# EDGAR Filing Document

**Accession Number:** 0002018846
**File Stem:** 0001752724-25-177375
**Filing Date:** 2025-7
**Character Count:** 111929
**Document Hash:** af4203bb53a58b922f0791dcaa689036
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177375.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-177375

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS Active Exchange Traded Funds Trust
- **CENTRAL INDEX KEY:** 0002018846

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23953
- **FILM NUMBER:** 251148686

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-954-5000

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

## Series and Classes Contracts Data

### MFS Active Core Plus Bond ETF (Series ID: S000085666)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000251000 | MFS Active Core Plus Bond ETF | MFSB            |

## Nport-Ex

![](img820b17691.gif)

### Quarterly Report
May 31, 2025

MFS<sup>®</sup> Active Core Plus Bond ETF

![](imgba5ee23e2.gif)

Principal Listing Exchange: NYSE

ECP-Q1

------

### Portfolio of Investments
5/31/25 (unaudited)

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – 99.0% | Bonds – 99.0% | Bonds – 99.0% |
| Aerospace & Defense – 1.0% | Aerospace & Defense – 1.0% | Aerospace & Defense – 1.0% |
| Boeing Co., 6.528%, 5/01/2034 | $127000 | &nbsp;&nbsp;&nbsp;&nbsp;$135556 |
| Boeing Co., 5.805%, 5/01/2050 | &nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67423 |
| TransDigm, Inc., 4.625%, 1/15/2029 | 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$435413 |
| Asset-Backed & Securitized – 21.8% | Asset-Backed & Securitized – 21.8% | Asset-Backed & Securitized – 21.8% |
| ACREC 2025-FL3 LLC, "AS", FLR, 5.966% (SOFR - 1mo. + 1.64%), 8/18/2042 (n) | $&nbsp;&nbsp;97500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$96211 |
| Affirm, Inc., 5.08%, 4/15/2030 (n) | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99981 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 221431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219737 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "AS", FLR, 6.143% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249912 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "A", FLR, 5.782% (SOFR - 1mo. + 1.45%), 1/15/2037 (n) | 202676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202655 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "C", FLR, 6.632% (SOFR - 30 day + 2.3%), 1/15/2037 (n) | 327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325244 |
| AREIT 2025-CRE10 Ltd., "AS", FLR, 5.868% (SOFR - 1mo. + 1.5421%), 1/17/2030 (n) | 120332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119129 |
| Bain Capital Credit CLO Ltd., 2020-4A, "BR", FLR, 6.769% (SOFR - 3mo. + 2.5%), 10/20/2036 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250671 |
| Bardot CLO Ltd., 2019-2A, "BRR", FLR, 5.622% (SOFR - 3mo. + 1.35%), 10/22/2032 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248943 |
| Bardot CLO Ltd., 2019-2A, "CRR", FLR, 5.822% (SOFR - 3mo. + 1.55%), 10/22/2032 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247584 |
| BDS 2025-FL14 Ltd., "B", FLR, 6.016% (SOFR - 1mo. + 1.6926%), 10/21/2042 (n) | 134096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130814 |
| BDS Ltd., 2021-FL10, "AS", FLR, 6.091% ((SOFR - 1mo. + 11.448%) + 1.7645%), 12/16/2036 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248518 |
| BMP Trust, 2024-MF23, "B", 5.97% (SOFR - 1mo. + 1.6416%), 6/15/2041 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250156 |
| BSPRT 2024-FL1 Issuer Ltd., "AS", FLR, 6.423% (SOFR - 1mo. + 2.095%), 7/15/2039 (n) | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149719 |
| BXMT 2020-FL2 Ltd., "A", FLR, 5.593% ((SOFR - 1mo. + 0.11448%) + 0.9%), 2/15/2038 (n) | 166010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164909 |
| CIFC Funding 2016-IA CR3, Ltd., FLR, 5.969% (SOFR - 3mo. + 1.7%), 10/21/2031 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248693 |
| Colt Funding LLC, 2025-1, "A1", 5.699%, 1/25/2070 (n) | &nbsp;&nbsp;96086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96361 |
| Colt Funding LLC, 2024-3, "A1", 6.393%, 6/25/2069 (n) | 186925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188823 |
| Colt Funding LLC, 2024-6, "A1", 5.39%, 11/25/2069 (n) | 230436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229955 |
| Columbia Cent CLO 2021-31A, Ltd., FLR, 6.119% (SOFR - 3mo. + 1.85%), 4/20/2034 (n) | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296325 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "A4", 5.745%, 8/15/2056 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259103 |
| Dryden Senior Loan Fund, 2016-43A, "CR3", FLR, 6.019% (SOFR - 3mo. + 1.75%), 4/20/2034 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248492 |
| Exeter Automobile Receivables Trust, 2025-1A, "A", 4.7%, 9/15/2027 | 102099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102100 |
| General Motors Co., FLR, 4.882% (SOFR - 1mo. + 0.55%), 11/15/2029 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248857 |
| GLS Auto Select Receivables Trust, 2025-2A, "A2", 4.75%, 3/15/2028 (n) | &nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28003 |
| Greystone Commercial Real Estate Notes, 2025, "B", FLR, 6.888% (SOFR - 1mo. + 2.5887%), 1/15/2043 (n) | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99762 |
| Hyundai Auto Lease Securitization Trust, 2025-B, 4.58%, 9/15/2027 (n) | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100147 |
| LoanCore 2025-CRE8 Ltd., "B", FLR, 6.167% (SOFR - 1mo. + 1.8412%), 8/17/2042 (n) | 147000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145621 |
| Madison Park Funding Ltd., 2021-48A, "B", FLR, 5.981% ((SOFR - 3mo. + 26.161%) + 1.45%), 4/19/2033 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250467 |
| Magnetite CLO Ltd., 2019-21A, "BR", 5.881% ((SOFR - 3mo. + 26.161%) + 1.35%), 4/20/2034 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250079 |
| MF1 2022-FL8 Ltd., "A", FLR, 5.674% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 182154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181340 |
| MF1 2024-FL14 LLC, "AS", FLR, 6.566% (SOFR - 1mo. + 2.24%), 3/19/2039 (n) | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100120 |
| MF1 2024-FL14 LLC, "C", FLR, 7.615% (SOFR - 1mo. + 3.289%), 3/19/2039 (n) | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150617 |
| MF1 2025-FL17 Ltd., "AS", FLR, 5.898% (SOFR - 1mo. + 1.572%), 2/18/2040 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247334 |
| MF1 2025-FL19 Ltd., "B", FLR, 6.322% (SOFR - 1mo. + 1.9917%), 5/18/2042 (n) | 215568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215231 |
| MF1 2025-FL19 Ltd., "B", FLR, 6.671% (SOFR - 1mo. + 2.3414%), 5/18/2042 (n) | 172121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171905 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A-1", 6.152%, 12/25/2068 (n) | 166959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167870 |
| New Residential Mortgage Loan Trust, 2025-NQM2, "A-1", 5.566%, 4/25/2065 (n) | &nbsp;&nbsp;96075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96415 |
| OBX Trust, 2024-NQM6, "A1", 6.447%, 2/25/2064 (n) | 184523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186396 |
| OBX Trust, 2025-NQM1, "A1", 5.547%, 12/25/2064 (n) | &nbsp;&nbsp;93237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93355 |
| Palmer Square Loan Funding 2024-1A Ltd., "B", 6.056%, 10/15/2032 (n) | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120235 |
| PFP III 2025-12 Ltd., "B", 6.364%, 12/18/2042 (n) | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99750 |
| Provident Funding Mortgage Trust, 2025-1, "A", 5.5%, 2/25/2055 (n) | 241341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240881 |
| Santander Drive Auto Receivables Trust, 2025-1, 4.74%, 1/16/2029 | &nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95086 |
| Shelter Growth CRE 2021-FL3 Ltd., "C", FLR, 6.593% ((SOFR - 1mo. + 0.11448%) + 2.15%), 9/15/2036 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249809 |
| Signal Peak CLO 2014-1A, Ltd., "CR4", FLR, 6.229% (SOFR - 3mo. + 1.95%), 4/17/2034 (n) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250205 |
| Stellantis Finance US, Inc., 4.63%, 7/20/2027 (n) | &nbsp;&nbsp;86412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86437 |
| TCW Gem Ltd., 2020-1A, "BR3", FLR, 5.869% (SOFR - 3mo. + 1.6%), 4/20/2034 (n) | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298362 |
| Verus Securitization Trust, 2024-3, "A2", 6.642%, 4/25/2069 (n) | 176927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178652 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| World Omni Select Auto Trust, 2021-A, "C", 1.09%, 11/15/2027 | $216371 | &nbsp;&nbsp;&nbsp;&nbsp;$214231 |
|  |  | &nbsp;&nbsp;&nbsp;$9241202 |
| Automotive – 1.5% | Automotive – 1.5% | Automotive – 1.5% |
| Ford Motor Credit Co. LLC, 6.05%, 3/05/2031 | $200000 | &nbsp;&nbsp;&nbsp;&nbsp;$195912 |
| Hyundai Capital America, 5.3%, 1/08/2030 (n) | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151729 |
| Hyundai Capital America, 6.375%, 4/08/2030 (n) | 152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159588 |
| LKQ Corp., 6.25%, 6/15/2033 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$653210 |
| Brokerage & Asset Managers – 1.2% | Brokerage & Asset Managers – 1.2% | Brokerage & Asset Managers – 1.2% |
| Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170 | $285000 | &nbsp;&nbsp;&nbsp;&nbsp;$283397 |
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | &nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75028 |
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$508652 |
| Building – 1.3% | Building – 1.3% | Building – 1.3% |
| Ferguson Enterprises, Inc., 5%, 10/03/2034 | $206000 | &nbsp;&nbsp;&nbsp;&nbsp;$198308 |
| Patrick Industries, Inc., 4.75%, 5/01/2029 (n) | 201000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192779 |
| Standard Industries, Inc., 3.375%, 1/15/2031 (n) | 181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$551234 |
| Business Services – 0.7% | Business Services – 0.7% | Business Services – 0.7% |
| Global Payments, Inc., 2.9%, 11/15/2031 | $325000 | &nbsp;&nbsp;&nbsp;&nbsp;$282358 |
| Cable TV – 0.8% | Cable TV – 0.8% | Cable TV – 0.8% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035 | $147000 | &nbsp;&nbsp;&nbsp;&nbsp;$150914 |
| Virgin Media Finance PLC, 5%, 7/15/2030 (n) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$332226 |
| Conglomerates – 0.9% | Conglomerates – 0.9% | Conglomerates – 0.9% |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.75%, 7/15/2031 (n) | $190000 | &nbsp;&nbsp;&nbsp;&nbsp;$194427 |
| Regal Rexnord Corp., 6.3%, 2/15/2030 | &nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92275 |
| Regal Rexnord Corp., 6.4%, 4/15/2033 | &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$379833 |
| Consumer Services – 0.9% | Consumer Services – 0.9% | Consumer Services – 0.9% |
| CBRE Group, Inc., 5.95%, 8/15/2034 | $200000 | &nbsp;&nbsp;&nbsp;&nbsp;$206708 |
| Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n) | 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$362509 |
| Electrical Equipment – 0.5% | Electrical Equipment – 0.5% | Electrical Equipment – 0.5% |
| Arrow Electronics, Inc., 5.875%, 4/10/2034 | $203000 | &nbsp;&nbsp;&nbsp;&nbsp;$205312 |
| Electronics – 0.7% | Electronics – 0.7% | Electronics – 0.7% |
| Broadcom, Inc., 5.2%, 4/15/2032 | $150000 | &nbsp;&nbsp;&nbsp;&nbsp;$152312 |
| Broadcom, Inc., 3.137%, 11/15/2035 (n) | 178000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$299734 |
| Emerging Market Sovereign – 2.7% | Emerging Market Sovereign – 2.7% | Emerging Market Sovereign – 2.7% |
| Dominican Republic, 4.875%, 9/23/2032 | $200000 | &nbsp;&nbsp;&nbsp;&nbsp;$182180 |
| Republic of Cote d'Ivoire, 7.625%, 1/30/2033 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192812 |
| Republic of Guatemala, 6.6%, 6/13/2036 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200250 |
| Republic of Serbia, 6%, 6/12/2034 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198258 |
| Republic of South Africa, 7.1%, 11/19/2036 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193857 |
| Republic of Turkey, 5.95%, 1/15/2031 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187624 |
|  |  | &nbsp;&nbsp;&nbsp;$1154981 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Energy - Independent – 1.5% | Energy - Independent – 1.5% | Energy - Independent – 1.5% |
| EQT Corp., 5%, 1/15/2029 | $203000 | &nbsp;&nbsp;&nbsp;&nbsp;$203115 |
| Occidental Petroleum Corp., 6.625%, 9/01/2030 | &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78106 |
| Occidental Petroleum Corp., 5.55%, 10/01/2034 | 148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139892 |
| Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$618623 |
| Energy - Integrated – 0.8% | Energy - Integrated – 0.8% | Energy - Integrated – 0.8% |
| BP Capital Markets PLC, 6.45% to 3/01/2034, FLR ((CMT - 5yr. + 2.153%) + 0.25%) to 3/01/2054, FLR ((CMT - 5yr. + 2.153%) + 1%) to 9/01/2172 | $128000 | &nbsp;&nbsp;&nbsp;&nbsp;$128779 |
| Eni S.p.A., 5.5%, 5/15/2034 (n) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198342 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$327121 |
| Entertainment – 0.4% | Entertainment – 0.4% | Entertainment – 0.4% |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | $190000 | &nbsp;&nbsp;&nbsp;&nbsp;$190035 |
| Financial Institutions – 0.7% | Financial Institutions – 0.7% | Financial Institutions – 0.7% |
| Macquarie AirFinance Holdings Ltd., 6.4%, 3/26/2029 (n) | $103000 | &nbsp;&nbsp;&nbsp;&nbsp;$106498 |
| SMBC Aviation Capital Finance DAC, 5.55%, 4/03/2034 (n) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$305469 |
| Food & Beverages – 2.0% | Food & Beverages – 2.0% | Food & Beverages – 2.0% |
| Bacardi Ltd., 5.15%, 5/15/2038 (n) | $147000 | &nbsp;&nbsp;&nbsp;&nbsp;$131617 |
| Constellation Brands, Inc., 4.8%, 5/01/2030 | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34967 |
| JBS USA Holding Lux S.à r.l., 5.95%, 4/20/2035 (n) | &nbsp;&nbsp;99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100784 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/01/2033 | 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146876 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 223000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224794 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$832643 |
| Gaming & Lodging – 0.3% | Gaming & Lodging – 0.3% | Gaming & Lodging – 0.3% |
| Marriott International, Inc., 2.85%, 4/15/2031 | $168000 | &nbsp;&nbsp;&nbsp;&nbsp;$150359 |
| Insurance – 1.2% | Insurance – 1.2% | Insurance – 1.2% |
| Corebridge Financial, Inc., 5.75%, 1/15/2034 | $192000 | &nbsp;&nbsp;&nbsp;&nbsp;$195569 |
| MetLife, Inc., 6.35% to 3/15/2035, FLR (CMT - 5yr. + 2.078%) to 3/15/2055 | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110652 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$504751 |
| Insurance - Property & Casualty – 2.8% | Insurance - Property & Casualty – 2.8% | Insurance - Property & Casualty – 2.8% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | $200000 | &nbsp;&nbsp;&nbsp;&nbsp;$196396 |
| Arthur J. Gallagher & Co., 5.45%, 7/15/2034 | 143000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144528 |
| Arthur J. Gallagher & Co., 5.15%, 2/15/2035 | &nbsp;&nbsp;81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79719 |
| Brown & Brown, Inc., 5.65%, 6/11/2034 | 142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143466 |
| Fairfax Financial Holdings Ltd., 6%, 12/07/2033 | 213000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218984 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 187000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194746 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 187000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193452 |
|  |  | &nbsp;&nbsp;&nbsp;$1171291 |
| International Market Quasi-Sovereign – 0.5% | International Market Quasi-Sovereign – 0.5% | International Market Quasi-Sovereign – 0.5% |
| Electricite de France S.A., 6.9%, 5/23/2053 (n) | $200000 | &nbsp;&nbsp;&nbsp;&nbsp;$209526 |
| Machinery & Tools – 0.9% | Machinery & Tools – 0.9% | Machinery & Tools – 0.9% |
| Ashtead Capital, Inc., 5.5%, 8/11/2032 (n) | $200000 | &nbsp;&nbsp;&nbsp;&nbsp;$199067 |
| Ashtead Capital, Inc., 5.8%, 4/15/2034 (n) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$399752 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Major Banks – 6.9% | Major Banks – 6.9% | Major Banks – 6.9% |
| Bank of America Corp., 5.288% to 4/25/2033, FLR (SOFR - 1 day + 1.630%) to 4/25/2034 | $180000 | &nbsp;&nbsp;&nbsp;&nbsp;$180314 |
| Bank of America Corp., 5.744% to 2/12/2035, FLR (SOFR - 1 day + 1.697%) to 2/12/2036 | 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164060 |
| Bank of America Corp., 3.846% to 3/08/2032, FLR (CMT - 1yr. + 2%) to 3/08/2037 | 149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133446 |
| Capital One Financial Corp., 7.624% to 10/30/2030, FLR (SOFR - 1 day + 3.07%) to 10/30/2031 | 181000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201859 |
| Deutsche Bank AG, 5.403% to 9/11/2034, FLR (SOFR - 1 day + 2.05%) to 9/11/2035 | 192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187368 |
| Discover Financial Services, 6.7%, 11/29/2032 | 132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142033 |
| Goldman Sachs Group, Inc., 2.65% to 10/21/2031, FLR (SOFR - 1 day + 1.264%) to 10/21/2032 | 234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203150 |
| Goldman Sachs Group, Inc., 3.102% to 2/24/2032, FLR (SOFR - 1 day + 1.41%) to 2/24/2033 | 153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135127 |
| JPMorgan Chase & Co., 4.851% to 7/25/2027, FLR (SOFR - 1 day + 1.99%) to 7/25/2028 | 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145734 |
| JPMorgan Chase & Co., 5.766%, 4/22/2035 | 141000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145821 |
| JPMorgan Chase & Co., 4.946% to 10/22/2034, FLR (SOFR - 1 day + 1.34%) to 10/22/2035 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145554 |
| Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029 | 143000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146268 |
| Morgan Stanley, 5.32% to 7/19/2034, FLR (SOFR - 1 day + 1.555%) to 7/19/2035 | 256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254331 |
| Morgan Stanley, 5.942% to 2/07/2034, FLR (CMT - 5yr. + 1.8%) to 2/07/2039 | 143000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144330 |
| UBS Group AG, 5.699% to 2/08/2034, FLR (CMT - 1yr. + 1.77%) to 2/08/2035 (n) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204056 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175294 |
| Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224231 |
|  |  | &nbsp;&nbsp;&nbsp;$2932976 |
| Metals & Mining – 1.7% | Metals & Mining – 1.7% | Metals & Mining – 1.7% |
| Anglo American Capital PLC, 5.5%, 5/02/2033 (n) | $250000 | &nbsp;&nbsp;&nbsp;&nbsp;$249539 |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231345 |
| Novelis, Inc., 3.875%, 8/15/2031 (n) | 257000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$709365 |
| Midstream – 1.6% | Midstream – 1.6% | Midstream – 1.6% |
| DCP Midstream Operating LP, 3.25%, 2/15/2032 | $169000 | &nbsp;&nbsp;&nbsp;&nbsp;$146249 |
| Plains All American Pipeline LP, 5.7%, 9/15/2034 | 143000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141915 |
| Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032 | 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196600 |
| Venture Global Calcasieu Pass LLC, 6.25%, 1/15/2030 (n) | 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$667243 |
| Mortgage-Backed – 1.7% | Mortgage-Backed – 1.7% |  |
| Fannie Mae, 5.32%, 2/25/2045 (n) | $&nbsp;&nbsp;53077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53011 |
| Freddie Mac, 2%, 8/01/2052 | 860778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$722985 |
| Natural Gas - Distribution – 0.3% | Natural Gas - Distribution – 0.3% | Natural Gas - Distribution – 0.3% |
| Boston Gas Co., 3.757%, 3/16/2032 (n) | $164000 | &nbsp;&nbsp;&nbsp;&nbsp;$148408 |
| Precious Metals & Minerals – 0.5% | Precious Metals & Minerals – 0.5% | Precious Metals & Minerals – 0.5% |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | $197000 | &nbsp;&nbsp;&nbsp;&nbsp;$194320 |
| Real Estate - Office – 0.9% | Real Estate - Office – 0.9% | Real Estate - Office – 0.9% |
| Boston Properties LP, REIT, 6.5%, 1/15/2034 | $138000 | &nbsp;&nbsp;&nbsp;&nbsp;$145152 |
| Boston Properties LP, REIT, 5.75%, 1/15/2035 | 221000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$363799 |
| Real Estate - Retail – 0.7% | Real Estate - Retail – 0.7% | Real Estate - Retail – 0.7% |
| STORE Capital Corp., REIT, 4.5%, 3/15/2028 | $150000 | &nbsp;&nbsp;&nbsp;&nbsp;$147213 |
| STORE Capital Corp., REIT, 4.625%, 3/15/2029 | 142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$285454 |
| Retailers – 1.0% | Retailers – 1.0% | Retailers – 1.0% |
| Alimentation Couche-Tard, Inc., 5.267%, 2/12/2034 (n) | $148000 | &nbsp;&nbsp;&nbsp;&nbsp;$145103 |
| AutoNation, Inc., 5.89%, 3/15/2035 | 303000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;$446428 |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | &nbsp;&nbsp;&nbsp;**Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Specialty Chemicals – 0.1% | Specialty Chemicals – 0.1% | Specialty Chemicals – 0.1% |
| International Flavors & Fragrances, Inc., 2.3%, 11/01/2030 (n) | $&nbsp;&nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;$33989 |
| Specialty Stores – 0.5% | Specialty Stores – 0.5% | Specialty Stores – 0.5% |
| DICK'S Sporting Goods, 3.15%, 1/15/2032 | $&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;$211197 |
| Telecommunications - Wireless – 1.2% | Telecommunications - Wireless – 1.2% | Telecommunications - Wireless – 1.2% |
| American Tower Corp., 5.4%, 1/31/2035 | $&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;$149049 |
| Rogers Communications, Inc., 3.8%, 3/15/2032 | &nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220710 |
| T-Mobile USA, Inc., 2.55%, 2/15/2031 | &nbsp;&nbsp;&nbsp;154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$506160 |
| Tobacco – 1.0% | Tobacco – 1.0% | Tobacco – 1.0% |
| B.A.T. Capital Corp., 6.343%, 8/02/2030 | $&nbsp;&nbsp;&nbsp;138000 | &nbsp;&nbsp;&nbsp;$147173 |
| B.A.T. Capital Corp., 4.742%, 3/16/2032 | &nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148667 |
| Philip Morris International, Inc., 5.375%, 2/15/2033 | &nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$442675 |
| U.S. Treasury Obligations – 34.9% | U.S. Treasury Obligations – 34.9% | U.S. Treasury Obligations – 34.9% |
| U.S. Treasury Bonds, 4.5%, 2/15/2044 | $2375000 | &nbsp;&nbsp;&nbsp;$2252353 |
| U.S. Treasury Bonds, 4.625%, 11/15/2044 (f) | 3370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3236780 |
| U.S. Treasury Bonds, 4.25%, 2/15/2054 | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267949 |
| U.S. Treasury Bonds, 4.5%, 11/15/2054 | 2694000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514681 |
| U.S. Treasury Notes, 4.125%, 10/31/2026 | 1861000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863181 |
| U.S. Treasury Notes, 4.125%, 10/31/2029 | 4395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4426761 |
| U.S. Treasury Notes, 4.25%, 11/15/2034 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247539 |
|  |  | &nbsp;&nbsp;&nbsp;$14809244 |
| Utilities - Electric Power – 0.9% | Utilities - Electric Power – 0.9% | Utilities - Electric Power – 0.9% |
| Pacific Gas & Electric Co., 6.95%, 3/15/2034 | $&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;$141298 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$362378 |
| **Total Bonds** |  | &nbsp;&nbsp;**$41952855** |
| Mutual Funds – 0.4% | Mutual Funds – 0.4% | Mutual Funds – 0.4% |
| Money Market Funds – 0.4% | Money Market Funds – 0.4% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 4.27% (j) | &nbsp;&nbsp;&nbsp;169073 | &nbsp;&nbsp;&nbsp;$169073 |
| Other Assets, Less Liabilities – 0.6% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269589 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp;&nbsp;**$42391517** |

---

(f) All or a portion of the security has been segregated as collateral for open futures contracts.

(j) The rate quoted is the annualized seven-day yield of the fund at period end.

(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions
exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $15,140,805, representing 35.7% of net assets.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

------

Portfolio of Investments (unaudited) – continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 5/31/25** | **Derivative Contracts at 5/31/25** | **Derivative Contracts at 5/31/25** | **Derivative Contracts at 5/31/25** | **Derivative Contracts at 5/31/25** | **Derivative Contracts at 5/31/25** | **Derivative Contracts at 5/31/25** |
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;**Long/<br> Short** | &nbsp;&nbsp;**Currency** | &nbsp;&nbsp;**Contracts** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;Long | &nbsp;&nbsp;USD | &nbsp;&nbsp;26 | &nbsp;&nbsp;$5393375 | &nbsp;&nbsp;September – 2025 | &nbsp;&nbsp;$7829 |

---

At May 31, 2025, the fund had liquid securities with an aggregate value of $35,537 to cover any collateral or margin obligations for certain derivative contracts.

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

------

### Supplemental Information
5/31/25 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

(1) Investment Valuations

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

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

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

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

------

Supplemental Information (unaudited) – continued

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$14809244 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$14809244 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364507 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364507 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12278356 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12278356 |
| Residential Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421430 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421430 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023727 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023727 |
| Asset-Backed Securities (including CDOs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6519030 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6519030 |
| Foreign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536561 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536561 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;169073 | &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;169073 |
| Total | &nbsp;&nbsp;&nbsp;$169073 | &nbsp;&nbsp;&nbsp;$41952855 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$42121928 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7829 |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MFS Active Exchange Traded Funds Trust

- **b. Investment Company Act file number:** 811-23953

- **c. CIK number of Registrant:** 0002018846

- **d. LEI of Registrant:** 254900BBYRSBROE1WI76

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

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

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

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

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

- **a. Name of Series:** MFS Active Core Plus Bond ETF

- **b. EDGAR series identifier (if any):** S000085666

- **c. LEI of Series:** 254900UJDCSVKEHOW313

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**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:** $42667264.64

**Total Liabilities:** $275937.42

**Net Assets:** $42391327.22

**Delayed Delivery Securities:** $99750.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -29.02000000 | **1-Year:** -924.86000000 | **5-Year:** -3556.89000000 | **10-Year:** -4324.85000000 | **30-Year:** -325.97000000

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

- **3-Month:** -7.37000000 | **1-Year:** -303.77000000 | **5-Year:** -1225.55000000 | **10-Year:** -579.64000000 | **30-Year:** -9.52000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251000 | -0.15%               | 0.11%                | -0.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3488.12                 | $-241002.47                                |
| Month 2  | $106.59                  | $-156212.00                                |
| Month 3  | $-3233.89                | $-214979.46                                |

**Designated Index Information**

- **Index Name:** BBG Barc US Aggregate Index

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PERFORMANCE FOOD GROUP I                                | Performance Food Group Inc                                                      | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    223000 | PA      | $224794.26    | 0.53%             | 2032-09-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| BDS Ltd                                                 | BDS 2025-FL14 LLC                                                               | CUSIP: 072921AE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    134096 | PA      | $130814.00    | 0.31%             | 2042-10-21      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Shelter Growth CRE                                      | Shelter Growth CRE Issuer Ltd                                                   | CUSIP: 822866AG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249809.45    | 0.59%             | 2036-09-15      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD                                | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAU0<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |    148000 | PA      | $145103.30    | 0.34%             | 2034-02-12      | Fixed         | 5.27%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $196395.32    | 0.46%             | 2029-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XLVIII Ltd                                                 | CUSIP: 55821UAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250467.50    | 0.59%             | 2033-04-19      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GMQ9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    165000 | PA      | $164060.34    | 0.39%             | 2036-02-12      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                               | BMP 2024-MF23                                                                   | CUSIP: 05593JAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $250156.25    | 0.59%             | 2041-06-15      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Financial Underwritten Enhanced Lease Trust  | Stellantis Financial Underwritten Enhanced Lease Trust 2025-A                   | CUSIP: 858928AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86412 | PA      | $86436.89     | 0.20%             | 2027-07-20      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| FERGUSON ENTERPRISES INC                                | Ferguson Enterprises Inc                                                        | CUSIP: 31488VAA5<br>LEI: 2138003JYQMRP3SLX189 | Long             | DBT              | CORP              | US        |    206000 | PA      | $198307.82    | 0.47%             | 2034-10-03      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARDOT CLO LTD                                          | Bardot CLO Ltd                                                                  | CUSIP: 06744NBW6<br>LEI: 549300KP12IHV6MTDK86 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $247583.75    | 0.58%             | 2032-10-22      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                  | Marriott International Inc/MD                                                   | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    168000 | PA      | $150359.16    | 0.35%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                                  | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    220000 | PA      | $221079.54    | 0.52%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| PFP III                                                 | PFP 2025-12 Ltd                                                                 | CUSIP: 69382JAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99750.00     | 0.24%             | 2042-12-18      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| General Motors                                          | GMF Floorplan Owner Revolving Trust                                             | CUSIP: 361886DR2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $248857.28    | 0.59%             | 2029-11-15      | Floating      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                 | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    144000 | PA      | $146834.63    | 0.35%             | 2033-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2025-FL19 LLC                                                               | CUSIP: 55287KAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    215568 | PA      | $215230.98    | 0.51%             | 2042-05-18      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                     | Global Payments Inc                                                             | CUSIP: 37940XAH5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    325000 | PA      | $282358.20    | 0.67%             | 2031-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    147000 | PA      | $150914.43    | 0.36%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SMBC AVIATION CAPITAL FI                                | SMBC Aviation Capital Finance DAC                                               | CUSIP: 78448TAM4<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $198970.90    | 0.47%             | 2034-04-03      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                       | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78106.05     | 0.18%             | 2030-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    178000 | PA      | $147422.26    | 0.35%             | 2035-11-15      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| BROWN & BROWN INC                                       | Brown & Brown Inc                                                               | CUSIP: 115236AG6<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    142000 | PA      | $143465.87    | 0.34%             | 2034-06-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                 | Hyundai Auto Lease Securitization Trust 2025-B                                  | CUSIP: 44935DAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100146.55    | 0.24%             | 2027-09-15      | Fixed         | 4.58%                 | Yes           |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                   | Panther Escrow Issuer LLC                                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    187000 | PA      | $193452.23    | 0.46%             | 2031-06-01      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| METLIFE INC                                             | MetLife Inc                                                                     | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110651.75    | 0.26%             | 2055-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                    | Boston Properties LP                                                            | CUSIP: 10112RBJ2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    221000 | PA      | $218647.64    | 0.52%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                                                | LKQ Corp                                                                        | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145980.88    | 0.34%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                 | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     81000 | PA      | $79719.25     | 0.19%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ADM6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151728.83    | 0.36%             | 2030-01-08      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                                   | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    240000 | PA      | $211197.20    | 0.50%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                        | CUSIP: 345397E25<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195911.66    | 0.46%             | 2031-03-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 05526DBW4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    152000 | PA      | $148667.15    | 0.35%             | 2032-03-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2024-FL14 LLC                                                               | CUSIP: 55416AAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100119.50    | 0.24%             | 2039-03-19      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                   | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    240000 | PA      | $232433.93    | 0.55%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd         | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                          | CUSIP: 03880XAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    327000 | PA      | $325244.04    | 0.77%             | 2037-01-15      | Floating      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| BDS Ltd                                                 | BDS 2021-FL10 Ltd                                                               | CUSIP: 07335YAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248518.50    | 0.59%             | 2036-12-16      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                        | Provident Funding Mortgage Trust 2025-1                                         | CUSIP: 74388NAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    241341 | PA      | $240880.65    | 0.57%             | 2055-02-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                      | Regal Rexnord Corp                                                              | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     89000 | PA      | $92275.36     | 0.22%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    234000 | PA      | $203150.57    | 0.48%             | 2032-10-21      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                      | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93130.69     | 0.22%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| TCW Ltd                                                 | TCW CLO 2020-1 Ltd                                                              | CUSIP: 87190CBL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $298361.70    | 0.70%             | 2034-04-20      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY                                 | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                         | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $155801.73    | 0.37%             | 2029-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2022-FL8 Ltd                                                                | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    182154 | PA      | $181339.60    | 0.43%             | 2037-02-19      | Floating      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3570000 | PA      | $3428873.44   | 8.09%             | 2044-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    143000 | PA      | $141915.17    | 0.33%             | 2034-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     78000 | PA      | $75028.48     | 0.18%             | 2029-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    256000 | PA      | $254331.00    | 0.60%             | 2035-07-19      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2024-FL14 LLC                                                               | CUSIP: 55416AAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    150000 | PA      | $150617.25    | 0.36%             | 2039-03-19      | Floating      | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM6 Trust                                                             | CUSIP: 67118XAA3<br>LEI: 254900LMIQVUH9BFZJ05 | Long             | ABS-MBS          | CORP              | US        |    184523 | PA      | $186395.98    | 0.44%             | 2064-02-25      | Variable      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                                 | Sammons Financial Group Inc                                                     | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |    190000 | PA      | $198530.11    | 0.47%             | 2034-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1                        | CUSIP: 61775UAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    166959 | PA      | $167869.81    | 0.40%             | 2068-12-25      | Variable      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    143000 | PA      | $144329.64    | 0.34%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    153000 | PA      | $135126.97    | 0.32%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 2YR NOTE (CBT) SEP25                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        26 | NC      | $7921.89      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    180000 | PA      | $180313.91    | 0.43%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust 2025-1                                      | CUSIP: 30167MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102100 | PA      | $102099.53    | 0.24%             | 2027-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd         | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                          | CUSIP: 03880RAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249911.68    | 0.59%             | 2036-11-15      | Floating      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| BXMT Ltd                                                | BXMT 2020-FL2 LTD                                                               | CUSIP: 12434LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    166010 | PA      | $164908.53    | 0.39%             | 2038-02-15      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $267949.22    | 0.63%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                                | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                      | CUSIP: 46590XAY2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    145000 | PA      | $146876.30    | 0.35%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2025-1                                                                     | CUSIP: 196920AC6<br>LEI: 21380069FFOP8RZNF423 | Long             | ABS-MBS          | CORP              | US        |     96086 | PA      | $96361.21     | 0.23%             | 2070-01-25      | Variable      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $193857.43    | 0.46%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                                      | BSPRT 2024-FL11 Issuer LLC                                                      | CUSIP: 05613RAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    150000 | PA      | $149718.78    | 0.35%             | 2039-07-15      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| World OMNI Select Auto Trust                            | World Omni Select Auto Trust 2021-A                                             | CUSIP: 98163HAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    216371 | PA      | $214230.76    | 0.51%             | 2027-11-15      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                           | Boeing Co/The                                                                   | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    127000 | PA      | $135556.22    | 0.32%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                                 | DCP Midstream Operating LP                                                      | CUSIP: 23311VAK3<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    169000 | PA      | $146248.96    | 0.34%             | 2032-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                              | GLS Auto Receivables Issuer Trust 2025-2                                        | CUSIP: 37989BAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     28000 | PA      | $28002.60     | 0.07%             | 2028-03-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| State Street Global Advisors                            | State Street Institutional U.S. Government Money Market Fund                    | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    169073 | NS      | $169073.22    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-9                                                 | CUSIP: 03466JAA7<br>LEI: 254900O3R79X1AD55F36 | Long             | ABS-MBS          | CORP              | US        |    221431 | PA      | $219737.06    | 0.52%             | 2069-09-25      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 43 Senior Loan Fund                                                      | CUSIP: 26245CBU6<br>LEI: 5493002P75UIPU4MC757 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248491.75    | 0.59%             | 2034-04-20      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Guatemala Government Bonds                              | Guatemala Government Bonds                                                      | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $200250.00    | 0.47%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                | Rogers Communications Inc                                                       | CUSIP: 775109CH2<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    241000 | PA      | $220709.53    | 0.52%             | 2032-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                | Corebridge Financial Inc                                                        | CUSIP: 21871XAS8<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    192000 | PA      | $195568.66    | 0.46%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC                                   | Arrow Electronics Inc                                                           | CUSIP: 04273WAE1<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |    203000 | PA      | $205312.00    | 0.48%             | 2034-04-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    141000 | PA      | $145820.95    | 0.34%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    154000 | PA      | $136401.47    | 0.32%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                    | Signal Peak CLO 1 LTD                                                           | CUSIP: 82666TAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250204.75    | 0.59%             | 2034-04-17      | Floating      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2024-6 Mortgage Loan Trust                                                 | CUSIP: 19688XAA4<br>LEI: 213800U2X2TO1PQH1O75 | Long             | ABS-MBS          | CORP              | US        |    230436 | PA      | $229955.33    | 0.54%             | 2069-11-25      | Variable      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DNR39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    860778 | PA      | $669974.47    | 1.58%             | 2052-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Estate Notes                  | Greystone CRE Notes 2025-FL4 LLC                                                | CUSIP: 39810MAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $99761.90     | 0.24%             | 2043-01-15      | Floating      | 6.89%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810TZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2375000 | PA      | $2252353.53   | 5.31%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                                | Constellation Brands Inc                                                        | CUSIP: 21036PBS6<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34967.37     | 0.08%             | 2030-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Bacardi Ltd                                             | Bacardi Ltd                                                                     | CUSIP: 067316AG4<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |    147000 | PA      | $131616.47    | 0.31%             | 2038-05-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| ENI SPA                                                 | Eni SpA                                                                         | CUSIP: 26874RAN8<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $198341.76    | 0.47%             | 2034-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                     | CUSIP: 694308KP1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    133000 | PA      | $141297.99    | 0.33%             | 2034-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    149000 | PA      | $133445.87    | 0.31%             | 2037-03-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2024-3                                               | CUSIP: 92540MAB1<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |    176927 | PA      | $178652.04    | 0.42%             | 2069-04-25      | Variable      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                                   | LoanCore 2025 2025-CRE8 Issuer LLC                                              | CUSIP: 53947FAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    147000 | PA      | $145621.07    | 0.34%             | 2042-08-17      | Floating      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd         | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                          | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    202676 | PA      | $202655.40    | 0.48%             | 2037-01-15      | Floating      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                 | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAH2<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    143000 | PA      | $144528.13    | 0.34%             | 2034-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $224230.92    | 0.53%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| ACREC LLC                                               | Acrec 2025 Fl 3 LLC                                                             | CUSIP: 00112HAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     97500 | PA      | $96211.44     | 0.23%             | 2042-08-18      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                    | Boston Properties LP                                                            | CUSIP: 10112RBH6<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    138000 | PA      | $145151.67    | 0.34%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                          | CUSIP: 900123DA5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $187623.46    | 0.44%             | 2031-01-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                               | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    196000 | PA      | $193604.70    | 0.46%             | 2034-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN MEDIA FINANCE PLC                                | Virgin Media Finance PLC                                                        | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $181311.58    | 0.43%             | 2030-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                | EMRLD Borrower LP / Emerald Co-Issuer Inc                                       | CUSIP: 26873CAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $194427.19    | 0.46%             | 2031-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| IAMGOLD CORP                                            | IAMGOLD Corp                                                                    | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |    197000 | PA      | $194319.60    | 0.46%             | 2028-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                  | BP Capital Markets PLC                                                          | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    128000 | PA      | $128778.88    | 0.30%             | 2033-12-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    145000 | PA      | $145733.65    | 0.34%             | 2028-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                     | Ashtead Capital Inc                                                             | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200684.58    | 0.47%             | 2034-04-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 20754TAB8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     53077 | PA      | $53010.81     | 0.13%             | 2045-02-25      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    143000 | PA      | $146267.73    | 0.35%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                        | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    192000 | PA      | $187367.66    | 0.44%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                     | American Tower Corp                                                             | CUSIP: 03027XCM0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    148000 | PA      | $149049.08    | 0.35%             | 2035-01-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BOSTON GAS COMPANY                                      | Boston Gas Co                                                                   | CUSIP: 100743AM5<br>LEI: FN7P4E7K9JOBORDEUX61 | Long             | DBT              | CORP              | US        |    164000 | PA      | $148408.24    | 0.35%             | 2032-03-16      | Fixed         | 3.76%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                | CUSIP: 50212YAF1<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    158000 | PA      | $150226.61    | 0.35%             | 2031-05-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CBRE SERVICES INC                                       | CBRE Services Inc                                                               | CUSIP: 12505BAG5<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206707.75    | 0.49%             | 2034-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                       | Store Capital LLC                                                               | CUSIP: 862121AA8<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147213.34    | 0.35%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    138000 | PA      | $147173.09    | 0.35%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                | Standard Industries Inc/NY                                                      | CUSIP: 853496AH0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    181000 | PA      | $160146.86    | 0.38%             | 2031-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                         | AREIT 2025-CRE10 Ltd                                                            | CUSIP: 00193DAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    120332 | PA      | $119128.56    | 0.28%             | 2030-01-17      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2024-3 Mortgage Loan Trust                                                 | CUSIP: 19688VAA8<br>LEI: 213800YFAHWZN77V6P52 | Long             | ABS-MBS          | CORP              | US        |    186925 | PA      | $188823.21    | 0.45%             | 2069-06-25      | Variable      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital Credit CLO 2020-4 Ltd                                              | CUSIP: 05684KAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250671.25    | 0.59%             | 2036-10-20      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                          | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    200000 | PA      | $182180.00    | 0.43%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 902613AD0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $175294.48    | 0.41%             | 2031-02-10      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| BARDOT CLO LTD                                          | Bardot CLO Ltd                                                                  | CUSIP: 06744NBS5<br>LEI: 549300KP12IHV6MTDK86 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248943.50    | 0.59%             | 2032-10-22      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                        | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    203000 | PA      | $203114.75    | 0.48%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2694000 | PA      | $2514680.63   | 5.93%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                    | CUSIP: 11135FCG4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152311.94    | 0.36%             | 2032-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                  | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BN1<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    213000 | PA      | $218984.02    | 0.52%             | 2033-12-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145554.01    | 0.34%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                  | Santander Drive Auto Receivables Trust 2025-1                                   | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95000 | PA      | $95086.40     | 0.22%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2025-FL17 LLC                                                               | CUSIP: 55287HAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $247334.25    | 0.58%             | 2040-02-18      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| AUTONATION INC                                          | AutoNation Inc                                                                  | CUSIP: 05329WAT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    303000 | PA      | $301324.35    | 0.71%             | 2035-03-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2023-BNK46                                                                 | CUSIP: 06541DBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $259102.83    | 0.61%             | 2056-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-1 Ltd                                           | CUSIP: 69703NAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    120000 | PA      | $120235.20    | 0.28%             | 2032-10-15      | Floating      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 902613BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $204056.14    | 0.48%             | 2035-02-08      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                                | International Flavors & Fragrances Inc                                          | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |     39000 | PA      | $33989.42     | 0.08%             | 2030-11-01      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| Ivory Coast Government International Bonds              | Ivory Coast Government International Bonds                                      | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $192811.75    | 0.45%             | 2033-01-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2025-FL19 LLC                                                               | CUSIP: 55287KAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    172121 | PA      | $171905.49    | 0.41%             | 2042-05-18      | Floating      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                                | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    103000 | PA      | $106498.09    | 0.25%             | 2029-03-26      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $247539.06    | 0.58%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                                  | FMG Resources August 2006 Pty Ltd                                               | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    252000 | PA      | $231344.67    | 0.55%             | 2031-04-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $196599.76    | 0.46%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                                  | Patrick Industries Inc                                                          | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    201000 | PA      | $192779.44    | 0.45%             | 2029-05-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                    | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    257000 | PA      | $228481.53    | 0.54%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                       | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    148000 | PA      | $139891.67    | 0.33%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                   | HUB International Ltd                                                           | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    187000 | PA      | $194745.91    | 0.46%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CLS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1861000 | PA      | $1863180.87   | 4.40%             | 2026-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     72000 | PA      | $67422.98     | 0.16%             | 2050-05-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | NEW Residential Mortgage Loan Trust 2025-Nqm2                                   | CUSIP: 64831XAC2<br>LEI: 2138006ZAYPD4ZHQYX81 | Long             | ABS-MBS          | CORP              | US        |     96075 | PA      | $96414.90     | 0.23%             | 2065-04-25      | Variable      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    180000 | PA      | $182479.14    | 0.43%             | 2030-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                     | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199067.36    | 0.47%             | 2032-08-11      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| JBS USA SARL/FOOD/GRP                                   | JBS USA LUX Sarl / JBS USA Food Co / JBS USA Foods Group                        | CUSIP: 472140AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99000 | PA      | $100783.61    | 0.24%             | 2035-04-20      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4395000 | PA      | $4426760.73   | 10.44%            | 2029-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                  | Anglo American Capital PLC                                                      | CUSIP: 034863BD1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $249538.71    | 0.59%             | 2033-05-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ABL0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    152000 | PA      | $159588.37    | 0.38%             | 2030-04-08      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Serbia International Bonds                              | Serbia International Bonds                                                      | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    200000 | PA      | $198258.25    | 0.47%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                    | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    190000 | PA      | $190035.37    | 0.45%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2016-I Ltd                                                         | CUSIP: 17180TBQ4<br>LEI: 54930076OPDXR0U68E20 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248693.50    | 0.59%             | 2031-10-21      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                       | Store Capital LLC                                                               | CUSIP: 862121AB6<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    142000 | PA      | $138240.42    | 0.33%             | 2029-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                              | Affirm Asset Securitization Trust 2025-X1                                       | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99980.63     | 0.24%             | 2030-04-15      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                                         | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    285000 | PA      | $283397.05    | 0.67%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cent CLO LP                                             | Columbia Cent CLO 31 Ltd                                                        | CUSIP: 19737LAW3<br>LEI: 5493007YZPNOMQEILE23 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $296324.70    | 0.70%             | 2034-04-20      | Floating      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| SANTOS FINANCE LTD                                      | Santos Finance Ltd                                                              | CUSIP: 803014AB5<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |    188000 | PA      | $197510.36    | 0.47%             | 2033-09-19      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXI Ltd                                                               | CUSIP: 55954PAQ7<br>LEI: 5493007R5RBJT1RFJC86 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250079.50    | 0.59%             | 2034-04-20      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                        | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $209526.05    | 0.49%             | 2053-05-23      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                | Capital One Financial Corp                                                      | CUSIP: 254709AS7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    132000 | PA      | $142033.31    | 0.34%             | 2032-11-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2025-NQM1 Trust                                                             | CUSIP: 673914AC1<br>LEI: 2549007E8KF1RJ2ZV866 | Long             | ABS-MBS          | CORP              | US        |     93237 | PA      | $93354.61     | 0.22%             | 2064-12-25      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                | Capital One Financial Corp                                                      | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    181000 | PA      | $201858.88    | 0.48%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-27

**Name of Applicant:** MFS Active Exchange Traded Funds Trust

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer