# EDGAR Filing Document

**Accession Number:** 0001676326
**File Stem:** 0001752724-25-197808
**Filing Date:** 2025-8
**Character Count:** 95840
**Document Hash:** ac35e23c221aadd20fda66b97a024b29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-197808.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001752724-25-197808

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley ETF Trust
- **CENTRAL INDEX KEY:** 0001676326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23820
- **FILM NUMBER:** 251242356

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212.296.1404

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

## Series and Classes Contracts Data

### Calvert Ultra-Short Investment Grade ETF (Series ID: S000077963)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000238680 | Calvert Ultra-Short Investment Grade ETF | CVSB            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Morgan Stanley ETF Trust

- **b. Investment Company Act file number:** 811-23820

- **c. CIK number of Registrant:** 0001676326

- **d. LEI of Registrant:** 549300HASXQLXGOR9H31

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

  - **Street Address 1:** 1585 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

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

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

- **a. Name of Series:** Calvert Ultra-Short Investment Grade ETF

- **b. EDGAR series identifier (if any):** S000077963

- **c. LEI of Series:** 549300RQT9YNL0GPOP12

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $177226674.00

**Total Liabilities:** $2601799.81

**Net Assets:** $174624874.19

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1562.96841100 | **1-Year:** 4703.98631800 | **5-Year:** 3769.93582300 | **10-Year:** 260.72574300 | **30-Year:** 318.54505400

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

- **3-Month:** 19.57937800 | **1-Year:** 100.71825700 | **5-Year:** 5.64365400 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000238680 | 0.34%                | 0.35%                | 0.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $98821.76                | $-220934.60                                |
| Month 2  | $-55826.82               | $-20161.12                                 |
| Month 3  | $2649.85                 | $219308.72                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UniCredit SpA                                          | UniCredit SpA                                                                             | CUSIP: 904678AU3<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    880000 | PA      | $875500.50    | 0.50%             | 2026-09-22      | Variable      | 2.57%                 | Yes           |                  2 | On Loan: No      |
| NRTH Mortgage Trust                                    | NRTH Mortgage Trust, Series 2024-PARK, Class A                                            | CUSIP: 67021HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    760000 | PA      | $761507.99    | 0.44%             | 2039-03-15      | Floating      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                             | J.P. Morgan Mortgage Trust, Series 2024-HE1, Class A1                                     | CUSIP: 46658AAA3<br>LEI: 529900PFHUFMSHU0UV97 | Long             | ABS-O            | CORP              | US        |   1380695 | PA      | $1384372.70   | 0.79%             | 2054-08-25      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                          | Lendbuzz Securitization Trust, Series 2023-3A, Class A2                                   | CUSIP: 525931AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    509479 | PA      | $520515.02    | 0.30%             | 2028-12-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                              | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1390809.43   | 0.80%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| INTOWN Mortgage Trust                                  | INTOWN Mortgage Trust, Series 2025-STAY, Class B                                          | CUSIP: 46117WAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    865000 | PA      | $862828.85    | 0.49%             | 2042-03-15      | Floating      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Genpact Luxembourg SARL                                | Genpact Luxembourg SARL                                                                   | CUSIP: 37190AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     69000 | PA      | $67367.93     | 0.04%             | 2026-04-10      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Brookfield Infrastructure Holdings Canada, Inc.        | Brookfield Infrastructure Holdings Canada, Inc.                                           | CUSIP: 11275MX76<br>LEI: 549300GV8LYH0T7DZO77 | Long             | STIV             | CORP              | CA        |   1770000 | PA      | $1746745.56   | 1.00%             | 2025-10-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EPR Properties                                         | EPR Properties                                                                            | CUSIP: 26884UAC3<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    602000 | PA      | $601343.57    | 0.34%             | 2026-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ORL Trust                                              | ORL Trust, Series 2024-GLKS, Class A                                                      | CUSIP: 67120DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    637000 | PA      | $637749.62    | 0.37%             | 2039-12-15      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Discovery Communications LLC                           | Discovery Communications LLC                                                              | CUSIP: 25470DAL3<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    900000 | PA      | $899104.50    | 0.51%             | 2026-03-11      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| DLLMT LLC                                              | DLLMT LLC, Series 2024-1A, Class A2                                                       | CUSIP: 23347AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195598 | PA      | $196065.46    | 0.11%             | 2027-02-22      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| Silgan Holdings, Inc.                                  | Silgan Holdings, Inc.                                                                     | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |    375000 | PA      | $364950.98    | 0.21%             | 2026-04-01      | Fixed         | 1.40%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                    | Intesa Sanpaolo SpA                                                                       | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    610000 | PA      | $614858.74    | 0.35%             | 2025-11-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                       | OneMain Financial Issuance Trust, Series 2021-1A, Class B                                 | CUSIP: 68269MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    277000 | PA      | $259136.44    | 0.15%             | 2036-06-16      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Bank of Ireland Group plc                              | Bank of Ireland Group plc                                                                 | CUSIP: 06279JAC3<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |   1337000 | PA      | $1341392.66   | 0.77%             | 2026-09-16      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                     | Tricolor Auto Securitization Trust, Series 2024-3A, Class A                               | CUSIP: 89617AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340210 | PA      | $340742.54    | 0.20%             | 2028-06-15      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 3990, Class TF                                                       | CUSIP: 3137AL5L9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    222053 | PA      | $220457.25    | 0.13%             | 2042-01-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| DLLST LLC                                              | DLLST LLC, Series 2024-1A, Class A2                                                       | CUSIP: 23346HAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25653 | PA      | $25671.15     | 0.01%             | 2026-01-20      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Crossroads Asset Trust                                 | Crossroads Asset Trust, Series 2024-A, Class A2                                           | CUSIP: 227927AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    761820 | PA      | $771404.02    | 0.44%             | 2030-08-20      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                       | CUSIP: 83368RBZ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    849000 | PA      | $857811.65    | 0.49%             | 2027-02-19      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2025-A, Class A                                            | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $524841.87    | 0.30%             | 2033-02-08      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Aviation Capital Group LLC                             | Aviation Capital Group LLC                                                                | CUSIP: 05367AAH6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    956000 | PA      | $955581.11    | 0.55%             | 2025-10-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Jabil, Inc.                                            | Jabil, Inc.                                                                               | CUSIP: 46652LU21<br>LEI: 5493000CGCQY2OQU7669 | Long             | STIV             | CORP              | US        |   1780000 | PA      | $1779495.37   | 1.02%             | 2025-07-02      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                     | Prosper Marketplace Issuance Trust, Series 2024-1A, Class A                               | CUSIP: 74363CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95945 | PA      | $96085.10     | 0.06%             | 2029-08-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| CVS Health Corp.                                       | CVS Health Corp.                                                                          | CUSIP: 12665JUP2<br>LEI: 549300EJG376EN5NQE29 | Long             | STIV             | CORP              | US        |   1580000 | PA      | $1574949.69   | 0.90%             | 2025-07-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                               | Octane Receivables Trust, Series 2023-1A, Class A                                         | CUSIP: 67571BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16432 | PA      | $16469.08     | 0.01%             | 2029-05-21      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Berry Global, Inc.                                     | Berry Global, Inc.                                                                        | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    371000 | PA      | $364414.68    | 0.21%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5483, Class FB                                                       | CUSIP: 3137HHNE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2356846 | PA      | $2358509.48   | 1.35%             | 2054-12-25      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                              | Bank of Nova Scotia (The)                                                                 | CUSIP: 064159HB5<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    951000 | PA      | $950450.27    | 0.54%             | 2025-12-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance DAC                                    | Prodigy Finance DAC, Series 2021-1A, Class D                                              | CUSIP: 742857AA3<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |    178751 | PA      | $184451.41    | 0.11%             | 2051-07-25      | Floating      | 10.33%                | Yes           |                  2 | On Loan: No      |
| DB Master Finance LLC                                  | DB Master Finance LLC, Series 2021-1A, Class A2I                                          | CUSIP: 233046AN1<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    443900 | PA      | $427677.36    | 0.24%             | 2051-11-20      | Fixed         | 2.04%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                  | Bank of America Corp.                                                                     | CUSIP: 06051GLA5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4856000 | PA      | $4856051.57   | 2.78%             | 2026-07-22      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INTERNATIONAL Corp.                       | Crown Castle International Corp.                                                          | CUSIP: 22823PV59<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    875000 | PA      | $870604.88    | 0.50%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                          | Centene Corp.                                                                             | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1281114.12   | 0.73%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                              | Chesapeake Funding II LLC, Series 2024-1A, Class A2                                       | CUSIP: 165183DJ0<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    142003 | PA      | $141931.01    | 0.08%             | 2036-05-15      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LLC                        | Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2                                 | CUSIP: 85236KAE2<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |   1090000 | PA      | $1064696.41   | 0.61%             | 2046-03-26      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| JDE Peet's NV                                          | JDE Peet's NV                                                                             | CUSIP: 47216QAB9<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $475906.39    | 0.27%             | 2027-01-15      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                    | Rocket Mortgage LLC                                                                       | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    655000 | PA      | $639240.37    | 0.37%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: —       |
| Santander Bank Auto Credit-Linked Notes                | Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class F                           | CUSIP: 80290CBB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    291978 | PA      | $294255.41    | 0.17%             | 2032-08-16      | Fixed         | 11.91%                | Yes           |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                       | CUSIP: 9128287B0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11340000 | PA      | $11106085.74  | 6.36%             | 2026-06-30      | Fixed         | 1.88%                 | No            |                  2 | On Loan: —       |
| Hyundai Capital America                                | Hyundai Capital America                                                                   | CUSIP: 44891ABW6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43699.99     | 0.03%             | 2026-06-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                                  | Delta Air Lines, Inc.                                                                     | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    449000 | PA      | $450252.37    | 0.26%             | 2028-10-20      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: —       |
| Prodigy Finance DAC                                    | Prodigy Finance DAC, Series 2021-1A, Class B                                              | CUSIP: 742855AB5<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |    549624 | PA      | $556313.34    | 0.32%             | 2051-07-25      | Floating      | 6.93%                 | Yes           |                  2 | On Loan: No      |
| Equinix, Inc.                                          | Equinix, Inc.                                                                             | CUSIP: 29444UBF2<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    971000 | PA      | $969754.84    | 0.56%             | 2025-07-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Domino's Pizza Master Issuer LLC                       | Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II                              | CUSIP: 25755TAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1182562 | PA      | $1181522.55   | 0.68%             | 2045-10-25      | Fixed         | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Octane Receivables Trust                               | Octane Receivables Trust, Series 2024-3A, Class A2                                        | CUSIP: 67571GAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1712487 | PA      | $1718056.38   | 0.98%             | 2030-05-20      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| CENT Trust                                             | CENT Trust, Series 2023-CITY, Class A                                                     | CUSIP: 12516WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    595000 | PA      | $596810.70    | 0.34%             | 2038-09-15      | Floating      | 6.93%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                                 | Marlette Funding Trust, Series 2023-1A, Class B                                           | CUSIP: 57110PAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     78516 | PA      | $78628.78     | 0.05%             | 2033-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                         | Hewlett Packard Enterprise Co.                                                            | CUSIP: 42824CAW9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    567000 | PA      | $567028.66    | 0.32%             | 2025-10-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                          | Lendbuzz Securitization Trust, Series 2024-1A, Class A2                                   | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     91523 | PA      | $92294.67     | 0.05%             | 2029-08-15      | Fixed         | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Reach ABS Trust                                        | Reach ABS Trust, Series 2024-2A, Class A                                                  | CUSIP: 75525HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    483180 | PA      | $484446.60    | 0.28%             | 2031-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                     | Ally Bank Auto Credit-Linked Notes, Series 2024-B, Class B                                | CUSIP: 02007G4C4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    353427 | PA      | $355931.40    | 0.20%             | 2032-09-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| BHG Securitization Trust                               | BHG Securitization Trust, Series 2022-C, Class B                                          | CUSIP: 08860DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    569608 | PA      | $571625.46    | 0.33%             | 2035-10-17      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                    | Intesa Sanpaolo SpA                                                                       | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   1200000 | PA      | $1202797.60   | 0.69%             | 2026-01-15      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 3136, Class FA                                                       | CUSIP: 31396NGM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    183269 | PA      | $181640.88    | 0.10%             | 2036-04-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Clarus Capital Funding LLC                             | Clarus Capital Funding LLC, Series 2024-1A, Class A2                                      | CUSIP: 18271JAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    217778 | PA      | $218074.62    | 0.12%             | 2032-08-20      | Fixed         | 4.71%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                   | Charter Communications Operating LLC                                                      | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2555000 | PA      | $2554854.19   | 1.46%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2023-101, Class FM                                                           | CUSIP: 38384CBT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    890656 | PA      | $889238.57    | 0.51%             | 2053-07-20      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5529, Class AF                                                       | CUSIP: 3137HKU51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    962295 | PA      | $960693.89    | 0.55%             | 2055-03-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                             | J.P. Morgan Mortgage Trust, Series 2023-HE2, Class A1                                     | CUSIP: 46657FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    508339 | PA      | $510788.78    | 0.29%             | 2054-03-20      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of New York Mellon (The)                          | Bank of New York Mellon (The)                                                             | CUSIP: 06405LAF8<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |    273000 | PA      | $273671.32    | 0.16%             | 2027-04-20      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                    | Connecticut Avenue Securities Trust, Series 2022-R07, Class 1M1                           | CUSIP: 20754MBZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    255241 | PA      | $262556.06    | 0.15%             | 2042-06-25      | Floating      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables XII LLC             | Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class A2                      | CUSIP: 03236YAB1<br>LEI: 5493000K1GV1VHEHGY40 | Long             | ABS-O            | CORP              | US        |     99072 | PA      | $100063.40    | 0.06%             | 2029-12-20      | Fixed         | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing LLC, Series 2023-1, Class A2                                   | CUSIP: 29375CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100194 | PA      | $100520.02    | 0.06%             | 2029-01-22      | Fixed         | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                            | Extended Stay America Trust, Series 2021-ESH, Class B                                     | CUSIP: 30227FAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    686182 | PA      | $686884.08    | 0.39%             | 2038-07-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                          | Lendbuzz Securitization Trust, Series 2024-3A, Class A2                                   | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    212656 | PA      | $212941.73    | 0.12%             | 2029-10-15      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2006-46, Class FG                                                     | CUSIP: 31395D6P9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    160353 | PA      | $159243.29    | 0.09%             | 2036-06-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                           | Barclays plc                                                                              | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1300000 | PA      | $1310884.56   | 0.75%             | 2026-11-02      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                    | Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1                           | CUSIP: 20754LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48386 | PA      | $48522.09     | 0.03%             | 2041-12-25      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                                  | Athene Global Funding                                                                     | CUSIP: 04685A3S8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    247000 | PA      | $248740.31    | 0.14%             | 2026-02-23      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                       | CUSIP: 83368RAZ5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    630000 | PA      | $620888.80    | 0.36%             | 2026-12-14      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                        | Santander UK Group Holdings plc                                                           | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   1518000 | PA      | $1530539.48   | 0.88%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Oscar US Funding XV LLC                                | Oscar US Funding XV LLC, Series 2023-1A, Class A2                                         | CUSIP: 68785CAB7<br>LEI: 353800KY84862IDYBM21 | Long             | ABS-O            | CORP              | JP        |     20102 | PA      | $20109.70     | 0.01%             | 2026-09-10      | Fixed         | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                | Volkswagen Group of America Finance LLC                                                   | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400874.01    | 0.23%             | 2026-08-14      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Concentrix Corp.                                       | Concentrix Corp.                                                                          | CUSIP: 20602DAA9<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |    679000 | PA      | $691549.99    | 0.40%             | 2026-08-02      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                          | Enel Finance International NV                                                             | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   1665000 | PA      | $1674906.10   | 0.96%             | 2025-10-14      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| PNC Bank NA                                            | PNC Bank NA                                                                               | CUSIP: 69353RFY9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    990000 | PA      | $990632.23    | 0.57%             | 2027-05-13      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2024-88, Class FN                                                     | CUSIP: 3136BT6U2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    891533 | PA      | $888405.02    | 0.51%             | 2054-12-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2025-2, Class FB                                                             | CUSIP: 38385BP53<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    997227 | PA      | $997609.12    | 0.57%             | 2054-12-20      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                       | ABN AMRO Bank NV                                                                          | CUSIP: 00080QAF2<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    828000 | PA      | $828171.64    | 0.47%             | 2025-07-28      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                          | Lendbuzz Securitization Trust, Series 2025-2A, Class A2                                   | CUSIP: 52611JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $190541.00    | 0.11%             | 2030-05-15      | Fixed         | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes                         | Chase Auto Credit Linked Notes, Series 2025-1, Class B                                    | CUSIP: 46591HCS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    875000 | PA      | $877831.50    | 0.50%             | 2033-02-25      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GA Global Funding Trust                                | GA Global Funding Trust                                                                   | CUSIP: 36143L2G9<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    230000 | PA      | $222147.66    | 0.13%             | 2027-01-06      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                 | Goldman Sachs Bank USA                                                                    | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105884.59    | 0.06%             | 2027-05-21      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| COPT Defense Properties LP                             | COPT Defense Properties LP                                                                | CUSIP: 22003BAL0<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    935000 | PA      | $917416.10    | 0.53%             | 2026-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                       | CUSIP: 91282CKS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11900000 | PA      | $11986132.08  | 6.86%             | 2026-05-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                        | Citigroup, Inc.                                                                           | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2010000 | PA      | $2014609.71   | 1.15%             | 2026-09-29      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                          | Lendbuzz Securitization Trust, Series 2023-2A, Class A2                                   | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540322 | PA      | $549464.99    | 0.31%             | 2028-10-16      | Fixed         | 7.09%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                   | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PBW5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1763113.91   | 1.01%             | 2027-02-04      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                     | Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class B                                | CUSIP: 02007GZ55<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    369432 | PA      | $374984.08    | 0.21%             | 2032-05-17      | Fixed         | 5.83%                 | Yes           |                  2 | On Loan: No      |
| BPR Trust                                              | BPR Trust, Series 2022-SSP, Class A                                                       | CUSIP: 05602HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $150234.53    | 0.09%             | 2039-05-15      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| Wingspire Equipment Finance LLC                        | Wingspire Equipment Finance LLC, Series 2024-1A, Class A2                                 | CUSIP: 97415AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    156000 | PA      | $156174.97    | 0.09%             | 2032-09-20      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| Blue Owl Asset Leasing Trust LLC                       | Blue Owl Asset Leasing Trust LLC, Series 2024-1A, Class A2                                | CUSIP: 095921AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1959177 | PA      | $1963073.18   | 1.12%             | 2029-03-15      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Air Lease Corp.                                        | Air Lease Corp.                                                                           | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     37000 | PA      | $35979.68     | 0.02%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                          | Lendbuzz Securitization Trust, Series 2023-1A, Class A2                                   | CUSIP: 52608LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    488815 | PA      | $495845.38    | 0.28%             | 2028-08-15      | Fixed         | 6.92%                 | Yes           |                  2 | On Loan: No      |
| HILT Commercial Mortgage Trust                         | HILT Commercial Mortgage Trust, Series 2024-ORL, Class B                                  | CUSIP: 403956AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    505000 | PA      | $505694.27    | 0.29%             | 2037-05-15      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-MHC, Class B          | CUSIP: 466330AG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100166.78    | 0.06%             | 2038-04-15      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                       | CUSIP: 91282CLS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4450000 | PA      | $4463037.12   | 2.56%             | 2026-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Trust                       | Newtek Small Business Loan Trust, Series 2023-1, Class A                                  | CUSIP: 65254RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     96136 | PA      | $97160.06     | 0.06%             | 2050-07-25      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                       | NRG Energy, Inc.                                                                          | CUSIP: 629377CN0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1675443.64   | 0.96%             | 2025-12-02      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Intel Corp.                                            | Intel Corp.                                                                               | CUSIP: 458140CD0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37060.29     | 0.02%             | 2026-02-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Apollo Management Holdings LP                          | Apollo Management Holdings LP                                                             | CUSIP: 03765HAB7<br>LEI: 5493006XQW0V5K38YM64 | Long             | DBT              | CORP              | US        |     49000 | PA      | $48936.78     | 0.03%             | 2026-05-27      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                                  | Delta Air Lines, Inc./SkyMiles IP Ltd.                                                    | CUSIP: 830867AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2016778 | PA      | $2012170.56   | 1.15%             | 2025-10-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| HAT Holdings I LLC                                     | HAT Holdings I LLC                                                                        | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    684000 | PA      | $713466.04    | 0.41%             | 2027-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                     | Tricolor Auto Securitization Trust, Series 2024-2A, Class A                               | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64567 | PA      | $64773.74     | 0.04%             | 2027-12-15      | Fixed         | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                      | Wells Fargo & Co.                                                                         | CUSIP: 95000U2F9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1729392.61   | 0.99%             | 2027-06-17      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| SERVPRO Master Issuer LLC                              | SERVPRO Master Issuer LLC, Series 2019-1A, Class A2                                       | CUSIP: 817743AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    537705 | PA      | $529222.92    | 0.30%             | 2049-10-25      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Theorem Funding Trust                                  | Theorem Funding Trust, Series 2022-3A, Class B                                            | CUSIP: 882925AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $510851.00    | 0.29%             | 2029-04-15      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| Vontier Corp.                                          | Vontier Corp.                                                                             | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   1083000 | PA      | $1059793.37   | 0.61%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2008-3, Class FA                                                      | CUSIP: 31396YHZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    216394 | PA      | $215964.42    | 0.12%             | 2038-02-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                            | Extended Stay America Trust, Series 2021-ESH, Class A                                     | CUSIP: 30227FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    471750 | PA      | $472165.74    | 0.27%             | 2038-07-15      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5556, Class FA                                                       | CUSIP: 3137HMBS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    780000 | PA      | $781007.06    | 0.45%             | 2055-07-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                           | BX Commercial Mortgage Trust, Series 2021-VOLT, Class B                                   | CUSIP: 05609VAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    411752 | PA      | $410247.16    | 0.23%             | 2036-09-15      | Floating      | 5.38%                 | Yes           |                  2 | On Loan: No      |
| GA Global Funding Trust                                | GA Global Funding Trust                                                                   | CUSIP: 36143L2A2<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    304000 | PA      | $298887.03    | 0.17%             | 2026-01-15      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Oceanview Mortgage Trust                               | Oceanview Mortgage Trust, Series 2025-3, Class AF1                                        | CUSIP: 67648CAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1660000 | PA      | $1664150.33   | 0.95%             | 2055-05-25      | Floating      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                        | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38145GAM2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3355000 | PA      | $3359744.51   | 1.92%             | 2026-08-10      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5391, Class HF                                                       | CUSIP: 3137HBUT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    609755 | PA      | $612959.80    | 0.35%             | 2054-03-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                              | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397XU2<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    775000 | PA      | $771641.40    | 0.44%             | 2026-01-08      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Smithfield Foods, Inc.                                 | Smithfield Foods, Inc.                                                                    | CUSIP: 832248AZ1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |   1142000 | PA      | $1131429.82   | 0.65%             | 2027-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                           | Avolon Holdings Funding Ltd.                                                              | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $500816.77    | 0.29%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                               | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |    227570 | NS      | $227570.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Taco Bell Funding LLC                                  | Taco Bell Funding LLC, Series 2016-1A, Class A23                                          | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2221875 | PA      | $2222947.72   | 1.27%             | 2046-05-25      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| Vantage Data Centers Issuer LLC                        | Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2                                 | CUSIP: 92212KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $793818.00    | 0.45%             | 2045-09-15      | Fixed         | 1.65%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                      | GLS Auto Select Receivables Trust, Series 2024-1A, Class A2                               | CUSIP: 37988XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81675 | PA      | $82165.51     | 0.05%             | 2030-03-15      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Octane Receivables Trust                               | Octane Receivables Trust, Series 2024-RVM1, Class A                                       | CUSIP: 67579FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    431743 | PA      | $436280.25    | 0.25%             | 2046-01-22      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                              | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    350000 | PA      | $347688.37    | 0.20%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Hexcel Corp.                                           | Hexcel Corp.                                                                              | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |    375000 | PA      | $371583.40    | 0.21%             | 2027-02-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                             | J.P. Morgan Mortgage Trust, Series 2024-HE2, Class A1                                     | CUSIP: 46593HAA6<br>LEI: 529900ELA1S09AZO9Q54 | Long             | ABS-O            | CORP              | US        |    167551 | PA      | $167512.35    | 0.10%             | 2054-10-20      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Berry Global, Inc.                                     | Berry Global, Inc.                                                                        | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    961000 | PA      | $960586.10    | 0.55%             | 2026-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Ally Financial, Inc.                                   | Ally Financial, Inc.                                                                      | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    333000 | PA      | $333785.12    | 0.19%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust             | Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A                       | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    207000 | PA      | $208900.82    | 0.12%             | 2029-07-20      | Fixed         | 6.56%                 | Yes           |                  2 | On Loan: No      |
| Domino's Pizza Master Issuer LLC                       | Domino's Pizza Master Issuer LLC, Series 2018-1A, Class A2I                               | CUSIP: 25755TAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    710625 | PA      | $708489.29    | 0.41%             | 2048-07-25      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Marex Group plc                                        | Marex Group plc                                                                           | CUSIP: 566539AB8<br>LEI: 549300DWX0SVICJAL507 | Long             | DBT              | CORP              | GB        |    590000 | PA      | $597753.67    | 0.34%             | 2028-05-08      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Dell International LLC                                 | Dell International LLC                                                                    | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    672000 | PA      | $675184.33    | 0.39%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                             | LAD Auto Receivables Trust, Series 2023-3A, Class A3                                      | CUSIP: 50168BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     56509 | PA      | $56665.58     | 0.03%             | 2027-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| FHF Issuer Trust                                       | FHF Issuer Trust, Series 2024-2A, Class A2                                                | CUSIP: 30336NAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54143 | PA      | $54811.87     | 0.03%             | 2030-06-15      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Oscar US Funding XVI LLC                               | Oscar US Funding XVI LLC, Series 2024-1A, Class A2                                        | CUSIP: 68784GAB9<br>LEI: 3538004TGTV49T7RNL88 | Long             | ABS-O            | CORP              | JP        |     79612 | PA      | $79869.23     | 0.05%             | 2027-02-10      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| TX Trust                                               | TX Trust, Series 2024-HOU, Class A                                                        | CUSIP: 90216DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    510000 | PA      | $507607.44    | 0.29%             | 2039-06-15      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Driven Brands Funding LLC                              | Driven Brands Funding LLC, Series 2019-1A, Class A2                                       | CUSIP: 26208LAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1042820 | PA      | $1039298.89   | 0.60%             | 2049-04-20      | Fixed         | 4.64%                 | Yes           |                  2 | On Loan: No      |
| Santander Holdings USA, Inc.                           | Santander Holdings USA, Inc.                                                              | CUSIP: 80282KBE5<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    934000 | PA      | $935712.83    | 0.54%             | 2026-09-09      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| Brookfield Infrastructure Holdings Canada, Inc.        | Brookfield Infrastructure Holdings Canada, Inc.                                           | CUSIP: 11275MU87<br>LEI: 549300GV8LYH0T7DZO77 | Long             | STIV             | CORP              | CA        |    910000 | PA      | $909043.77    | 0.52%             | 2025-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                        | Jefferies Financial Group, Inc.                                                           | CUSIP: 47233WHZ5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    577000 | PA      | $577067.27    | 0.33%             | 2026-02-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                      | Wells Fargo & Co.                                                                         | CUSIP: 95000U3C5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    778000 | PA      | $777852.72    | 0.45%             | 2026-08-15      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| HLTN Commercial Mortgage Trust                         | HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class A                                 | CUSIP: 40424UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    760600 | PA      | $762174.44    | 0.44%             | 2041-06-15      | Floating      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                         | PEAC Solutions Receivables LLC, Series 2024-1A, Class A2                                  | CUSIP: 69433BAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    353009 | PA      | $355860.91    | 0.20%             | 2027-06-21      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| SFS Auto Receivables Securitization Trust              | SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A2                       | CUSIP: 78435VAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10396 | PA      | $10402.17     | 0.01%             | 2027-06-21      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                               | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   3678103 | NS      | $3678102.56   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp.                                | Synovus Financial Corp.                                                                   | CUSIP: 87161CAN5<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |   1719000 | PA      | $1718395.57   | 0.98%             | 2025-08-11      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                     | General Motors Co.                                                                        | CUSIP: 37045VAV2<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45082.15     | 0.03%             | 2025-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                | FHLMC STACR REMIC Trust, Series 2024-DNA1, Class M1                                       | CUSIP: 35564NAX1<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |     85550 | PA      | $86005.80     | 0.05%             | 2044-02-25      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2024-1A, Class B                                           | CUSIP: 68377JAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    292549 | PA      | $293108.74    | 0.17%             | 2031-04-08      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| SHR Trust                                              | SHR Trust, Series 2024-LXRY, Class A                                                      | CUSIP: 784234AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    605000 | PA      | $605749.96    | 0.35%             | 2041-10-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                         | PEAC Solutions Receivables LLC, Series 2024-2A, Class A2                                  | CUSIP: 69392BAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    236727 | PA      | $236837.13    | 0.14%             | 2027-04-20      | Fixed         | 4.74%                 | Yes           |                  2 | On Loan: No      |
| AES Corp. (The)                                        | AES Corp. (The)                                                                           | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    730000 | PA      | $716202.08    | 0.41%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: —       |
| DB Master Finance LLC                                  | DB Master Finance LLC, Series 2017-1A, Class A2II                                         | CUSIP: 233046AF8<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    208688 | PA      | $206698.88    | 0.12%             | 2047-11-20      | Fixed         | 4.03%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5513, Class FA                                                       | CUSIP: 3137HKE42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    388062 | PA      | $387516.82    | 0.22%             | 2055-03-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Pagaya Ai Debt Grantor Trust                           | Pagaya Ai Debt Grantor Trust, Series 2024-9, Class A                                      | CUSIP: 69546QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    189463 | PA      | $189492.96    | 0.11%             | 2032-03-15      | Fixed         | 5.07%                 | Yes           |                  2 | On Loan: No      |
| HAT Holdings I LLC                                     | HAT Holdings I LLC                                                                        | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1013712.19   | 0.58%             | 2026-06-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                          | MHC Commercial Mortgage Trust, Series 2021-MHC, Class A                                   | CUSIP: 55316VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67866 | PA      | $67893.17     | 0.04%             | 2038-04-15      | Floating      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Air Lease Corp.                                        | Air Lease Corp.                                                                           | CUSIP: 00914AAW2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    350000 | PA      | $352396.68    | 0.20%             | 2026-06-25      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SoFi Consumer Loan Program Trust                       | SoFi Consumer Loan Program Trust, Series 2025-1, Class A                                  | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    407539 | PA      | $408421.94    | 0.23%             | 2034-02-27      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Alaska Airlines Pass-Through Trust                     | Alaska Airlines Pass-Through Trust, Series 2020-1, Class B                                | CUSIP: 01166WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    101983 | PA      | $102356.22    | 0.06%             | 2025-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing LLC, Series 2024-2, Class A2                                   | CUSIP: 29375RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    141497 | PA      | $142148.24    | 0.08%             | 2026-12-20      | Fixed         | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Royalty Pharma plc                                     | Royalty Pharma plc                                                                        | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    436000 | PA      | $433136.41    | 0.25%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                           | UBS Group AG                                                                              | CUSIP: 902613AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1450000 | PA      | $1458849.58   | 0.84%             | 2027-01-12      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                       | CUSIP: 83368RBV3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    225000 | PA      | $227853.13    | 0.13%             | 2028-01-19      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Citadel LP                                             | Citadel LP                                                                                | CUSIP: 17288XAB0<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    876000 | PA      | $874086.61    | 0.50%             | 2027-01-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                | Hyundai Capital America                                                                   | CUSIP: 44891ADU8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    864000 | PA      | $869352.56    | 0.50%             | 2027-06-23      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                      | HSBC Holdings plc                                                                         | CUSIP: 404280BX6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    825000 | PA      | $824212.23    | 0.47%             | 2026-09-12      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                              | Auxilior Term Funding LLC, Series 2024-1A, Class A2                                       | CUSIP: 05335FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120586 | PA      | $121221.96    | 0.07%             | 2027-03-15      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2024-33, Class KF                                                     | CUSIP: 3136BSFC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    528122 | PA      | $529925.88    | 0.30%             | 2054-01-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                   | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    850000 | PA      | $838592.64    | 0.48%             | 2026-11-19      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                            | Capital One Financial Corp.                                                               | CUSIP: 14040HCU7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    670000 | PA      | $669979.81    | 0.38%             | 2026-07-24      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                                  | Theorem Funding Trust, Series 2022-2A, Class B                                            | CUSIP: 88339FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1345000 | PA      | $1362611.16   | 0.78%             | 2028-12-15      | Fixed         | 9.27%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                                 | Truist Financial Corp.                                                                    | CUSIP: 89788MAH5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   2908000 | PA      | $2906875.21   | 1.66%             | 2026-07-28      | Variable      | 4.26%                 | No            |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corp.                      | Algonquin Power & Utilities Corp.                                                         | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    390000 | PA      | $392165.10    | 0.22%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Reach Abs Trust                                        | Reach Abs Trust, Series 2024-1A, Class A                                                  | CUSIP: 75526PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60187 | PA      | $60333.64     | 0.03%             | 2031-02-18      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                           | CaixaBank SA                                                                              | CUSIP: 12803RAB0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    821000 | PA      | $840987.77    | 0.48%             | 2027-09-13      | Variable      | 6.68%                 | Yes           |                  2 | On Loan: —       |
| National Bank of Canada                                | National Bank of Canada                                                                   | CUSIP: 63307A3G8<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   1465000 | PA      | $1465467.54   | 0.84%             | 2027-03-05      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Kyndryl Holdings, Inc.                                 | Kyndryl Holdings, Inc.                                                                    | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    990000 | PA      | $959692.01    | 0.55%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd.                                         | Aircastle Ltd.                                                                            | CUSIP: 00928QAT8<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |   1461000 | PA      | $1460931.86   | 0.84%             | 2025-08-11      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Wachovia Corp.                                         | Wachovia Corp.                                                                            | CUSIP: 929771AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    850000 | PA      | $853330.69    | 0.49%             | 2025-10-01      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                                  | Theorem Funding Trust, Series 2023-1A, Class A                                            | CUSIP: 88338QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8066 | PA      | $8094.81      | 0.00%             | 2029-04-15      | Fixed         | 7.58%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5391, Class FA                                                       | CUSIP: 3137HBUG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2177868 | PA      | $2181763.66   | 1.25%             | 2054-03-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                     | Banco Bilbao Vizcaya Argentaria SA                                                        | CUSIP: 05946KAK7<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   1533000 | PA      | $1536227.93   | 0.88%             | 2026-09-14      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                         | BNP Paribas SA                                                                            | CUSIP: 05581KAA9<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    799000 | PA      | $797461.75    | 0.46%             | 2025-09-28      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Intel Corp.                                            | Intel Corp.                                                                               | CUSIP: 458140AU4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    975000 | PA      | $959087.83    | 0.55%             | 2026-05-19      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                               | Octane Receivables Trust, Series 2024-2A, Class A2                                        | CUSIP: 67578YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    303510 | PA      | $306324.04    | 0.18%             | 2032-07-20      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Prodigy Finance DAC                                    | Prodigy Finance DAC, Series 2021-1A, Class A                                              | CUSIP: 742855AA7<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |    438641 | PA      | $438652.31    | 0.25%             | 2051-07-25      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Reach ABS Trust                                        | Reach ABS Trust, Series 2025-1A, Class A                                                  | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    344292 | PA      | $344375.86    | 0.20%             | 2032-08-16      | Fixed         | 4.96%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                                  | Athene Global Funding                                                                     | CUSIP: 04685A2Z3<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23348.95     | 0.01%             | 2026-06-29      | Fixed         | 1.61%                 | Yes           |                  2 | On Loan: No      |
| PNC Bank NA                                            | PNC Bank NA                                                                               | CUSIP: 69353RFX1<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1702949.82   | 0.98%             | 2027-01-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| Oportun Funding Trust                                  | Oportun Funding Trust, Series 2024-3, Class A                                             | CUSIP: 68377NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    464158 | PA      | $464350.47    | 0.27%             | 2029-08-15      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Wendy's Funding LLC                                    | Wendy's Funding LLC, Series 2019-1A, Class A2I                                            | CUSIP: 95058XAG3<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |    466335 | PA      | $460324.91    | 0.26%             | 2049-06-15      | Fixed         | 3.78%                 | Yes           |                  2 | On Loan: No      |
| American National Group, Inc.                          | American National Group, Inc.                                                             | CUSIP: 025676AM9<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |   1305000 | PA      | $1310796.42   | 0.75%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHF Issuer Trust                                       | FHF Issuer Trust, Series 2023-2A, Class A2                                                | CUSIP: 30333LAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100834 | PA      | $102291.31    | 0.06%             | 2029-10-15      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| DB Master Finance LLC                                  | DB Master Finance LLC, Series 2019-1A, Class A2II                                         | CUSIP: 233046AK7<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    558902 | PA      | $554303.12    | 0.32%             | 2049-05-20      | Fixed         | 4.02%                 | Yes           |                  2 | On Loan: No      |
| US Bank NA                                             | US Bank NA                                                                                | CUSIP: 90331HPS6<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |    560000 | PA      | $563000.26    | 0.32%             | 2028-05-15      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Grantor Trust                           | Pagaya AI Debt Grantor Trust, Series 2025-1, Class A2                                     | CUSIP: 69544NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1049910 | PA      | $1053110.36   | 0.60%             | 2032-07-15      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Cajun Global LLC                                       | Cajun Global LLC, Series 2021-1, Class A2                                                 | CUSIP: 12803VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    628062 | PA      | $615239.79    | 0.35%             | 2051-11-20      | Fixed         | 3.93%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5410, Class FE                                                       | CUSIP: 3137HCV82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    729965 | PA      | $731722.35    | 0.42%             | 2054-05-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                              | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    925000 | PA      | $934051.71    | 0.53%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                  | NextEra Energy Capital Holdings, Inc.                                                     | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    299000 | PA      | $299451.16    | 0.17%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                                 | Crossroads Asset Trust, Series 2025-A, Class A2                                           | CUSIP: 22767VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $702228.52    | 0.40%             | 2032-02-20      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Radian Group, Inc.                                     | Radian Group, Inc.                                                                        | CUSIP: 750236AW1<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001284.39   | 0.57%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Swedbank AB                                            | Swedbank AB                                                                               | CUSIP: 87020PAX5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |    200000 | PA      | $204343.88    | 0.12%             | 2026-09-12      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |
| Synchrony Bank                                         | Synchrony Bank                                                                            | CUSIP: 87166FAD5<br>LEI: 549300UATVPGSLE43Z27 | Long             | DBT              | CORP              | US        |   1323000 | PA      | $1322774.63   | 0.76%             | 2025-08-22      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Morgan Stanley ETF Trust

**Signature:** Francis J. Smith

**Name of Signer:** Francis J. Smith

**Title:** Principal Financial Officer