# EDGAR Filing Document

**Accession Number:** 0001756908
**File Stem:** 0001099263-25-004582
**Filing Date:** 2025-11
**Character Count:** 355952
**Document Hash:** ce0af48948c8104ac71e73ec9e4a2cd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-004582.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001099263-25-004582

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Dynamic Income Strategy Fund
- **CENTRAL INDEX KEY:** 0001756908

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23390
- **FILM NUMBER:** 251528630

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** (844) 312-2113

**MAIL ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO Energy & Tactical Credit Opportunities Fund
- **DATE OF NAME CHANGE:** 20181024

## Nport-Ex

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 123.0% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 21.2%**  |  |  |
| **Aligned Data Centers International LP**<br>7.538% due 12/18/2029 «~ | $8000 | $8063 |
| **Altice France SA**  |  |  |
| 7.526% (EUR003M + 5.500%) due 08/15/2028 ~ | 100 | 111 |
| 9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | $598 | 581 |
| **AP Core Holdings II LLC**<br>9.778% (TSFR1M + 5.500%) due 09/01/2027 ~ | 5000 | 4876 |
| **Apro LLC**<br>7.942% (TSFR1M + 3.750%) due 07/09/2031 ~ | 4948 | 4951 |
| **Aspire Bakeries Holdings LLC**<br>7.663% (TSFR1M + 3.500%) due 12/23/2030 ~ | 992 | 1000 |
| **Asurion LLC**<br>8.413% (TSFR1M + 4.250%) due 09/19/2030 ~ | 3300 | 3283 |
| **BDO USA PC**<br>9.223% (TSFR1M + 5.000%) due 08/31/2028 «~ | 4456 | 4494 |
| **Beach Acquisition Bidco LLC**<br>7.308% (TSFR3M + 3.250%) due 09/12/2032 ~ | 700 | 704 |
| **Cast & Crew Payroll LLC**<br>7.913% (TSFR1M + 3.750%) due 12/29/2028 ~ | 2977 | 2704 |
| **Central Parent, Inc.**<br>7.252% (TSFR3M + 3.250%) due 07/06/2029 ~ | 4532 | 3932 |
| **Chobani LLC**<br>6.663% (TSFR1M + 2.500%) due 10/25/2027 ~ | 2948 | 2959 |
| **Clover Holdings 2 LLC**<br>7.750% due 12/09/2031 | 2893 | 2923 |
| **Comexposium**  |  |  |
| TBD% (EUR012M + 0.000%) due 03/28/2026 «~ | 1025 | 1468 |
| TBD% - 1.138% (Euribor 1YR) due 10/16/2031 «~ | 565 | 809 |
| **Coreweave Compute Acquisition Co. IV LLC**<br>TBD% - 10.723% (TSFR3M + 6.000%) due 05/16/2029 «~µ | $5400 | 5556 |
| **Cotiviti Corp.**<br>7.030% (TSFR1M + 2.750%) due 05/01/2031 ~ | 2955 | 2908 |
| **Cyberswift U.S. Finco LLC**<br>TBD% due 09/23/2032 | 3500 | 3502 |
| **Databricks, Inc.**  |  |  |
| TBD% - 1.000% due 01/03/2031 «µ | 1069 | 1069 |
| TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ | 4831 | 4915 |
| **Dun & Bradstreet Corp.**  |  |  |
| TBD% due 08/26/2032 «µ | 227 | 226 |
| TBD% (TSFR1M + 5.500%) due 08/26/2032 «~ | 2273 | 2260 |
| **Dye & Durham Corp.**<br>8.352% (TSFR3M + 4.250%) due 04/11/2031 ~ | 2368 | 2357 |
| **Endure Digital, Inc.**<br>7.838% (TSFR1M + 3.500%) due 02/10/2028 «~ | 2375 | 1722 |
| **Epic Crude Services LP**<br>6.828% (TSFR3M + 2.500%) due 10/15/2031 ~ | 2790 | 2797 |
| **Fastlane Parent Co., Inc.**<br>8.502% (TSFR3M + 4.500%) due 09/29/2028 ~ | 3672 | 3558 |
| **Finastra USA, Inc.**<br>8.038% (TSFR3M + 4.000%) due 09/15/2032 ~ | 3500 | 3489 |
| **Frontier Communications Corp.**<br>6.650% (TSFR1M + 2.500%) due 07/01/2031 ~ | 2687 | 2693 |
| **Galaxy U.S. Opco, Inc. (10.058% Cash)**<br>10.058% (TSFR3M + 5.750%) due 07/31/2030 ~ | 2019 | 1845 |
| **Gateway Casinos & Entertainment Ltd.**<br>10.276% (TSFR3M + 6.250%) due 12/18/2030 ~ | 2633 | 2635 |
| **GBT U.S. III LLC**<br>6.814% (TSFR3M + 2.500%) due 07/25/2031 ~ | 3980 | 3993 |
| **GFL Environmental, Inc.**<br>6.671% (TSFR3M + 2.500%) due 03/03/2032 ~ | 2700 | 2703 |
| **Golden State Foods LLC**<br>8.032% (TSFR1M + 4.000%) due 12/04/2031 ~ | 3960 | 3975 |
| **Harp Finco Ltd.**<br>9.468% due 03/27/2032 « | 3865 | 5110 |
| **Illuminate Buyer LLC**<br>6.663% (TSFR1M + 2.500%) due 12/31/2029 ~ | $3275 | 3287 |
| **INEOS U.S. Finance LLC**  |  |  |
| 7.163% (TSFR1M + 3.000%) due 02/07/2031 ~ | 345 | 311 |
| 7.413% (TSFR1M + 3.250%) due 02/18/2030 ~ | 2847 | 2587 |
| **ITT Holdings LLC**<br>6.638% (TSFR1M + 2.475%) due 10/11/2030 ~ | 973 | 974 |
| **KnowBe4, Inc.**<br>8.064% (TSFR3M + 3.750%) due 07/23/2032 ~ | 3500 | 3509 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Lakeshore** **Intermediate LLC**<br>7.778% (TSFR1M + 3.500%) due 09/29/2028 ~ | 525 | 439 |
| **LC AHAB U.S. Bidco LLC**<br>7.163% (TSFR1M + 3.000%) due 05/01/2031 ~ | 7935 | 7942 |
| **LifePoint Health, Inc.**<br>8.068% (TSFR3M + 3.750%) due 05/19/2031 ~ | 6617 | 6613 |
| **McAfee LLC**<br>7.223% (TSFR1M + 3.000%) due 03/01/2029 ~ | 3691 | 3536 |
| **MI Windows & Doors LLC**<br>6.913% (TSFR1M + 2.750%) due 03/28/2031 ~ | 2475 | 2487 |
| **Modena Buyer LLC**<br>8.808% (TSFR3M + 4.500%) due 07/01/2031 ~ | 4963 | 4908 |
| **OCS Group Holdings Ltd.**<br>9.961% due 11/28/2031 | 3950 | 5315 |
| **Peraton Corp.**<br>8.013% (TSFR1M + 3.750%) due 02/01/2028 ~ | $2753 | 2329 |
| **Phoenix Guarantor, Inc.**<br>6.663% (TSFR1M + 2.500%) due 02/21/2031 ~ | 3950 | 3957 |
| **Polaris Newco LLC**<br>8.570% (TSFR3M + 4.000%) due 06/02/2028 ~ | 6049 | 5842 |
| **Poseidon Bidco SASU**<br>7.000% (EUR003M + 5.000%) due 03/13/2030 ~ | 4700 | 2593 |
| **Project Alpha Intermediate Holding, Inc.**<br>7.252% (TSFR3M + 3.250%) due 10/26/2030 ~ | $3940 | 3956 |
| **Promotora de Informaciones SA**<br>7.494% (EUR003M + 5.470%) due 12/31/2029 «~ | 3198 | 3698 |
| **Proofpoint, Inc.**  |  |  |
| TBD% due 08/31/2028 | $100 | 101 |
| TBD% (TSFR1M + 3.000%) due 08/31/2028 ~ | 6054 | 6085 |
| **QuidelOrtho Corp.**<br>8.002% (TSFR3M + 4.000%) due 08/20/2032 ~ | 3400 | 3387 |
| **Raven Acquisition Holdings LLC**  |  |  |
| TBD% - 3.250% due 11/19/2031 µ | 193 | 193 |
| TBD% - 3.250% (TSFR1M + 3.000%) due 11/19/2031 ~ | 2693 | 2695 |
| **RealTruck Group, Inc.**<br>9.278% (TSFR1M + 5.000%) due 01/31/2028 ~ | 3292 | 3076 |
| **SCUR-Alpha 1503 GmbH**<br>9.808% (TSFR3M + 5.500%) due 03/29/2030 ~ | 1975 | 1825 |
| **Softbank Vision Fund II**<br>TBD% - 7.652% (TSFR3M + 3.650%) due 12/23/2029 «~ | 1000 | 1000 |
| **Specialty Building Products Holdings LLC**<br>8.013% (TSFR1M + 3.750%) due 10/15/2028 ~ | 2885 | 2788 |
| **Spruce Bidco II, Inc.**  |  |  |
| TBD% - 0.500% due 01/30/2032 «µ | 458 | 458 |
| TBD% - 0.500% (JY0003M + 5.250%) due 01/30/2032 «~ | 39266 | 269 |
| TBD% - 0.500% (CDOR06 + 5.000%) due 01/30/2032 «~ | 367 | 267 |
| TBD% - 0.500% (TSFR6M + 5.000%) due 01/30/2032 «~ | $2028 | 2049 |
| **Star Parent, Inc.**<br>8.002% (TSFR3M + 4.000%) due 09/27/2030 ~ | 4937 | 4943 |
| **Steenbok Lux Finco 2 SARL**<br>1TBD% due 06/30/2026 | 8503 | 3099 |
| **Stonepeak Nile Parent LLC**<br>7.079% - 9.250% (TSFR3M + 2.750%) due 04/09/2032 ~ | $2100 | 2102 |
| **Subcalidora 2**<br>7.750% (EUR003M + 5.750%) due 08/14/2029 «~ | 3338 | 3939 |
| **Syniverse Holdings, Inc.**<br>11.002% (TSFR3M + 7.000%) due 05/13/2027 ~ | $5508 | 5389 |
| **Tidal Waste & Recycling Holdings LLC**<br>7.002% (TSFR3M + 3.000%) due 10/24/2031 ~ | 2886 | 2906 |
| **Truist Insurance Holdings LLC**<br>6.752% (TSFR3M + 2.750%) due 05/06/2031 ~ | 3700 | 3706 |
| **U.S. Renal Care, Inc.**<br>9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | 7427 | 7110 |
| **Unicorn BAY**<br>13.000% due 12/31/2026 « | 23777 | 3094 |
| **Varsity Brands, Inc.**<br>7.026% (TSFR3M + 3.000%) due 08/26/2031 ~ | $6269 | 6277 |
| **Vista Management Holding, Inc.**<br>8.041% (TSFR3M + 3.750%) due 04/01/2031 ~ | 5940 | 5989 |
| **WaterBridge Midstream Operating LLC**<br>8.174% (TSFR1M + 4.000%) due 05/10/2029 ~ | 2965 | 2976 |
| **WIN Waste Innovations Holdings, Inc.**<br>8.028% (TSFR1M + 3.750%) due 03/24/2028 ~ | 1496 | 1510 |
| **X Corp.**<br>10.958% (TSFR3M + 6.500%) due 10/26/2029 ~ | 10040 | 9863 |
| Total Loan Participations and Assignments (Cost $255,024) |  | 251550 |
| **CORPORATE BONDS & NOTES 27.9%**  |  |  |
| **BANKING & FINANCE 5.4%**  |  |  |
| **American Assets Trust LP** <br>6.150% due 10/01/2034 (i) | 3600 | 3666 |
| **Antares Holdings LP** <br>6.350% due 10/23/2029 | 3500 | 3581 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Burford** **Capital Global Finance LLC** <br>9.250% due 07/01/2031 (i) | 4100 | 4362 |
| **Charles River Re Ltd.** <br>11.536% due 05/10/2031 •  | 1900 | 2016 |
| **Credit Opportunities Partners LLC** <br>6.740% due 03/20/2030 «(g) | 300 | 306 |
| **Diversified Healthcare Trust** <br>7.250% due 10/15/2030 | 200 | 203 |
| **Freedom Mortgage Corp.** <br>6.625% due 01/15/2027 | 3000 | 2996 |
| **FS KKR Capital Corp.** <br>3.125% due 10/12/2028 | 3500 | 3245 |
| **FTAI Aviation Investors LLC** <br>7.000% due 05/01/2031 (i) | 5000 | 5235 |
| **Hudson Pacific Properties LP** <br>5.950% due 02/15/2028 | 3000 | 2961 |
| **Integrity Re Ltd.**  |  |  |
| 21.138% (T-BILL 1MO + 17.234%) due 06/08/2026 ~  | 650 | 714 |
| 26.703% (T-BILL 1MO + 22.796%) due 06/08/2026 ~  | 650 | 725 |
| **Kona Spc Ltd.** <br>5.718% due 09/15/2026 «•  | 1000 | 1174 |
| **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** <br>7.000% due 07/15/2031 (i) | $3000 | 3147 |
| **New Immo Holding SA**  |  |  |
| 3.250% due 07/23/2027  | 3500 | 4054 |
| 5.875% due 04/17/2028  | 1800 | 2185 |
| **Panama Infrastructure Receivable Purchaser PLC** <br>0.000% due 04/05/2032 (f) | $8298 | 6254 |
| **Piedmont Operating Partnership LP**  |  |  |
| 3.150% due 08/15/2030 (i)  | 3600 | 3273 |
| 6.875% due 07/15/2029 (i)  | 4000 | 4234 |
| **Service Properties Trust** <br>0.000% due 09/30/2028 (f) | 300 | 265 |
| **Sixth Street Lending Partners** <br>6.125% due 07/15/2030 (i) | 3600 | 3724 |
| **Starwood Property Trust, Inc.** <br>7.250% due 04/01/2029 (i) | 2700 | 2838 |
| **Veraison Re Ltd.** <br>8.904% (GSMMUSTI + 5.000%) due 03/08/2033 ~ | 250 | 253 |
| **Winston RE Ltd.**  |  |  |
| 10.404% (T-BILL 3MO + 6.500%) due 02/21/2028 ~  | 250 | 260 |
| 14.114% (BNMMDTSC + 10.210%) due 02/26/2031 ~  | 1000 | 1077 |
| 15.594% (T-BILL 3MO + 11.690%) due 02/26/2031 ~  | 1000 | 1080 |
|  |  | 63828 |
| **INDUSTRIALS 19.1%**  |  |  |
| **ADT Security Corp.** <br>4.875% due 07/15/2032 (i) | 5300 | 5140 |
| **Altice France Holding SA**  |  |  |
| 8.000% due 05/15/2027  | 1800 | 767 |
| 10.500% due 05/15/2027  | $2400 | 870 |
| **Altice France SA** <br>5.500% due 10/15/2029 | 2500 | 2175 |
| **ams-OSRAM AG** <br>12.250% due 03/30/2029 | 900 | 969 |
| **Axon Enterprise, Inc.**  |  |  |
| 6.125% due 03/15/2030  | 500 | 515 |
| 6.250% due 03/15/2033  | 400 | 413 |
| **B&G Foods, Inc.** <br>8.000% due 09/15/2028 | 3200 | 3104 |
| **BCP V Modular Services Finance II PLC** <br>6.500% due 07/10/2031 | 1550 | 1706 |
| **Beignet** <br>6.850% due 06/01/2049 «(c) | $17100 | 17100 |
| **Boparan Finance PLC** <br>9.375% due 11/07/2029 | 2100 | 2955 |
| **CAB SELAS** <br>3.375% due 02/01/2028 | 3200 | 3533 |
| **Caesars Entertainment, Inc.** <br>6.500% due 02/15/2032 (i) | $3000 | 3062 |
| **Carnival Corp.** <br>6.000% due 05/01/2029 | 3000 | 3047 |
| **Cerdia Finanz GmbH** <br>9.375% due 10/03/2031 | 3000 | 3184 |
| **Champion Iron Canada, Inc.** <br>7.875% due 07/15/2032 | 6500 | 6801 |
| **Cheplapharm Arzneimittel GmbH**  |  |  |
| 7.125% due 06/15/2031  | 700 | 844 |
| 7.500% due 05/15/2030  | 3300 | 4018 |
| **Chord Energy Corp.**  |  |  |
| 6.000% due 10/01/2030  | $500 | 497 |
| 6.750% due 03/15/2033  | 1400 | 1419 |
| **Clydesdale Acquisition Holdings, Inc.**  |  |  |
| 6.750% due 04/15/2032  | 1000 | 1027 |
| 8.750% due 04/15/2030 (i)  | 5500 | 5655 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Cogent** **Communications Group LLC/Cogent Finance, Inc.** <br>7.000% due 06/15/2027 | 200 | 200 |
| **CoreWeave, Inc.** <br>9.000% due 02/01/2031 | 1400 | 1437 |
| **Czechoslovak Group AS** <br>6.500% due 01/10/2031 | 200 | 207 |
| **Dcli Bidco LLC** <br>7.750% due 11/15/2029 (i) | 3600 | 3747 |
| **Diversified Gas & Oil Corp.** <br>9.750% due 04/09/2029 | 2625 | 2605 |
| **Dye & Durham Ltd.** <br>8.625% due 04/15/2029 | 2500 | 2474 |
| **ELO SACA** <br>2.875% due 01/29/2026 | 800 | 938 |
| **Excelerate Energy LP** <br>8.000% due 05/15/2030 | $2500 | 2663 |
| **Flora Food Management BV** <br>6.875% due 07/02/2029 | 5100 | 5998 |
| **Global Partners LP/GLP Finance Corp.** <br>7.125% due 07/01/2033 | $2000 | 2051 |
| **goeasy Ltd.** <br>7.625% due 07/01/2029 | 200 | 203 |
| **Gray Media, Inc.**  |  |  |
| 9.625% due 07/15/2032  | 600 | 613 |
| 10.500% due 07/15/2029 (i)  | 2700 | 2922 |
| **Herc Holdings, Inc.** <br>7.250% due 06/15/2033 | 3000 | 3134 |
| **Hilton Domestic Operating Co., Inc.** <br>5.750% due 09/15/2033 | 700 | 710 |
| **Howard Midstream Energy Partners LLC**  |  |  |
| 6.625% due 01/15/2034  | 6000 | 6121 |
| 7.375% due 07/15/2032  | 3700 | 3844 |
| **Ingevity Corp.** <br>3.875% due 11/01/2028 | 3900 | 3751 |
| **Insulet Corp.** <br>6.500% due 04/01/2033 (i) | 5100 | 5307 |
| **Inversion Escrow Issuer LLC** <br>6.750% due 08/01/2032 | 3600 | 3549 |
| **IRB Infrastructure Developers Ltd.** <br>7.110% due 03/11/2032 | 4700 | 4885 |
| **JetBlue Airways Corp./JetBlue Loyalty LP** <br>9.875% due 09/20/2031 (i) | 5700 | 5786 |
| **KBR, Inc.** <br>4.750% due 09/30/2028 | 1270 | 1257 |
| **Kioxia Holdings Corp.** <br>0.000% due 07/24/2030 | 900 | 919 |
| **Kraken Oil & Gas Partners LLC** <br>7.625% due 08/15/2029 (i) | 5700 | 5654 |
| **Matador Resources Co.** <br>6.250% due 04/15/2033 (i) | 4000 | 4029 |
| **Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC** <br>6.750% due 04/01/2032 (i) | 2500 | 2570 |
| **MPH Acquisition Holdings LLC** <br>5.750% due 12/31/2030 | 3600 | 3146 |
| **NCR Voyix Corp.** <br>5.250% due 10/01/2030 | 3484 | 3327 |
| **Newfold Digital Holdings Group, Inc.**  |  |  |
| 6.000% due 02/15/2029 «  | 500 | 312 |
| 11.750% due 10/15/2028 «  | 3800 | 2698 |
| **Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc.** <br>8.750% due 04/17/2032 | 200 | 194 |
| **Primo Water Holdings, Inc./Triton Water Holdings, Inc.** <br>6.250% due 04/01/2029 (i) | 2500 | 2502 |
| **Quikrete Holdings, Inc.** <br>6.375% due 03/01/2032 | 2200 | 2281 |
| **Raising Cane's Restaurants LLC** <br>9.375% due 05/01/2029 | 3000 | 3153 |
| **Rand Parent LLC** <br>8.500% due 02/15/2030 (i) | 5000 | 5200 |
| **Raven Acquisition Holdings LLC** <br>6.875% due 11/15/2031 | 2100 | 2163 |
| **Snap, Inc.** <br>6.875% due 03/01/2033 | 600 | 614 |
| **Stonepeak Nile Parent LLC** <br>7.250% due 03/15/2032 | 500 | 527 |
| **Thames Water Super Senior Issuer PLC** <br>9.750% due 10/10/2027 | 661 | 992 |
| **Thames Water Utilities Finance PLC**  |  |  |
| 1.250% due 01/31/2034  | 2100 | 1706 |
| 2.625% due 01/24/2034  | 1430 | 1316 |
| 4.375% due 01/18/2033  | 3900 | 3229 |
| **Thames Water Utilities Ltd.** <br>0.000% due 03/22/2027 (f) | 49 | 57 |
| **Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC** <br>9.500% due 05/15/2030 | $700 | 686 |
| **Transocean International Ltd.**  |  |  |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 7.875% due 10/15/2032 (c)  | 213 | 215 |
| 8.000% due 02/01/2027 (i)  | 4500 | 4497 |
| **Tronox, Inc.** <br>9.125% due 09/30/2030 | 200 | 196 |
| **Ubisoft Entertainment SA** <br>0.878% due 11/24/2027 | 5400 | 5921 |
| **UKG, Inc.** <br>6.875% due 02/01/2031 (i) | $4000 | 4130 |
| **Univision Communications, Inc.** <br>8.500% due 07/31/2031 | 3000 | 3100 |
| **Valaris Ltd.** <br>8.375% due 04/30/2030 (i) | 7850 | 8153 |
| **Valvoline, Inc.** <br>3.625% due 06/15/2031 (i) | 4200 | 3854 |
| **Viking Cruises Ltd.** <br>9.125% due 07/15/2031 | 2700 | 2900 |
| **Vmed O2 U.K. Financing I PLC** <br>7.750% due 04/15/2032 (i) | 8700 | 9151 |
| **Weatherford International Ltd.**  |  |  |
| 6.750% due 10/15/2033 (c)  | 1000 | 1001 |
| 8.625% due 04/30/2030  | 100 | 102 |
| **Yorkshire Water Finance PLC** <br>5.250% due 04/28/2030 | 2000 | 2669 |
|  |  | 226367 |
| **UTILITIES 3.4%**  |  |  |
| **Anglian Water Osprey Financing PLC** <br>2.000% due 07/31/2028 | 2500 | 3017 |
| **Anglian Water Services Financing PLC**  |  |  |
| 6.000% due 06/20/2039  | 2300 | 2997 |
| 6.625% due 01/15/2029 þ  | 2000 | 2816 |
| **Edison International** <br>6.250% due 03/15/2030 | $600 | 624 |
| **EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU** <br>8.499% due 06/30/2032 | 2000 | 2106 |
| **Hawaiian Electric Co., Inc.** <br>6.000% due 10/01/2033 | 200 | 202 |
| **Mong Duong Finance Holdings BV** <br>5.125% due 05/07/2029 | 2236 | 2215 |
| **Northumbrian Water Finance PLC** <br>4.500% due 02/14/2031 | 2000 | 2599 |
| **PacifiCorp** <br>7.375% due 09/15/2055 •(i) | $3500 | 3690 |
| **Sabesp Lux SARL** <br>5.625% due 08/20/2030 | 600 | 603 |
| **Sempra** <br>6.375% due 04/01/2056 •  | 2600 | 2670 |
| **SW Finance I PLC**  |  |  |
| 2.375% due 05/28/2028  | 2500 | 3081 |
| 7.375% due 12/12/2041  | 2200 | 2947 |
| **WEC Energy Group, Inc.** <br>6.690% due 06/15/2055 «~(g) | $8000 | 8169 |
| **Yinson Production Financial Services Pte. Ltd.** <br>9.625% due 05/03/2029 | 3000 | 3177 |
|  |  | 40913 |
| Total Corporate Bonds & Notes (Cost $322,805) |  | 331108 |
| **MUNICIPAL BONDS & NOTES 0.0%**  |  |  |
| **MICHIGAN 0.0%**  |  |  |
| **Detroit, Michigan General Obligation Bonds, Series 2014** <br>4.000% due 04/01/2044 | 497 | 392 |
| Total Municipal Bonds & Notes (Cost $398) |  | 392 |
| **U.S. GOVERNMENT AGENCIES 2.3%**  |  |  |
| **Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust**  |  |  |
| 0.000% due 08/25/2056 (b)(f) | 3184 | 512 |
| 0.075% due 08/25/2056 ~(a) | 124526 | 404 |
| 1.505% due 08/25/2056 ~(a) | 32179 | 3886 |
| 3.475% due 05/25/2057 ~ | 4900 | 2252 |
| 3.621% due 10/25/2058 ~ | 17305 | 7802 |
| 4.554% due 08/25/2059 ~ | 12083 | 5879 |
| 4.833% due 02/25/2059 ~ | 2495 | 1122 |
| 5.461% due 05/25/2064 ~ | 10409 | 5136 |
| 5.820% due 05/25/2060 ~ | 590 | 344 |
| Total U.S. Government Agencies (Cost $26,238) |  | 27337 |
| **U.S. TREASURY OBLIGATIONS 1.4%**  |  |  |
| **U.S. Treasury Bonds**  |  |  |
| 4.875% due 08/15/2045 | 6330 | 6472 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **U** **.S. Treasury Notes**  |  |  |
| 4.250% due 08/15/2035 | 10260 | 10344 |
| Total U.S. Treasury Obligations (Cost $16,846) |  | 16816 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.0%**  |  |  |
| **AG Trust** <br>6.166% due 07/15/2041 •  | 238 | 239 |
| **American Home Mortgage Assets Trust** <br>4.397% due 03/25/2047 •  | 2540 | 2287 |
| **Angel Oak Mortgage Trust** <br>4.800% due 11/25/2067 þ(i) | 843 | 839 |
| **APS Resecuritization Trust** <br>0.147% due 08/28/2054 ~ | 6555 | 1782 |
| **Bear Stearns ALT-A Trust** <br>4.126% due 08/25/2036 ~ | 1118 | 735 |
| **Bear Stearns Mortgage Funding Trust** <br>4.632% due 10/25/2036 •(i) | 13775 | 12096 |
| **Benchmark Mortgage Trust** <br>4.077% due 07/15/2051 | 196 | 194 |
| **BX Commercial Mortgage Trust** <br>7.190% due 01/17/2039 •(i) | 3000 | 2992 |
| **ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates**  |  |  |
| 4.125% due 08/25/2037 • | 3306 | 2775 |
| 4.262% due 08/25/2037 þ  | 1468 | 1251 |
| **CIM Trust** <br>5.400% due 04/25/2062 ~ | 268 | 267 |
| **Citigroup Mortgage Loan Trust, Inc.** <br>3.000% due 09/25/2064 ~(i) | 19022 | 17359 |
| **CLNY Trust**  |  |  |
| 6.066% due 11/15/2038 • | 3115 | 3042 |
| 7.309% due 11/15/2038 •(i)  | 2500 | 2320 |
| **Countrywide Alternative Loan Trust**  |  |  |
| 5.372% due 02/25/2036 • | 1456 | 1129 |
| 6.000% due 07/25/2037  | 973 | 571 |
| **CSAB Mortgage-Backed Trust** <br>6.220% due 09/25/2036 þ | 2728 | 756 |
| **CSMC Trust**  |  |  |
| 1.115% due 01/25/2060 ~(i)  | 2482 | 2117 |
| 3.904% due 11/10/2032 ~  | 5200 | 850 |
| **GCAT Trust** <br>4.250% due 05/25/2067 ~(i) | 840 | 805 |
| **GS Mortgage Securities Corp. Trust** <br>5.397% due 07/15/2035 •  | 998 | 679 |
| **GS Mortgage-Backed Securities Trust** <br>3.750% due 10/25/2057 (i) | 1995 | 1959 |
| **HarborView Mortgage Loan Trust** <br>4.768% due 03/19/2036 •(i) | 19264 | 12394 |
| **JP Morgan Chase Commercial Mortgage Securities Trust**  |  |  |
| 4.997% due 04/15/2037 • | 976 | 963 |
| 5.797% due 11/15/2035 • | 5000 | 4321 |
| 6.147% due 11/15/2035 • | 5000 | 3702 |
| 7.448% due 02/15/2035 •(i)  | 987 | 947 |
| **Lehman XS Trust** <br>5.072% due 09/25/2047 •  | 1759 | 1575 |
| **MASTR Adjustable Rate Mortgages Trust**  |  |  |
| 4.953% due 12/25/2046 • | 4731 | 3578 |
| 5.372% due 09/25/2037 • | 757 | 299 |
| **MFA Trust** <br>6.105% due 12/25/2068 þ(i) | 634 | 640 |
| **Mill City Mortgage Loan Trust**  |  |  |
| 3.250% due 08/25/2059 ~(i)  | 2850 | 2481 |
| 3.750% due 05/25/2058 ~(i)  | 2595 | 2324 |
| **Morgan Stanley Mortgage Loan Trust** <br>6.731% due 08/25/2036 þ | 2559 | 427 |
| **Nomura Asset Acceptance Corp. Alternative Loan Trust** <br>7.010% due 08/25/2036 þ | 7858 | 2046 |
| **OBX Trust** <br>6.465% due 10/25/2063 þ(i) | 608 | 616 |
| **OPEN Trust** <br>7.239% due 11/15/2040 •(i) | 33 | 33 |
| **PRKCM Trust** <br>7.225% due 11/25/2058 þ(i) | 654 | 665 |
| **PRPM LLC** <br>4.000% due 11/25/2053 þ(i) | 354 | 351 |
| **PRPM Trust** <br>6.221% due 11/25/2068 þ(i) | 699 | 706 |
| **RALI Trust**  |  |  |
| 6.000% due 09/25/2036  | 2283 | 1854 |
| 6.500% due 11/25/2036  | 4225 | 3553 |
| **Residential Asset Securitization Trust**  |  |  |
| 5.500% due 09/25/2035  | 5410 | 2331 |
| 6.000% due 04/25/2036  | 998 | 424 |
| **Seasoned Credit Risk Transfer Trust** <br>5.000% due 06/25/2065 ~ | 500 | 419 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **SMRT** **Commercial Mortgage Trust** <br>5.151% due 01/15/2039 •(i) | 500 | 499 |
| **Towd Point Mortgage Trust** <br>3.000% due 06/25/2058 ~(i) | 1547 | 1473 |
| **Verus Securitization Trust**  |  |  |
| 6.259% due 12/25/2068 þ(i)  | 562 | 569 |
| 6.876% due 11/25/2068 ~(i)  | 721 | 733 |
| Total Non-Agency Mortgage-Backed Securities (Cost $109,269) |  | 106967 |
| **ASSET-BACKED SECURITIES 24.4%**  |  |  |
| **AUTOMOBILE ABS OTHER 0.0%**  |  |  |
| **FHF Trust** <br>7.050% due 01/15/2030 | 500 | 498 |
| **CMBS OTHER 0.9%**  |  |  |
| **BDS LLC** <br>5.415% due 10/21/2042 •  | 500 | 501 |
| **MF1 LLC**  |  |  |
| 5.456% due 02/18/2040 • | 500 | 501 |
| 5.871% due 03/19/2039 •(i)  | 9000 | 9043 |
| **PFP Ltd.** <br>6.050% due 09/17/2039 •(i) | 339 | 340 |
|  |  | 10385 |
| **HOME EQUITY OTHER 20.3%**  |  |  |
| **Aames Mortgage Investment Trust** <br>6.972% due 01/25/2035 •(i) | 3500 | 2748 |
| **ACE Securities Corp. Home Equity Loan Trust**  |  |  |
| 4.572% due 07/25/2037 • | 2094 | 668 |
| 4.672% due 12/25/2036 •(i)  | 17152 | 4308 |
| 5.032% due 03/25/2037 • | 1540 | 628 |
| **Bear Stearns Asset-Backed Securities I Trust**  |  |  |
| 4.677% due 01/25/2037 •(i)  | 22785 | 21915 |
| 4.782% due 10/25/2036 •(i)  | 3264 | 3143 |
| 5.037% due 09/25/2035 •(i)  | 17827 | 17255 |
| **Centex Home Equity Loan Trust**  |  |  |
| 4.827% due 06/25/2036 •(i)  | 17000 | 15277 |
| 5.202% due 09/25/2034 • | 413 | 411 |
| **CIT Mortgage Loan Trust** <br>6.897% due 10/25/2037 •(i) | 56686 | 56269 |
| **Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates** <br>5.892% due 10/25/2034 •  | 1894 | 1502 |
| **Citigroup Mortgage Loan Trust, Inc.** <br>4.472% due 12/25/2036 •  | 2479 | 1694 |
| **Countrywide Asset-Backed Certificates Trust**  |  |  |
| 3.123% due 04/25/2036 •(i)  | 7200 | 6031 |
| 5.993% due 02/25/2036 þ  | 529 | 516 |
| **GSAA Home Equity Trust**  |  |  |
| 4.114% due 03/25/2036 ~(i)  | 4770 | 2859 |
| 4.352% due 03/25/2037 • | 8442 | 1520 |
| 4.632% due 12/25/2046 •(i)  | 12511 | 3577 |
| 4.732% due 12/25/2046 • | 2151 | 828 |
| 4.752% due 10/25/2036 •(i)  | 12529 | 4043 |
| **GSAA Trust**  |  |  |
| 4.892% due 12/25/2035 •(i)  | 4153 | 4056 |
| 4.992% due 12/25/2035 • | 734 | 675 |
| **GSAMP Trust**  |  |  |
| 4.592% due 04/25/2036 •(i)  | 12831 | 9694 |
| 4.842% due 02/25/2036 •(i)  | 9042 | 9366 |
| 6.072% due 06/25/2035 • | 1849 | 1812 |
| **Home Equity Asset Trust** <br>4.752% due 08/25/2036 •(i) | 3401 | 3446 |
| **HSI Asset Securitization Corp. Trust** <br>4.472% due 04/25/2037 •  | 105 | 69 |
| **JP Morgan Mortgage Acquisition Trust**  |  |  |
| 4.532% due 12/25/2036 •(i)  | 5042 | 3198 |
| 4.632% due 08/25/2036 • | 3364 | 2142 |
| 5.537% due 10/25/2036 þ  | 1953 | 1175 |
| 5.667% due 07/25/2036 •(i)  | 5000 | 4389 |
| 6.080% due 08/25/2036 þ  | 1161 | 689 |
| **Long Beach Mortgage Loan Trust**  |  |  |
| 4.772% due 07/25/2036 • | 1627 | 645 |
| 4.922% due 09/25/2034 • | 1094 | 1076 |
| **Merrill Lynch First Franklin Mortgage Loan Trust** <br>4.532% due 06/25/2037 •  | 1480 | 1477 |
| **Merrill Lynch Mortgage Investors Trust** <br>6.147% due 04/25/2035 •(i) | 1198 | 1179 |
| **Morgan Stanley ABS Capital I, Inc. Trust**  |  |  |
| 4.392% due 09/25/2036 • | 772 | 266 |
| 6.147% due 11/25/2034 • | 1741 | 1559 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **New** **Century Home Equity Loan Trust** <br>5.352% due 01/25/2034 •  |  | 396 | 400 |
| **NovaStar Mortgage Funding Trust** <br>4.772% due 09/25/2036 •  |  | 4640 | 1820 |
| **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** <br>5.232% due 08/25/2035 •(i) |  | 5619 | 4918 |
| **Popular ABS Mortgage Pass-Through Trust** <br>4.552% due 01/25/2037 •(i) |  | 11299 | 9924 |
| **Renaissance Home Equity Loan Trust** <br>5.032% due 05/25/2034 •  |  | 1220 | 1124 |
| **Residential Asset Securities Corporation Trust**  |  |  |  |
| 5.067% due 02/25/2036 •(i)  |  | 4100 | 3410 |
| 5.397% due 07/25/2035 • |  | 1993 | 1997 |
| **Saxon Asset Securities Trust**  |  |  |  |
| 4.452% due 05/25/2037 • |  | 492 | 364 |
| 5.172% due 12/26/2034 • |  | 1249 | 1216 |
| **Securitized Asset-Backed Receivables LLC Trust**  |  |  |  |
| 2.825% due 01/25/2036 þ  |  | 18 | 16 |
| 4.712% due 04/25/2037 • |  | 1475 | 997 |
| **Soundview Home Loan Trust**  |  |  |  |
| 4.452% due 08/25/2037 • |  | 1229 | 1222 |
| 4.752% due 11/25/2036 • |  | 7181 | 1936 |
| 4.772% due 11/25/2036 • |  | 251 | 239 |
| 5.222% due 10/25/2037 •(i)  |  | 7308 | 5669 |
| **Structured Asset Securities Corp. Mortgage Loan Trust**  |  |  |  |
| 4.947% due 04/25/2035 • |  | 96 | 94 |
| 4.977% due 02/25/2035 • |  | 1117 | 1072 |
| 6.072% due 05/25/2035 • |  | 1004 | 854 |
| 6.522% due 04/25/2031 •(i)  |  | 2772 | 2827 |
| 7.647% due 11/25/2035 •(i)  |  | 8098 | 7254 |
| **Wells Fargo Home Equity Asset-Backed Securities Trust** <br>8.772% due 10/25/2034 •  |  | 1668 | 1735 |
|  |  |  | 241193 |
| **HOME EQUITY SEQUENTIAL 0.3%**  |  |  |  |
| **Structured Asset Securities Corp. Mortgage Loan Trust** <br>4.592% due 10/25/2036 •(i) |  | 3704 | 3241 |
| **WHOLE LOAN COLLATERAL 1.5%**  |  |  |  |
| **First Franklin Mortgage Loan Trust**  |  |  |  |
| 4.512% due 10/25/2036 •(i)  |  | 11043 | 7145 |
| 4.752% due 05/25/2036 • |  | 1500 | 1315 |
| 6.597% due 05/25/2034 • |  | 198 | 179 |
| **Residential Asset Mortgage Products Trust** <br>4.872% due 03/25/2036 •  |  | 259 | 257 |
| **Securitized Asset-Backed Receivables LLC Trust** <br>4.652% due 11/25/2036 •  |  | 20233 | 9203 |
|  |  |  | 18099 |
| **OTHER ABS 1.4%**  |  |  |  |
| **ABSLT DE LLC** <br>12.635% due 05/20/2033 «~ |  | 2900 | 2947 |
| **Apex Credit CLO LLC** <br>0.000% due 10/20/2034 ~ |  | 5100 | 2620 |
| **College Avenue Student Loans Trust**  |  |  |  |
| 0.000% due 06/25/2054 «(f)  |  | 5 | 2675 |
| 6.610% due 06/25/2054  |  | 626 | 649 |
| 8.660% due 06/25/2054  |  | 902 | 964 |
| **Dryden 123 CLO Ltd.** <br>0.000% due 04/15/2038 ~ |  | 3000 | 2808 |
| **Residential Asset Mortgage Products Trust** <br>5.511% due 01/25/2034 •(i) |  | 3618 | 3771 |
|  |  |  | 16434 |
| Total Asset-Backed Securities (Cost $285,755) |  |  | 289850 |
| **SOVEREIGN ISSUES 1.1%**  |  |  |  |
| **Avenir Issuer IV Ireland DAC** <br>6.000% due 10/25/2027 |  | 1400 | 1351 |
| **Colombia Government International Bonds**  |  |  |  |
| 8.000% due 11/14/2035  |  | 1900 | 2043 |
| 8.750% due 11/14/2053  |  | 2500 | 2748 |
| **Romania Government International Bonds**  |  |  |  |
| 5.375% due 03/22/2031  | EUR | 2500 | 2991 |
| 5.625% due 02/22/2036  |  | 2500 | 2859 |
| **Turkiye Government Bonds**  |  |  |  |
| 42.493% (BISTREFI) due 05/20/2026 ~  | TRY | 46200 | 1125 |
| 42.493% (BISTREFI) due 05/17/2028 ~  |  | 4500 | 107 |
| Total Sovereign Issues (Cost $12,865) |  |  | 13224 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | SHARES |  |
| **COMMON STOCKS 24.0%**  |  |  |
| **COMMUNICATION SERVICES 0.1%**  |  |  |
| **SES SA «(d)** | 21303 | 253 |
| **ENERGY 23.9%**  |  |  |
| **Enbridge, Inc.** | 727000 | 36677 |
| **Hess Midstream LP Class A** | 172570 | 5962 |
| **TC Energy Corp.** | 337000 | 18324 |
| **Venture Global, Inc. Class A** | 15699112 | 222770 |
|  |  | 283733 |
| **FINANCIALS 0.0%**  |  |  |
| **Intelsat SA «(d)(g)** | 21303 | 0 |
| Total Common Stocks (Cost $71,711) |  | 283986 |
| **MASTER LIMITED PARTNERSHIPS 10.6%**  |  |  |
| **ENERGY 10.6%**  |  |  |
| **Sunoco LP** | 117800 | 5891 |
| **Energy Transfer LP** | 2154999 | 36980 |
| **Enterprise Products Partners LP** | 1023587 | 32008 |
| **MPLX LP** | 829136 | 41415 |
| **Western Midstream Partners LP** | 233278 | 9165 |
| Total Master Limited Partnerships (Cost $91,652) |  | 125459 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **SHORT-TERM INSTRUMENTS 1.1%**  |  |  |
| **REPURCHASE AGREEMENTS (h) 0.3%**<br>|  | 3200 |
| **U.S. TREASURY BILLS 0.8%**  |  |  |
| 4.115% due 10/14/2025 - 01/13/2026 (e)(f)(l) | $8982 | 8925 |
| Total Short-Term Instruments (Cost $12,124) |  | 12125 |
| Total Investments in Securities (Cost $1,204,687) |  | 1458814 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 6.0%**  |  |  |
| **SHORT-TERM INSTRUMENTS 6.0%**  |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.0%**  |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 7333901 | 71425 |
| Total Short-Term Instruments (Cost $71,375) |  | 71425 |
| Total Investments in Affiliates (Cost $71,375) |  | 71425 |
| Total Investments 129.0% (Cost $1,276,062) |  | $1530239 |
| **Financial Derivative Instruments (j)(k) (0.3)**% (Cost or Premiums, net $75) |  | (3792) |
| Other Assets and Liabilities, net (28.7)% |  | (340321) |
| Net Assets Applicable to Common Shareholders 100.0% |  | $1186126 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** |
| **µ** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** |
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** |
| **•** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** |
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** |
| **(a)** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** | **Principal only security.** |
| **(c)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(d)** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** |
| **(e)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(f)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(g)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Issuer Description | Acquisition<br>Date | Acquisition<br>Date | Cost | Cost | Market<br>Value | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
| Credit Opportunities Partners LLC6.740% due 03/20/2030 | Credit Opportunities Partners LLC6.740% due 03/20/2030 | Credit Opportunities Partners LLC6.740% due 03/20/2030 | 02/20/2025 | 02/20/2025 | 300 | 300 | 306 | 306 | 0.02 |
| Intelsat SA | Intelsat SA | Intelsat SA | 02/05/2020 - 08/29/2025 | 02/05/2020 - 08/29/2025 | 959 | 959 | 0 | 0 | 0.00 |
| WEC Energy Group, Inc.6.690% due 06/15/2055 | WEC Energy Group, Inc.6.690% due 06/15/2055 | WEC Energy Group, Inc.6.690% due 06/15/2055 | 12/13/2024 | 12/13/2024 | 8000 | 8000 | 8169 | 8169 | 0.69 |
|  |  |  |  | $ | 9259 | $ | 8475 | 8475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **(h)** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** | **REPURCHASE AGREEMENTS:** |
| Counterparty | Maturity<br>Date | Principal<br>Amount | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | &nbsp;&nbsp; Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| GSC | 10/01/2025 | $3200 | &nbsp;&nbsp; Ginnie Mae 5.500% due 06/20/2054 | &nbsp;&nbsp; Ginnie Mae 5.500% due 06/20/2054 | &nbsp;&nbsp; Ginnie Mae 5.500% due 06/20/2054 | (3314) | $3200 | 3200 | $3200 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  | **(3314)** | $**3200** | **3200** | $**3200** |
| **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(2)</sup> | Settlement Date | Maturity Date | Maturity Date | Amount<br>Borrowed<sup>(2)</sup> | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| BOS | BOS | 3.990%  | 10/01/2025 | 10/31/2025 | 10/31/2025 | (2237) | (2237) | $(2237) | (2237) |
| BRC | BRC | 4.080  | 09/19/2025 | TBD<sup>(3)</sup> | TBD<sup>(3)</sup> | (2472) | (2472) | (2476) | (2476) |
| BYR | BYR | 4.450  | 09/19/2025 | TBD<sup>(3)</sup> | TBD<sup>(3)</sup> | (10186) | (10186) | (10201) | (10201) |
|  |  | 4.660  | 08/14/2025 | 11/14/2025 | 11/14/2025 | (4965) | (4965) | (4997) | (4997) |
| CEW | CEW | 4.730  | 09/09/2025 | 12/09/2025 | 12/09/2025 | (4153) | (4153) | (4165) | (4165) |
| DBL | DBL | 4.400  | 09/19/2025 | TBD<sup>(3)</sup> | TBD<sup>(3)</sup> | (3540) | (3540) | (3545) | (3545) |
|  |  | 4.870  | 07/10/2025 | 10/10/2025 | 10/10/2025 | (8270) | (8270) | (8363) | (8363) |
| DEU | DEU | 4.770  | 08/05/2025 | 11/05/2025 | 11/05/2025 | (3995) | (3995) | (4025) | (4025) |
|  |  | 4.920  | 08/05/2025 | 11/05/2025 | 11/05/2025 | (8874) | (8874) | (8944) | (8944) |
| IND | IND | 4.430  | 09/17/2025 | 12/17/2025 | 12/17/2025 | (4006) | (4006) | (4013) | (4013) |
|  |  | 4.680  | 09/23/2025 | 12/23/2025 | 12/23/2025 | (797) | (797) | (798) | (798) |
|  |  | 4.680  | 09/29/2025 | 12/29/2025 | 12/29/2025 | (17794) | (17794) | (17799) | (17799) |
|  |  | 4.730  | 09/23/2025 | 12/23/2025 | 12/23/2025 | (1006) | (1006) | (1007) | (1007) |
| MSB | MSB | 5.110  | 09/30/2025 | 03/30/2026 | 03/30/2026 | (16159) | (16159) | (16162) | (16162) |
|  |  | 5.210  | 07/14/2025 | 01/12/2026 | 01/12/2026 | (17613) | (17613) | (17820) | (17820) |
|  |  | 5.210  | 08/19/2025 | 02/19/2026 | 02/19/2026 | (2403) | (2403) | (2419) | (2419) |
| MSC | MSC | 3.750  | 09/19/2025 | TBD<sup>(3)</sup> | TBD<sup>(3)</sup> | (1517) | (1517) | (1519) | (1519) |
|  |  | 3.950  | 09/19/2025 | 10/01/2025 | 10/01/2025 | (2232) | (2232) | (2235) | (2235) |
|  |  | 5.110  | 09/30/2025 | 03/30/2026 | 03/30/2026 | (34278) | (34278) | (34283) | (34283) |
|  |  | 5.210  | 07/14/2025 | 01/12/2026 | 01/12/2026 | (6820) | (6820) | (6900) | (6900) |
| RTA | RTA | 5.185  | 08/27/2025 | 02/27/2026 | 02/27/2026 | (27122) | (27122) | (27264) | (27264) |
|  |  | 5.210  | 08/08/2025 | 02/06/2026 | 02/06/2026 | (23695) | (23695) | (23886) | (23886) |
| SOG | SOG | 4.740  | 07/09/2025 | 10/09/2025 | 10/09/2025 | (13349) | (13349) | (13496) | (13496) |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

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

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| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  | 4.820  | 4.820  | 07/07/2025 | 07/07/2025 | 07/07/2025 | 10/07/2025 | 10/07/2025 |  | (2663) | (2663) | (2663) |  | (2693) | (2693) |
|  |  |  |  |  |  |  |  |  | 4.860  | 4.860  | 07/09/2025 | 07/09/2025 | 07/09/2025 | 10/09/2025 | 10/09/2025 |  | (18699) | (18699) | (18699) |  | (18911) | (18911) |
|  |  |  |  |  |  |  |  |  | 5.160  | 5.160  | 09/23/2025 | 09/23/2025 | 09/23/2025 | 03/23/2026 | 03/23/2026 |  | (13840) | (13840) | (13840) |  | (13855) | (13855) |
|  |  |  |  |  |  |  |  |  | 5.210  | 5.210  | 07/10/2025 | 07/10/2025 | 07/10/2025 | 01/09/2026 | 01/09/2026 |  | (19288) | (19288) | (19288) |  | (19528) | (19528) |
|  |  |  |  |  |  |  |  |  | 5.210  | 5.210  | 09/23/2025 | 09/23/2025 | 09/23/2025 | 03/23/2026 | 03/23/2026 |  | (24768) | (24768) | (24768) |  | (24797) | (24797) |
| TDM | TDM | TDM | TDM | TDM | TDM | TDM | TDM | TDM | 2.250  | 2.250  | 09/19/2025 | 09/19/2025 | 09/19/2025 | TBD<sup>(3)</sup> | TBD<sup>(3)</sup> |  | (3084) | (3084) | (3084) |  | (3086) | (3086) |
| WFS | WFS | WFS | WFS | WFS | WFS | WFS | WFS | WFS | 4.850  | 4.850  | 08/25/2025 | 08/25/2025 | 08/25/2025 | 11/24/2025 | 11/24/2025 |  | (16781) | (16781) | (16781) |  | (16864) | (16864) |
| **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  |  |  |  |  |  |  |  | **$** | **(318288)** | **(318288)** |
| **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** | **Cash of $504 has been pledged as collateral as of September 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.** |
| **(i)** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $393,083 and cash of $1,821 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. | Includes accrued interest. |
| <sup>(2)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(107251) at a weighted average interest rate of 5.042%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| <sup>(3)</sup> | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. |
| **(j)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description | Description | Description |  |  | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset |  | Liability |
| California Carbon Allowance December Futures  | California Carbon Allowance December Futures  | California Carbon Allowance December Futures  | California Carbon Allowance December Futures  | California Carbon Allowance December Futures  | California Carbon Allowance December Futures  | California Carbon Allowance December Futures  | California Carbon Allowance December Futures  | 12/2025 | 12/2025 | 120 | 120 | 3731 | 3731 | 3731 | (545) | (545) | (545) | 13 | 13 | 13 | $ | 0 |
| California Carbon Allowance Vintage December Futures  | California Carbon Allowance Vintage December Futures  | California Carbon Allowance Vintage December Futures  | California Carbon Allowance Vintage December Futures  | California Carbon Allowance Vintage December Futures  | California Carbon Allowance Vintage December Futures  | California Carbon Allowance Vintage December Futures  | California Carbon Allowance Vintage December Futures  | 12/2026 | 12/2026 | 1164 | 1164 | 38191 | 38191 | 38191 | 1278 | 1278 | 1278 | 128 | 128 | 128 |  | 0 |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **733** | **733** | **$** | **141** | **141** | **141** | **$** | **0** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Market<br>Value | Asset | Asset | Asset | Liability |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | Annual | 06/20/2034 | 06/20/2034 | 06/20/2034 | $100 | 100 | (1) | (1) | $ | 2 | $1 | 1 | 1 | $0 | 0 | 0 | $0 |
| Receive<sup>(1)</sup> | Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 12/17/2035 | 12/17/2035 | 12/17/2035 | 10000 | 10000 | (93) | (93) |  | 14 | (79) | (79) | (79) | 15 | 15 | 15 | 0 |
| Receive<sup>(1)</sup> | Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | Annual | 12/17/2045 | 12/17/2045 | 12/17/2045 | 6200 | 6200 | 169 | 169 |  | 13 | 182 | 182 | 182 | 12 | 12 | 12 | 0 |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **75** | **$** | **$** | **29** | **104** | **104** | **$** | **27** | **27** | **$** | **0** |
| **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $3,353 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(k)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Settlement<br>Month | Settlement<br>Month |  |  |  | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Asset | Asset |  | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025  | 10/2025  | 10/2025  | TRY | TRY | TRY | 5512 | 5512 | 5512 | $132 | 132 | 132 | 132 | 0 | 0 | 0 | 0 | $ | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | $ | $ | $ | $527 | 527 | 527 | 451 | 451 | 451 | 451 | 2 | 2 | 2 | 2 |  | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  |  |  |  | 3 | 3 | 3 | 493 | 493 | 493 | 493 | 0 | 0 | 0 | 0 |  | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 11/2025  | JPY | JPY | JPY | 491 | 491 | 491 | $3 | 3 | 3 | 3 | 0 | 0 | 0 | 0 |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025  | 10/2025  | 10/2025  | EUR | EUR | EUR | 6317 | 6317 | 6317 | 7389 | 7389 | 7389 | 7389 | 0 | 0 | 0 | 0 |  | (27) | (27) |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | TRY | TRY | TRY | 6692 | 6692 | 6692 | 157 | 157 | 157 | 157 | 0 | 0 | 0 | 0 |  | (2) | (2) |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | $ | $ | $ | $2037 | 2037 | 2037 | 1741 | 1741 | 1741 | 1741 | 8 | 8 | 8 | 8 |  | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  |  |  |  | 151 | 151 | 151 | 6470 | 6470 | 6470 | 6470 | 3 | 3 | 3 | 3 |  | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 11/2025  | EUR | EUR | EUR | 55 | 55 | 55 | $65 | 65 | 65 | 65 | 0 | 0 | 0 | 0 |  | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 11/2025  | TRY | TRY | TRY | 11238 | 11238 | 11238 | 258 | 258 | 258 | 258 | 0 | 0 | 0 | 0 |  | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025  | 10/2025  | 10/2025  | EUR | EUR | EUR | 39888 | 39888 | 39888 | 46344 | 46344 | 46344 | 46344 | 0 | 0 | 0 | 0 |  | (487) | (487) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025  | 10/2025  | 10/2025  | DKK | DKK | DKK | 25846 | 25846 | 25846 | 4037 | 4037 | 4037 | 4037 | 0 | 0 | 0 | 0 |  | (29) | (29) |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | HKD | HKD | HKD | 19782 | 19782 | 19782 | 2544 | 2544 | 2544 | 2544 | 1 | 1 | 1 | 1 |  | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | $ | $ | $ | $43245 | 43245 | 43245 | 60271 | 60271 | 60271 | 60271 | 64 | 64 | 64 | 64 |  | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 11/2025  | CAD | CAD | CAD | 60176 | 60176 | 60176 | $43245 | 43245 | 43245 | 43245 | 0 | 0 | 0 | 0 |  | (64) | (64) |
|  |  |  | 11/2025  | 11/2025  | 11/2025  | $ | $ | $ | $5186 | 5186 | 5186 | 7204 | 7204 | 7204 | 7204 | 0 | 0 | 0 | 0 |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; CIB | &nbsp;&nbsp;&nbsp;&nbsp; CIB | &nbsp;&nbsp;&nbsp;&nbsp; CIB | 11/2025  | 11/2025  | 11/2025  |  |  |  | 648 | 648 | 648 | 900 | 900 | 900 | 900 | 0 | 0 | 0 | 0 |  | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 11/2025  |  |  |  | 250 | 250 | 250 | 37000 | 37000 | 37000 | 37000 | 1 | 1 | 1 | 1 |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | &nbsp;&nbsp;&nbsp;&nbsp; FAR | &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025  | 10/2025  | 10/2025  | EUR | EUR | EUR | 1270 | 1270 | 1270 | $1484 | 1484 | 1484 | 1484 | 0 | 0 | 0 | 0 |  | (7) | (7) |
|  |  |  | 10/2025  | 10/2025  | 10/2025  | JPY | JPY | JPY | 23262 | 23262 | 23262 | 158 | 158 | 158 | 158 | 1 | 1 | 1 | 1 |  | 0 | 0 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | 10/2025  | 10/2025  | $35657 | 35657 | GBP | 26514 | 26514 |  | 1 |  | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 26514 | 26514 | $ | $35664 | 35664 |  | 0 |  | (1) | (1) |
|  |  |  | 11/2025  | 11/2025  | $1487 | 1487 | EUR | 1270 | 1270 |  | 7 |  | 0 | 0 |
|  |  |  | 12/2025  | 12/2025  | 228 | 228 | $ | $12 | 12 |  | 0 |  | 0 | 0 |
|  |  |  | 12/2025  | 12/2025  | $9633 | 9633 | MXN | 182540 | 182540 |  | 255 |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | &nbsp;&nbsp;&nbsp;&nbsp; GLM | &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025  | 10/2025  | 55387 | 55387 | $ | $10372 | 10372 |  | 0 |  | (35) | (35) |
|  |  |  | 10/2025  | 10/2025  | $10414 | 10414 | BRL | 55387 | 55387 |  | 0 |  | (7) | (7) |
|  |  |  | 12/2025  | 12/2025  | 10372 | 10372 |  | 56174 | 56174 |  | 32 |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp; JPM | 10/2025  | 10/2025  | 55410 | 55410 | $ | $10417 | 10417 |  | 7 |  | (1) | (1) |
|  |  |  | 10/2025  | 10/2025  | 60180 | 60180 |  | 43548 | 43548 |  | 304 |  | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 5519 | 5519 |  | 133 | 133 |  | 0 |  | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | $10007 | 10007 | BRL | 55409 | 55409 |  | 404 |  | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 4060 | 4060 | DKK | 25848 | 25848 |  | 6 |  | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 2036 | 2036 | EUR | 1741 | 1741 |  | 8 |  | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 25789 | 25789 | $ | $4060 | 4060 |  | 0 |  | (6) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; MBC | &nbsp;&nbsp;&nbsp;&nbsp; MBC | &nbsp;&nbsp;&nbsp;&nbsp; MBC | 10/2025  | 10/2025  | 32 | 32 |  | 23 | 23 |  | 0 |  | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 990 | 990 |  | 1163 | 1163 |  | 1 |  | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | $282 | 282 | EUR | 240 | 240 |  | 0 |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | &nbsp;&nbsp;&nbsp;&nbsp; MYI | &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025  | 10/2025  | 463 | 463 | $ | $3 | 3 |  | 0 |  | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | $72 | 72 | JPY | 10798 | 10798 |  | 1 |  | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 10760 | 10760 | $ | $72 | 72 |  | 0 |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | &nbsp;&nbsp;&nbsp;&nbsp; SOG | 10/2025  | 10/2025  | 2663 | 2663 |  | 3132 | 3132 |  | 5 |  | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | 12139 | 12139 |  | 83 | 83 |  | 1 |  | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | $55501 | 55501 | EUR | 47195 | 47195 |  | 0 |  | (92) | (92) |
|  |  |  | 10/2025  | 10/2025  | 158 | 158 | JPY | 23514 | 23514 |  | 1 |  | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 47195 | 47195 | $ | $55613 | 55613 |  | 92 |  | 0 | 0 |
|  |  |  | 11/2025  | 11/2025  | 23433 | 23433 |  | 158 | 158 |  | 0 |  | (1) | (1) |
|  |  |  | 11/2025  | 11/2025  | $3138 | 3138 | EUR | 2663 | 2663 |  | 0 |  | (5) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025  | 10/2025  | 26514 | 26514 | $ | $35738 | 35738 |  | 80 |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025  | 10/2025  | 55 | 55 |  | 40 | 40 |  | 0 |  | 0 | 0 |
|  |  |  | 10/2025  | 10/2025  | $64 | 64 | HKD | 500 | 500 |  | 0 |  | 0 | 0 |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**1285** | **1285** | $**(769)** | **(769)** | **(769)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** | **TOTAL RETURN SWAPS ON SECURITIES** |
|  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| &nbsp;&nbsp; Counterparty | &nbsp;&nbsp; Counterparty | Pay/Receive<sup>(1)</sup> | Pay/Receive<sup>(1)</sup> | Underlying<br>Reference | # of Shares | Payment<br>Frequency | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| &nbsp;&nbsp; BOA | &nbsp;&nbsp; BOA | Receive | Receive | Plains All American Pipeline LP  | 34700 | Monthly | Monthly | 11/05/2025 | 592 | 0 | (2) | 0 | 0 | $(2) |
| &nbsp;&nbsp; FAR | &nbsp;&nbsp; FAR | Receive | Receive | Plains All American Pipeline LP  | 706000 | Maturity | Maturity | 11/05/2025 | 12306 | 0 | (20) | 0 | 0 | (20) |
|  |  | Receive | Receive | Western Gas Partners LP  | 410000 | Maturity | Maturity | 11/05/2025 | 15797 | 0 | 693 | 693 | 693 | 0 |
| &nbsp;&nbsp; GST | &nbsp;&nbsp; GST | Receive | Receive | Energy Tranfer LP  | 938239 | Maturity | Maturity | 04/15/2026 | 17770 | 0 | (1532) | 0 | 0 | (1532) |
|  |  | Receive | Receive | Enterprise Product Partners LP  | 398000 | Maturity | Maturity | 04/15/2026 | 13532 | 0 | (1021) | 0 | 0 | (1021) |
|  |  | Receive | Receive | Mplx LP  | 399000 | Maturity | Maturity | 04/15/2026 | 21686 | 0 | (1577) | 0 | 0 | (1577) |
|  |  | Receive | Receive | Plains All American Pipeline LP  | 274000 | Maturity | Maturity | 04/15/2026 | 5532 | 0 | (799) | 0 | 0 | (799) |
|  |  | Receive | Receive | Western Gas Partners LP  | 117425 | Maturity | Maturity | 04/15/2026 | 4913 | 0 | (218) | 0 | 0 | (218) |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | **0** | **$** | **693** | **$** | **(5169)** |
| **(l)** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $5,348 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. | Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 1 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |  |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $0 | 0 | 0 | $200503 | 200503 | $51047 | 51047 | $ | 251550 |  |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |  |
| Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 0 | 62348 | 62348 | 1480 | 1480 |  | 63828 |  |  |
| Industrials | Industrials | Industrials | Industrials | Industrials | 215 | 215 | 215 | 206042 | 206042 | 20110 | 20110 |  | 226367 |  |  |
| Utilities | Utilities | Utilities | Utilities | Utilities | 0 | 0 | 0 | 32744 | 32744 | 8169 | 8169 |  | 40913 |  |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |  |  |
| Michigan | Michigan | Michigan | Michigan | Michigan | 0 | 0 | 0 | 392 | 392 | 0 | 0 |  | 392 |  |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 27337 | 27337 | 0 | 0 |  | 27337 |  |  |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | 0 | 0 | 0 | 16816 | 16816 | 0 | 0 |  | 16816 |  |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 106967 | 106967 | 0 | 0 |  | 106967 |  |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |  |
| Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | 0 | 0 | 0 | 498 | 498 | 0 | 0 |  | 498 |  |  |
| CMBS Other | CMBS Other | CMBS Other | CMBS Other | CMBS Other | 0 | 0 | 0 | 10385 | 10385 | 0 | 0 |  | 10385 |  |  |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 0 | 241193 | 241193 | 0 | 0 |  | 241193 |  |  |
| Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | Home Equity Sequential | 0 | 0 | 0 | 3241 | 3241 | 0 | 0 |  | 3241 |  |  |
| Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | 0 | 0 | 0 | 18099 | 18099 | 0 | 0 |  | 18099 |  |  |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 0 | 0 | 0 | 10812 | 10812 | 5622 | 5622 |  | 16434 |  |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 0 | 13224 | 13224 | 0 | 0 |  | 13224 |  |  |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |  |  |
| Communication Services | Communication Services | Communication Services | Communication Services | Communication Services | 0 | 0 | 0 | 0 | 0 | 253 | 253 |  | 253 |  |  |
| Energy | Energy | Energy | Energy | Energy | 283733 | 283733 | 283733 | 0 | 0 | 0 | 0 |  | 283733 |  |  |
| Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships |  |  |
| Energy | Energy | Energy | Energy | Energy | 125459 | 125459 | 125459 | 0 | 0 | 0 | 0 |  | 125459 |  |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
| Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | 0 | 0 | 0 | 3200 | 3200 | 0 | 0 |  | 3200 |  |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 0 | 8925 | 8925 | 0 | 0 |  | 8925 |  |  |
|  |  |  |  |  | $409407 | 409407 | 409407 | $962726 | 962726 | $86681 | 86681 | $ | 1458814 |  |  |
| **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |  |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | $71425 | 71425 | 71425 | $0 | 0 | $0 | 0 | $ | 71425 |  |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $480832 | 480832 | 480832 | $962726 | 962726 | $86681 | 86681 | $ | 1530239 |  |  |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 141 | 141 | 141 | 27 | 27 | 0 | 0 |  | 168 |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | 0 | 0 | 0 | 1978 | 1978 | 0 | 0 |  | 1978 |  |  |
|  |  |  |  |  | $141 | 141 | 141 | $2005 | 2005 | $0 | 0 | $ | 2146 |  |  |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | $0 | 0 | 0 | $(5938) | (5938) | $0 | 0 | $ | (5938) |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $141 | 141 | 141 | $(3933) | (3933) | $0 | 0 | $ | (3792) |  |  |
| Totals | Totals | Totals | Totals | Totals | $480973 | 480973 | 480973 | $958793 | 958793 | $86681 | 86681 | $ | 1526447 |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** |
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | Net<br>Purchases  | Net<br>Sales/Settlements  | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | 45544 | 976 | $(2038) | $ | 86 | $3 | $ | (79) | $6555 | 6555 | $0 | 0 | 51047 | $ | (72) |
| Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Banking & Finance | 728 | 1170 | (402) |  | 0 | 0 |  | (16) | 0 | 0 | 0 | 0 | 1480 |  | 8 |
| Industrials | 3162 | 17100 | 0 |  | 5 | 0 |  | (157) | 0 | 0 | 0 | 0 | 20110 |  | (157) |
| Utilities | 7905 | 0 | 0 |  | 0 | 0 |  | 264 | 0 | 0 | 0 | 0 | 8169 |  | 264 |
| Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other ABS | 5520 | 0 | 0 |  | 0 | 0 |  | 102 | 0 | 0 | 0 | 0 | 5622 |  | 102 |
| Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Communication Services | 0 | 0 | 0 |  | 0 | 0 |  | 253 | 0 | 0 | 0 | 0 | 253 |  | 253 |
| Financials | 735 | 0 | (740) |  | 0 | 0 |  | 5 | 0 | 0 | 0 | 0 | 0 |  | (734) |
| Totals | 63594 | 19246 | $(3180) | $ | 91 | $3 | $ | 372 | $6555 | 6555 | $0 | 0 | 86681 | $ | (336) |
| <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** |
|  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Weighted Average | Weighted Average |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | Loan Participations and Assignments | $28752  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate  | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate  | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate  | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate  | 4.790 - 10.193  | 4.790 - 10.193  | 7.347  | 7.347  |
|  |  | 10801  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 72.500 - 101.750  | 72.500 - 101.750  | 96.943  | 96.943  |

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------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Strategy Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 1000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000  | —  |
|  |  | 10494  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 97.000 - 122.000  | 104.266  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| Banking & Finance | Banking & Finance | 306  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 6.204  | —  |
|  |  | 1174  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000  | —  |
| Industrials | Industrials | 3010  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | 62.500 - 71.000  | 70.118 |
|  |  | 17100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000  | —  |
| Utilities | Utilities | 8169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 7.380 | 10.763 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Other ABS | Other ABS | 5622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 9.640 - 12.000 | —  |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| Communication Services | Communication Services | 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 7.930 | —  |
| Total | Total | $86681 |  |  |  |  |
| <sup>(1)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

---

------

Notes to Financial Statements

**1** **. BASIS FOR CONSOLIDATION**

The Cayman Subsidiary, NRGX SPV I LLC and NRGX SPV II LLC (each a "Subsidiary" and, collectively, the "Subsidiaries"), each a Delaware limited liability company, were formed as wholly owned subsidiaries acting as investment vehicles for the PIMCO Dynamic Income Strategy Fund (the "Fund") in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies in effect from time to time. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiaries. Accordingly, the consolidated financial statements include the accounts of the Fund and the Subsidiaries. All intercompany transactions and balances have been eliminated. These structures were established so that certain investments could be held by separate legal entities from the Fund. See the table below for details regarding the structure, incorporation and relationship of each Subsidiary as of period end.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Subsidiary** | &nbsp;&nbsp; **Date of Formation** | &nbsp;&nbsp; **Subsidiary % of Consolidated Fund Net Assets**<sup>†</sup> |
| &nbsp;&nbsp;&nbsp; Cayman Commodity Fund IX, Ltd | &nbsp;&nbsp;&nbsp; 12/14/2018 | &nbsp;&nbsp;&nbsp; 0.8% |
| &nbsp;&nbsp;&nbsp; NRGX SPV I LLC | &nbsp;&nbsp;&nbsp; 11/07/2022 | &nbsp;&nbsp;&nbsp; 0.0% |
| &nbsp;&nbsp;&nbsp; NRGX SPV II LLC | &nbsp;&nbsp;&nbsp; 11/07/2022 | &nbsp;&nbsp;&nbsp; 0.0% |

---

<sup>†</sup> A zero balance may reflect actual amounts rounding to less than 0.01%.

**2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC ("PIMCO" or the "Manager") to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Fund is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in

------

Notes to Financial Statements (Cont.)

markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Fund's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

**(b) Fair Value Hierarchy** U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Consolidated Schedule of Investments for the Fund.

**(c) Valuation Techniques and the Fair Value Hierarchy**

**Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value** The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

------

Notes to Financial Statements (Cont.)

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

**3. FEDERAL INCOME TAX MATTERS**

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of September 30, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**4. INVESTMENTS IN AFFILIATES**

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A copy of each affiliate fund's shareholder report is available at the U.S Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The table below shows the Fund's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>06/30/2025** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $136258 | $122552 | $(187400) | $22 | $(7) | $71425 | $963 | $0 |

---

<sup>†</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **BOA** | Bank of America N.A. | **DEU** | Deutsche Bank Securities, Inc. | **MSC** | Morgan Stanley & Co. LLC. |
| **BOS** | BofA Securities, Inc. | **FAR** | Wells Fargo Bank National Association | **MYI** | Morgan Stanley & Co. International PLC |
| **BRC** | Barclays Bank PLC | **GLM** | Goldman Sachs Bank USA | **RTA** | RBC (Barbados) Trading Bank Corp. |
| **BSH** | Banco Santander S.A. - New York Branch | **GSC** | Goldman Sachs & Co. LLC | **SOG** | Societe Generale Paris |
| **BYR** | The Bank of Nova Scotia - Toronto | **GST** | Goldman Sachs International | **SSB** | State Street Bank and Trust Co. |
| **CBK** | Citibank N.A. | **IND** | Crédit Agricole Corporate and Investment Bank <br> S.A. | **TDM** | TD Securities (USA) LLC |
| **CEW** | Canadian Imperial Bank of Commerce World Markets | **JPM** | JP Morgan Chase Bank N.A. | **UAG** | UBS AG Stamford |
| **CIB** | Canadian Imperial Bank of Commerce | **MBC** | HSBC Bank Plc | **WFS** | Wells Fargo Securities, LLC |
| **DBL** | Deutsche Bank AG London | **MSB** | Morgan Stanley Bank, N.A |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **BRL** | Brazilian Real | **GBP** | British Pound | **MXN** | Mexican Peso |
| **CAD** | Canadian Dollar | **HKD** | Hong Kong Dollar | **TRY** | Turkish New Lira |
| **DKK** | Danish Krone | **JPY** | Japanese Yen | **USD (or $)** | United States Dollar |
| **EUR** | Euro |  |  |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BISTREFI** | Turkish Lira Overnight Reference Rate | **EUR012M** | 12 Month EUR Swap Rate | **SOFR** | Secured Overnight Financing Rate |
| **BNMMDTSC** | Dreyfus Treasury Securites Cash Management Fund Yield | **FEDL01** | Federal funds effective rate | **TSFR1M** | Term SOFR 1-Month |
| **CDOR06** | 3 month CDN Swap Rate | **GSMMUSTI** | Goldman Sachs Money Market US Treasury <br> Instrument Index | **TSFR3M** | Term SOFR 3-Month |
| **EUR003M** | 3 Month EUR Swap Rate | **JY0003M** | 3 Month JPY-LIBOR | **TSFR6M** | Term SOFR 6-Month |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **DAC** | Designated Activity Company | **TBA** | To-Be-Announced |
| **ALT** | Alternate Loan Trust | **EURIBOR** | Euro Interbank Offered Rate | **TBD** | To-Be-Determined |
| **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap | **TBD%** | Interest rate to be determined when loan settles or at the time of funding |
| **CMBS** | Collateralized Mortgage-Backed Security |  |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** PIMCO Dynamic Income Strategy Fund

- **b. Investment Company Act file number:** 811-23390

- **c. CIK number of Registrant:** 0001756908

- **d. LEI of Registrant:** 549300BX5QVFQJENPV35

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

  - **Street Address 1:** 1633 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** (844) 337-4626

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

- **a. Name of Series:** N/A

- **c. LEI of Series:** N/A

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

- **a. Date of fiscal year-end:** 2026-06-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1564868945.68

**Total Liabilities:** $378709976.18

**Net Assets:** $1186158969.50

**Amount of Assets Invested in Other Investment Companies:** $8932825.50

**Delayed Delivery Securities:** $17100000.00

**Cash Not Reported:** $1261181.91

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 14447.163000 | **1-Year:** 9556.157600 | **5-Year:** 47913.225000 | **10-Year:** 15109.523900 | **30-Year:** 0.000000

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

- **3-Month:** 71423.661700 | **1-Year:** 63342.333200 | **5-Year:** 139351.956300 | **10-Year:** 50850.713800 | **30-Year:** 4323.409100

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.23%                | 0.01%                | 1.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1310982.91              | $-4802785.83                               |
| Month 2  | $1738243.75              | $-30662724.33                              |
| Month 3  | $4180616.71              | $16765156.95                               |

**Designated Index Information**

- **Index Name:** Fund Securities Portfolio

- **Index Identifier:** 0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HARP FINCO LIMITED                                                       | HARP FINCO LIMITED GBP TERM LOAN                           | CUSIP: BA0008GH5<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   3864857 | PA      | $5110047.68   | 0.43%             | 2032-03-27      | Floating      | 9.47%                 | No            |                  3 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2018-4                                         | TOWD POINT MORTGAGE TRUST TPMT 2018 4 A1 144A              | CUSIP: 89175TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1546862 | PA      | $1472629.49   | 0.12%             | 2058-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| GSAA HOME EQUITY TRUST 2006-2                                            | GSAA HOME EQUITY TRUST GSAA 2006 2 2A4                     | CUSIP: 362334AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4152561 | PA      | $4056387.92   | 0.34%             | 2035-12-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT DKK SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | DK        |         1 | NC      | $5529.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KONA SPC LTD                                                             | KONA SPC LTD COMPANY GUAR 144A 09/26 VAR                   | CUSIP: ACI3000D0<br>LEI: 254900UKS4SVVOMZWX26 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $1174050.66   | 0.10%             | 2026-09-15      | Floating      | 5.72%                 | No            |                  3 | On Loan: No      |
| PIMCO FUNDS                                                              | PIMCO PRV SHORT TERM FLT III MUTUAL FUND                   | CUSIP: 000000000<br>LEI: LWVQWTQCFH3YG7CVH718 | Long             | STIV             | RF                | US        |   7313468 | PA      | $71225868.18  | 6.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                      | BOUGHT MXN SOLD USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |         1 | NC      | $254511.10    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| VARSITY BRANDS INC                                                       | VARSITY BRANDS INC 2025 1ST LIEN TERM LOAN                 | CUSIP: 92227QAG1<br>LEI: 254900PLBJA0I5NSTT38 | Long             | LON              | CORP              | US        |   6268500 | PA      | $6277119.19   | 0.53%             | 2031-08-26      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY ABS CAPITAL-2006-HE6                                      | MORGAN STANLEY CAPITAL INC MSAC 2006 HE6 A2FP              | CUSIP: 61750FAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    771832 | PA      | $266317.65    | 0.02%             | 2036-09-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT INC                                                | CAESARS ENTERTAIN INC CAESARS ENTERTAIN INC                | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3061839.00   | 0.26%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GSAA HOME EQUITY TRUST 2006-4                                            | GSAA HOME EQUITY TRUST GSAA 2006 4 4A3                     | CUSIP: 362334FK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4769504 | PA      | $2858812.58   | 0.24%             | 2036-03-25      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| PRPM 2023-RCF2 LLC                                                       | PRP ADVISORS, LLC PRPM 2023 RCF2 A1 144A                   | CUSIP: 69380RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    354486 | PA      | $350655.27    | 0.03%             | 2053-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ASSET BACKED SECURITIES TRUST 2007-HE1                      | BEAR STEARNS ASSET BACKED SECU BSABS 2007 HE1 2M1          | CUSIP: 07389UAT6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  22785372 | PA      | $21915499.08  | 1.85%             | 2037-01-25      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                                      | AXON ENTERPRISE INC SR UNSECURED 144A 03/33 6.25           | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    400000 | PA      | $412718.40    | 0.03%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GSAMP TRUST 2005-HE3                                                     | GSAMP TRUST GSAMP 2005 HE3 M4                              | CUSIP: 362341BT5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1848716 | PA      | $1811513.29   | 0.15%             | 2035-06-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| CIM TRUST 2023-R1                                                        | CIM TRUST CIM 2023 R1 A1A 144A                             | CUSIP: 12569RAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    267557 | PA      | $266946.89    | 0.02%             | 2062-04-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO THE BANK OF NOVA REVERSE REPO                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4964703 | PA      | $-4996612.26  | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS CORP / JETBLUE LOYALTY LP                                | JETBLUE AIRWAYS/LOYALTY SR SECURED 144A 09/31 9.875        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5700000 | PA      | $5786223.90   | 0.49%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVT                                                             | ROMANIA ROMANIA                                            | CUSIP: ACI2MY5W7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   2500000 | PA      | $2858578.55   | 0.24%             | 2036-02-22      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PERATON CORP                                                             | PERATON CORP TERM LOAN B                                   | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |   2752903 | PA      | $2328790.36   | 0.20%             | 2028-02-01      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| LEHMAN XS TRUST 2007-16N                                                 | LEHMAN XS TRUST LXS 2007 16N 2A1                           | CUSIP: 52525BAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1758721 | PA      | $1575472.44   | 0.13%             | 2047-09-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| HOME EQUITY ASSET TRUST 2006-4                                           | HOME EQUITY ASSET TRUST HEAT 2006 4 M1                     | CUSIP: 437084VR4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3400623 | PA      | $3446050.80   | 0.29%             | 2036-08-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| NEWFOLD DIGITAL HOLDINGS GROUP INC                                       | ENDURANCE INTERNATIONAL GROUP NON COOP TERM LOAN           | CUSIP: 29279UAB2<br>LEI: 549300UTQC2651SB0W88 | Long             | LON              | CORP              | US        |   2375194 | PA      | $1722015.50   | 0.15%             | 2028-02-10      | Floating      | 7.84%                 | No            |                  3 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY PARTNERS LLC                                     | HOWARD MIDSTREAM ENERGY SR UNSECURED 144A 07/32 7.375      | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3700000 | PA      | $3843541.50   | 0.32%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CIT MTGE LOAN TRUST 2007-1                                               | CIT MORTGAGE LOAN TRUST CITM 2007 1 1M2 144A               | CUSIP: 12559QAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  56685750 | PA      | $56269240.11  | 4.74%             | 2037-10-25      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2022-AHP                                    | BX TRUST BX 2022 AHP E 144A                                | CUSIP: 05610FAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2992510.80   | 0.25%             | 2039-01-17      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO THE BANK OF NOVA REVERSE REPO                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -10185780 | PA      | $-10200888.90 | -0.86%            |  |  |  | No            |                  2 | On Loan: No      |
| BEAR STEARNS ASSETBK SEC 2005-AQ2                                        | BEAR STEARNS ASSET BACKED SECU BSABS 2005 AQ2 M2           | CUSIP: 0738792W7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17826824 | PA      | $17255016.46  | 1.45%             | 2035-09-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD DKK BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | DK        |         1 | NC      | $-28633.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INEOS US FINANCE LLC                                                     | INEOS US FINANCE LLC 2023 USD TERM LOAN B                  | CUSIP: G4768PAN1<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |   2846637 | PA      | $2586880.95   | 0.22%             | 2030-02-18      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| PRKCM 2023-AFC4 TRUST                                                    | PRKCM TRUST PRKCM 2023 AFC4 A1 144A                        | CUSIP: 69380GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    654124 | PA      | $665347.19    | 0.06%             | 2058-11-25      | Fixed         | 7.22%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                                       | THAMES WATER UTIL FIN SR SECURED REGS 01/34 1.25           | CUSIP: ACI236111<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |   2100000 | PA      | $1705839.96   | 0.14%             | 2034-01-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                                           | GRAY MEDIA INC SR SECURED 144A 07/29 10.5                  | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2921619.11   | 0.25%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| N/A                                                                      | RFR USD SOFR/3.75000 06/20/24-10Y CME                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $987.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CRC INSURANCE GROUP LLC                                                  | TRUIST INSURANCE HOLDINGS LLC 2024 TERM LOAN B             | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3700000 | PA      | $3705790.50   | 0.31%             | 2031-05-06      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2018-MINN         | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2018 MINN C 144A      | CUSIP: 46650GAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $3701738.00   | 0.31%             | 2035-11-15      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES COMPANY                                                | MATADOR RESOURCES CO COMPANY GUAR 144A 04/33 6.25          | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4028796.00   | 0.34%             | 2033-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UBISOFT ENTERTAINMENT                                                    | UBISOFT ENTERTAINMENT SA SR UNSECURED REGS 11/27 0.878     | CUSIP: ACI1SYQ75<br>LEI: 969500I7C8V1LBIMSM05 | Long             | DBT              | CORP              | FR        |   5400000 | PA      | $5921151.61   | 0.50%             | 2027-11-24      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO TORONTO DOMINIO                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3083880 | PA      | $-3086192.91  | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD JPY BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $459.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPIRE BAKERIES HOLDINGS LLC                                             | ASPIRE BAKERIES HOLDINGS LLC 2025 TERM LOAN B              | CUSIP: BA000LL56<br>LEI: 549300MWN7R72KAKOD18 | Long             | LON              | CORP              | US        |    992487 | PA      | $999618.46    | 0.08%             | 2030-12-23      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO SOCIETE GENERALE REVERSE REPO                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -18699006 | PA      | $-18911053.06 | -1.59%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT JPY SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $42.16        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COLONY MORTGAGE CAPITAL SERIES LTD 2019-IKPR                             | COLONY MORTGAGE CAPITAL LTD CLNY 2019 IKPR B 144A          | CUSIP: 12564NAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3115000 | PA      | $3041656.70   | 0.26%             | 2038-11-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                 | SERVICE PROPERTIES TRUST SR SECURED 144A 09/27 0.00000     | CUSIP: 81761LAF9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    300000 | PA      | $264834.09    | 0.02%             | 2027-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RENAISSANCE HOME EQUITY LOAN TR 2004-1                                   | RENAISSANCE HOME EQUITY LOAN T RAMC 2004 1 AV1             | CUSIP: 759950CA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1220314 | PA      | $1124467.50   | 0.09%             | 2034-05-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST 2019-GS2                                   | MILL CITY MORTGAGE TRUST MCMLT 2019 GS2 M3 144A            | CUSIP: 59981TAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2850000 | PA      | $2481327.71   | 0.21%             | 2059-08-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD JPY BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $934.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LONG BEACH MTGE LOAN TRUST 2004-5                                        | LONG BEACH MORTGAGE LOAN TRUST LBMLT 2004 5 M1             | CUSIP: 542514HD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1094272 | PA      | $1076366.45   | 0.09%             | 2034-09-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM PARTNERS LP                                            | WESTERN MIDSTREAM PARTNERS L MLP                           | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    233278 | NS      | $9165492.62   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CHASEFLEX TRUST 2007-M1                                                  | CHASEFLEX TRUST CFLX 2007 M1 2F5                           | CUSIP: 16165YAU6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1468104 | PA      | $1250954.58   | 0.11%             | 2037-08-25      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD JPY BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $6.93         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO CREDIT AGRICOLE 03/14 VAR                     | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -17793912 | PA      | $-17798538.40 | -1.50%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD JPY BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $-42.18       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                       | TREASURY BILL 12/25 0.00000                                | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1766000 | PA      | $1753778.10   | 0.15%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ACE SECURITIES CORP 2006-NC3                                             | ACE SECURITIES CORP. ACE 2006 NC3 A2D                      | CUSIP: 00442EAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17152329 | PA      | $4308217.48   | 0.36%             | 2036-12-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| STRUCTURED ASSET SECURITIES CO-2007-TC1                                  | STRUCTURED ASSET SECURITIES CO SASC 2007 TC1 M5 144A       | CUSIP: 86364GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2772000 | PA      | $2827017.55   | 0.24%             | 2031-04-25      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| GFL ES US LLC                                                            | GFL ENVIRONMENTAL INC 2025 TERM LOAN B                     | CUSIP: 36257SAB8<br>LEI: 254900PGDQWC19PRP053 | Long             | LON              | CORP              | CA        |   2700000 | PA      | $2702700.00   | 0.23%             | 2032-03-03      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| THAMES WATER SUPER SENIOR ISSUER PLC                                     | THAMES WATER SUPER SEN SR SECURED 144A 10/27 9.75          | CUSIP: ACI2VXTH6<br>LEI: 635400LBEYCV7F4FC741 | Long             | DBT              | CORP              | GB        |    329158 | PA      | $494402.64    | 0.04%             | 2027-10-10      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HARBORVIEW MORTGAGE LOAN TR 2006-1                                       | HARBORVIEW MORTGAGE LOAN TRUST HVMLT 2006 1 1A1A           | CUSIP: 41161PA60<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19264356 | PA      | $12394405.17  | 1.04%             | 2036-03-19      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| NOMURA ASSET ACCEPT CORP 2006-AF2                                        | NOMURA ASSET ACCEPTANCE CORPOR NAA 2006 AF2 1A5            | CUSIP: 65536VAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7858393 | PA      | $2046068.59   | 0.17%             | 2036-08-25      | Variable      | 7.01%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET SEC TRUST 2005-A10                                     | RESIDENTIAL ASSET SECURITIZATI RAST 2005 A10 A3            | CUSIP: 45660LXM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4163572 | PA      | $1793717.57   | 0.15%             | 2035-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | PAA US TRS EQUITY SOFR+60 *BULLET* GST                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |         1 | NC      | $-1006730.87  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO SOCIETE GENERALE REVERSE REPO                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -19288458 | PA      | $-19528154.32 | -1.65%            |  |  |  | No            |                  2 | On Loan: No      |
| KIOXIA HOLDINGS CORPORATION                                              | KIOXIA HOLDINGS CORP COMPANY GUAR 144A 07/30 6.25          | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |    900000 | PA      | $919020.60    | 0.08%             | 2030-07-24      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TRUST 2018-RP1                                   | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2018 RP1 M2 144A       | CUSIP: 17326QAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16643050 | PA      | $15014411.06  | 1.27%             | 2064-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| REALTRUCK GROUP INC                                                      | REALTRUCK GROUP INC 2023 INCREMENTAL TERM LOAN             | CUSIP: 89778PAH0<br>LEI: 54930007KT5CX7XNSD31 | Long             | LON              | CORP              | US        |   3291646 | PA      | $3075631.33   | 0.26%             | 2028-01-31      | Floating      | 9.28%                 | No            |                  2 | On Loan: No      |
| INEOS US FINANCE LLC                                                     | INEOS US FINANCE LLC 2024 USD 1ST LIEN TERM LOAN B         | CUSIP: G4768PAS0<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    345303 | PA      | $311204.36    | 0.03%             | 2031-02-07      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT EUR SOLD USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-5216.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO DEUTSCHE REVERSE REPO                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3634580 | PA      | $-3675389.27  | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| SEC ASSET BACKED REC LLC 2007-BR3                                        | SECURITIZED ASSET BACKED RECEI SABR 2007 BR3 A2B           | CUSIP: 81377NAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1475477 | PA      | $996612.57    | 0.08%             | 2037-04-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| BEIGNET INVESTOR LLC                                                     | PROJECT BEIGNET SR SEC 144A PROJECT BEIGNET SR SEC 144A    | CUSIP: 990AAXQG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17100000 | PA      | $17100000.00  | 1.44%             | 2049-06-01      | Fixed         | 6.85%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | BOUGHT JPY SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $687.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUNDVIEW HOME EQUITY LN TR 2006-3                                       | SOUNDVIEW HOME EQUITY LOAN TRU SVHE 2006 3 A4              | CUSIP: 83612HAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250585 | PA      | $238514.16    | 0.02%             | 2036-11-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO CIBC                                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4153247 | PA      | $-4165251.96  | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD HKD BOUGHT USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | HK        |         1 | NC      | $1267.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                                       | THAMES WATER UTIL FIN SR SECURED REGS 01/33 4.375          | CUSIP: ACI2C9PD3<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |   3900000 | PA      | $3228655.32   | 0.27%             | 2033-01-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PIEDMONT OPERATING PARTNERSHIP LP                                        | PIEDMONT OPERATING PARTN PIEDMONT OPERATING PARTN          | CUSIP: 720198AJ9<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4234265.12   | 0.36%             | 2029-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WINSTON RE LTD                                                           | WINSTON RE LTD UNSECURED 144A 02/28 VAR                    | CUSIP: 975660AC5<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $259700.00    | 0.02%             | 2028-02-21      | Floating      | 10.43%                | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                                    | QUIKRETE HOLDINGS INC SR SECURED 144A 03/32 6.375          | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2280572.80   | 0.19%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VERAISON RE LTD                                                          | VERAISON RE LTD UNSECURED 144A 03/33 VAR                   | CUSIP: 92335TAE9<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $252762.50    | 0.02%             | 2033-03-08      | Floating      | 8.96%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ALTERNATIVE LN TR 2007-15CB                                  | COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2007 15CB A7          | CUSIP: 02151CAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    972921 | PA      | $571115.10    | 0.05%             | 2037-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET SEC TRUST 2006-A1                                      | RESIDENTIAL ASSET SECURITIZATI RAST 2006 A1 1A3            | CUSIP: 45660L6K0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    997589 | PA      | $424101.19    | 0.04%             | 2036-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALIGNED DATA CENTERS INTERNATIONAL LP                                    | ALIGNED DATA CENTERS INTER LP 2024 TERM LOAN               | CUSIP: BA000JN59<br>LEI: 2549007PAQ06QVDCLR50 | Long             | LON              | CORP              | US        |   8000000 | PA      | $8062819.84   | 0.68%             | 2029-12-18      | Floating      | 7.54%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | REVERSE REPO DEUTSCHE REVERSE REPO                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4635727 | PA      | $-4687776.96  | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO/F. H. DEACON HOD 12/15 FIXED 2.079            | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2403190 | PA      | $-2418719.63  | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                       | TREASURY BILL 10/25 0.00000                                | CUSIP: 912797RE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $299091.09    | 0.03%             | 2025-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GSAMP TRUST 2006-NC1                                                     | GSAMP TRUST GSAMP 2006 NC1 M2                              | CUSIP: 362334EE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9042266 | PA      | $9366266.84   | 0.79%             | 2036-02-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT EUR SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-91998.85    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE TRUST                                             | DIVERSIFIED HEALTHCARE T SR SECURED 144A 10/30 7.25        | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $203515.91    | 0.02%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE ACQUIS CORP 2006-WMC3                                     | JP MORGAN MORTGAGE ACQUISITION JPMAC 2006 WMC3 A1MZ        | CUSIP: 46629KAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3364093 | PA      | $2141630.51   | 0.18%             | 2036-08-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN ELECTRIC COMPANY                                                | HAWAIIAN ELEC CO SR UNSECURED 144A 10/33 6                 | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201863.45    | 0.02%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | PAA US TRS EQUITY FEDL01+60 BOA                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |         1 | NC      | $-34965.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PARK PLACE SECURITIES INC 2005-WCW3                                      | PARK PLACE SECURITIES INC PPSI 2005 WCW3 M4                | CUSIP: 70069FLZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5619000 | PA      | $4918359.59   | 0.41%             | 2035-08-25      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| YINSON PRODUCTION FINANCIAL SERVICES PTE LTD                             | YINSON PRODUCTION FINANC SR SECURED 144A REGS 05/29 9.6    | CUSIP: ACI2NT341<br>LEI: 254900TYMSC94RS33U73 | Long             | DBT              | CORP              | SG        |   3000000 | PA      | $3176823.93   | 0.27%             | 2029-05-03      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| TRONOX INCORPORATED                                                      | TRONOX INC SR SECURED 144A 09/30 9.125                     | CUSIP: 897051AD0<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196069.66    | 0.02%             | 2030-09-30      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| SECURITIZED ASSET BACKED RECEIVABLES LLC 2006-WM4                        | SECURITIZED ASSET BACKED RECEI SABR 2006 WM4 A1 144A       | CUSIP: 81377XAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20232502 | PA      | $9203184.51   | 0.78%             | 2036-11-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD BRL BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |         1 | NC      | $-950.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THAMES WATER SUPER SENIOR ISSUER PLC                                     | THAMES WATER SUPER SEN SR SECURED 144A 10/27 9.75          | CUSIP: ACI2YYK31<br>LEI: 635400LBEYCV7F4FC741 | Long             | DBT              | CORP              | GB        |     73135 | PA      | $109104.47    | 0.01%             | 2027-10-10      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                                               | PACIFICORP JR SUBORDINA 09/55 VAR                          | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3690111.88   | 0.31%             | 2055-09-15      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| VANTIVE HEALTH LLC                                                       | SPRUCE BIDCO II INC TERM LOAN                              | CUSIP: BA000FPP1<br>LEI: 254900D597QQOG22WQ55 | Long             | LON              | CORP              | US        |   2028311 | PA      | $2049188.21   | 0.17%             | 2032-01-30      | Fixed         | 9.13%                 | No            |                  3 | On Loan: No      |
| COGENT COMMUNICATIONS GROUP LLC / COGENT FINANCE INC                     | COGENT COMMS GRP / FIN COMPANY GUAR 144A 06/27 7           | CUSIP: 19240CAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99818.85     | 0.01%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | CA CARBON ALLOW 25DEC25 IFED 20251224                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |       120 | NC      | $-545092.32   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| MF1 2024-FL14 LLC                                                        | MF1 MULTIFAMILY HOUSING MORTGA MF1 2024 FL14 A 144A        | CUSIP: 55416AAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9000000 | PA      | $9043567.74   | 0.76%             | 2039-03-19      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| COTIVITI INC                                                             | COTIVITI CORPORATION 2024 TERM LOAN                        | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |   2955150 | PA      | $2908355.20   | 0.25%             | 2031-05-01      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| LUMMUS TECHNOLOGY HOLDINGS V LLC                                         | ILLUMINATE BUYER LLC 2025 TERM LOAN B                      | CUSIP: 45232UAH1<br>LEI: 549300K1Y0YC1YC1H809 | Long             | LON              | CORP              | US        |   3275250 | PA      | $3286664.24   | 0.28%             | 2029-12-31      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION                                                      | INSULET CORPORATION SR UNSECURED 144A 04/33 6.5            | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |   5100000 | PA      | $5306713.20   | 0.45%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT CAD SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $64232.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TC ENERGY CORPORATION                                                    | TC ENERGY CORP COMMON STOCK                                | CUSIP: 87807B909<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    337000 | NS      | $18323482.07  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2023-INV3                                     | VERUS SECURITIZATION TRUST VERUS 2023 INV3 A1 144A         | CUSIP: 92540CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    721344 | PA      | $733231.06    | 0.06%             | 2068-11-25      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| VANTIVE HEALTH LLC                                                       | SPRUCE BIDCO II INC CAD TERM LOAN                          | CUSIP: BA000FPR7<br>LEI: 254900D597QQOG22WQ55 | Long             | LON              | CORP              | US        |    367226 | PA      | $266629.32    | 0.02%             | 2032-01-30      | Floating      | 7.68%                 | No            |                  3 | On Loan: No      |
| CITIGROUP MTGE LOAN TR INC 2004-OPT1                                     | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2004 OPT1 M6           | CUSIP: 17307GJN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1894037 | PA      | $1502002.78   | 0.13%             | 2034-10-25      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT JPY SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $977.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ALTERNATIVE LN TR 2005-85CB                                  | COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2005 85CB 2A5         | CUSIP: 12668BEK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1456258 | PA      | $1129441.32   | 0.10%             | 2036-02-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC - SCRT 2017-2                                                | FREDDIE MAC   SCRT SCRT 2017 2 XSIO 144A                   | CUSIP: 35563PBN8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        | 124526274 | PA      | $403664.37    | 0.03%             | 2056-08-25      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                       | TREASURY BILL 11/25 0.00000                                | CUSIP: 912797RM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $99621.90     | 0.01%             | 2025-11-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW IMMO HOLDING SA                                                      | NEW IMMO HOLDING SA SR UNSECURED REGS 07/27 3.25           | CUSIP: ACI1NZ8Z5<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |   3500000 | PA      | $4054159.02   | 0.34%             | 2027-07-23      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2019-3                        | FREDDIE MAC   SCRT SCRT 2019 3 BXS                         | CUSIP: 35563PMB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17305157 | PA      | $7801898.33   | 0.66%             | 2058-10-25      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO MORGAN STANLEY                                | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2232449 | PA      | $-2235388.49  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO WELLS FARGO REVERSE REPO                      | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -16780553 | PA      | $-16864199.80 | -1.42%            |  |  |  | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS INC                                             | UNIVISION COMMUNICATIONS SR SECURED 144A 07/31 8.5         | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3100416.00   | 0.26%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE FOODS LLC                                                   | GOLDEN STATE FOOD LLC TERM LOAN B                          | CUSIP: 38121NAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3960100 | PA      | $3974811.27   | 0.34%             | 2031-12-04      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2018-RPL1                            | GS MORTGAGE BACKED SECURITIES GSMBS 2018 RPL1 A1A 144A     | CUSIP: 36256BAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1995441 | PA      | $1959509.69   | 0.17%             | 2057-10-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDINGS LLC                                           | RAVEN ACQUISITION HOLDIN SR SECURED 144A 11/31 6.875       | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2163352.80   | 0.18%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WHEELABRATOR TECHNOLOGIES INC (GRANITE ACQUISITION INC)                  | WIN WASTE INNOVATIONS HOLDINC 2025 INCREMENTAL TERM LOAN   | CUSIP: 38723BAL5<br>LEI: 549300DJBUN7Z75R2S83 | Long             | LON              | CORP              | US        |   1496250 | PA      | $1510277.34   | 0.13%             | 2028-03-24      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST 2023-7                                          | ANGEL OAK MORTGAGE TRUST AOMT 2023 7 A1 144A               | CUSIP: 03466DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    843174 | PA      | $839518.27    | 0.07%             | 2067-11-25      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO MORGAN STANLEY                                | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -6819812 | PA      | $-6900028.14  | -0.58%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD JPY BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $-687.44      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CSAB MORTGAGE BACKED TR 2006-2                                           | CSAB MORTGAGE BACKED TRUST CSAB 2006 2 A6A                 | CUSIP: 12627HAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2727953 | PA      | $755881.44    | 0.06%             | 2036-09-25      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD DKK BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | DK        |         1 | NC      | $-5605.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STRUCTURED ASSET SEC CORP 2006-GEL1                                      | STRUCTURED ASSET SECURITIES CO SASC 2006 GEL1 M3 144A      | CUSIP: 863576EJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8098369 | PA      | $7253979.30   | 0.61%             | 2035-11-25      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| VALVOLINE INC                                                            | VALVOLINE INC SR UNSECURED 144A 06/31 3.625                | CUSIP: 92047WAG6<br>LEI: 549300CMHPBEY6VPOT75 | Long             | DBT              | CORP              | US        |   4200000 | PA      | $3854368.35   | 0.32%             | 2031-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| INGENICO TERMINALS (POSEIDON BIDCO)                                      | POSEIDON BIDCO SASU 2023 EUR TERM LOAN B                   | CUSIP: 953RGXII1<br>LEI: 254900LGX7YG7Y9YM766 | Long             | LON              | CORP              | GB        |   4700000 | PA      | $2593477.91   | 0.22%             | 2030-11-30      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS LP                                                      | ANTARES HOLDINGS SR UNSECURED 144A 10/29 6.35              | CUSIP: 03666HAH4<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3580563.35   | 0.30%             | 2029-10-23      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| IPL PLASTICS (TOUCAN FINCO LTD/TOUCAN FINCO CAN INC/TOUCAN FINCO US LLC) | TOUCAN FINCO LTD/CAN/US SR SECURED 144A 05/30 9.5          | CUSIP: 89157UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    700000 | PA      | $686371.00    | 0.06%             | 2030-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CREDIT BASED ASSET SRVC & SEC 2006-CB1                                   | CREDIT BASED ASSET SERVICING A CBASS 2006 CB1 AF2          | CUSIP: 81375WHH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     18302 | PA      | $15764.15     | 0.00%             | 2036-01-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| EPIC CRUDE SERVICES LP                                                   | EPIC CRUDE SERVICES LP 2025 TERM LOAN B                    | CUSIP: 29428XAJ9<br>LEI: 549300FRS682IQ7J9S42 | Long             | LON              | CORP              | US        |   2790167 | PA      | $2796849.53   | 0.24%             | 2031-10-15      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT BRL SOLD USD 20251202                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |         1 | NC      | $32081.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT BRL SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |         1 | NC      | $403782.21    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PRPM 2023-NQM3 TRUST                                                     | PRP ADVISORS, LLC PRPM 2023 NQM3 A1 144A                   | CUSIP: 69380TAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    699057 | PA      | $706509.68    | 0.06%             | 2068-11-25      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                       | ENERGY TRANSFER LP MLP                                     | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |   2154999 | NS      | $36979782.84  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| POPULAR ABS MTGE PASS THRU TRUST 2006-E                                  | POPULAR ABS MORTGAGE PASS THRO POPLR 2006 E M1             | CUSIP: 73316TAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11299095 | PA      | $9923718.57   | 0.84%             | 2037-01-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                                            | COREWEAVE INC COMPANY GUAR 144A 02/31 9                    | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1436580.60   | 0.12%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD EUR BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-486579.46   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD EUR BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $460.09       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GSAA HOME EQUITY TRUST 2006-16                                           | GSAA HOME EQUITY TRUST GSAA 2006 16 A3A                    | CUSIP: 362256AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12528548 | PA      | $4043500.02   | 0.34%             | 2036-10-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                                         | ITT HOLDINGS LLC 2025 REPRICED TERM LOAN B                 | CUSIP: 45070BAK1<br>LEI: 549300TH2PHOLK31LB42 | Long             | LON              | CORP              | US        |    972538 | PA      | $974361.38    | 0.08%             | 2030-10-11      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY PARTNERS LLC                                     | HOWARD MIDSTREAM ENERGY SR UNSECURED 144A 01/34 6.625      | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6121202.28   | 0.52%             | 2034-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VIALTO PARTNERS (GALAXY US OPCO INC)                                     | GALAXY US OPCO INC. TERM LOAN                              | CUSIP: 36321DAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2019205 | PA      | $1845058.90   | 0.16%             | 2030-07-31      | Fixed         | 10.06%                | No            |                  2 | On Loan: No      |
| CENTEX HOME EQUITY LOAN TRUST 2006-A                                     | CENTEX HOME EQUITY CXHE 2006 A M4                          | CUSIP: 15231AAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17000000 | PA      | $15276813.70  | 1.29%             | 2036-06-25      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| PRIMO WATER HOLDINGS INC / TRITON WATER HOLDINGS INC                     | PRIMO / TRITON WATER HLD COMPANY GUAR 144A 04/29 6.25      | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2501572.25   | 0.21%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FLORA FOOD MANAGEMENT BV                                                 | FLORA FOOD MANAGEMENT BV SR SECURED 144A 07/29 6.875       | CUSIP: ACI2PNX49<br>LEI: 2549002VGA888UKFKS25 | Long             | DBT              | CORP              | NL        |   5100000 | PA      | $5997625.07   | 0.51%             | 2029-07-02      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                                       | VIKING CRUISES LTD COMPANY GUAR 144A 07/31 9.125           | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   2700000 | PA      | $2899948.50   | 0.24%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| HSI ASSET SECURI CORP TRUS 2007-NC1                                      | HSI ASSET SECURITIZATION CORPO HASC 2007 NC1 A1            | CUSIP: 40430TAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    105325 | PA      | $68800.48     | 0.01%             | 2037-04-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET MORTGAGE PROD 2006-RS2                                 | RESIDENTIAL ASSET MORTGAGE PRO RAMP 2006 RS2 A3A           | CUSIP: 76112B2D1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    259429 | PA      | $257091.86    | 0.02%             | 2036-03-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| MF1 MULTIFAMILY HOUSING MORTGAGE LOAN TRUST 2025-FL17                    | MF1 MULTIFAMILY HOUSING MORTGA MF1 2025 FL17 A 144A        | CUSIP: 55287HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $500633.17    | 0.04%             | 2040-02-18      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| GSAA HOME EQUITY TRUST 2006-20                                           | GSAA HOME EQUITY TRUST GSAA 2006 20 1A2                    | CUSIP: 362351AB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12510775 | PA      | $3577286.08   | 0.30%             | 2046-12-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| BDO USA PC (AKA: BDO USA PA)                                             | BDO USA P C 2024 TERM LOAN A                               | CUSIP: BA000BL33<br>LEI: 549300HCLKYOUFB75R55 | Long             | LON              | CORP              | US        |   4455782 | PA      | $4494138.44   | 0.38%             | 2028-08-31      | Floating      | 9.22%                 | No            |                  3 | On Loan: No      |
| CSMC 2021-RPL2 TRUST                                                     | CREDIT SUISSE MORTGAGE TRUST CSMC 2021 RPL2 A1A 144A       | CUSIP: 12656TAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2482242 | PA      | $2116811.04   | 0.18%             | 2060-01-25      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORPORATION                                                 | CHORD ENERGY CORP SR UNSECURED 144A 10/30 6                | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496831.14    | 0.04%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC 2024-A                                     | COLLEGE AVE STUDENT LOANS CASL 2024 A R 144A               | CUSIP: 19424R108<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5009 | PA      | $2674725.36   | 0.23%             | 2054-06-25      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| WELLS FARGO HOME EQUITY ABS SER 2004-2                                   | WELLS FARGO HOME EQUITY TRUST WFHET 2004 2 M7              | CUSIP: 94980GAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1667866 | PA      | $1734766.36   | 0.15%             | 2034-10-25      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2023-8                                        | VERUS SECURITIZATION TRUST VERUS 2023 8 A1 144A            | CUSIP: 92540DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    562021 | PA      | $568550.54    | 0.05%             | 2068-12-25      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| SAXON ASSET SECURITIES TR 2004-3                                         | SAXON ASSET SECURITIES TRUST SAST 2004 3 M1                | CUSIP: 805564QV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1248610 | PA      | $1216036.56   | 0.10%             | 2034-12-26      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ALT-A TRUST 2006-4                                          | BEAR STEARNS ALT A TRUST BALTA 2006 4 23A4                 | CUSIP: 073871BB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1118283 | PA      | $734953.14    | 0.06%             | 2036-08-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                                               | GOEASY LTD 07/29 7.625                                     | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $202833.00    | 0.02%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL PARTNERS LP / GLP FINANCE CORP                                    | GLOBAL PART/GLP FINANCE COMPANY GUAR 144A 07/33 7.125      | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2051516.00   | 0.17%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SOUNDVIEW HOME EQUITY LOAN TR 2007-OPT5                                  | SOUNDVIEW HOME EQUITY LOAN TRU SVHE 2007 OPT5 2A2          | CUSIP: 83613FAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7308490 | PA      | $5669221.67   | 0.48%             | 2037-10-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REPU BNYMELLON/RE RBC BARBADO                              | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -27121586 | PA      | $-27263842.32 | -2.30%            |  |  |  | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDINGS LLC                                           | RAVEN ACQUISITION HOLDINGS LLC TERM LOAN B                 | CUSIP: 75419XAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2693133 | PA      | $2695301.30   | 0.23%             | 2031-11-19      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                       | TREASURY BILL 10/25 0.00000                                | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $99674.27     | 0.01%             | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2020-3                        | FREDDIE MAC   SCRT SCRT 2020 3 BXS 144A                    | CUSIP: 35563PUB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    589665 | PA      | $344208.68    | 0.03%             | 2060-05-25      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                                      | AXON ENTERPRISE INC SR UNSECURED 144A 03/30 6.125          | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514763.74    | 0.04%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2019-4                        | FREDDIE MAC   SCRT SCRT 2019 4 BXS 144A                    | CUSIP: 35563PNE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2495418 | PA      | $1122013.82   | 0.09%             | 2059-02-25      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO DEUTSCHE REVERSE REPO                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -8874426 | PA      | $-8943557.29  | -0.75%            |  |  |  | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                                       | THAMES WATER UTIL FIN SR SECURED REGS 01/34 2.625          | CUSIP: ACI0RZP43<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |   1430000 | PA      | $1315883.65   | 0.11%             | 2034-01-24      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| NEW CENTURY HOME EQUITY LOAN TR 2003-6                                   | NEW CENTURY HOME EQUITY LOAN T NCHET 2003 6 M1             | CUSIP: 64352VFD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    395902 | PA      | $399516.22    | 0.03%             | 2034-01-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH MORTGAGE INV INC 2004-WMC4                                 | MERRILL LYNCH MORTGAGE INVESTO MLMI 2004 WMC4 M2           | CUSIP: 59020UDG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1198039 | PA      | $1178571.34   | 0.10%             | 2035-04-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET MTGE PRO INC 2004-RS1                                  | RESIDENTIAL ASSET MORTGAGE PRO RAMP 2004 RS1 MII2          | CUSIP: 760985N98<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3618416 | PA      | $3770788.55   | 0.32%             | 2034-01-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                                                     | WEC ENERGY GROUP INC 92939UA 7 SERIES 2024A                | CUSIP: 958XBKII6<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8169376.56   | 0.69%             | 2055-06-15      | Floating      | 6.69%                 | Yes           |                  3 | On Loan: No      |
| SW (FINANCE) I PLC                                                       | SW (FINANCE) I PLC SR SECURED REGS 12/41 7.375             | CUSIP: ACI2LKWT5<br>LEI: 549300BHN1HB5BNG2R96 | Long             | DBT              | CORP              | GB        |   2200000 | PA      | $2947178.94   | 0.25%             | 2041-12-12      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                                                       | CERDIA FINANZ GMBH CERDIA FINANZ GMBH                      | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |   3000000 | PA      | $3183750.00   | 0.27%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| APEX CREDIT CLO 2021-2A                                                  | APEX CREDIT CLO LLC APEXC 2021 2A SUB 144A                 | CUSIP: 58406DAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5100000 | PA      | $2619884.03   | 0.22%             | 2034-10-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| GCAT 2023-NQM4 TRUST                                                     | GCAT GCAT 2023 NQM4 A1 144A                                | CUSIP: 36171FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    839686 | PA      | $805036.34    | 0.07%             | 2067-05-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS LLC                                     | FRONTIER COMMUNICATIONS CORP 2025 TERM LOAN B              | CUSIP: 35906EAU4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2686517 | PA      | $2692668.99   | 0.23%             | 2031-07-01      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| COLOMBIAN GOVT                                                           | REPUBLIC OF COLOMBIA SR UNSECURED 11/35 8                  | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   1900000 | PA      | $2043450.00   | 0.17%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT EUR SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $7583.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ASURION LLC (AKA: ASURION CORP)                                          | ASURION LLC 2025 TERM LOAN B13                             | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   3300000 | PA      | $3283170.00   | 0.28%             | 2030-09-19      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST 2018-2                                     | MILL CITY MORTGAGE TRUST MCMLT 2018 2 B1 144A              | CUSIP: 59980MAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2594501 | PA      | $2323633.21   | 0.20%             | 2058-05-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET SEC TRUST 2005-A10                                     | RESIDENTIAL ASSET SECURITIZATI RAST 2005 A10 A4            | CUSIP: 45660LXN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1246065 | PA      | $536820.03    | 0.05%             | 2035-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MULTIPLAN INC (MPH ACQUISITION HOLDINGS LLC)                             | MPH ACQUISITION HOLDINGS SR SECURED 144A 12/30 5.75        | CUSIP: 553283AG7<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3146338.58   | 0.27%             | 2030-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORPORATION                                                    | NCR VOYIX CORP COMPANY GUAR 144A 10/30 5.25                | CUSIP: 62886EAZ1<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   3484000 | PA      | $3327220.00   | 0.28%             | 2030-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SABESP LUX SARL                                                          | SABESP LUX SARL COMPANY GUAR 144A 08/30 5.625              | CUSIP: 785170AB7<br>LEI: 984500C7VFFH4QD3B757 | Long             | DBT              | CORP              | LU        |    600000 | PA      | $603390.29    | 0.05%             | 2030-08-20      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO MORGAN STANLEY                                | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -34278448 | PA      | $-34283313.16 | -2.89%            |  |  |  | No            |                  2 | On Loan: No      |
| SOLERA LLC (POLARIS NEWCO LLC)                                           | POLARIS NEWCO, LLC USD TERM LOAN B                         | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |   6048586 | PA      | $5842359.58   | 0.49%             | 2028-06-02      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONAL LTD                                            | WEATHERFORD INTERNATIONA COMPANY GUAR 144A 04/30 8.625     | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    100000 | PA      | $102295.60    | 0.01%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO SOCIETE GENERALE REVERSE REPO                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -24767997 | PA      | $-24796562.56 | -2.09%            |  |  |  | No            |                  2 | On Loan: No      |
| CITY OF DETROIT                                                          | DETROIT MI DET 04/44 ADJUSTABLE VAR                        | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    497159 | PA      | $391694.37    | 0.03%             | 2044-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| AMAWATERWAYS (LC AHAB US BIDCO LLC)                                      | LC AHAB US BIDCO LLC TERM LOAN B                           | CUSIP: 50180PAB7<br>LEI: 254900949U9K2Q5C5A85 | Long             | LON              | CORP              | US        |   7934925 | PA      | $7942383.45   | 0.67%             | 2031-05-01      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| CITIGROUP MTGE LOAN TR INC 2006-HE3                                      | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2006 HE3 A2B           | CUSIP: 17310VAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2479009 | PA      | $1694240.51   | 0.14%             | 2036-12-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| THE ADT SECURITY CORPORATION                                             | ADT SEC CORP SR SECURED 144A 07/32 4.875                   | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |   5300000 | PA      | $5139630.32   | 0.43%             | 2032-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SYNIVERSE HOLDINGS LLC                                                   | SYNIVERSE HOLDINGS, LLC 2022 TERM LOAN                     | CUSIP: 87168TAB7<br>LEI: 549300CYZBHMZC8VLL59 | Long             | LON              | CORP              | US        |   5507740 | PA      | $5389406.33   | 0.45%             | 2027-05-13      | Floating      | 11.00%                | No            |                  2 | On Loan: No      |
| BRIGHTSPRING HEALTH (PHOENIX GUARANTOR INC)                              | PHOENIX GUARANTOR INC 2024 TERM LOAN B                     | CUSIP: 71913BAK8<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |   3950075 | PA      | $3956948.32   | 0.33%             | 2031-02-21      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| GATEWAY CASINOS & ENTERTAINMENT LIMITED                                  | GATEWY CSINS + ENTRTINMNT LTD 2024 TERM LOAN B             | CUSIP: BA000DCX3<br>LEI: 549300JSKBQMMD1B3U44 | Long             | LON              | CORP              | CA        |   2632687 | PA      | $2635161.41   | 0.22%             | 2030-12-18      | Floating      | 10.28%                | No            |                  2 | On Loan: No      |
| COLONY MORTGAGE CAPITAL SERIES LTD 2019-IKPR                             | COLONY MORTGAGE CAPITAL LTD CLNY 2019 IKPR E 144A          | CUSIP: 12564NAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2320104.25   | 0.20%             | 2038-11-15      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| MERRILL LYNCH FIRST FRANKLIN MORTGAGE LOAN TRUST 2007-3                  | MERRILL LYNCH FIRST FRANKLIN M FFMER 2007 3 A2B            | CUSIP: 59024VAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1479560 | PA      | $1476872.66   | 0.12%             | 2037-06-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT TRY SOLD USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $3152.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE ACQUIS CORP 2006-CH2                                      | JP MORGAN MORTGAGE ACQUISITION JPMAC 2006 CH2 AF6          | CUSIP: 46629QAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1953304 | PA      | $1174525.49   | 0.10%             | 2036-10-25      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                            | ALTICE FRANCE SA 2023 EUR TERM LOAN B14                    | CUSIP: F6628DAP9<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |     99746 | PA      | $111056.04    | 0.01%             | 2028-08-15      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| ANGLIAN WATER SERVICES FINANCING PLC                                     | ANGLIAN WATER SERV FIN COMPANY GUAR 01/29 VAR              | CUSIP: 048297II8<br>LEI: 213800DL377MH46PDY63 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2815840.25   | 0.24%             | 2029-01-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| ENFRAGEN ENERGIA SUR SAU/ ENFRAGEN CHILE SPA/ ENFRAGEN SPAIN SAU         | ENFRAGEN ENERGIA SUR SAU SR SECURED 144A 06/32 8.499       | CUSIP: 29281MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |   2000000 | PA      | $2106380.00   | 0.18%             | 2032-06-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| X CORPORATION                                                            | X CORP TERM LOAN                                           | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10040216 | PA      | $9863106.73   | 0.83%             | 2029-10-26      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE ACQI CORP 2006-CH1                                    | JP MORGAN MORTGAGE ACQUISITION JPMAC 2006 CH1 M8           | CUSIP: 46629TAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4388988.00   | 0.37%             | 2036-07-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| PATTERSON (PARADIGM PARENT LLC/PARADIGM PARENT CO-ISSUER INC)            | PARADIGM PRNT/CO ISSUER SR SECURED 144A 04/32 8.75         | CUSIP: 69902PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $194500.00    | 0.02%             | 2032-04-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ACE SECURITIES CORP 2007-ASP1                                            | ACE SECURITIES CORP. ACE 2007 ASP1 A2D                     | CUSIP: 00442JAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1539656 | PA      | $627556.78    | 0.05%             | 2037-03-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2022-NLP          | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2022 NLP A 144A       | CUSIP: 466317AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    976280 | PA      | $962886.38    | 0.08%             | 2037-04-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | EPD US TRS EQUITY SOFR+60 *BULLET* GST                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |         1 | NC      | $-1451280.77  | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODUCTS HOLDINGS LLC                                 | SPECIALTY BLDG PRODUCTS HLDGSO 2021 TERM LOAN B            | CUSIP: 84748EAF7<br>LEI: 549300ICFD46O3KMJC06 | Long             | LON              | CORP              | US        |   2885052 | PA      | $2787681.06   | 0.24%             | 2028-10-15      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD GBP BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |         1 | NC      | $-1002.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SVF II FINCO (CAYMAN) LP                                                 | SOFTBANK VISION FUND II TRANCHE B2 TERM LOAN               | CUSIP: BA000KP70<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    224421 | PA      | $224420.61    | 0.02%             | 2029-12-23      | Floating      | 7.65%                 | No            |                  3 | On Loan: No      |
| PROOFPOINT INC                                                           | PROOFPOINT INC 2025 FUNGIBLE TERM LOAN                     | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    100000 | PA      | $100517.00    | 0.01%             | 2028-08-31      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| DRYDEN 123 CLO LTD 2025-123A                                             | DRYDEN SENIOR LOAN FUND DRSLF 2025 123A SUB 144A           | CUSIP: 26253PAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2807825.55   | 0.24%             | 2038-04-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA (VMED O2 UK FINANCING I PLC)                                | VMED O2 UK FINANCING I VMED O2 UK FINANCING I              | CUSIP: 92858RAD2<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |   8700000 | PA      | $9151425.60   | 0.77%             | 2032-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                             | ENBRIDGE INC COMMON STOCK                                  | CUSIP: 29250N956<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    727000 | NS      | $36676489.19  | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| COLOMBIAN GOVT                                                           | REPUBLIC OF COLOMBIA SR UNSECURED 11/53 8.75               | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   2500000 | PA      | $2747875.00   | 0.23%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PIEDMONT OPERATING PARTNERSHIP LP                                        | PIEDMONT OPERATING PARTN COMPANY GUAR 08/30 3.15           | CUSIP: 720198AE0<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3273011.28   | 0.28%             | 2030-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| SOLENIS (OLYMPUS WATER US HOLDING CORPORATION)                           | INVERSION ESCROW ISSUER SR SECURED 144A 08/32 6.75         | CUSIP: 46150DAA0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3548659.25   | 0.30%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BIOGROUP (CAB SELAS)                                                     | CAB SR SECURED REGS 02/28 3.375                            | CUSIP: ACI1VH241<br>LEI: 9695008EGX5O9K1MS743 | Long             | DBT              | CORP              | FR        |   3200000 | PA      | $3533032.97   | 0.30%             | 2028-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                        | HERC HOLDINGS INC COMPANY GUAR 144A 06/33 7.25             | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3134091.00   | 0.26%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO BARCLAYS REVERSE REPO                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2472225 | PA      | $-2475587.23  | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| CZECHOSLOVAK GROUP AS                                                    | CZECHOSLOVAK GROUP SR SECURED 144A 01/31 6.5               | CUSIP: ACI2Y9LD3<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |    200000 | PA      | $206728.70    | 0.02%             | 2031-01-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST 2018-B5                                         | BENCHMARK MORTGAGE TRUST BMARK 2018 B5 A2                  | CUSIP: 08160BAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    195725 | PA      | $193907.56    | 0.02%             | 2051-07-15      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO DEUTSCHE REVERSE REPO                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3540250 | PA      | $-3545435.25  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| CHAMPION IRON CANADA INC                                                 | CHAMPION IRON CANADA INC COMPANY GUAR 144A 07/32 7.875     | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   6500000 | PA      | $6800709.50   | 0.57%             | 2032-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2020-1                        | FREDDIE MAC   SCRT SCRT 2020 1 BXS                         | CUSIP: 35563PPP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12083191 | PA      | $5879454.85   | 0.50%             | 2059-08-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| NEWFOLD DIGITAL HOLDINGS GROUP INC                                       | NEWFOLD DIGITAL HLDGS GR SR UNSECURED 144A 02/29 6         | CUSIP: 29279XAA8<br>LEI: 549300UTQC2651SB0W88 | Long             | DBT              | CORP              | US        |    500000 | PA      | $312500.00    | 0.03%             | 2029-02-15      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| HUDSON PACIFIC PROPERTIES LP                                             | HUDSON PACIFIC PROPERTIE COMPANY GUAR 02/28 5.95           | CUSIP: 44409MAD8<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2960662.14   | 0.25%             | 2028-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| COMETE HOLDING                                                           | COMEXPOSIUM 2019 EUR TERM LOAN B                           | CUSIP: 964NDFII9<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |   1024654 | PA      | $1467654.76   | 0.12%             | 2026-03-28      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| PROMOTORA DE INFORMACIONES SA (PRISA)                                    | PROMOTORA DE INFORMACIONES SA 2025 EUR 1ST LIEN TERM LOAN  | CUSIP: BA000KZZ7<br>LEI: 959800U3NGPXSCQHQW54 | Long             | LON              | CORP              | ES        |   3197681 | PA      | $3697925.70   | 0.31%             | 2029-12-31      | Floating      | 7.49%                 | No            |                  3 | On Loan: No      |
| COASTAL WASTE & RECYCLING (TIDAL WASTE & RECYCLING HOLDINGS LLC)         | TIDL WSTE + RCYLNG HOLDIG LLC TERM LOAN B                  | CUSIP: 88636PAK7<br>LEI: 254900IQT82RE5KFAZ50 | Long             | LON              | CORP              | US        |   2885500 | PA      | $2905943.77   | 0.24%             | 2031-10-24      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD BRL BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |         1 | NC      | $-34591.49    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                                           | GRAY MEDIA INC SECURED 144A 07/32 9.625                    | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    600000 | PA      | $613507.80    | 0.05%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS MTGE FUND TR 2006-AR3                                       | BEAR STEARNS MORTGAGE FUNDING BSMF 2006 AR3 1A1            | CUSIP: 07400HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13775096 | PA      | $12095698.66  | 1.02%             | 2036-10-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                                | SUNOCO LP MLP                                              | CUSIP: 86765K109<br>LEI: 54930001NJU8E40NQ561 | Long             | EC               | CORP              | US        |    117800 | NS      | $5891178.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HESS MIDSTREAM LP                                                        | HESS MIDSTREAM LP   CLASS A COMMON STOCK                   | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    172570 | NS      | $5962293.50   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| QUIDELORTHO CORPORATION                                                  | QUIDELORTHO CORP TERM LOAN                                 | CUSIP: 74840YAH7<br>LEI: 549300YU8CMO9HF53113 | Long             | LON              | CORP              | US        |   3400000 | PA      | $3386553.00   | 0.29%             | 2032-08-20      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                                   | SEMPRA JR SUBORDINA 04/56 VAR                              | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2669823.60   | 0.23%             | 2056-04-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO CREDIT AGRICOLE 03/14 VAR                     | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4006041 | PA      | $-4012942.64  | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD CAD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $288.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES LIMITED                                           | THAMES WATER UTIL LTD SR SECURED 144A 03/27 0.00000        | CUSIP: ACI2VX3Q4<br>LEI: 213800JKM5UQHFJOTZ25 | Long             | DBT              | CORP              | GB        |     48610 | PA      | $56550.28     | 0.00%             | 2027-03-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW IMMO HOLDING SA                                                      | NEW IMMO HOLDING SA SR UNSECURED REGS 04/28 5.875          | CUSIP: ACI2NPVJ5<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |   1800000 | PA      | $2184686.92   | 0.18%             | 2028-04-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NORTHUMBRIAN WATER FINANCE PLC                                           | NORTHUMBRIAN WATER FIN COMPANY GUAR REGS 02/31 4.5         | CUSIP: ACI2CV330<br>LEI: 213800JTFA6F3S7XX781 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2598500.98   | 0.22%             | 2031-02-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET SECURITIES 2005-EMX2                                   | RESIDENTIAL ASSET SECURITIES C RASC 2005 EMX2 M6           | CUSIP: 76110W2M7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1992541 | PA      | $1996708.12   | 0.17%             | 2035-07-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| MEDIAPRO (SUBCALIDORA 2 SARL)                                            | SUBCALIDORA 2 2024 EUR TERM LOAN                           | CUSIP: BA0007DG2<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |   3338064 | PA      | $3938651.36   | 0.33%             | 2029-08-14      | Floating      | 7.75%                 | No            |                  3 | On Loan: No      |
| RESIDENTIAL ACCREDIT LOANS INC 2006-QS14                                 | RESIDENTIAL ACCREDIT LOANS, IN RALI 2006 QS14 A25          | CUSIP: 74922GBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4225147 | PA      | $3552725.76   | 0.30%             | 2036-11-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO SOCIETE GENERALE REVERSE REPO                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -13348468 | PA      | $-13496101.94 | -1.14%            |  |  |  | No            |                  2 | On Loan: No      |
| WINSTON RE LTD                                                           | WINSTON RE LTD UNSECURED 144A 02/31 VAR                    | CUSIP: 975660AB7<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1080150.00   | 0.09%             | 2031-02-26      | Floating      | 15.62%                | No            |                  2 | On Loan: No      |
| STRUCTURED ASSET SEC CORP 2005-S2                                        | STRUCTURED ASSET SECURITIES CO SASC 2005 NC2 M8            | CUSIP: 86359DCU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1004246 | PA      | $853546.12    | 0.07%             | 2035-05-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| UNICORN BAY (HONG KONG) INVESTMENTS LIMITED                              | UNICORN BAY HKD FIXED TERM LOAN A                          | CUSIP: BA00077Z7<br>LEI: N/A                  | Long             | LON              | CORP              | HK        |  23776641 | PA      | $3093549.68   | 0.26%             | 2026-12-31      | Fixed         | 13.00%                | No            |                  3 | On Loan: No      |
| AIR TRANSPORT SERVICES GROUP INC (STONEPEAK NILE PARENT LLC)             | STONEPEAK NILE PARENT LLC TERM LOAN B                      | CUSIP: 86184XAB0<br>LEI: 254900TJV3VAFZD0GU41 | Long             | LON              | CORP              | US        |   2100000 | PA      | $2101837.50   | 0.18%             | 2032-04-09      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO/F. H. DEACON HOD 12/15 FIXED 2.079            | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -16159386 | PA      | $-16161679.36 | -1.36%            |  |  |  | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                                              | MCAFEE LLC 2024 USD 1ST LIEN TERM LOAN B                   | CUSIP: 57906HAF4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |   3690704 | PA      | $3536155.31   | 0.30%             | 2029-03-01      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| DIRECT CHASSISLINK (DCLI BIDCO LLC)                                      | DCLI BIDCO LLC 2ND MORTGAGE 144A 11/29 7.75                | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3746599.20   | 0.32%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT EUR SOLD USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $7306.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMEX GBT (GBT US III LLC)                                                | GBT US III LLC 2025 TERM LOAN B1                           | CUSIP: 36154HAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3980000 | PA      | $3993333.00   | 0.34%             | 2031-07-25      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| LADDER CAPITAL FINANCE HOLDINGS LLLP / LADDER CAPITAL FINANCE CORP       | LADDER CAP FIN LLLP/CORP COMPANY GUAR 144A 07/31 7         | CUSIP: 505742AR7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3147494.13   | 0.27%             | 2031-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD TRY BOUGHT USD 20251015                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $-2481.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| YORKSHIRE WATER FINANCE PLC                                              | YORKSHIRE WATER FINANCE SR SECURED REGS 04/30 5.25         | CUSIP: ACI2D68P0<br>LEI: 213800O8BDOGHJMTCP32 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2668584.84   | 0.22%             | 2030-04-28      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                            | ALTICE FRANCE SA 2023 USD TERM LOAN B14                    | CUSIP: F6628DAN4<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |    598473 | PA      | $580519.08    | 0.05%             | 2028-08-15      | Floating      | 9.49%                 | No            |                  3 | On Loan: No      |
| APS RESECURITIZATION TRUST 2014-1                                        | APS RESECURITIZATION TRUST APS 2014 1 1M 144A              | CUSIP: 00191PAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6555262 | PA      | $1781694.89   | 0.15%             | 2054-08-28      | Variable      | 0.15%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                       | TREASURY BILL 10/25 0.00000                                | CUSIP: 912797RD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1415000 | PA      | $1411824.89   | 0.12%             | 2025-10-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GSAA HOME EQUITY TRUST 2007-2                                            | GSAA HOME EQUITY TRUST GSAA 2007 2 AV1                     | CUSIP: 3622EUAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8442469 | PA      | $1520187.25   | 0.13%             | 2037-03-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNATIONAL LIMITED                                         | TRANSOCEAN INC COMPANY GUAR 144A 02/27 8                   | CUSIP: 893830BL2<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |   4500000 | PA      | $4497185.97   | 0.38%             | 2027-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RAISING CANES RESTAURANTS LLC                                            | RAISING CANE S RESTAURAN RAISING CANE S RESTAURAN          | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3152982.00   | 0.27%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL GMBH                                            | CHEPLAPHARM ARZNEIMITTEL SR SECURED REGS 05/30 7.5         | CUSIP: ACI2FPJG4<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |   3300000 | PA      | $4018019.66   | 0.34%             | 2030-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO MORGAN STANLEY                                | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -1516875 | PA      | $-1518771.09  | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO SOCIETE GENERALE REVERSE REPO                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2662611 | PA      | $-2693269.04  | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| CLOVER HOLDINGS 2 LLC                                                    | CLOVER HOLDINGS 2 LLC FIXED TERM LOAN B                    | CUSIP: 18914DAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2892750 | PA      | $2922588.72   | 0.25%             | 2031-12-09      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT JPY SOLD USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $1266.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO BANK OF NEW YORK                              | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -23694520 | PA      | $-23886089.77 | -2.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BOPARAN FINANCE PLC                                                      | BOPARAN FINANCE PLC SR SECURED 144A 11/29 9.375            | CUSIP: ACI2S09Y7<br>LEI: 213800GQSQIOBR3DHN70 | Long             | DBT              | CORP              | GB        |   2100000 | PA      | $2954872.25   | 0.25%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                       | TREASURY BILL 10/25 0.00000                                | CUSIP: 912797RC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $898688.79    | 0.08%             | 2025-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST INC                                              | STARWOOD PROPERTY TRUST STARWOOD PROPERTY TRUST            | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2838497.09   | 0.24%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD TRY BOUGHT USD 20251001                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $-107.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SW (FINANCE) I PLC                                                       | SW (FINANCE) I PLC SR SECURED REGS 05/28 2.375             | CUSIP: ACI1ML5J6<br>LEI: 549300BHN1HB5BNG2R96 | Long             | DBT              | CORP              | GB        |   2500000 | PA      | $3081361.75   | 0.26%             | 2028-05-28      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC 2024-A                                     | COLLEGE AVE STUDENT LOANS CASL 2024 A C 144A               | CUSIP: 19424RAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    626000 | PA      | $649659.92    | 0.05%             | 2054-06-25      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC 2024-A                                     | COLLEGE AVE STUDENT LOANS CASL 2024 A D 144A               | CUSIP: 19424RAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    902000 | PA      | $963702.75    | 0.08%             | 2054-06-25      | Fixed         | 8.66%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2018-MINN         | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2018 MINN B 144A      | CUSIP: 46650GAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4320771.00   | 0.36%             | 2035-11-15      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| BDS 2025-FL14 LLC                                                        | BDS LTD BDS 2025 FL14 A 144A                               | CUSIP: 072921AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $500979.28    | 0.04%             | 2042-10-21      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| FIRST FRANKLIN MTG LOAN ABS 2006-FF13                                    | FIRST FRANKLIN MTG LOAN ASSET FFML 2006 FF13 A1            | CUSIP: 30247DAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11043452 | PA      | $7144816.12   | 0.60%             | 2036-10-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| FINASTRA USA INC                                                         | FINASTRA USA INC 2025 1ST LIEN TERM LOAN                   | CUSIP: 31772YAD8<br>LEI: 549300ZB2RO6QC7YTK71 | Long             | LON              | CORP              | US        |   3500000 | PA      | $3489377.50   | 0.29%             | 2032-07-30      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| AMERICAN ASSETS TRUST LP                                                 | AMERICAN ASSETS TRUST LP AMERICAN ASSETS TRUST LP          | CUSIP: 02401LAB0<br>LEI: 549300V1TI0SMG9Z6U69 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3665957.04   | 0.31%             | 2034-10-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| NOVASTAR HOME EQUITY LOAN 2006-4                                         | NOVASTAR HOME EQUITY LOAN NHEL 2006 4 A2D                  | CUSIP: 66988XAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4639676 | PA      | $1820187.96   | 0.15%             | 2036-09-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| AVENIR ISSUER IV (IRELAND) DESIGNATED ACTIVITY COMPANY                   | AVENIR ISSUER IV IRLND SR SECURED REGS 10/27 6             | CUSIP: ACI2S8C83<br>LEI: 894500E9CKDEAOMG0B46 | Long             | DBT              | NUSS              | IE        |   1400278 | PA      | $1351409.45   | 0.11%             | 2027-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DENALI INTERMEDIATE HOLDINGS INC                                         | DUN + BRADSTREET CORPOR THE 2025 TERM LOAN                 | CUSIP: BA000K739<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2272727 | PA      | $2259684.43   | 0.19%             | 2032-08-26      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| INTEGRITY RE LTD                                                         | INTEGRITY RE LTD SR UNSECURED 144A 06/26 VAR               | CUSIP: 45833UAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    650000 | PA      | $725140.00    | 0.06%             | 2026-06-08      | Floating      | 26.76%                | No            |                  2 | On Loan: No      |
| AUCHAN (ELO SACA)                                                        | ELO SACA SR UNSECURED REGS 01/26 2.875                     | CUSIP: ACI1LZ6Q9<br>LEI: 969500ASEC557H5A4F22 | Long             | DBT              | CORP              | FR        |    800000 | PA      | $937860.72    | 0.08%             | 2026-01-29      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| STRUCTURED ASSET SECURITIES CO-2006-BC3                                  | STRUCTURED ASSET SECURITIES CO SASC 2006 BC3 A3            | CUSIP: 86359PAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3704435 | PA      | $3241712.54   | 0.27%             | 2036-10-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC                                                              | CHOBANI LLC 2025 REPRICED TERM LOAN B                      | CUSIP: 17026YAK5<br>LEI: 549300ISVDMZ91KNTR38 | Long             | LON              | CORP              | US        |   2947725 | PA      | $2959088.48   | 0.25%             | 2027-10-25      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                       | TREASURY BILL 12/25 0.00000                                | CUSIP: 912797RR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $397320.22    | 0.03%             | 2025-12-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD JPY BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $-978.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KNOWBE4 INC                                                              | KNOWBE4 INC 2025 TERM LOAN                                 | CUSIP: 49925TAD7<br>LEI: 64883ZJ0RS5039H4PN24 | Long             | LON              | CORP              | US        |   3500000 | PA      | $3508750.00   | 0.30%             | 2032-07-23      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| INGEVITY CORPORATION                                                     | INGEVITY CORP COMPANY GUAR 144A 11/28 3.875                | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |   3900000 | PA      | $3750839.82   | 0.32%             | 2028-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ANGLIAN WATER SERVICES FINANCING PLC                                     | ANGLIAN WATER SERV FIN SR SECURED REGS 06/39 6             | CUSIP: ACI2GR269<br>LEI: 213800DL377MH46PDY63 | Long             | DBT              | CORP              | GB        |   2300000 | PA      | $2996738.16   | 0.25%             | 2039-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATING COMPANY INC                                    | HILTON DOMESTIC OPERATIN COMPANY GUAR 144A 09/33 5.75      | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    700000 | PA      | $709852.50    | 0.06%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | ET US TRS EQUITY SOFR+60 *BULLET* GST                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |         1 | NC      | $-2149043.77  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| THAMES WATER SUPER SENIOR ISSUER PLC                                     | THAMES WATER SUPER SEN SR SECURED 144A 10/27 9.75          | CUSIP: ACI2ZHVB7<br>LEI: 635400LBEYCV7F4FC741 | Long             | DBT              | CORP              | GB        |    258307 | PA      | $389024.65    | 0.03%             | 2027-10-10      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| INTELSAT SA                                                              | INTELSAT EMERGENCE SA COMMON STOCK                         | CUSIP: 000000000<br>LEI: 549300YV2L21F4K80V46 | Long             | EC               | CORP              | LU        |     21303 | NS      | $0.02         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                      | SOLD EUR BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $92444.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGLIAN WATER (OSPREY) FINANCING PLC                                     | ANGLIAN WATER OSPREY FIN SR SECURED REGS 07/28 2           | CUSIP: ACI1YTKG5<br>LEI: 21380072JDZ74GW9ZY87 | Long             | DBT              | CORP              | GB        |   2500000 | PA      | $3017153.76   | 0.25%             | 2028-07-31      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MASTR ADJUSTABLE RATE MORTGAGES TRUST 2006-OA2                           | MASTR ADJUSTABLE RATE MORTGAGE MARM 2006 OA2 1A1           | CUSIP: 55275NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4731361 | PA      | $3578275.17   | 0.30%             | 2046-12-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| SMRT 2022-MINI                                                           | SMRT SMRT 2022 MINI A 144A                                 | CUSIP: 78457JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $499545.90    | 0.04%             | 2039-01-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| MASTR ADJ RATE MTGE TRUST 2007-HF2                                       | MASTR ADJUSTABLE RATE MORTGAGE MARM 2007 HF2 A2            | CUSIP: 57645TAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    756709 | PA      | $299234.13    | 0.03%             | 2037-09-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVT                                                             | ROMANIA ROMANIA                                            | CUSIP: ACI2MY762<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   2500000 | PA      | $2990982.12   | 0.25%             | 2031-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SVF II FINCO (CAYMAN) LP                                                 | SOFTBANK VISION FUND II TRANCHE B1 TERM LOAN               | CUSIP: BA000KP88<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   1753662 | PA      | $1753662.42   | 0.15%             | 2029-12-23      | Floating      | 7.65%                 | No            |                  3 | On Loan: No      |
| CDK GLOBAL (CENTRAL PARENT LLC)                                          | CENTRAL PARENT INC 2024 TERM LOAN B                        | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4532177 | PA      | $3931867.26   | 0.33%             | 2029-07-06      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| LONG BEACH MORTGAGE LOAN TR 2006-6                                       | LONG BEACH MORTGAGE LOAN TRUST LBMLT 2006 6 2A4            | CUSIP: 54251RAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1627468 | PA      | $645192.62    | 0.05%             | 2036-07-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD EUR BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-7304.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTELSAT SA                                                              | SES S A COMMON STOCK                                       | CUSIP: 000000000<br>LEI: 549300YV2L21F4K80V46 | Long             | EC               | CORP              | LU        |     21303 | NS      | $253521.70    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                      | CCA VINTAGE 2026  DEC26 IFED 20261224                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |      1164 | NC      | $1278336.21   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVOLEX (CLYDESDALE ACQUISITION HOLDINGS INC)                            | CLYDESDALE ACQUISITION COMPANY GUAR 144A 04/30 8.75        | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5655061.50   | 0.48%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MITER BRANDS ACQUISITION HOLDCO INC / MIWD BORROWER LLC                  | MITER BRANDS ACQUISITION 04/32 6.75                        | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2569695.00   | 0.22%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ABSLT DE 2024 LLC                                                        | ABSLT DE 2024 LLC CLN 2024 1 05/33 1                       | CUSIP: 00401BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2947241.64   | 0.25%             | 2033-05-20      | Floating      | 12.64%                | No            |                  3 | On Loan: No      |
| CHASEFLEX TRUST 2007-M1                                                  | CHASEFLEX TRUST CFLX 2007 M1 2AV3                          | CUSIP: 16165YAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2300367 | PA      | $1937182.90   | 0.16%             | 2037-08-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| TURKEY GOVT                                                              | TURKIYE GOVERNMENT BOND BONDS 05/26 VAR                    | CUSIP: ACI2Q1SN0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |  46200000 | PA      | $1124996.63   | 0.09%             | 2026-05-20      | Floating      | 48.48%                | No            |                  2 | On Loan: No      |
| CHASEFLEX TRUST 2007-M1                                                  | CHASEFLEX TRUST CFLX 2007 M1 2AV2                          | CUSIP: 16165YAR3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1006110 | PA      | $838077.39    | 0.07%             | 2037-08-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT EUR SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $7862.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY MTGE LN TRUST 2006-11                                     | MORGAN STANLEY MORTGAGE LOAN T MSM 2006 11 1A6             | CUSIP: 61749WAM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2559072 | PA      | $427116.07    | 0.04%             | 2036-08-25      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| ATLAS (RAND PARENT LLC)                                                  | RAND PARENT LLC SR SECURED 144A 02/30 8.5                  | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5199850.00   | 0.44%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | PAA US TRS EQUITY FEDL01+60 *BULLET* FAR                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |         1 | NC      | $-824890.79   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| STRUCTURED ASSET SEC CORP 2005-2XS                                       | STRUCTURED ASSET SECURITIES CO SASC 2005 2XS M1            | CUSIP: 86359B2K6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1117093 | PA      | $1072349.53   | 0.09%             | 2035-02-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                       | TREASURY BILL 12/25 0.00000                                | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1103000 | PA      | $1094635.74   | 0.09%             | 2025-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VISTA MANAGEMENT HOLDING INC                                             | VISTA MANAGEMENT HOLDING INC 2025 TERM LOAN B              | CUSIP: 92842EAB4<br>LEI: 5299005VABKD28UWHI65 | Long             | LON              | CORP              | US        |   5940000 | PA      | $5989509.90   | 0.50%             | 2031-04-01      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| AG TRUST 2024-NLP                                                        | AG TRUST AG 2024 NLP A 144A                                | CUSIP: 00792MAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    237583 | PA      | $238758.54    | 0.02%             | 2041-07-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNERS LLC                                            | KRAKEN OIL + GAS PARTNER SR UNSECURED 144A 08/29 7.625     | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |   5700000 | PA      | $5654378.91   | 0.48%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | WES US TRS EQUITY SOFR+60 *BULLET* GST                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |         1 | NC      | $-431860.28   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                                             | AMS OSRAM AG SR UNSECURED 144A 03/29 12.25                 | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    900000 | PA      | $969373.80    | 0.08%             | 2029-03-30      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD EUR BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-27253.20    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NOVOLEX (CLYDESDALE ACQUISITION HOLDINGS INC)                            | CLYDESDALE ACQUISITION SR SECURED 144A 04/32 6.75          | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1026595.00   | 0.09%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STEENBOK LUX FINCO 2 SARL                                                | STEENBOK LUX FINCO 2 SARL 2023 EUR PIK TL A2 RESTRUCTURE   | CUSIP: 948FWKII5<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |   8502604 | PA      | $3098713.96   | 0.26%             | 2026-06-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD CAD BOUGHT USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $-64109.71    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUNDVIEW HOME EQUITY LN TRUST 2006-NLC1                                 | SOUNDVIEW HOME EQUITY LOAN TRU SVHE 2006 NLC1 A4 144A      | CUSIP: 83611DAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7181069 | PA      | $1936241.59   | 0.16%             | 2036-11-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2025-2                        | FREDDIE MAC   SCRT SCRT 2025 2 M 144A                      | CUSIP: 35563VCH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $418831.65    | 0.04%             | 2065-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COREWEAVE COMPUTE ACQUISITION CO II LLC                                  | COREWEAVE CMPTE ACQU CO II LLC 2024 DELAYED DRAW TERM LOAN | CUSIP: BA0004JK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5400000 | PA      | $5556148.88   | 0.47%             | 2029-05-30      | Floating      | 6.78%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | REVERSE REPO CREDIT AGRICOLE 03/14 VAR                     | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -797186 | PA      | $-798014.83   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORPORATION                                                 | CHORD ENERGY CORP COMPANY GUAR 144A 03/33 6.75             | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1419339.18   | 0.12%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE ACQI CORP 2006-CW2                                    | JP MORGAN MORTGAGE ACQUISITION JPMAC 2006 CW2 AF4          | CUSIP: 46629BAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1161289 | PA      | $689350.09    | 0.06%             | 2036-08-25      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| OCS GROUP HOLDINGS LIMITED                                               | OCS GROUP HOLDINGS LTD GBP TERM LOAN B                     | CUSIP: BA000BQB0<br>LEI: 54930002RKY3Y4LURL90 | Long             | LON              | CORP              | GB        |   3950000 | PA      | $5314557.53   | 0.45%             | 2031-11-28      | Floating      | 9.96%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOME MORTGAGE ASSETS 2007-2                                     | AMERICAN HOME MORTGAGE ASSETS AHMA 2007 2 A1               | CUSIP: 026930AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2539877 | PA      | $2286739.44   | 0.19%             | 2047-03-25      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| VANTIVE HEALTH LLC                                                       | SPRUCE BIDCO II INC JPY TERM LOAN                          | CUSIP: BA000FPQ9<br>LEI: 254900D597QQOG22WQ55 | Long             | LON              | CORP              | US        |  39265567 | PA      | $268692.18    | 0.02%             | 2032-01-30      | Floating      | 6.00%                 | No            |                  3 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TRUST 2018-RP1                                   | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2018 RP1 A1 144A       | CUSIP: 17326QAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2378550 | PA      | $2344876.07   | 0.20%             | 2064-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ACCREDIT LOANS INC 2006-QS12                                 | RESIDENTIAL ACCREDIT LOANS, IN RALI 2006 QS12 2A4          | CUSIP: 751151AH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2282515 | PA      | $1854407.91   | 0.16%             | 2036-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WATERBRIDGE NDB OPERATING LLC                                            | WATERBRIDGE MIDSTREAM OPR LLC 2024 TERM LOAN B             | CUSIP: 94120YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2965025 | PA      | $2975891.94   | 0.25%             | 2029-05-10      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| WINSTON RE LTD                                                           | WINSTON RE LTD UNSECURED 144A 02/31 VAR                    | CUSIP: 975660AA9<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1076800.00   | 0.09%             | 2031-02-26      | Floating      | 14.14%                | No            |                  2 | On Loan: No      |
| MODULAIRE (BCP V MODULAR SERVICES FINANCE II PLC)                        | BCP MODULAR SERVICES SR SECURED 144A 07/31 6.5             | CUSIP: ACI2YGQW0<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |   1550000 | PA      | $1705993.51   | 0.14%             | 2031-07-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MFA 2023-NQM4 TRUST                                                      | MFRA TRUST MFRA 2023 NQM4 A1 144A                          | CUSIP: 55286LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    633998 | PA      | $639927.54    | 0.05%             | 2068-12-25      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| FIRST FRANKLIN MORTGAGE LOAN TRUST 2006-FF7                              | FIRST FRANKLIN MTG LOAN ASSET FFML 2006 FF7 2A4            | CUSIP: 320277AF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1315029.90   | 0.11%             | 2036-05-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| DATABRICKS INC                                                           | DATABRICKS INC DELAYED DRAW TERM LOAN                      | CUSIP: BA000D1C1<br>LEI: 984500FEDAC7FBD96273 | Long             | LON              | CORP              | US        |   1069214 | PA      | $1069213.97   | 0.09%             | 2031-01-03      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | BOUGHT EUR SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $2267.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | WES US TRS EQUITY FEDL01+60 *BULLET* FAR                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |         1 | NC      | $-412012.90   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| EUC (MODENA BUYER LLC)                                                   | MODENA BUYER LLC TERM LOAN                                 | CUSIP: 60753DAC8<br>LEI: 254900B0G2IU0VBDOY26 | Long             | LON              | CORP              | US        |   4962500 | PA      | $4907565.13   | 0.41%             | 2031-07-01      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| FIRST FRANKLIN MTG LOAN 2004-FF10                                        | FIRST FRANKLIN MTG LOAN ASSET FFML 2004 FF10 M2            | CUSIP: 32027NMK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    198338 | PA      | $179063.43    | 0.02%             | 2034-05-25      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| VALARIS LIMITED                                                          | VALARIS LTD SECURED 144A 04/30 8.375                       | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   7850000 | PA      | $8152611.77   | 0.69%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                       | TREASURY BILL 01/26 0.00000                                | CUSIP: 912797SF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1423000 | PA      | $1407303.26   | 0.12%             | 2026-01-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SKECHERS (BEACH ACQUISITION BIDCO LLC)                                   | BEACH ACQUISITION BIDCO LLC USD TERM LOAN B                | CUSIP: 07337FAB1<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |    700000 | PA      | $704231.50    | 0.06%             | 2032-09-12      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD MXN BOUGHT USD 20251217                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | MX        |         1 | NC      | $-273.30      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ASSET-BACKED CERTS 2005-15                                   | COUNTRYWIDE ASSET BACKED CERTI CWL 2005 15 M3              | CUSIP: 126670MK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7200000 | PA      | $6030884.88   | 0.51%             | 2036-04-25      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | GOLDMAN SACHS REPO REPO                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | RA               |  | US        |   3200000 | PA      | $3200000.00   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARLES RIVER RE LTD                                                     | CHARLES RIVER RE LTD SR UNSECURED 144A 05/31 VAR           | CUSIP: 159873AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1900000 | PA      | $2016185.00   | 0.17%             | 2031-05-10      | Floating      | 11.60%                | No            |                  2 | On Loan: No      |
| CREDIT OPPORTUNITIES PARTNERS JV LLC                                     | CREDIT OPPORTUNITIES PARTNERS 2025A SR UNSECD NT TRANCHE B | CUSIP: 955SEVII3<br>LEI: 5493003CSKFS2RY0JR63 | Long             | DBT              | CORP              | US        |    300000 | PA      | $306235.33    | 0.03%             | 2030-03-20      | Fixed         | 6.74%                 | Yes           |                  3 | On Loan: No      |
| UNITED PACIFIC (AKA: APRO LLC)                                           | APRO LLC 2024 TERM LOAN B                                  | CUSIP: 03834XAP8<br>LEI: 549300HALLMPVGYAKP14 | Long             | LON              | CORP              | US        |   4947513 | PA      | $4951223.19   | 0.42%             | 2031-07-09      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT GBP SOLD USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |         1 | NC      | $1072.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2018-ASH8           | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2018 ASH8 E 144A      | CUSIP: 46649JAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    987342 | PA      | $946971.84    | 0.08%             | 2035-02-15      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| DENALI INTERMEDIATE HOLDINGS INC                                         | DUN + BRADSTREET CORPOR THE 2025 REVOLVER                  | CUSIP: BA000K747<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    227273 | PA      | $225968.45    | 0.02%             | 2032-08-26      | Floating      | 9.58%                 | No            |                  3 | On Loan: No      |
| INTEGRITY RE LTD                                                         | INTEGRITY RE LTD SR UNSECURED 144A 06/26 VAR               | CUSIP: 45833UAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    650000 | PA      | $713732.50    | 0.06%             | 2026-06-08      | Floating      | 21.20%                | No            |                  2 | On Loan: No      |
| SNAP INC                                                                 | SNAP INC COMPANY GUAR 144A 03/33 6.875                     | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    600000 | PA      | $613922.18    | 0.05%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD GBP BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |         1 | NC      | $79979.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ACE SECURITIES CORP HOME EQUITY LOAN TRUST SERIES 2007-HE5               | ACE SECURITIES CORP. ACE 2007 HE5 A2B                      | CUSIP: 000797AC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2093829 | PA      | $667750.79    | 0.06%             | 2037-07-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| YAHOO (AKA: AP CORE HOLDINGS II LLC)                                     | AP CORE HOLDINGS II LLC HIGH YIELD TERM LOAN B2            | CUSIP: 00187GAD1<br>LEI: 549300PND8ZZ4RWYRZ56 | Long             | LON              | CORP              | US        |   5000000 | PA      | $4875525.00   | 0.41%             | 2027-09-01      | Floating      | 9.78%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LIMITED PARTNERSHIP                                    | EXCELERATE ENERGY LP COMPANY GUAR 144A 05/30 8             | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2663110.00   | 0.22%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD CAD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $244.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SAXON ASSET SECURITIES TRUST 2007-2                                      | SAXON ASSET SECURITIES TRUST SAST 2007 2 A2B               | CUSIP: 80556YAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    491737 | PA      | $363756.11    | 0.03%             | 2037-05-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| B&G FOODS INC                                                            | B+G FOODS INC SR SECURED 144A 09/28 8                      | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |   3200000 | PA      | $3104517.76   | 0.26%             | 2028-09-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                                 | ALTICE FRANCE HOLDING SA SR SECURED 144A 05/27 10.5        | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   2400000 | PA      | $870426.38    | 0.07%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GSAA HOME EQUITY TRUST 2006-2                                            | GSAA HOME EQUITY TRUST GSAA 2006 2 2A5                     | CUSIP: 362334AB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    734190 | PA      | $675486.74    | 0.06%             | 2035-12-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| FHF TRUST 2022-2                                                         | FIRST HELP FINANCIAL LLC FHF 2022 2A C 144A                | CUSIP: 31568EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $497753.85    | 0.04%             | 2030-01-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO SOCIETE GENERALE REVERSE REPO                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -13839713 | PA      | $-13855521.17 | -1.17%            |  |  |  | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET SECURITIES 2006-KS1                                    | RESIDENTIAL ASSET SECURITIES C RASC 2006 KS1 M4            | CUSIP: 76113AAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4100000 | PA      | $3410402.96   | 0.29%             | 2036-02-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDINGS LLC                                           | RAVEN ACQUISITION HOLDINGS LLC DELAYED DRAW TERM LOAN      | CUSIP: 75419XAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    193333 | PA      | $193488.96    | 0.02%             | 2031-11-19      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| IRB INFRASTRUCTURE DEVELOPERS LIMITED                                    | IRB INFRASTRUCTURE DEVE IRB INFRASTRUCTURE DEVE            | CUSIP: ACI2N3LL0<br>LEI: 335800XGO3AITGW6AK27 | Long             | DBT              | CORP              | IN        |   4700000 | PA      | $4885428.16   | 0.41%             | 2032-03-11      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| PANAMA INFRASTRUCTURE RECEIVABLE PURCHASER PLC                           | PANAMA INFRASTRUCTURE SR SECURED 144A 04/32 0.00000        | CUSIP: 69828QAD9<br>LEI: 213800QSH7EDGMUDJW25 | Long             | DBT              | CORP              | GB        |   8298000 | PA      | $6253995.15   | 0.53%             | 2032-04-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO CREDIT AGRICOLE 03/14 VAR                     | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -1006417 | PA      | $-1007474.47  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| SIXTH STREET LENDING PARTNERS                                            | SIXTH STREET LENDING PAR SR UNSECURED 144A 07/30 6.125     | CUSIP: 829932AE2<br>LEI: 549300S9P1HMDERGCR64 | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3723582.38   | 0.31%             | 2030-07-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CASSINI SAS                                                              | COMEXPOSIUM 2019 EUR REVOLVER                              | CUSIP: 945BLZII6<br>LEI: 9695009FFM30CUZ8FO85 | Long             | LON              | CORP              | FR        |    564707 | PA      | $808853.89    | 0.07%             | 2031-10-16      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| MONG DUONG FINANCE HOLDINGS BV                                           | MONG DUONG FIN HLDGS BV SR SECURED REGS 05/29 5.125        | CUSIP: N6000DAA1<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |   2236082 | PA      | $2214399.26   | 0.19%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                                     | EDISON INTERNATIONAL SR UNSECURED 03/30 6.25               | CUSIP: 281020BC0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    600000 | PA      | $624200.20    | 0.05%             | 2030-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD EUR BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $5190.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | REVERSE REPO/F. H. DEACON HOD 12/15 FIXED 2.079            | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -17612644 | PA      | $-17819807.83 | -1.50%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT HKD SOLD USD 20251017                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | HK        |         1 | NC      | $11.17        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KBR INC                                                                  | KBR INC COMPANY GUAR 144A 09/28 4.75                       | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1257128.55   | 0.11%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                                 | ALTICE FRANCE HOLDING SA SR SECURED REGS 05/27 8           | CUSIP: BL5F4LII6<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   1800000 | PA      | $767127.45    | 0.06%             | 2027-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORPORATION                                                     | CARNIVAL CORP COMPANY GUAR 144A 05/29 6                    | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   3000000 | PA      | $3046697.94   | 0.26%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2018-1                        | FREDDIE MAC   SCRT SCRT 2018 1 BX                          | CUSIP: 35563PEX3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4899572 | PA      | $2251744.43   | 0.19%             | 2057-05-25      | Variable      | 3.47%                 | No            |                  2 | On Loan: No      |
| AAMES MORTGAGE INVESTMENT TRUST 2004-1                                   | AAMES MORTGAGE INVESTMENT TRUS AMIT 2004 1 M7              | CUSIP: 00252FAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $2748030.25   | 0.23%             | 2035-01-25      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONAL LTD                                            | WEATHERFORD INTERNATIONA SR UNSECURED 144A 10/33 6.75      | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $1001320.61   | 0.08%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COGENT COMMUNICATIONS GROUP LLC / COGENT FINANCE INC                     | COGENT COMMS GRP / FIN COMPANY GUAR 144A 06/27 7           | CUSIP: 19240WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99817.87     | 0.01%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                       | TREASURY BILL 12/25 0.00000                                | CUSIP: 912797RX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1475000 | PA      | $1463120.51   | 0.12%             | 2025-12-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STRUCTURED ASSET SEC CORP 2005-7XS                                       | STRUCTURED ASSET SECURITIES CO SASC 2005 7XS M1            | CUSIP: 86359B7L9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96097 | PA      | $94308.12     | 0.01%             | 2035-04-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ASSET-BACKED CERT 2005-11                                    | COUNTRYWIDE ASSET BACKED CERTI CWL 2005 11 AF5A            | CUSIP: 126670CK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    529462 | PA      | $516447.78    | 0.04%             | 2036-02-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2024-2                        | FREDDIE MAC   SCRT SCRT 2024 2 BXS 144A                    | CUSIP: 35563PYJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10409264 | PA      | $5136077.62   | 0.43%             | 2064-05-25      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| SOUNDVIEW HOME EQUITY LOAN TRUST 2007-OPT3                               | SOUNDVIEW HOME EQUITY LOAN TRU SVHE 2007 OPT3 2A3          | CUSIP: 83612KAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1229391 | PA      | $1221907.18   | 0.10%             | 2037-08-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL GMBH                                            | CHEPLAPHARM ARZNEIMITTEL SR SECURED 144A 06/31 7.125       | CUSIP: ACI2Y4GV0<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    700000 | PA      | $844107.63    | 0.07%             | 2031-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORPORATION                                             | FREEDOM MORTGAGE CORP SR UNSECURED 144A 01/27 6.625        | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2995872.00   | 0.25%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC - SCRT 2017-2                                                | FREDDIE MAC   SCRT SCRT 2017 2 BIO 144A                    | CUSIP: 35563PBM0<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |  32178540 | PA      | $3885536.15   | 0.33%             | 2056-08-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM LIMITED                                                     | DYE + DURHAM LTD 04/29 8.625                               | CUSIP: 267486AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2500000 | PA      | $2474368.50   | 0.21%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS PARTNERS LP                                          | ENTERPRISE PRODUCTS PARTNERS MLP                           | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |   1023587 | NS      | $32007565.49  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| GSAA HOME EQUITY TRUST 2006-20                                           | GSAA HOME EQUITY TRUST GSAA 2006 20 A4A                    | CUSIP: 362351AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2150703 | PA      | $827514.77    | 0.07%             | 2046-12-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT EUR SOLD USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $296.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE ACQUIS CORP 2006-WMC4                                     | JP MORGAN MORTGAGE ACQUISITION JPMAC 2006 WMC4 A1A         | CUSIP: 46630BAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5041524 | PA      | $3197606.13   | 0.27%             | 2036-12-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST 2017                                                          | CREDIT SUISSE MORTGAGE TRUST CSMC 2017 CALI E 144A         | CUSIP: 12652FAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5200000 | PA      | $849576.00    | 0.07%             | 2032-11-10      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| SYNEOS HEALTH INC (STAR PARENT INC)                                      | STAR PARENT INC TERM LOAN B                                | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |   4937343 | PA      | $4943515.03   | 0.42%             | 2030-09-27      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| GSAMP TRUST 2006-FM1                                                     | GSAMP TRUST GSAMP 2006 FM1 A1                              | CUSIP: 362334PF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12830583 | PA      | $9693887.93   | 0.82%             | 2036-04-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | MPLX US TRS EQUITY SOFR+60 *BULLET* GST                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |         1 | NC      | $-2340113.90  | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| CENTEX HOME EQUITY 2004-D                                                | CENTEX HOME EQUITY CXHE 2004 D MV1                         | CUSIP: 152314LQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    413488 | PA      | $411182.89    | 0.03%             | 2034-09-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| US RENAL CARE INC                                                        | U S RENAL CARE INC 2023 SUPERPRIORITY TERM LOAN            | CUSIP: 90290PAS3<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |   7427117 | PA      | $7110313.44   | 0.60%             | 2028-06-28      | Floating      | 9.28%                 | No            |                  2 | On Loan: No      |
| MI WINDOWS AND DOORS LLC                                                 | MI WINDOWS AND DOORS LLC 2024 TERM LOAN B2                 | CUSIP: 55336CAK8<br>LEI: 2549001JQBGDT0WEQ156 | Long             | LON              | CORP              | US        |   2475000 | PA      | $2487201.75   | 0.21%             | 2031-03-28      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY ABS CAPITAL I 2004-HE9                                    | MORGAN STANLEY CAPITAL INC MSAC 2004 HE9 M6                | CUSIP: 61744CJY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1741138 | PA      | $1558640.04   | 0.13%             | 2034-11-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS LLC                                              | FTAI AVIATION INVESTORS COMPANY GUAR 144A 05/31 7          | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5234865.00   | 0.44%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL INC                                                       | VENTURE GLOBAL INC CL A COMMON STOCK USD.01                | CUSIP: 92333F101<br>LEI: 2549007XC91CAB3E0N98 | Long             | EC               | CORP              | US        |  15699112 | NS      | $222770399.28 | 18.78%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                      | REVERSE REPO DEUTSCHE REVERSE REPO                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3994459 | PA      | $-4024626.73  | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                            | ALTICE FRANCE SA SR SECURED 144A 10/29 5.5                 | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   2500000 | PA      | $2174840.88   | 0.18%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AIR TRANSPORT SERVICES GROUP INC (STONEPEAK NILE PARENT LLC)             | STONEPEAK NILE PARENT SR SECURED 144A 03/32 7.25           | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $526928.50    | 0.04%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                  | MPLX LP MLP                                                | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |    829136 | NS      | $41415343.20  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| DATABRICKS INC                                                           | DATABRICKS INC LAST OUT TERM LOAN                          | CUSIP: BA000D206<br>LEI: 984500FEDAC7FBD96273 | Long             | LON              | CORP              | US        |   4830786 | PA      | $4915324.79   | 0.41%             | 2031-01-03      | Floating      | 8.72%                 | No            |                  3 | On Loan: No      |
| ULTIMATE KRONOS GROUP INC                                                | UKG INC 02/31 6.875                                        | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4130360.00   | 0.35%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NEWFOLD DIGITAL HOLDINGS GROUP INC                                       | NEWFOLD DIGITAL HLDGS GR SR SECURED 144A 10/28 11.75       | CUSIP: 650929AA0<br>LEI: 549300UTQC2651SB0W88 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $2698000.00   | 0.23%             | 2028-10-15      | Fixed         | 11.75%                | No            |                  3 | On Loan: No      |
| CYBERSWIFT BV                                                            | CYBERSWIFT US FINCO, LLC TERM LOAN B                       | CUSIP: BA000Q199<br>LEI: 9845008473F79E3H9069 | Long             | LON              | CORP              | US        |   3500000 | PA      | $3502187.50   | 0.30%             | 2032-09-23      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| PFP 2024-11 LTD                                                          | PFP III PFP 2024 11 A 144A                                 | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |    338966 | PA      | $339735.99    | 0.03%             | 2039-09-17      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| OPEN TRUST 2023-AIR                                                      | OPEN TRUST OPEN 2023 AIR A 144A                            | CUSIP: 68373BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     32506 | PA      | $32574.64     | 0.00%             | 2040-11-15      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC - SCRT 2017-2                                                | FREDDIE MAC   SCRT SCRT 2017 2 B 144A                      | CUSIP: 35563PBK4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3184318 | PA      | $512437.97    | 0.04%             | 2056-08-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                                     | LIFEPOINT HEALTH INC 2024 1ST LIEN TERM LOAN B             | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |   6616543 | PA      | $6612771.39   | 0.56%             | 2031-05-19      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| SPRUCE BIDCO II INC                                                      | SPRUCE BIDCO II INC REVOLVER                               | CUSIP: BA000FL00<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    458257 | PA      | $458256.88    | 0.04%             | 2032-01-30      | Fixed         | 0.50%                 | No            |                  3 | On Loan: No      |
| N/A                                                                      | SOLD TRY BOUGHT USD 20251113                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $-3112.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OBX 2023-NQM10 TRUST                                                     | ONSLOW BAY FINANCIAL LLC OBX 2023 NQM10 A1 144A            | CUSIP: 67449CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    608307 | PA      | $615827.40    | 0.05%             | 2063-10-25      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM CORPORATION                                                 | DYE AND DURHAM CORPORATION 2024 USD TERM LOAN B            | CUSIP: C3117CAB0<br>LEI: 549300XUQDPIC5QRY347 | Long             | LON              | CORP              | CA        |   2367857 | PA      | $2357497.77   | 0.20%             | 2031-04-11      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                                                      | FS KKR CAPITAL CORP SR UNSECURED 10/28 3.125               | CUSIP: 302635AK3<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3245312.74   | 0.27%             | 2028-10-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | SOLD CAD BOUGHT USD 20251002                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $303505.84    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| TURKEY GOVT                                                              | TURKIYE GOVERNMENT BOND BONDS 05/28 VAR                    | CUSIP: ACI2PJ5W7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   4500000 | PA      | $106504.88    | 0.01%             | 2028-05-17      | Floating      | 48.48%                | No            |                  2 | On Loan: No      |
| ENVALIOR FINANCE GMBH                                                    | SCURALPHA 1503 GMBH USD TERM LOAN B1                       | CUSIP: D7001LAC7<br>LEI: 254900GAG6U7Z5TROP43 | Long             | LON              | CORP              | DE        |   1975125 | PA      | $1825222.60   | 0.15%             | 2030-03-29      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| CAST & CREW LLC                                                          | CAST   CREW LLC 2021 INCREMENTAL TERM LOAN                 | CUSIP: 14835JAQ3<br>LEI: 549300XE7OZGFGN5F466 | Long             | LON              | CORP              | US        |   2976799 | PA      | $2704004.91   | 0.23%             | 2028-12-29      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLOBAL FINANCE LLC                                       | BURFORD CAPITAL GLBL FIN COMPANY GUAR 144A 07/31 9.25      | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4361645.60   | 0.37%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED GAS & OIL CORPORATION                                        | DIVERSIFIED GAS + OIL CO SR SECURED 144A REGS 04/29 9.7    | CUSIP: ACI2W1Q54<br>LEI: 5493008O08WU7K5XC271 | Long             | DBT              | CORP              | US        |   2625000 | PA      | $2605149.83   | 0.22%             | 2029-04-09      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORP TRUST 2018-RIVR                              | GS MORTGAGE SECURITIES TRUST GSMS 2018 RIVR A 144A         | CUSIP: 36255WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    998281 | PA      | $678830.76    | 0.06%             | 2035-07-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| BEAR STEARNS ASSETBACK SEC 2006-HE8                                      | BEAR STEARNS ASSET BACKED SECU BSABS 2006 HE8 2M2          | CUSIP: 07388JAT2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3264217 | PA      | $3142695.57   | 0.26%             | 2036-10-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT INC                                                           | PROOFPOINT INC 2024 TERM LOAN                              | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |   6053904 | PA      | $6085202.97   | 0.51%             | 2028-08-31      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| FLEETPRIDE INC                                                           | FASTLANE PARENT COMPANY, INC. 2023 TERM LOAN B             | CUSIP: 31187LAG8<br>LEI: 5493005IX60917DT0D94 | Long             | LON              | CORP              | US        |   3671899 | PA      | $3557739.40   | 0.30%             | 2028-09-29      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                      | BOUGHT CAD SOLD USD 20251104                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $112.66       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QLIK TECHNOLOGIES (PROJECT ALPHA INTERMEDIATE HOLDING INC)               | PROJECT ALPHA INTMDT HLDNG INC 2024 1ST LIEN TERM LOAN B   | CUSIP: 74339DAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3950150 | PA      | $3965634.59   | 0.33%             | 2030-10-26      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** PIMCO Dynamic Income Strategy Fund

**Signature:** /s/ Bijal Parikh

**Name of Signer:** Bijal Parikh

**Title:** Treasurer