# EDGAR Filing Document

**Accession Number:** 0000882381
**File Stem:** 0001752724-23-073147
**Filing Date:** 2023-3
**Character Count:** 363529
**Document Hash:** 414a92ee62bb72d7a28beb7e5b8555b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-073147.hdr.sgml**: 20230403

**ACCESSION NUMBER**: 0001752724-23-073147

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY GLOBAL FIXED INCOME OPPORTUNITIES FUND
- **CENTRAL INDEX KEY:** 0000882381
- **IRS NUMBER:** 133647664
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06515
- **FILM NUMBER:** 23777638

**BUSINESS ADDRESS:**
- **STREET 1:** 522 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 522 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY FIXED INCOME OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 20111220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY FLEXIBLE INCOME TRUST
- **DATE OF NAME CHANGE:** 20030711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY DIVERSIFIED INCOME TRUST
- **DATE OF NAME CHANGE:** 20010618

## Series and Classes Contracts Data

### Global Fixed Income Opportunities Fund (Series ID: S000002382)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006295 | A            | DINAX           |
| C000006297 | L            | DINCX           |
| C000006298 | I            | DINDX           |
| C000126926 | CLASS R6     | MGFOX           |
| C000155980 | Class C      | MSIPX           |
| C000198830 | Class IR     | MFIRX           |

## Nport-Ex

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT<br> (000)** |  | **COUPON<br> RATE** | **MATURITY<br> DATE** | **VALUE** |
|  | **Corporate Bonds (41.3%)** |  |  |  |
|  | **Australia (2.5%)** |  |  |  |
|  | Basic Materials |  |  |  |
| $2150 | Glencore Funding LLC (a) | 3.875% | 10/27/27 | $2056017 |
| 600 | Glencore Funding LLC, Series GLEN | 0.00(b) | 03/27/25 | 698052 |
| 2150 | Newcastle Coal Infrastructure Group Pty Ltd. (a) | 4.40 | 09/29/27 | 1941783 |
| 1925 | Newcastle Coal Infrastructure Group Pty Ltd. (a) | 4.70 | 05/12/31 | 1546633 |
|  |  |  |  | 6242485 |
|  | Energy |  |  |  |
| 2098 | Santos Finance Ltd. | 4.125 | 09/14/27 | 1962794 |
|  | Finance |  |  |  |
| 2725 | Australia & New Zealand Banking Group Ltd. (a) | 2.57 | 11/25/35 | 2104105 |
| 2300 | Commonwealth Bank of Australia | 1.936 | 10/03/29 | 2386099 |
| $2425 | Westpac Banking Corp. | 2.668 | 11/15/35 | 1906987 |
|  |  |  |  | 6397191 |
|  | Industrials |  |  |  |
| 1000 | Aurizon Network Pty Ltd. | 3.125 | 06/01/26 | 1062408 |
|  | Utilities |  |  |  |
| 1650 | APA Infrastructure Ltd. | 2.00 | 03/22/27 | 1668331 |
| $2275 | APA Infrastructure Ltd. (a) | 4.20 | 03/23/25 | 2221939 |
|  |  |  |  | 3890270 |
|  | **Total Australia** |  |  | 19555148 |
|  | **Belgium (0.2%)** |  |  |  |
|  | Consumer, Non-Cyclical |  |  |  |
| 1750 | Anheuser-Busch InBev SA | 3.70 | 04/02/40 | 1833176 |
|  | **Brazil (0.4%)** |  |  |  |
|  | Basic Materials |  |  |  |
| $2385 | Braskem Netherlands Finance BV (a) | 4.50 | 01/31/30 | 2102748 |
|  | Communications |  |  |  |
| 1030 | MercadoLibre, Inc. (c) | 3.125 | 01/14/31 | 821173 |
|  | **Total Brazil** |  |  | 2923921 |
|  | **Burkina Faso (0.2%)** |  |  |  |
|  | Basic Materials |  |  |  |
| 1930 | IAMGOLD Corp. (a) | 5.75 | 10/15/28 | 1527933 |
|  | **Canada (1.5%)** |  |  |  |
|  | Basic Materials |  |  |  |
| 2570 | Hudbay Minerals, Inc. (a) | 4.50 | 04/01/26 | 2371133 |
| 2260 | NOVA Chemicals Corp. (a) | 4.875 | 06/01/24 | 2228846 |
|  |  |  |  | 4599979 |
|  | Communications |  |  |  |
| 1729 | Shopify, Inc. | 0.125 | 11/01/25 | 1524114 |
|  | Consumer, Cyclical |  |  |  |
| 1420 | Air Canada (a) | 3.875 | 08/15/26 | 1315427 |
|  | Consumer, Non-Cyclical |  |  |  |
| 1370 | Garda World Security Corp. (a) | 6.00 | 06/01/29 | 1145416 |
| 1980 | Garda World Security Corp. (a) | 9.50 | 11/01/27 | 1958177 |
| 1500 | Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (a)(c) | 7.00 | 12/31/27 | 1309283 |
|  |  |  |  | 4412876 |
|  | **Total Canada** |  |  | 11852396 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cayman Islands (0.1%)** |  |  |  |
|  | Finance |  |  |  |
| 1000.0 | Banco del Pacifico SA | 8.75 | 12/20/24 | 980000 |
|  | **Chile (0.1%)** |  |  |  |
|  | Communications |  |  |  |
| 1000.0 | Liberty Latin America Ltd. | 2.0 | 07/15/24 | 921250 |
|  | **China (0.7%)** |  |  |  |
|  | Basic Materials |  |  |  |
| 1280.0 | CNAC HK Finbridge Co. Ltd. | 3.875 | 06/19/29 | 1176153 |
|  | Communications |  |  |  |
| 1463.0 | Baidu, Inc. | 1.72 | 04/09/26 | 1315793 |
| 1600.0 | Prosus NV | 2.031 | 08/03/32 | 1305706 |
| $1600.0 | Tencent Holdings Ltd. (a) | 3.595 | 01/19/28 | 1514550 |
|  |  |  |  | 4136049 |
|  | **Total China** |  |  | 5312202 |
|  | **Colombia (0.1%)** |  |  |  |
|  | Finance |  |  |  |
| 920.0 | Grupo Aval Ltd. (a) | 4.375 | 02/04/30 | 763623 |
|  | **Denmark (0.3%)** |  |  |  |
|  | Finance |  |  |  |
| 2200.0 | Danske Bank AS | 1.375 | 02/12/30 | 2228538 |
|  | **France (4.4%)** |  |  |  |
|  | Communications |  |  |  |
| 2450.0 | Orange SA | 5.0 | (e) | 2701434 |
|  | Consumer, Cyclical |  |  |  |
| 2800.0 | Renault SA | 1.125 | 10/04/27 | 2545760 |
|  | Energy |  |  |  |
| 2300.0 | TotalEnergies SE | 2.708 | (e) | 2488486 |
| 2280.0 | TotalEnergies SE Series FP | 2.0 | (e) | 1947433 |
|  |  |  |  | 4435919 |
|  | Finance |  |  |  |
| 2500.0 | AXA SA | 3.25 | 05/28/49 | 2495394 |
| 6600.0 | BNP Paribas SA | 0.5 | 06/04/26 | 6646947 |
| $2400.0 | BNP Paribas SA (a) | 2.819 | 11/19/25 | 2299750 |
| 2400.0 | BNP Paribas SA | 2.875 | 10/01/26 | 2536240 |
| 3500.0 | BPCE SA | 2.375 | 04/26/32 | 3402725 |
| $1875.0 | BPCE SA (a) | 5.15 | 07/21/24 | 1855670 |
| 3100.0 | Credit Agricole Assurances SA | 4.5 | (e) | 3328778 |
| 2000.0 | Credit Agricole SA | 2.625 | 03/17/27 | 2057134 |
|  |  |  |  | 24622638 |
|  | **Total France** |  |  | 34305751 |
|  | **Germany (1.6%)** |  |  |  |
|  | Basic Materials |  |  |  |
| 1500.0 | BASF SE | 3.75 | 06/29/32 | 1645956 |
|  | Consumer, Cyclical |  |  |  |
| 2300.0 | Volkswagen International Finance NV | 4.625 | (e) | 2415931 |
|  | Consumer, Non-Cyclical |  |  |  |
| 600.0 | Techem Verwaltungsgesellschaft 675 mbH | 2.0 | 07/15/25 | 607038 |
| 650.0 | Techem Verwaltungsgesellschaft 675 mbH (a) | 2.0 | 07/15/25 | 657624 |
|  |  |  |  | 1264662 |
|  | Energy |  |  |  |
| 2400.0 | Wintershall Dea Finance BV | 1.332 | 09/25/28 | 2202802 |
|  | Finance |  |  |  |
| 1900.0 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3.25 | 05/26/49 | 1901183 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| 3000 | Vonovia SE | 0.625 | 12/14/29 | 2538938 |
|  |  |  |  | 4440121 |
|  | **Total Germany** |  |  | 11969472 |
|  | **India (1.0%)** |  |  |  |
|  | Communications |  |  |  |
| $1990 | Bharti Airtel Ltd. | 4.375 | 06/10/25 | 1947301 |
|  | Energy |  |  |  |
| 1900 | ONGC Videsh Vankorneft Pte Ltd. | 3.75 | 07/27/26 | 1788684 |
|  | Industrials |  |  |  |
| 2650 | Fly Leasing Ltd. (a) | 7.00 | 10/15/24 | 2295595 |
| 1800 | Indian Railway Finance Corp. Ltd. (a) | 3.57 | 01/21/32 | 1574280 |
|  |  |  |  | 3869875 |
|  | **Total India** |  |  | 7605860 |
|  | **Ireland (0.7%)** |  |  |  |
|  | Finance |  |  |  |
| 2275 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 2.45 | 10/29/26 | 2047695 |
| 1915 | Luminis Finance PLC | 4.00(d) | 12/06/24 | 1987689 |
| $1300 | Park Aerospace Holdings Ltd. (a) | 5.50 | 02/15/24 | 1290512 |
|  | **Total Ireland** |  |  | 5325896 |
|  | **Italy (0.6%)** |  |  |  |
|  | Finance |  |  |  |
| 3000 | Assicurazioni Generali SpA | 5.50 | 10/27/47 | 3341210 |
|  | Industrials |  |  |  |
| $1300 | F-Brasile SpA/F-Brasile U.S. LLC, Series XR (a) | 7.375 | 08/15/26 | 1067553 |
|  | **Total Italy** |  |  | 4408763 |
|  | **Luxembourg (0.3%)** |  |  |  |
|  | Finance |  |  |  |
| 1000 | Blackstone Property Partners Europe Holdings Sarl | 1.25 | 04/26/27 | 907229 |
| 1500 | Blackstone Property Partners Europe Holdings Sarl | 2.20 | 07/24/25 | 1508214 |
|  | **Total Luxembourg** |  |  | 2415443 |
|  | **Mexico (0.1%)** |  |  |  |
|  | Finance |  |  |  |
| $1600 | Banco Actinver SA/Grupo GICSA SAB de CV (a) | 4.80 | 12/18/34 | 976000 |
|  | **Netherlands (1.5%)** |  |  |  |
|  | Communications |  |  |  |
| 2250 | UPC Holding BV | 3.875 | 06/15/29 | 2155872 |
|  | Consumer, Non-Cyclical |  |  |  |
| 650 | Q-Park Holding I BV (a) | 1.50 | 03/01/25 | 659744 |
| 700 | Q-Park Holding I BV | 1.50 | 03/01/25 | 710494 |
|  |  |  |  | 1370238 |
|  | Finance |  |  |  |
| 3000 | ASR Nederland NV | 5.00 | (e) | 3273124 |
| 2000 | ING Groep NV | 1.00 | 11/13/30 | 1948173 |
| 2300 | NN Group NV | 4.50 | (e) | 2474239 |
|  |  |  |  | 7695536 |
|  | **Total Netherlands** |  |  | 11221646 |
|  | **Panama (0.1%)** |  |  |  |
|  | Utilities |  |  |  |
| $1000 | AES Panama Generation Holdings SRL | 4.375 | 05/31/30 | 888190 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Poland (0.2%)** |  |  |  |
|  | Industrials |  |  |  |
| 2080.0 | Canpack SA/Canpack US LLC (a) | 3.875 | 11/15/29 | 1729686 |
|  | **Portugal (0.5%)** |  |  |  |
|  | Utilities |  |  |  |
| 1800.0 | EDP - Energias de Portugal SA | 1.7 | 07/20/80 | 1783055 |
| 1900.0 | EDP - Energias de Portugal SA | 2.875 | 06/01/26 | 2020358 |
|  | **Total Portugal** |  |  | 3803413 |
|  | **Spain (2.8%)** |  |  |  |
|  | Communications |  |  |  |
| 1075.0 | Lorca Telecom Bondco SA | 4.0 | 09/18/27 | 1073747 |
|  | Consumer, Non-Cyclical |  |  |  |
| 425.0 | Grifols SA (a) | 2.25 | 11/15/27 | 404102 |
| 1675.0 | Grifols SA | 2.25 | 11/15/27 | 1592635 |
|  |  |  |  | 1996737 |
|  | Energy |  |  |  |
| 2050.0 | Repsol International Finance BV | 2.5 | (e) | 1951469 |
|  | Finance |  |  |  |
| 2500.0 | Banco Santander SA | 3.125 | 01/19/27 | 2624903 |
| $3600.0 | Banco Santander SA | 5.179 | 11/19/25 | 3590574 |
| 7200.0 | CaixaBank SA | 2.25 | 04/17/30 | 7299570 |
| 2000.0 | Inmobiliaria Colonial Socimi SA | 1.35 | 10/14/28 | 1863415 |
|  |  |  |  | 15378462 |
|  | Utilities |  |  |  |
| 1700.0 | Iberdrola International BV, Series NC6 | 1.45 | (e) | 1607990 |
|  | **Total Spain** |  |  | 22008405 |
|  | **Sweden (0.2%)** |  |  |  |
|  | Finance |  |  |  |
| 2100.0 | Akelius Residential Property Financing BV | 1.125 | 01/11/29 | 1804192 |
|  | **Switzerland (1.0%)** |  |  |  |
|  | Basic Materials |  |  |  |
| $1200.0 | Syngenta Finance NV (a) | 4.441 | 04/24/23 | 1196510 |
|  | Finance |  |  |  |
| 2400.0 | Credit Suisse Group AG (a) | 2.593 | 09/11/25 | 2195616 |
| 1450.0 | Credit Suisse Group AG | 2.875 | 04/02/32 | 1237483 |
| $1725.0 | Credit Suisse Group AG (a) | 6.537 | 08/12/33 | 1657577 |
| 1375.0 | UBS AG | 5.125 | 05/15/24 | 1364007 |
|  |  |  |  | 6454683 |
|  | **Total Switzerland** |  |  | 7651193 |
|  | **Turkey (0.3%)** |  |  |  |
|  | Basic Materials |  |  |  |
| 2670.0 | Eldorado Gold Corp. (a)(c) | 6.25 | 09/01/29 | 2450293 |
|  | **United Arab Emirates (0.3%)** |  |  |  |
|  | Energy |  |  |  |
| 2400.0 | Galaxy Pipeline Assets Bidco Ltd. (a) | 2.625 | 03/31/36 | 1968429 |
|  | **United Kingdom (2.6%)** |  |  |  |
|  | Communications |  |  |  |
| 2350.0 | Virgin Media Finance PLC | 3.75 | 07/15/30 | 2064989 |
|  | Consumer, Non-Cyclical |  |  |  |
| $2175.0 | BAT Capital Corp. | 4.906 | 04/02/30 | 2062498 |
| 2750.0 | Imperial Brands Finance PLC (a) | 3.125 | 07/26/24 | 2655756 |
|  |  |  |  | 4718254 |
|  | Energy |  |  |  |
| 1075.0 | BP Capital Markets PLC | 4.375 | (e) | 1039794 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 2300 | BP Capital Markets PLC |  | 4.875 | (e) | 2154812 |
|  |  |  |  |  | 3194606 |
|  | Finance |  |  |  |  |
| 1700 | Aviva PLC |  | 3.875 | 07/03/44 | 1813965 |
| $2075 | Barclays PLC |  | 3.932 | 05/07/25 | 2033863 |
| 2600 | HSBC Holdings PLC |  | 2.633 | 11/07/25 | 2481108 |
| 900 | Lloyds Banking Group PLC |  | 4.947 | (e) | 954062 |
| $1725 | Standard Chartered PLC (a) |  | 2.678 | 06/29/32 | 1411300 |
|  |  |  |  |  | 8694298 |
|  | Utilities |  |  |  |  |
| 850 | NGG Finance PLC |  | 5.625 | 06/18/73 | 1022379 |
|  | **Total United Kingdom** |  |  |  | 19694526 |
|  | **United States (17.0%)** |  |  |  |  |
|  | Basic Materials |  |  |  |  |
| $3800 | Celanese U.S. Holdings LLC |  | 6.165 | 07/15/27 | 3851606 |
| 1475 | Rain CII Carbon LLC/CII Carbon Corp. (a) |  | 7.25 | 04/01/25 | 1389320 |
|  |  |  |  |  | 5240926 |
|  | Communications |  |  |  |  |
| 1306 | Arches Buyer, Inc. (a) |  | 4.25 | 06/01/28 | 1098784 |
| 3600 | Charter Communications Operating LLC/Charter Communications Operating Capital |  | 2.80 | 04/01/31 | 2951189 |
| 2200 | Charter Communications Operating LLC/Charter Communications Operating Capital |  | 4.20 | 03/15/28 | 2094190 |
| 1565 | Endurance International Group Holdings, Inc. (a) |  | 6.00 | 02/15/29 | 1114180 |
| 1000 | Match Group Financeco 2, Inc. (a) |  | 0.875 | 06/15/26 | 963750 |
| 1856 | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC (a) |  | 4.738 | 09/20/29 | 1841908 |
| 1485 | Uber Technologies, Inc. (c) |  | 0.00(b) | 12/15/25 | 1312363 |
|  |  |  |  |  | 11376364 |
|  | Consumer, Cyclical |  |  |  |  |
| 2720 | American Airlines, Inc./AAdvantage Loyalty IP Ltd. (a) |  | 5.75 | 04/20/29 | 2634557 |
| 1632 | American Axle & Manufacturing, Inc. (c) |  | 6.50 | 04/01/27 | 1507495 |
| 1425 | American Greetings Corp. (a) |  | 8.75 | 04/15/25 | 1412624 |
| 2260 | Ferrellgas LP/Ferrellgas Finance Corp. (a) |  | 5.375 | 04/01/26 | 2082748 |
| 1840 | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (a) |  | 6.75 | 01/15/30 | 1529445 |
| 2500 | Ford Motor Credit Co. LLC |  | 4.125 | 08/17/27 | 2309475 |
| 1225 | General Motors Financial Co., Inc. |  | 3.80 | 04/07/25 | 1190323 |
| 3000 | Hyundai Capital America (a) |  | 1.80 | 01/10/28 | 2544586 |
| 2075 | Hyundai Capital America (a)(c) |  | 3.00 | 02/10/27 | 1913003 |
| 1530 | Lions Gate Capital Holdings LLC (a) |  | 5.50 | 04/15/29 | 996673 |
| 2150 | Macy's Retail Holdings LLC (a) |  | 5.875 | 03/15/30 | 1964853 |
| 2170 | Peloton Interactive, Inc. |  | 0.00(b) | 02/15/26 | 1681808 |
| 1000 | Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (a)(c) |  | 5.625 | 09/01/29 | 720136 |
| 2400 | Resorts World Las Vegas LLC/RWLV Capital, Inc. (a)(c) |  | 4.625 | 04/16/29 | 1964717 |
| 1160 | Scientific Games Holdings LP/Scientific Games US FinCo Inc (a) |  | 6.625 | 03/01/30 | 1034720 |
| 1570 | Tempur Sealy International, Inc. (a) |  | 3.875 | 10/15/31 | 1295509 |
| 1350 | TPro Acquisition Corp. (a) | 1 | 1.00 | 10/15/24 | 1318534 |
| 1550 | Victoria's Secret & Co. (a)(c) |  | 4.625 | 07/15/29 | 1289879 |
| 4250 | Warnermedia Holdings, Inc. (a) |  | 4.279 | 03/15/32 | 3785953 |
|  |  |  |  |  | 33177038 |
|  | Consumer, Non-Cyclical |  |  |  |  |
| 220 | Allied Universal Holdco LLC/Allied Universal Finance Corp. (a) |  | 6.00 | 06/01/29 | 177288 |
| 1900 | Bellring Brands, Inc. (a) |  | 7.00 | 03/15/30 | 1888452 |
| 1970 | BioMarin Pharmaceutical, Inc. |  | 0.599 | 08/01/24 | 2178032 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1505 | Coty, Inc. (a)(c) |  | 6.5 | 04/15/26 | 1485443 |
| 694 | Dexcom, Inc. (c) |  | 0.25 | 11/15/25 | 734252 |
| 1050 | Intercept Pharmaceuticals, Inc. |  | 3.25 | 07/01/23 | 1044671 |
| 2275 | JBS USA Food Co. (a) |  | 2.5 | 01/15/27 | 2029107 |
| 1290 | Medline Borrower LP (a)(c) |  | 5.25 | 10/01/29 | 1081930 |
| 1500 | Sotheby's (a) |  | 7.375 | 10/15/27 | 1443109 |
| 1100 | Tenet Healthcare Corp. (a) |  | 6.125 | 10/01/28 | 1029820 |
| 2150 | Upjohn Finance BV |  | 1.362 | 06/23/27 | 2076997 |
|  |  |  |  |  | 15169101 |
|  | Energy |  |  |  |  |
| $2100 | Colgate Energy Partners III LLC (a) |  | 5.875 | 07/01/29 | 1971118 |
| 1625 | Energy Transfer LP |  | 4.95 | 06/15/28 | 1617123 |
| 1250 | Energy Transfer LP |  | 5.5 | 06/01/27 | 1269588 |
| 645 | Global Partners LP/GLP Finance Corp. |  | 6.875 | 01/15/29 | 609534 |
| 2020 | Global Partners LP/GLP Finance Corp. |  | 7 | 08/01/27 | 1942558 |
| 1965 | Matador Resources Co. |  | 5.875 | 09/15/26 | 1934911 |
| 1876 | ONEOK, Inc. |  | 3.1 | 03/15/30 | 1651882 |
| 1475 | ONEOK, Inc. |  | 6.1 | 11/15/32 | 1552487 |
| 2125 | Sabine Pass Liquefaction LLC |  | 4.5 | 05/15/30 | 2063957 |
| 2275 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (a) |  | 6 | 12/31/30 | 2074834 |
|  |  |  |  |  | 16687992 |
|  | Finance |  |  |  |  |
| 1375 | Acrisure LLC/Acrisure Finance, Inc. (a) | 1 | 0.125 | 08/01/26 | 1376659 |
| 1375 | Advisor Group Holdings, Inc. (a) | 1 | 0.75 | 08/01/27 | 1420447 |
| 1300 | Air Lease Corp. |  | 0.8 | 08/18/24 | 1211595 |
| 2050 | Citigroup, Inc. |  | 2.52 | 11/03/32 | 1679300 |
| 1440 | Coinbase Global, Inc. (a) |  | 3.375 | 10/01/28 | 931032 |
| 2000 | Corebridge Financial, Inc. (a) |  | 3.65 | 04/05/27 | 1912720 |
| 1000 | Enova International, Inc. (a) |  | 8.5 | 09/01/24 | 972690 |
| 1180 | Global Atlantic Fin Co. (a) |  | 4.7 | 10/15/51 | 1017485 |
| 2450 | Goldman Sachs Group, Inc. |  | 2 | 11/01/28 | 2412247 |
| $1425 | Howard Hughes Corp. (a) |  | 4.375 | 02/01/31 | 1185762 |
| 1000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  | 5.25 | 05/15/27 | 932415 |
| 2060 | Jane Street Group/JSG Finance, Inc. (a) |  | 4.5 | 11/15/29 | 1841843 |
| 1610 | Jefferies Finance LLC/JFIN Co.-Issuer Corp. (a) |  | 5 | 08/15/28 | 1368115 |
| 3100 | JPMorgan Chase & Co. |  | 0.597 | 02/17/33 | 2526216 |
| $2350 | JPMorgan Chase & Co. |  | 2.545 | 11/08/32 | 1952153 |
| 1200 | Prologis Euro Finance LLC |  | 1.875 | 01/05/29 | 1165917 |
| $1525 | Provident Funding Associates LP/PFG Finance Corp. (a) |  | 6.375 | 06/15/25 | 1431373 |
| 1975 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (a) |  | 3.875 | 03/01/31 | 1611244 |
| 1085 | SVB Financial Group |  | 4.1 | (e) | 811037 |
| 2050 | Synchrony Bank |  | 5.625 | 08/23/27 | 2043024 |
|  |  |  |  |  | 29803274 |
|  | Industrials |  |  |  |  |
| 1825 | Boeing Co. |  | 2.196 | 02/04/26 | 1688000 |
| 1425 | LABL, Inc. (a) | 1 | 0.5 | 07/15/27 | 1357498 |
| 1300 | LABL, Inc. (a) |  | 8.25 | 11/01/29 | 1092812 |
| 1100 | Standard Industries, Inc. |  | 2.25 | 11/21/26 | 1042286 |
| $1395 | Trident TPI Holdings, Inc. (a) |  | 6.625 | 11/01/25 | 1253127 |
| 1415 | Triumph Group, Inc. (a) |  | 6.25 | 09/15/24 | 1367867 |
| 1900 | Vontier Corp. |  | 1.8 | 04/01/26 | 1652677 |
|  |  |  |  |  | 9454267 |
|  | Technology |  |  |  |  |
| 1262 | Castle US Holding Corp. (a) |  | 9.5 | 02/15/28 | 486352 |
| 1500 | Dell International LLC/EMC Corp. |  | 5.75 | 02/01/33 | 1499887 |
| 1600 | Fidelity National Information Services, Inc. |  | 1.5 | 05/21/27 | 1599118 |
| $1300 | McAfee Corp. (a) |  | 7.375 | 02/15/30 | 1081662 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1000 | Tyler Technologies, Inc. |  | 0.25 | 03/15/26 | 954500 |
| 1615 | Ziff Davis, Inc. (a) |  | 4.625 | 10/15/30 | 1432949 |
|  |  |  |  |  | 7054468 |
|  | Utilities |  |  |  |  |
| 2000 | Southern Co. (f) |  | 4.475 | 08/01/24 | 1979484 |
| 2000 | Vistra Operations Co. LLC (a) |  | 4.875 | 05/13/24 | 1976380 |
|  |  |  |  |  | 3955864 |
|  | **Total United States** |  |  |  | 131919294 |
|  | **Total Corporate Bonds** *(Cost $351,947,221)* |  |  |  | 320044639 |
|  | **Sovereign (15.1%)** |  |  |  |  |
|  | **Australia (1.3%)** |  |  |  |  |
| 17000 | Australia Government Bond |  | 1.25 | 05/21/32 | 9843214 |
|  | **Dominican Republic (0.9%)** |  |  |  |  |
| $2000 | Dominican Republic International Bond (a) |  | 4.875 | 09/23/32 | 1710075 |
| 1700 | Dominican Republic International Bond (a) |  | 5.5 | 02/22/29 | 1605510 |
| 211000 | Dominican Republic International Bond (a) | 1 | 3.625 | 02/03/33 | 3718062 |
|  | **Total Dominican Republic** |  |  |  | 7033647 |
|  | **Ecuador (0.1%)** |  |  |  |  |
| $1800 | Ecuador Government International Bond (a)(f) |  | 2.5 | 07/31/35 | 881698 |
|  | **Egypt (0.3%)** |  |  |  |  |
| 2200 | Egypt Government International Bond (a) |  | 6.375 | 04/11/31 | 1687811 |
| $970 | Egypt Government International Bond (a) |  | 7.5 | 02/16/61 | 633570 |
|  | **Total Egypt** |  |  |  | 2321381 |
|  | **Germany (1.4%)** |  |  |  |  |
| 7000 | Bundesrepublik Deutschland Bundesanleihe |  | 0 | 08/15/31 | 6318748 |
| 4700 | Kreditanstalt fuer Wiederaufbau |  | 1.375 | 06/07/32 | 4509557 |
|  | **Total Germany** |  |  |  | 10828305 |
|  | **Indonesia (0.5%)** |  |  |  |  |
| 29142000 | Indonesia Treasury Bond |  | 6.625 | 05/15/33 | 1929593 |
| 25000000 | Indonesia Treasury Bond |  | 8.375 | 03/15/34 | 1864243 |
|  | **Total Indonesia** |  |  |  | 3793836 |
|  | **Ivory Coast (0.2%)** |  |  |  |  |
| 1900 | Ivory Coast Government International Bond (a) |  | 4.875 | 01/30/32 | 1626855 |
|  | **Mexico (4.7%)** |  |  |  |  |
| 384000 | Mexican Bonos |  | 8.5 | 05/31/29 | 20229717 |
| 206500 | Mexican Bonos, Series M |  | 7.75 | 05/29/31 | 10375719 |
| 1100 | Petroleos Mexicanos |  | 2.75 | 04/21/27 | 1002297 |
| $1800 | Petroleos Mexicanos |  | 5.95 | 01/28/31 | 1443318 |
| 2200 | Petroleos Mexicanos |  | 6.7 | 02/16/32 | 1829158 |
| 1846 | Petroleos Mexicanos (a) | 1 | 0 | 02/07/33 | 1803542 |
|  | **Total Mexico** |  |  |  | 36683751 |
|  | **New Zealand (1.1%)** |  |  |  |  |
| 7700 | New Zealand Government Bond |  | 3.5 | 04/14/33 | 4702665 |
| 6600 | New Zealand Government Bond |  | 4.25 | 05/15/34 | 4270119 |
|  | **Total New Zealand** |  |  |  | 8972784 |
|  | **Nigeria (0.2%)** |  |  |  |  |
| $1300 | Africa Finance Corp. (a) |  | 4.375 | 04/17/26 | 1241240 |
|  | **Peru (0.2%)** |  |  |  |  |
| 6700 | Peru Government Bond |  | 6.15 | 08/12/32 | 1525610 |
|  | **Romania (0.3%)** |  |  |  |  |
| 2530 | Romanian Government International Bond (a) |  | 3.75 | 02/07/34 | 2183152 |
|  | **South Africa (3.9%)** |  |  |  |  |
| 83000 | Republic of South Africa Government Bond |  | 8 | 01/31/30 | 4372526 |
| 150000 | Republic of South Africa Government Bond |  | 8.25 | 03/31/32 | 7583621 |
| 67000 | Republic of South Africa Government Bond |  | 8.875 | 02/28/35 | 3327859 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 313200 | Republic of South Africa Government Bond |  | 9.00 | 01/31/40 | 14859000 |
|  | **Total South Africa** |  |  |  | 30143006 |
|  | **Total Sovereign** *(Cost $115,532,601)* |  |  |  | 117078479 |
|  | **Agency Fixed Rate Mortgages (0.7%)** |  |  |  |  |
| $1 | Federal Home Loan Mortgage Corporation, Gold Pool: |  | 6.50 | 10/01/32 | 642 |
|  | Federal National Mortgage Association, Conventional Pools: |  |  |  |  |
| 16 |  |  | 6.50 | 05/01/28–01/01/32 | 17111 |
| 2 |  |  | 7.00 | 11/01/32 | 2628 |
|  | Government National Mortgage Association, Various Pools: |  |  |  |  |
| 2 |  |  | 7.50 | 07/20/25 | 2117 |
| 6 |  |  | 8.00 | 03/15/23–05/15/30 | 6989 |
| 5000 | Uniform Mortgage-Backed Security, February TBA (g) |  | 5.50 | 02/01/53 | 5080471 |
|  | **Total Agency Fixed Rate Mortgages** *(Cost $5,097,719)* |  |  |  | 5109958 |
|  | **Asset-Backed Securities (11.8%)** |  |  |  |  |
| 764 | ABFC Trust,<br>1 Month USD LIBOR + 1.05% |  | 5.556(d) | 08/25/33 | 745025 |
| 2649 | AMSR Trust (a) |  | 3.867 | 01/19/39 | 2377598 |
| 500 | Apidos XXXV,<br>3 Month USD LIBOR + 5.75% (a) | 1 | 0.558(d) | 04/20/34 | 444767 |
| 36 | Asset-Backed Securities Corp. Home Equity Loan Trust,<br>1 Month USD LIBOR + 0.38% |  | 3.262(d) | 03/25/36 | 35177 |
| 1506 | Bayview Financial Revolving Asset Trust,<br>1 Month USD LIBOR + 1.00% (a) |  | 5.547(d) | 02/28/40 | 1323009 |
| 114 | Bear Stearns Asset-Backed Securities Trust |  | 3.833(d) | 07/25/36 | 112376 |
| 2240 | Blackbird Capital Aircraft Lease Securitization Ltd. (a) |  | 4.213 | 12/16/41 | 1857322 |
| 489 | Business Loan Express Business Loan Trust,<br>1 Month USD LIBOR + 0.40% (a) |  | 4.886(d) | 10/20/40 | 431186 |
| 1121 | Cascade MH Asset Trust (a) |  | 4.00(d) | 11/25/44 | 1061575 |
|  | CBAM 2021-14 Ltd. |  |  |  |  |
| 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 3.10% (a) |  | 7.908(d) | 04/20/34 | 436363 |
| 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 6.50% (a) | 1 | 1.308(d) | 04/20/34 | 213393 |
| 647 | Chase Funding Loan Acquisition Trust |  | 5.50 | 08/25/34 | 597817 |
| 508 | Citigroup Mortgage Loan Trust,<br>1 Month USD LIBOR + 3.00% (a) |  | 7.506(d) | 07/25/44 | 544483 |
|  | Conn's Receivables Funding LLC |  |  |  |  |
| 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) |  | 0.00 | 12/15/26 | 2819880 |
| 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) |  | 4.59 | 05/15/26 | 3849665 |
| 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) |  | 9.52 | 12/15/26 | 1997719 |
| 1500 | CWABS Asset-Backed Certificates Trust,<br>1 Month USD LIBOR + 1.58% |  | 3.79(d) | 03/25/35 | 1295459 |
| 603 | Diamond Resorts Owner Trust (a) |  | 4.02 | 02/20/32 | 587379 |
| 1900 | ECAF I Ltd. (Cayman Islands) (a) |  | 4.947 | 06/15/40 | 1196716 |
|  | Finance of America HECM Buyout |  |  |  |  |
| 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) |  | 6.00(d) | 08/01/32 | 2180898 |
| 1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) |  | 6.00(d) | 08/01/32 | 1233353 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) |  | 7.87(d) | 02/25/32 | 4681987 |
| 4000 | FMC GMSR Issuer Trust (a) |  | 7.17 | 04/25/27 | 3586751 |
| 1320 | GAIA Aviation Ltd. (Cayman Islands) (a) |  | 7.00 | 12/15/44 | 602043 |
|  | GSAA Home Equity Trust |  |  |  |  |
| 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 1.88% |  | 6.381(d) | 12/25/34 | 67543 |
| 345 |  |  | 6.502 | 11/25/36 | 136776 |
| 1492 | Hestia Financing (Cyprus) |  | 4.842 | 12/31/46 | 1478849 |
| $258 | JOL Air Ltd. (Cayman Islands) (a) |  | 4.948 | 04/15/44 | 171688 |
| 500 | KKR CLO 16 Ltd.,<br>3 Month USD LIBOR + 7.11% (a) | 1 | 1.918(d) | 10/20/34 | 453855 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 1376 | LoanMe Trust (a) |  | 5.00 | 09/15/34 | 1246512 |
| 1061 | METAL LLC (a) |  | 4.581 | 10/15/42 | 562549 |
| 3379 | MFA 2021-NPL1 LLC (a) |  | 2.363 | 03/25/60 | 3209285 |
| 3191 | New Residential Mortgage LLC (a) |  | 5.437 | 06/25/25 | 3030512 |
| 2000 | Newday Funding PLC (United Kingdom) (a) |  | 5.33(d) | 03/15/29 | 2421568 |
|  | Newtek Small Business Loan Trust |  |  |  |  |
| $426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daily U.S. Prime Rate - 0.55% (a) |  | 6.95(d) | 02/25/44 | 420249 |
| 1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daily U.S. Prime Rate + 0.10% (a) |  | 7.60(d) | 12/25/48 | 1022532 |
| 1616 | NRZ Advance Receivables Trust (a) |  | 5.663 | 09/15/53 | 1556496 |
|  | NRZ Excess Spread-Collateralized Notes, |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Class A |  |  |  |  |
| 1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) |  | 2.981 | 03/25/26 | 992949 |
| 2447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) |  | 3.104 | 07/25/26 | 2247363 |
| 2828 | Oakwood Mortgage Investors, Inc. |  | 7.405(d) | 06/15/31 | 411195 |
| 3000 | PMT FMSR Issuer Trust,<br>1 Month USD LIBOR + 3.00% (a) |  | 7.506(d) | 03/25/26 | 2977791 |
| 4500 | PNMAC GMSR Issuer Trust,<br>1 Month USD LIBOR + 2.35% (a) |  | 6.856(d) | 04/25/23 | 4390276 |
| 2413 | PRET LLC, Class A1 (a) |  | 1.843 | 09/25/51 | 2209516 |
|  | Progress Residential 2020-SFR1 Trust |  |  |  |  |
| 2975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) |  | 3.032 | 04/17/37 | 2753069 |
| 2447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) |  | 3.431 | 04/17/37 | 2262522 |
| 2792 | Raptor Aircraft Finance I LLC (a) |  | 4.213 | 08/23/44 | 2087030 |
| 360 | ReadyCap Lending Small Business Loan Trust, <br> Daily U.S. Prime Rate - 0.50% (a) |  | 7.00(d) | 12/27/44 | 343457 |
| 250 | Regatta XVIII Funding Ltd.,<br>3 Month USD LIBOR + 5.95% (a) |  | 10.742(d) | 01/15/34 | 225133 |
| 2340 | Shenton Aircraft Investment I Ltd.<br>(Cayman Islands) (a) |  | 4.75 | 10/15/42 | 1842400 |
| 1028 | Start II Ltd. (Bermuda) (a) |  | 4.089 | 03/15/44 | 890278 |
| 1583 | Start Ltd. (a) |  | 4.089 | 05/15/43 | 1332489 |
| 1000 | TICP VI Ltd.,<br>3 Month USD LIBOR + 6.25% (a) | 1 | 1.042(d) | 01/15/34 | 914290 |
|  | Tricon American Homes Trust |  |  |  |  |
| 1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) |  | 3.745 | 03/17/38 | 1345872 |
| 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) |  | 4.882 | 07/17/38 | 3808788 |
| 1225 | Trimaran Cavu 2021-1 Ltd.,<br>3 Month USD LIBOR + 3.45%<br>(Cayman Islands) (a) |  | 8.265(d) | 04/23/32 | 1126187 |
|  | Trinitas VI Ltd. |  |  |  |  |
| 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 3.75% (a) |  | 8.568(d) | 01/25/34 | 899015 |
| 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month USD LIBOR + 6.82% (a) | 1 | 1.634(d) | 01/25/34 | 904398 |
| 1700 | USASF Receivables 2020-1 LLC (a) |  | 9.35 | 03/15/27 | 1715523 |
| 4133 | VCAT LLC (a) |  | 1.743 | 05/25/51 | 3837438 |
| 1000 | Vibrant XII Ltd.,<br>3 Month USD LIBOR + 7.11% (a) | 1 | 1.918(d) | 01/20/34 | 915507 |
| 1500 | Wellfleet CLO 2022-1 Ltd.,<br>3 Month Term SOFR + 4.14% (a) |  | 8.798(d) | 04/15/34 | 1378119 |
|  | **Total Asset-Backed Securities** *(Cost $100,199,112)* |  |  |  | 91800960 |
|  | **Collateralized Mortgage Obligations - Agency Collateral Series (0.2%)** |  |  |  |  |
| 4926 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |  | 4.334(d) | 11/25/55 | 1393354 |
|  | Federal National Mortgage Association, |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;IO REMIC |  |  |  |  |
| 489 |  |  | 0.404(d) | 10/25/39 | 18844 |
| 230 |  |  | 0.628(d) | 03/25/44 | 5910 |
| 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55% - 1 Month USD LIBOR |  | 2.044(h) | 08/25/41 | 1993 |
| 632 | Government National Mortgage Association, IO,<br>6.25% - 1 Month USD LIBOR |  | 1.764(h) | 12/20/42 | 70494 |
|  | **Total Collateralized Mortgage Obligations - Agency Collateral Series** *(Cost $1,412,605)* |  |  |  | 1490595 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commercial Mortgage-Backed Securities (4.0%)** |  |  |  |
| 40 | BX Trust,<br>1 Month USD LIBOR + 1.98% (a) | 6.435(d) | 09/15/37 | 37725 |
| 540 | CG-CCRE Commercial Mortgage Trust,<br>1 Month USD LIBOR + 1.85% (a) | 6.313(d) | 11/15/31 | 513404 |
| 900 | Citigroup Commercial Mortgage Trust (a) | 3.503(d) | 12/10/41 | 649107 |
|  | Commercial Mortgage Trust |  |  |  |
| 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.40(d) | 08/15/57 | 1332609 |
| 300 |  | 4.589(d) | 02/10/47 | 251971 |
| 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.747(d) | 07/15/47 | 127639 |
|  | &nbsp;&nbsp;&nbsp;IO |  |  |  |
| 3163 |  | 0.511(d) | 02/10/47 | 10639 |
| 2801 | COOF Securitization Trust, IO (a) | 2.767(d) | 10/25/40 | 145222 |
| 3681 | COOF Securitization Trust II, IO (a) | 2.562(d) | 08/25/41 | 162429 |
|  | Credit Suisse Mortgage Trust, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Class A |  |  |  |
| 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 3.50% (a) | 7.959(d) | 12/15/35 | 2501541 |
| 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month Term SOFR + 3.57% (a) | 8.052(d) | 05/15/23 | 2788309 |
| 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 3.71% (a) | 8.174(d) | 08/15/23 | 2714834 |
| 3160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 3.97% (a) | 8.429(d) | 04/15/23 | 3106153 |
|  | Federal Home Loan Mortgage Corporation |  |  |  |
| 189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 5.25% (a) | 9.642(d) | 07/25/26 | 179358 |
|  | &nbsp;&nbsp;&nbsp;IO |  |  |  |
| 7000 |  | 2.629(d) | 01/25/49 | 1093408 |
| 6430 |  | 3.068(d) | 11/25/36 | 1776455 |
| 31675 | GS Mortgage Securities Corportation Trust, IO (a) | 0.457(d) | 10/10/32 | 165553 |
| 2812 | JP Morgan Chase Commercial Mortgage Securities Trust, IO | 0.805(d) | 07/15/47 | 15590 |
|  | JPMBB Commercial Mortgage Securities Trust |  |  |  |
| 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.984(d) | 09/15/47 | 119171 |
| 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.653(d) | 04/15/47 | 370581 |
|  | &nbsp;&nbsp;&nbsp;IO |  |  |  |
| 2631 |  | 0.94(d) | 08/15/47 | 23258 |
|  | KGS-Alpha SBA COOF Trust, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;IO |  |  |  |
| 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.612(d) | 07/25/41 | 44929 |
| 539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.084(d) | 04/25/40 | 28013 |
| 1500 | MFT Mortgage Trust (a) | 3.283(d) | 08/10/40 | 1198300 |
| 1500 | MKT 2020-525M Mortgage Trust (a) | 2.941(d) | 02/12/40 | 833620 |
| 186 | Multifamily Connecticut Avenue Securities Trust,<br>1 Month USD LIBOR + 1.95% (a) | 6.456(d) | 03/25/50 | 185040 |
| 1500 | Natixis Commercial Mortgage Securities Trust (a) | 4.135(d) | 05/15/39 | 1202662 |
| 3000 | SG Commercial Mortgage Securities Trust (a) | 3.477(d) | 09/15/39 | 2243890 |
| 1150 | Sutherland Commercial Mortgage Trust (a) | 2.23(d) | 12/25/41 | 1051230 |
| 438 | Taurus 2018-1 IT SRL,<br>3 Month EURIBOR + 1.00% (Italy) | 2.803(d) | 05/18/30 | 463884 |
| $1887 | Velocity Commercial Capital Trust (a) | 6.90 | 05/25/47 | 1858960 |
| 2611 | VMC Finance 2021-HT1 LLC,<br>1 Month USD LIBOR + 1.65% (a) | 6.12(d) | 01/18/37 | 2543805 |
| 900 | Wells Fargo Commercial Mortgage Trust (a) | 4.365(d) | 04/15/50 | 770058 |
| 541 | WFRBS Commercial Mortgage Trust (a) | 4.987(d) | 09/15/46 | 494158 |
|  | **Total Commercial Mortgage-Backed Securities** *(Cost $34,396,445)* |  |  | 31003505 |
|  | **Mortgages - Other (18.1%)** |  |  |  |
| 2358 | 510 Asset Backed 2021-NPL1 Trust (a) | 2.24 | 06/25/61 | 2192876 |
| 3212 | 510 Asset Backed 2021-NPL2 Trust (a) | 2.116 | 06/25/61 | 2939973 |
|  | Alternative Loan Trust |  |  |  |
| 112 |  | 3.112(d) | 10/25/35 | 106724 |
| 88 |  | 3.317(d) | 05/25/36 | 73628 |
| 43 |  | 3.378(d) | 08/25/35 | 38652 |
| 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.36% | 4.866(d) | 05/25/47 | 72686 |
| 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.50% | 5.006(d) | 10/25/35 | 119955 |
| 18 |  | 5.50 | 02/25/36 | 11619 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| 321.0 |  | 6.00 | 04/25/36 | 167521.0 |
| 144.0 |  | 6.00 | 07/25/37 | 94370.0 |
|  | &nbsp;&nbsp;&nbsp;PAC |  |  |  |
| 14.0 |  | 5.50 | 02/25/36 | 8930.0 |
| 44.0 |  | 6.00 | 04/25/36 | 25102.0 |
| 83.0 | Banc of America Alternative Loan Trust,<br>1 Month USD LIBOR + 0.65% | 5.156(d) | 07/25/46 | 66336.0 |
|  | Banc of America Funding Trust |  |  |  |
| 10.0 |  | 5.25 | 07/25/37 | 9888.0 |
| 407.0 |  | 5.50 | 09/25/35 | 383700.0 |
| 54.0 |  | 6.00 | 07/25/37 | 43526.0 |
| 800.0 | Banna RMBS DAC,<br>3 Month GBP SONIA LIBOR + 3.50%<br>(United Kingdom) | 6.933(d) | 12/30/63 | 950840.0 |
| $74.0 | BCAP LLC Trust (a) | 3.224(d) | 03/26/37 | 62000.0 |
| 48.0 | Bear Stearns ARM Trust | 3.29(d) | 05/25/47 | 37813.0 |
| 2250.0 | Bellemeade Re 2018-3 Ltd.,<br>1 Month USD LIBOR + 2.75% (a) | 7.256(d) | 10/25/28 | 2252364.0 |
| 3300.0 | Boston Lending Trust (a) | 3.25(d) | 05/25/62 | 2772110.0 |
| 2695.0 | Brean Asset Backed Securities Trust (a) | 1.40(d) | 10/25/63 | 2345648.0 |
|  | Cascade Funding Mortgage Trust |  |  |  |
| 2305.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.00(d) | 09/25/50 | 2033863.0 |
| 1019.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.00(d) | 02/25/52 | 790408.0 |
| 3200.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.72(d) | 12/26/30 | 2995366.0 |
| 475.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.80(d) | 06/25/69 | 460867.0 |
| 4000.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.91(d) | 02/25/31 | 3734148.0 |
| 4500.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.25(d) | 11/25/35 | 3866439.0 |
| 3000.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.735(d) | 06/25/36 | 2742242.0 |
| 5500.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.75(d) | 04/25/25 | 4344505.0 |
| 3534.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.00(d) | 10/25/68 | 3403984.0 |
| 5191.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.00(d) | 06/25/69 | 4517754.0 |
| 1100.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.948(d) | 12/26/30 | 1031928.0 |
| 4500.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.072(d) | 10/27/31 | 4128333.0 |
| 3000.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 5.683(d) | 02/25/31 | 2805433.0 |
| 1310.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.00(d) | 12/26/30 | 1227380.0 |
| 93.0 | Chase Mortgage Finance Trust,<br>1 Month USD LIBOR + 0.60% | 5.106(d) | 02/25/37 | 29067.0 |
| 57.0 | ChaseFlex Trust | 6.50 | 02/25/35 | 49484.0 |
|  | CHL Mortgage Pass-Through Trust |  |  |  |
| 260.0 |  | 4.514(d) | 09/25/34 | 233535.0 |
| 86.0 |  | 5.50 | 05/25/34 | 84048.0 |
| 653.0 |  | 6.00 | 12/25/36 | 399837.0 |
| 3519.0 | CIM Trust (a) | 2.569 | 07/25/55 | 3340156.0 |
|  | Citigroup Mortgage Loan Trust |  |  |  |
| 1144.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.50(d) | 05/25/51 | 959892.0 |
| 69.0 |  | 3.901(d) | 11/25/36 | 61357.0 |
| 1653.0 | Credit Suisse Mortgage Trust | 6.50 | 05/25/36 | 579827.0 |
|  | CSFB Mortgage-Backed Pass-Through Certificates |  |  |  |
| 247.0 |  | 6.50 | 12/25/33 | 247590.0 |
| 281.0 |  | 7.50 | 10/25/32 | 277839.0 |
| 727.0 | Dssv Sarl (Spain) | 5.288(d) | 10/15/24 | 766936.0 |
| $4284.0 | Eagle RE 2019-1 Ltd.,<br>1 Month USD LIBOR + 4.50% (a) | 9.006(d) | 04/25/29 | 4305342.0 |
| 227.0 | EMF-NL Prime,<br>3 Month EURIBOR + 0.80% (Netherlands) | 3.128(d) | 04/17/41 | 232081.0 |
| 780.0 | Eurohome Mortgages PLC,<br>3 Month EURIBOR + 0.21% (Germany) | 1.815(d) | 08/02/50 | 624245.0 |
|  | FMC GMSR Issuer Trust |  |  |  |
| $1600.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.44(d) | 10/25/26 | 1225832.0 |
| 2000.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.45(d) | 01/25/26 | 1765387.0 |
|  | &nbsp;&nbsp;&nbsp;Class A |  |  |  |
| 4000.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.62(d) | 07/25/26 | 3362795.0 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1400 | Great Hall Mortgages No. 1 PLC,<br>3 Month GBP SONIA + 3.12%<br>(United Kingdom) | 6.545(d) | 06/18/38 | 1627821.0 |
|  | GSR Mortgage Loan Trust |  |  |  |
| $11.0 |  | 3.201(d) | 05/25/35 | 8165.0 |
| 88.0 |  | 3.337(d) | 03/25/37 | 54143.0 |
| 317.0 |  | 4.04(d) | 12/25/34 | 283135.0 |
| 926.0 |  | 5.50 | 03/25/35 | 823961.0 |
| 218.0 | HarborView Mortgage Loan Trust | 3.692(d) | 05/19/33 | 200389.0 |
| 4000.0 | Headlands Residential 2021-RPL1 LLC (a) | 2.487(d) | 09/25/26 | 3764429.0 |
| 773.0 | IM Pastor 4 FTA,<br>3 Month EURIBOR + 0.14% (Spain) | 2.221(d) | 03/22/44 | 716519.0 |
| $19.0 | Impac CMB Trust,<br>1 Month USD LIBOR + 0.78% | 5.286(d) | 10/25/35 | 19737.0 |
| 3310.0 | Imperial Fund Mortgage Trust, Class A1 (a) | 7.369 | 11/25/67 | 3409923.0 |
| 124.0 | JP Morgan Alternative Loan Trust | 6.00 | 12/25/35 | 107172.0 |
| 3339.0 | La Hipotecaria Panamanian Mortgage Trust (Panama) (a) | 4.35 | 07/13/52 | 3113414.0 |
| 931.0 | Lansdowne Mortgage Securities No. 2 PLC,<br>3 Month EURIBOR + 0.34% (Ireland) | 2.421(d) | 09/16/48 | 908131.0 |
|  | Lehman Mortgage Trust |  |  |  |
| $77.0 |  | 5.50 | 02/25/36 | 45201.0 |
| 340.0 |  | 6.50 | 09/25/37 | 127054.0 |
|  | Ludgate Funding PLC |  |  |  |
| 861.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.42% | 2.404(d) | 12/01/60 | 797835.0 |
| 880.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 0.85% | 2.982(d) | 01/01/61 | 872211.0 |
| 503.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month EURIBOR + 1.10% | 3.232(d) | 01/01/61 | 486076.0 |
|  | Mansard Mortgages PLC |  |  |  |
| 427.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month GBP SONIA + 1.22% | 4.662(d) | 10/15/48 | 474545.0 |
| 373.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month GBP SONIA + 2.12% | 5.522(d) | 12/15/49 | 442844.0 |
| 800.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Month GBP SONIA + 3.12% | 6.522(d) | 12/15/49 | 946829.0 |
|  | MASTR Alternative Loan Trust |  |  |  |
| $658.0 |  | 5.50 | 02/25/35 | 610996.0 |
| 690.0 |  | 6.00 | 05/25/33 | 659301.0 |
| 27.0 | MASTR Asset Securitization Trust,<br>1 Month USD LIBOR + 6.00% | 6.00(d) | 06/25/36 | 17532.0 |
| 1137.0 | Merrill Lynch Mortgage Investors Trust, IO (a) | 0.00(d) | 02/25/36 | 11.0 |
| 2000.0 | Mortgage Funding PLC,<br>3 Month GBP SONIA + 3.32%<br>(United Kingdom) | 6.711(d) | 03/13/46 | 2316832.0 |
| $103.0 | MortgageIT Trust,<br>1 Month USD LIBOR + 0.90% | 5.406(d) | 10/25/35 | 99846.0 |
| 696.0 | Newgate Funding PLC,<br>3 Month GBP LIBOR + 3.00%<br>(United Kingdom) | 6.796(d) | 12/15/50 | 770803.0 |
|  | Nomura Asset Acceptance Corp. Alternative Loan Trust |  |  |  |
| $97.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 0.12% | 4.626(d) | 10/25/36 | 86947.0 |
| 97.0 |  | 4.857(d) | 06/25/36 | 92031.0 |
| 2081.0 |  | 5.755(d) | 06/25/36 | 608654.0 |
| 4902.0 | NYMT Loan Trust (a) | 2.944(d) | 10/25/60 | 4822884.0 |
| 2569.0 | PMC PLS ESR Issuer LLC (a) | 5.114 | 02/25/27 | 2436942.0 |
|  | PNMAC GMSR Issuer Trust |  |  |  |
| 3337.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 2.65% (a) | 7.156(d) | 08/25/25 | 3257108.0 |
| 3000.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Month USD LIBOR + 2.85% (a) | 7.356(d) | 02/25/23 | 2978661.0 |
|  | RALI Trust |  |  |  |
| 56.0 |  | 6.00 | 04/25/36 | 45223.0 |
| 34.0 |  | 6.00 | 01/25/37 | 27392.0 |
|  | Reperforming Loan REMIC Trust |  |  |  |
| 143.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.50 | 03/25/35 | 147244.0 |
| 134.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 7.50 | 11/25/34 | 128875.0 |
| 257.0 | RFMSI Series Trust | 6.00 | 07/25/36 | 218531.0 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| 517 | RMAC Securities No. 1 PLC,<br>3 Month GBP SONIA + 0.59%<br>(United Kingdom) | 3.976(d) | 06/12/44 | 595238 |
|  | RMF Buyout Issuance Trust |  |  |  |
| $3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.63(d) | 10/25/50 | 3014216 |
| 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.69(d) | 11/25/31 | 911288 |
| 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.50(d) | 04/25/32 | 2650306 |
| 5585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 6.00 | 10/25/50 | 4038128 |
| 2180 | RMF Proprietary Issuance Trust (a) | 3.25(d) | 04/26/60 | 2016169 |
|  | Seasoned Credit Risk Transfer Trust |  |  |  |
| 1237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 3.75(d) | 09/25/55 | 1087059 |
| 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.25(d) | 08/25/59 | 2294170 |
| 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.50(d) | 02/25/59 | 878116 |
| 2200 |  | 4.75(d) | 10/25/58 | 1990690 |
| 224 | Sequoia Mortgage Trust,<br>1 Month USD LIBOR + 0.62% | 5.106(d) | 07/20/33 | 211489 |
| 3085 | Stanwich Mortgage Loan Co. LLC (a) | 2.735 | 10/16/26 | 2783625 |
| 58 | STARM Mortgage Loan Trust | 3.671(d) | 10/25/37 | 50699 |
|  | Structured Adjustable Rate Mortgage Loan Trust |  |  |  |
| 346 |  | 2.83(d) | 11/25/34 | 308792 |
| 333 |  | 4.488(d) | 02/25/35 | 316429 |
| 402 | Structured Asset Mortgage Investments II Trust | 2.08(d) | 04/19/35 | 351489 |
| 1178 | Structured Asset Securities Corp., IO (a) | 0.00(d) | 07/25/35 | 14987 |
| 2347 | Structured Asset Securities Corp. Reverse Mortgage Loan Trust,<br>1 Month USD LIBOR + 1.85% (a) | 6.356(d) | 05/25/47 | 2095396 |
| 2381 | TDA 27 FTA,<br>3 Month EURIBOR + 0.19% (Spain) | 2.331(d) | 12/28/50 | 2085152 |
| 3800 | Vermilion Bond Trust, Class C,<br>1 Month BBSW + 3.80% (Australia) | 6.875(d) | 12/14/58 | 2683886 |
| $272 | Wells Fargo Alternative Loan Trust | 4.894(d) | 07/25/37 | 251407 |
|  | **Total Mortgages - Other** *(Cost $152,117,561)* |  |  | 140588239 |
|  | **U.S. Treasury Securities (0.7%)** |  |  |  |
| 2148 | U.S. Treasury Inflation Indexed Bonds | 0.125 | 01/15/32 | 1941099 |
| 3317 | U.S. Treasury Inflation-Indexed Notes | 1.625 | 10/15/27 | 3361292 |
|  | **Total U.S. Treasury Securities** *(Cost $5,221,124)* |  |  | 5302391 |
|  | **Senior Loan Interest (0.8%)** |  |  |  |
| 6000 | Cuenca DPR Term Loan, (Cayman Islands)<br>*(Cost $5,998,880)* | (i) | 12/15/26 | 5992500 |
|  | **Supranational (1.2%)** |  |  |  |
| 1800 | African Export-Import Bank (a) | 3.798 | 05/17/31 | 1535769 |
|  | Banque Ouest Africaine de Developpement |  |  |  |
| 780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 2.75 | 01/22/33 | 658073 |
| $2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | 4.70 | 10/22/31 | 2299830 |
| 5200 | European Union, Series NGEU | 1.00 | 07/06/32 | 4778685 |
|  | **Total Supranational** *(Cost $9,922,160)* |  |  | 9272357 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | |
|  | **Investment Company (0.4%)** |  |
| 25000 | iShares iBoxx $Investment Grade Corporate Bond ETF *(Cost $2,709,886)* | 2771750 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT<br> (000)** |  | |  | |
|  | **Short-Term Investments (8.8%)** |  |  |  |
|  | U.S. Treasury Securities (2.5%) |  |  |  |
|  | U.S. Treasury Bills |  |  |  |
| $425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)(k) | 3.797 | 03/16/23 | 423132 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| 185.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)(k) | 3.812 | 03/16/23 | 184184 |
| 100.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)(k) | 3.819 | 03/16/23 | 99558 |
| 6555.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)(k) | 3.843 | 03/16/23 | 6525866 |
| 50.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)(k) | 3.978 | 03/16/23 | 49769 |
| 100.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)(k) | 4.02 | 03/16/23 | 99534 |
| 4000.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(j) | 4.087 | 02/02/23 | 3999556 |
| 3000.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) | 4.271 | 02/23/23 | 2992359 |
| 5430.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) | 4.668 | 04/20/23 | 5376697 |
|  | Total U.S. Treasury Securities *(Cost $19,750,415)* |  |  | 19750655 |

---

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES<br> (000)** |  | | |
|  | Investment Company (5.7%) |  |  |
| 44281 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (l)*(Cost $44,281,012)* |  | 44281012 |
|  | Securities held as Collateral on Loaned Securities (0.6%) |  |  |
|  | Investment Company |  |  |
| 5017 | Morgan Stanley Institutional Liquidity Funds – Government Portfolio - Institutional Class (l) *(Cost $5,016,700)* |  | 5016700 |
|  | **Total Short-Term Investments** *(Cost $69,048,127)* |  | 69048367 |
|  | **Total Investments** *(Cost $853,603,441)* including $12,995,935 of Securities Loaned (m)(n)(o) | 103.1% | 799503740 |
|  | **Liabilities in Excess of Other Assets** | (3.1) | (23942521) |
|  | **Net Assets** | 100.0% | $775561219 |

---

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

---

| | |
|:---|:---|
| BBSW | Australia's Bank Bill Swap. |
| CLO | Collateralized Loan Obligation. |
| ETF | Exchange Traded Fund. |
| EURIBOR | Euro Interbank Offered Rate. |
| IO | Interest Only. |
| LIBOR | London Interbank Offered Rate. |
| PAC | Planned Amortization Class. |
| REMIC | Real Estate Mortgage Investment Conduit. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average. |
| TBA | To Be Announced. |
| (a) | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
| (b) | Capital appreciation bond. |
| (c) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at January 31, 2023, were $12,995,935 and $13,236,570, respectively. The Fund received cash collateral of $5,016,700, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Goverment Portfolio - Institutional Class as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of $8,219,870 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
| (d) | Floating or variable rate securities: The rates disclosed are as of January 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
| (e) | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of January 31, 2023. |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

(f) Multi-step
 — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of January 31, 2023. Maturity date
 disclosed is the ultimate maturity date.

(g) Security
 is subject to delayed delivery.

(h) Inverse
 Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is
 the effective rate at January 31, 2023.

(i) Unsettled
 Position. The contract rate does not take effect until settlement date.

(j) Rate
 shown is the yield to maturity at January 31, 2023.

(k) All
 or a portion of the security was pledged to cover margin requirements for swap agreements.

(l) The
 Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity
 Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities
 held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the
 advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended January 31,
 2023, advisory fees paid were reduced by $21,373 relating to the Fund's investment in the Liquidity Funds.

(m) The
 Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other
 funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures
 approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at
 the current market price in compliance with provisions of the Rule. For the three months ended January 31, 2023, the Fund did
 not engage in any cross-trade transactions.

(n) Securities
 are available for collateral in connection with purchase of securities on a forward commitment basis, open foreign currency forward
 exchange contracts, futures contracts and swap agreement.

(o) At
 January 31, 2023, the aggregate cost for federal income tax purposes the aggregate cost for book purposes.. The aggregate gross
 unrealized appreciation is $13,762,459 and the aggregate gross unrealized depreciation is $85,595,014, resulting in net unrealized
 depreciation of $71,832,555.

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS<br> TO DELIVER** | **IN EXCHANGE<br> FOR** | **DELIVERY<br> DATE** | **UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)** |
| Australia and New Zealand Banking Group Ltd. | 1440457 | $894244 | 02/09/23 | $(36946) |
| Australia and New Zealand Banking Group Ltd. | $580078 | 821280 | 02/09/23 | (203) |
| Australia and New Zealand Banking Group Ltd. | $273080 | 400485 | 02/09/23 | 9687 |
| Australia and New Zealand Banking Group Ltd. | $311620 | 479228 | 02/09/23 | 26745 |
| Australia and New Zealand Banking Group Ltd. | $15327 | 21978 | 02/09/23 | 191 |
| Bank of America NA | 55151 | $57573 | 02/09/23 | (2415) |
| Bank of America NA | 225360 | $241709 | 02/09/23 | (3415) |
| Bank of America NA | 9591 | $10437 | 02/09/23 | 5 |
| Bank of America NA | 677361 | $799801 | 02/09/23 | (35409) |
| Bank of America NA | 7045971 | $4380498 | 02/09/23 | (174404) |
| Bank of America NA | $9880565 | 66897231 | 02/09/23 | 26980 |
| Bank of America NA | $560447 | 890996 | 02/09/23 | 15542 |
| Bank of America NA | 31708142 | $1805285 | 02/09/23 | (15879) |
| Barclays Bank PLC | 12830315 | $8214609 | 02/09/23 | (844399) |
| Barclays Bank PLC | $1681593 | 11673650 | 02/09/23 | 47286 |
| Barclays Bank PLC | $1758113 | 1632000 | 02/09/23 | 17016 |
| BNP Paribas SA | 794000 | $857985 | 02/09/23 | (5649) |
| BNP Paribas SA | 299801 | $325581 | 02/09/23 | (513) |
| BNP Paribas SA | 225920000 | $1734009 | 02/09/23 | (3284) |
| BNP Paribas SA | 118347500 | $911893 | 02/09/23 | 1817 |
| BNP Paribas SA | 32044514 | $1671513 | 02/09/23 | (28163) |
| BNP Paribas SA | 2974217 | $1812256 | 02/09/23 | (110441) |
| BNP Paribas SA | $1081167 | 5557200 | 02/09/23 | 11866 |
| BNP Paribas SA | $1758545 | 255100000 | 02/09/23 | 203137 |
| BNP Paribas SA | $1468027 | 28495000 | 02/09/23 | 43379 |
| BNP Paribas SA | $397914 | 4133274 | 02/09/23 | (2498) |
| BNP Paribas SA | $2519494 | 83732550 | 02/09/23 | 19029 |
| BNP Paribas SA | $2558985 | 85001225 | 02/09/23 | 18000 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| BNP Paribas SA | $2556848 | 85001225 | 02/09/23 | 20138 |
| BNP Paribas SA | $331448 | 5912812 | 02/09/23 | 8156 |
| BNP Paribas SA | 18200714 | $1053434 | 02/09/23 | 8072 |
| Citibank NA | 403890 | $278900 | 02/09/23 | (6272) |
| Citibank NA | 1838 | $2000 | 02/09/23 | 1 |
| Citibank NA | 118347500 | $907390 | 02/09/23 | (2685) |
| Citibank NA | 35894000 | $1905432 | 02/09/23 | 1574 |
| Citibank NA | 190095 | $121288 | 02/09/23 | (1600) |
| Citibank NA | $1659648 | 11499400 | 02/09/23 | 43424 |
| Citibank NA | $999322 | 922000 | 02/09/23 | 3539 |
| Citibank NA | $248461 | 4253407 | 02/09/23 | (4165) |
| Citibank NA | 6254932 | $366989 | 02/09/23 | 7736 |
| Goldman Sachs International | 66216102 | $3415806 | 02/09/23 | (96369) |
| Goldman Sachs International | 98046611 | $4931694 | 02/09/23 | (268808) |
| Goldman Sachs International | 95727067 | $4978079 | 02/09/23 | (99391) |
| Goldman Sachs International | 145686365 | $7693131 | 02/09/23 | (34236) |
| Goldman Sachs International | $4376078 | 22778800 | 02/09/23 | 104233 |
| Goldman Sachs International | $1673138 | 11673650 | 02/09/23 | 55741 |
| Goldman Sachs International | $3077180 | 59135000 | 02/09/23 | 59406 |
| HSBC Bank PLC | 55270000 | $7651130 | 02/09/23 | (534411) |
| HSBC Bank PLC | 302867 | $312314 | 02/09/23 | (17115) |
| HSBC Bank PLC | 7671262 | $8290053 | 02/09/23 | (53989) |
| HSBC Bank PLC | 105771634 | $105080734 | 02/09/23 | (9967212) |
| HSBC Bank PLC | 677526 | $682945 | 02/09/23 | (54001) |
| HSBC Bank PLC | 75750114 | $3861608 | 02/09/23 | (156263) |
| HSBC Bank PLC | $493300 | 9850398 | 02/09/23 | 29176 |
| HSBC Bank PLC | $298371 | 5952562 | 02/09/23 | 17360 |
| HSBC Bank PLC | $298531 | 5951925 | 02/09/23 | 17166 |
| HSBC Bank PLC | $301694 | 5930442 | 02/09/23 | 12863 |
| HSBC Bank PLC | $300390 | 5945716 | 02/09/23 | 14978 |
| HSBC Bank PLC | $254233 | 4523691 | 02/09/23 | 5586 |
| JPMorgan Chase Bank NA | 63637231 | $8899690 | 02/09/23 | (525046) |
| JPMorgan Chase Bank NA | 4642564 | $4827960 | 02/09/23 | (221763) |
| JPMorgan Chase Bank NA | 1191000 | $1286730 | 02/09/23 | (8722) |
| JPMorgan Chase Bank NA | 9505324 | $481858 | 02/09/23 | (22315) |
| JPMorgan Chase Bank NA | 20667000 | $2011671 | 02/09/23 | 34530 |
| JPMorgan Chase Bank NA | $566608 | 844660 | 02/09/23 | 29775 |
| JPMorgan Chase Bank NA | $63920 | 93761 | 02/09/23 | 2281 |
| JPMorgan Chase Bank NA | $3525675 | 514047000 | 02/09/23 | 427272 |
| JPMorgan Chase Bank NA | $4428769 | 87830744 | 02/09/23 | 229871 |
| JPMorgan Chase Bank NA | $1193365 | 12400326 | 02/09/23 | (7069) |
| JPMorgan Chase Bank NA | $397665 | 4133400 | 02/09/23 | (2237) |
| JPMorgan Chase Bank NA | 66614785 | $3886744 | 02/09/23 | 60708 |
| JPMorgan Chase Bank NA | 74812984 | $4424796 | 02/09/23 | 127895 |
| JPMorgan Chase Bank NA | 159736585 | $8674265 | 02/09/23 | (500243) |
| JPMorgan Chase Bank NA | 29184189 | $1631027 | 02/09/23 | (45174) |
| Royal Bank of Canada | 3550000 | $2634159 | 02/09/23 | (34028) |
| Royal Bank of Canada | 225920000 | $1715359 | 02/09/23 | (21934) |
| Royal Bank of Canada | 35894000 | $1905430 | 02/09/23 | 1573 |
| Royal Bank of Canada | $284279 | 417915 | 02/09/23 | 10795 |
| Royal Bank of Canada | $2634075 | 3540000 | 02/09/23 | 26596 |
| Royal Bank of Canada | $2471353 | 17163300 | 02/09/23 | 70548 |
| Royal Bank of Canada | $553818 | 523740 | 02/09/23 | 15854 |
| Royal Bank of Canada | $1339137 | 180442000 | 02/09/23 | 48436 |
| Royal Bank of Canada | $5356547 | 721768000 | 02/09/23 | 193745 |
| Royal Bank of Canada | $1954194 | 38324000 | 02/09/23 | 78554 |
| Standard Chartered Bank | 3900000 | $2603389 | 02/09/23 | (150256) |
| Standard Chartered Bank | 2020876 | $1347491 | 02/09/23 | (79374) |
| Standard Chartered Bank | 1743341 | $1848737 | 02/09/23 | (47497) |
| Standard Chartered Bank | 790000 | $965220 | 02/09/23 | (8877) |
| Standard Chartered Bank | 9870776 | $507538 | 02/09/23 | (16018) |
| Standard Chartered Bank | $197790 | 291420 | 02/09/23 | 7971 |
| Standard Chartered Bank | 5138627 | $298205 | 02/09/23 | 3067 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Standard Chartered Bank | 135796445.0 | $7908510.0 | 02/09/23 | 109010 |
| State Street Bank & Trust Co. | 2137926.0 | $2309870.0 | 02/09/23 | (15555) |
| State Street Bank & Trust Co. | 11246941.0 | $11691133.0 | 02/09/23 | (542179) |
| State Street Bank & Trust Co. | $2217231.0 | 2085000.0 | 02/09/23 | 50627 |
| UBS AG | 1378945.0 | $930028.0 | 02/09/23 | (43594) |
| UBS AG | 1471876.0 | $1535307.0 | 02/09/23 | (65655) |
| UBS AG | 1943996.0 | $2052582.0 | 02/09/23 | (61905) |
| UBS AG | 63727.0 | $68150.0 | 02/09/23 | (1166) |
| UBS AG | 1900000.0 | $2019837.0 | 02/09/23 | (46796) |
| UBS AG | 1423900.0 | $1532374.0 | 02/09/23 | (16404) |
| UBS AG | 31606.0 | $34332.0 | 02/09/23 | (46) |
| UBS AG | 410404.0 | $445054.0 | 02/09/23 | (1343) |
| UBS AG | 245.0 | $266.0 | 02/09/23 |  |
| UBS AG | 856466.0 | $931392.0 | 02/09/23 | (187) |
| UBS AG | 810422.0 | $879851.0 | 02/09/23 | (1646) |
| UBS AG | 387.0 | $461.0 | 02/09/23 | (16) |
| UBS AG | 19729264.0 | $22364699.0 | 02/09/23 | (1962164) |
| UBS AG | 9054499.0 | $477994.0 | 02/09/23 | (2267) |
| UBS AG | 3088194.0 | $1910675.0 | 02/09/23 | (85703) |
| UBS AG | $2956040.0 | 2706000.0 | 02/09/23 | (12720) |
| UBS AG | $5171926.0 | 4744843.0 | 02/09/23 | (10954) |
| UBS AG | $2047814.0 | 1936857.0 | 02/09/23 | 58908 |
| UBS AG | $734631.0 | 694260.0 | 02/09/23 | 20516 |
| UBS AG | $2646208.0 | 2500000.0 | 02/09/23 | 73046 |
| UBS AG | $3280600.0 | 3080717.0 | 02/09/23 | 70300 |
| UBS AG | $312808.0 | 260879.0 | 02/09/23 | 8865 |
| UBS AG | $13364903.0 | 11324615.0 | 02/09/23 | 598738 |
| UBS AG | $446678.0 | 8895882.0 | 02/09/23 | 25170 |
| UBS AG | 18834647.0 | $1105533.0 | 02/09/23 | 23760 |
|  |  |  |  | $(13862748) |

---

**Futures Contracts:**

The Fund had the following futures contracts open at January 31, 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NUMBER<br> OF<br> CONTRACTS** | **EXPIRATION<br> DATE** | **NOTIONAL**<br> **AMOUNT<br> (000)** | **VALUE** | **UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)** |
| **Long:** |  |  |  |  |  |
| Long Gilt Future (United Kingdom) | 126 | Mar-23 | 12600 | $16234483 | $89320 |
| SFE 10 Yr. Australian Bond (Australia) | 56 | Mar-23 | 5600 | 4760132 | 137502 |
| U.S. Treasury 10 yr. Ultra Note (United States) | 144 | Mar-23 | $14400 | 17453250 | 26582 |
| U.S. Treasury Long Bond (United States) | 94 | Mar-23 | 9400 | 12208250 | 165870 |
| U.S. Treasury Ultra Bond (United States) | 85 | Mar-23 | 8500 | 12048750 | 303250 |
| **Short:** |  |  |  |  |  |
| Euro BTP Short-Term Index (Germany) | 231 | Mar-23 | (23100) | (26637542) | 57379 |
| German Euro-BTP Index (Germany) | 16 | Mar-23 | (1600) | (1985049) | 31845 |
| German Euro-Bund Index (Germany) | 22 | Mar-23 | (2200) | (3272366) | (77576) |
| U.S. Treasury 2 yr. Note (United States) | 292 | Mar-23 | $(58400) | (60049344) | (202417) |
| U.S. Treasury 5 yr. Note (United States) | 28 | Mar-23 | (2800) | (3058781) | 288 |
| U.S. Treasury 10 yr. Note (United States) | 62 | Mar-23 | (6200) | (7099969) | (93595) |
|  |  |  |  |  | $438448 |

---

Morgan Stanley Global Fixed Income Opportunities Fund

**Portfolio of Investments ▪ January 31, 2023 (unaudited)** *continued*

**Credit Default Swap Agreements:**

The Fund had the following credit default swap agreements open at January 31, 2023:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP COUNTERPARTY AND<br> REFERENCE OBLIGATION** | **CREDIT<br> RATING OF<br> REFERENCE<br> OBLIGATION†** | **BUY/SELL<br> PROTECTION** | **PAY/RECEIVE<br> FIXED RATE** | **PAYMENT<br> FREQUENCY** | **MATURITY <br> DATE** | **NOTIONAL<br> AMOUNT<br> (000)** | **VALUE** | **UPFRONT<br> PAYMENT<br> PAID** | **UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)** |
| Morgan Stanley & Co. LLC\* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CDX.NA.HY.39 | NR | Buy | 5.00% | Quarterly | 12/20/27 | $55920 | $(1873613) | $2233154 | $(4106767) |
| Morgan Stanley & Co. LLC\* |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ITRAXX.XO.38 | NR | Sell | 5.00 | Quarterly | 12/20/27 | 6200 | 264572 | 138378 | 126194 |
|  |  |  |  |  |  |  | $(1609041) | $2371532 | $(3980573) |

---

**Interest Rate Swap Agreements:**

The Fund had the following interest rate swap agreements open at January 31, 2023:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP<br> COUNTERPARTY** | **FLOATING RATE <br> INDEX** | **PAY/RECEIVE <br> FLOATING RATE** | **FIXED<br> RATE** | **PAYMENT<br> FREQUENCY<br> PAID/RECEIVED** | **MATURITY <br> DATE** | **NOTIONAL <br> AMOUNT<br> (000)** | **NOTIONAL <br> AMOUNT<br> (000)** | **VALUE** | **UPFRONT<br> PAYMENT<br> PAID** | **UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)** |
| Morgan Stanley & Co. LLC\* | BRL-CDI | Pay | 11.37% | Quarterly/ <br>Quarterly | 1/2/25 | BRL | 43400 | $(361345) | $— | $(361345) |
| Morgan Stanley & Co. LLC\* | BRL-CDI | Pay | 13.07 | Quarterly/ <br>Quarterly | 1/2/25 |  | 45610 | 33364 |  | 33364 |
|  |  |  |  |  |  |  |  | $(327981) | $— | $(327981) |

---

---

| | | |
|:---|:---|:---|
| *†* | *Credit rating as issued by Standard & Poor's.* | *Credit rating as issued by Standard & Poor's.* |
| *\** | *Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.* | *Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.* |
| *CDI* | *Certificado de Depósito Interbancári.* | *Certificado de Depósito Interbancári.* |
| *NR* | *Not rated.* | *Not rated.* |
| AUD |  | Australian Dollar |
| BRL |  | Brazilian Real |
| CAD |  | Canadian Dollar |
| CNH |  | Chinese Yuan Renminbi Offshore |
| DOP |  | Dominican Peso |
| EUR |  | Euro |
| GBP |  | British Pound |
| IDR |  | Indonesian Rupiah |
| JPY |  | Japanese Yen |
| MXN |  | Mexican Peso |
| NZD |  | New Zealand Dollar |
| PEN |  | Peruvian Nuevo Sol |
| SEK |  | Swedish Krona |
| THB |  | Thai Baht |
| USD |  | United States Dollar |
| ZAR |  | South African Rand |

---

---

| | | |
|:---|:---|:---|
| **PORTFOLIO COMPOSITION\* as of 01/31/23** | **Percentage of<br> Total<br> Investments** |  |
| Corporate Bonds | 40.3 | % |
| Mortgages - Other | 17.7 |  |
| Sovereign | 14.7 |  |
| Asset-Backed Securities | 11.6 |  |
| Short-Term Investments | 8.1 |  |
| Commercial Mortgage-Backed Securities | 3.9 |  |
| Supranational | 1.2 |  |
| Senior Loan Interest | 0.7 |  |
| U.S. Treasury Securities | 0.7 |  |
| Agency Fixed Rate Mortgages | 0.6 |  |
| Investment Companies | 0.3 |  |
| Collateralized Mortgage Obligations - Agency Collateral Series | 0.2 |  |
|  | 100.0 | %\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of January 31, 2023.

\*\* Does not include open long/short futures contracts with a value of $164,807,916 and net unrealized appreciation of $438,448. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of $13,862,748 and also does not include open swap agreements with net unrealized depreciation of $4,308,554.

Morgan Stanley Global Fixed Income Opportunities Fund

**Notes to Portfolio of Investments ▪ January 31, 2023 (unaudited)**

**<u>Valuation of Investments</u>** - (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Fund's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") (the "Sub-Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (5) certain senior collateralized loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (6) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (7) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (8) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (9) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.

In connection with Rule 2a-5 of the Act, which became effective September 8, 2022, the Trustees have designated the Fund's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Fund's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Fund's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

**<u>Fair Valuation Measurements</u>**

Financial Accounting Standards Board ("FASB") Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 1 – unadjusted quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENT TYPE** | **LEVEL 1<br> UNADJUSTED<br> QUOTED<br> PRICES** | **LEVEL 2<br> OTHER<br> SIGNIFICANT<br> OBSERVABLE<br> INPUTS** | **LEVEL 3<br> SIGNIFICANT<br> UNOBSERVABLE<br> INPUTS** | **TOTAL** |
| **Assets:** |  |  |  |  |
| **Fixed Income Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $320044639 | $&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;— | $320044639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sovereign |  | 117078479 |  | 117078479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency Fixed Rate Mortgages |  | 5109958 |  | 5109958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 91800960 |  | 91800960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations - Agency Collateral Series |  | 1490595 |  | 1490595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 31003505 |  | 31003505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgages - Other |  | 140588239 |  | 140588239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 5302391 |  | 5302391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Loan Interest |  | 5992500 |  | 5992500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supranational |  | 9272357 |  | 9272357 |
| **Total Fixed Income Securities** | **—** | **727683623** | **—** | **727683623** |
| **Investment Company** | 2771750 |  |  | 2771750 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 19750655 |  | 19750655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 49297712 |  |  | 49297712 |
| **Total Short-Term Investments** | **49297712** | **19750655** | **—** | **69048367** |
| **Foreign Currency Forward Exchange Contracts** |  | 3258240 |  | 3258240 |
| **Futures Contracts** | 812036 |  |  | 812036 |
| **Credit Default Swap Agreement** |  | 126194 |  | 126194 |
| **Interest Rate Swap Agreement** |  | 33364 |  | 33364 |
| **Total Assets** | **52881498** | **750852076** | **—** | **803733574** |
| **Liabilities:** |  |  |  |  |
| **Foreign Currency Forward Exchange Contracts** |  | (17120988) |  | (17120988) |
| **Futures Contracts** | (373588) |  |  | (373588) |
| **Credit Default Swap Agreement** |  | (4106767) |  | (4106767) |
| **Interest Rate Swap Agreement** |  | (361345) |  | (361345) |
| **Total Liabilities** | **(373588)** | **(21589100)** | **—** | **(21962688)** |
| **Total** | $**52507910** | $**729262976** | $**—** | $**781770886** |

---

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MORGAN STANLEY GLOBAL FIXED INCOME OPPORTUNITIES FUND

- **b. Investment Company Act file number:** 811-06515

- **c. CIK number of Registrant:** 0000882381

- **d. LEI of Registrant:** KN4O2R884TUHPY814X62

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

  - **Street Address 1:** 522 FIFTH AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-548-7786

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

- **a. Name of Series:** Global Fixed Income Opportunities Fund

- **b. EDGAR series identifier (if any):** S000002382

- **c. LEI of Series:** KN4O2R884TUHPY814X62

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $805640064.19

**Total Liabilities:** $32837025.43

**Net Assets:** $772803038.76

**Cash Not Reported:** $3777084.33

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -379.71000000 | **1-Year:** -17800.76000000 | **5-Year:** -51907.16000000 | **10-Year:** -47846.58000000 | **30-Year:** -11586.74000000

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

- **3-Month:** -1426.68000000 | **1-Year:** -28396.36000000 | **5-Year:** -42353.29000000 | **10-Year:** -17618.32000000 | **30-Year:** -6121.59000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000126926 | 2.02%                | -0.03%               | 2.43%                |
| Class ID C000198830 | 2.02%                | -0.03%               | 2.43%                |
| Class ID C000006295 | 1.81%                | -0.06%               | 2.43%                |
| Class ID C000006298 | 1.81%                | 0.16%                | 2.42%                |
| Class ID C000155980 | 1.75%                | -0.13%               | 2.58%                |
| Class ID C000006297 | 1.79%                | 0.11%                | 2.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6856415.00              | $20905959.63                               |
| Month 2  | $-3386319.32             | $4087847.71                                |
| Month 3  | $-1852062.69             | $20157814.49                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bank of America N.A.                                    | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-35408.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | CFMT 2021-HB5 LLC                                                                                                                          | CUSIP: 12526PAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $2805433.20   | 0.36%             | 2031-02-25      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY BANK                                          | Synchrony Bank                                                                                                                             | CUSIP: 87166FAE3<br>LEI: 549300UATVPGSLE43Z27 | Long             | DBT              | CORP              | US        |     2050000 | PA      | $2043024.20   | 0.26%             | 2027-08-23      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AFRICAN EXPORT-IMPORT BA                                | African Export-Import Bank/The                                                                                                             | CUSIP: 00831TAC5<br>LEI: 21380068LJCDYA42GJ76 | Long             | DBT              | NUSS              | XX        |     1800000 | PA      | $1535769.00   | 0.20%             | 2031-05-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | MX        |           1 | NC      | $12863.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                  | United States Treasury Inflation Indexed Bonds                                                                                             | CUSIP: 91282CFR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     3316632 | PA      | $3361292.21   | 0.43%             | 2027-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED SEK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SE        |           1 | NC      | $-2236.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mansard Mortgages Plc                                   | Mansard Mortgages 2007-2 PLC                                                                                                               | CUSIP: 000000000<br>LEI: 213800HN3U8VNBEANB34 | Long             | ABS-MBS          | CORP              | GB        |      799643 | PA      | $946828.90    | 0.12%             | 2049-12-15      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Enova International Inc                                 | Enova International Inc                                                                                                                    | CUSIP: 29357KAD5<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $972690.00    | 0.13%             | 2024-09-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                      | Credit Agricole SA                                                                                                                         | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |     2000000 | PA      | $2057134.10   | 0.27%             | 2027-03-17      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Regatta XVIII Funding Ltd                               | Regatta XVIII Funding Ltd                                                                                                                  | CUSIP: 75884HAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $225133.00    | 0.03%             | 2034-01-15      | Floating      | 10.74%                | No            |                  2 | On Loan: No      |
| IBERDROLA INTL BV                                       | Iberdrola International BV                                                                                                                 | CUSIP: 000000000<br>LEI: 549300ZMLFJKWC63XN87 | Long             | DBT              | CORP              | NL        |     1700000 | PA      | $1607989.58   | 0.21%             | 2026-11-09      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-28163.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCEPT PHARMAS                                       | Intercept Pharmaceuticals Inc                                                                                                              | CUSIP: 45845PAA6<br>LEI: 254900JMB8TX5P688V24 | Long             | DBT              | CORP              | US        |     1050000 | PA      | $1044671.48   | 0.14%             | 2023-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BASF SE                                                 | BASF SE                                                                                                                                    | CUSIP: 000000000<br>LEI: 529900PM64WH8AF1E917 | Long             | DBT              | CORP              | DE        |     1500000 | PA      | $1645956.45   | 0.21%             | 2032-06-29      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | MX        |           1 | NC      | $17165.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGIAS DE PORTUGAL SA                                 | EDP - Energias de Portugal SA                                                                                                              | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |     1800000 | PA      | $1783055.46   | 0.23%             | 2080-07-20      | Fixed         | 1.70%                 | Yes           |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                                 | Macy's Retail Holdings LLC                                                                                                                 | CUSIP: 55617LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2150000 | PA      | $1964852.75   | 0.25%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                                     | AUST 10Y BOND FUT MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |          56 | NC      | $137501.41    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada                                    | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | MX        |           1 | NC      | $78553.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Trust                        | Newtek Small Business Loan Trust 2018-1                                                                                                    | CUSIP: 65252MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      425899 | PA      | $420248.86    | 0.05%             | 2044-02-25      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| CANPACK SA/CANPACK US                                   | Canpack SA / Canpack US LLC                                                                                                                | CUSIP: 13806CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     2080000 | PA      | $1729686.40   | 0.22%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LUMINIS FINANCE                                         | Luminis Finance PLC                                                                                                                        | CUSIP: 000000000<br>LEI: 54930067RSRCM166RP48 | Long             | SN               | CORP              | IE        |     1914501 | PA      | $1987689.56   | 0.26%             | 2024-12-06      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                 | American Axle & Manufacturing Inc                                                                                                          | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     1632000 | PA      | $1507494.72   | 0.20%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| Goldman Sachs International                             | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-268807.68   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-34235.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ChaseFlex Trust                                         | ChaseFlex Trust Series 2005-1                                                                                                              | CUSIP: 16165TAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       56598 | PA      | $49483.74     | 0.01%             | 2035-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FLY LEASING LTD                                         | Fly Leasing Ltd                                                                                                                            | CUSIP: 14308CAA1<br>LEI: 549300LI58A0MHGHTZ98 | Long             | DBT              | CORP              | BM        |     2650000 | PA      | $2295595.12   | 0.30%             | 2024-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                                                                        | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |     5016700 | NS      | $5016700.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                  | BP Capital Markets PLC                                                                                                                     | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     2300000 | PA      | $2154812.50   | 0.28%             | 2030-03-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GRUPO AVAL LTD                                          | Grupo Aval Ltd                                                                                                                             | CUSIP: 40053FAC2<br>LEI: 549300J4FW1ELLQ80113 | Long             | DBT              | CORP              | KY        |      920000 | PA      | $763623.00    | 0.10%             | 2030-02-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LORCA TELECOM BONDCO                                    | Lorca Telecom Bondco SA                                                                                                                    | CUSIP: 000000000<br>LEI: 9598004HFBAS82YM7X35 | Long             | DBT              | CORP              | ES        |      750000 | PA      | $749125.93    | 0.10%             | 2027-09-18      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| AUSTRALIAN GOVERNMENT                                   | Australia Government Bond                                                                                                                  | CUSIP: 000000000<br>LEI: 213800J6B7JSBDETCB42 | Long             | DBT              | NUSS              | AU        |    17000000 | PA      | $9843214.45   | 1.27%             | 2032-05-21      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                                                                                   | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     2500000 | PA      | $2309475.00   | 0.30%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                                                                                        | CUSIP: 000000000<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     3100000 | PA      | $2526215.76   | 0.33%             | 2033-02-17      | Fixed         | 0.60%                 | Yes           |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                                                                               | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2275000 | PA      | $2074834.13   | 0.27%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-53988.95    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                    | FREMF 2016-KF21 Mortgage Trust                                                                                                             | CUSIP: 30289XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      188778 | PA      | $179358.10    | 0.02%             | 2026-07-25      | Floating      | 9.64%                 | No            |                  2 | On Loan: No      |
| SHOPIFY INC                                             | Shopify Inc                                                                                                                                | CUSIP: 82509LAA5<br>LEI: 549300HGQ43STJLLP808 | Long             | DBT              | CORP              | CA        |     1729000 | PA      | $1524113.50   | 0.20%             | 2025-11-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| ZIFF DAVIS INC                                          | Ziff Davis Inc                                                                                                                             | CUSIP: 48123VAF9<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |     1700000 | PA      | $1508367.50   | 0.20%             | 2030-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                  | Credit Suisse Group AG                                                                                                                     | CUSIP: 225401AZ1<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |     1725000 | PA      | $1657576.81   | 0.21%             | 2033-08-12      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                        | Bellemeade Re 2018-3 Ltd                                                                                                                   | CUSIP: 07877TAC5<br>LEI: 2549009SOTYJD2MZFC61 | Long             | ABS-MBS          | CORP              | BM        |     2250000 | PA      | $2252363.85   | 0.29%             | 2028-10-25      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| ONGC VIDESH VANKORNEFT                                  | ONGC Videsh Vankorneft Pte Ltd                                                                                                             | CUSIP: 000000000<br>LEI: 254900FXH0X0S4UIS503 | Long             | DBT              | CORP              | SG        |      500000 | PA      | $470997.64    | 0.06%             | 2026-07-27      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $427271.90    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| American Greetings Corp                                 | American Greetings Corp                                                                                                                    | CUSIP: 026375AR6<br>LEI: 549300WMJOT8C9DNMF90 | Long             | DBT              | CORP              | US        |     1425000 | PA      | $1412623.88   | 0.18%             | 2025-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     6600000 | PA      | $6646947.28   | 0.86%             | 2026-06-04      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| TOTALENERGIES SE                                        | TotalEnergies SE                                                                                                                           | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | DBT              | CORP              | FR        |     2300000 | PA      | $2488486.10   | 0.32%             | 2023-05-05      | Fixed         | 2.71%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | TH        |           1 | NC      | $20137.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                      | CUSIP: 25714PEF1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     2000000 | PA      | $1710074.86   | 0.22%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2006-4CB                                                                                                            | CUSIP: 12668BPM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       43988 | PA      | $25102.13     | 0.00%             | 2036-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division        | LONG GILT FUTURE MAR23                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         126 | NC      | $89319.96     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Asset Backed Funding Certificates                       | ABFC 2004-OPT1 Trust                                                                                                                       | CUSIP: 04542BFA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      764159 | PA      | $745025.41    | 0.10%             | 2033-08-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                   | Uber Technologies Inc                                                                                                                      | CUSIP: 90353TAJ9<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     1485000 | PA      | $1312363.33   | 0.17%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: —       |
| Banc of America Funding Corporation                     | Banc of America Funding 2007-5 Trust                                                                                                       | CUSIP: 059523AJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       53662 | PA      | $43525.67     | 0.01%             | 2037-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Securities                  | Natixis Commercial Mortgage Securities Trust 2019-10K                                                                                      | CUSIP: 63874UAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1202662.28   | 0.16%             | 2039-05-15      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-2415.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | JP        |           1 | NC      | $203137.27    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ADVISOR GROUP HOLDINGS I                                | Advisor Group Holdings Inc                                                                                                                 | CUSIP: 00791GAA5<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     1375000 | PA      | $1420446.58   | 0.18%             | 2027-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-2266.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Blackbird Capital Aircraft                              | Blackbird Capital Aircraft Lease Securitization Ltd 2016-1                                                                                 | CUSIP: 09228YAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     2240428 | PA      | $1857322.40   | 0.24%             | 2041-12-16      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                 | BPCE SA                                                                                                                                    | CUSIP: 05578QAB9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     1875000 | PA      | $1855670.29   | 0.24%             | 2024-07-21      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-844398.97   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-45173.70    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                  | GSAA Home Equity Trust 2006-18                                                                                                             | CUSIP: 3622ELAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      345054 | PA      | $136776.10    | 0.02%             | 2036-11-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                              | Air Canada                                                                                                                                 | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |     1420000 | PA      | $1315427.17   | 0.17%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.              | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: JHE42UYNWWTJB8YTTU19 | N/A              | DFE              |  | AU        |           1 | NC      | $9687.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | Cascade Funding Mortgage Trust 2018-RM2                                                                                                    | CUSIP: 14727QAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3534095 | PA      | $3403984.39   | 0.44%             | 2068-10-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-1962164.52  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                  | Reperforming Loan REMIC Trust 2005-R1                                                                                                      | CUSIP: 12669GXF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      142855 | PA      | $147243.48    | 0.02%             | 2035-03-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEWDAY FUNDING                                          | Newday Funding Master Issuer PLC - Series 2021-1                                                                                           | CUSIP: 000000000<br>LEI: 213800GBPRAJHSB5YK19 | Long             | ABS-O            | CORP              | GB        |     2000000 | PA      | $2421567.96   | 0.31%             | 2029-03-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-0.26        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UPJOHN FINANCE BV                                       | Upjohn Finance BV                                                                                                                          | CUSIP: 000000000<br>LEI: 254900OG32E8F3XO5O83 | Long             | DBT              | CORP              | NL        |     2150000 | PA      | $2076996.82   | 0.27%             | 2027-06-23      | Fixed         | 1.36%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR ULTRA FUT MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         144 | NC      | $26581.77     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANNA RMBS                                              | Banna RMBS DAC                                                                                                                             | CUSIP: 000000000<br>LEI: 549300ITMSQX8FY8ZS10 | Long             | ABS-MBS          | CORP              | IE        |      800000 | PA      | $950840.13    | 0.12%             | 2063-12-30      | Floating      | 6.94%                 | Yes           |                  2 | On Loan: No      |
| REPSOL INTL FINANCE                                     | Repsol International Finance BV                                                                                                            | CUSIP: 000000000<br>LEI: 5493002YCY6HTK0OUR29 | Long             | DBT              | CORP              | NL        |     2050000 | PA      | $1951468.79   | 0.25%             | 2026-12-22      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 25000000000 | PA      | $1864242.83   | 0.24%             | 2034-03-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                  | Merrill Lynch Mortgage Investors Trust Series 2006-A2                                                                                      | CUSIP: 590215AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1137047 | PA      | $11.43        | 0.00%             | 2036-02-25      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae I Pool                                                                                                                          | CUSIP: 36209RPP2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         336 | PA      | $356.24       | 0.00%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                  | CHL Mortgage Pass-Through Trust Resecuritization 2008-2R                                                                                   | CUSIP: 12544NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      652899 | PA      | $399837.11    | 0.05%             | 2036-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2021-NR1                                                                                                                         | CUSIP: 12565YAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3519117 | PA      | $3340155.99   | 0.43%             | 2055-07-25      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| VONOVIA SE                                              | Vonovia SE                                                                                                                                 | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | DBT              | CORP              | DE        |     3000000 | PA      | $2538938.46   | 0.33%             | 2029-12-14      | Fixed         | 0.62%                 | Yes           |                  2 | On Loan: No      |
| ELDORADO GOLD CORP                                      | Eldorado Gold Corp                                                                                                                         | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |     2670000 | PA      | $2450293.23   | 0.32%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| MASTR Alternative Loans Trust                           | MASTR Alternative Loan Trust 2003-3                                                                                                        | CUSIP: 576434DZ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      690375 | PA      | $659301.19    | 0.09%             | 2033-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEWCASTLE COAL INFRASTRU                                | Newcastle Coal Infrastructure Group Pty Ltd                                                                                                | CUSIP: 65106WAB1<br>LEI: 549300YAJ8XYYGW2TZ32 | Long             | DBT              | CORP              | AU        |     1925000 | PA      | $1546632.59   | 0.20%             | 2031-05-12      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: S95V4ZFE3 CDS EUR R F  5.00000 II8646190220920 CCPCDX / Short: S95V4ZFE3 CDS EUR P V 03MEVENT II7618400220920 CCPCDX                 | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     6200000 | OU      | $224844.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                                            | CaixaBank SA                                                                                                                               | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |     7200000 | PA      | $7299570.42   | 0.94%             | 2030-04-17      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                  | Acrisure LLC / Acrisure Finance Inc                                                                                                        | CUSIP: 00489LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1375000 | PA      | $1376658.62   | 0.18%             | 2026-08-01      | Fixed         | 10.12%                | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                    | Glencore Funding LLC                                                                                                                       | CUSIP: 378272AQ1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     2150000 | PA      | $2056017.35   | 0.27%             | 2027-10-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | BR        |           1 | NC      | $11866.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                                        | Allied Universal Holdco LLC / Allied Universal Finance Corp                                                                                | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      220000 | PA      | $177288.10    | 0.02%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: B95VEAG06 CDS USD R V 03MEVENT II6895320220927 CCPCDX / Short: B95VEAG06 CDS USD P F  5.00000 II8805840220927 CCPCDX                 | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    55920000 | OU      | $-1539645.36  | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                                                  | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     2275000 | PA      | $2047694.60   | 0.26%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |           1 | NC      | $73045.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                  | United States Treasury Bill                                                                                                                | CUSIP: 912796YL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     7415000 | PA      | $7382043.50   | 0.96%             | 2023-03-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust              | Bear Stearns Asset Backed Securities Trust 2006-SD3                                                                                        | CUSIP: 073888AN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      113649 | PA      | $112376.47    | 0.01%             | 2036-07-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $8072.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2021-RN3 LLC                                                                                                                          | CUSIP: 74143JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2413017 | PA      | $2209516.04   | 0.29%             | 2051-09-25      | Variable      | 1.84%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | TH        |           1 | NC      | $18000.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INMOBILIARIA COLONIAL SO                                | Inmobiliaria Colonial Socimi SA                                                                                                            | CUSIP: 000000000<br>LEI: 95980020140005007414 | Long             | DBT              |  | ES        |     2000000 | PA      | $1863414.78   | 0.24%             | 2028-10-14      | Fixed         | 1.35%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2006-HY10                                                                                                           | CUSIP: 12668BUK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       87718 | PA      | $73628.42     | 0.01%             | 2036-05-25      | Variable      | 3.32%                 | No            |                  2 | On Loan: No      |
| WINTERSHALL DEA FINANCE                                 | Wintershall Dea Finance BV                                                                                                                 | CUSIP: 000000000<br>LEI: 529900SUC9JUI6M74U66 | Long             | DBT              | CORP              | NL        |     2400000 | PA      | $2202802.24   | 0.29%             | 2028-09-25      | Fixed         | 1.33%                 | Yes           |                  2 | On Loan: No      |
| TECHEM VERWALTUNGSGESELL                                | Techem Verwaltungsgesellschaft 675 mbH                                                                                                     | CUSIP: 000000000<br>LEI: 529900N0M7FQHNAV1A41 | Long             | DBT              | CORP              | DE        |      650000 | PA      | $657624.02    | 0.09%             | 2025-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Jol Air                                                 | JOL Air Ltd                                                                                                                                | CUSIP: 46651NAB0<br>LEI: 549300TS4MUGCDXPW498 | Long             | ABS-O            | CORP              | KY        |      257701 | PA      | $171688.03    | 0.02%             | 2044-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes                                   | Tricon American Homes 2020-SFR1                                                                                                            | CUSIP: 89613GAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4000000 | PA      | $3808788.00   | 0.49%             | 2038-07-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Banc of America Funding Corporation                     | Banc of America Funding 2007-5 Trust                                                                                                       | CUSIP: 059523AR1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       10241 | PA      | $9888.44      | 0.00%             | 2037-07-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-17114.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                                                                                        | CUSIP: 03846JAC4<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      970000 | PA      | $633570.05    | 0.08%             | 2061-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU Ltd                                       | Trimaran Cavu 2021-1 Ltd                                                                                                                   | CUSIP: 89624NAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1225000 | PA      | $1126186.60   | 0.15%             | 2032-04-23      | Floating      | 8.27%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-79373.95    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | UBS AG                                                                                                                                     | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |     1375000 | PA      | $1364006.88   | 0.18%             | 2024-05-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                                                                               | CUSIP: 3137FXYY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     7000000 | PA      | $1093408.05   | 0.14%             | 2049-01-25      | Variable      | 2.63%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | CFMT 2021-HB5 LLC                                                                                                                          | CUSIP: 12526PAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4000000 | PA      | $3734148.40   | 0.48%             | 2031-02-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| VMC Finance LLC                                         | VMC Finance 2021-HT1 LLC                                                                                                                   | CUSIP: 91835TAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     2610562 | PA      | $2543805.17   | 0.33%             | 2037-01-18      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| CG-CCRE Commercial Mortgage Trust                       | CG-CCRE Commercial Mortgage Trust 2014-FL2                                                                                                 | CUSIP: 12528PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      539553 | PA      | $513403.62    | 0.07%             | 2031-11-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU                                | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp                                                                         | CUSIP: 74052HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1000000 | PA      | $720136.10    | 0.09%             | 2029-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: —       |
| ANHEUSER-BUSCH INBEV SA/                                | Anheuser-Busch InBev SA/NV                                                                                                                 | CUSIP: 000000000<br>LEI: 5493008H3828EMEXB082 | Long             | DBT              | CORP              | BE        |     1750000 | PA      | $1833175.97   | 0.24%             | 2040-04-02      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |           1 | NC      | $50626.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM / SPEC I                                | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC                                                            | CUSIP: 85208NAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1856250 | PA      | $1841907.52   | 0.24%             | 2025-03-20      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.              | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: JHE42UYNWWTJB8YTTU19 | N/A              | DFE              |  | AU        |           1 | NC      | $-203.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities          | CSFB Mortgage-Backed Pass-Through Certificates Series 2003-29                                                                              | CUSIP: 22541Q3U4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      247342 | PA      | $247590.16    | 0.03%             | 2033-12-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CN        |           1 | NC      | $55741.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PROLOGIS EURO FINANCE                                   | Prologis Euro Finance LLC                                                                                                                  | CUSIP: 74341EAA0<br>LEI: 549300MI5D1784PRQH06 | Long             | DBT              |  | US        |     1200000 | PA      | $1165916.53   | 0.15%             | 2029-01-05      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |           1 | NC      | $-34028.07    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | CITIGROUP MORTGAGE LOAN TRUST 2021-INV1                                                                                                    | CUSIP: 17329PAY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1144432 | PA      | $959892.22    | 0.12%             | 2051-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BAIDU INC                                               | Baidu Inc                                                                                                                                  | CUSIP: 056752AS7<br>LEI: 254900AL64IANZYI1E02 | Long             | DBT              | CORP              | KY        |     1463000 | PA      | $1315792.88   | 0.17%             | 2026-04-09      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | CFMT 2020-HB4 LLC                                                                                                                          | CUSIP: 12529LAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1100000 | PA      | $1031927.49   | 0.13%             | 2030-12-26      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| NEW ZEALAND GOVERNMENT                                  | New Zealand Government Bond                                                                                                                | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     6600000 | PA      | $4270119.58   | 0.55%             | 2034-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | Cascade Funding Mortgage Trust 2019-RM3                                                                                                    | CUSIP: 147271AD2<br>LEI: 549300HU3WTU5KNK1B36 | Long             | ABS-MBS          | CORP              | US        |     2306912 | PA      | $1926525.13   | 0.25%             | 2069-06-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                 | NYMT Loan Trust 2020-SP2                                                                                                                   | CUSIP: 62955DAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4901897 | PA      | $4822883.75   | 0.62%             | 2060-10-25      | Variable      | 2.94%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Adjustable Rate Mortgage Trust             | Bear Stearns ARM Trust 2007-3                                                                                                              | CUSIP: 073881AD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       48022 | PA      | $37813.35     | 0.00%             | 2047-05-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| Headlands Residential                                   | Headlands Residential 2021-RPL1 LLC                                                                                                        | CUSIP: 42210JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4000000 | PA      | $3764428.80   | 0.49%             | 2026-09-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                     | Citigroup Commercial Mortgage Trust 2020-555                                                                                               | CUSIP: 17328EAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      900000 | PA      | $649107.00    | 0.08%             | 2041-12-10      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US ULTRA BOND CBT MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          85 | NC      | $303250.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2014-CCRE18 Mortgage Trust                                                                                                            | CUSIP: 12632QAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      139000 | PA      | $127638.83    | 0.02%             | 2047-07-15      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2014-CR14 Mortgage Trust                                                                                                              | CUSIP: 12630DAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3162691 | PA      | $10639.14     | 0.00%             | 2047-02-10      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                              | MFA 2021-NPL1 LLC                                                                                                                          | CUSIP: 55282YAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3379014 | PA      | $3209284.75   | 0.42%             | 2060-03-25      | Variable      | 2.36%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-1599.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital                                                            | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3600000 | PA      | $2951188.99   | 0.38%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| TEMPUR SEALY INTL INC                                   | Tempur Sealy International Inc                                                                                                             | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     1570000 | PA      | $1295509.05   | 0.17%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-BPNY                                                                                                                             | CUSIP: 12659XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2800000 | PA      | $2714833.66   | 0.35%             | 2023-08-15      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2020-1                                                                                          | CUSIP: 35563PPH6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     2700000 | PA      | $2294169.75   | 0.30%             | 2059-08-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| New Residential Advance Receivables Trust Advance       | NRZ Advance Receivables Trust 2015-ON1                                                                                                     | CUSIP: 62942QDA8<br>LEI: 549300RNWDDBV4LFKJ17 | Long             | ABS-O            | CORP              | US        |     1616000 | PA      | $1556495.65   | 0.20%             | 2053-09-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Ludgate Funding Plc                                     | Ludgate Funding PLC                                                                                                                        | CUSIP: 000000000<br>LEI: 213800LADM2GPWI3P269 | Long             | ABS-MBS          | CORP              | GB        |      502929 | PA      | $486075.53    | 0.06%             | 2061-01-01      | Floating      | 3.23%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                                                                          | CUSIP: 3136A6TR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       78223 | PA      | $1993.19      | 0.00%             | 2041-08-25      | Floating      | 2.04%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                                                                                        | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     2200000 | PA      | $1829157.97   | 0.24%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| TYLER TECHNOLOGIES INC                                  | Tyler Technologies Inc                                                                                                                     | CUSIP: 902252AB1<br>LEI: 25490040SMU4Z8LBCW70 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $954500.00    | 0.12%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| PELOTON INTERACTIVE INC                                 | Peloton Interactive Inc                                                                                                                    | CUSIP: 70614WAB6<br>LEI: 5493002YS021166W0339 | Long             | DBT              | CORP              | US        |     2170000 | PA      | $1681808.26   | 0.22%             | 2026-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust              | JPMBB Commercial Mortgage Securities Trust 2014-C21                                                                                        | CUSIP: 46642EBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2630679 | PA      | $23257.96     | 0.00%             | 2047-08-15      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| INDIAN RAILWAY FINANCE                                  | Indian Railway Finance Corp Ltd                                                                                                            | CUSIP: 45434L2H6<br>LEI: 335800F2JHSOGXQEBY56 | Long             | DBT              | CORP              | IN        |     1800000 | PA      | $1574280.00   | 0.20%             | 2032-01-21      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| Raptor Aircraft Finance LLC                             | Raptor Aircraft Finance I LLC                                                                                                              | CUSIP: 75383HAA9<br>LEI: 549300QFYP8PTWJMXQ65 | Long             | ABS-O            | CORP              | KY        |     2791905 | PA      | $2087029.52   | 0.27%             | 2044-08-23      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                                                                             | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     2400000 | PA      | $2536239.94   | 0.33%             | 2026-10-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments Inc               | Structured Asset Mortgage Investments II Trust 2005-AR1                                                                                    | CUSIP: 86359LGT0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      402237 | PA      | $351489.02    | 0.05%             | 2035-04-19      | Variable      | 2.08%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | MX        |           1 | NC      | $14977.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $1817.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Conn Funding II, L.P                                    | Conn's Receivables Funding 2021-A LLC                                                                                                      | CUSIP: 20825GAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4000000 | PA      | $3849664.80   | 0.50%             | 2026-05-15      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2016-1                                                                                          | CUSIP: 35563PAE9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1237211 | PA      | $1087059.09   | 0.14%             | 2055-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                             | McAfee Corp                                                                                                                                | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |     1300000 | PA      | $1081661.49   | 0.14%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2019-4                                                                                          | CUSIP: 35563PMX4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1000000 | PA      | $878115.60    | 0.11%             | 2059-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Start Ltd.                                              | Start Ltd/Bermuda                                                                                                                          | CUSIP: 85572RAA7<br>LEI: 549300VIQYFIDJQCKZ43 | Long             | ABS-O            | CORP              | BM        |     1582752 | PA      | $1332488.94   | 0.17%             | 2043-05-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                              | Grifols SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |      425000 | PA      | $404101.52    | 0.05%             | 2027-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F052623<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     5000000 | PA      | $5080471.25   | 0.66%             | 2053-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $29774.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NN Group NV                                             | NN Group NV                                                                                                                                | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | DBT              | CORP              | NL        |     2300000 | PA      | $2474239.39   | 0.32%             | 2026-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO                                              | Apidos CLO XXXV                                                                                                                            | CUSIP: 03768TAA0<br>LEI: 549300KJKTO0Q1OATW69 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $444766.50    | 0.06%             | 2034-04-20      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2007-OA7                                                                                                            | CUSIP: 126680AA5<br>LEI: 549300QTQ6MX6ER06N64 | Long             | ABS-MBS          | CORP              | US        |       84842 | PA      | $72685.89     | 0.01%             | 2047-05-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-6272.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                                                                                   | CUSIP: 55903VAL7<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     4250000 | PA      | $3785953.42   | 0.49%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                | Lloyds Banking Group PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |      900000 | PA      | $954062.46    | 0.12%             | 2025-06-27      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-9967212.03  | -1.29%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-54001.20    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR NOTE (CBT)MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         -62 | NC      | $-93594.94    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae I Pool                                                                                                                          | CUSIP: 36205GFB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         690 | PA      | $695.94       | 0.00%             | 2024-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                    | Tencent Holdings Ltd                                                                                                                       | CUSIP: 88032WAG1<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |     1600000 | PA      | $1514549.68   | 0.20%             | 2028-01-19      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ONGC VIDESH VANKORNEFT                                  | ONGC Videsh Vankorneft Pte Ltd                                                                                                             | CUSIP: 000000000<br>LEI: 254900FXH0X0S4UIS503 | Long             | DBT              | CORP              | SG        |     1400000 | PA      | $1317686.16   | 0.17%             | 2026-07-27      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                                                                                | CUSIP: 000000000<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     2450000 | PA      | $2412247.29   | 0.31%             | 2028-11-01      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | Cascade Funding Mortgage Trust 2022-AB2                                                                                                    | CUSIP: 12530JAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1018939 | PA      | $790408.05    | 0.10%             | 2052-02-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    83000000 | PA      | $4372525.86   | 0.57%             | 2030-01-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust              | JPMBB Commercial Mortgage Securities Trust 2014-C19                                                                                        | CUSIP: 46641WAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      405000 | PA      | $370581.22    | 0.05%             | 2047-04-15      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | CN        |           1 | NC      | $70548.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-43593.69    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                                  | APA Infrastructure Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |     1650000 | PA      | $1668330.82   | 0.22%             | 2027-03-22      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                        | WFRBS Commercial Mortgage Trust 2013-C16                                                                                                   | CUSIP: 92938EBR3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      541000 | PA      | $494157.84    | 0.06%             | 2046-09-15      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| VCAT Asset Securitization, LLC                          | VCAT 2021-NPL3 LLC                                                                                                                         | CUSIP: 91824MAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2360191 | PA      | $2191212.20   | 0.28%             | 2051-05-25      | Variable      | 1.74%                 | No            |                  2 | On Loan: No      |
| CBAM CLO Management                                     | CBAM 2021-14 Ltd                                                                                                                           | CUSIP: 12511HAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $213393.00    | 0.03%             | 2034-04-20      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| AXA SA                                                  | AXA SA                                                                                                                                     | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | DBT              | CORP              | FR        |     2500000 | PA      | $2495394.02   | 0.32%             | 2049-05-28      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Brean Asset Backed Securities Trust                     | Brean Asset Backed Securities Trust 2021-RM1                                                                                               | CUSIP: 10638CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2694818 | PA      | $2345647.74   | 0.30%             | 2063-10-25      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                  | GSAA Home Equity Trust 2005-3                                                                                                              | CUSIP: 36242DWW9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       68989 | PA      | $67543.21     | 0.01%             | 2034-12-25      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Ludgate Funding Plc                                     | Ludgate Funding PLC                                                                                                                        | CUSIP: 000000000<br>LEI: 213800LADM2GPWI3P269 | Long             | ABS-MBS          | CORP              | GB        |      860868 | PA      | $797835.07    | 0.10%             | 2060-12-01      | Floating      | 2.40%                 | Yes           |                  2 | On Loan: No      |
| COOF Securitization Trust II                            | COOF Securitization Trust II Series 2015-2                                                                                                 | CUSIP: 12593RAA6<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     3681092 | PA      | $162428.56    | 0.02%             | 2041-08-25      | Variable      | 2.56%                 | No            |                  2 | On Loan: No      |
| Aviva PLC                                               | Aviva PLC                                                                                                                                  | CUSIP: 000000000<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | DBT              | CORP              | GB        |     1700000 | PA      | $1813964.66   | 0.23%             | 2044-07-03      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Pnmac Gmsr Issuer Trust                                 | PNMAC GMSR ISSUER TRUST 2018-GT1                                                                                                           | CUSIP: 69354WAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $2978661.00   | 0.39%             | 2023-02-25      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                    | Garda World Security Corp                                                                                                                  | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     1370000 | PA      | $1145415.90   | 0.15%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   375000000 | PA      | $19755582.70  | 2.56%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                                                                                  | CUSIP: 682680BG7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     1475000 | PA      | $1552487.02   | 0.20%             | 2032-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Suntrust Adjustable Rate Mortgage Loan Trust            | STARM Mortgage Loan Trust 2007-4                                                                                                           | CUSIP: 78473WAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       57936 | PA      | $50699.37     | 0.01%             | 2037-10-25      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | GB        |           1 | NC      | $598738.31    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Progress Residential Trust                              | Progress Residential 2020-SFR1 Trust                                                                                                       | CUSIP: 74331CAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2975000 | PA      | $2753069.46   | 0.36%             | 2037-04-17      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust 2006-AR7                                                                                                     | CUSIP: 172987AW9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       69334 | PA      | $61357.26     | 0.01%             | 2036-11-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Santos Finance Ltd                                      | Santos Finance Ltd                                                                                                                         | CUSIP: 000000000<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |     2098000 | PA      | $1962794.39   | 0.25%             | 2027-09-14      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                  | Velocity Commercial Capital Loan Trust 2022-5                                                                                              | CUSIP: 91824FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1887029 | PA      | $1858960.54   | 0.24%             | 2047-05-25      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| Start Ltd.                                              | Start II LTD                                                                                                                               | CUSIP: 85573LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |     1027509 | PA      | $890277.77    | 0.12%             | 2044-03-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $7735.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PROVIDENT FDG/PFG FIN                                   | Provident Funding Associates LP / PFG Finance Corp                                                                                         | CUSIP: 74387UAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1525000 | PA      | $1431372.63   | 0.19%             | 2025-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                               | RMF Buyout Issuance Trust 2021-HB1                                                                                                         | CUSIP: 74969TAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1200000 | PA      | $911287.92    | 0.12%             | 2031-11-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                                         | Impac CMB Trust Series 2005-6                                                                                                              | CUSIP: 45254NQU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       19296 | PA      | $19736.69     | 0.00%             | 2035-10-25      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| ENDURANCE INTERNATIONAL                                 | Endurance International Group Holdings Inc                                                                                                 | CUSIP: 29279XAA8<br>LEI: 549300UTQC2651SB0W88 | Long             | DBT              | CORP              | US        |     1565000 | PA      | $1114179.70   | 0.14%             | 2029-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Orange SA                                               | Orange SA                                                                                                                                  | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |     2450000 | PA      | $2701433.46   | 0.35%             | 2026-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MASTR Alternative Loans Trust                           | MASTR Alternative Loan Trust 2005-1                                                                                                        | CUSIP: 576434E83<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      658237 | PA      | $610996.01    | 0.08%             | 2035-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                                                                            | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     2100000 | PA      | $1971117.75   | 0.26%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CN        |           1 | NC      | $26980.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-47496.83    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-15879.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-8877.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Alternative Loan Trust                      | Wells Fargo Alternative Loan 2007-PA4 Trust                                                                                                | CUSIP: 94984UAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      271691 | PA      | $251407.03    | 0.03%             | 2037-07-25      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.              | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: JHE42UYNWWTJB8YTTU19 | N/A              | DFE              |  | AU        |           1 | NC      | $26744.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | XX        |           1 | NC      | $15854.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $60708.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                                                                                   | CUSIP: 38378GM47<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      631662 | PA      | $70494.20     | 0.01%             | 2042-12-20      | Floating      | 1.76%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                 | Dell International LLC / EMC Corp                                                                                                          | CUSIP: 24703DBL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1499886.69   | 0.19%             | 2033-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-16403.78    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | Cascade Funding Mortgage Trust 2019-RM3                                                                                                    | CUSIP: 147271AC4<br>LEI: 549300HU3WTU5KNK1B36 | Long             | ABS-MBS          | CORP              | US        |     2883640 | PA      | $2591229.22   | 0.34%             | 2069-06-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                                            | CUSIP: 31388UJP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        3434 | PA      | $3623.69      | 0.00%             | 2032-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BTP FUTURE MAR23                                                                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -16 | NC      | $31844.65     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Q-PARK HOLDING BV                                       | Q-Park Holding I BV                                                                                                                        | CUSIP: 000000000<br>LEI: 2549003839B7HE3NDP48 | Long             | DBT              | CORP              | NL        |      650000 | PA      | $659743.97    | 0.09%             | 2025-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SVB FINANCIAL GROUP                                     | SVB Financial Group                                                                                                                        | CUSIP: 78486QAG6<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |     1085000 | PA      | $811037.50    | 0.10%             | 2031-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | ZA        |           1 | NC      | $8155.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Midas Intermediate Holdco II, LLC                       | Midas Intermediate Holdco II, LLC 2020 Term Loan B                                                                                         | CUSIP: 59562TAN2<br>LEI: 549300O5UULN1EULDF23 | Long             | LON              | CORP              | US        |        8515 | PA      | $7408.05      | 0.00%             | 2027-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                                                                          | CUSIP: 3136AJFH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      229614 | PA      | $5909.92      | 0.00%             | 2044-03-25      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                   | FMC GMSR Issuer Trust                                                                                                                      | CUSIP: 30259RAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4000000 | PA      | $3586751.20   | 0.46%             | 2027-04-25      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Gold Pool                                                                                                                      | CUSIP: 31287YYS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         604 | PA      | $642.16       | 0.00%             | 2032-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                      | Banco Santander SA                                                                                                                         | CUSIP: 05971KAA7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     3600000 | PA      | $3590574.66   | 0.46%             | 2025-11-19      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| BANCO DEL PACIFICO SA 0.000 20                          | BANCO DEL PACIFICO SA 0.000 20                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1000000 | PA      | $980000.00    | 0.13%             | 2024-12-20      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    67000000 | PA      | $3327859.20   | 0.43%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | TH        |           1 | NC      | $19028.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes                  | NRZ Excess Spread-Collateralized Notes                                                                                                     | CUSIP: 64830YAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1104688 | PA      | $992948.86    | 0.13%             | 2026-03-25      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| CBAM CLO Management                                     | CBAM 2021-14 Ltd                                                                                                                           | CUSIP: 12511GAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $436362.50    | 0.06%             | 2034-04-20      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| Pnmac Gmsr Issuer Trust                                 | PNMAC FMSR ISSUER TRUST 2018-FT1                                                                                                           | CUSIP: 69346MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4500000 | PA      | $4390276.50   | 0.57%             | 2023-04-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2003-4                                                                                                              | CUSIP: 81743PBH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      224100 | PA      | $211488.76    | 0.03%             | 2033-07-20      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                  | BP Capital Markets PLC                                                                                                                     | CUSIP: 05565QDU9<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     1075000 | PA      | $1039793.75   | 0.13%             | 2025-06-22      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PURCHASED CAD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | CA        |           1 | NC      | $26595.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-22314.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $5.04         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Coty Inc                                                | Coty Inc                                                                                                                                   | CUSIP: 222070AB0<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |     1505000 | PA      | $1485442.53   | 0.19%             | 2026-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| Countrywide Home Loans                                  | Reperforming Loan REMIC Trust 2004-R1                                                                                                      | CUSIP: 12669F7M9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      133801 | PA      | $128874.74    | 0.02%             | 2034-11-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BIOMARIN PHARMACEUTICAL                                 | BioMarin Pharmaceutical Inc                                                                                                                | CUSIP: 09061GAH4<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |     1970000 | PA      | $2178032.00   | 0.28%             | 2024-08-01      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx $ Investment Grade Corporate Bond ETF     | iShares iBoxx $ Investment Grade Corporate Bond ETF                                                                                        | CUSIP: 464287242<br>LEI: 549300FYCXFXG8POR355 | Long             | EC               | RF                | US        |       25000 | NS      | $2771750.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                                                                             | CUSIP: 09659W2J2<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     2400000 | PA      | $2299750.10   | 0.30%             | 2025-11-19      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                  | Credit Suisse Group AG                                                                                                                     | CUSIP: 000000000<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |     1450000 | PA      | $1237483.53   | 0.16%             | 2032-04-02      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| TPRO ACQUISITION CORP                                   | TPro Acquisition Corp                                                                                                                      | CUSIP: 89238QAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1350000 | PA      | $1318534.42   | 0.17%             | 2024-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Conn Funding II, L.P                                    | Conn's Receivables Funding 2022-A LLC                                                                                                      | CUSIP: 20825YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2000000 | PA      | $1997718.60   | 0.26%             | 2026-12-15      | Fixed         | 9.52%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-525046.30   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                               | RMF Buyout Issuance Trust 2020-HB1                                                                                                         | CUSIP: 76971EAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5585413 | PA      | $4038128.40   | 0.52%             | 2050-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-1165.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-8722.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                                     | Braskem Netherlands Finance BV                                                                                                             | CUSIP: 10554TAD7<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     2385000 | PA      | $2102748.61   | 0.27%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                   | FMC GMSR Issuer Trust                                                                                                                      | CUSIP: 30259RAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4000000 | PA      | $3362794.80   | 0.44%             | 2026-07-25      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                                                                                         | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     1250000 | PA      | $1269587.91   | 0.16%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Residential Funding Mtg Sec I                           | RFMSI Series 2006-S6 Trust                                                                                                                 | CUSIP: 74957VAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      257287 | PA      | $218531.11    | 0.03%             | 2036-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes                  | NRZ Excess Spread-Collateralized Notes                                                                                                     | CUSIP: 62955MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2446787 | PA      | $2247362.71   | 0.29%             | 2026-07-25      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2014-CR14 Mortgage Trust                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      300000 | PA      | $251971.19    | 0.03%             | 2047-02-10      | Variable      | 4.59%                 | Yes           |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-186.98      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Aurizon Network Pty Ltd                                 | Aurizon Network Pty Ltd                                                                                                                    | CUSIP: 000000000<br>LEI: 549300FNL9A7DVZKZ444 | Long             | DBT              | CORP              | AU        |     1000000 | PA      | $1062407.86   | 0.14%             | 2026-06-01      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae I Pool                                                                                                                          | CUSIP: 36204GHW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         381 | PA      | $382.30       | 0.00%             | 2023-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                  | Standard Chartered PLC                                                                                                                     | CUSIP: 853254CC2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     1725000 | PA      | $1411300.13   | 0.18%             | 2032-06-29      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-5649.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                 | Global Partners LP / GLP Finance Corp                                                                                                      | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      645000 | PA      | $609534.68    | 0.08%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                   | Lehman Mortgage Trust 2006-1                                                                                                               | CUSIP: 52520MEZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       77201 | PA      | $45201.01     | 0.01%             | 2036-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY LATIN AMERICA                                   | Liberty Latin America Ltd                                                                                                                  | CUSIP: 53069QAB5<br>LEI: 213800YWQHEAX7CAVO83 | Long             | DBT              | CORP              | BM        |     1000000 | PA      | $921250.00    | 0.12%             | 2024-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TRIUMPH GROUP INC                                       | Triumph Group Inc                                                                                                                          | CUSIP: 896818AQ4<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |     1415000 | PA      | $1367866.92   | 0.18%             | 2024-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| 510 Assets Backed Trust                                 | 510 Asset Backed 2021-NPL1 Trust                                                                                                           | CUSIP: 33835CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2358062 | PA      | $2192876.01   | 0.28%             | 2061-06-25      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| LABL INC                                                | LABL Inc                                                                                                                                   | CUSIP: 50168AAA8<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     1425000 | PA      | $1357497.75   | 0.18%             | 2027-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Bayview Financial Acquisition Trust                     | Bayview Financial Revolving Asset Trust 2005-A                                                                                             | CUSIP: 073250BM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1505647 | PA      | $1323008.53   | 0.17%             | 2040-02-28      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | AU        |           1 | NC      | $7971.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NGG Finance PLC                                         | NGG Finance PLC                                                                                                                            | CUSIP: 000000000<br>LEI: 549300MLDJ2T68G21W86 | Long             | DBT              | CORP              | GB        |      850000 | PA      | $1022378.99   | 0.13%             | 2073-06-18      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| VICTORIA'S SECRET & CO                                  | Victoria's Secret & Co                                                                                                                     | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |     1550000 | PA      | $1289879.00   | 0.17%             | 2029-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: —       |
| Banc of America Funding Corporation                     | Banc of America Funding 2005-5 Trust                                                                                                       | CUSIP: 05946XE74<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      407406 | PA      | $383699.96    | 0.05%             | 2035-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Boston Lending Trust                                    | Boston Lending Trust 2022-2                                                                                                                | CUSIP: 10085BAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3300000 | PA      | $2772109.56   | 0.36%             | 2062-05-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $23760.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Vermilion Trust                                         | Vermilion Bond Trust 2020 in respect of Series 1                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | AU        |     3800000 | PA      | $2683885.52   | 0.35%             | 2058-12-14      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                      | Howard Hughes Corp/The                                                                                                                     | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     1425000 | PA      | $1185761.91   | 0.15%             | 2031-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                      | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     1700000 | PA      | $1605510.48   | 0.21%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                                  | Volkswagen International Finance NV                                                                                                        | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |     2300000 | PA      | $2415930.67   | 0.31%             | 2026-03-24      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| UPC Holding BV                                          | UPC Holding BV                                                                                                                             | CUSIP: 000000000<br>LEI: 213800G1DU7LKI6ZCD69 | Long             | DBT              | CORP              | NL        |     2250000 | PA      | $2155872.08   | 0.28%             | 2029-06-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-542179.24   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                            | TICP CLO VI 2016-2 Ltd                                                                                                                     | CUSIP: 87246VAF9<br>LEI: 254900JG2DPAYUCW8T83 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $914290.00    | 0.12%             | 2034-01-15      | Floating      | 11.04%                | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                  | Cascade MH Asset Trust 2019-MH1                                                                                                            | CUSIP: 14732FAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1121424 | PA      | $1061574.73   | 0.14%             | 2044-11-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                                                                                  | CUSIP: 682680BB8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     1876000 | PA      | $1651881.69   | 0.21%             | 2030-03-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-16018.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-15554.73    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED NZD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | NZ        |           1 | NC      | $15541.98     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                                                                                         | CUSIP: 29278NAF0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     1625000 | PA      | $1617123.25   | 0.21%             | 2028-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-96369.39    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $127894.52    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2018-EXCL                                                                                                                         | CUSIP: 12433WAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       39757 | PA      | $37725.09     | 0.00%             | 2037-09-15      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                                    | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc                                                                                     | CUSIP: 46590XAR7<br>LEI: P77IMDGVZE8EFBTF2M92 | Long             | DBT              | CORP              | XX        |     2275000 | PA      | $2029106.63   | 0.26%             | 2027-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                               | RMF Buyout Issuance Trust 2022-HB1                                                                                                         | CUSIP: 76970HAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4000000 | PA      | $2650306.00   | 0.34%             | 2032-04-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                                            | CUSIP: 31374TW39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        3023 | PA      | $3132.55      | 0.00%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RMF Proprietary Issuance Trust                          | RMF Proprietary Issuance Trust 2020-1                                                                                                      | CUSIP: 74969MAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2180025 | PA      | $2016168.73   | 0.26%             | 2060-04-26      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Eagle Re Ltd                                            | Eagle RE 2019-1 Ltd                                                                                                                        | CUSIP: 269822AD4<br>LEI: 254900L82OLW9QTLJ788 | Long             | ABS-MBS          | CORP              | US        |     4283875 | PA      | $4305342.35   | 0.56%             | 2029-04-25      | Floating      | 9.01%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | Cascade Funding Mortgage Trust 2020-HB2                                                                                                    | CUSIP: 12529GAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4500000 | PA      | $3866438.70   | 0.50%             | 2035-11-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Great Hall Mortgages Plc                                | Great Hall Mortgages No 1 PLC                                                                                                              | CUSIP: 000000000<br>LEI: 213800TM9KICQKGTYR78 | Long             | ABS-MBS          | CORP              | GB        |     1400000 | PA      | $1627821.10   | 0.21%             | 2038-06-18      | Floating      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                | Corebridge Financial Inc                                                                                                                   | CUSIP: 21871XAC3<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1912719.66   | 0.25%             | 2027-04-05      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                        | RALI Series 2007-QS2 Trust                                                                                                                 | CUSIP: 74923CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       34248 | PA      | $27391.97     | 0.00%             | 2037-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                        | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     1100000 | PA      | $1002296.61   | 0.13%             | 2027-04-21      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas CLO VI Ltd                                                                                                                        | CUSIP: 89641BAE3<br>LEI: 549300IUAXGLQ814UD95 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $904398.00    | 0.12%             | 2034-01-25      | Floating      | 11.63%                | No            |                  2 | On Loan: No      |
| Pnmac Gmsr Issuer Trust                                 | PNMAC GMSR ISSUER TRUST 2018-GT2                                                                                                           | CUSIP: 69354WAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3337000 | PA      | $3257108.22   | 0.42%             | 2025-08-25      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| METAL Cayman                                            | METAL 2017-1 LLC                                                                                                                           | CUSIP: 59111RAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     1061373 | PA      | $562548.70    | 0.07%             | 2042-10-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae I Pool                                                                                                                          | CUSIP: 36210ACN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        3073 | PA      | $3230.40      | 0.00%             | 2030-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $3066.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                          | Air Lease Corp                                                                                                                             | CUSIP: 00914AAP7<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     1300000 | PA      | $1211594.90   | 0.16%             | 2024-08-18      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                  | Credit Suisse Group AG                                                                                                                     | CUSIP: 225401AM0<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |     2400000 | PA      | $2195616.12   | 0.28%             | 2025-09-11      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| 510 Assets Backed Trust                                 | 510 Asset Backed 2021-NPL2 Trust                                                                                                           | CUSIP: 33835JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3212000 | PA      | $2939973.43   | 0.38%             | 2061-06-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE ASSRNCES                                | Credit Agricole Assurances SA                                                                                                              | CUSIP: 000000000<br>LEI: 969500K2MUPSI57XK083 | Long             | DBT              | CORP              | FR        |     3100000 | PA      | $3328777.99   | 0.43%             | 2025-10-14      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                                                                              | CUSIP: 172967NE7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     2050000 | PA      | $1679300.51   | 0.22%             | 2032-11-03      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US LONG BOND(CBT) MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          94 | NC      | $165870.19    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SMIAPSR36 IRS BRL R F 11.37000 II1084300220330 CCPNDFPREDISWA / Short: SMIAPSR36 IRS BRL P V 00MBRCDI II8308930220330 CCPNDFPREDISWA | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    43400000 | OU      | $-361345.46   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                 | Imperial Brands Finance PLC                                                                                                                | CUSIP: 45262BAA1<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |     2750000 | PA      | $2655755.52   | 0.34%             | 2024-07-26      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |           1 | NC      | $20516.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                                                                              | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     1825000 | PA      | $1687999.71   | 0.22%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| KFW                                                     | Kreditanstalt fuer Wiederaufbau                                                                                                            | CUSIP: 000000000<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |     4700000 | PA      | $4509556.79   | 0.58%             | 2032-06-07      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Securities Corporation                 | Structured Asset Securities Corp Reverse Mortgage Loan Trust 2007-RM1                                                                      | CUSIP: 86363BAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2347038 | PA      | $2095396.10   | 0.27%             | 2047-05-25      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2005-43                                                                                                             | CUSIP: 12667G5X7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      112088 | PA      | $106724.25    | 0.01%             | 2035-10-25      | Variable      | 3.11%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | Celanese US Holdings LLC                                                                                                                   | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     3800000 | PA      | $3851606.20   | 0.50%             | 2027-07-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2007-15CB                                                                                                           | CUSIP: 02151CAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      144287 | PA      | $94370.46     | 0.01%             | 2037-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM7                                                                                                     | CUSIP: 452763AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3309910 | PA      | $3409922.61   | 0.44%             | 2067-11-25      | Variable      | 7.37%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                 | GSR Mortgage Loan Trust 2007-AR1                                                                                                           | CUSIP: 362290AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       88443 | PA      | $54143.09     | 0.01%             | 2037-03-25      | Variable      | 3.34%                 | No            |                  2 | On Loan: No      |
| MKT 2020-525M Mortgage Trust                            | MKT 2020-525M Mortgage Trust                                                                                                               | CUSIP: 55316PAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $833619.98    | 0.11%             | 2040-02-12      | Variable      | 2.94%                 | No            |                  2 | On Loan: No      |
| ECAF LTD                                                | ECAF I Ltd                                                                                                                                 | CUSIP: 26827EAC9<br>LEI: 635400SSRNQERTYCWK57 | Long             | ABS-O            | CORP              | KY        |     1899658 | PA      | $1196716.42   | 0.15%             | 2040-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MortgageIT Trust                                        | MortgageIT Trust 2005-4                                                                                                                    | CUSIP: 61913PBA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      103010 | PA      | $99846.25     | 0.01%             | 2035-10-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Newgate Funding PLC                                     | Newgate Funding PLC                                                                                                                        | CUSIP: 000000000<br>LEI: 2138006KF4KS6D5P1697 | Long             | ABS-MBS          | CORP              | GB        |      695833 | PA      | $770802.63    | 0.10%             | 2050-12-15      | Floating      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                                    | Westpac Banking Corp                                                                                                                       | CUSIP: 961214EP4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     2425000 | PA      | $1906987.17   | 0.25%             | 2035-11-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| KKR FINANCIAL CLO LTD                                   | KKR Clo 16 Ltd                                                                                                                             | CUSIP: 48251DAG1<br>LEI: 254900VCKMCY079T6M57 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $453855.50    | 0.06%             | 2034-10-20      | Floating      | 11.92%                | No            |                  2 | On Loan: No      |
| Progress Residential Trust                              | Progress Residential 2020-SFR1 Trust                                                                                                       | CUSIP: 74331CAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2447000 | PA      | $2262522.38   | 0.29%             | 2037-04-17      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| FMC GMSR ISSUER TRUST                                   | FMC GMSR Issuer Trust                                                                                                                      | CUSIP: 30259RAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2000000 | PA      | $1765386.60   | 0.23%             | 2026-01-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV                                 | Fidelity National Information Services Inc                                                                                                 | CUSIP: 31620MBD7<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |     1600000 | PA      | $1599118.10   | 0.21%             | 2027-05-21      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                              | AMSR 2019-SFR1 Trust                                                                                                                       | CUSIP: 00178XAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2649000 | PA      | $2377598.29   | 0.31%             | 2039-01-19      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |           1 | NC      | $58908.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                                                                                        | CUSIP: 47077WAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2060000 | PA      | $1841842.79   | 0.24%             | 2029-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                         | Danske Bank A/S                                                                                                                            | CUSIP: 000000000<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |     2200000 | PA      | $2228538.13   | 0.29%             | 2030-02-12      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| F-BRASILE SPA/F-BRASILE                                 | F-Brasile SpA / F-Brasile US LLC                                                                                                           | CUSIP: 30191BAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |     1300000 | PA      | $1067553.50   | 0.14%             | 2026-08-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                | American Airlines Inc/AAdvantage Loyalty IP Ltd                                                                                            | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     2720000 | PA      | $2634557.10   | 0.34%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                                 | Global Partners LP / GLP Finance Corp                                                                                                      | CUSIP: 37954FAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2020000 | PA      | $1942557.85   | 0.25%             | 2027-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 29142000000 | PA      | $1929593.11   | 0.25%             | 2033-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                   | Lehman Mortgage Trust 2007-8                                                                                                               | CUSIP: 52521YAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      339970 | PA      | $127053.75    | 0.02%             | 2037-09-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MFT Trust                                               | MFT 2020-B6 Mortgage Trust                                                                                                                 | CUSIP: 55316TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1198300.20   | 0.16%             | 2040-08-10      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2019-3                                                                                          | CUSIP: 35563PLU1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     2200000 | PA      | $1990690.02   | 0.26%             | 2058-10-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Taurus CMBS                                             | Taurus 2018-1 IT SRL                                                                                                                       | CUSIP: 000000000<br>LEI: 8156000571844ED04411 | Long             | ABS-MBS          | CORP              | IT        |      438380 | PA      | $463884.44    | 0.06%             | 2030-05-18      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   206500000 | PA      | $10375718.91  | 1.34%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20                                                                              | CUSIP: 46642CBL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2812173 | PA      | $15589.70     | 0.00%             | 2047-07-15      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                                                                               | CUSIP: 3137H9MB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     4925941 | PA      | $1393353.64   | 0.18%             | 2055-11-25      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| Matador Resources Co                                    | Matador Resources Co                                                                                                                       | CUSIP: 576485AE6<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     1965000 | PA      | $1934910.94   | 0.25%             | 2026-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust                             | Diamond Resorts Owner Trust 2019-1                                                                                                         | CUSIP: 252722AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      602722 | PA      | $587379.21    | 0.08%             | 2032-02-20      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Mortgage Finance Trust Series 2007-S1                                                                                                | CUSIP: 16163FAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       92589 | PA      | $29066.80     | 0.00%             | 2037-02-25      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| SG Commercial Mortgage Securities Trust                 | SG Commercial Mortgage Securities Trust 2019-PREZ                                                                                          | CUSIP: 78430EAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $2243890.05   | 0.29%             | 2039-09-15      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| IAMGOLD CORP                                            | IAMGOLD Corp                                                                                                                               | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |     1930000 | PA      | $1527932.75   | 0.20%             | 2028-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corporation                     | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2006-AF1                                                                        | CUSIP: 65536PAP5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       97128 | PA      | $92030.56     | 0.01%             | 2036-06-25      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2005-J10                                                                                                            | CUSIP: 12667G4G5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      182063 | PA      | $119955.31    | 0.02%             | 2035-10-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S                                               | Sotheby's                                                                                                                                  | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1443109.13   | 0.19%             | 2027-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | AU        |           1 | NC      | $2281.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |           1 | NC      | $-21933.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                                            | CUSIP: 31390MJW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        2469 | PA      | $2628.21      | 0.00%             | 2032-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                  | Galaxy Pipeline Assets Bidco Ltd                                                                                                           | CUSIP: 36321PAB6<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     2400000 | PA      | $1968428.81   | 0.25%             | 2036-03-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.              | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: JHE42UYNWWTJB8YTTU19 | N/A              | DFE              |  | US        |           1 | NC      | $-36946.10    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                                            | CUSIP: 31384WKY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        1062 | PA      | $1113.04      | 0.00%             | 2031-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE                                        | TotalEnergies SE                                                                                                                           | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | DBT              | CORP              | FR        |     2280000 | PA      | $1947432.65   | 0.25%             | 2030-06-04      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| RENAULT SA                                              | Renault SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 969500F7JLTX36OUI695 | Long             | DBT              | CORP              | FR        |     2800000 | PA      | $2545760.33   | 0.33%             | 2027-10-04      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                                                                                        | CUSIP: 46647PCR5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     2350000 | PA      | $1952153.44   | 0.25%             | 2032-11-08      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED SEK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | SE        |           1 | NC      | $-7068.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SHENTON AIRCRAFT INVESTMENT LTD                         | Shenton Aircraft Investment I Ltd                                                                                                          | CUSIP: 82321UAA1<br>LEI: 254900877LAQRYY3YZ51 | Long             | ABS-O            | CORP              | KY        |     2339555 | PA      | $1842399.62   | 0.24%             | 2042-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital                                                            | CUSIP: 161175BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2200000 | PA      | $2094190.38   | 0.27%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD SEK                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $34530.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | SHORT EURO-BTP FU MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -231 | NC      | $57379.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF ECUADOR                                     | Ecuador Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     1800000 | PA      | $881698.30    | 0.11%             | 2035-07-31      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |           1 | NC      | $70299.86     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. Morgan Alternative Loan Trust                      | JP Morgan Alternative Loan Trust                                                                                                           | CUSIP: 46627MAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      123865 | PA      | $107172.15    | 0.01%             | 2035-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MUNICH RE                                               | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen                                                                                  | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | DBT              | CORP              | DE        |     1900000 | PA      | $1901182.94   | 0.25%             | 2049-05-26      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-WEHO                                                                                                                             | CUSIP: 12657CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3160484 | PA      | $3106152.72   | 0.40%             | 2023-04-15      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| Business Loan Express                                   | Business Loan Express Business Loan Trust 2007-A                                                                                           | CUSIP: 12328RAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      489128 | PA      | $431185.86    | 0.06%             | 2040-10-20      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| PMC PLS ESR Issuer LLC                                  | PMC PLS ESR Issuer LLC                                                                                                                     | CUSIP: 69375JAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2569423 | PA      | $2436942.04   | 0.32%             | 2027-02-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-1342.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                                            | CUSIP: 31380PJE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        3800 | PA      | $3936.88      | 0.00%             | 2028-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                                | Sabine Pass Liquefaction LLC                                                                                                               | CUSIP: 785592AX4<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     2125000 | PA      | $2063956.97   | 0.27%             | 2030-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP                                                                                                                        | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     1290000 | PA      | $1081929.72   | 0.14%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| RMF Buyout Issuance Trust                               | RMF Buyout Issuance Trust 2020-HB1                                                                                                         | CUSIP: 76971EAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3500000 | PA      | $3014216.45   | 0.39%             | 2050-10-25      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                 | GSR Mortgage Loan Trust 2005-3F                                                                                                            | CUSIP: 36242DD26<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      926221 | PA      | $823960.64    | 0.11%             | 2035-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |           1 | NC      | $104233.32    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                                                                                        | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1975000 | PA      | $1611244.50   | 0.21%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corporation                 | Structured Asset Securities Corp                                                                                                           | CUSIP: 86359DRT6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1178230 | PA      | $14986.62     | 0.00%             | 2035-07-25      | Variable      | 0.17%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                                                                               | CUSIP: 3137H4RJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     6430000 | PA      | $1776454.68   | 0.23%             | 2036-11-25      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | United States Treasury Bill                                                                                                                | CUSIP: 912796T33<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     3000000 | PA      | $2992358.67   | 0.39%             | 2023-02-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                        | BAT Capital Corp                                                                                                                           | CUSIP: 05526DBN4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     2175000 | PA      | $2062498.43   | 0.27%             | 2030-04-02      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | United States Treasury Bill                                                                                                                | CUSIP: 912796XT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     4000000 | PA      | $3999555.56   | 0.52%             | 2023-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: —       |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2015-LC20                                                                                            | CUSIP: 94989EAY3<br>LEI: 549300W6NRTMFPYUPG47 | Long             | ABS-MBS          | CORP              | US        |      900000 | PA      | $770057.60    | 0.10%             | 2050-04-15      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| Mansard Mortgages Plc                                   | Mansard Mortgages 2007-2 PLC                                                                                                               | CUSIP: 000000000<br>LEI: 213800HN3U8VNBEANB34 | Long             | ABS-MBS          | CORP              | GB        |      373167 | PA      | $442843.99    | 0.06%             | 2049-12-15      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 2YR NOTE (CBT) MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -292 | NC      | $-202416.81   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | CFMT 2020-HB4 LLC                                                                                                                          | CUSIP: 12529LAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1310193 | PA      | $1227380.42   | 0.16%             | 2030-12-26      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SYNGENTA FINANCE NV                                     | Syngenta Finance NV                                                                                                                        | CUSIP: 87164KAH7<br>LEI: 54930042S3BYCEGOCN86 | Long             | DBT              | CORP              | NL        |     1200000 | PA      | $1196509.66   | 0.15%             | 2023-04-24      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | MX        |           1 | NC      | $17359.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-46795.70    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp                                     | NOVA Chemicals Corp                                                                                                                        | CUSIP: 66977WAQ2<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     2260000 | PA      | $2228845.90   | 0.29%             | 2024-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                                 | Australia & New Zealand Banking Group Ltd                                                                                                  | CUSIP: 052528AM8<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |     2725000 | PA      | $2104104.91   | 0.27%             | 2035-11-25      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PP EUR HOLD                                  | Blackstone Property Partners Europe Holdings Sarl                                                                                          | CUSIP: 000000000<br>LEI: 213800Y3B5GQFBGVHP79 | Long             | DBT              | CORP              | LU        |     1500000 | PA      | $1508214.12   | 0.20%             | 2025-07-24      | Fixed         | 2.20%                 | Yes           |                  2 | On Loan: No      |
| EMF-NL Bv                                               | EMF-NL Prime 2008-A BV                                                                                                                     | CUSIP: 000000000<br>LEI: 724500YACYYG8XY5LM10 | Long             | ABS-MBS          | CORP              | NL        |      227129 | PA      | $232081.29    | 0.03%             | 2041-04-17      | Floating      | 3.13%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                                            | CUSIP: 31379NGP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |          25 | PA      | $25.42        | 0.00%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Conn Funding II, L.P                                    | Conn's Receivables Funding 2022-A LLC                                                                                                      | CUSIP: 20825YAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3600000 | PA      | $2819880.00   | 0.36%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-16.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Q-PARK HOLDING BV                                       | Q-Park Holding I BV                                                                                                                        | CUSIP: 000000000<br>LEI: 2549003839B7HE3NDP48 | Long             | DBT              | CORP              | NL        |      700000 | PA      | $710493.50    | 0.09%             | 2025-03-01      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                          | HarborView Mortgage Loan Trust 2003-1                                                                                                      | CUSIP: 41161PBM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      218356 | PA      | $200389.00    | 0.03%             | 2033-05-19      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                            | Vontier Corp                                                                                                                               | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |     1900000 | PA      | $1652677.00   | 0.21%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Wellfleet CLO Ltd                                       | Wellfleet CLO 2022-1 Ltd                                                                                                                   | CUSIP: 94950TAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1378119.00   | 0.18%             | 2034-04-15      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| Lansdowne Mortgage Securities PLC                       | Lansdowne Mortgage Securities No 2 PLC                                                                                                     | CUSIP: 000000000<br>LEI: 549300FRHPJ8SK8UYU55 | Long             | ABS-MBS          | CORP              | IE        |      931000 | PA      | $908130.76    | 0.12%             | 2048-09-16      | Floating      | 2.42%                 | Yes           |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                                                                                   | CUSIP: 92840VAK8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1976380.00   | 0.26%             | 2024-05-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                                                                          | CUSIP: 404280CE7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     2600000 | PA      | $2481107.80   | 0.32%             | 2025-11-07      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | JP        |           1 | NC      | $193744.98    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ZA        |           1 | NC      | $-4165.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2005-86CB                                                                                                           | CUSIP: 12668BFL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       14030 | PA      | $8929.75      | 0.00%             | 2036-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| USASF Receivables LLC                                   | USASF Receivables 2020-1 LLC                                                                                                               | CUSIP: 90353QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1700000 | PA      | $1715522.53   | 0.22%             | 2027-03-15      | Fixed         | 9.35%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SMIBFLX58 IRS BRL R F 13.06500 II6973040221201 CCPNDFPREDISWA / Short: SMIBFLX58 IRS BRL P V 00MBRCDI II4293000221201 CCPNDFPREDISWA | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    45610000 | OU      | $33364.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae I Pool                                                                                                                          | CUSIP: 36211PHU0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        1325 | PA      | $1409.90      | 0.00%             | 2030-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-BRIT                                                                                                                             | CUSIP: 12658RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $2788309.05   | 0.36%             | 2023-05-15      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | MX        |           1 | NC      | $29175.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                 | GSR Mortgage Loan Trust 2005-AR3                                                                                                           | CUSIP: 36242D4W0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       10720 | PA      | $8164.52      | 0.00%             | 2035-05-25      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| RMAC Securities PLC                                     | RMAC Securities No 1 PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 213800C48M2JTBGZT736 | Long             | ABS-MBS          | CORP              | GB        |      517036 | PA      | $595237.56    | 0.08%             | 2044-06-12      | Floating      | 3.98%                 | Yes           |                  2 | On Loan: No      |
| Tricon American Homes                                   | Tricon American Homes 2019-SFR1 Trust                                                                                                      | CUSIP: 89612LAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1480000 | PA      | $1345871.89   | 0.17%             | 2038-03-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                                | Trident TPI Holdings Inc                                                                                                                   | CUSIP: 89616RAA7<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |     1395000 | PA      | $1253127.19   | 0.16%             | 2025-11-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Finance of America HECM Buyout                          | Finance of America HECM Buyout 2022-HB1                                                                                                    | CUSIP: 31735JAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5000000 | PA      | $4681987.50   | 0.61%             | 2032-02-25      | Variable      | 7.87%                 | No            |                  2 | On Loan: No      |
| Finance of America HECM Buyout                          | Finance of America HECM Buyout 2022-HB2                                                                                                    | CUSIP: 317380AF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2500000 | PA      | $2180897.75   | 0.28%             | 2032-08-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                                                                        | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    44281012 | NS      | $44281011.51  | 5.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA                                      | Banco Santander SA                                                                                                                         | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     2500000 | PA      | $2624902.70   | 0.34%             | 2027-01-19      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| BUNDESREPUB. DEUTSCHLAND                                | Bundesrepublik Deutschland Bundesanleihe                                                                                                   | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |     7000000 | PA      | $6318748.12   | 0.82%             | 2031-08-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                                                                                        | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     1800000 | PA      | $1443318.43   | 0.19%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | AU        |           1 | NC      | $10795.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                                                                                      | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     1100000 | PA      | $1029820.00   | 0.13%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-85703.18    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2006-5T2                                                                                                            | CUSIP: 12668BMY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      320558 | PA      | $167521.26    | 0.02%             | 2036-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | United States Treasury Bill                                                                                                                | CUSIP: 912796V48<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     5430000 | PA      | $5376697.22   | 0.70%             | 2023-04-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                            | ING Groep NV                                                                                                                               | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     2000000 | PA      | $1948173.37   | 0.25%             | 2030-11-13      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |           1 | NC      | $59406.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LIONS GATE CAPITAL HOLD                                 | Lions Gate Capital Holdings LLC                                                                                                            | CUSIP: 53627NAE1<br>LEI: 549300MWJHNLR35C0837 | Long             | DBT              | CORP              | US        |     1530000 | PA      | $996672.60    | 0.13%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vibrant CLO Ltd                                         | Vibrant CLO XII Ltd                                                                                                                        | CUSIP: 92558XAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $915507.00    | 0.12%             | 2034-01-20      | Floating      | 11.92%                | No            |                  2 | On Loan: No      |
| Oakwood Mortgage Investors Inc.                         | Oakwood Mortgage Investors Inc                                                                                                             | CUSIP: 67087TCM1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2828359 | PA      | $411195.32    | 0.05%             | 2031-06-15      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| AES PANAMA GENERATION HL                                | AES Panama Generation Holdings SRL                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |     1000000 | PA      | $888190.38    | 0.11%             | 2030-05-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN MEDIA FINANCE PLC                                | Virgin Media Finance PLC                                                                                                                   | CUSIP: 000000000<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |     2350000 | PA      | $2064988.70   | 0.27%             | 2030-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| BANQUE OUEST AFRICAINE D                                | Banque Ouest Africaine de Developpement                                                                                                    | CUSIP: 06675QAC7<br>LEI: 529900LIZJABE4JJS826 | Long             | DBT              | NUSS              | XX        |     2600000 | PA      | $2299830.00   | 0.30%             | 2031-10-22      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ASR Nederland NV                                        | ASR Nederland NV                                                                                                                           | CUSIP: 000000000<br>LEI: 7245000G0HS48PZWUD53 | Long             | DBT              | CORP              | NL        |     3000000 | PA      | $3273123.69   | 0.42%             | 2024-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ARCHES BUYER INC                                        | Arches Buyer Inc                                                                                                                           | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     1306000 | PA      | $1098783.51   | 0.14%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-3283.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CN        |           1 | NC      | $43423.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | CFMT 2022-HB8 LLC                                                                                                                          | CUSIP: 12526WAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     5500000 | PA      | $4344505.00   | 0.56%             | 2025-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                                | Scientific Games Holdings LP/Scientific Games US FinCo Inc                                                                                 | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1160000 | PA      | $1034720.00   | 0.13%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                                            | CUSIP: 31371KEX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        5015 | PA      | $5278.77      | 0.00%             | 2031-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DSSV                                                    | Dssv Sarl                                                                                                                                  | CUSIP: 000000000<br>LEI: 222100GVTIUR8J9SPS74 | Long             | ABS-MBS          | CORP              | LU        |      727274 | PA      | $766936.44    | 0.10%             | 2024-10-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2019-GC44 Mortgage Trust                                                                                                              | CUSIP: 12655TAY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1500000 | PA      | $1332609.45   | 0.17%             | 2057-08-15      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 5YR NOTE (CBT) MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         -28 | NC      | $287.66       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HUDBAY MINERALS INC                                     | Hudbay Minerals Inc                                                                                                                        | CUSIP: 443628AJ1<br>LEI: 549300WI524AL577IX21 | Long             | DBT              | CORP              | CA        |     2570000 | PA      | $2371133.40   | 0.31%             | 2026-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AKELIUS RESIDENTIAL PROP                                | Akelius Residential Property Financing BV                                                                                                  | CUSIP: 000000000<br>LEI: 724500ABLEHD1CIBAA35 | Long             | DBT              | CORP              | NL        |     2100000 | PA      | $1804191.49   | 0.23%             | 2029-01-11      | Fixed         | 1.12%                 | Yes           |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                                | Jefferies Finance LLC / JFIN Co-Issuer Corp                                                                                                | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1610000 | PA      | $1368114.60   | 0.18%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                 | GSR Mortgage Loan Trust 2004-14                                                                                                            | CUSIP: 36242DPF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      316797 | PA      | $283134.91    | 0.04%             | 2034-12-25      | Variable      | 4.04%                 | No            |                  2 | On Loan: No      |
| ReadyCap lending                                        | ReadyCap Lending Small Business Loan Trust 2019-2                                                                                          | CUSIP: 75576QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      360274 | PA      | $343457.41    | 0.04%             | 2044-12-27      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| LABL INC                                                | LABL Inc                                                                                                                                   | CUSIP: 50168QAD7<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     1300000 | PA      | $1092812.50   | 0.14%             | 2029-11-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                                                                          | CUSIP: 3136AJ4H6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      488516 | PA      | $18843.95     | 0.00%             | 2039-10-25      | Variable      | 0.40%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-1646.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE SECURITIES TRUST 2020-01 | Multifamily Connecticut Avenue Securities Trust 2020-01                                                                                    | CUSIP: 62548QAB7<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |      186349 | PA      | $185039.61    | 0.02%             | 2050-03-25      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PP EUR HOLD                                  | Blackstone Property Partners Europe Holdings Sarl                                                                                          | CUSIP: 000000000<br>LEI: 213800Y3B5GQFBGVHP79 | Long             | DBT              | CORP              | LU        |     1000000 | PA      | $907229.11    | 0.12%             | 2027-04-26      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities          | CSFB Mortgage-Backed Pass-Through Certificates Series 2002-29                                                                              | CUSIP: 22541NPT0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      280622 | PA      | $277838.53    | 0.04%             | 2032-10-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |           1 | NC      | $17015.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KGS-Alpha SBA COOF Trust                                | KGS-Alpha SBA COOF Trust 2015-2                                                                                                            | CUSIP: 48250BAA9<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |      419940 | PA      | $44928.92     | 0.01%             | 2041-07-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | MX        |           1 | NC      | $43379.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CN        |           1 | NC      | $47286.27     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                              | Grifols SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |     1675000 | PA      | $1592635.40   | 0.21%             | 2027-11-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2017-SLP                                                                                                 | CUSIP: 36255MAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    31675000 | PA      | $165552.56    | 0.02%             | 2032-10-10      | Variable      | 0.46%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-150255.69   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-110441.23   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| RAIN CII CARBON LLC/CII                                 | Rain CII Carbon LLC / CII Carbon Corp                                                                                                      | CUSIP: 75079RAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1475000 | PA      | $1389320.10   | 0.18%             | 2025-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                  | CHL Mortgage Pass-Through Trust 2004-5                                                                                                     | CUSIP: 12669FVW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       86220 | PA      | $84048.44     | 0.01%             | 2034-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-534411.37   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED SEK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | SE        |           1 | NC      | $-2497.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurohome Mortgages PLC                                  | Eurohome Mortgages PLC                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |      780224 | PA      | $624244.68    | 0.08%             | 2050-08-02      | Floating      | 1.81%                 | Yes           |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas CLO VI Ltd                                                                                                                        | CUSIP: 89640YBG8<br>LEI: 549300IUAXGLQ814UD95 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $899015.00    | 0.12%             | 2034-01-25      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-3415.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | Cascade Funding Mortgage Trust 2019-RM3                                                                                                    | CUSIP: 147271AA8<br>LEI: 549300HU3WTU5KNK1B36 | Long             | ABS-MBS          | CORP              | US        |      474772 | PA      | $460867.42    | 0.06%             | 2069-06-25      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | CFMT 2021-HB7 LLC                                                                                                                          | CUSIP: 12530BAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     4500000 | PA      | $4128333.30   | 0.53%             | 2031-10-27      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-174403.82   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                                  | Commonwealth Bank of Australia                                                                                                             | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |     2300000 | PA      | $2386098.42   | 0.31%             | 2029-10-03      | Fixed         | 1.94%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2005-86CB                                                                                                           | CUSIP: 12668BFD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       18254 | PA      | $11618.60     | 0.00%             | 2036-02-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW ZEALAND GOVERNMENT                                  | New Zealand Government Bond                                                                                                                | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |     7700000 | PA      | $4702664.69   | 0.61%             | 2033-04-14      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust          | Structured Adjustable Rate Mortgage Loan Trust                                                                                             | CUSIP: 863579LA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      332977 | PA      | $316429.19    | 0.04%             | 2035-02-25      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| Banc of America Alternative Loan Trust                  | Banc of America Alternative Loan Trust 2006-6                                                                                              | CUSIP: 059487AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       83059 | PA      | $66335.55     | 0.01%             | 2046-07-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                  | General Motors Financial Co Inc                                                                                                            | CUSIP: 37045XDU7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     1225000 | PA      | $1190323.08   | 0.15%             | 2025-04-07      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                                        | MercadoLibre Inc                                                                                                                           | CUSIP: 58733RAF9<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |     1030000 | PA      | $821172.65    | 0.11%             | 2031-01-14      | Fixed         | 3.12%                 | No            |                  2 | On Loan: —       |
| Citibank N.A.                                           | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |           1 | NC      | $3538.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   150000000 | PA      | $7583620.69   | 0.98%             | 2032-03-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                                                                                    | CUSIP: 44891ABG1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     2075000 | PA      | $1913002.55   | 0.25%             | 2027-02-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: —       |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $109009.97    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY COR                                | Garda World Security Corp                                                                                                                  | CUSIP: 36257BAA7<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     1980000 | PA      | $1958177.39   | 0.25%             | 2027-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-45.81       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust              | JPMBB Commercial Mortgage Securities Trust 2014-C23                                                                                        | CUSIP: 46643AAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      136000 | PA      | $119171.38    | 0.02%             | 2047-09-15      | Variable      | 3.98%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | ZA        |           1 | NC      | $5585.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MASTR Asset Securitization Trust                        | MASTR Asset Securitization Trust 2006-2                                                                                                    | CUSIP: 55274QAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       27095 | PA      | $17532.10     | 0.00%             | 2036-06-25      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| BELLRING BRANDS INC                                     | BellRing Brands Inc                                                                                                                        | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |     1900000 | PA      | $1888452.26   | 0.24%             | 2030-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corporation                     | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2006-WF1                                                                        | CUSIP: 65537BAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2081435 | PA      | $608654.35    | 0.08%             | 2036-06-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | GB        |           1 | NC      | $8864.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Asset Backed Securities Corp Home Equity Ln Trst        | Asset Backed Securities Corp Home Equity Loan Trust Series NC 2006-HE2                                                                     | CUSIP: 04541GWE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       36018 | PA      | $35176.76     | 0.00%             | 2036-03-25      | Floating      | 3.26%                 | No            |                  2 | On Loan: No      |
| Finance of America HECM Buyout                          | Finance of America HECM Buyout 2022-HB2                                                                                                    | CUSIP: 317380AG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1790000 | PA      | $1233353.50   | 0.16%             | 2032-08-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2020-TMIC                                                                                                                             | CUSIP: 126390AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2500000 | PA      | $2501541.25   | 0.32%             | 2035-12-15      | Floating      | 7.96%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     1900000 | PA      | $1626855.22   | 0.21%             | 2032-01-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KGS-Alpha SBA COOF Trust                                | KGS-Alpha SBA COOF Trust 2014-2                                                                                                            | CUSIP: 48249GAA2<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |      539071 | PA      | $28012.86     | 0.00%             | 2040-04-25      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, Inc.                        | RALI Series 2006-QS4 Trust                                                                                                                 | CUSIP: 749228AD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       56222 | PA      | $45222.93     | 0.01%             | 2036-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EUROPEAN UNION                                          | European Union                                                                                                                             | CUSIP: 000000000<br>LEI: 529900FZRK8FGMPEOM08 | Long             | DBT              | NUSS              | XX        |     5200000 | PA      | $4778685.33   | 0.62%             | 2032-07-06      | Fixed         | 1.00%                 | Yes           |                  2 | On Loan: No      |
| BANCO ACTINVER SA                                       | Banco Actinver SA / Grupo GICSA SAB de CV                                                                                                  | CUSIP: 89835RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     1600000 | PA      | $976000.00    | 0.13%             | 2032-12-18      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ASSICURAZIONI GENERALI                                  | Assicurazioni Generali SpA                                                                                                                 | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | DBT              | CORP              | IT        |     3000000 | PA      | $3341209.74   | 0.43%             | 2047-10-27      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $1574.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LoanMe Trust Prime 2018-1                               | LoanMe Trust Prime 2018-1                                                                                                                  | CUSIP: 53958AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1375753 | PA      | $1246512.18   | 0.16%             | 2034-09-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BCAP LLC Trust                                          | BCAP LLC 2010-RR1 Trust                                                                                                                    | CUSIP: 05532TAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       74040 | PA      | $62000.27     | 0.01%             | 2037-03-26      | Variable      | 3.22%                 | No            |                  2 | On Loan: No      |
| Africa Finance Corp                                     | Africa Finance Corp                                                                                                                        | CUSIP: 00830YAC5<br>LEI: 213800LXFHRRXIJRXW97 | Long             | DBT              | NUSS              | XX        |     1300000 | PA      | $1241240.00   | 0.16%             | 2026-04-17      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TLWND 2019-1                                            | GAIA Aviation Ltd                                                                                                                          | CUSIP: 87404LAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     1320082 | PA      | $602043.39    | 0.08%             | 2044-12-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-156262.66   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     2530000 | PA      | $2183152.17   | 0.28%             | 2034-02-07      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | CFMT 2020-HB4 LLC                                                                                                                          | CUSIP: 12529LAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3200000 | PA      | $2995366.08   | 0.39%             | 2030-12-26      | Variable      | 2.72%                 | No            |                  2 | On Loan: No      |
| La Hipotecaria SA                                       | La Hipotecaria Panamanian Mortgage Trust 2021-1                                                                                            | CUSIP: 50347JAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | PA        |     3338782 | PA      | $3113414.41   | 0.40%             | 2052-07-13      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                                 | Standard Industries Inc/NJ                                                                                                                 | CUSIP: 000000000<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     1100000 | PA      | $1042286.34   | 0.13%             | 2026-11-21      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Alternative Loan Trust                      | Alternative Loan Trust 2005-36                                                                                                             | CUSIP: 12667GA29<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       43381 | PA      | $38652.48     | 0.01%             | 2035-08-25      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                   | FMC GMSR Issuer Trust                                                                                                                      | CUSIP: 30259RAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1600000 | PA      | $1225832.00   | 0.16%             | 2026-10-25      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                  | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc                                                                         | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1840000 | PA      | $1529444.80   | 0.20%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | JP        |           1 | NC      | $48436.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates                   | CWABS Asset-Backed Certificates Trust 2004-15                                                                                              | CUSIP: 126673US9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1500000 | PA      | $1295458.80   | 0.17%             | 2035-03-25      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| Mansard Mortgages Plc                                   | Mansard Mortgages 2006-1 PLC                                                                                                               | CUSIP: 000000000<br>LEI: 213800OR1ZCE1EMOXP13 | Long             | ABS-MBS          | CORP              | GB        |      426892 | PA      | $474545.37    | 0.06%             | 2048-10-15      | Floating      | 4.66%                 | Yes           |                  2 | On Loan: No      |
| KRONOS ACQ / KIK CUSTOM                                 | Kronos Acquisition Holdings Inc / KIK Custom Products Inc                                                                                  | CUSIP: 50106GAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1309282.50   | 0.17%             | 2027-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| PROSUS NV                                               | Prosus NV                                                                                                                                  | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     1600000 | PA      | $1305705.80   | 0.17%             | 2032-08-03      | Fixed         | 2.03%                 | Yes           |                  2 | On Loan: No      |
| PMT ISSUER TRUST - FMSR                                 | PMT Issuer Trust - FMSR                                                                                                                    | CUSIP: 69346MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3000000 | PA      | $2977791.30   | 0.39%             | 2026-03-25      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| BANQUE OUEST AFRICAINE D                                | Banque Ouest Africaine de Developpement                                                                                                    | CUSIP: 000000000<br>LEI: 529900LIZJABE4JJS826 | Long             | DBT              | NUSS              | XX        |      780000 | PA      | $658072.74    | 0.09%             | 2033-01-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| APA INFRASTRUCTURE LTD                                  | APA Infrastructure Ltd                                                                                                                     | CUSIP: 00205GAB3<br>LEI: 261700SS8OEHDOCOUJ33 | Long             | DBT              | CORP              | AU        |     2275000 | PA      | $2221938.92   | 0.29%             | 2025-03-23      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| NEWCASTLE COAL INFRASTRU                                | Newcastle Coal Infrastructure Group Pty Ltd                                                                                                | CUSIP: 65106WAA3<br>LEI: 549300YAJ8XYYGW2TZ32 | Long             | DBT              | CORP              | AU        |     2150000 | PA      | $1941783.47   | 0.25%             | 2027-09-29      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| TECHEM VERWALTUNGSGESELL                                | Techem Verwaltungsgesellschaft 675 mbH                                                                                                     | CUSIP: 000000000<br>LEI: 529900N0M7FQHNAV1A41 | Long             | DBT              | CORP              | DE        |      600000 | PA      | $607037.56    | 0.08%             | 2025-07-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| CASTLE US HOLDING CORP                                  | Castle US Holding Corp                                                                                                                     | CUSIP: 14852LAA1<br>LEI: 254900VXLMLPIE9ID612 | Long             | DBT              | CORP              | US        |     1262000 | PA      | $486352.41    | 0.06%             | 2028-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CUENCA DPR                                              | CUENCA DPR                                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |     6000000 | PA      | $5992500.00   | 0.78%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PARK AEROSPACE HOLDINGS                                 | Park Aerospace Holdings Ltd                                                                                                                | CUSIP: 70014LAB6<br>LEI: 635400CPI3EOIFF6OC33 | Long             | DBT              | CORP              | KY        |     1300000 | PA      | $1290511.65   | 0.17%             | 2024-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chase Funding Loan Acquisition Trust                    | Chase Funding Loan Acquisition Trust Series 2003-C2                                                                                        | CUSIP: 161542DB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      646935 | PA      | $597816.89    | 0.08%             | 2034-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-500243.09   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |           1 | NC      | $-10954.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                  | United States Treasury Inflation Indexed Bonds                                                                                             | CUSIP: 91282CDX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     2148040 | PA      | $1941099.48   | 0.25%             | 2032-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $0.95         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                                                                                         | CUSIP: 36202CHK2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        2087 | PA      | $2116.83      | 0.00%             | 2025-07-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ENERGIAS DE PORTUGAL SA                                 | EDP - Energias de Portugal SA                                                                                                              | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |     1900000 | PA      | $2020357.54   | 0.26%             | 2026-06-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                 | BPCE SA                                                                                                                                    | CUSIP: 000000000<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |     3500000 | PA      | $3402724.51   | 0.44%             | 2032-04-26      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corporation                     | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2006-AR3                                                                        | CUSIP: 65537EAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       97134 | PA      | $86946.90     | 0.01%             | 2036-10-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                                     | Coinbase Global Inc                                                                                                                        | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |     1440000 | PA      | $931032.00    | 0.12%             | 2028-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-61905.23    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |           1 | NC      | $-12720.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-99391.53    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-65654.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MATCH GROUP FINANCECO 2                                 | Match Group Financeco 2 Inc                                                                                                                | CUSIP: 44932FAA5<br>LEI: 549300IPGK4BWL134U96 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $963750.00    | 0.12%             | 2026-06-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-221763.29   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                                                                                       | CUSIP: 000000000<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      600000 | PA      | $698052.00    | 0.09%             | 2025-03-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust          | Structured Adjustable Rate Mortgage Loan Trust                                                                                             | CUSIP: 863579DQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      345675 | PA      | $308792.15    | 0.04%             | 2034-11-25      | Variable      | 2.83%                 | No            |                  2 | On Loan: No      |
| Titulizacion De Activos                                 | TDA 27 FTA                                                                                                                                 | CUSIP: 000000000<br>LEI: 95980020140005710276 | Long             | ABS-MBS          | CORP              | ES        |     2380934 | PA      | $2085151.51   | 0.27%             | 2050-12-28      | Floating      | 2.33%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                  | Egypt Government International Bond                                                                                                        | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     2200000 | PA      | $1687810.87   | 0.22%             | 2031-04-11      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                            | Barclays PLC                                                                                                                               | CUSIP: 06738EBH7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     2075000 | PA      | $2033863.15   | 0.26%             | 2025-05-07      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes                  | New Residential Mortgage LLC                                                                                                               | CUSIP: 64830YAA5<br>LEI: 549300FB4YR8GY21CA08 | Long             | ABS-O            | CORP              | US        |     3191440 | PA      | $3030511.73   | 0.39%             | 2025-06-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Ludgate Funding Plc                                     | Ludgate Funding PLC                                                                                                                        | CUSIP: 000000000<br>LEI: 213800LADM2GPWI3P269 | Long             | ABS-MBS          | CORP              | GB        |      880126 | PA      | $872210.59    | 0.11%             | 2061-01-01      | Floating      | 2.98%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                                                                                    | CUSIP: 44891ABT3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $2544585.99   | 0.33%             | 2028-01-10      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-2685.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                                   | Icahn Enterprises LP / Icahn Enterprises Finance Corp                                                                                      | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1000000 | PA      | $932414.94    | 0.12%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pastor IM FTH/FTA                                       | IM Pastor 4 FTA                                                                                                                            | CUSIP: 000000000<br>LEI: 95980020140005262912 | Long             | ABS-MBS          | CORP              | ES        |      772885 | PA      | $716518.99    | 0.09%             | 2044-03-22      | Floating      | 2.22%                 | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | CFMT 2020-ABC1 LLC                                                                                                                         | CUSIP: 12529HAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2305381 | PA      | $2033862.59   | 0.26%             | 2050-09-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |           1 | NC      | $1572.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $229871.03    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae I Pool                                                                                                                          | CUSIP: 36205MK98<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         912 | PA      | $914.06       | 0.00%             | 2024-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC                                         | Global Atlantic Fin Co                                                                                                                     | CUSIP: 37959GAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1180000 | PA      | $1017485.47   | 0.13%             | 2051-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Trust                        | Newtek Small Business Loan Trust 2021-1                                                                                                    | CUSIP: 65253MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1074900 | PA      | $1022532.16   | 0.13%             | 2048-12-25      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                  | CHL Mortgage Pass-Through Trust 2004-20                                                                                                    | CUSIP: 12669F2J1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      260043 | PA      | $233535.07    | 0.03%             | 2034-09-25      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                          | Cascade Funding Mortgage Trust 2021-HB6                                                                                                    | CUSIP: 12527LAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3000000 | PA      | $2742242.10   | 0.35%             | 2036-06-25      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                                | Ferrellgas LP / Ferrellgas Finance Corp                                                                                                    | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2260000 | PA      | $2082748.20   | 0.27%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sutherland Commercial Mortgage Trust                    | Sutherland Commercial Mortgage Trust 2021-SBC10                                                                                            | CUSIP: 86935JAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1150345 | PA      | $1051230.27   | 0.14%             | 2041-12-25      | Variable      | 2.23%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                             | Southern Co/The                                                                                                                            | CUSIP: 842587DC8<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1979484.28   | 0.26%             | 2024-08-01      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| Stanwich Mortgage Loan Trust                            | Stanwich Mortgage Loan Co 2021-NPL-B-1 LLC                                                                                                 | CUSIP: 85501YAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     3085040 | PA      | $2783624.61   | 0.36%             | 2026-10-16      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                       | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     6700000 | PA      | $1525609.60   | 0.20%             | 2032-08-12      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                       | Bharti Airtel Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | DBT              | CORP              | IN        |     1990000 | PA      | $1947300.51   | 0.25%             | 2025-06-10      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| COOF Securitization Trust                               | COOF Securitization Trust 2015-1                                                                                                           | CUSIP: 12592NAA6<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     2801231 | PA      | $145221.95    | 0.02%             | 2040-10-25      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | MX        |           1 | NC      | $25169.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CNAC HK FINBRIDGE CO LTD                                | CNAC HK Finbridge Co Ltd                                                                                                                   | CUSIP: 000000000<br>LEI: 549300US1UQ7R7WABI28 | Long             | DBT              | CORP              | HK        |     1280000 | PA      | $1176153.23   | 0.15%             | 2029-06-19      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                       | Citigroup Mortgage Loan Trust Inc                                                                                                          | CUSIP: 17307GR83<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |      507652 | PA      | $544483.10    | 0.07%             | 2044-07-25      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BUND FUTURE MAR23                                                                                                                     | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -22 | NC      | $-77575.45    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC Mortgage-Backed Trust Series 2006-4                                                                                                   | CUSIP: 12637HAZ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1653070 | PA      | $579827.03    | 0.08%             | 2036-05-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   313200000 | PA      | $14859000.00  | 1.92%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Hestia Financing                                        | Hestia Financing                                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |     1491852 | PA      | $1478848.70   | 0.19%             | 2046-12-31      | Floating      | 4.84%                 | Yes           |                  2 | On Loan: No      |
| Mortgage Funding PLC                                    | Mortgage Funding 2008-1 PLC                                                                                                                | CUSIP: 000000000<br>LEI: 213800AHT9AB4TA6OJ88 | Long             | ABS-MBS          | CORP              | GB        |     2000000 | PA      | $2316832.46   | 0.30%             | 2046-03-13      | Floating      | 6.71%                 | Yes           |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                                  | Resorts World Las Vegas LLC / RWLV Capital Inc                                                                                             | CUSIP: 76120HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2400000 | PA      | $1964717.18   | 0.25%             | 2029-04-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: —       |
| DEXCOM INC                                              | Dexcom Inc                                                                                                                                 | CUSIP: 252131AK3<br>LEI: 549300YSK3QDSFR5EU59 | Long             | DBT              | CORP              | US        |      694000 | PA      | $734252.00    | 0.10%             | 2025-11-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: —       |
| Australia & New Zealand Banking Group Ltd.              | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: JHE42UYNWWTJB8YTTU19 | N/A              | DFE              |  | AU        |           1 | NC      | $191.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-21

**Name of Applicant:** MORGAN STANLEY GLOBAL FIXED INCOME OPPORTUNITIES FUND

**Signature:** Francis Smith

**Name of Signer:** Francis Smith

**Title:** Principal Financial Officer