.<br>|
| BCOMKWT | Bloomberg Kansas Wheat Subindex Total Return, this index is composed of futures contracts on wheat and Kansas wheat. It is quoted in USD. |
| BCOMLCTR | Bloomberg Live Cattle Subindex Total Return, this index is composed of futures contracts on live cattle. It is quoted in USD. |
| BCOMLHTR | Bloomberg Lean Hogs Subindex Total Return, this index is composed of futures contracts on lean hogs. It reflects the return of underlying <br> commodity futures price movements only. It is quoted in USD.<br>|
| BCOMNGTR | Bloomberg Natural Gas Subindex Total Return, this index is composed of futures contracts on natural gas. It reflects the return on fully <br> collateralized futures positions. It is quoted in USD.<br>|
| BCOMPBTR | Bloomberg Lead Subindex Total Return, this index is composed of futures contracts on lead. It reflects the return of underlying commodity <br> futures price movements only. It is quoted in USD.<br>|
| BCOMPLTR | Bloomberg Platinum Subindex Total Return, this index is composed of futures contracts on platinum. It is quoted in USD. |
| BCOMRBTR | Bloomberg Unleaded Gasoline Subindex Total Return, this index is composed of futures contracts on unleaded gasoline. It reflects the return <br> on fully collateralized futures positions. It is quoted in USD.<br>|
| BCOMSBTR | Bloomberg Sugar Subindex Total Return, this index is composed of futures contracts on sugar. It reflects the return on fully collateralized <br> futures positions. It is quoted in USD.<br>|
| BCOMSYTR | Bloomberg Soybeans Subindex Total Return, this index is composed of futures contracts on soybeans. It is quoted in USD. |
| BCOMTR | Bloomberg Commodity Index Total Return |
| BCOMWHTR | Bloomberg Wheat Subindex Total Return, this index is composed of futures contracts on wheat. It reflects the return on fully collateralized <br> futures positions. It is quoted in USD.<br>|
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury  |
| CVICPRD0 | Citibank Bloomberg Commodity Index Total Return |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| ICE | Intercontinental Exchange |
| MLCILPRT | Merrill Lynch International Bloomberg Commodity Index Total Return |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 7/31/25** | **Derivative Contracts at 7/31/25** | **Derivative Contracts at 7/31/25** | **Derivative Contracts at 7/31/25** | **Derivative Contracts at 7/31/25** | **Derivative Contracts at 7/31/25** | **Derivative Contracts at 7/31/25** |
| **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  |
| **Description** | **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value/Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  |  |  |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 39 | $8072391 | September – 2025 | &nbsp;&nbsp; $(5929)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  | **Cleared Swap Agreements**  |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Counterparty** | &nbsp;&nbsp; **Cash Flows** <br>**to Receive/** <br>**Frequency**<br>| &nbsp;&nbsp; **Cash Flows** <br>**to Pay/** <br>**Frequency**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Unamortized** <br>**Upfront Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Interest Rate Swaps***  | ***Interest Rate Swaps***  | ***Interest Rate Swaps***  | ***Interest Rate Swaps***  | ***Interest Rate Swaps***  | ***Interest Rate Swaps***  |  |  |  |
| 10/02/26 | USD | 44600000  | centrally cleared | 4.697%/Annually  | SOFR 1 day/Annual  | &nbsp;&nbsp; $446091 | &nbsp;&nbsp; $(4023)<br>| &nbsp;&nbsp; $442068 |
| 10/02/26 | USD | 13800000  | centrally cleared | 4.664%/Annually  | SOFR 1 day/Annual  | &nbsp;&nbsp; 128802 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128802 |
| 12/23/27 | USD | 34600000  | centrally cleared | 4.106% Annually  | SOFR 1 day/Annual  | &nbsp;&nbsp; 304473 | &nbsp;&nbsp; — | &nbsp;&nbsp; 304473 |
|  |  |  |  |  |  | &nbsp;&nbsp; $879366 | &nbsp;&nbsp; $(4023)<br>| &nbsp;&nbsp; $875343 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  | **Uncleared Swap Agreements**  |
| **Maturity** <br>**Date** | **Maturity** <br>**Date** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Counterparty** | &nbsp;&nbsp; **Cash Flows** <br>**to Receive** <br>**(Monthly)**<br>| &nbsp;&nbsp; **Cash Flows** <br>**to Pay** <br>**(Monthly)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Net Unamortized** <br>**Upfront Payments** <br>**(Receipts)**<br>| **Value** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |  |
| ***Total Return Swaps***  | ***Total Return Swaps***  | ***Total Return Swaps***  | ***Total Return Swaps***  | ***Total Return Swaps***  | ***Total Return Swaps***  |  |  |  |
| 10/03/25 | USD | 11,810,819 (Short)  | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; 3 month T-Bill - <br> 0.05% <br>| &nbsp;&nbsp; BCOMKWT <br> (floating rate) <br>| &nbsp;&nbsp; $42527 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42527 |
| 1/08/26 | USD | 19,637,680 (Short)  | Citibank N.A. | &nbsp;&nbsp; 3 month T-Bill - <br> 0.04% <br>| &nbsp;&nbsp; BCOMBOTR <br> (floating rate) <br>| &nbsp;&nbsp; 68237 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68237 |
| 7/06/26 | USD | 4,111,173 (Short)  | Morgan Stanley  | &nbsp;&nbsp; 3 month T-Bill - <br> 0.025% <br>| &nbsp;&nbsp; BCOMNGTR <br> (floating rate) <br>| &nbsp;&nbsp; 16716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16716 |
| 7/17/26 | USD | 12,131,203 (Short)  | Morgan Stanley  | &nbsp;&nbsp; 3 month T-Bill - <br> 0.03% <br>| &nbsp;&nbsp; BCOMALTR <br> (floating rate) <br>| &nbsp;&nbsp; 44467 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44467 |
| 7/17/26 | USD | 5,352,870 (Short)  | Citibank N.A. | &nbsp;&nbsp; 3 month T-Bill - <br> 0.03% <br>| &nbsp;&nbsp; BCOMHGTR <br> (floating rate) <br>| &nbsp;&nbsp; 22581 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22581 |
| 7/17/26 | USD | 13,961,909 (Short)  | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| &nbsp;&nbsp; 3 month T-Bill - <br> 0.02% <br>| &nbsp;&nbsp; BCOMSYTR <br> (floating rate) <br>| &nbsp;&nbsp; 52516 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52516 |
| 8/10/26 | USD | 13,104,632 (Short)  | Morgan Stanley  | &nbsp;&nbsp; 3 month T-Bill - <br> 0.05% <br>| &nbsp;&nbsp; BCOMSBTR <br> (floating rate) <br>| &nbsp;&nbsp; 31797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31797 |
| 8/10/26 | USD | 4,730,037 (Short)  | Morgan Stanley  | &nbsp;&nbsp; 3 month T-Bill - <br> 0.05% <br>| &nbsp;&nbsp; BCOMWHTR <br> (floating rate) <br>| &nbsp;&nbsp; 12229 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12229 |
| 8/17/26 | USD | 9,948,469 (Short)  | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; 3 month T-Bill - <br> 0.06% <br>| &nbsp;&nbsp; BCOMPBTR <br> (floating rate) <br>| &nbsp;&nbsp; 17417 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17417 |
|  |  |  |  |  |  | &nbsp;&nbsp; $308487 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $308487 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |  |
| ***Total Return Swaps***  | ***Total Return Swaps***  | ***Total Return Swaps***  | ***Total Return Swaps***  | ***Total Return Swaps***  | ***Total Return Swaps***  |  |  |  |
| 8/11/25 | USD | 99,396,367 (Long)  | &nbsp;&nbsp; Merrill Lynch <br> International<br>| &nbsp;&nbsp; BCOMF3T <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Biil + <br> 0.09% <br>| &nbsp;&nbsp; $(372737)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(372737)<br>|
| 9/12/25 | USD | 45,856,610 (Long)  | Citibank N.A. | &nbsp;&nbsp; BCOMF3T <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.089% <br>| &nbsp;&nbsp; (171922)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (171922)<br>|
| 9/12/25 | USD | 43,672,962 (Long)  | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; BCOMF3T <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Biil + <br> 0.09% <br>| &nbsp;&nbsp; (163773)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (163773)<br>|
| 9/12/25 | USD | 31,703,171 (Long)  | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; BCOMTR (floating <br> rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.065% <br>| &nbsp;&nbsp; (118143)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (118143)<br>|
| 9/12/25 | USD | 43,672,962 (Long)  | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| &nbsp;&nbsp; BCOMF3T <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.09% <br>| &nbsp;&nbsp; (163773)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (163773)<br>|
| 10/03/25 | USD | 16,565,613 (Long)  | &nbsp;&nbsp; Merrill Lynch <br> International<br>| &nbsp;&nbsp; BCOMRBTR <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.07% <br>| &nbsp;&nbsp; (57578)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (57578)<br>|
| 11/10/25 | USD | 117,681,858 (Long)  | Citibank N.A. | &nbsp;&nbsp; CVICPRD0 <br> (floating rate) (b) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.11% <br>| &nbsp;&nbsp; (442614)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (442614)<br>|
| 12/12/25 | USD | 10,776,658 (Long)  | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| &nbsp;&nbsp; BCOMF3T <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.09% <br>| &nbsp;&nbsp; (40414)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (40414)<br>|
| 12/19/25 | USD | 10,004,478 (Long)  | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; BCOMCLTR <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.04% <br>| &nbsp;&nbsp; (33891)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (33891)<br>|
| 12/19/25 | USD | 32,617,161 (Long)  | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; BCOMTR (floating <br> rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.065% <br>| &nbsp;&nbsp; (121547)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (121547)<br>|
| 1/08/26 | USD | 124,782,050 (Long)  | &nbsp;&nbsp; Merrill Lynch <br> International<br>| &nbsp;&nbsp; MLCILPRT <br> (floating rate) (a) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.13% <br>| &nbsp;&nbsp; (471985)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (471985)<br>|
| 2/17/26 | USD | 30,248,088 (Long)  | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; BCOMTR (floating <br> rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.065% <br>| &nbsp;&nbsp; (112719)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (112719)<br>|
| 2/17/26 | USD | 14,904,141 (Long)  | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| &nbsp;&nbsp; BCOMTR (floating <br> rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.07% <br>| &nbsp;&nbsp; (55606)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (55606)<br>|
| 2/17/26 | USD | 40,779,326 (Long)  | Citibank N.A. | &nbsp;&nbsp; BCOMF6T <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.10% <br>| &nbsp;&nbsp; (153208)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (153208)<br>|
| 2/17/26 | USD | 40,779,326 (Long)  | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; BCOMF6T <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.11% <br>| &nbsp;&nbsp; (153561)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (153561)<br>|

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Uncleared Swap Agreements - continued**  | **Uncleared Swap Agreements - continued**  | **Uncleared Swap Agreements - continued**  | **Uncleared Swap Agreements - continued**  | **Uncleared Swap Agreements - continued**  | **Uncleared Swap Agreements - continued**  | **Uncleared Swap Agreements - continued**  | **Uncleared Swap Agreements - continued**  | **Uncleared Swap Agreements - continued**  |
| **Maturity**<br> **Date** | **Maturity**<br> **Date** | &nbsp;&nbsp; **Notional**<br> **Amount**<br>| **Counterparty** | &nbsp;&nbsp; **Cash Flows**<br> **to Receive**<br> **(Monthly)**<br>| &nbsp;&nbsp; **Cash Flows**<br> **to Pay**<br> **(Monthly)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Net Unamortized**<br> **Upfront Payments**<br> **(Receipts)**<br>| **Value** |
| **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** | **Liability Derivatives - continued** |  |  |  |
| ***Total Return Swaps - continued*** | ***Total Return Swaps - continued*** | ***Total Return Swaps - continued*** | ***Total Return Swaps - continued*** | ***Total Return Swaps - continued*** | ***Total Return Swaps - continued*** |  |  |  |
| 2/17/26 | USD | 13,781,906 (Long)  | Citibank N.A. | &nbsp;&nbsp; BCOMPLTR <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.11% <br>| &nbsp;&nbsp; $(53208)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(53208)<br>|
| 3/06/26 | USD | 9,918,465 (Long)  | Citibank N.A. | &nbsp;&nbsp; BCOMTR (floating <br> rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.07% <br>| &nbsp;&nbsp; (37005)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (37005)<br>|
| 3/13/26 | USD | 21,830,917 (Long)  | &nbsp;&nbsp; Merrill Lynch <br> International<br>| &nbsp;&nbsp; BCOMF6T <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.11% <br>| &nbsp;&nbsp; (82209)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (82209)<br>|
| 4/02/26 | USD | 51,296,257 (Long)  | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| &nbsp;&nbsp; BCOMF6T <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.105% <br>| &nbsp;&nbsp; (192942)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (192942)<br>|
| 5/08/26 | USD | 49,532,345 (Long)  | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| &nbsp;&nbsp; BCOMTR (floating <br> rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.07% <br>| &nbsp;&nbsp; (184798)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (184798)<br>|
| 5/08/26 | USD | 22,305,201 (Long)  | Citibank N.A. | &nbsp;&nbsp; BCOMF6T <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.10% <br>| &nbsp;&nbsp; (83801)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (83801)<br>|
| 6/02/26 | USD | 6,246,061 (Long)  | &nbsp;&nbsp; Merrill Lynch <br> International<br>| &nbsp;&nbsp; BCOMKCTR <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.10% <br>| &nbsp;&nbsp; (23611)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (23611)<br>|
| 7/06/26 | USD | 18,424,588 (Long)  | Morgan Stanley  | &nbsp;&nbsp; BCOMLCTR <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.10% <br>| &nbsp;&nbsp; (65033)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (65033)<br>|
| 7/17/26 | USD | 7,379,787 (Long)  | Morgan Stanley  | &nbsp;&nbsp; BCOMKCTR <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.12% <br>| &nbsp;&nbsp; (28025)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (28025)<br>|
| 8/10/26 | USD | 25,555,055 (Long)  | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| &nbsp;&nbsp; BCOMF6T <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.105% <br>| &nbsp;&nbsp; (65945)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (65945)<br>|
| 8/10/26 | USD | 12,861,095 (Long)  | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| &nbsp;&nbsp; BCOMCNTR <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.07% <br>| &nbsp;&nbsp; (32706)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (32706)<br>|
| 8/10/26 | USD | 10,766,144 (Long)  | Morgan Stanley  | &nbsp;&nbsp; BCOMLHTR <br> (floating rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.12% <br>| &nbsp;&nbsp; (27995)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (27995)<br>|
| 8/17/26 | USD | 26,306,666 (Long)  | &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; BCOMTR (floating <br> rate) <br>| &nbsp;&nbsp; 3 month T-Bill + <br> 0.065% <br>| &nbsp;&nbsp; (48432)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (48432)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $(3559181)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3559181)<br>|

---

At July 31, 2025, the fund had liquid securities with an aggregate value of $85,212,382 to cover any collateral or margin obligations for certain derivative contracts.

(a) The Merrill Lynch MLCILPRT Commodity Index seeks to provide exposure to a diversified group of commodities. The portfolio has indirect exposure to all of the underlying positions that make up the non-public index through its investment in the swap, the fund has indirect exposure to the following positions that compose the MLCILPRT:

---

| | | |
|:---|:---|:---|
| **Referenced Commodity Futures Contracts**  | **% of Notional** | &nbsp;&nbsp; **Notional** <br>**Amount:** <br>**$124,782,050\***<br>|
| Long Futures Contracts |  |  |
| Soybean Oil - December 2025 | &nbsp;&nbsp;&nbsp; 4.3% | &nbsp;&nbsp;&nbsp; 5324840 |
| Corn - September 2025 | &nbsp;&nbsp;&nbsp; 1.2% | &nbsp;&nbsp;&nbsp; 1538813 |
| Corn - December 2025  | &nbsp;&nbsp;&nbsp; 3.6% | &nbsp;&nbsp;&nbsp; 4443859 |
| WTI - September 2025  | &nbsp;&nbsp;&nbsp; 1.7% | &nbsp;&nbsp;&nbsp; 2085772 |
| WTI - November 2025 | &nbsp;&nbsp;&nbsp; 4.5% | &nbsp;&nbsp;&nbsp; 5575209 |
| Brent - November 2025  | &nbsp;&nbsp;&nbsp; 7.1% | &nbsp;&nbsp;&nbsp; 8804907 |
| Cotton - December 2025 | &nbsp;&nbsp;&nbsp; 1.5% | &nbsp;&nbsp;&nbsp; 1881547 |
| Gold - December 2025  | &nbsp;&nbsp;&nbsp; 16.8% | &nbsp;&nbsp;&nbsp; 21413546 |
| Copper Comex - September 2025  | &nbsp;&nbsp;&nbsp; 1.4% | &nbsp;&nbsp;&nbsp; 1774258 |
| Copper Comex - December 2025  | &nbsp;&nbsp;&nbsp; 4.0% | &nbsp;&nbsp;&nbsp; 4956524 |
| Heating Oil - September 2025  | &nbsp;&nbsp;&nbsp; 0.6% | &nbsp;&nbsp;&nbsp; 715057 |
| Heating Oil - September 2025  | &nbsp;&nbsp;&nbsp; 1.6% | &nbsp;&nbsp;&nbsp; 1950075 |
| Coffee - September 2025  | &nbsp;&nbsp;&nbsp; 0.7% | &nbsp;&nbsp;&nbsp; 882660 |
| Coffee - December 2025  | &nbsp;&nbsp;&nbsp; 1.9% | &nbsp;&nbsp;&nbsp; 2369053 |
| Kansas Wheat - September 2025  | &nbsp;&nbsp;&nbsp; 0.4% | &nbsp;&nbsp;&nbsp; 554822 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Referenced Commodity Futures Contracts**  | **% of Notional** | &nbsp;&nbsp; **Notional**<br> **Amount:**<br> **$124,782,050\***<br>|
| Kansas Wheat - December 2025  | &nbsp;&nbsp;&nbsp; 1.3% | &nbsp;&nbsp;&nbsp; 1579397 |
| Aluminum - September 2025 | &nbsp;&nbsp;&nbsp; 1.1% | &nbsp;&nbsp;&nbsp; 1346266 |
| Aluminum - November 2025  | &nbsp;&nbsp;&nbsp; 3.0% | &nbsp;&nbsp;&nbsp; 3706911 |
| Live Cattle - October 2025  | &nbsp;&nbsp;&nbsp; 3.9% | &nbsp;&nbsp;&nbsp; 4888049 |
| Lean Hogs - October 2025  | &nbsp;&nbsp;&nbsp; 1.9% | &nbsp;&nbsp;&nbsp; 2339406 |
| Lead - September 2025 | &nbsp;&nbsp;&nbsp; 0.2% | &nbsp;&nbsp;&nbsp; 293549 |
| Lead - November 2025 | &nbsp;&nbsp;&nbsp; 0.7% | &nbsp;&nbsp;&nbsp; 817566 |
| Nickel - September 2025  | &nbsp;&nbsp;&nbsp; 0.6% | &nbsp;&nbsp;&nbsp; 737703 |
| Nickel - November 2025 | &nbsp;&nbsp;&nbsp; 1.6% | &nbsp;&nbsp;&nbsp; 2047583 |
| Zinc - September 2025 | &nbsp;&nbsp;&nbsp; 0.6% | &nbsp;&nbsp;&nbsp; 693186 |
| Zinc - November 2025  | &nbsp;&nbsp;&nbsp; 1.5% | &nbsp;&nbsp;&nbsp; 1909126 |
| Natural Gas - September 2025 | &nbsp;&nbsp;&nbsp; 2.0% | &nbsp;&nbsp;&nbsp; 2532653 |
| Natural Gas - November 2025 | &nbsp;&nbsp;&nbsp; 6.4% | &nbsp;&nbsp;&nbsp; 7998528 |
| Gasoil - September 2025 | &nbsp;&nbsp;&nbsp; 0.7% | &nbsp;&nbsp;&nbsp; 910401 |
| Gasoil - November 2025  | &nbsp;&nbsp;&nbsp; 2.0% | &nbsp;&nbsp;&nbsp; 2454389 |
| Soybeans - November 2025  | &nbsp;&nbsp;&nbsp; 5.7% | &nbsp;&nbsp;&nbsp; 7058626 |
| Sugar - October 2025  | &nbsp;&nbsp;&nbsp; 2.4% | &nbsp;&nbsp;&nbsp; 3003444 |
| Silver - September 2025  | &nbsp;&nbsp;&nbsp; 1.4% | &nbsp;&nbsp;&nbsp; 1709030 |
| Silver - December 2025  | &nbsp;&nbsp;&nbsp; 3.8% | &nbsp;&nbsp;&nbsp; 4761154 |
| Soybean Meal - December 2025  | &nbsp;&nbsp;&nbsp; 3.1% | &nbsp;&nbsp;&nbsp; 3827673 |
| Wheat - September 2025 | &nbsp;&nbsp;&nbsp; 0.7% | &nbsp;&nbsp;&nbsp; 866647 |
| Wheat - December 2025  | &nbsp;&nbsp;&nbsp; 2.0% | &nbsp;&nbsp;&nbsp; 2470957 |
| Gasoline RBOB - September 2025 | &nbsp;&nbsp;&nbsp; 0.6% | &nbsp;&nbsp;&nbsp; 730410 |
| Gasoline RBOB - November 2025 | &nbsp;&nbsp;&nbsp; 1.5% | &nbsp;&nbsp;&nbsp; 1828453 |
|  | &nbsp;&nbsp;&nbsp; 100.0% | &nbsp;&nbsp;&nbsp; $124782050<br>|
| \* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. | \* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. | \* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. |
| (b) The Citigroup CVICPRD0 Commodity Index seeks to provide exposure to a diversified group of commodities. The portfolio has indirect exposure to all of the <br> underlying positions that make up the non-public index through its investment in the swap, the fund has indirect exposure to the following positions that <br> compose the CVICPRDO: | (b) The Citigroup CVICPRD0 Commodity Index seeks to provide exposure to a diversified group of commodities. The portfolio has indirect exposure to all of the <br> underlying positions that make up the non-public index through its investment in the swap, the fund has indirect exposure to the following positions that <br> compose the CVICPRDO: | (b) The Citigroup CVICPRD0 Commodity Index seeks to provide exposure to a diversified group of commodities. The portfolio has indirect exposure to all of the <br> underlying positions that make up the non-public index through its investment in the swap, the fund has indirect exposure to the following positions that <br> compose the CVICPRDO: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Referenced Commodity Futures Contracts** | **% of Notional** | &nbsp;&nbsp; **Notional** <br>**Amount:** <br>**$117,681,858\***<br>|
| Long Futures Contracts |  |  |
| Soybean Oil - December 2025  | &nbsp;&nbsp;&nbsp; 4.2% | &nbsp;&nbsp;&nbsp; 4969009 |
| Corn - December 2025  | &nbsp;&nbsp;&nbsp; 4.7% | &nbsp;&nbsp;&nbsp; 5540495 |
| WTI - November 2025 | &nbsp;&nbsp;&nbsp; 6.2% | &nbsp;&nbsp;&nbsp; 7352823 |
| Brent - November 2025  | &nbsp;&nbsp;&nbsp; 7.2% | &nbsp;&nbsp;&nbsp; 8505366 |
| Cotton - December 2025 | &nbsp;&nbsp;&nbsp; 1.5% | &nbsp;&nbsp;&nbsp; 1789411 |
| Gold - December 2025  | &nbsp;&nbsp;&nbsp; 16.8% | &nbsp;&nbsp;&nbsp; 19763934 |
| Copper Comex - December 2025  | &nbsp;&nbsp;&nbsp; 5.4% | &nbsp;&nbsp;&nbsp; 6321793 |
| Gasoil - November 2025  | &nbsp;&nbsp;&nbsp; 2.2% | &nbsp;&nbsp;&nbsp; 2545638 |
| Coffee - December 2025  | &nbsp;&nbsp;&nbsp; 2.7% | &nbsp;&nbsp;&nbsp; 3234848 |
| Kansas Wheat - December 2025  | &nbsp;&nbsp;&nbsp; 1.7% | &nbsp;&nbsp;&nbsp; 1946367 |
| Aluminum - November 2025  | &nbsp;&nbsp;&nbsp; 4.1% | &nbsp;&nbsp;&nbsp; 4792206 |
| Live Cattle - October 2025  | &nbsp;&nbsp;&nbsp; 4.1% | &nbsp;&nbsp;&nbsp; 4777518 |
| Lean Hogs - October 2025  | &nbsp;&nbsp;&nbsp; 2.2% | &nbsp;&nbsp;&nbsp; 2579715 |
| Lead - November 2025  | &nbsp;&nbsp;&nbsp; 0.9% | &nbsp;&nbsp;&nbsp; 1052047 |
| Nickel - November 2025  | &nbsp;&nbsp;&nbsp; 2.2% | &nbsp;&nbsp;&nbsp; 2629811 |
| Zinc - November 2025  | &nbsp;&nbsp;&nbsp; 2.1% | &nbsp;&nbsp;&nbsp; 2511165 |
| Natural Gas - November 2025  | &nbsp;&nbsp;&nbsp; 7.8% | &nbsp;&nbsp;&nbsp; 9173379 |
| Gasoil - November 2025 | &nbsp;&nbsp;&nbsp; 2.8% | &nbsp;&nbsp;&nbsp; 3249339 |
| Soybean - November 2025 | &nbsp;&nbsp;&nbsp; 5.7% | &nbsp;&nbsp;&nbsp; 6701412 |
| Sugar - October 2025 | &nbsp;&nbsp;&nbsp; 2.5% | &nbsp;&nbsp;&nbsp; 2942975 |
| Silver - December 2025  | &nbsp;&nbsp;&nbsp; 5.1% | &nbsp;&nbsp;&nbsp; 6051619 |
| Soybean Meal - December 2025 | &nbsp;&nbsp;&nbsp; 3.1% | &nbsp;&nbsp;&nbsp; 3656341 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Referenced Commodity Futures Contracts** | **% of Notional** | &nbsp;&nbsp; **Notional**<br> **Amount:**<br> **$117,681,858\***<br>|
| Wheat - December 2025 | &nbsp;&nbsp;&nbsp; 2.6% | &nbsp;&nbsp;&nbsp; 3023345 |
| Gasoline - November 2025 | &nbsp;&nbsp;&nbsp; 2.2% | &nbsp;&nbsp;&nbsp; 2571302 |
|  | &nbsp;&nbsp;&nbsp; 100.0% | &nbsp;&nbsp;&nbsp; $117681858 |
| \* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. | \* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. | \* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. |

---

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

------

**Supplemental Information**

7/31/25 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial

Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**Principles of Consolidation** — The fund gains exposure to the commodities markets by investing a portion of the fund's assets in the MFS Commodity Strategy Portfolio, a wholly-owned and controlled subsidiary organized in the Cayman Islands ("Subsidiary"). The fund will not invest directly in commodities. The fund may invest up to 25% of its assets (at the time of purchase) in the Subsidiary. The Subsidiary has the same objective, strategies, and restrictions as the fund, except that the Subsidiary gains exposure to the commodities market by investing directly in commodity-linked futures, options, and swaps. The fund also invests directly in debt securities, and the Subsidiary may also invest in debt securities. As of July 31, 2025, the Subsidiary's net assets were $149,194,929, which represented 16.9% of the fund's net assets. The fund's financial statements have been consolidated and include the accounts of the fund and the Subsidiary. All inter-fund balances and

transactions have been eliminated in consolidation.

**(1) Investment Valuations**

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are

generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at

issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a

third-party pricing service. Swap agreements are generally valued using valuations provided by a third-party pricing service, which for cleared

swaps includes an evaluation of any trading activity at the clearinghouses. Open-end investment companies are generally valued at net asset

value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net

asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).

------

*Supplemental Information (unaudited) – continued*

Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts and swap agreements. The following is a summary of the levels used as of July 31, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $288978625 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $288978625 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4381486 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4381486 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1843021 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1843021 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 208049679 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 208049679 |
| Residential Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29843689 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29843689 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24693741 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24693741 |
| Asset-Backed Securities (including CDOs) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 92346929 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 92346929 |
| Foreign Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 124722740 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 124722740 |
| Short-Term Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36397713 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36397713 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 81524314 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 81524314 |
| Total | &nbsp;&nbsp;&nbsp; $81524314 | &nbsp;&nbsp;&nbsp; $811257623 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $892781937 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Liabilities | &nbsp;&nbsp;&nbsp; $(5929)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(5929)<br>|
| Swap Agreements – Assets | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1183830 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1183830 |
| Swap Agreements – Liabilities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3559181)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3559181)<br>|

---

For further information regarding security characteristics, see the Consolidated Portfolio of Investments.

**Swap Agreements** — The fund entered into swap agreements which generally involve a periodic exchange of cash payments on a net basis, at specified intervals or upon the occurrence of specified events, between the fund and a counterparty. Certain swap agreements may be entered into as a bilateral contract ("uncleared swaps") while others are required to be centrally cleared ("cleared swaps").

Both cleared and uncleared swap agreements are marked to market daily. The value of uncleared swap agreements is reported in the Consolidated Statement of Assets and Liabilities as "Uncleared swaps, at value" which includes any related interest accruals to be paid or received by the fund. For cleared swaps, payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the cleared swap, such that only the current day net receivable or payable for variation margin is reported in the Consolidated Statement of Assets and Liabilities.

For both cleared and uncleared swaps, premiums paid or received at the inception of the agreements are amortized over the term of the agreement as realized gain or loss on swap agreements in the Consolidated Statement of Operations. The periodic exchange of net cash payments, as well as any liquidation payment received or made upon early termination, are recorded as a realized gain or loss on swap agreements in the Consolidated Statement of Operations. The change in unrealized appreciation or depreciation on swap agreements in the Consolidated Statement of Operations reflects the aggregate change over the reporting period in the value of swaps net of any unamortized premiums paid or received.

Risks related to swap agreements include the possible lack of a liquid market, unfavorable market and interest rate movements of the underlying instrument and the failure of the counterparty to perform under the terms of the agreements. The fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract's remaining life, to the extent that the amount is positive. To address counterparty risk, uncleared swap agreements are limited to only highly-rated counterparties. Risk is further reduced by having an ISDA Master Agreement ("ISDA") between the fund and the counterparty and, where applicable, by the posting of collateral by the counterparty to the fund to cover the fund's exposure to the counterparty under such ISDA. The fund's counterparty risk due to cleared swaps is mitigated by the fact that the clearinghouse is the counterparty to the

transaction and the regulatory requirement safeguards in the event of a clearing broker bankruptcy.

**(2) Investments in Affiliated Issuers**

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers for the period ended July 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Issuers** | **Beginning** <br>**Value**<br>| **Purchases** | **Sales** <br>**Proceeds**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation or** <br>**Depreciation**<br>| **Ending** <br>**Value**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $90440421 | &nbsp;&nbsp; $349486499 | &nbsp;&nbsp; $358393147 | &nbsp;&nbsp; $(5372)<br>| &nbsp;&nbsp; $(4087)<br>| &nbsp;&nbsp; $81524314<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Affiliated Issuers** | **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| MFS Institutional Money Market Portfolio  | &nbsp;&nbsp; $2637186 | &nbsp;&nbsp; $— |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MFS SERIES TRUST XV

- **b. Investment Company Act file number:** 811-04253

- **c. CIK number of Registrant:** 0000764719

- **d. LEI of Registrant:** 549300YI4S4U2N712160

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

  - **Street Address 1:** 111 HUNTINGTON AVENUE

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

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

- **a. Name of Series:** MFS Commodity Strategy Fund

- **b. EDGAR series identifier (if any):** S000028958

- **c. LEI of Series:** T0OEQ8I3F6DXUJCOV412

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

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

- **b. Date as of which information is reported:** 2025-07-31

**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:** $902318936.65

**Total Liabilities:** $19550872.35

**Net Assets:** $882768064.30

**Amount of Assets Invested in Other Investment Companies:** $149193853.72

**Delayed Delivery Securities:** $7648860.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2184.35000000 | **1-Year:** -36231.52000000 | **5-Year:** -51319.47000000 | **10-Year:** -5178.01000000 | **30-Year:** -1651.57000000

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

- **3-Month:** -1091.09000000 | **1-Year:** -3315.97000000 | **5-Year:** -1412.89000000 | **10-Year:** -1.81000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000088953 | -0.27%               | 2.75%                | -0.27%               |
| Class ID C000088955 | -0.27%               | 3.01%                | -0.53%               |
| Class ID C000119775 | 0.00%                | 2.72%                | -0.27%               |
| Class ID C000088958 | 0.00%                | 2.72%                | -0.27%               |
| Class ID C000088954 | 0.00%                | 2.72%                | -0.26%               |
| Class ID C000088956 | -0.27%               | 2.75%                | -0.27%               |
| Class ID C000088957 | -0.27%               | 2.73%                | -0.27%               |
| Class ID C000088952 | -0.27%               | 3.02%                | -0.53%               |
| Class ID C000088951 | -0.27%               | 3.01%                | -0.27%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-58448.66               | $-775301.43                                |
| Month 2  | $-26956.60               | $2099219.06                                |
| Month 3  | $23124.32                | $-1197515.21                               |

**Designated Index Information**

- **Index Name:** Bloomberg Commodity Index

- **Index Identifier:** BCOM

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Goldman Sachs & Co. LLC                          | Long: TR11692   TRS USD R E TR11692R / Short: TR11692   TRS USD P V 03MTBILL TR11692P/USB3MTA+4.00BPS             | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |   9189329 | OU      | $815149.22    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                                                                  | CUSIP: 50212YAL8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    825000 | PA      | $835032.09    | 0.09%             | 2030-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2024-NQM1 Trust                                                                                               | CUSIP: 67448LAB8<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |    154446 | PA      | $154894.14    | 0.02%             | 2063-11-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                         | Charter Communications Operating LLC / Charter Communications Operating Capital                                   | CUSIP: 161175CM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1356000 | PA      | $1375590.78   | 0.16%             | 2026-11-10      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Shelter Growth CRE                               | Shelter Growth CRE Issuer Ltd                                                                                     | CUSIP: 822866AG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2649500 | PA      | $2647931.76   | 0.30%             | 2036-09-15      | Floating      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC                            | Arrow Electronics Inc                                                                                             | CUSIP: 04273WAC5<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |   1133000 | PA      | $993574.83    | 0.11%             | 2032-02-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                     | Business Jet Securities 2024-1 LLC                                                                                | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    799602 | PA      | $814174.02    | 0.09%             | 2039-05-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                          | Booz Allen Hamilton Inc                                                                                           | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    369000 | PA      | $356927.72    | 0.04%             | 2029-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                              | ACREC 2021-FL1 Ltd                                                                                                | CUSIP: 00500RAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1812000 | PA      | $1808318.20   | 0.20%             | 2036-10-16      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Trust 2020-GC47                                                                            | CUSIP: 36258RBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8600553 | PA      | $368233.56    | 0.04%             | 2053-05-12      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                             | Glencore Funding LLC                                                                                              | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1637403.00   | 0.19%             | 2026-04-27      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Securities LLC                          | Long: TR11796   TRS USD R E TR11796R / Short: TR11796   TRS USD P V 03MTBILL TR11796P/USB3MTA+7.00BPS             | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DCO              |  | US        |  49758305 | OU      | $-225959.96   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PVT BANK                          | Morgan Stanley Private Bank NA                                                                                    | CUSIP: 61776NVG5<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |   2394000 | PA      | $2404791.67   | 0.27%             | 2031-07-18      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch & Co., Inc.                        | Long: TR11753   TRS USD R E TR11753R / Short: TR11753   TRS USD P V 03MTBILL TR11753P/USB3MTA+11.00BPS            | CUSIP: 000000000<br>LEI: DWW559HN8WVTCCS4VJ94 | N/A              | DCO              |  | US        |  21931967 | OU      | $-101051.56   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CNH INDUSTRIAL CAP LLC                           | CNH Industrial Capital LLC                                                                                        | CUSIP: 12592BAL8<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    448000 | PA      | $441798.29    | 0.05%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust        | Santander Mortgage Asset Receivable Trust 2025-NQM2                                                               | CUSIP: 802638AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    436806 | PA      | $437919.00    | 0.05%             | 2065-02-25      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch & Co., Inc.                        | Long: TR11704   TRS USD R E TR11704P / Short: TR11704   TRS USD P V 03MTBILL TR11704R/USB3MTA+13.00BPS            | CUSIP: 000000000<br>LEI: DWW559HN8WVTCCS4VJ94 | N/A              | DCO              |  | US        | 125342480 | OU      | $-560430.86   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                      | CUSIP: 251526DB2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1284000 | PA      | $1286126.03   | 0.15%             | 2031-08-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS CORP                          | Schlumberger Holdings Corp                                                                                        | CUSIP: 806851AL5<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |   1313000 | PA      | $1326601.83   | 0.15%             | 2027-05-29      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                       | CUSIP: 694308KQ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   2561000 | PA      | $2610355.72   | 0.30%             | 2029-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| COX COMMUNICATIONS INC                           | Cox Communications Inc                                                                                            | CUSIP: 224044CR6<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |   3417000 | PA      | $3492315.94   | 0.40%             | 2028-09-15      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| NTT FINANCE CORP                                 | NTT Finance Corp                                                                                                  | CUSIP: 62954WAS4<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   1109000 | PA      | $1115274.92   | 0.13%             | 2030-07-16      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                            | Wells Fargo & Co                                                                                                  | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3868000 | PA      | $3806713.32   | 0.43%             | 2028-03-24      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Long: TR11737   TRS USD R E TR11737R / Short: TR11737   TRS USD P V 03MTBILL TR11737P/USB3MTA+11.00BPS            | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        |  14195249 | OU      | $-413342.02   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust                            | ARI Fleet Lease Trust 2023-B                                                                                      | CUSIP: 04033GAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    257865 | PA      | $259756.31    | 0.03%             | 2032-07-15      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                           | NextEra Energy Capital Holdings Inc                                                                               | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1711000 | PA      | $1719396.87   | 0.19%             | 2027-09-01      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| General Motors                                   | GMF Floorplan Owner Revolving Trust                                                                               | CUSIP: 361886DR2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1693000 | PA      | $1693077.37   | 0.19%             | 2029-11-15      | Floating      | 4.89%                 | Yes           |                  2 | On Loan: No      |
| TPG Real Estate Finance                          | TRTX 2021-FL4 Issuer Ltd                                                                                          | CUSIP: 87276WAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2749000 | PA      | $2738586.79   | 0.31%             | 2038-03-15      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| PSEG POWER LLC                                   | PSEG Power LLC                                                                                                    | CUSIP: 69362BBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    605000 | PA      | $618161.44    | 0.07%             | 2030-05-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                          | Long: TR11690   TRS USD R E TR11690R / Short: TR11690   TRS USD P V 03MTBILL TR11690P/USB3MTA+6.50BPS             | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  32765956 | OU      | $-148793.85   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BDS Ltd                                          | BDS 2021-FL10 Ltd                                                                                                 | CUSIP: 07335YAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    793500 | PA      | $792525.66    | 0.09%             | 2036-12-16      | Floating      | 6.41%                 | Yes           |                  2 | On Loan: No      |
| CBRE SERVICES INC                                | CBRE Services Inc                                                                                                 | CUSIP: 12505BAH3<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2060087.40   | 0.23%             | 2029-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                         | Occidental Petroleum Corp                                                                                         | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1055581.24   | 0.12%             | 2030-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Trust 2021-C10                                                                                              | CUSIP: 05551VBK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6799823 | PA      | $353898.85    | 0.04%             | 2054-07-15      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                       | Affirm Asset Securitization Trust 2024-X2                                                                         | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240743 | PA      | $240780.63    | 0.03%             | 2029-12-17      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | Long: TR11843   TRS USD R E TR11843R / Short: TR11843   TRS USD P V 03MTBILL TR11843P/USB3MTA+12.00BPS            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCO              |  | US        |  11000000 | OU      | $-233856.29   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS CORP                          | Schlumberger Holdings Corp                                                                                        | CUSIP: 806851AM3<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |    919000 | PA      | $936496.93    | 0.11%             | 2029-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| WEA FINANCE LLC                                  | WEA Finance LLC                                                                                                   | CUSIP: 92928QAF5<br>LEI: 3CYEJKBUJZO3UW777J80 | Long             | DBT              | CORP              | US        |    534000 | PA      | $511777.82    | 0.06%             | 2029-06-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                            | Stellantis Finance US Inc                                                                                         | CUSIP: 85855CAA8<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |   1276000 | PA      | $1216554.98   | 0.14%             | 2027-01-29      | Fixed         | 1.71%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch & Co., Inc.                        | Long: TR11630   TRS USD R E TR11630R / Short: TR11630   TRS USD P V 03MTBILL TR11630P/USB3MTA+9.00BPS             | CUSIP: 000000000<br>LEI: DWW559HN8WVTCCS4VJ94 | N/A              | DCO              |  | US        |  99898821 | OU      | $-502457.09   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                   | Morgan Stanley                                                                                                    | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1406000 | PA      | $1423337.61   | 0.16%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2022-S1                                                                          | CUSIP: 68267HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    916284 | PA      | $913115.04    | 0.10%             | 2035-05-14      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| FED HOME LN DISCOUNT NT                          | Federal Home Loan Bank Discount Notes                                                                             | CUSIP: 313385JW7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | STIV             | USGSE             | US        |  36402000 | PA      | $36397712.57  | 4.12%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUNTORY HOLDINGS LTD                             | Suntory Holdings Ltd                                                                                              | CUSIP: 86803UAE1<br>LEI: 54930074QUY8RD0UZM08 | Long             | DBT              | CORP              | JP        |   1958000 | PA      | $1993111.80   | 0.23%             | 2029-06-11      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| AGCO CORP                                        | AGCO Corp                                                                                                         | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |   1337000 | PA      | $1347426.33   | 0.15%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                    | AIB Group PLC                                                                                                     | CUSIP: 00135TAC8<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |   2632000 | PA      | $2646440.49   | 0.30%             | 2026-10-14      | Fixed         | 7.58%                 | Yes           |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                          | Arthur J Gallagher & Co                                                                                           | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |   1321000 | PA      | $1325528.98   | 0.15%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                      | CUSIP: 11135FBA8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1918000 | PA      | $1935146.67   | 0.22%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                             | Glencore Funding LLC                                                                                              | CUSIP: 378272AX6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   2677000 | PA      | $2669865.98   | 0.30%             | 2025-09-01      | Fixed         | 1.63%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                         | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                         | CUSIP: 00774MBG9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1438000 | PA      | $1479149.45   | 0.17%             | 2027-04-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                         | International Flavors & Fragrances Inc                                                                            | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    294000 | PA      | $276650.61    | 0.03%             | 2027-10-15      | Fixed         | 1.83%                 | Yes           |                  2 | On Loan: No      |
| CAIXABANK SA                                     | CaixaBank SA                                                                                                      | CUSIP: 12803RAG9<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   2441000 | PA      | $2520029.62   | 0.29%             | 2030-03-15      | Fixed         | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                                                            | CUSIP: 03880RAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1014000 | PA      | $1012754.20   | 0.11%             | 2036-11-15      | Floating      | 6.76%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2022-FL8 Ltd                                                                                                  | CUSIP: 55284JAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    941914 | PA      | $936692.03    | 0.11%             | 2037-02-19      | Floating      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                      | Long: TR11703   TRS USD R V 03MTBILL TR11703P/USB3MTA-4.00BPS / Short: TR11703   TRS USD P E TR11703R             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        |  18854414 | OU      | $-783265.65   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| COPT DEFENSE PROP LP                             | COPT Defense Properties LP                                                                                        | CUSIP: 22003BAN6<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    524000 | PA      | $478456.19    | 0.05%             | 2029-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                              | Ashtead Capital Inc                                                                                               | CUSIP: 045054AL7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |   1227000 | PA      | $1198141.29   | 0.14%             | 2029-11-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                                                            | CUSIP: 03880XAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2695500 | PA      | $2698861.29   | 0.31%             | 2037-01-15      | Floating      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust 2024-6                                                                                 | CUSIP: 92540JAA0<br>LEI: 213800278TKDEXPH6140 | Long             | ABS-MBS          | CORP              | US        |    790108 | PA      | $793459.04    | 0.09%             | 2069-07-25      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| DLLST LLC                                        | DLLST 2024-1 LLC                                                                                                  | CUSIP: 23346HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    398067 | PA      | $399142.50    | 0.05%             | 2027-08-20      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust           | Santander Drive Auto Receivables Trust 2024-4                                                                     | CUSIP: 802919AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    266407 | PA      | $266574.06    | 0.03%             | 2027-07-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                          | Arthur J Gallagher & Co                                                                                           | CUSIP: 04316JAL3<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |   1321000 | PA      | $1332689.41   | 0.15%             | 2029-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                 | Provident Funding Mortgage Trust 2025-1                                                                           | CUSIP: 74388NAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2846495 | PA      | $2842872.71   | 0.32%             | 2055-02-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                          | Long: TR11735   TRS USD R E TR11735R / Short: TR11735   TRS USD P V 03MTBILL TR11735P/USB3MTA+6.50BPS             | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  30386075 | OU      | $-137986.37   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                      | CUSIP: 11135FCB5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1679000 | PA      | $1666824.60   | 0.19%             | 2030-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2021-C9                                                                                      | CUSIP: 05493EAZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11054939 | PA      | $732870.58    | 0.08%             | 2054-02-15      | Variable      | 1.57%                 | No            |                  2 | On Loan: No      |
| AMERICAN TRANSMISSION SY                         | American Transmission Systems Inc                                                                                 | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    253000 | PA      | $222552.13    | 0.03%             | 2032-01-15      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                      | Long: TR11830   TRS USD R V 03MTBILL TR11830R/USB3MTA-3.00BPS / Short: TR11830   TRS USD P E TR11830P             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        |   6224626 | OU      | $871754.62    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                                                                  | CUSIP: 50212YAH7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    822000 | PA      | $872811.48    | 0.10%             | 2028-11-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                      | Balboa Bay Loan Funding 2022-1 Ltd                                                                                | CUSIP: 05766EAN2<br>LEI: 549300USDGJ8GD3PWY07 | Long             | ABS-CBDO         | CORP              | KY        |   3115644 | PA      | $3119713.03   | 0.35%             | 2037-04-20      | Floating      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| TCW Ltd                                          | TCW CLO 2020-1 Ltd                                                                                                | CUSIP: 87190CBL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4157184 | PA      | $4134685.32   | 0.47%             | 2034-04-20      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                 | COLT 2024-5 Mortgage Loan Trust                                                                                   | CUSIP: 19685AAA7<br>LEI: 213800AWBXHFGYDU9Q16 | Long             | ABS-MBS          | CORP              | US        |   1954403 | PA      | $1941325.46   | 0.22%             | 2069-08-25      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| M&T BANK CORPORATION                             | M&T Bank Corp                                                                                                     | CUSIP: 55261FAS3<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    706000 | PA      | $764145.91    | 0.09%             | 2029-10-30      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority    | MASSACHUSETTS ST EDUCTNL FING AUTH                                                                                | CUSIP: 57563RQZ5<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    315000 | PA      | $309719.91    | 0.04%             | 2026-07-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Kentucky Higher Education Student Loan Corp      | KENTUCKY ST HGR EDU STUDENT LOAN CORP                                                                             | CUSIP: 49130NGL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1533301.50   | 0.17%             | 2037-06-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14907000 | PA      | $14960106.19  | 1.69%             | 2026-06-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                              | Elevance Health Inc                                                                                               | CUSIP: 036752BB8<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1104000 | PA      | $1109156.87   | 0.13%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                 | FirstEnergy Corp                                                                                                  | CUSIP: 337932AN7<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    900000 | PA      | $886507.33    | 0.10%             | 2026-01-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                         | Penske Truck Leasing Co Lp / PTL Finance Corp                                                                     | CUSIP: 709599CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1278000 | PA      | $1303375.83   | 0.15%             | 2029-07-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                          | Long: TR11849   TRS USD R V 03MTBILL TR11849R/USB3MTA-6.00BPS / Short: TR11849   TRS USD P E TR11849P             | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  10000000 | OU      | $51531.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | Long: TR11845   TRS USD R V 03MTBILL TR11845R/USB3MTA-5.00BPS / Short: TR11845   TRS USD P E TR11845P             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCO              |  | US        |  13000000 | OU      | $-104631.42   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                         | Huntington Ingalls Industries Inc                                                                                 | CUSIP: 446413BA3<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |   1444000 | PA      | $1475992.04   | 0.17%             | 2030-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                               | BSPRT 2022-FL8 Issuer Ltd                                                                                         | CUSIP: 055983AG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    719500 | PA      | $717141.12    | 0.08%             | 2037-02-15      | Floating      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| BAYER US FINANCE LLC                             | Bayer US Finance LLC                                                                                              | CUSIP: 07274EAJ2<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    566000 | PA      | $593011.91    | 0.07%             | 2029-01-21      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                              | ACREC 2021-FL1 Ltd                                                                                                | CUSIP: 00500RAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1406000 | PA      | $1401810.26   | 0.16%             | 2036-10-16      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                          | GLP Capital LP / GLP Financing II Inc                                                                             | CUSIP: 361841AH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $405117.86    | 0.05%             | 2026-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 91282CKB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23843000 | PA      | $23880813.57  | 2.71%             | 2026-02-28      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | Long: TR11846   TRS USD R V 03MTBILL TR11846R/USB3MTA-5.00BPS / Short: TR11846   TRS USD P E TR11846P             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCO              |  | US        |   5000000 | OU      | $269962.68    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| TAPESTRY INC                                     | Tapestry Inc                                                                                                      | CUSIP: 876030AK3<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |   1472000 | PA      | $1492286.26   | 0.17%             | 2030-03-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| VIDEOTRON LTD / LTEE                             | Videotron Ltd                                                                                                     | CUSIP: 92660FAK0<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |   2566000 | PA      | $2563561.53   | 0.29%             | 2027-04-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                       | LAD Auto Receivables Trust 2024-3                                                                                 | CUSIP: 505709AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    467856 | PA      | $467633.86    | 0.05%             | 2027-11-15      | Fixed         | 4.64%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Securities LLC                          | Long: TR11736   TRS USD R E TR11736R / Short: TR11736   TRS USD P V 03MTBILL TR11736P/USB3MTA+7.00BPS             | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DCO              |  | US        |  14972132 | OU      | $-67991.49    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc                           | Brookfield Finance Inc                                                                                            | CUSIP: 11271LAC6<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |   4053000 | PA      | $3993245.16   | 0.45%             | 2028-01-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2024-NQM1 Trust                                                                                               | CUSIP: 67448LAA0<br>LEI: 254900UI1468MQ7I8472 | Long             | ABS-MBS          | CORP              | US        |    510273 | PA      | $512238.17    | 0.06%             | 2063-11-25      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| MARS INC                                         | Mars Inc                                                                                                          | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   3089000 | PA      | $3119670.80   | 0.35%             | 2030-03-01      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| COPT DEFENSE PROP LP                             | COPT Defense Properties LP                                                                                        | CUSIP: 22003BAL0<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |   3275000 | PA      | $3217846.01   | 0.36%             | 2026-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                     | Business Jet Securities 2024-2 LLC                                                                                | CUSIP: 12326TAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    527147 | PA      | $518089.70    | 0.06%             | 2039-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GLOBAL                         | Sammons Financial Group Global Funding                                                                            | CUSIP: 79587J2B8<br>LEI: 635400IPRNPM6HDHRS48 | Long             | DBT              | CORP              | US        |    904000 | PA      | $914008.03    | 0.10%             | 2028-01-10      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2020-2                                                                           | CUSIP: 682696AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1819000 | PA      | $1776801.93   | 0.20%             | 2035-09-14      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| Bank                                             | BANK 2019-BNK24                                                                                                   | CUSIP: 06540VBC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8906518 | PA      | $217615.63    | 0.02%             | 2062-11-15      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| JPMorgan Securities LLC                          | Long: TR11654   TRS USD R E TR11654R / Short: TR11654   TRS USD P V 03MTBILL TR11654P+9.00BPS                     | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DCO              |  | US        |  43893732 | OU      | $-220770.45   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                                                                  | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1711000 | PA      | $1658710.61   | 0.19%             | 2029-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2024-FL14 LLC                                                                                                 | CUSIP: 55416AAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    818643 | PA      | $821810.33    | 0.09%             | 2039-03-19      | Floating      | 7.64%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                   | CUSIP: 3138ERQU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52289 | PA      | $50631.86     | 0.01%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                    | UniCredit SpA                                                                                                     | CUSIP: 904678AU3<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |   2522000 | PA      | $2512989.83   | 0.28%             | 2026-09-22      | Fixed         | 2.57%                 | Yes           |                  2 | On Loan: No      |
| AutoNation Finance Trust 2025-1                  | AutoNation Finance Trust 2025-1                                                                                   | CUSIP: 05330QAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    828000 | PA      | $828747.85    | 0.09%             | 2028-04-10      | Fixed         | 4.72%                 | Yes           |                  2 | On Loan: No      |
| Invesco U.S. CLO 2025-2, Ltd.                    | Invesco US CLO 2023-3 Ltd                                                                                         | CUSIP: 46091RAN3<br>LEI: 213800YAVR2FVYDIRM63 | Long             | ABS-CBDO         | CORP              | JE        |   2068965 | PA      | $2077607.07   | 0.24%             | 2038-07-15      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| SK HYNIX INC                                     | SK Hynix Inc                                                                                                      | CUSIP: 78392BAD9<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |   2977000 | PA      | $2990726.95   | 0.34%             | 2026-01-17      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS                                      | BNP Paribas SA                                                                                                    | CUSIP: 09659W2T0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   3494000 | PA      | $3392484.17   | 0.38%             | 2028-01-20      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                          | Long: TR11660   TRS USD R V 03MTBILL TR11660R/USB3MTA-5.00BPS / Short: TR11660   TRS USD P E TR11660P             | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  11778586 | OU      | $-32232.37    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRANS-ALLEGHENY INTERSTA                         | Trans-Allegheny Interstate Line Co                                                                                | CUSIP: 893045AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    820000 | PA      | $830659.68    | 0.09%             | 2031-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                         | First Citizens BancShares Inc/NC                                                                                  | CUSIP: 31959XAC7<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    944000 | PA      | $949051.02    | 0.11%             | 2031-03-12      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                            | Truist Financial Corp                                                                                             | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3444229.60   | 0.39%             | 2030-01-24      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Southwick Park CLO, Ltd.                         | Southwick Park CLO LLC                                                                                            | CUSIP: 846031AR3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1123000 | PA      | $1038371.84   | 0.12%             | 2032-07-20      | Fixed         | 2.46%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2023-2                                                                           | CUSIP: 68269HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    969000 | PA      | $995439.07    | 0.11%             | 2036-09-15      | Fixed         | 6.17%                 | Yes           |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                           | PNC Financial Services Group Inc/The                                                                              | CUSIP: 693475BY0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   2566000 | PA      | $2576697.76   | 0.29%             | 2027-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                                                        | CUSIP: 14040HDE2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    621000 | PA      | $640907.56    | 0.07%             | 2030-02-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                     | Business Jet Securities 2024-1 LLC                                                                                | CUSIP: 12327CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95596 | PA      | $97490.04     | 0.01%             | 2039-05-15      | Fixed         | 6.92%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                         | Ford Motor Credit Co LLC                                                                                          | CUSIP: 345397D83<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3279000 | PA      | $3297442.24   | 0.37%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                          | Goldman Sachs Group Inc/The                                                                                       | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1268000 | PA      | $1251578.96   | 0.14%             | 2026-12-09      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                | CUSIP: 3137BNPS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    329783 | PA      | $312234.87    | 0.04%             | 2045-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                                                                  | CUSIP: 50212YAJ3<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1575000 | PA      | $1600805.49   | 0.18%             | 2027-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GRAY OAK PIPELINE LLC                            | Gray Oak Pipeline LLC                                                                                             | CUSIP: 38937LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    491000 | PA      | $488338.75    | 0.06%             | 2025-10-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                      | CUSIP: 3137FNAS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    657962 | PA      | $658061.42    | 0.07%             | 2029-07-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                       | CUSIP: 05401AAP6<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1313000 | PA      | $1245398.03   | 0.14%             | 2028-02-21      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 2YR NOTE (CBT) SEP25                                                                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        39 | NC      | $-5928.63     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 91282CJK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  32309000 | PA      | $32517241.52  | 3.68%             | 2026-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Bank                                             | BANK 2021-BNK31                                                                                                   | CUSIP: 06541ABM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10708749 | PA      | $585150.66    | 0.07%             | 2054-02-15      | Variable      | 1.28%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B23 Mortgage Trust                                                                                 | CUSIP: 08162RAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12400876 | PA      | $606545.43    | 0.07%             | 2054-02-15      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                   | Enterprise Fleet Financing 2023-2 LLC                                                                             | CUSIP: 29375NAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    689000 | PA      | $698466.31    | 0.08%             | 2030-04-22      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SANDS CHINA LTD                                  | Sands China Ltd                                                                                                   | CUSIP: 80007RAK1<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |   2616000 | PA      | $2604324.53   | 0.30%             | 2026-01-08      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                                                            | CUSIP: 03880RAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1684000 | PA      | $1684037.05   | 0.19%             | 2036-11-15      | Floating      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC                                 | T-Mobile USA Inc                                                                                                  | CUSIP: 87264ADL6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    855000 | PA      | $846345.37    | 0.10%             | 2029-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                         | BXMT 2020-FL2 LTD                                                                                                 | CUSIP: 12434LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    370367 | PA      | $369423.89    | 0.04%             | 2038-02-15      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| AMGEN INC                                        | Amgen Inc                                                                                                         | CUSIP: 031162DN7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   1758000 | PA      | $1758005.75   | 0.20%             | 2026-03-02      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                     | UBS Group AG                                                                                                      | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1237000 | PA      | $1237337.91   | 0.14%             | 2027-08-05      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| RENTOKIL TERMINIX LLC                            | Rentokil Terminix Funding LLC                                                                                     | CUSIP: 760130AA2<br>LEI: 984500D5BAA7560EKJ44 | Long             | DBT              | CORP              | US        |   2935000 | PA      | $2947482.20   | 0.33%             | 2030-04-28      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                  | AREIT 2022-CRE6 Trust                                                                                             | CUSIP: 04002VAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    795500 | PA      | $777602.44    | 0.09%             | 2037-01-20      | Floating      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC                                     | Barclays PLC                                                                                                      | CUSIP: 06738EBU8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2856000 | PA      | $2770696.62   | 0.31%             | 2027-11-24      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                         | Element Fleet Management Corp                                                                                     | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   3216000 | PA      | $3260747.33   | 0.37%             | 2027-03-13      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| CBRE SERVICES INC                                | CBRE Services Inc                                                                                                 | CUSIP: 12505BAJ9<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |    564000 | PA      | $567219.90    | 0.06%             | 2030-06-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2024-NQM11 Trust                                                                                              | CUSIP: 67119EAA4<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |   1633100 | PA      | $1637434.36   | 0.19%             | 2064-06-25      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch & Co., Inc.                        | Long: TR11659   TRS USD R E TR11659R / Short: TR11659   TRS USD P V 03MTBILL TR11659P/USB3MTA+7.00BPS             | CUSIP: 000000000<br>LEI: DWW559HN8WVTCCS4VJ94 | N/A              | DCO              |  | US        |  15505159 | OU      | $1060460.12   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                             | Las Vegas Sands Corp                                                                                              | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1229256.44   | 0.14%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                     | Business Jet Securities 2024-2 LLC                                                                                | CUSIP: 12326TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    903806 | PA      | $900563.37    | 0.10%             | 2039-09-15      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| BIOGEN INC                                       | Biogen Inc                                                                                                        | CUSIP: 09062XAN3<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |   1853000 | PA      | $1878127.31   | 0.21%             | 2031-01-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                      | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    999000 | PA      | $969434.47    | 0.11%             | 2027-11-16      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| JPMorgan Securities LLC                          | Long: TR11758   TRS USD R E TR11758R / Short: TR11758   TRS USD P V 03MTBILL TR11758P/USB3MTA+10.5BPS             | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DCO              |  | US        |  51533695 | OU      | $-237436.68   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2024-9                                                                                   | CUSIP: 03466JAA7<br>LEI: 254900O3R79X1AD55F36 | Long             | ABS-MBS          | CORP              | US        |   1675122 | PA      | $1660996.02   | 0.19%             | 2069-09-25      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2024-NQM5 Trust                                                                                               | CUSIP: 67448NAA6<br>LEI: 254900RDM4XSF0B1E373 | Long             | ABS-MBS          | CORP              | US        |    480372 | PA      | $482290.54    | 0.05%             | 2064-01-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC                                        | IQVIA Inc                                                                                                         | CUSIP: 46266TAC2<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    788000 | PA      | $806518.00    | 0.09%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Bank                                             | BANK 2021-BNK35                                                                                                   | CUSIP: 06540CBL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6044134 | PA      | $263607.66    | 0.03%             | 2064-06-15      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2017-H1                                                                            | CUSIP: 61691JAW4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3663848 | PA      | $54990.33     | 0.01%             | 2050-06-15      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| General Motors                                   | GMF Floorplan Owner Revolving Trust                                                                               | CUSIP: 361886DL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1225000 | PA      | $1223749.77   | 0.14%             | 2028-11-15      | Floating      | 4.79%                 | Yes           |                  2 | On Loan: No      |
| NextGear Floorplan Master Owner Trust            | NextGear Floorplan Master Owner Trust                                                                             | CUSIP: 65345GAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    956000 | PA      | $958374.03    | 0.11%             | 2028-03-15      | Floating      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| LCH Ltd.                                         | Long: SM11727   IRS USD R F  4.10600 SM11727_FIX CCPOIS / Short: SM11727   IRS USD P V 12MSOFR SM11727_FLO CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  34600000 | OU      | $352869.48    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | Long: SM11481   IRS USD R F  4.96700 SM11481_FIX CCPOIS / Short: SM11481   IRS USD P V 12MSOFR SM11481_FLO CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  44600000 | OU      | $347628.46    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                              | Global Payments Inc                                                                                               | CUSIP: 37940XAE2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   2281000 | PA      | $2235054.02   | 0.25%             | 2026-03-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                           | Mizuho Financial Group Inc                                                                                        | CUSIP: 60687YDL0<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   2778000 | PA      | $2772065.05   | 0.31%             | 2031-07-08      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                         | Rogers Communications Inc                                                                                         | CUSIP: 775109CG4<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   4027000 | PA      | $3943040.43   | 0.45%             | 2027-03-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                 | NTT Finance Corp                                                                                                  | CUSIP: 62954WAP0<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    536000 | PA      | $536474.41    | 0.06%             | 2027-07-16      | Fixed         | 4.57%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                                                                 | CUSIP: 404280DQ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    646000 | PA      | $650178.84    | 0.07%             | 2026-11-03      | Fixed         | 7.34%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                              | Elevance Health Inc                                                                                               | CUSIP: 036752BG7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1298000 | PA      | $1298806.37   | 0.15%             | 2026-10-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd                   | LoanCore 2021-CRE5 Issuer Ltd                                                                                     | CUSIP: 53947XAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    741000 | PA      | $739165.88    | 0.08%             | 2036-07-15      | Floating      | 6.46%                 | Yes           |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                                                     | CUSIP: 571903AP8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    459000 | PA      | $458123.67    | 0.05%             | 2025-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                       | CUSIP: 694308KL0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1552000 | PA      | $1605127.88   | 0.18%             | 2029-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Long: TR11674   TRS USD R E TR11674R / Short: TR11674   TRS USD P V 03MTBILL TR11674P/USB3MTA+11.00BPS            | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        | 118082963 | OU      | $-401105.51   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                      | CUSIP: 11135FCA7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1168871.65   | 0.13%             | 2028-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ALGONQUIN PWR & UTILITY                          | Algonquin Power & Utilities Corp                                                                                  | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    722000 | PA      | $725827.72    | 0.08%             | 2026-06-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                        | IQVIA Inc                                                                                                         | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    598000 | PA      | $624884.29    | 0.07%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MEITUAN                                          | Meituan                                                                                                           | CUSIP: 58533EAF0<br>LEI: 21380033K525E5JLIA77 | Long             | DBT              | CORP              | KY        |    845000 | PA      | $842781.61    | 0.10%             | 2029-10-02      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B28 Mortgage Trust                                                                                 | CUSIP: 08163GAZ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9972727 | PA      | $521825.92    | 0.06%             | 2054-08-15      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Long: TR11795   TRS USD R E TR11795R / Short: TR11795   TRS USD P V 03MTBILL TR11795P/USB3MTA+10.00BPS            | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        |  22408446 | OU      | $-103245.59   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                       | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    769000 | PA      | $765786.79    | 0.09%             | 2026-04-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CON EDISON CO OF NY INC                          | Consolidated Edison Co of New York Inc                                                                            | CUSIP: 209111GL1<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |   1985000 | PA      | $1988164.33   | 0.23%             | 2027-11-18      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Fortress CBO Investments Ltd                     | FORT CRE 2022-FL3 Issuer LLC                                                                                      | CUSIP: 34706CAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1227216 | PA      | $1224338.38   | 0.14%             | 2039-02-23      | Floating      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| BXMT Ltd                                         | BXMT 2020-FL2 LTD                                                                                                 | CUSIP: 12434LAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1492000 | PA      | $1472433.91   | 0.17%             | 2038-02-15      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| BXMT Ltd                                         | BXMT 2021-FL4 Ltd                                                                                                 | CUSIP: 05609GAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2601000 | PA      | $2576967.54   | 0.29%             | 2038-05-15      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                         | Penske Truck Leasing Co Lp / PTL Finance Corp                                                                     | CUSIP: 709599BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1598000 | PA      | $1611369.48   | 0.18%             | 2027-01-12      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| ACREC 2021-FL1 Ltd.                              | ACREC 2021-FL1 Ltd                                                                                                | CUSIP: 00500RAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1129000 | PA      | $1129458.94   | 0.13%             | 2036-10-16      | Floating      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| Citibank NA                                      | Long: TR11655   TRS USD R E TR11655R / Short: TR11655   TRS USD P V 03MTBILL TR11655P/USB3MTA+8.90BPS             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        |  46088418 | OU      | $-231808.97   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                           | Pacific Gas and Electric Co                                                                                       | CUSIP: 694308KS5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   3295000 | PA      | $3295629.41   | 0.37%             | 2025-09-04      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                               | BSPRT 2021-FL7 Issuer Ltd                                                                                         | CUSIP: 05602CAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    408500 | PA      | $405619.26    | 0.05%             | 2038-12-15      | Floating      | 6.76%                 | Yes           |                  2 | On Loan: No      |
| SMBC AVIATION CAPITAL FI                         | SMBC Aviation Capital Finance DAC                                                                                 | CUSIP: 78448TAL6<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |   2945000 | PA      | $3000543.67   | 0.34%             | 2029-04-03      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| JAPAN TOBACCO INC                                | Japan Tobacco Inc                                                                                                 | CUSIP: 471105AC0<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |   1751000 | PA      | $1767181.97   | 0.20%             | 2028-05-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                               | BSPRT 2022-FL8 Issuer Ltd                                                                                         | CUSIP: 055983AE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    445500 | PA      | $443816.32    | 0.05%             | 2037-02-15      | Floating      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust         | AmeriCredit Automobile Receivables Trust 2024-1                                                                   | CUSIP: 023947AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    471038 | PA      | $471778.54    | 0.05%             | 2028-02-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EMPIRE DISTRICT BONDCO                           | Empire District Bondco LLC                                                                                        | CUSIP: 291918AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    589296 | PA      | $592256.14    | 0.07%             | 2033-01-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                    | Boeing Co/The                                                                                                     | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1780000 | PA      | $1915008.37   | 0.22%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | Long: TR11833   TRS USD R V 03MTBILL TR11833R/USB3MTA-3.00BPS / Short: TR11833   TRS USD P E TR11833P             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCO              |  | US        |  12257311 | OU      | $126107.76    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                         | Constellation Brands Inc                                                                                          | CUSIP: 21036PBS6<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1518066.90   | 0.17%             | 2030-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                                                           | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   2643000 | PA      | $2678845.53   | 0.30%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                           | PNC Financial Services Group Inc/The                                                                              | CUSIP: 693475BK0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   3959000 | PA      | $4040269.48   | 0.46%             | 2028-12-02      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                          | DCP Midstream Operating LP                                                                                        | CUSIP: 23311VAJ6<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |   2855000 | PA      | $2905343.41   | 0.33%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| MARATHON PETROLEUM CORP                          | Marathon Petroleum Corp                                                                                           | CUSIP: 56585ABK7<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |   2064000 | PA      | $2102104.41   | 0.24%             | 2030-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2024-NQM1                                                                     | CUSIP: 64828DAA5<br>LEI: 213800TFYSB4XLW7QW74 | Long             | ABS-MBS          | CORP              | US        |   1542307 | PA      | $1547074.02   | 0.18%             | 2064-03-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                        | Boeing Co/The                                                                                                     | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   4392000 | PA      | $4333735.24   | 0.49%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                           | Marriott International Inc/MD                                                                                     | CUSIP: 571903BL6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |   2619000 | PA      | $2651686.64   | 0.30%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Securities LLC                          | Long: TR11831   TRS USD R V 03MTBILL TR11831R/USB3MTA-2.00BPS / Short: TR11831   TRS USD P E TR11831P             | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DCO              |  | US        |  14441277 | OU      | $479369.49    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                       | Verus Securitization Trust 2024-3                                                                                 | CUSIP: 92540MAB1<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |    796199 | PA      | $804362.69    | 0.09%             | 2069-04-25      | Variable      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GLOBAL                         | Sammons Financial Group Global Funding                                                                            | CUSIP: 79587J2A0<br>LEI: 635400IPRNPM6HDHRS48 | Long             | DBT              | CORP              | US        |   3311000 | PA      | $3365456.28   | 0.38%             | 2029-12-10      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Shackleton CLO LTD                               | Shackleton 2013-IV-R CLO Ltd                                                                                      | CUSIP: 81882HAE5<br>LEI: 5493000LHXWSIZGUY418 | Long             | ABS-CBDO         | CORP              | KY        |    722762 | PA      | $724276.19    | 0.08%             | 2031-04-13      | Floating      | 6.48%                 | Yes           |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                           | Mitsubishi UFJ Financial Group Inc                                                                                | CUSIP: 606822DK7<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    732000 | PA      | $747372.13    | 0.08%             | 2031-04-24      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                          | Corebridge Global Funding                                                                                         | CUSIP: 00138CAX6<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   1117000 | PA      | $1136902.80   | 0.13%             | 2029-01-12      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| AUTONATION INC                                   | AutoNation Inc                                                                                                    | CUSIP: 05329RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1712000 | PA      | $1574282.15   | 0.18%             | 2032-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                            | Toronto-Dominion Bank/The                                                                                         | CUSIP: 89115A2S0<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   3664000 | PA      | $3700969.21   | 0.42%             | 2026-07-17      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                       | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1715000 | PA      | $1634233.14   | 0.19%             | 2027-11-18      | Fixed         | 2.53%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2020-FL4 Ltd                                                                                                  | CUSIP: 58003UAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2437000 | PA      | $2433952.53   | 0.28%             | 2035-12-15      | Floating      | 7.21%                 | Yes           |                  2 | On Loan: No      |
| GREAT AMERICA LEASING RECEIVABLES                | GreatAmerica Leasing Receivables Funding LLC Series 2023-1                                                        | CUSIP: 39154TCB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34652 | PA      | $34656.48     | 0.00%             | 2026-02-16      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                                                   | CUSIP: 718172CV9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    946000 | PA      | $960477.32    | 0.11%             | 2027-11-17      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                       | VMware LLC                                                                                                        | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |   1143000 | PA      | $1107355.03   | 0.13%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                               | Energy Transfer LP                                                                                                | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    916000 | PA      | $938632.99    | 0.11%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                   | Enterprise Fleet Financing 2024-3 LLC                                                                             | CUSIP: 29375QAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    609361 | PA      | $611614.01    | 0.07%             | 2027-04-20      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2021-FL6 Ltd                                                                                                  | CUSIP: 55283TAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3089144 | PA      | $3081491.57   | 0.35%             | 2036-07-16      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                                                   | CUSIP: 718172CZ0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1262000 | PA      | $1277632.13   | 0.14%             | 2028-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                 | Berry Global Inc                                                                                                  | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   2361000 | PA      | $2325240.81   | 0.26%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust              | Exeter Automobile Receivables Trust 2024-4                                                                        | CUSIP: 30166UAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    944000 | PA      | $945232.20    | 0.11%             | 2030-08-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust            | Wells Fargo Commercial Mortgage Trust 2021-C61                                                                    | CUSIP: 95003QBC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5707648 | PA      | $322226.39    | 0.04%             | 2054-11-15      | Variable      | 1.34%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                 | Berry Global Inc                                                                                                  | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   2847000 | PA      | $2728872.99   | 0.31%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                     | Enbridge Inc                                                                                                      | CUSIP: 29250NCA1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1976000 | PA      | $1998756.25   | 0.23%             | 2027-04-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                           | Banque Federative du Credit Mutuel SA                                                                             | CUSIP: 06675FBA4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   1887000 | PA      | $1913660.93   | 0.22%             | 2026-07-13      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                         | Occidental Petroleum Corp                                                                                         | CUSIP: 674599EH4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    895000 | PA      | $901436.84    | 0.10%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOPR Residential Mortgage Trust                 | COOPR Residential Mortgage Trust 2025-CES1                                                                        | CUSIP: 12596SAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    427383 | PA      | $429152.04    | 0.05%             | 2060-05-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                          | Long: TR11739   TRS USD R E TR11739R / Short: TR11739   TRS USD P V 03MTBILL TR11739P/USB3MTA+11.00BPS            | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  40968084 | OU      | $-188756.78   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                         | Columbia Pipelines Holding Co LLC                                                                                 | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2962000 | PA      | $3078526.92   | 0.35%             | 2028-08-15      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2024-13                                                                                  | CUSIP: 03466PAA3<br>LEI: 254900WA697298AD1C53 | Long             | ABS-MBS          | CORP              | US        |   2785485 | PA      | $2783420.53   | 0.32%             | 2069-12-26      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                 | OneMain Financial Issuance Trust 2023-2                                                                           | CUSIP: 68269HAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2280000 | PA      | $2339522.59   | 0.27%             | 2036-09-15      | Fixed         | 6.74%                 | Yes           |                  2 | On Loan: No      |
| LCH Ltd.                                         | Long: SM11592   IRS USD R F  4.66400 SM11592_FIX CCPOIS / Short: SM11592   IRS USD P V 12MSOFR SM11592_FLO CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  13800000 | OU      | $102392.96    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                            | Huntington Bancshares Inc/OH                                                                                      | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    254000 | PA      | $253295.40    | 0.03%             | 2028-08-04      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| 3650R Commercial Mortgage Trust                  | 3650R 2021-PF1 Commercial Mortgage Trust                                                                          | CUSIP: 88581EAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19503710 | PA      | $743149.85    | 0.08%             | 2054-11-15      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | Long: TR11844   TRS USD R E TR11844R / Short: TR11844   TRS USD P V 03MTBILL TR11844P/USB3MTA+10.50BPS            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCO              |  | US        |  26000000 | OU      | $-444946.91   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| MFS Institutional Money Market Portfolio         | MFS Institutional Money Market Portfolio                                                                          | CUSIP: 55291X109<br>LEI: 5L2W638H85N8T1136O07 | Long             | EC               | RF                | US        |  81253507 | NS      | $81253506.75  | 9.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Funding II LLC                        | Chesapeake Funding II LLC                                                                                         | CUSIP: 165183CU6<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    493131 | PA      | $495705.61    | 0.06%             | 2035-05-15      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae - CAS                                 | Fannie Mae Connecticut Avenue Securities                                                                          | CUSIP: 20754TAB8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    350938 | PA      | $350938.10    | 0.04%             | 2045-02-25      | Floating      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                         | International Flavors & Fragrances Inc                                                                            | CUSIP: 459506AN1<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |   1393000 | PA      | $1383565.27   | 0.16%             | 2025-10-01      | Fixed         | 1.23%                 | Yes           |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                          | CF Hippolyta Issuer LLC                                                                                           | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    358250 | PA      | $307291.03    | 0.03%             | 2060-07-15      | Fixed         | 1.69%                 | Yes           |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                         | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                                                        | CUSIP: 46590XAN6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   3980000 | PA      | $3769433.13   | 0.43%             | 2029-02-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JDE PEET'S NV                                    | JDE Peet's NV                                                                                                     | CUSIP: 47216QAB9<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |   1050000 | PA      | $998417.09    | 0.11%             | 2027-01-15      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                    | CCUBS Commercial Mortgage Trust 2017-C1                                                                           | CUSIP: 12508GAV8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5284210 | PA      | $90178.21     | 0.01%             | 2050-11-15      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                 | Bain Capital Credit CLO 2021-4 Ltd                                                                                | CUSIP: 05685AAU2<br>LEI: 254900YJBP8866ZPO033 | Long             | ABS-CBDO         | CORP              | KY        |   2344422 | PA      | $2345917.74   | 0.27%             | 2034-10-20      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| DANSKE BANK A/S                                  | Danske Bank A/S                                                                                                   | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   1451000 | PA      | $1501607.76   | 0.17%             | 2030-03-01      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC                            | Arrow Electronics Inc                                                                                             | CUSIP: 04273WAF8<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |   2322000 | PA      | $2354173.42   | 0.27%             | 2029-08-21      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | Long: TR11832   TRS USD R E TR11832R / Short: TR11832   TRS USD P V 03MTBILL TR11832P/USB3MTA+12.00BPS            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCO              |  | US        |   7459521 | OU      | $-79734.32    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                               | BSPRT 2021-FL7 Issuer Ltd                                                                                         | CUSIP: 05602CAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    339000 | PA      | $338855.59    | 0.04%             | 2038-12-15      | Floating      | 6.51%                 | Yes           |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                       | LAD Auto Receivables Trust 2022-1                                                                                 | CUSIP: 501687AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     46330 | PA      | $46344.26     | 0.01%             | 2027-06-15      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| HOWARD UNIVERSITY                                | Howard University                                                                                                 | CUSIP: 442851AG6<br>LEI: 5493000EDHIQDJSTOF89 | Long             | DBT              | CORP              | US        |    152000 | PA      | $151198.14    | 0.02%             | 2025-10-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                     | CD 2017-CD4 Mortgage Trust                                                                                        | CUSIP: 12515DAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9093324 | PA      | $133932.84    | 0.02%             | 2050-05-10      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                         | Volkswagen Group of America Finance LLC                                                                           | CUSIP: 928668BL5<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   1359000 | PA      | $1344177.16   | 0.15%             | 2025-11-24      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                         | Equitable Financial Life Global Funding                                                                           | CUSIP: 29449WAP2<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   1377000 | PA      | $1380775.54   | 0.16%             | 2025-12-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                             | Enel Finance International NV                                                                                     | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   1536000 | PA      | $1541974.87   | 0.17%             | 2025-10-14      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                              | Macquarie Group Ltd                                                                                               | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   1904000 | PA      | $1875456.87   | 0.21%             | 2027-01-12      | Fixed         | 1.34%                 | Yes           |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                | Store Capital LLC                                                                                                 | CUSIP: 862121AA8<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    394000 | PA      | $388758.85    | 0.04%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                | CUSIP: 3137B2BP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1856783 | PA      | $1788934.93   | 0.20%             | 2033-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                                         | LKQ Corp                                                                                                          | CUSIP: 501889AD1<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |   2976000 | PA      | $3046573.01   | 0.35%             | 2028-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Trust 2017-GS7                                                                             | CUSIP: 36254CAX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10214160 | PA      | $160986.40    | 0.02%             | 2050-08-10      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                     | Enbridge Inc                                                                                                      | CUSIP: 29250NCJ2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    821000 | PA      | $828204.15    | 0.09%             | 2030-06-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                         | Occidental Petroleum Corp                                                                                         | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1333000 | PA      | $1336243.19   | 0.15%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd                                                            | CUSIP: 03880KAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    332000 | PA      | $330642.45    | 0.04%             | 2034-08-15      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                            | LoanCore 2025 2025-CRE8 Issuer LLC                                                                                | CUSIP: 53947FAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1791500 | PA      | $1788069.28   | 0.20%             | 2042-08-17      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| TENCENT HOLDINGS LTD                             | Tencent Holdings Ltd                                                                                              | CUSIP: 88032WAT3<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |   1551000 | PA      | $1530907.21   | 0.17%             | 2026-01-26      | Fixed         | 1.81%                 | Yes           |                  2 | On Loan: No      |
| BACARDI LTD / MARTINI BV                         | Bacardi Ltd / Bacardi-Martini BV                                                                                  | CUSIP: 05635JAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   2771000 | PA      | $2814262.74   | 0.32%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 9128286L9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30477000 | PA      | $30074965.40  | 3.41%             | 2026-03-31      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | Long: TR11812   TRS USD R E TR11812R / Short: TR11812   TRS USD P V 03MTBILL TR11812P/USB3MTA+10.00BPS            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCO              |  | US        |  17389663 | OU      | $1034925.70   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                                                   | CUSIP: 718172CU1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    667000 | PA      | $667768.02    | 0.08%             | 2025-11-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                             | Edison International                                                                                              | CUSIP: 281020AU1<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   1686000 | PA      | $1685740.64   | 0.19%             | 2025-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                         | Marsh & McLennan Cos Inc                                                                                          | CUSIP: 571748CA8<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1311236.04   | 0.15%             | 2030-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                     | Dell Equipment Finance Trust 2024-2                                                                               | CUSIP: 24704EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1156312 | PA      | $1156497.32   | 0.13%             | 2030-08-22      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                    | UBS Commercial Mortgage Trust 2018-C14                                                                            | CUSIP: 90278KBB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6008269 | PA      | $141789.74    | 0.02%             | 2051-12-15      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                          | CF Hippolyta Issuer LLC                                                                                           | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    113394 | PA      | $87274.30     | 0.01%             | 2060-07-15      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                  | AREIT 2022-CRE7 LLC                                                                                               | CUSIP: 00217VAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2563500 | PA      | $2565391.86   | 0.29%             | 2039-06-17      | Floating      | 7.59%                 | Yes           |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                              | Synchrony Financial                                                                                               | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1139333.91   | 0.13%             | 2029-07-29      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                 | COLT 2024-3 Mortgage Loan Trust                                                                                   | CUSIP: 19688VAA8<br>LEI: 213800YFAHWZN77V6P52 | Long             | ABS-MBS          | CORP              | US        |   1392428 | PA      | $1405112.49   | 0.16%             | 2069-06-25      | Variable      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| M&T BANK CORPORATION                             | M&T Bank Corp                                                                                                     | CUSIP: 55261FAU8<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |   1321000 | PA      | $1328106.20   | 0.15%             | 2029-01-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                          | BDS 2024-FL13 LLC                                                                                                 | CUSIP: 05555MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    749000 | PA      | $750790.86    | 0.09%             | 2039-09-19      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2021-L6                                                                            | CUSIP: 61692CBK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8381556 | PA      | $354850.78    | 0.04%             | 2054-06-15      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                             | ERAC USA Finance LLC                                                                                              | CUSIP: 26884TAP7<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |    684000 | PA      | $682291.10    | 0.08%             | 2025-11-01      | Fixed         | 3.80%                 | Yes           |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                           | Diamondback Energy Inc                                                                                            | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    934000 | PA      | $942991.09    | 0.11%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                             | Las Vegas Sands Corp                                                                                              | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    828000 | PA      | $841816.71    | 0.10%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                   | CUSIP: 3138ERQS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    103364 | PA      | $100220.24    | 0.01%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2021-L5                                                                            | CUSIP: 61691YAP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9393882 | PA      | $452963.59    | 0.05%             | 2054-05-15      | Variable      | 1.28%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                               | Regal Rexnord Corp                                                                                                | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   2847000 | PA      | $2845392.13   | 0.32%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Long: TR11750   TRS USD R E TR11750R / Short: TR11750   TRS USD P V 03MTBILL TR11750P/USB3MTA + 7.00 BP           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        |   9963712 | OU      | $-45247.42    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                                                                               | CUSIP: 46647PBW5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2090000 | PA      | $2053076.05   | 0.23%             | 2027-02-04      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                             | BAT International Finance PLC                                                                                     | CUSIP: 05530QAQ3<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |   2088000 | PA      | $2181318.67   | 0.25%             | 2029-02-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                          | BDS 2021-FL10 Ltd                                                                                                 | CUSIP: 07335YAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    577000 | PA      | $575931.05    | 0.07%             | 2036-12-16      | Floating      | 6.76%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust    | JPMCC Commercial Mortgage Securities Trust 2017-JP7                                                               | CUSIP: 465968AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9153656 | PA      | $134640.21    | 0.02%             | 2050-09-15      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| VIRGINIA POWER FUEL SEC                          | Virginia Power Fuel Securitization LLC                                                                            | CUSIP: 92808VAA0<br>LEI: 254900BELJ95ONW6U791 | Long             | DBT              | CORP              | US        |    351038 | PA      | $352276.52    | 0.04%             | 2027-05-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                     | Dell Equipment Finance Trust 2024-2                                                                               | CUSIP: 24704EAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    754000 | PA      | $756138.12    | 0.09%             | 2030-08-22      | Fixed         | 4.59%                 | Yes           |                  2 | On Loan: No      |
| GXO LOGISTICS INC                                | GXO Logistics Inc                                                                                                 | CUSIP: 36262GAF8<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1279375.91   | 0.14%             | 2029-05-06      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                          | Dryden 49 Senior Loan Fund                                                                                        | CUSIP: 26244QAQ6<br>LEI: 549300VCB8LYR1RGV869 | Long             | ABS-CBDO         | CORP              | KY        |   1945990 | PA      | $1948755.25   | 0.22%             | 2030-07-18      | Floating      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| NTT FINANCE CORP                                 | NTT Finance Corp                                                                                                  | CUSIP: 62954WAQ8<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   1109000 | PA      | $1111341.42   | 0.13%             | 2028-07-16      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                         | Pioneer Natural Resources Co                                                                                      | CUSIP: 723787AQ0<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |   3452000 | PA      | $3057019.02   | 0.35%             | 2030-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| Bacardi Ltd                                      | Bacardi Ltd                                                                                                       | CUSIP: 067316AF6<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |    684000 | PA      | $686667.27    | 0.08%             | 2028-05-15      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                         | Angel Oak Mortgage Trust 2024-7                                                                                   | CUSIP: 03466CAA2<br>LEI: 254900Q2UY574S9NQF08 | Long             | ABS-MBS          | CORP              | US        |   2334452 | PA      | $2331299.07   | 0.26%             | 2069-05-25      | Variable      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| LoanCore 2021-CRE5 Issuer, Ltd                   | LoanCore 2021-CRE5 Issuer Ltd                                                                                     | CUSIP: 53947XAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1752500 | PA      | $1751998.08   | 0.20%             | 2036-07-15      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd                                      | OCP CLO 2015-10 Ltd                                                                                               | CUSIP: 67092DBF5<br>LEI: 254900FZYL5HDKV64882 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2257092.00   | 0.26%             | 2038-01-26      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Bank                                             | BANK 2021-BNK34                                                                                                   | CUSIP: 06541JAR2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11273317 | PA      | $445650.00    | 0.05%             | 2063-06-15      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                             | Flutter Treasury DAC                                                                                              | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |   2079000 | PA      | $2092711.01   | 0.24%             | 2031-06-04      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                         | Marsh & McLennan Cos Inc                                                                                          | CUSIP: 571748BY7<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1307614.09   | 0.15%             | 2027-11-08      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NBN CO LTD                                       | NBN Co Ltd                                                                                                        | CUSIP: 62878U2F8<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | CORP              | AU        |   2064000 | PA      | $2146473.46   | 0.24%             | 2028-10-06      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                          | Dryden 95 CLO Ltd                                                                                                 | CUSIP: 262487AL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3250000 | PA      | $3252089.75   | 0.37%             | 2034-08-20      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Securities LLC                          | Long: TR11802   TRS USD R E TR11802R / Short: TR11802   TRS USD P V 03MTBILL TR11802P+USB3MTA+10 BPS              | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DCO              |  | US        |   6313546 | OU      | $-67484.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Securities LLC                          | Long: TR11685   TRS USD R E TR11685R / Short: TR11685   TRS USD P V 03MTBILL TR11685P/USB3MTA+9.00BPS             | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DCO              |  | US        |  10831135 | OU      | $-54479.14    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                | Brown & Brown Inc                                                                                                 | CUSIP: 115236AJ0<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    784000 | PA      | $786384.03    | 0.09%             | 2028-06-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                            | American Homes 4 Rent LP                                                                                          | CUSIP: 02666TAK3<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1808000 | PA      | $1819789.66   | 0.21%             | 2030-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                    | AIB Group PLC                                                                                                     | CUSIP: 00135TAD6<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |    409000 | PA      | $431643.18    | 0.05%             | 2029-09-13      | Fixed         | 6.61%                 | Yes           |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                         | Citizens Financial Group Inc                                                                                      | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   2201000 | PA      | $2272759.89   | 0.26%             | 2030-01-23      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | Long: TR11738   TRS USD R E TR11738R / Short: TR11738   TRS USD P V 03MTBILL TR11738P/USB3MTA+10.00BPS            | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCO              |  | US        |  40968084 | OU      | $-188756.78   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                   | Morgan Stanley Capital I Trust 2018-H4                                                                            | CUSIP: 61691RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14239041 | PA      | $322025.87    | 0.04%             | 2051-12-15      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| MARS INC                                         | Mars Inc                                                                                                          | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   1473000 | PA      | $1481103.67   | 0.17%             | 2028-03-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                               | BSPRT 2021-FL6 Issuer Ltd                                                                                         | CUSIP: 05601HAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    485000 | PA      | $482419.32    | 0.05%             | 2036-03-15      | Floating      | 6.51%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                      | CUSIP: 251526CS6<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    169000 | PA      | $176983.58    | 0.02%             | 2029-01-18      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                   | Palmer Square Loan Funding 2025-2 Ltd                                                                             | CUSIP: 69704AAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2500000.00   | 0.28%             | 2033-07-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                 | COLT 2024-2 Mortgage Loan Trust                                                                                   | CUSIP: 12665LAA2<br>LEI: 213800Z2Q6LED8DB8K38 | Long             | ABS-MBS          | CORP              | US        |    925624 | PA      | $930466.72    | 0.11%             | 2069-04-25      | Variable      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| HYATT HOTELS CORP                                | Hyatt Hotels Corp                                                                                                 | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   1067000 | PA      | $1084581.08   | 0.12%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                           | NextEra Energy Capital Holdings Inc                                                                               | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1681000 | PA      | $1682044.39   | 0.19%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                            | Huntington Bancshares Inc/OH                                                                                      | CUSIP: 446150BE3<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    946000 | PA      | $965720.74    | 0.11%             | 2031-01-15      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                              | Charles Schwab Corp/The                                                                                           | CUSIP: 808513CD5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   2072000 | PA      | $2141593.20   | 0.24%             | 2029-05-19      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  57693000 | PA      | $57858416.79  | 6.55%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                | Credit Acceptance Auto Loan Trust 2023-3                                                                          | CUSIP: 224936AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1292000 | PA      | $1322293.01   | 0.15%             | 2033-10-17      | Fixed         | 7.09%                 | Yes           |                  2 | On Loan: No      |
| NEWS CORP                                        | News Corp                                                                                                         | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |   1816000 | PA      | $1733900.64   | 0.20%             | 2029-05-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                       | LAD Auto Receivables Trust 2024-2                                                                                 | CUSIP: 505920AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     62808 | PA      | $62823.00     | 0.01%             | 2027-03-15      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 912828M56<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  33500000 | PA      | $33295597.74  | 3.77%             | 2025-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                            | LoanCore 2025 2025-CRE8 Issuer LLC                                                                                | CUSIP: 53947FAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2698500 | PA      | $2685015.60   | 0.30%             | 2042-08-17      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| GENUINE PARTS CO                                 | Genuine Parts Co                                                                                                  | CUSIP: 372460AF2<br>LEI: 549300D46DQVEU651W04 | Long             | DBT              | CORP              | US        |   1945000 | PA      | $1969244.21   | 0.22%             | 2029-08-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                          | BPCE SA                                                                                                           | CUSIP: 05571AAX3<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1969000 | PA      | $2020245.35   | 0.23%             | 2029-05-30      | Fixed         | 5.28%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP                                         | EQT Corp                                                                                                          | CUSIP: 26884LAQ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   2645000 | PA      | $2719058.86   | 0.31%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                  | AREIT 2022-CRE6 Trust                                                                                             | CUSIP: 04002VAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    894000 | PA      | $882825.80    | 0.10%             | 2037-01-20      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                   | Palmer Square Loan Funding 2025-1 Ltd                                                                             | CUSIP: 69704CAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2974122.00   | 0.34%             | 2033-02-15      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| WEA FINANCE LLC                                  | WEA Finance LLC                                                                                                   | CUSIP: 92928QAH1<br>LEI: 3CYEJKBUJZO3UW777J80 | Long             | DBT              | CORP              | US        |    391000 | PA      | $380331.62    | 0.04%             | 2027-01-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                | CUSIP: 3137AV5K9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    283636 | PA      | $264912.55    | 0.03%             | 2042-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust              | New Residential Mortgage Loan Trust 2025-NQM3                                                                     | CUSIP: 64832CAC7<br>LEI: 2138002D8CMDYG7QOU84 | Long             | ABS-MBS          | CORP              | US        |    744476 | PA      | $746902.63    | 0.08%             | 2065-05-25      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                         | OBX 2024-NQM8 Trust                                                                                               | CUSIP: 67119CAA8<br>LEI: 254900Y1YRD8JNADSC78 | Long             | ABS-MBS          | CORP              | US        |   1068398 | PA      | $1077982.34   | 0.12%             | 2064-05-25      | Variable      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| TPG Real Estate Finance                          | TRTX 2021-FL4 Issuer Ltd                                                                                          | CUSIP: 87276WAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1305000 | PA      | $1301227.25   | 0.15%             | 2038-03-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                             | Glencore Funding LLC                                                                                              | CUSIP: 378272BZ0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   2434000 | PA      | $2472699.92   | 0.28%             | 2030-04-01      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                | HSBC Holdings PLC                                                                                                 | CUSIP: 404280EQ8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   3032000 | PA      | $3053361.08   | 0.35%             | 2029-03-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MEITUAN                                          | Meituan                                                                                                           | CUSIP: 58533EAE3<br>LEI: 21380033K525E5JLIA77 | Long             | DBT              | CORP              | KY        |   1575000 | PA      | $1569924.61   | 0.18%             | 2028-04-02      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                           | Philip Morris International Inc                                                                                   | CUSIP: 718172DR7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    903000 | PA      | $897112.84    | 0.10%             | 2028-04-28      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES                            | Huntington Bancshares Inc/OH                                                                                      | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    449000 | PA      | $469759.42    | 0.05%             | 2029-08-21      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                         | Capital One Financial Corp                                                                                        | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1305000 | PA      | $1344131.43   | 0.15%             | 2027-10-29      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                         | Corebridge Financial Inc                                                                                          | CUSIP: 21871XAD1<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1837000 | PA      | $1809759.49   | 0.21%             | 2027-04-05      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                      | Paychex Inc                                                                                                       | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |   2365000 | PA      | $2416271.76   | 0.27%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                   | Enterprise Fleet Financing 2023-1 LLC                                                                             | CUSIP: 29375CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370358 | PA      | $371343.42    | 0.04%             | 2029-01-22      | Fixed         | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2021-C11                                                                                     | CUSIP: 05493MAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7313686 | PA      | $405613.38    | 0.05%             | 2054-09-15      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                 | Crown Castle Inc                                                                                                  | CUSIP: 22822VAZ4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    448000 | PA      | $435583.44    | 0.05%             | 2027-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                 | Deutsche Bank AG/New York NY                                                                                      | CUSIP: 25160PAN7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1989000 | PA      | $2033150.33   | 0.23%             | 2027-07-13      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 91282CHH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30754000 | PA      | $30732075.78  | 3.48%             | 2026-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                     | CaixaBank SA                                                                                                      | CUSIP: 12803RAK0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    770000 | PA      | $768822.57    | 0.09%             | 2029-07-03      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                               | BSPRT 2022-FL8 Issuer Ltd                                                                                         | CUSIP: 055983AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1055539 | PA      | $1055538.79   | 0.12%             | 2037-02-15      | Floating      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                           | Diamondback Energy Inc                                                                                            | CUSIP: 25278XAY5<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    934000 | PA      | $950984.86    | 0.11%             | 2030-01-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust Series 2024-NQM1                                                                         | CUSIP: 465983AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1039510 | PA      | $1039754.98   | 0.12%             | 2064-02-25      | Variable      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                      | CUSIP: 3137FTG27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6266589 | PA      | $374110.37    | 0.04%             | 2030-04-25      | Variable      | 1.57%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PVT BANK                          | Morgan Stanley Private Bank NA                                                                                    | CUSIP: 61776NVE0<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |   1713000 | PA      | $1711174.28   | 0.19%             | 2028-07-06      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| MOLEX ELECTRONICS TECH                           | Molex Electronic Technologies LLC                                                                                 | CUSIP: 60856BAE4<br>LEI: 549300WTBVUFUPSIWI20 | Long             | DBT              | CORP              | US        |   1758000 | PA      | $1759607.71   | 0.20%             | 2028-04-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                         | Eagle Funding Luxco Sarl                                                                                          | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |   2225000 | PA      | $2235012.50   | 0.25%             | 2030-08-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust      | MF1 2022-FL9 LLC                                                                                                  | CUSIP: 55285AAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2988000 | PA      | $2990241.00   | 0.34%             | 2037-06-19      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| VIDEOTRON LTD                                    | Videotron Ltd                                                                                                     | CUSIP: 92660FAN4<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |   2035000 | PA      | $1939816.13   | 0.22%             | 2029-06-15      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                         | Element Fleet Management Corp                                                                                     | CUSIP: 286181AP7<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   2502000 | PA      | $2523526.11   | 0.29%             | 2030-03-25      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| ARDN 2025-ARCP Mortgage Trust                    | ARDN 2025-ARCP Mortgage Trust                                                                                     | CUSIP: 039961AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2999000 | PA      | $3000280.87   | 0.34%             | 2035-06-15      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                         | Sumitomo Mitsui Financial Group Inc                                                                               | CUSIP: 86562MCM0<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   2295000 | PA      | $2224436.78   | 0.25%             | 2027-01-14      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage Trust               | STWD 2021-FL2 Ltd                                                                                                 | CUSIP: 78486BAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2295000 | PA      | $2273396.25   | 0.26%             | 2038-04-18      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                     | GS Mortgage Securities Trust 2017-GS6                                                                             | CUSIP: 36253PAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10193046 | PA      | $150781.66    | 0.02%             | 2050-05-10      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B29 Mortgage Trust                                                                                 | CUSIP: 08163JAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14660798 | PA      | $553232.54    | 0.06%             | 2054-09-15      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | Long: TR11842   TRS USD R E TR11842R / Short: TR11842   TRS USD P V 03MTBILL TR11842P/USB3MTA +7.00BPS            | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCO              |  | US        |  13000000 | OU      | $-138905.36   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                           | Anglo American Capital PLC                                                                                        | CUSIP: 034863AR1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |   2917000 | PA      | $2922744.36   | 0.33%             | 2027-04-10      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                         | Penske Truck Leasing Co Lp / PTL Finance Corp                                                                     | CUSIP: 709599BZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1804000 | PA      | $1843470.42   | 0.21%             | 2029-03-30      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Bank                                             | BANK 2021-BNK32                                                                                                   | CUSIP: 06542BBN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10461515 | PA      | $319535.46    | 0.04%             | 2054-04-15      | Variable      | 0.76%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                        | Chesapeake Funding II LLC                                                                                         | CUSIP: 165183CZ5<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    568015 | PA      | $574448.03    | 0.07%             | 2035-10-15      | Fixed         | 6.16%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 91282CFE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14315000 | PA      | $14307295.38  | 1.62%             | 2025-08-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                        | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C33                                                       | CUSIP: 61767CAW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8342686 | PA      | $121279.30    | 0.01%             | 2050-05-15      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                            | Rio Tinto Finance USA PLC                                                                                         | CUSIP: 76720AAS5<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |   1398000 | PA      | $1419139.63   | 0.16%             | 2030-03-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                 | COLT 2024-3 Mortgage Loan Trust                                                                                   | CUSIP: 19688VAB6<br>LEI: 213800YFAHWZN77V6P52 | Long             | ABS-MBS          | CORP              | US        |    462123 | PA      | $466521.24    | 0.05%             | 2069-06-25      | Variable      | 6.65%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                              | American Express Co                                                                                               | CUSIP: 025816ED7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   2697000 | PA      | $2720621.78   | 0.31%             | 2029-04-25      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd                                                            | CUSIP: 03880KAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    571500 | PA      | $571218.82    | 0.06%             | 2034-08-15      | Floating      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                 | LPL Holdings Inc                                                                                                  | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1078519.99   | 0.12%             | 2027-11-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                            | RIO TINTO FIN USA PLC                                                                                             | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |   1223000 | PA      | $1228622.09   | 0.14%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                      | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    657000 | PA      | $670566.53    | 0.08%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                          | Nationwide Building Society                                                                                       | CUSIP: 63861VAF4<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   3118000 | PA      | $3038959.67   | 0.34%             | 2028-02-16      | Fixed         | 2.97%                 | Yes           |                  2 | On Loan: No      |
| BROADCOM INC                                     | Broadcom Inc                                                                                                      | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1166000 | PA      | $1179873.72   | 0.13%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| WEA Finance LLC                                  | WEA Finance LLC                                                                                                   | CUSIP: 92928QAE8<br>LEI: 3CYEJKBUJZO3UW777J80 | Long             | DBT              | CORP              | US        |   2268000 | PA      | $2222767.94   | 0.25%             | 2028-09-20      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                   | Enterprise Fleet Financing 2023-2 LLC                                                                             | CUSIP: 29375NAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    495361 | PA      | $497965.57    | 0.06%             | 2030-04-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                         | Benchmark 2021-B27 Mortgage Trust                                                                                 | CUSIP: 08163HAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14105082 | PA      | $727363.83    | 0.08%             | 2054-07-15      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                          | Long: TR11653   TRS USD R E TR11653R / Short: TR11653   TRS USD P V 03MTBILL TR11653P/USB3MTA+9.00BPS             | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  43893732 | OU      | $-220770.45   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                         | Avolon Holdings Funding Ltd                                                                                       | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    892000 | PA      | $893953.41    | 0.10%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC      | BBCMS Mortgage Trust 2018-C2                                                                                      | CUSIP: 05491UBE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18746167 | PA      | $365150.96    | 0.04%             | 2051-12-15      | Variable      | 0.75%                 | Yes           |                  2 | On Loan: No      |
| REGAL REXNORD CORP                               | Regal Rexnord Corp                                                                                                | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1728000 | PA      | $1780106.53   | 0.20%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                          | Long: TR11652   TRS USD R E TR11652R / Short: TR11652   TRS USD P V 03MTBILL TR11652P/USB3MTA+6.50BPS             | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  31847796 | OU      | $-144625.90   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd  | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                                                            | CUSIP: 03880RAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1684000 | PA      | $1681932.05   | 0.19%             | 2036-11-15      | Floating      | 6.46%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Notes                                                                                               | CUSIP: 91282CJL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  51280000 | PA      | $51352112.50  | 5.82%             | 2025-11-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                 | Provident Funding Mortgage Trust 2024-1                                                                           | CUSIP: 74389BAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1921036 | PA      | $1918166.63   | 0.22%             | 2054-12-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                                     | UBS Group AG                                                                                                      | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    428000 | PA      | $469743.27    | 0.05%             | 2028-11-13      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | Long: TR11811   TRS USD R V 03MTBILL TR11811R/USB3MTA-2.50BPS / Short: TR11811   TRS USD P E TR11811P             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DCO              |  | US        |   4602376 | OU      | $491202.57    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                     | UBS Group AG                                                                                                      | CUSIP: 902613AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1834000 | PA      | $1841673.35   | 0.21%             | 2027-01-12      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs & Co. LLC                          | Long: TR11848   TRS USD R E TR11848R / Short: TR11848   TRS USD P V 03MTBILL TR11848P/USB3MTA+6.50BPS             | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DCO              |  | US        |  27000000 | OU      | $-693334.61   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| ROSS STORES INC                                  | Ross Stores Inc                                                                                                   | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |   1749000 | PA      | $1703379.00   | 0.19%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** MFS SERIES TRUST XV

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer