# EDGAR Filing Document

**Accession Number:** 0001681717
**File Stem:** 0001145549-25-057536
**Filing Date:** 2025-8
**Character Count:** 388620
**Document Hash:** cb9ec65e6233fc5f3fc0c4983d7f2a09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-057536.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001145549-25-057536

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST ALTERNATIVE OPPORTUNITIES FUND
- **CENTRAL INDEX KEY:** 0001681717

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23179
- **FILM NUMBER:** 251280324

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53201
- **BUSINESS PHONE:** 414-299-2200

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Relative Value Fund
- **DATE OF NAME CHANGE:** 20160805

## Nport-Ex

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **ASSET-BACKED SECURITIES — 19.8%** |  |
|  | Arts SPV S.r.l. |  |
| 13500000<sup>1</sup> | &nbsp;&nbsp;10.551% (3-Month Euribor+855 basis points), 11/30/2041<sup>2,3,4</sup> | $15902933 |
| 30000000<sup>1</sup> | &nbsp;&nbsp;10.551% (3-Month Euribor+855 basis points), 11/30/2041<sup>2,3</sup> | 35339852 |
|  | Banco Santander, S.A. |  |
| 13760146<sup>1</sup> | &nbsp;&nbsp;Series 2024-1 CLN, 11.014% (3-Month Euribor+900 basis points), 6/20/2030<sup>2,3</sup> | 16533571 |
| 852721<sup>1</sup> | &nbsp;&nbsp;Series 2021-1, Class CLN, 11.156% (3-Month Euribor+900 basis points), 8/15/2037<sup>2,3,5</sup> | 1007515 |
| 2706217<sup>1</sup> | &nbsp;&nbsp;Series 2023-1, 8.156% (3-Month Euribor+600 basis points), 8/15/2037<sup>2,3</sup> | 3156031 |
| 9000000<sup>1</sup> | &nbsp;&nbsp;Series Syntotta 5, 9.959% (3-Month Euribor+800 basis points), 12/27/2043<sup>2,3</sup> | 10808694 |
| 2842746<sup>1</sup> | &nbsp;&nbsp;Series Syntotta 4, 10.954% (3-Month Euribor+900 basis points), 5/2/2045<sup>2,3</sup> | 3383903 |
| 4927694<sup>1</sup> | BNP Paribas<br> Series S1 MEZZ, 11.765% (3-Month Euribor+950 basis points), 10/12/2032<sup>2,3</sup> | 5848335 |
| 4050996 | BNP Paribas - Broadway<br> Series 1, Class JNR, 12.333% (1-Month Term SOFR+800 basis points), 4/12/2031<sup>2,3,5,6</sup> | 4061124 |
|  | Deutsche Bank AG |  |
| 16123142 | &nbsp;&nbsp;Series 2021-1X, Class CLN, 13.083% (3-Month Term SOFR+876 basis points), 2/21/2029<sup>2,3,5,6</sup> | 16195696 |
| 9500000<sup>1</sup> | &nbsp;&nbsp;Series 2025-1X, Class CLN, 11.791% (3-Month Euribor+950 basis points), 10/25/2035<sup>2,3,5</sup> | 11190953 |
|  | Granville Ltd. |  |
| 28000000 | &nbsp;&nbsp;Series 25-1X, 10.890% (1-Month Term SOFR+650 basis points), 2/15/2030<sup>2,3</sup> | 28000000 |
| 7500000 | &nbsp;&nbsp;Series 2023-1X, Class E2, 14.079% (SOFR+0 basis points), 7/31/2031<sup>2,3</sup> | 7743750 |
| 36797000<sup>1</sup> | Gregory SPV S.R.L.<br> Series 32XC, 9.725% (3-Month Euribor+775 basis points), 12/30/2045<sup>2,3</sup> | 43346684 |
|  | Landesbank Baden-Wuerttemberg |  |
| 11502470<sup>1</sup> | &nbsp;&nbsp;Series LION-5 MEZ, 11.186% (3-Month Euribor+900 basis points), 7/31/2034<sup>2,3</sup> | 13456358 |
| 21008859<sup>1</sup> | &nbsp;&nbsp;Series LION-6 SNR, 9.630% (3-Month Euribor+765 basis points), 10/30/2036<sup>2,3</sup> | 24681511 |
|  | Lloyds Bank PLC |  |
| 7172743<sup>1</sup> | &nbsp;&nbsp;Series 2023-1 Z, 15.086% (SONIA+1,088 basis points), 11/19/2029<sup>2,3</sup> | 10103574 |
| 5000000<sup>1</sup> | &nbsp;&nbsp;Series 2024-1 A, 8.715% (SONIA+450 basis points), 12/16/2030<sup>2,3</sup> | 6873507 |
| 19000000<sup>1</sup> | &nbsp;&nbsp;Series 2024-1 Z, 11.563% (SONIA+735 basis points), 12/16/2030<sup>2,3</sup> | 26178270 |
| 10000000 | Manitoulin USD Ltd.<br> Series 2023-1X, 14.550% (SOFR+1,025 basis points), 11/1/2028<sup>2,3</sup> | 9383000 |
| 15072889 | Mespil Securities No.3 Designated Activity Company<br> Series 2024-1, Class B, 13.900% (2-Month Term SOFR+950 basis points), 7/28/2032<sup>2,3,6</sup> | 15434638 |
| 3000000<sup>1</sup> | Nightingale Ltd.<br> Series 2021-1 LF, 15.209% (SONIA+1,075 basis points), 4/1/2028<sup>2,3</sup> | 4118051 |
|  | PYMES Magdalena |  |
| 5500000<sup>1</sup> | &nbsp;&nbsp;9.036% (3-Month Euribor+700 basis points), 12/31/2039<sup>2,3</sup> | 6478973 |
| 42500000<sup>1</sup> | &nbsp;&nbsp;Series 12, Class NOTE, 9.036% (3-Month Euribor+700 basis points), 12/31/2039<sup>2,3,5</sup> | 50064790 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 7505838<sup>1</sup> | &nbsp;&nbsp;Series 7, Class NOTE, 12.036% (3-Month Euribor+1,000 basis points), 12/23/2042<sup>2,3,5</sup> | $9040782 |
| 15483234<sup>1</sup> | &nbsp;&nbsp;Series 11, Class NOTE, 8.736% (3-Month Euribor+650 basis points), 7/4/2054<sup>2,3,5</sup> | 18157097 |
| 10000000 | Santander Bank Auto Credit-Linked Notes Series<br> Series 2023-A, Class F, 13.752%, 6/15/2033<sup>5,7</sup> | 10285900 |
|  | Santander Consumer Finance, S.A. |  |
| 34032069<sup>1</sup> | &nbsp;&nbsp;Series 2023-1, Class B, 10.587% (3-Month CIBOR+850 basis points), 10/31/2033<sup>2,3,5</sup> | 5416073 |
| 130916180<sup>1</sup> | &nbsp;&nbsp;Series 2024-1, 8.815% (3-Month Term STIBOR+665 basis points), 12/25/2034<sup>2,3</sup> | 13747659 |
| 282969000<sup>1</sup> | &nbsp;&nbsp;8.663% (3-Month CIBOR+665 basis points), 6/25/2035<sup>2,3</sup> | 44676024 |
| 33135000<sup>1</sup> | &nbsp;&nbsp;8.663% (3-Month CIBOR+665 basis points), 6/25/2035<sup>2,3,4</sup> | 5231457 |
|  | Santander UK PLC |  |
| 6067643<sup>1</sup> | &nbsp;&nbsp;Series 2023-2 F2, 15.459% (SONIA+1,100 basis points), 4/22/2033<sup>2,3</sup> | 8574659 |
| 11119469<sup>1</sup> | &nbsp;&nbsp;Series 2024-2 F, 14.950% (SONIA+0 basis points), 5/22/2034<sup>2,3</sup> | 15606941 |
| 19000000 | St. Lawrence Corp.<br> Series 2023-1X, Class MEZZ, 14.040% (1-Month Term SOFR+975 basis points), 5/25/2033<sup>2,3,5,6</sup> | 19617500 |
| 11830073 | U.S. Bancorp<br> Series 2025-SUP1, Class R, 11.805% (30-Day SOFR Average+750 basis points), 2/25/2032<sup>3,5,7</sup> | 11736615 |
| 6508543<sup>1</sup> | Vale Securities Finance<br> Series 2023-1, Class B, 11.661% (3-Month Euribor+950 basis points), 7/28/2032<sup>2,3,5</sup> | 7728445 |
|  | **TOTAL ASSET-BACKED SECURITIES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $508,120,967) | **539110865** |
|  | **BANK LOANS — 10.0%** |  |
|  | Accuray, Inc. |  |
| 3083333 | &nbsp;&nbsp;0.000%, Delay Draw (SOFR+800 basis points), 6/6/2030<sup>4,8</sup> |  |
| 18500000 | &nbsp;&nbsp;12.808%, Term Loan (30-Day SOFR Average+850 basis points), 6/5/2030<sup>3,4</sup> | 17802397 |
| 2885810 | Advantage Capital Holdings, LLC<br> 8.000% Cash, 5.000% PIK, Term Loan, 4/14/2027<sup>4,9,10</sup> | 2698232 |
| 7350000 | C3 Rentals, LLC<br> 12.324%, Term Loan, 4/22/2027<sup>4,10</sup> | 7386750 |
| 7500000 | CherCo, LLC<br> 14.479%, Term Loan, 9/1/2025<sup>4</sup> | 7462500 |
| 3302541 | CIRE Alto OpCo, LLC<br> 24.090%, Term Loan, 8/29/2025<sup>4,10</sup> | 3302541 |
| 17434375 | Connect America.com, LLC<br> 9.799%, Term Loan, 12/31/2028<sup>4,10</sup> | 17085688 |
|  | Craftmark Bakery Holdings, LLC |  |
| 2153846 | &nbsp;&nbsp;0.500%, Revolver (SOFR+525 basis points), 5/6/2031<sup>4,8</sup> |  |
| 441432 | &nbsp;&nbsp;9.510%, Delay Draw (3-Month Term SOFR+525 basis points), 5/6/2031<sup>3,4</sup> | 431806 |
| 15076923 | &nbsp;&nbsp;9.510%, Term Loan (3-Month Term SOFR+525 basis points), 5/6/2031<sup>3,4</sup> | 14748167 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **BANK LOANS (Continued)** |  |
|  | Fenix Topco, LLC |  |
| 2976996 | &nbsp;&nbsp;11.830%, Delay Draw, 4/2/2027<sup>4,10,11</sup> | $500465 |
| 3386835 | &nbsp;&nbsp;1.000%, Delay Draw, 3/28/2029<sup>4,8</sup> |  |
| 8647930 | &nbsp;&nbsp;13.550%, Term Loan, 3/28/2029<sup>4,10</sup> | 8345252 |
| 20374013 | Ipsen Group Holding GmbH<br> 7.825% Cash, 7.000% PIK, Term Loan, 7/31/2029<sup>4,9,10</sup> | 19734269 |
| 6947500 | Leonard Valve Company, LLC<br> 9.796%, Term Loan (3-Month Term SOFR+550 basis points), 9/30/2027<sup>3,4</sup> | 6947500 |
| 6391359 | Lucky Bucks Holdings, LLC<br> 12.500%, Term Loan, 5/29/2028<sup>4,12</sup> |  |
|  | Medical Technology Solutions, LLC |  |
| 3437500 | &nbsp;&nbsp;1.000%, Delay Draw (SOFR+525 basis points), 6/3/2032<sup>4,8</sup> |  |
| 1031250 | &nbsp;&nbsp;0.500%, Revolver (SOFR+525 basis points), 6/3/2032<sup>4,8</sup> |  |
| 6531250 | &nbsp;&nbsp;9.562%, Term Loan (30-Day SOFR Average+525 basis points), 6/3/2032<sup>3,4</sup> | 6415234 |
|  | Minds + Assembly, LLC |  |
| 17212982 | &nbsp;&nbsp;10.049%, Term Loan, 10/28/2026<sup>3,4,10</sup> | 17135523 |
| 950521 | &nbsp;&nbsp;0.500%, Revolver, 5/3/2029<sup>4,8</sup> |  |
| 38000000 | Nephorn Pharmaceuticals Corp.<br> 13.525%, Term Loan, 1/31/2028<sup>4,10</sup> | 37810000 |
|  | NMA Holdings, LLC |  |
| 8428235 | &nbsp;&nbsp;9.563%, Term Loan, 1/2/2028<sup>4,10</sup> | 8318668 |
| 1411765 | &nbsp;&nbsp;0.500%, Revolver, 12/18/2030<sup>4,8</sup> |  |
| 2117647 | &nbsp;&nbsp;1.000%, Delay Draw, 12/18/2030<sup>4,8</sup> |  |
| 24536862 | Progress Lighting, LLC<br> 14.269%, Term Loan, 9/18/2029<sup>4,10</sup> | 24021588 |
|  | Riccobene Associates |  |
| 7242361 | &nbsp;&nbsp;9.327%, Term Loan, 11/12/2027<sup>4,10</sup> | 7144589 |
| 605767 | &nbsp;&nbsp;9.314%, Delay Draw, 1/10/2028<sup>4,10,11</sup> | 607350 |
| 744249 | &nbsp;&nbsp;0.500%, Revolver, 10/31/2030<sup>4,8</sup> |  |
| 24128571 | Shryne Group, Inc.<br> 16.000% Cash, 1.000% PIK, Term Loan, 5/26/2026<sup>4,9,10</sup> | 24249214 |
|  | Steward Health Care System, LLC |  |
| 12337057 | &nbsp;&nbsp;14.436%, Term Loan, 7/16/2025<sup>4,10</sup> | 12337057 |
| 4210772 | &nbsp;&nbsp;0.000% Cash, 15.180% PIK, Bridge, 5/28/2026<sup>4,10,13</sup> | 4210772 |
|  | Summit Spine & Joint Centers |  |
| 2021144 | &nbsp;&nbsp;9.298%, Revolver, 3/18/2028<sup>4,10,11</sup> | 119314 |
| 13402976 | &nbsp;&nbsp;11.500%, Term Loan, 3/18/2028<sup>4,10</sup> | 13186986 |
| 4042288 | &nbsp;&nbsp;1.000%, Delay Draw, 3/25/2031<sup>4,8</sup> |  |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **BANK LOANS (Continued)** |  |
|  | Wellbore Integrity Solutions, LLC |  |
| 1299276 | &nbsp;&nbsp;11.654%, Term Loan, 9/1/2025<sup>4,10</sup> | $1312269 |
| 2103236 | &nbsp;&nbsp;14.669%, Term Loan, 9/1/2025<sup>4,10</sup> | 2113752 |
| 5489187 | West Side Holdco, LLC<br> 13.324%, Term Loan, 9/3/2027<sup>4,10</sup> | 5708754 |
|  | **TOTAL BANK LOANS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $275,767,941) | **271136637** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **CLOSED-END FUNDS — 9.1%** |  |
| 886904 | Cliffwater Corporate Lending Fund - Class I | 9596305 |
| 7333978 | Cliffwater Enhanced Lending Fund - Class I | 81847189 |
| 3136671 | Opportunistic Credit Interval Fund - Class I<sup>14</sup> | 36416751 |
| 1429046 | Palmer Square Capital BDC, Inc.<sup>14</sup> | 19949482 |
| 3263285 | Pomona Investment Fund LP<sup>15</sup> | 52637111 |
| 788745 | StepStone Private Markets - Class I | 46362424 |
|  | **TOTAL CLOSED-END FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $226,406,363) | **246809262** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  |  |
|  | **COLLATERALIZED LOAN OBLIGATIONS — 17.9%** |  |
| 500000 | 720 East CLO Ltd.<br> Series 2023-IA, Class DR, 8.280% (3-Month Term SOFR+400 basis points), 4/15/2038<sup>3,5,6,7</sup> | 510370 |
| 1000000 | Annisa CLO Ltd.<br> Series 2016-2A, Class DRR, 7.069% (3-Month Term SOFR+280 basis points), 7/20/2031<sup>3,5,6,7</sup> | 1002112 |
|  | Apidos CLO Ltd. |  |
| 1500000 | &nbsp;&nbsp;Series 2017-28A, Class C, 7.031% (3-Month Term SOFR+276 basis points), 1/20/2031<sup>3,5,6,7</sup> | 1505534 |
| 1829000 | &nbsp;&nbsp;Series 2013-15A, Class ERR, 10.231% (3-Month Term SOFR+596 basis points), 4/20/2031<sup>3,5,6,7</sup> | 1836873 |
| 1000000 | &nbsp;&nbsp;Series 2015-20A, Class DR, 10.222% (3-Month Term SOFR+596 basis points), 7/16/2031<sup>3,5,6,7</sup> | 1002150 |
| 1500000 | &nbsp;&nbsp;Series 2015-23A, Class DRR, 6.856% (3-Month Term SOFR+260 basis points), 4/15/2033<sup>3,5,6,7</sup> | 1483868 |
| 1000000 | &nbsp;&nbsp;Series 2023-45A, Class E, 12.683% (3-Month Term SOFR+840 basis points), 4/26/2036<sup>3,5,6,7</sup> | 1000000 |
|  | Ares CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2018-47A, Class D, 7.218% (3-Month Term SOFR+296 basis points), 4/15/2030<sup>3,5,6,7</sup> | 1001821 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 850000 | &nbsp;&nbsp;Series 2018-50A, Class D, 7.418% (3-Month Term SOFR+316 basis points), 1/15/2032<sup>3,5,6,7</sup> | $851169 |
| 1750000 | &nbsp;&nbsp;Series 2016-39A, Class AR3, 5.689% (3-Month Term SOFR+142 basis points), 7/18/2037<sup>3,5,6,7</sup> | 1757877 |
|  | Bain Capital Credit CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2023-1A, Class A1R, 5.725% (3-Month Term SOFR+140 basis points), 7/16/2038<sup>3,5,6,7</sup> | 1003168 |
| 1000000 | &nbsp;&nbsp;Series 2023-1A, Class D1R, 7.525% (3-Month Term SOFR+320 basis points), 7/16/2038<sup>3,5,6,7</sup> | 1001463 |
| 1000000 | &nbsp;&nbsp;Series 2023-1A, Class D2R, 8.275% (3-Month Term SOFR+395 basis points), 7/16/2038<sup>3,5,6,7</sup> | 1001445 |
|  | Barings CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2023-1A, Class D1R, 7.726% (3-Month Term SOFR+340 basis points), 4/20/2038<sup>3,5,6,7</sup> | 999698 |
| 500000 | &nbsp;&nbsp;Series 2023-1A, Class D2R, 9.326% (3-Month Term SOFR+500 basis points), 4/20/2038<sup>3,5,6,7</sup> | 499935 |
| 1000000 | Battalion CLO Ltd.<br> Series 2020-15A, Class BR, 5.780% (3-Month Term SOFR+150 basis points), 1/17/2033<sup>3,5,6,7</sup> | 999500 |
| 1500000 | Bean Creek CLO Ltd.<br> Series 2015-1A, Class DR, 7.281% (3-Month Term SOFR+301 basis points), 4/20/2031<sup>3,5,6,7</sup> | 1508749 |
|  | Benefit Street Partners CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;Series 2015-8A, Class DR, 10.131% (3-Month Term SOFR+586 basis points), 1/20/2031<sup>3,5,6,7</sup> | 490656 |
| 1000000 | &nbsp;&nbsp;Series 2021-23A, Class E, 11.353% (3-Month Term SOFR+707 basis points), 4/25/2034<sup>3,5,6,7</sup> | 1008278 |
| 1000000 | &nbsp;&nbsp;Series 2019-17A, Class D1R2, 7.406% (3-Month Term SOFR+315 basis points), 10/15/2037<sup>3,5,6,7</sup> | 1005168 |
| 1000000 | &nbsp;&nbsp;Series 2024-36A, Class D1, 7.364% (3-Month Term SOFR+295 basis points), 1/25/2038<sup>3,5,6,7</sup> | 1002627 |
| 1000000 | &nbsp;&nbsp;Series 2024-37A, Class A, 5.698% (3-Month Term SOFR+135 basis points), 1/25/2038<sup>3,5,6,7</sup> | 1004443 |
| 4000000 | BFNS, LLC<br> Series 2022-1A, Class C, 7.000%, 7/10/2035<sup>3,5,6,7</sup> | 3452894 |
| 1000000 | BlueMountain CLO Ltd.<br> Series 2020-30A, Class DR, 7.556% (3-Month Term SOFR+330 basis points), 4/15/2035<sup>3,5,6,7</sup> | 1001255 |
|  | Bryant Park Funding Ltd. |  |
| 750000 | &nbsp;&nbsp;Series 2023-21A, Class E, 12.739% (3-Month Term SOFR+847 basis points), 10/18/2036<sup>3,5,6,7</sup> | 761783 |
| 750000 | &nbsp;&nbsp;Series 2021-17RA, Class ER, 11.199% (3-Month Term SOFR+693 basis points), 1/20/2038<sup>3,5,6,7</sup> | 755856 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 875000 | &nbsp;&nbsp;Series 2023-20A, Class DR, 7.725% (3-Month Term SOFR+340 basis points), 4/15/2038<sup>3,5,6,7</sup> | $879160 |
| 1000000 | Carbone CLO Ltd.<br> Series 2017-1A, Class C, 7.131% (3-Month Term SOFR+286 basis points), 1/20/2031<sup>3,5,6,7</sup> | 1001250 |
|  | Carlyle Global Market Strategies CLO Ltd. |  |
| 2305000 | &nbsp;&nbsp;Series 2014-4RA, Class C, 7.418% (3-Month Term SOFR+316 basis points), 7/15/2030<sup>3,5,6,7</sup> | 2313920 |
| 1000000 | &nbsp;&nbsp;Series 2014-3RA, Class C, 7.494% (3-Month Term SOFR+321 basis points), 7/27/2031<sup>3,5,6,7</sup> | 1004306 |
| 1250000 | &nbsp;&nbsp;Series 2012-4A, Class DR3, 7.772% (3-Month Term SOFR+350 basis points), 4/22/2032<sup>3,5,6,7</sup> | 1253177 |
| 1000000 | &nbsp;&nbsp;Series 2015-4A, Class CR, 8.231% (3-Month Term SOFR+396 basis points), 7/20/2032<sup>3,5,6,7</sup> | 999754 |
| 500000 | Carlyle U.S. CLO Ltd.<br> Series 2021-9A, Class E, 11.161% (3-Month Term SOFR+689 basis points), 10/20/2034<sup>3,5,6,7</sup> | 499763 |
| 520000 | Catamaran CLO Ltd.<br> Series 2018-1A, Class D, 8.193% (3-Month Term SOFR+391 basis points), 10/25/2031<sup>3,5,6,7</sup> | 513462 |
|  | Cedar Funding CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2018-7A, Class DR, 7.019% (3-Month Term SOFR+275 basis points), 1/20/2031<sup>3,5,6,7</sup> | 1002727 |
| 1000000 | &nbsp;&nbsp;Series 2014-4A, Class AR3, 5.619% (3-Month Term SOFR+134 basis points), 1/23/2038<sup>3,5,6,7</sup> | 1004068 |
|  | CIFC Funding Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2018-3A, Class D, 7.381% (3-Month Term SOFR+311 basis points), 7/18/2031<sup>3,5,6,7</sup> | 1003064 |
| 1000000 | &nbsp;&nbsp;Series 2018-2A, Class D1R, 7.319% (3-Month Term SOFR+305 basis points), 10/20/2037<sup>3,5,6,7</sup> | 1000008 |
| 750000 | Crestline Denali CLO Ltd.<br> Series 2018-1A, Class D, 7.768% (3-Month Term SOFR+351 basis points), 10/15/2031<sup>3,5,6,7</sup> | 747805 |
| 2000000 | Deerpath Capital CLO Ltd.<br> Series 2020-1A, Class DR, 10.670% (3-Month Term SOFR+639 basis points), 4/17/2034<sup>3,5,6,7</sup> | 2019324 |
| 1000000 | Dewolf Park CLO Ltd.<br> Series 2017-1A, Class DR, 7.368% (3-Month Term SOFR+311 basis points), 10/15/2030<sup>3,5,6,7</sup> | 1002258 |
|  | Dryden Senior Loan Fund |  |
| 750000 | &nbsp;&nbsp;Series 2013-30A, Class DR, 7.188% (3-Month Term SOFR+286 basis points), 11/15/2028<sup>3,5,6,7</sup> | 751921 |
| 1500000 | &nbsp;&nbsp;Series 2013-26A, Class DR, 7.218% (3-Month Term SOFR+296 basis points), 4/15/2029<sup>3,5,6,7</sup> | 1504930 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 750000 | &nbsp;&nbsp;Series 2017-54A, Class D, 7.631% (3-Month Term SOFR+336 basis points), 10/19/2029<sup>3,5,6,7</sup> | $750082 |
| 1270000 | &nbsp;&nbsp;Series 2017-49A, Class DR, 7.931% (3-Month Term SOFR+366 basis points), 7/18/2030<sup>3,5,6,7</sup> | 1272795 |
| 750000 | &nbsp;&nbsp;Series 2016-45A, Class DRR, 7.306% (3-Month Term SOFR+305 basis points), 10/15/2030<sup>3,5,6,7</sup> | 746439 |
| 1000000 | &nbsp;&nbsp;Series 2020-86A, Class A1R, 5.641% (3-Month Term SOFR+136 basis points), 7/17/2034<sup>3,5,6,7</sup> | 1001714 |
| 653386 | Elevation CLO Ltd.<br> Series 2018-10A, Class AR, 5.189% (3-Month Term SOFR+92 basis points), 10/20/2031<sup>3,5,6,7</sup> | 653187 |
|  | Elmwood CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;Series 2021-2A, Class D2R, 8.072% (3-Month Term SOFR+375 basis points), 4/20/2038<sup>3,5,6,7</sup> | 499720 |
| 1000000 | &nbsp;&nbsp;Series 2021-3A, Class AR2, 5.557% (3-Month Term SOFR+130 basis points), 7/20/2038<sup>3,5,6,7</sup> | 1000000 |
| 1250000 | &nbsp;&nbsp;Series 2021-3A, Class DR2, 7.308% (3-Month Term SOFR+305 basis points), 7/20/2038<sup>3,5,6,7</sup> | 1250000 |
| 1000000 | &nbsp;&nbsp;Series 2021-3A, Class ER2, 10.208% (3-Month Term SOFR+595 basis points), 7/20/2038<sup>3,5,6,7</sup> | 1000000 |
| 1000000 | Empower CLO Ltd.<br> Series 2025-1A, Class D2, 8.827% (3-Month Term SOFR+450 basis points), 7/20/2038<sup>3,5,6,7</sup> | 1005612 |
|  | Flatiron CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2023-2A, Class D, 9.106% (3-Month Term SOFR+485 basis points), 1/15/2037<sup>3,5,6,7</sup> | 1016123 |
| 1000000 | &nbsp;&nbsp;Series 2023-2A, Class E, 12.086% (3-Month Term SOFR+783 basis points), 1/15/2037<sup>3,5,6,7</sup> | 1016293 |
| 2500000 | Fortress Credit Opportunities CLO, LLC<br> Series 2022-19A, Class ER, 12.256% (3-Month Term SOFR+800 basis points), 10/15/2036<sup>3,5,7</sup> | 2565775 |
| 1000000 | Galaxy CLO Ltd.<br> Series 2015-21A, Class DR, 7.181% (3-Month Term SOFR+291 basis points), 4/20/2031<sup>3,5,6,7</sup> | 1002209 |
| 1000000 | Generate CLO Ltd.<br> Series 2023-12A, Class E, 12.672% (3-Month Term SOFR+840 basis points), 7/20/2036<sup>3,5,6,7</sup> | 1008610 |
| 1000000 | Goldentree Loan Management U.S. CLO Ltd.<br> Series 2019-5A, Class DRR, 7.069% (3-Month Term SOFR+280 basis points), 10/20/2032<sup>3,5,6,7</sup> | 1004972 |
| 1500000 | Harbor Park CLO Ltd.<br> Series 2018-1A, Class D, 7.431% (3-Month Term SOFR+316 basis points), 1/20/2031<sup>3,5,6,7</sup> | 1503671 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
|  | Invesco U.S. CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2023-3A, Class E, 12.416% (3-Month Term SOFR+816 basis points), 7/15/2036<sup>3,5,6,7</sup> | $1008512 |
| 500000 | &nbsp;&nbsp;Series 2025-1A, Class E, 10.281% (3-Month Term SOFR+600 basis points), 7/15/2038<sup>3,5,6,7</sup> | 500000 |
| 1200000 | Madison Park Funding Ltd.<br> Series 2019-34A, Class D1RR, 7.611% (3-Month Term SOFR+335 basis points), 10/16/2037<sup>3,5,6,7</sup> | 1209900 |
|  | Magnetite CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2018-20A, Class E, 9.881% (3-Month Term SOFR+561 basis points), 4/20/2031<sup>3,5,6,7</sup> | 1005792 |
| 1500000 | &nbsp;&nbsp;Series 2022-35A, Class ER, 11.532% (3-Month Term SOFR+725 basis points), 10/25/2036<sup>3,5,6,7</sup> | 1515640 |
| 2000000 | &nbsp;&nbsp;Series 2020-26A, Class D1R2, 6.258% (3-Month Term SOFR+250 basis points), 1/25/2038<sup>3,5,6,7</sup> | 1993143 |
| 7000000 | MCF CLO Ltd.<br> Series 2018-1A, Class SUB, 15.000%, 4/18/2036<sup>5,6,7,10</sup> | 4517648 |
|  | Menlo CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2024-1A, Class D1, 7.519% (3-Month Term SOFR+325 basis points), 1/20/2038<sup>3,5,6,7</sup> | 1006004 |
| 1000000 | &nbsp;&nbsp;Series 2025-2A, Class D1, 7.627% (3-Month Term SOFR+330 basis points), 4/20/2038<sup>3,5,6,7</sup> | 999684 |
|  | Morgan Stanley Eaton Vance CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2022-18A, Class D1R, 7.369% (3-Month Term SOFR+310 basis points), 10/20/2037<sup>3,5,6,7</sup> | 1000049 |
| 1000000 | &nbsp;&nbsp;Series 2023-19A, Class D1R, 7.307% (3-Month Term SOFR+300 basis points), 7/15/2038<sup>3,5,6,7</sup> | 1001564 |
| 1000000 | &nbsp;&nbsp;Series 2023-19A, Class D2R, 8.807% (3-Month Term SOFR+450 basis points), 7/15/2038<sup>3,5,6,7</sup> | 1001667 |
| 16084782 | Mount Logan Funding LP<br> Series 2018-1A, Class SUBR, 13.635%, 1/22/2033<sup>5,6,7,10</sup> | 7500797 |
| 1000000 | Mountain View CLO Ltd.<br> Series 2019-2A, Class DR, 8.856% (3-Month Term SOFR+460 basis points), 7/15/2037<sup>3,5,6,7</sup> | 1004903 |
|  | Neuberger Berman CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2016-22A, Class ER2, 11.110% (3-Month Term SOFR+683 basis points), 4/15/2038<sup>3,5,6,7</sup> | 1019886 |
| 1000000 | &nbsp;&nbsp;Series 2017-16SA, Class A1R2, 5.490% (3-Month Term SOFR+118 basis points), 4/15/2039<sup>3,5,6,7</sup> | 999761 |
|  | Neuberger Berman Loan Advisers CLO Ltd. |  |
| 1920000 | &nbsp;&nbsp;0.000%, 6/24/2028<sup>4</sup> | 1920000 |
| 8000000 | &nbsp;&nbsp;Series 2025-60A, Class SUB, 0.000%, 4/22/2039<sup>5,6,7,10</sup> | 7086952 |
| 15620000 | &nbsp;&nbsp;Series 2025-61A, Class SUB, 0.000%, 7/17/2039<sup>5,6,7,10</sup> | 13820217 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 1000000 | New Mountain CLO Ltd.<br> Series CLO-1A, Class DRR, 7.106% (3-Month Term SOFR+285 basis points), 1/15/2038<sup>3,5,6,7</sup> | $1002877 |
| 1000000 | Newark BSL CLO Ltd.<br> Series 2017-1A, Class CR, 7.693% (3-Month Term SOFR+341 basis points), 7/25/2030<sup>3,5,6,7</sup> | 998004 |
| 11969371 | NXT Capital CLO, LLC<br> Series 2026-1, 0.000%, 6/24/2028<sup>4</sup> | 12002696 |
|  | Oaktree CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2022-1A, Class ERR, 7.445% (3-Month Term SOFR+600 basis points), 7/15/2038<sup>3,5,6,7</sup> | 1000000 |
| 1000000 | &nbsp;&nbsp;Series 2022-1A, Class DRR, 10.345% (3-Month Term SOFR+310 basis points), 7/15/2038<sup>3,5,6,7</sup> | 1000000 |
| 700000 | OCP CLO Ltd.<br> Series 2014-5A, Class DR, 10.244% (3-Month Term SOFR+596 basis points), 4/26/2031<sup>3,5,6,7</sup> | 686643 |
|  | Octagon Investment Partners Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2014-1A, Class DRR, 7.284% (3-Month Term SOFR+301 basis points), 1/22/2030<sup>3,5,6,7</sup> | 1002781 |
| 1550000 | &nbsp;&nbsp;Series 2013-1A, Class DR2, 7.043% (3-Month Term SOFR+276 basis points), 1/25/2031<sup>3,5,6,7</sup> | 1556040 |
|  | OZLM Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2014-6A, Class CT, 7.180% (3-Month Term SOFR+290 basis points), 4/17/2031<sup>3,5,6,7</sup> | 1002211 |
| 1250000 | &nbsp;&nbsp;Series 2014-6A, Class DS, 10.591% (3-Month Term SOFR+631 basis points), 4/17/2031<sup>3,5,6,7</sup> | 1164947 |
|  | Palmer Square European Loan Funding |  |
| 2975000<sup>1</sup> | &nbsp;&nbsp;Series 2022-1X, Class SUB, 0.000%, 10/15/2031<sup>5,10,14</sup> | 2098200 |
| 4000000<sup>1</sup> | &nbsp;&nbsp;Series 2022-2X, Class SUB, 0.000%, 10/15/2031<sup>5,10,14</sup> | 147956 |
| 4000000<sup>1</sup> | &nbsp;&nbsp;Series 2022-3X, Class SUB, 0.000%, 4/12/2032<sup>4,5,10,14</sup> |  |
| 7100000<sup>1</sup> | &nbsp;&nbsp;Series 2023-1A, Class SUB, 0.000%, 11/15/2032<sup>5,7,10,14</sup> |  |
| 8325000<sup>1</sup> | &nbsp;&nbsp;Series 2023-2X, Class SUB, 15.000%, 1/15/2033<sup>5,10,14</sup> | 8790235 |
| 8200000<sup>1</sup> | &nbsp;&nbsp;Series 2023-3X, Class SUB, 15.000%, 5/15/2033<sup>5,10,14</sup> | 8335736 |
| 10575000<sup>1</sup> | &nbsp;&nbsp;Series 2024-1X, Class SUB, 15.000%, 8/15/2033<sup>5,10,14</sup> | 9940967 |
| 14550000<sup>1</sup> | &nbsp;&nbsp;Series 2024-2X, Class SUB, 15.000%, 5/15/2034<sup>5,10,14</sup> | 14574560 |
| 8150000<sup>1</sup> | &nbsp;&nbsp;Series 2024-3A, Class SUB, 15.000%, 5/15/2034<sup>5,7,10,14</sup> | 9292231 |
| 6200000<sup>1</sup> | &nbsp;&nbsp;Series 2025-1X, Class SUB, 8.236%, 10/15/2034<sup>5,10,14</sup> | 7317022 |
| 8050000<sup>1</sup> | &nbsp;&nbsp;Series 2025-2X, Class SUB, 0.000%, 2/15/2035<sup>5,10,14</sup> | 9482860 |
| 2500000<sup>1</sup> | &nbsp;&nbsp;Series 2021-2X, Class SUB, 0.000%, 4/15/2035<sup>5,10,14</sup> | 1813986 |
| 11000000<sup>1</sup> | &nbsp;&nbsp;Series 2023-2X, Class SUB, 13.500%, 10/15/2036<sup>5,10,14</sup> | 8584172 |
| 14000000<sup>1</sup> | &nbsp;&nbsp;Series 2024-1X, Class SUB, 15.000%, 5/15/2037<sup>5,10,14</sup> | 14116400 |
| 4500000<sup>1</sup> | &nbsp;&nbsp;Series 2024-2X, Class F, 10.519% (3-Month Euribor+824 basis points), 10/15/2037<sup>3,5,14</sup> | 5231271 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 9425000<sup>1</sup> | &nbsp;&nbsp;Series 2024-2X, Class SUB, 15.000%, 10/15/2037<sup>5,10,14</sup> | $9894640 |
| 1700000<sup>1</sup> | &nbsp;&nbsp;Series 2023-1X, Class FR, 10.549% (3-Month Euribor+827 basis points), 1/15/2038<sup>3,5,14</sup> | 1937836 |
| 10000000<sup>1</sup> | &nbsp;&nbsp;Series 2023-1X, Class SUB, 15.000%, 1/15/2038<sup>5,10,14</sup> | 7989492 |
| 10000000<sup>1</sup> | &nbsp;&nbsp;Series 2025-2X, Class SUB, 0.000%, 7/15/2038<sup>5,10,14</sup> | 11190953 |
| 4000000<sup>1</sup> | &nbsp;&nbsp;Series 2025-2X, Class F, 10.196% (3-Month Euribor+817 basis points), 7/15/2038<sup>3,5,14</sup> | 4617741 |
| 6500000<sup>1</sup> | &nbsp;&nbsp;Series 2025-1X, Class SUB, 15.000%, 10/15/2039<sup>5,10,14</sup> | 6599847 |
|  | Palmer Square Loan Funding Ltd. |  |
| 1250000 | &nbsp;&nbsp;Series 2020-1A, Class SUB, 0.000%, 2/20/2028<sup>4,5,6,7,10,14</sup> |  |
| 2250000 | &nbsp;&nbsp;Series 2020-4A, Class SUB, 0.000%, 11/25/2028<sup>4,5,6,7,10,14</sup> |  |
| 1250000 | &nbsp;&nbsp;Series 2021-1A, Class SUB, 0.000%, 4/20/2029<sup>5,6,7,10,14</sup> |  |
| 2150000 | &nbsp;&nbsp;Series 2021-2A, Class SUB, 0.000%, 5/20/2029<sup>5,6,7,10,14</sup> | 137427 |
| 1500000 | &nbsp;&nbsp;Series 2021-3A, Class SUB, 0.000%, 7/20/2029<sup>5,6,7,10,14</sup> | 318000 |
| 3100000 | &nbsp;&nbsp;Series 2021-4A, Class SUB, 15.000%, 10/15/2029<sup>5,6,7,10,14</sup> | 1770863 |
| 5235000 | &nbsp;&nbsp;Series 2022-1A, Class SUB, 15.000%, 4/15/2030<sup>5,6,7,10,14</sup> | 2648499 |
| 6000000 | &nbsp;&nbsp;Series 2022-2A, Class SUB, 15.000%, 10/15/2030<sup>5,6,7,10,14</sup> | 3887374 |
| 1250000 | &nbsp;&nbsp;Series 2022-5I, Class SUB, 0.000%, 1/15/2031<sup>4,5,6,10,14</sup> |  |
| 6250000 | &nbsp;&nbsp;Series 2022-3A, Class SUB, 9.350%, 4/15/2031<sup>5,6,7,10,14</sup> | 5096664 |
| 4675000 | &nbsp;&nbsp;Series 2023-1A, Class SUB, 0.000%, 7/20/2031<sup>5,6,7,10,14</sup> |  |
| 8050000 | &nbsp;&nbsp;Series 2022-4A, Class SUB, 12.500%, 7/24/2031<sup>5,6,7,10,14</sup> | 6452563 |
| 6600000 | &nbsp;&nbsp;Series 2023-2A, Class SUB, 14.000%, 1/25/2032<sup>5,6,7,10,14</sup> | 5513851 |
| 16250000 | &nbsp;&nbsp;Series 2024-3A, Class SUB, 15.000%, 8/8/2032<sup>5,6,7,10,14,16</sup> | 12837547 |
| 750000 | &nbsp;&nbsp;Series 2024-1A, Class E, 10.826% (3-Month Term SOFR+657 basis points), 10/15/2032<sup>3,5,6,7,14</sup> | 724561 |
| 8000000 | &nbsp;&nbsp;Series 2024-1A, Class SUB, 15.000%, 10/15/2032<sup>5,6,7,10,14</sup> | 6328030 |
| 17500000 | &nbsp;&nbsp;Series 2024-2A, Class SUB, 15.000%, 1/15/2033<sup>5,6,7,10,14</sup> | 14688030 |
| 18800000 | &nbsp;&nbsp;Series 2025-1A, Class SUB, 0.000%, 2/15/2033<sup>5,6,7,10,14</sup> | 18888119 |
| 8000000 | &nbsp;&nbsp;Series 2023-3A, Class SUB, 8.020%, 1/20/2037<sup>5,6,7,10,14</sup> | 7855014 |
| 13760000 | &nbsp;&nbsp;Series 2024-1A, Class SUB, 10.571%, 4/15/2037<sup>5,6,7,10,14</sup> | 12999179 |
| 11000000 | &nbsp;&nbsp;Series 2024-2A, Class SUB, 14.000%, 7/20/2037<sup>5,6,7,10,14</sup> | 9039914 |
| 6500000 | &nbsp;&nbsp;Series 2024-3A, Class SUB, 14.000%, 7/20/2037<sup>5,6,7,10,14</sup> | 6058346 |
| 12750000 | &nbsp;&nbsp;Series 2023-4A, Class SUB, 15.000%, 10/20/2037<sup>5,6,7,10,14</sup> | 12318586 |
| 14000000 | &nbsp;&nbsp;Series 2024-4A, Class SUB, 15.000%, 1/15/2038<sup>5,6,7,10,14</sup> | 13439647 |
| 4000000 | &nbsp;&nbsp;Series 2023-1A, Class SUB, 15.000%, 1/20/2038<sup>5,6,7,10,14</sup> | 3891927 |
| 11500000 | &nbsp;&nbsp;Series 2025-1A, Class SUB, 15.000%, 4/20/2038<sup>5,6,7,10,14</sup> | 11033769 |
| 9500000 | &nbsp;&nbsp;Series 2023-2A, Class SUB, 15.000%, 7/20/2038<sup>5,6,7,10,14</sup> | 8438307 |
| 8450000 | &nbsp;&nbsp;Series 2025-2A, Class SUB, 0.000%, 7/20/2038<sup>5,6,7,10,14</sup> | 8478523 |
|  | Post CLO Ltd. |  |
| 650000 | &nbsp;&nbsp;Series 2021-1A, Class DR, 7.256% (3-Month Term SOFR+300 basis points), 10/15/2034<sup>3,5,6,7</sup> | 648411 |
| 1000000 | &nbsp;&nbsp;Series 2023-1A, Class D, 9.522% (3-Month Term SOFR+525 basis points), 4/20/2036<sup>3,5,6,7</sup> | 1004408 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 1000000 | &nbsp;&nbsp;Series 2024-1A, Class E, 11.069% (3-Month Term SOFR+680 basis points), 4/20/2037<sup>3,5,6,7</sup> | $1014907 |
| 1000000 | Rad CLO Ltd.<br> Series 2021-15A, Class A1AR, 5.700% (3-Month Term SOFR+136 basis points), 7/20/2040<sup>3,5,6,7</sup> | 1000000 |
|  | Regatta Funding Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2019-2A, Class ER, 11.356% (3-Month Term SOFR+710 basis points), 1/15/2033<sup>3,5,6,7</sup> | 1007682 |
| 1500000 | &nbsp;&nbsp;Series 2016-1A, Class A1R2, 5.731% (3-Month Term SOFR+141 basis points), 6/20/2034<sup>3,5,6,7</sup> | 1502884 |
| 1000000 | &nbsp;&nbsp;Series 2023-2A, Class D, 9.532% (3-Month Term SOFR+525 basis points), 1/25/2037<sup>3,5,6,7</sup> | 1005619 |
| 1000000 | &nbsp;&nbsp;Series 2017-1A, Class D1R, 7.980% (3-Month Term SOFR+370 basis points), 4/17/2037<sup>3,5,6,7</sup> | 1011149 |
| 1000000 | &nbsp;&nbsp;Series 2021-3A, Class D1R, 7.356% (3-Month Term SOFR+310 basis points), 10/15/2037<sup>3,5,6,7</sup> | 1005169 |
| 750000 | Sculptor CLO Ltd.<br> Series 30A, Class ER, 11.087% (3-Month Term SOFR+682 basis points), 7/20/2038<sup>3,5,6,7</sup> | 735000 |
|  | Silver Point CLO Ltd. |  |
| 2000000 | &nbsp;&nbsp;Series 2025-9A, Class A1, 5.808% (3-Month Term SOFR+152 basis points), 3/31/2038<sup>3,5,6,7</sup> | 2008961 |
| 1000000 | &nbsp;&nbsp;Series 2023-2A, Class D1R, 7.419% (3-Month Term SOFR+315 basis points), 4/20/2038<sup>3,5,6,7</sup> | 1000016 |
| 2325000 | Sixth Street CLO Ltd.<br> Series 2023-22A, Class D1R, 6.919% (3-Month Term SOFR+265 basis points), 4/21/2038<sup>3,5,6,7</sup> | 2323589 |
| 987242 | Symphony CLO Ltd.<br> Series 2019-21A, Class AR2, 5.156% (3-Month Term SOFR+90 basis points), 7/15/2032<sup>3,5,6,7</sup> | 985188 |
|  | THL Credit Wind River CLO Ltd. |  |
| 750000 | &nbsp;&nbsp;Series 2015-1A, Class ER, 10.331% (3-Month Term SOFR+606 basis points), 10/20/2030<sup>3,5,6,7</sup> | 741493 |
| 795598 | &nbsp;&nbsp;Series 2019-3A, Class AR2, 5.316% (3-Month Term SOFR+106 basis points), 4/15/2031<sup>3,5,6,7</sup> | 795990 |
|  | Trestles CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;Series 2025-8A, Class D1, 7.297% (3-Month Term SOFR+300 basis points), 6/11/2035<sup>3,5,6,7</sup> | 1000743 |
| 1500000 | &nbsp;&nbsp;Series 2023-6A, Class A1R, 5.454% (3-Month Term SOFR+118 basis points), 4/25/2038<sup>3,5,6,7</sup> | 1498302 |
|  | Trinitas CLO Ltd. |  |
| 1500000 | &nbsp;&nbsp;Series 2025-34A, Class D1, 8.327% (3-Month Term SOFR+400 basis points), 4/22/2038<sup>3,5,6,7</sup> | 1521144 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **COLLATERALIZED LOAN OBLIGATIONS (Continued)** |  |
| 750000 | &nbsp;&nbsp;Series 2025-34A, Class E, 11.487% (3-Month Term SOFR+716 basis points), 4/22/2038<sup>3,5,6,7</sup> | $772489 |
| 881599 | Venture CLO Ltd.<br> Series 2019-38A, Class ARR, 5.280% (3-Month Term SOFR+100 basis points), 7/30/2032<sup>3,5,6,7</sup> | 879687 |
| 1000000 | Verdelite Static CLO Ltd.<br> Series 2024-1A, Class D, 7.119% (3-Month Term SOFR+285 basis points), 7/20/2032<sup>3,5,6,7</sup> | 997906 |
|  | Voya CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;Series 2013-1A, Class CR, 7.468% (3-Month Term SOFR+321 basis points), 10/15/2030<sup>3,5,6,7</sup> | 502012 |
| 2000000 | &nbsp;&nbsp;Series 2014-1A, Class CR2, 7.331% (3-Month Term SOFR+306 basis points), 4/18/2031<sup>3,5,6,7</sup> | 2009573 |
| 1000000 | &nbsp;&nbsp;Series 2018-2A, Class D, 7.268% (3-Month Term SOFR+301 basis points), 7/15/2031<sup>3,5,6,7</sup> | 991861 |
| 1250500 | &nbsp;&nbsp;Series 2019-2A, Class D, 8.231% (3-Month Term SOFR+396 basis points), 7/20/2032<sup>3,5,6,7</sup> | 1255328 |
| 1000000 | &nbsp;&nbsp;Series 2019-1A, Class D1RR, 7.306% (3-Month Term SOFR+305 basis points), 10/15/2037<sup>3,5,6,7</sup> | 1008129 |
| 1000000 | &nbsp;&nbsp;Series 2020-3A, Class ARR, 5.519% (3-Month Term SOFR+125 basis points), 1/20/2038<sup>3,5,6,7</sup> | 1000711 |
| 1000000 | Whitebox CLO Ltd.<br> Series 2023-4A, Class D1R, 8.185% (3-Month Term SOFR+390 basis points), 4/20/2036<sup>3,5,6,7</sup> | 1000793 |
|  | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $514,699,187) | **484805098** |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0%** |  |
| 270024 | CHL Mortgage Pass-Through Trust<br> Series 2004-29, Class 1X, 0.279%, 2/25/2035<sup>5,10,17</sup> | **3** |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **3** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **COMMON STOCKS — 3.1%** |  |
|  | **COMMUNICATIONS — 0.0%** |  |
| 9923 | TEGNA, Inc.<sup>16</sup> | **166309** |
|  | **CONSUMER NON-CYCLICAL — 0.2%** |  |
| 43669 | Olinda SAS<sup>4</sup> | **6437178** |
|  | **CONSUMER STAPLES — 0.1%** |  |
| 23798 | Misfits Market, Inc.<sup>4</sup> | 880621 |
| 2000000 | Progress Lighting, LLC<sup>4,18</sup> | 1594000 |
|  |  | **2474621** |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ENERGY — 0.0%** |  |
| 216 | Hess Corp.<sup>16</sup> | $**29925** |
|  | **FINANCIALS — 0.7%** |  |
| 35000 | AA Mission Acquisition Corp. - Class A\* | 364700 |
| 110 | AIP Capital, LLC<sup>18</sup> | 44982 |
| 188986 | Airwallex ESOP Ltd.<sup>4</sup> | 2743510 |
| 35000 | Andretti Acquisition Corp. II - Class A\* | 363300 |
| 29085 | Ares Acquisition Corp. II - Class A\* | 329533 |
| 126020 | Black Hawk Acquisition Corp.<sup>4,6</sup> | 1339593 |
| 20000 | Bleichroeder Acquisition Corp. I - Class A\* | 206600 |
| 31500 | Cayson Acquisition Corp.\* | 325080 |
| 33486 | Centurion Acquisition Corp. - Class A\* | 354282 |
| 35000 | Charlton Aria Acquisition Corp. - Class A\* | 359800 |
| 35000 | DT Cloud Star Acquisition Corp.\* | 363650 |
| 25000 | Dynamix Corp. - Class A\* | 254750 |
| 39999 | EQV Ventures Acquisition Corp. - Class A\* | 420389 |
| 15490 | Eureka Acquisition Corp.<sup>6</sup> | 160786 |
| 29513 | Flag Ship Acquisition Corp.\* | 310772 |
| 35000 | Future Vision II Acquisition Corp.\*<sup>,6</sup> | 364350 |
| 20000 | GigCapital7 Corp. - Class A\* | 207000 |
| 60098 | GP Act III Acquisition Corp. - Class A\* | 634034 |
| 25000 | Graf Global Corp. - Class A\* | 261500 |
| 20342 | Haymaker Acquisition Corp. IV - Class A\* | 225796 |
| 20000 | HCM II Acquisition Corp. - Class A\* | 222000 |
| 47773 | IB Acquisition Corp.\* | 495884 |
| 162277 | Iron Horse Acquisitions Corp.<sup>4</sup> | 1752592 |
| 1748 | Kairous Acquisition Corp. Ltd.\*<sup>,6</sup> | 22234 |
| 20000 | Launch One Acquisition Corp. - Class A\* | 208300 |
| 35000 | Launch Two Acquisition Corp. - Class A\* | 364700 |
| 117246 | Legato Merger Corp. III\* | 1252187 |
| 28344 | Lionheart Holdings - Class A\* | 298746 |
| 75000 | M3-Brigade Acquisition V Corp. - Class A\* | 846750 |
| 29900 | Melar Acquisition Corp. I - Class A\* | 313950 |
| 45622 | Nabors Energy Transition Corp. II - Class A\* | 506404 |
| 5 | Phoenix Aviation Capital, LLC<sup>18</sup> | 499950 |
| 13377 | RF Acquisition Corp. II\*<sup>,6</sup> | 141662 |
| 35000 | Rising Dragon Acquisition Corp.\*<sup>,6</sup> | 360500 |
| 19998 | Silverbox Corp. IV - Class A\* | 219178 |
| 20000 | SIM Acquisition Corp. I - Class A\* | 208600 |
| 11894 | Spark I Acquisition Corp.\* | 129645 |
| 27573 | Trailblazer Merger Corp. I\* | 322880 |
| 35000 | Vine Hill Capital Investment Corp. - Class A\* | 364350 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| 65000 | Voyager Acquisition Corp. - Class A\* | $674050 |
| 35000 | YHN Acquisition I Ltd.\*<sup>,6</sup> | 361550 |
|  |  | **19200519** |
|  | **HEALTH CARE — 0.1%** |  |
| 6404 | Amedisys, Inc.\*<sup>,16</sup> | 630090 |
| 1 | Nephorn Pharmaceuticals Corp.\*<sup>,4,18</sup> | 638123 |
|  |  | **1268213** |
|  | **TECHNOLOGY — 2.0%** |  |
| 110 | ANSYS, Inc.\*<sup>,16</sup> | 38634 |
| 536749 | Chime Financial, Inc. - Class A\* | 18523208 |
| 31979 | Epic Games, Inc.<sup>4</sup> | 17769131 |
| 992 | Juniper Networks, Inc.<sup>16</sup> | 39611 |
| 30303 | Mercury Technologies, Inc.<sup>4</sup> | 4015147 |
| 786 | Raisin SE<sup>4</sup> | 10824199 |
| 24155 | Workrise Technologies, Inc.<sup>4</sup> | 3143532 |
|  |  | **54353462** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $71,438,758) | **83930227** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  |  |
|  | **CORPORATE BONDS — 2.0%** |  |
|  | **FINANCIALS — 2.0%** |  |
| 500000 | Bain Capital Specialty Finance, Inc.<br> 5.950%, 3/15/2030<sup>5</sup> | 494806 |
| 4500000 | Barings BDC, Inc.<br> 7.000%, 2/15/2029<sup>5</sup> | 4640661 |
| 5000000 | BlackRock TCP Capital Corp.<br> 6.950%, 5/30/2029<sup>5</sup> | 5153900 |
| 3000000 | Blue Owl Capital Corp.<br> 3.750%, 7/22/2025<sup>5,16</sup> | 2997708 |
| 1000000 | Blue Owl Capital Corp. II<br> 8.450%, 11/15/2026<sup>5</sup> | 1039151 |
| 2000000 | Blue Owl Capital Corp. III<br> 3.125%, 4/13/2027<sup>5</sup> | 1931756 |
| 1000000 | Blue Owl Credit Income Corp.<br> 7.950%, 6/13/2028<sup>5</sup> | 1069531 |
|  | Blue Owl Technology Finance Corp. |  |
| 1000000 | &nbsp;&nbsp;4.750%, 12/15/2025<sup>5,7</sup> | 997548 |
| 4500000 | &nbsp;&nbsp;6.100%, 3/15/2028<sup>5,7</sup> | 4523175 |
| 3500000 | &nbsp;&nbsp;6.750%, 4/4/2029<sup>5</sup> | 3569171 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  | Value |
|  | **FINANCIALS (Continued)** |  |
| 40000 | Capital Southwest Corp.<br> 3.375%, 10/1/2026<sup>5</sup> | $38704 |
| 1200000 | Carlyle Secured Lending, Inc.<br> 6.750%, 2/18/2030<sup>5</sup> | 1226986 |
|  | Franklin BSP Capital Corp. |  |
| 150000 | &nbsp;&nbsp;3.250%, 3/30/2026<sup>5</sup> | 147018 |
| 4500000 | &nbsp;&nbsp;7.200%, 6/15/2029<sup>5</sup> | 4657171 |
| 2000000 | FS KKR Capital Corp.<br> 2.625%, 1/15/2027<sup>5</sup> | 1918394 |
| 1000000 | Golub Capital BDC, Inc.<br> 2.050%, 2/15/2027<sup>5</sup> | 953977 |
| 2000000 | Golub Capital Private Credit Fund<br> 5.800%, 9/12/2029<sup>5</sup> | 1998502 |
| 605000 | MidCap Financial Investment Corp.<br> 4.500%, 7/16/2026<sup>5</sup> | 592426 |
| 4000000 | New Mountain Finance Corp.<br> 6.875%, 2/1/2029<sup>5</sup> | 4075908 |
| 2700000 | North Haven Private Income Fund, LLC<br> 5.750%, 2/1/2030<sup>5</sup> | 2690159 |
|  | Oaktree Specialty Lending Corp. |  |
| 1000000 | &nbsp;&nbsp;2.700%, 1/15/2027<sup>5</sup> | 958911 |
| 3000000 | &nbsp;&nbsp;7.100%, 2/15/2029<sup>5</sup> | 3090036 |
| 4189000 | PennantPark Investment Corp.<br> 4.000%, 11/1/2026<sup>5</sup> | 4046909 |
| 1000000 | Trinity Capital, Inc.<br> 4.375%, 8/24/2026<sup>5</sup> | 970404 |
|  |  | **53782912** |
|  | **TOTAL CORPORATE BONDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $52,620,932) | **53782912** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **MUTUAL FUNDS — 3.4%** |  |
| 1629208 | Driehaus Event Driven Fund<sup>14</sup> | 20153299 |
| 5171940 | Glenmede Secured Options Portfolio - Class Institutional<sup>14</sup> | 72717482 |
|  | **TOTAL MUTUAL FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $91,614,603) | **92870781** |
|  | **PREFERRED STOCKS — 2.5%** |  |
|  | **CONSUMER NON-CYCLICAL — 0.3%** |  |
| 186058 | SF Hawkers, LLC<br> 0.000%\*<sup>,4,18,19</sup> | **7500000** |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **CONSUMER STAPLES — 0.1%** |  |
| 83287 | Misfits Market, Inc.<br> Series A-1, 0.000%\*<sup>,19</sup> | $**3109437** |
|  | **FINANCIALS — 1.2%** |  |
|  | Airwallex (Cayman) Limited |  |
| 160000 | &nbsp;&nbsp;Series A, 0.000%\*<sup>,4,19</sup> | 2322720 |
| 282196 | &nbsp;&nbsp;Series B2, 0.000%\*<sup>,4,19</sup> | 4106516 |
| 143991 | &nbsp;&nbsp;Series E, 0.000%\*<sup>,4,19</sup> | 2137114 |
| 100000 | Crescent Capital BDC, Inc.<br> 5.000%, 5/25/2026<sup>5</sup> | 2456000 |
| 9175 | Eagle Point Credit Co., Inc.<br> Series F, 8.000%, 1/31/2029<sup>5</sup> | 229375 |
| 351202 | Empower Finance, Inc.<br> Series C , 0.000%\*<sup>,19</sup> | 3264774 |
| 131854 | MidCap Financial Investment Corp.<br> 8.000%, 12/15/2028<sup>5</sup> | 3341180 |
| 20000 | New Mountain Finance Corp.<br> 8.250%, 11/15/2028<sup>5</sup> | 509200 |
| 1575 | Phoenix Aviation Capital, LLC<br> 0.000%\*<sup>,18,19</sup> | 1322933 |
|  | Ramp Business Corp. |  |
| 238339 | &nbsp;&nbsp;Series A-2, 0.000%\*<sup>,4,19</sup> | 10822974 |
| 59684 | &nbsp;&nbsp;Series C-3, 0.000%\*<sup>,4,19</sup> | 2775306 |
|  |  | **33288092** |
|  | **TECHNOLOGY — 0.9%** |  |
| 69906 | Mercury Technologies, Inc.<br> 0.000%\*<sup>,4,19</sup> | 9262545 |
| 34165 | Olinda SAS<br> Series D, 0.000%<sup>4,19</sup> | 5192645 |
| 1171875 | Route App, Inc.<br> Series A1, 0.000%\*<sup>,19</sup> | 4394531 |
|  | Workrise Technologies, Inc. |  |
| 4873 | &nbsp;&nbsp;Series A, 0.000%\*<sup>,4,19</sup> | 636804 |
| 10200 | &nbsp;&nbsp;Series B, 0.000%\*<sup>,4,19</sup> | 1337016 |
| 20468 | &nbsp;&nbsp;Series C, 0.000%\*<sup>,4,19</sup> | 2766046 |
| 6198 | &nbsp;&nbsp;Series D, 0.000%\*<sup>,4,19</sup> | 876893 |
|  |  | **24466480** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $65,293,428) | **68364009** |
|  | **PRIVATE INVESTMENT VEHICLES — 24.4%** |  |
|  | **INVESTMENT PARTNERSHIPS — 19.5%** |  |
| N/A<sup>20</sup> | 137 Direct Fund LP, LLC<sup>4</sup> | 4000000 |
| N/A<sup>20</sup> | 137 Holdings MA, LLC<sup>4</sup> | 2087178 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **INVESTMENT PARTNERSHIPS (Continued)** |  |
| N/A<sup>20</sup> | 137 Holdings MS, LLC<sup>4</sup> | $1066346 |
| N/A<sup>20</sup> | 137 Holdings RBC II, LLC<sup>4</sup> | 4360896 |
| N/A<sup>20</sup> | 137 Holdings RBC, LLC<sup>4</sup> | 4040517 |
| N/A<sup>20</sup> | 137 Ventures VI LP<sup>4</sup> | 15514030 |
| N/A<sup>20</sup> | 137 Ventures VII LP<sup>4</sup> | 1000000 |
| N/A<sup>20</sup> | Acer Tree Credit Opportunities Partners LP <sup>4</sup> | 15128396 |
| N/A<sup>20</sup> | Arbour Lane Credit Opportunity Fund IV LP<sup>4</sup> | 5020587 |
| N/A<sup>20</sup> | Arlington Capital Partners VI LP<sup>4</sup> | 2225423 |
| 12500000 | Arlington Capital Partners VII LP<sup>4,8</sup> |  |
| N/A<sup>20</sup> | Audax Private Credit Fund LP<sup>4</sup> | 10874355 |
| N/A<sup>20</sup> | Blue Owl Real Estate Net Lease Property Fund LP<sup>15</sup> | 81949823 |
| N/A<sup>20</sup> | Core Spaces Fund IV LP<sup>4</sup> | 4799959 |
| 40000000 | Digital Realty DC Partners NA Fund<sup>4,8</sup> |  |
| N/A<sup>20</sup> | DSC Meridian Credit Opportunities Onshore Fund LP<sup>4</sup> | 36856787 |
| N/A<sup>20</sup> | Eisler Capital Multi Strategy Fund LP<sup>4</sup> | 31834769 |
| N/A<sup>20</sup> | FCP Realty Fund VI-A LP<sup>4</sup> | 5585715 |
| 10000000 | GHO Capital IV USD LP<sup>4,8</sup> |  |
| N/A<sup>20</sup> | GPS IV LP<sup>4</sup> | 798917 |
| N/A<sup>20</sup> | Hedosophia Investments VI H LP<sup>4</sup> | 1264286 |
| 1250000 | Hedosophia Investments VI H LP<sup>4,8</sup> |  |
| N/A<sup>20</sup> | Hedosophia Investments VI I LP<sup>4</sup> | 1236000 |
| N/A<sup>20</sup> | Hedosophia Investments VI J LP<sup>4</sup> | 1381136 |
| 1349982 | Hedosophia Investments VI J LP<sup>4,8</sup> |  |
| N/A<sup>20</sup> | Hedosophia Investors VI E LP<sup>15</sup> | 2370246 |
| N/A<sup>20</sup> | Hedosophia Partners VI LP<sup>4</sup> | 5178486 |
| N/A<sup>20</sup> | Hedosophia SP A LP<sup>15</sup> | 2190628 |
| N/A<sup>20</sup> | Hedosophia SP B LP<sup>15</sup> | 5259748 |
| N/A<sup>20</sup> | Hillpointe Workforce Housing Partners V LP<sup>4,18</sup> | 13209230 |
| N/A<sup>20</sup> | HS Investments NA18 LP<sup>4</sup> | 4751538 |
| N/A<sup>20</sup> | HS Investments V F LP<sup>15</sup> | 363777 |
| N/A<sup>20</sup> | HS Investments VI A LP<sup>4</sup> | 9831804 |
| N/A<sup>20</sup> | HS Investments VI B LP<sup>4</sup> | 2482928 |
| N/A<sup>20</sup> | Hudson Bay Fund LP<sup>4</sup> | 923866 |
| N/A<sup>20</sup> | Kern River Capital, LLC<sup>4</sup> | 750000 |
| N/A<sup>20</sup> | KQ Partners Fund LP<sup>4</sup> | 5502748 |
| N/A<sup>20</sup> | Linden Investors LP<sup>4</sup> | 29033565 |
| N/A<sup>20</sup> | Nuveen Real Estate U.S. Cities Industrial Fund LP<sup>4</sup> | 6688234 |
| N/A<sup>20</sup> | Nuveen Real Estate U.S. Cities Multifamily Fund LP<sup>4</sup> | 6004679 |
| N/A<sup>20</sup> | Old Orchard Credit Fund LP<sup>4</sup> | 24713586 |
| N/A<sup>20</sup> | Point72 Capital LP<sup>4</sup> | 31225281 |
| 5000000 | Proterra Credit Fund 3 LP<sup>4,8</sup> |  |
| N/A<sup>20</sup> | Quiet OA Access LP<sup>4</sup> | 3017574 |
| N/A<sup>20</sup> | Quiet Select Fund - Class B<sup>4</sup> | 1266943 |
| N/A<sup>20</sup> | Quiet Select Fund - Class C<sup>4</sup> | 2786920 |
| N/A<sup>20</sup> | Quiet Select Fund - Class D<sup>4</sup> | 1520776 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **INVESTMENT PARTNERSHIPS (Continued)** |  |
| N/A<sup>20</sup> | Quiet Select Fund - Class E<sup>4</sup> | $2029329 |
| N/A<sup>20</sup> | Quiet Select Fund - Class F<sup>4</sup> | 1250000 |
| N/A<sup>20</sup> | Quiet SPV R9 LP<sup>15</sup> | 11053 |
| N/A<sup>20</sup> | Quiet T1 LP - Class A<sup>4</sup> | 5508243 |
| N/A<sup>20</sup> | Quiet T1 LP - Class B<sup>4</sup> | 1226818 |
| N/A<sup>20</sup> | Quiet Venture III Fund LP<sup>4</sup> | 9406112 |
| N/A<sup>20</sup> | RiverNorth Capital Partners LP<sup>4,14</sup> | 20408242 |
| N/A<sup>20</sup> | Savory Fund III Blocked LP<sup>4</sup> | 1700101 |
| N/A<sup>20</sup> | Schonfeld Strategic Partners Fund, LLC<sup>4</sup> | 11234901 |
| N/A<sup>20</sup> | Seer Capital Partners Fund LP<sup>4</sup> | 3584182 |
| N/A<sup>20</sup> | Seer Capital Regulatory Capital Relief Fund LP<sup>4</sup> | 7287695 |
| N/A<sup>20</sup> | TCW Rescue Financing Fund II LP<sup>4</sup> | 7881555 |
| N/A<sup>20</sup> | TPG Tech Adjacencies II Vega LP<sup>4</sup> | 1822852 |
| N/A<sup>20</sup> | TPG Tech Adjacencies II Vital CI LP<sup>4</sup> | 2091565 |
| 10750000 | Ufenau VIII Asset Light, SLP<sup>4,8</sup> |  |
| N/A<sup>20</sup> | US Industrial Club VII, LP<sup>4</sup> | 4662889 |
| N/A<sup>20</sup> | Walleye Opportunities Fund LP<sup>4</sup> | 54161843 |
| N/A<sup>20</sup> | Whitehawk IV-Plus Onshore Fund LP<sup>4</sup> | 4621505 |
|  |  | **528986562** |
|  | **NON-LISTED BUSINESS DEVELOPMENT COMPANIES — 2.3%** |  |
| 567120 | BC Partners Lending Corp.<sup>14,15</sup> | 11262996 |
| 795000 | TCW Direct Lending VIII, LLC<sup>4,14</sup> | 50843763 |
|  |  | **62106759** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount ($) |  |  |
|  | **PRIVATE COLLATERALIZED LOAN OBLIGATIONS — 2.6%** |  |
| 7000000 | Antares Loan Funding I Ltd.<br> 2/17/2032<sup>15</sup> | 8118331 |
| 8148840 | Fortress Credit Opportunities CLO, LLC<br> Series XXVII, 1/28/2035<sup>15</sup> | 7850883 |
| 4115700 | GPG Loan Funding, LLC<br> 4/29/2034<sup>15</sup> | 4255803 |
| 13500000 | KCLF Note Issuer I SPV, LLC<br> 12/28/2033<sup>15</sup> | 14124547 |
| 16840163 | MCF CLO 12, LLC<br> 2/24/2028<sup>14,15</sup> | 16475042 |
| 7150640 | Private Credit Fund C-1 Holdco, LLC<br> Series 2023-1, 7/11/2033<sup>15</sup> | 7478710 |
| 11219129 | Silver Point Loan Funding, LLC<br> 10/20/2033<sup>15</sup> | 11948725 |
|  |  | **70252041** |
|  | **TOTAL PRIVATE INVESTMENT VEHICLES** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $605,633,517) | **661345362** |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **REAL ESTATE INVESTMENT TRUSTS — 8.2%** |  |
| 2392449 | Bailard Real Estate Investment Trust, Inc. | $74094157 |
| 8959658 | CIRE Real Estate Investment Trust, Inc.<sup>15</sup> | 97320525 |
| 1992811 | Invesco Real Estate Income Trust, Inc. - Class I<sup>4,14</sup> | 52305422 |
|  | **TOTAL REAL ESTATE INVESTMENT TRUSTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $218,500,532) | **223720104** |
|  | **RIGHTS — 0.0%** |  |
| 481 | Abiomed, Inc., Expiration Date: December 30, 2029\*<sup>,4</sup> | 491 |
| 39796 | Aimei Health Technology Co., Ltd., Expiration Date: August 12, 2025\* | 9551 |
| 1489 | Alpha Star Acquisition Corp., Expiration Date: August 14, 2025\* | 238 |
| 19429 | Alphatime Acquisition Corp., Expiration Date: July 13, 2025\* | 3886 |
| 24475 | AlphaVest Acquisition Corp., Expiration Date: August 14, 2025\* | 7340 |
| 19609 | Aquaron Acquisition Corp., Expiration Date: August 14, 2025\*<sup>,4</sup> | 5883 |
| 26811 | Bayview Acquisition Corp.\* | 6703 |
| 25204 | Black Hawk Acquisition Corp., Expiration Date: September 26, 2025\* | 17487 |
| 20000 | Bleichroeder Acquisition Corp. I\* | 6830 |
| 9200 | Bowen Acquisition Corp., Expiration Date: November 26, 2026\* | 1933 |
| 31500 | Cayson Acquisition Corp.\* | 3991 |
| 35000 | Charlton Aria Acquisition Corp., Expiration Date: June 30, 2025\* | 5250 |
| 31924 | Distoken Acquisition Corp., Expiration Date: August 14, 2025\*<sup>,4,6</sup> | 8961 |
| 160000 | DT Cloud Acquisition Corp., Expiration Date: October 23, 2025\*<sup>,6</sup> | 27200 |
| 35000 | DT Cloud Star Acquisition Corp., Expiration Date: September 13, 2025\* | 3850 |
| 23028 | ESH Acquisition Corp., Expiration Date: June 30, 2025\* | 1669 |
| 15490 | Eureka Acquisition Corp.\*<sup>,6</sup> | 3084 |
| 29513 | Flag Ship Acquisition Corp., Expiration Date: Pending\* | 3834 |
| 35000 | Future Vision II Acquisition Corp., Expiration Date: December 12, 2025\*<sup>,6</sup> | 6650 |
| 23908 | Goldenstone Acquisition Ltd., Expiration Date: July 11, 2025\* | 4784 |
| 19947 | Horizon Space Acquisition I Corp., Expiration Date: September 13, 2025\* | 3590 |
| 14391 | Hudson Acquisition I Corp., Expiration Date: August 26, 2025\*<sup>,4</sup> | 2303 |
| 47773 | IB Acquisition Corp., Expiration Date: September 29, 2025\* | 1968 |
| 162277 | Iron Horse Acquisitions Corp., Expiration Date: August 13, 2025\* | 80619 |
| 62700 | JVSPAC Acquisition Corp., Expiration Date: August 7, 2025\*<sup>,6</sup> | 55176 |
| 1748 | Kairous Acquisition Corp. Ltd., Expiration Date: August 19, 2025\*<sup>,6</sup> | 105 |
| 20035 | Metal Sky Star Acquisition Corp., Expiration Date: September 14, 2025\* | 202 |
| 1689 | Mountain Crest Acquisition Corp. V, Expiration Date: September 14, 2025\* | 110 |
| 3780 | NorthView Acquisition Corp., Expiration Date: August 26, 2025\* | 718 |
| 1189 | Quetta Acquisition Corp., Expiration Date: August 1, 2025\* | 1391 |
| 13377 | RF Acquisition Corp. II, Expiration Date: August 13, 2025\*<sup>,6</sup> | 823 |
| 35000 | Rising Dragon Acquisition Corp., Expiration Date: November 4, 2025\*<sup>,6</sup> | 5302 |
| 27573 | Trailblazer Merger Corp. I, Expiration Date: August 9, 2025\* | 10616 |
| 3680 | Welsbach Technology Metals Acquisition Corp., Expiration Date: August 9, 2025\* | 1877 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **RIGHTS (Continued)** |  |
| 35000 | YHN Acquisition I Ltd., Expiration Date: August 14, 2025\*<sup>,6</sup> | $4585 |
|  | **TOTAL RIGHTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $491) | **299000** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Units |  |  |
|  | **UNITS — 0.5%** |  |
|  | **FINANCIALS — 0.5%** |  |
| 36000 | Aifeex Nexus Acquisition Corp.\* | 370080 |
| 35000 | Aldel Financial II, Inc.\* | 367500 |
| 20250 | Archimedes Tech SPAC Partners II Co.\* | 205942 |
| 22500 | Artius II Acquisition, Inc.\* | 232425 |
| 50000 | Blue Water Acquisition Corp.\* | 500250 |
| 22500 | Churchill Capital Corp.\* | 231750 |
| 21424 | CO2 Energy Transition Corp.\* | 220881 |
| 40000 | Columbus Acquisition Corp.\*<sup>,6</sup> | 412800 |
| 25000 | Crane Harbor Acquisition Corp.\* | 258750 |
| 11256 | Digital Asset Acquisition Corp.\* | 122578 |
| 40000 | Fact II Acquisition Corp.\* | 410000 |
| 45000 | Fifth Era Acquisition Corp. I\*<sup>,6</sup> | 468000 |
| 45000 | Gesher Acquisition Corp. II\* | 460800 |
| 35000 | Horizon Space Acquisition II Corp.\* | 360850 |
| 14062 | Inflection Point Acquisition Corp.\* | 147792 |
| 40000 | Jackson Acquisition Co. II\* | 417200 |
| 25000 | K&F Growth Acquisition Corp. II\* | 257500 |
| 45000 | Live Oak Acquisition Corp. V\* | 483750 |
| 18750 | Maywood Acquisition Corp.\* | 188062 |
| 40000 | Mountain Lake Acquisition Corp.\* | 410000 |
| 22500 | New Providence Acquisition Corp.\* | 235125 |
| 20000 | Newbury Street II Acquisition Corp.\* | 207000 |
| 45000 | NewHold Investment Corp.\* | 463500 |
| 22500 | Oyster Enterprises II Acquisition Corp.\* | 227700 |
| 35000 | Plum Acquisition Corp. IV\* | 359100 |
| 45000 | Quartzsea Acquisition Corp.\* | 463500 |
| 35536 | Range Capital Acquisition Corp.\* | 367798 |
| 22500 | Real Asset Acquisition Corp.\* | 232650 |
| 5250 | Renatus Tactical Acquisition Corp.\* | 66833 |
| 11250 | Rithm Acquisition Corp.\* | 116550 |
| 40000 | Roman DBDR Acquisition Corp. II\* | 422800 |
| 45000 | Siddhi Acquisition Corp.\* | 463950 |
| 45000 | Sizzle Acquisition Corp.\* | 458100 |
| 40500 | Soulpower Acquisition Corp.\* | 412290 |
| 25000 | Stellar V Capital Corp.\* | 253750 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Units |  | Value |
|  | **UNITS (Continued)** |  |
|  | **FINANCIALS (Continued)** |  |
| 26253 | Tavia Acquisition Corp.\*<sup>,6</sup> | $268831 |
| 22500 | Thayer Ventures Acquisition Corp.\* | 231075 |
| 18000 | Thayer Ventures Acquisition Corp.\* | 183060 |
| 42500 | Titan Acquisition Corp.\* | 432650 |
| 40000 | Translational Development Acquisition Corp.\* | 411600 |
| 28125 | UY Scuti Acquisition Corp.\* | 286875 |
|  |  | **13091647** |
|  | **TOTAL UNITS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,702,837) | **13091647** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **WARRANTS — 0.0%** |  |
| 17500 | AA Mission Acquisition Corp., Expiration Date: August 1, 2030\* | 1645 |
| 19983 | Able View Global, Inc., Expiration Date: May 15, 2028\*<sup>,6</sup> | 332 |
| 287 | Advantage Capital Holdings, LLC, Expiration Date: January 28, 2026\*<sup>,4</sup> | 237168 |
| 9241 | Alchemy Investments Acquisition Corp. I, Expiration Date: June 26, 2028\* | 979 |
| 19429 | Alphatime Acquisition Corp., Expiration Date: January 17, 2028\* | 585 |
| 17500 | Andretti Acquisition Corp. II, Expiration Date: October 24, 2029\* | 4375 |
| 21105 | Ares Acquisition Corp. II, Expiration Date: June 12, 2028\* | 23216 |
| 2223 | Beneficient, Expiration Date: June 7, 2028\* | 12 |
| 18409 | Big Tree Cloud Holdings Ltd., Expiration Date: May 31, 2029\*<sup>,6</sup> | 296 |
| 1466 | Cactus Acquisition Corp. 1 Ltd., Expiration Date: October 29, 2026\*<sup>,4</sup> | 29 |
| 16743 | Centurion Acquisition Corp., Expiration Date: August 1, 2029\* | 5358 |
| 53 | Cero Therapeutics Holdings, Inc., Expiration Date: February 14, 2029\* | 1 |
| 27296 | Chenghe Acquisition II Co.<sup>4,6</sup> | 283332 |
| 13648 | Chenghe Acquisition II Co., Expiration Date: July 29, 2029\* | 1200 |
| 5454545 | CherCo, LLC, Expiration Date: August 31, 2032\*<sup>,4</sup> | 54545 |
| 1930 | Coeptis Therapeutics Holdings, Expiration Date: October 31, 2025\* | 45 |
| 4299 | Colombier Acquisition Corp. II, Expiration Date: December 31, 2028\* | 16121 |
| 968 | Comera Life Sciences Holdings, Inc., Expiration Date: May 19, 2027\*<sup>,4</sup> | —<sup>21</sup> |
| 13333 | Concord Acquisition Corp. II, Expiration Date: December 31, 2028\* | 1067 |
| 117 | Corner Growth Acquisition Corp., Expiration Date: December 31, 2027\*<sup>,4</sup> | 23 |
| 935 | Corner Growth Acquisition Corp. 2, Expiration Date: June 17, 2026\*<sup>,4</sup> | 33 |
| 9833 | Denali Capital Acquisition Corp., Expiration Date: April 7, 2027\* | 688 |
| 31924 | Distoken Acquisition Corp., Expiration Date: March 30, 2028\*<sup>,4</sup> | 3544 |
| 9836 | dMY Squared Technology Group, Inc., Expiration Date: November 21, 2027\* | 18787 |
| 12500 | Dynamix Corp., Expiration Date: December 6, 2029\* | 4500 |
| 13333 | EQV Ventures Acquisition Corp., Expiration Date: July 1, 2031\* | 9786 |
| 264 | Euda Health Holdings Ltd., Expiration Date: September 24, 2026\*<sup>,6</sup> | 34 |
| 1469 | EVe Mobility Acquisition Corp, Expiration Date: December 31, 2028\*<sup>,4</sup> | 59 |
| 460 | Everest Consolidator Acquisition Corp., Expiration Date: July 19, 2028\*<sup>,4</sup> | —<sup>21</sup> |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **WARRANTS (Continued)** |  |
| 19239 | GCL Global Holdings Ltd., Expiration Date: February 13, 2030\* | $1828 |
| 5684 | Generation Essentials Group, Expiration Date: June 4, 2030\* | 2274 |
| 1177 | Genesis Growth Tech Acquisition Corp., Expiration Date: May 19, 2028\*<sup>,4</sup> | —<sup>21</sup> |
| 20000 | GigCapital7 Corp. - Class A, Expiration Date: September 11, 2029\* | 3000 |
| 280000 | Glass House Brands, Inc., Expiration Date: June 29, 2026\*<sup>,6</sup> | 81200 |
| 534 | Global Gas Corp., Expiration Date: October 29, 2027\* | 1 |
| 23908 | Goldenstone Acquisition Ltd., Expiration Date: July 15, 2026\* | 1434 |
| 30049 | GP Act III Acquisition Corp., Expiration Date: December 31, 2027\* | 8119 |
| 12500 | Graf Global Corp., Expiration Date: August 7, 2029\* | 3375 |
| 10171 | Haymaker Acquisition Corp. IV, Expiration Date: September 12, 2028\* | 2543 |
| 10000 | HCM II Acquisition Corp., Expiration Date: October 10, 2029\* | 23500 |
| 1198 | Helport AI Ltd., Expiration Date: August 5, 2029\* | 204 |
| 1173 | Heramba Electric PLC, Expiration Date: October 10, 2028\*<sup>,6</sup> | 3 |
| 1382 | Holdco Nuvo Group DG Ltd., Expiration Date: May 1, 2029\*<sup>,6</sup> | 1 |
| 19947 | Horizon Space Acquisition I Corp., Expiration Date: January 26, 2028\* | 798 |
| 14883 | iCoreConnect, Inc., Expiration Date: May 15, 2028\*<sup>,4</sup> | 37 |
| 1235429 | IFit, Inc., Expiration Date: February 24, 3030\*<sup>,4</sup> |  |
| 162277 | Iron Horse Acquisitions Corp., Expiration Date: February 16, 2029\* | 9737 |
| 10018 | Israel Acquisitions Corp., Expiration Date: February 28, 2028\* | 2229 |
| 23278 | Jaws Mustang Acquisition Corp., Expiration Date: January 30, 2026\* | 698 |
| 874 | Kairous Acquisition Corp. Ltd., Expiration Date: September 15, 2026\*<sup>,4</sup> | 9 |
| 10000 | Launch One Acquisition Corp., Expiration Date: August 29, 2029\* | 2800 |
| 17500 | Launch Two Acquisition Corp., Expiration Date: November 26, 2029\* | 7000 |
| 58623 | Legato Merger Corp. III, Expiration Date: March 28, 2029\* | 13489 |
| 14172 | Lionheart Holdings, Expiration Date: August 9, 2029\* | 4212 |
| 37500 | M3-Brigade Acquisition V Corp., Expiration Date: September 23, 2030\* | 65625 |
| 14950 | Melar Acquisition Corp. I, Expiration Date: June 1, 2031\* | 4934 |
| 20035 | Metal Sky Star Acquisition Corp., Expiration Date: April 1, 2027\* | 200 |
| 1265 | MultiMetaVerse Holdings Ltd., Expiration Date: March 15, 2027\*<sup>,4</sup> | 2 |
| 22811 | Nabors Energy Transition Corp. II, Expiration Date: September 5, 2028\* | 10721 |
| 16500 | Namib Minerals, Expiration Date: June 5, 2030\*<sup>,6</sup> | 3218 |
| 27873 | Nature's Miracle Holding, Inc., Expiration Date: March 12, 2029\* | 139 |
| 5899 | New Horizon Aircraft Ltd., Expiration Date: January 12, 2029\* | 1767 |
| 1335 | Newbury Street Acquisition Corp., Expiration Date: December 31, 2027\*<sup>,4</sup> | 120 |
| 577 | NKGen Biotech, Inc., Expiration Date: October 2, 2028\* | 23 |
| 237 | Northern Revival Acquisition Corp., Expiration Date: December 31, 2027\*<sup>,4</sup> | 5 |
| 384 | Nukkleus, Inc., Expiration Date: December 31, 2025\* | 46 |
| 2151 | OneMedNet Corp., Expiration Date: December 31, 2028\* | 48 |
| 16328 | OSR Holdings, Inc., Expiration Date: February 14, 2030\* | 1053 |
| 522 | Papaya Growth Opportunity Corp. I, Expiration Date: December 31, 2028\* | 31 |
| 1990 | Presto Automation, Inc., Expiration Date: September 21, 2027\*<sup>,4</sup> | 1 |
| 58 | Roth CH Acquisition Co., Expiration Date: October 29, 2028\* | 1 |

---

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **WARRANTS (Continued)** |  |
| 6666 | Silverbox Corp. IV, Expiration Date: September 24, 2029\* | $6666 |
| 10000 | SIM Acquisition Corp. I, Expiration Date: August 28, 2029\* | 2700 |
| 444 | Southland Holdings, Inc., Expiration Date: September 1, 2026\* | 87 |
| 5947 | Spark I Acquisition Corp., Expiration Date: November 27, 2028\* | 1139 |
| 2102 | Spree Acquisition Corp. 1 Ltd., Expiration Date: December 22, 2028\*<sup>,4</sup> | 126 |
| 840 | Syntec Optics Holdings, Inc., Expiration Date: November 8, 2028\* | 55 |
| 1544 | TNL Mediagene, Expiration Date: June 14, 2028\*<sup>,6</sup> | 13 |
| 17500 | Vine Hill Capital Investment Corp., Expiration Date: October 25, 2029\* | 5138 |
| 32500 | Voyager Acquisition Corp., Expiration Date: May 16, 2031\* | 9100 |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $977,921) | **949209** |
|  | **SHORT-TERM INVESTMENTS — 7.0%** |  |
| 23470333 | Morgan Stanley Institutional Liquidity Fund - Government Portfolio - Institutional Class, 4.14%<sup>16,22</sup> | 23470333 |
| 166650179 | UMB Bank, Money Market Special II Deposit Investment, 4.25% | 166650179 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $190,120,512) | **190120512** |
|  | **TOTAL INVESTMENTS — 107.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,833,897,989) | **2930335628** |
|  | Liabilities in Excess of Other Assets — (7.9)% | (214629449) |
|  | **TOTAL NET ASSETS — 100.0%** | $**2715706179** |
|  | **SECURITIES SOLD SHORT — (0.0)%** |  |
|  | **COMMON STOCKS — (0.0)%** |  |
|  | **ENERGY — (0.0)%** |  |
| (211) | Chevron Corp. | **(30213)** |
|  | **FINANCIALS — (0.0)%** |  |
| (1) | Capital One Financial Corp. | **(213)** |
|  | **TECHNOLOGY — (0.0)%** |  |
| (38) | Synopsys, Inc.\* | **(19482)** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $55,420) | **(49908)** |
|  | **TOTAL SECURITIES SOLD SHORT** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Proceeds $55,420) | $**(49908)** |

---

---

| |
|:---|
| CIBOR — Copenhagen Interbank Offered Rate |
| Euribor — Euro Interbank Offered Rate |
| LLC — Limited Liability Company |
| LP — Limited Partnership |
| PLC — Public Limited Company |
| SOFR — Secured Overnight Financing Rate |
| SONIA — Sterling Overnight Index Average |
| STIBOR — Stockholm Interbank Offered Rate |

---

\* Non-income producing security.

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

<sup>1</sup> Principal Amount denoted in local currency.

<sup>2</sup> All or a portion of this investment is a holding of FTAOF Cayman Sub1 Ltd.

<sup>3</sup> Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>4</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

<sup>5</sup> Callable.

<sup>6</sup> Foreign security denominated in U.S. Dollars.

<sup>7</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $365,761,766, which represents 13.47% of the total net assets of the Fund.

<sup>8</sup> Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. The negative cost and/or fair value, if applicable, is due to the discount received in excess of the principal amount of the unfunded commitment.

<sup>9</sup> Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.

<sup>10</sup>Variable rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

<sup>11</sup>A portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion.

<sup>12</sup>Security is in default.

<sup>13</sup>Issuer filed for bankruptcy and/or is in default.

<sup>14</sup>Affiliated company.

<sup>15</sup>Investment valued using net asset value per share as practical expedient.

<sup>16</sup>All or a portion of this security is segregated as collateral for securities sold short. The market value of the securities pledged as collateral is $24,428,267, which represents 0.90% of the total net assets of the Fund.

<sup>17</sup>Interest-only security.

<sup>18</sup>All or a portion of this investment is a holding of FTAOF Sub1 LLC.

<sup>19</sup>Perpetual security. Maturity date is not applicable.

<sup>20</sup>Investment does not issue shares.

<sup>21</sup>Amount represents less than $0.50.

<sup>22</sup>The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Consolidated Schedule of Investments.*

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Securities with Restrictions on Redemptions** | **Redemptions <br> Permitted** | **Redemption <br> Notice Period** | **Cost** | **Fair Value** | **Original <br> Acquisition Date** |
| &nbsp;&nbsp;&nbsp;137 Direct Fund LP, LLC <sup>(1)</sup> | Not Permitted | N/A | $4000000 | $4000000 | 4/28/2025 |
| &nbsp;&nbsp;&nbsp;137 Holdings MA, LLC <sup>(1)</sup> | Not Permitted | N/A | 1520416 | 2087178 | 10/25/2024 |
| &nbsp;&nbsp;&nbsp;137 Holdings MS, LLC <sup>(1)</sup> | Not Permitted | N/A | 667031 | 1066346 | 8/20/2024 |
| &nbsp;&nbsp;&nbsp;137 Holdings RBC II, LLC <sup>(1)</sup> | Not Permitted | N/A | 4469324 | 4360896 | 6/10/2025 |
| &nbsp;&nbsp;&nbsp;137 Holdings RBC, LLC <sup>(1)</sup> | Not Permitted | N/A | 2509961 | 4040517 | 4/24/2024 |
| &nbsp;&nbsp;&nbsp;137 Ventures VI, LP <sup>(1)</sup> | Not Permitted | N/A | 12040259 | 15514030 | 4/16/2024 |
| &nbsp;&nbsp;&nbsp;137 Ventures VII LP <sup>(1)</sup> | Not Permitted | N/A | 1000000 | 1000000 | 6/20/2025 |
| &nbsp;&nbsp;&nbsp;Acer Tree Credit Opportunities Partners LP <sup>(1)</sup> | Quarterly | 45 Days | 15000000 | 15128396 | 1/31/2025 |
| &nbsp;&nbsp;&nbsp;Arbour Lane Credit Opportunity Fund IV LP <sup>(1)</sup> | Not Permitted | N/A | 5145218 | 5020587 | 2/27/2025 |
| &nbsp;&nbsp;&nbsp;Arlington Capital Partners VI LP <sup>(1)</sup> | Not Permitted | N/A | 1942708 | 2225423 | 1/26/2024 |
| &nbsp;&nbsp;&nbsp;Audax Private Credit Fund LP <sup>(1)</sup> | Not Permitted | N/A | 10579688 | 10874355 | 10/30/2024 |
| &nbsp;&nbsp;&nbsp;Bailard Real Estate Investment Trust, Inc. <sup>(1)</sup> | Quarterly | 30 Days | 74725000 | 74094157 | 12/28/2018 |
| &nbsp;&nbsp;&nbsp;BC Partners Lending Corp. <sup>(1)</sup> | Not Permitted | N/A | 12500000 | 11262996 | 3/6/2023 |
| &nbsp;&nbsp;&nbsp;Blue Owl Real Estate Net Lease Property Fund LP <sup>(1)</sup> | Quarterly | 60 Days | 85000000 | 81949823 | 1/25/2022 |
| &nbsp;&nbsp;&nbsp;CIRE Real Estate Investment Trust, Inc. <sup>(1)</sup> | Quarterly<sup>(2)</sup> | 90 Days | 85902405 | 97320525 | 4/4/2023 |
| &nbsp;&nbsp;&nbsp;Cliffwater Corporate Lending Fund - Class I | Quarterly<sup>(3)</sup> | N/A | 8892526 | 9596305 | 8/4/2020 |
| &nbsp;&nbsp;&nbsp;Cliffwater Enhanced Lending Fund - Class I | Quarterly<sup>(3)</sup> | N/A | 75913581 | 81847189 | 4/26/2022 |
| &nbsp;&nbsp;&nbsp;Core Spaces Fund IV LP <sup>(1)</sup> | Not Permitted | N/A | 5347312 | 4799959 | 10/24/2024 |
| &nbsp;&nbsp;&nbsp;DSC Meridian Credit Opportunities Onshore Fund LP <sup>(1)</sup> | Quarterly<sup>(4)</sup> | 65 Days | 27450000 | 36856787 | 10/1/2018 |
| &nbsp;&nbsp;&nbsp;Eisler Capital Multi Strategy Fund LP <sup>(1)</sup> | Quarterly<sup>(4)</sup> | 65 Days | 29000000 | 31834769 | 12/1/2022 |
| &nbsp;&nbsp;&nbsp;FCP Realty Fund VI-A LP <sup>(1)</sup> | Not Permitted | N/A | 6520364 | 5585715 | 5/14/2024 |
| &nbsp;&nbsp;&nbsp;Fortress Credit Opportunities CLO, LLC <sup>(1)</sup> | Not Permitted | N/A | 8148840 | 7850883 | 1/28/2025 |
| &nbsp;&nbsp;&nbsp;GPS IV LP <sup>(1)</sup> | Not Permitted | N/A | 821739 | 798917 | 3/7/2025 |
| &nbsp;&nbsp;&nbsp;Hedosophia Investments VI H LP <sup>(1)</sup> | Not Permitted | N/A | 1264286 | 1264286 | 6/27/2025 |
| &nbsp;&nbsp;&nbsp;Hedosophia Investments VI I LP <sup>(1)</sup> | Not Permitted | N/A | 1236000 | 1236000 | 6/23/2025 |
| &nbsp;&nbsp;&nbsp;Hedosophia Investments VI J LP <sup>(1)</sup> | Not Permitted | N/A | 1381136 | 1381136 | 6/27/2025 |
| &nbsp;&nbsp;&nbsp;Hedosophia Investors VI E LP <sup>(1)</sup> | Not Permitted | N/A | 2127660 | 2370246 | 12/23/2024 |
| &nbsp;&nbsp;&nbsp;Hedosophia Partners VI LP <sup>(1)</sup> | Not Permitted | N/A | 5345205 | 5178486 | 5/20/2024 |
| &nbsp;&nbsp;&nbsp;Hedosophia SP A LP <sup>(1)</sup> | Not Permitted | N/A | 2085123 | 2190628 | 10/30/2024 |
| &nbsp;&nbsp;&nbsp;Hedosophia SP B LP <sup>(1)</sup> | Not Permitted | N/A | 5019110 | 5259748 | 5/19/2025 |
| &nbsp;&nbsp;&nbsp;Hillpointe Workforce Housing Partner V LP <sup>(1)</sup> | Not Permitted | N/A | 13750000 | 13209230 | 8/16/2024 |
| &nbsp;&nbsp;&nbsp;HS Investments NA18 LP <sup>(1)</sup> | Not Permitted | N/A | 3413571 | 4751538 | 8/28/2024 |
| &nbsp;&nbsp;&nbsp;HS Investments V F LP <sup>(1)</sup> | Not Permitted | N/A | 253257 | 363777 | 7/31/2023 |
| &nbsp;&nbsp;&nbsp;HS Investments VI A LP <sup>(1)</sup> | Not Permitted | N/A | 9851636 | 9831804 | 7/11/2024 |
| &nbsp;&nbsp;&nbsp;HS Investments VI B LP <sup>(1)</sup> | Not Permitted | N/A | 2544085 | 2482928 | 10/15/2024 |
| &nbsp;&nbsp;&nbsp;Hudson Bay Fund LP <sup>(1)</sup> | Quarterly<sup>(4)</sup><sup>(5)</sup> | 65 Days |  | 923866 | 4/1/2021 |
| &nbsp;&nbsp;&nbsp;Invesco Real Estate Income Trust, Inc. - Class I | Monthly | 30 Days | 57873127 | 52305422 | 6/1/2022 |
| &nbsp;&nbsp;&nbsp;Kern River Capital, LLC <sup>(1)</sup> | Not Permitted | N/A | 750000 | 750000 | 3/26/2025 |
| &nbsp;&nbsp;&nbsp;KQ Partners Fund LP <sup>(1)</sup> | Not Permitted | N/A | 2025157 | 5502748 | 5/9/2024 |
| &nbsp;&nbsp;&nbsp;Linden Investors LP <sup>(1)</sup> | Quarterly<sup>(4)</sup> | 65 Days | 21250000 | 29033565 | 10/1/2018 |
| &nbsp;&nbsp;&nbsp;MCF CLO 12, LLC <sup>(1)</sup> | Not Permitted | N/A | 16840163 | 16475042 | 2/24/2025 |
| &nbsp;&nbsp;&nbsp;Nuveen Real Estate U.S. Cities Industrial Fund LP <sup>(1)</sup> | Quarterly | 45 Days | 7993027 | 6688234 | 10/3/2022 |
| &nbsp;&nbsp;&nbsp;Nuveen Real Estate U.S. Cities Multifamily Fund LP <sup>(1)</sup> | Quarterly | 45 Days | 7986701 | 6004679 | 4/1/2022 |
| &nbsp;&nbsp;&nbsp;Old Orchard Credit Fund LP <sup>(1)</sup> | Quarterly<sup>(4)</sup> | 65 Days | 22000000 | 24713586 | 5/31/2023 |
| &nbsp;&nbsp;&nbsp;Opportunistic Credit Interval Fund - Class I | Quarterly<sup>(3)</sup> | N/A | 36252309 | 36416751 | 8/16/2022 |
| &nbsp;&nbsp;&nbsp;Point72 Capital LP <sup>(1)</sup> | Quarterly<sup>(4)</sup><sup>(6)</sup> | 45 Days | 20059379 | 31225281 | 4/24/2019 |
| &nbsp;&nbsp;&nbsp;Pomona Investment Fund LP | Quarterly<sup>(3)</sup> | 75 Days | 45616015 | 52637111 | 10/1/2018 |
| &nbsp;&nbsp;&nbsp;Quiet OA Access LP <sup>(1)</sup> | Not Permitted | N/A | 3034128 | 3017574 | 9/27/2024 |
| &nbsp;&nbsp;&nbsp;Quiet Select Fund - Class B <sup>(1)</sup> | Not Permitted | N/A | 1267200 | 1266943 | 1/13/2025 |
| &nbsp;&nbsp;&nbsp;Quiet Select Fund - Class C <sup>(1)</sup> | Not Permitted | N/A | 2785364 | 2786920 | 1/13/2025 |
| &nbsp;&nbsp;&nbsp;Quiet Select Fund - Class D <sup>(1)</sup> | Not Permitted | N/A | 1500000 | 1520776 | 2/20/2025 |
| &nbsp;&nbsp;&nbsp;Quiet Select Fund - Class E <sup>(1)</sup> | Not Permitted | N/A | 2024349 | 2029329 | 3/19/2025 |
| &nbsp;&nbsp;&nbsp;Quiet Select Fund - Class F <sup>(1)</sup> | Not Permitted | N/A | 1250000 | 1250000 | 6/3/2025 |
| &nbsp;&nbsp;&nbsp;Quiet SPV R9 LP <sup>(1)</sup> | Not Permitted | N/A | 310535 | 11053 | 9/20/2023 |
| &nbsp;&nbsp;&nbsp;Quiet T1 LP - Class A <sup>(1)</sup> | Not Permitted | N/A | 1963497 | 5508243 | 1/29/2024 |
| &nbsp;&nbsp;&nbsp;Quiet T1 LP - Class B <sup>(1)</sup> | Not Permitted | N/A | 1234617 | 1226818 | 1/27/2025 |
| &nbsp;&nbsp;&nbsp;Quiet Venture III Fund LP <sup>(1)</sup> | Not Permitted | N/A | 7695205 | 9406112 | 5/6/2024 |
| &nbsp;&nbsp;&nbsp;Rivernorth Capital Partners LP <sup>(1)</sup> | Quarterly<sup>(6)</sup> | 65 Days | 16000000 | 20408242 | 6/1/2022 |
| &nbsp;&nbsp;&nbsp;Savory Fund III Blocked LP <sup>(1)</sup> | Not Permitted | N/A | 1000000 | 1700101 | 3/11/2024 |
| &nbsp;&nbsp;&nbsp;Schonfeld Strategic Partners Fund, LLC <sup>(1)</sup> | Quarterly | N/A | 11000000 | 11234901 | 3/28/2025 |
| &nbsp;&nbsp;&nbsp;Seer Capital Partners Fund LP <sup>(1)</sup> | Not Permitted | N/A | 2000000 | 3584182 | 9/29/2021 |
| &nbsp;&nbsp;&nbsp;Seer Capital Regulatory Capital Relief Fund LP <sup>(1)</sup> | Not Permitted | N/A | 7000000 | 7287695 | 3/7/2024 |
| &nbsp;&nbsp;&nbsp;StepStone Private Markets - Class I | Quarterly<sup>(3)</sup> | N/A | 36278036 | 46362424 | 3/26/2021 |
| &nbsp;&nbsp;&nbsp;TCW Direct Lending VIII, LLC <sup>(1)</sup> | Not Permitted | N/A | 56373001 | 50843763 | 8/9/2023 |
| &nbsp;&nbsp;&nbsp;TCW Rescue Financing Fund II LP <sup>(1)</sup> | Not Permitted | N/A | 8171430 | 7881555 | 12/9/2024 |
| &nbsp;&nbsp;&nbsp;TPG Tech Adjacencies II LP <sup>(1)</sup> | Not Permitted | N/A | 1500000 | 1822852 | 5/15/2024 |
| &nbsp;&nbsp;&nbsp;TPG Tech Adjacencies II Vital CI LP <sup>(1)</sup> | Not Permitted | N/A | 2020000 | 2091565 | 1/6/2025 |
| &nbsp;&nbsp;&nbsp;US Industrial Club VII, LP <sup>(1)</sup> | Not Permitted | N/A | 4662889 | 4662889 | 6/17/2025 |
| &nbsp;&nbsp;&nbsp;Walleye Opportunities Fund LP <sup>(1)</sup> | Monthly<sup>(4)</sup> | 30 Days | 44925000 | 54161843 | 12/3/2018 |
| &nbsp;&nbsp;&nbsp;Whitehawk IV-Plus Onshore Fund LP <sup>(1)</sup> | Not Permitted | N/A | 3850000 | 4621505 | 6/29/2023 |
| **Totals** |  |  | $**983858570** | $**1065999130** |  |

---

<sup>(1)</sup> Securities generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.

<sup>(2)</sup> The Real Estate Investment Trust can institute a limit on redemptions at the trust level of 5% of the fair value of the investment in the Real Estate Investment Trust.

<sup>(3)</sup> The Closed-End Fund can institute a limit on redemptions at the fund level of 5% of the net asset value of the Closed-End Fund.

<sup>(4)</sup> The Private Investment Fund can institute a gate provision on redemptions at the investor level of 25% of the fair value of the investment in the Private Investment Fund.

<sup>(5)</sup> The Private Investment Fund can institute a gate provision on redemptions at the investor level of 12.5% of the fair value of the investment in the Private Investment Fund.

<sup>(6)</sup> The Private Investment Fund can institute a gate provision on redemptions at the fund level of 10-25% of the fair value of the investment in the Private Investment Fund.

*See accompanying Notes to Consolidated Schedule of Investments.*

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)**

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Counterparty** | **Currency <br> Exchange** | **Settlement <br> Date** | **Currency <br> Amount <br> Purchased/(Sold)** | **Value At <br> Settlement <br> Date** | **Value At <br> June 30, 2025** | **Unrealized <br> Appreciation/<br> (Depreciation)** |
| **PURCHASE CONTRACTS** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 6/18/2026 | 1600000 | $1777920 | $1923022 | $145102 |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 11/6/2026 | 2808000 | 3146364 | 3385661 | 239297 |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/22/2026 | 2608000 | 2836200 | 3128568 | 292368 |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | 110000 | 118415 | 131100 | 12685 |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | 30000 | 32475 | 35939 | 3464 |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/22/2025 | 100000 | 106320 | 117985 | 11665 |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2025 | 80000 | 85584 | 94935 | 9351 |
| &nbsp;&nbsp;&nbsp;British Pound Sterling | BNP Paribas | GBP per USD | 8/14/2025 | 1400000 | 1919610 | 1922272 | 2662 |
| &nbsp;&nbsp;&nbsp;**TOTAL PURCHASE CONTRACTS** | &nbsp;&nbsp;&nbsp;**TOTAL PURCHASE CONTRACTS** |  |  |  | **10022888** | **10739482** | **716594** |
| **SALE CONTRACTS** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/22/2025 | (190000) | $(212021) | $(224172) | $(12151) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2025 | (6000000) | (6715200) | (7120081) | (404881) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 3/13/2028 | (5656000) | (6447840) | (6983580) | (535740) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 9/15/2025 | (41000000) | (48150400) | (48546838) | (396438) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2025 | (280000) | (309064) | (332270) | (23206) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/21/2025 | (9940000) | (11520460) | (11726870) | (206410) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/17/2025 | (9500000) | (11006700) | (11204566) | (197866) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2025 | (620000) | (691610) | (735742) | (44132) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 1/22/2026 | (320000) | (358880) | (381383) | (22503) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 1/22/2027 | (410000) | (460225) | (496165) | (35940) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 1/24/2028 | (230000) | (261970) | (283308) | (21338) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 2/20/2026 | (5584000) | (6248496) | (6666149) | (417653) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 2/22/2027 | (630000) | (713160) | (763532) | (50372) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (250000) | (281000) | (299491) | (18491) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2027 | (430000) | (484180) | (522618) | (38438) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 5/22/2026 | (7040000) | (7895360) | (8448191) | (552831) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 5/24/2027 | (650000) | (738725) | (791219) | (52494) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 6/18/2026 | (9472000) | (10656000) | (11384291) | (728291) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 6/4/2027 | (14224000) | (16144240) | (17323478) | (1179238) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/22/2025 | (230000) | (256910) | (271366) | (14456) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/30/2027 | (8776000) | (9901083) | (10717215) | (816132) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/22/2025 | (280000) | (311920) | (331024) | (19104) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/24/2026 | (540000) | (606690) | (648801) | (42111) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/2/2027 | (1120000) | (1264480) | (1367937) | (103457) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2025 | (210000) | (234990) | (249203) | (14213) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2027 | (270000) | (306612) | (331065) | (24453) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 11/21/2025 | (310000) | (345805) | (368586) | (22781) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 12/23/2026 | (1649000) | (1763605) | (1992694) | (229089) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (440000) | (487740) | (524402) | (36662) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 1/22/2027 | (110000) | (123530) | (133118) | (9588) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 2/20/2026 | (540000) | (603180) | (644649) | (41469) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 2/22/2027 | (5472000) | (6013728) | (6631822) | (618094) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (290000) | (322625) | (347410) | (24785) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2027 | (130000) | (146380) | (158001) | (11621) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 5/22/2026 | (640000) | (716480) | (768017) | (51537) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 5/21/2027 | (270000) | (321975) | (328613) | (6638) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2026 | (440000) | (491040) | (527826) | (36786) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/22/2027 | (410000) | (462480) | (500497) | (38017) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/22/2025 | (750000) | (830850) | (886670) | (55820) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/21/2026 | (730000) | (821250) | (876958) | (55708) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/20/2027 | (5968000) | (7142502) | (7295490) | (152988) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2026 | (400000) | (447800) | (481944) | (34144) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 11/21/2025 | (380000) | (422674) | (451815) | (29141) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 11/6/2026 | (10936000) | (12248320) | (13185751) | (937431) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (130000) | (142506) | (154937) | (12431) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 1/22/2027 | (240000) | (269976) | (290438) | (20462) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 2/23/2026 | (610000) | (680760) | (728339) | (47579) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 2/22/2027 | (270000) | (320841) | (327228) | (6387) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (1448000) | (1595696) | (1734654) | (138958) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 1/22/2027 | (270000) | (304749) | (328155) | (23406) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 5/22/2026 | (740000) | (830502) | (888020) | (57518) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (450000) | (495000) | (530933) | (35933) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2026 | (2608000) | (2914440) | (3128568) | (214128) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/22/2027 | (240000) | (271752) | (292974) | (21222) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/22/2025 | (690000) | (764589) | (815737) | (51148) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/21/2026 | (330000) | (359040) | (396433) | (37393) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (360000) | (397440) | (427205) | (29765) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2026 | (380000) | (425410) | (457846) | (32436) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 11/24/2025 | (550000) | (611600) | (654070) | (42470) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (110000) | (122188) | (131100) | (8912) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 1/22/2027 | (290000) | (330542) | (350946) | (20404) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 2/2/2026 | (4275000) | (4747388) | (5098234) | (350846) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (30000) | (33447) | (35939) | (2492) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 1/22/2027 | (300000) | (343200) | (364617) | (21417) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 5/22/2026 | (420000) | (454650) | (504011) | (49361) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (140000) | (152166) | (165179) | (13013) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2026 | (480000) | (535920) | (575810) | (39890) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/22/2027 | (4208000) | (4830784) | (5136809) | (306025) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/22/2025 | (1020000) | (1136382) | (1205871) | (69489) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/21/2026 | (350000) | (412510) | (420459) | (7949) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (110000) | (120054) | (130535) | (10481) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2026 | (120000) | (134340) | (144583) | (10243) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 11/21/2025 | (880000) | (982960) | (1046309) | (63349) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 11/23/2026 | (600000) | (676500) | (724018) | (47518) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (410000) | (455592) | (488647) | (33055) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 2/20/2026 | (870000) | (974226) | (1038601) | (64375) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (360000) | (400500) | (431268) | (30768) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2026 | (120000) | (133860) | (143953) | (10093) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/22/2025 | (540000) | (574938) | (638403) | (63465) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 9/15/2025 | (38060000) | (44256168) | (45065674) | (809506) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (80000) | (88560) | (94934) | (6374) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2026 | (280000) | (313964) | (337360) | (23396) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 11/21/2025 | (500000) | (535400) | (594494) | (59094) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 11/20/2026 | (9320000) | (10503640) | (11244808) | (741168) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (130000) | (144365) | (154937) | (10572) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 2/20/2026 | (400000) | (430600) | (477518) | (46918) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (130000) | (144820) | (155736) | (10916) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 5/22/2026 | (350000) | (410585) | (420010) | (9425) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/22/2025 | (100000) | (110500) | (117985) | (7485) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/14/2025 | (149132000) | (166401486) | (176212307) | (9810821) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (410000) | (454198) | (486539) | (32341) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 10/22/2026 | (360000) | (408672) | (433749) | (25077) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 11/21/2025 | (370000) | (429274) | (439925) | (10651) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 11/20/2026 | (330000) | (360855) | (398153) | (37298) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/22/2025 | (390000) | (430950) | (460142) | (29192) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/22/2026 | (250000) | (279300) | (299901) | (20601) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 8/14/2025 | (42371000) | (48180064) | (50064987) | (1884923) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (140000) | (154980) | (166135) | (11155) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 11/20/2026 | (280000) | (331380) | (337827) | (6447) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 1/22/2026 | (270000) | (299322) | (321792) | (22470) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 2/20/2026 | (430000) | (501767) | (513332) | (11565) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (300000) | (333840) | (359390) | (25550) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/22/2025 | (120000) | (132480) | (141582) | (9102) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 7/22/2026 | (370000) | (418396) | (443854) | (25458) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 1/22/2026 | (410000) | (459610) | (488647) | (29037) |
| &nbsp;&nbsp;&nbsp;Euro | BNP Paribas | EUR per USD | 4/22/2026 | (390000) | (439140) | (467206) | (28066) |
| &nbsp;&nbsp;&nbsp;British Pound Sterling | BNP Paribas | GBP per USD | 8/14/2025 | (52719000) | (69550068) | (72385882) | (2835814) |
| &nbsp;&nbsp;&nbsp;Swedish Krona | BNP Paribas | SEK per USD | 8/14/2025 | (148637000) | (15234555) | (15758303) | (523748) |
| &nbsp;&nbsp;&nbsp; **TOTAL SALE CONTRACTS** | &nbsp;&nbsp;&nbsp; **TOTAL SALE CONTRACTS** | &nbsp;&nbsp;&nbsp; **TOTAL SALE CONTRACTS** |  |  | **(565565567)** | **(593028756)** | **(27463189)** |
| &nbsp;&nbsp;&nbsp;**TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | &nbsp;&nbsp;&nbsp;**TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | &nbsp;&nbsp;&nbsp;**TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | &nbsp;&nbsp;&nbsp;**TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |  | $**(555542679)** | $**(582289274)** | $**(26746595)** |

---

EUR – Euro

GBP – British Pound Sterling

SEK – Swedish Krona

*See accompanying Notes to Consolidated Schedule of Investments.*

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED PORTFOLIO COMPOSITION**

**As of June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Country of Investment | Value | Percent of<br> Total Net Assets |
| Canada | $82967 | 0.0% |
| Cayman Islands | 27441135 | 0.9% |
| China | 3544 | 0.0% |
| European Union | 535226807 | 19.8% |
| Israel | 1 | 0.0% |
| Switzerland |  | 0.0% |
| United Kingdom | 103289771 | 4.0% |
| United States | 2263869852 | 83.2% |
| Virgin Islands (British) | 421551 | 0.0% |
| **Total Investments** | **2930335628** | **107.9%** |
| Liabilities in Excess of Other Assets | (214629449) | (7.9)% |
| **Total Net Assets** | $**2715706179** | **100.0%** |

---

 

*See accompanying Notes to Consolidated Schedule of Investments.*

**First Trust Alternative Opportunities Fund**

**CONSOLIDATED SUMMARY OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector\* | Percent of Total<br> Net Assets |
| Asset-Backed Securities | 19.8% |
| Bank Loans | 10.0% |
| Closed-End Funds | 9.1% |
| Collateralized Loan Obligations | 17.9% |
| Collateralized Mortgage Obligations | 0.0% |
| Common Stocks |  |
| &nbsp;&nbsp;Communications | 0.0% |
| &nbsp;&nbsp;Consumer Non-Cyclical | 0.2% |
| &nbsp;&nbsp;Consumer Staples | 0.1% |
| &nbsp;&nbsp;Energy | 0.0% |
| &nbsp;&nbsp;Financials | 0.7% |
| &nbsp;&nbsp;Health Care | 0.1% |
| &nbsp;&nbsp;Technology | 2.0% |
| **Total Common Stocks** | **3.1%** |
| Corporate Bonds |  |
| &nbsp;&nbsp;Financials | 2.0% |
| Mutual Funds | 3.4% |
| Preferred Stocks |  |
| &nbsp;&nbsp;Consumer Non-Cyclical | 0.3% |
| &nbsp;&nbsp;Consumer Staples | 0.1% |
| &nbsp;&nbsp;Financials | 1.2% |
| &nbsp;&nbsp;Technology | 0.9% |
| **Total Preferred Stocks** | **2.5%** |
| Private Investment Vehicles |  |
| &nbsp;&nbsp;Investment Partnerships | 19.5% |
| &nbsp;&nbsp;Non-Listed Business Development Companies | 2.3% |
| &nbsp;&nbsp;Private Collateralized Loan Obligations | 2.6% |
| **Total Private Investment Vehicles** | **24.4%** |
| Real Estate Investment Trusts | 8.2% |
| Rights | 0.0% |
| Units |  |
| &nbsp;&nbsp;Financials | 0.5% |
| Warrants | 0.0% |
| Short-Term Investments | 7.0% |
| **Total Investments** | **107.9%** |
| Liabilities in Excess of Other Assets | (7.9)% |
| **Total Net Assets** | **100.0%** |

---

\* This table does not include written options contracts. Please refer to the Consolidated Schedule of Investments for information on written options contracts.

 

*See accompanying Notes to Consolidated Schedule of Investments.*

**First Trust Alternative Opportunities Fund**

**NOTES TO CONSOLIDATED Schedule of Investments**

**June 30, 2025 (Unaudited)**

**Note 1 – Valuation of Investments**

UMB Fund Services, Inc. ("UMBFS"), the Fund's administrator, calculates the Fund's net asset value ("NAV") as of the close of business on each business day and at such other times as the Board of Trustees may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board (each, a "Determination Date").

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated the Investment Manager as the valuation designee ("Valuation Designee") for the Fund to perform in good faith the fair value determination relating to all Fund investments, under the Board's oversight. The Investment Manager carries out its designated responsibilities as Valuation Designee through its Valuation Committee. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources.

Securities traded on one or more of the U.S. national securities exchanges, the Nasdaq Stock Market or any foreign stock exchange will be valued at the last sale price or the official closing price on the exchange or system where such securities are principally traded for the business day as of the relevant Determination Date. If no sale or official closing price of particular securities is reported on a particular day, the securities will be valued at the closing bid price for securities held long, or the closing ask price for securities held short, or if a closing bid or ask price, as applicable, is not available, at either the exchange or system-defined closing price on the exchange or system in which such securities are principally traded. Over-the-counter securities not quoted on the Nasdaq Stock Market will be valued at the last sale price on the relevant Determination Date or, if no sale occurs, at the last bid price, in the case of securities held long, or the last ask price, in the case of securities held short, at the time net asset value is determined. Equity securities for which no prices are obtained under the foregoing procedures, including those for which a pricing service supplies no exchange quotation or a quotation that is believed by the Valuation Designee not to reflect the fair value, will be valued at the bid price, in the case of securities held long, or the ask price, in the case of securities held short, supplied by one or more dealers making a market in those securities or one or more brokers. Futures index options will be valued at the mid-point between the last bid price and the last ask price on the relevant determination date at the time net asset value is determined.

Fixed-income securities with a remaining maturity of sixty (60) days or more will normally be valued according to the mean between the last available bid and ask price from a recognized pricing service. Fixed-income securities for which market quotations are unavailable or are believed by the Valuation Designee not to reflect fair value will be valued based upon broker-supplied quotations, provided that if such quotations are unavailable or are believed by the Valuation Designee not to reflect fair value, such fixed-income securities will be valued by the Valuation Designee using valuation models that take into account spread and daily yield changes on government securities in the appropriate market (e.g., matrix pricing). High quality investment grade debt securities (e.g., treasuries, commercial paper, etc.) with a remaining maturity of sixty (60) days or less are valued at amortized cost, which the Valuation Designee has determined to approximate fair value.

**First Trust Alternative Opportunities Fund**

**NOTES TO CONSOLIDATED Schedule of Investments - Continued**

**June 30, 2025 (Unaudited)**

The Fund will generally value shares of exchange traded funds ("ETFs") at the last sale price on the exchange on which the ETF is principally traded. The Fund will generally value shares of open-end investment companies and closed-end investment companies that do not trade on one or more of the U.S. national securities exchanges at their respective daily closing NAV.

The Fund will generally value private investment vehicles in accordance with the value determined as of such date by each private investment vehicle in accordance with the private investment vehicle's valuation policies and reported at the time of the Fund's valuation. As a general matter, the fair value of the Fund's interest in a private investment vehicle will represent the amount that the Fund could reasonably expect to receive from the private investment vehicle if the Fund's interest was redeemed at the time of valuation, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable. In the event that the private investment vehicle does not report a value to the Fund on a timely basis, the Fund will determine the fair value of such private investment vehicle based on the most recent final or estimated value reported by the private investment vehicle, as well as any other relevant information available at the time the Fund values its portfolio. A substantial amount of time may elapse between the occurrence of an event necessitating the pricing of Fund assets and the receipt of valuation information from the underlying manager of a private investment vehicle.

The Valuation Designee will consider whether it is appropriate, in light of all relevant circumstances, to value such interests at the NAV as reported by the underlying manager at the time of valuation, or whether to adjust such value to reflect a premium or discount to NAV. In accordance with GAAP and industry practice, the Fund may not always apply a discount in cases where there is no contemporaneous redemption activity in a particular private investment vehicle. In other cases, as when a private investment vehicle imposes extraordinary restrictions on redemptions, when other extraordinary circumstances exist or when there have been no recent transactions in private investment vehicle interests, the Fund may determine that it is appropriate to apply a discount to the NAV of the private investment vehicle. Any such decision will be made in good faith by the Valuation Designee, under oversight by the Board.

In certain circumstances, the Valuation Designee may determine that a private investment vehicle's NAV shall be adjusted more frequently. For these private investment vehicles, the NAVs are adjusted daily based on the total return that each private investment vehicle is estimated by the Valuation Designee to generate during the period (adjusted NAV). The Valuation Designee monitors these estimates daily and updates them as necessary if macro or individual fund changes warrant any adjustments, subject to the review and supervision of the Valuation Designee.

Where deemed appropriate by the Valuation Designee and consistent with the Investment Company Act, investments in private investment vehicles may be valued at cost. Cost will be used only when cost is determined to best approximate the fair value of the particular private investment vehicle under consideration.

The Valuation Designee will determine the fair value of its shares of a private company based on numerous factors, including but not limited to market activity or events in the market. Absent such a transaction or event within a year, or as deemed necessary by the Valuation Designee, but in no instance greater than one year from the quarter end in which such event occurred, the Valuation Designee will engage qualified external valuation consultants to provide an independent valuation.

The Valuation Designee will evaluate each private debt investment's fair value based on numerous factors, including but not limited to changes in credit risk, construction risk, the financial strength of the borrower and the debt instrument's spread to US Treasuries. The Fund will also engage qualified external valuation consultants to provide valuation information, typically on a quarterly basis, but at least semiannually. The Fund will generally value any private debt investments at the lesser of their amortized cost or the mid-point of any valuation range as provided by a qualified external valuation consultant. In certain circumstances, the Valuation Designee may determine that this amount does not represent the fair value of the private debt investment based on current market conditions. In such an instance, the Valuation Designee will fair value the investment using another methodology. In its fair valuation assessment process, the Valuation Designee may consider any information it deems appropriate including from external valuation consultants.

**First Trust Alternative Opportunities Fund**

**NOTES TO CONSOLIDATED Schedule of Investments - Continued**

**June 30, 2025 (Unaudited)**

Warrants for which market quotations are not readily available will be fair valued based on the underlying investment. The Fund will engage qualified external valuation consultants to provide valuation information, typically on a quarterly basis, but at least semiannually. The Fund will generally value warrants at the mid-point of any valuation range as provided by a qualified external valuation consultant. In certain circumstances, the Valuation Designee may determine that this amount does not represent the fair value of the warrant based on current market conditions. In such an instance, the Valuation Designee will fair value the warrant using another methodology. In its fair valuation assessment process, the Valuation Designee may consider any information it deems appropriate including from external valuation consultants.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars using foreign exchange rates provided by a pricing service. Trading in foreign securities generally is completed, and the values of such securities are determined, prior to the close of securities markets in the United States. Foreign exchange rates are also determined prior to such close. On occasion, the values of securities and exchange rates may be affected by events occurring between the time as of which determination of such values or exchange rates are made and the time as of which the NAV of the Fund is determined. When such events materially affect the values of securities held by the Fund or its liabilities, such securities and liabilities will be valued at fair value as determined in good faith by the Valuation Designee.

Investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's NAV if the judgments regarding appropriate valuations should prove incorrect.

**Note 2 – Fair Value Measurements and Disclosure**

ASC 820, *Fair Value Measurement* ("ASC 820") defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly and how that information must be incorporated into a fair value measurement.

Under ASC 820, various inputs are used in determining the value of the Fund's investments. These inputs are summarized into three broad levels as described below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**First Trust Alternative Opportunities Fund**

**NOTES TO CONSOLIDATED Schedule of Investments - Continued**

**June 30, 2025 (Unaudited)**

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

In accordance with ASU 2015-07, *Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)*, investments valued at the net asset value as practical expedient are not included in the fair value hierarchy. As such, investments in CEFs, Private Investment Vehicles and REITs with a fair value of $397,712,105 are excluded from the fair value hierarchy as of June 30, 2025.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

**First Trust Alternative Opportunities Fund**

**NOTES TO CONSOLIDATED Schedule of Investments - Continued**

**June 30, 2025 (Unaudited)**

The following table summarizes the Fund's investments that are measured at fair value by level within the fair value hierarchy as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $- | $517976475 | $21134390 | $539110865 |
| &nbsp;&nbsp;&nbsp;Bank Loans |  |  | 271136637 | 271136637 |
| &nbsp;&nbsp;&nbsp;Closed-End Funds | 194172151 |  |  | 194172151 |
| &nbsp;&nbsp;&nbsp;Collateralized Loan Obligations |  | 470882402 | 13922696 | 484805098 |
| &nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | 166309 |  |  | 166309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Non-Cyclical |  |  | 6437178 | 6437178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples |  |  | 2474621 | 2474621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 29925 |  |  | 29925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 12659106 | 3449228 | 3092185 | 19200519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 630090 |  | 638123 | 1268213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | 18601453 | 20912663 | 14839346 | 54353462 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds<sup>\*</sup> |  | 53782912 |  | 53782912 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 92870781 |  |  | 92870781 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Non-Cyclical |  |  | 7500000 | 7500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples |  | 3109437 |  | 3109437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 6535755 | 4587707 | 22164630 | 33288092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology |  | 4394531 | 20071949 | 24466480 |
| &nbsp;&nbsp;&nbsp;Private Investment Vehicles |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Partnerships |  |  | 436841287 | 436841287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Listed Business Development Companies |  |  | 50843763 | 50843763 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts |  |  | 52305422 | 52305422 |
| &nbsp;&nbsp;&nbsp;Rights | 281362 |  | 17638 | 299000 |
| &nbsp;&nbsp;&nbsp;Units | 13091647 |  |  | 13091647 |
| &nbsp;&nbsp;&nbsp;Warrants | 370145 | 31 | 579033 | 949209 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 190120512 | - | - | 190120512 |
| Subtotal | $529529236 | $1079095389 | $923998898 | $2532623523 |
| Closed-End Funds |  |  |  | 52637111 |
| Private Investment Vehicles |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Partnerships |  |  |  | 92145275 |
| &nbsp;&nbsp;&nbsp;Non-Listed Business Development Companies |  |  |  | 11262996 |
| &nbsp;&nbsp;&nbsp;Private Collateralized Loan Obligations |  |  |  | 70252041 |
| Real Estate Investment Trusts |  |  |  | 171414682 |
| Total Investments |  |  |  | $2930335628 |
| Other Financial Instruments\*\*\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $- | $716594 | $- | $716594 |
| Total Assets | $529529236 | $1079811983 | $923998898 | $2931052222 |
| **Liabilities** |  |  |  |  |
| Securities Sold Short |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>\*\*</sup> | $49908 | $- | $- | $49908 |
| Total Securities Sold Short | $49908 | $- | $- | $49908 |
| Other Financial Instruments\*\*\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | $- | $27463189 | $- | $27463189 |
| Total Other Financial Instruments | $- | $27463189 | $- | $27463189 |
| Total Liabilities | $49908 | $27463189 | $- | $27513097 |

---

\* All corporate bonds held in the Fund are Level 2 securities. For a detailed break-out of corporate bonds by major industry classification, please refer to the Consolidated Schedule of Investments.

\*\* All common stocks sold short in the Fund are Level 1 securities. For a detailed break-out of common stocks sold short by major industry classification, please refer to the Consolidated Schedule of Investments.

\*\*\* Other financial instruments are derivative instruments such as forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation/(depreciation) on the instrument.

**First Trust Alternative Opportunities Fund**

**NOTES TO CONSOLIDATED Schedule of Investments - Continued**

**June 30, 2025 (Unaudited)**

**Note 3 – Affiliated Issuers**

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment which is advised or sponsored by a Sub-Adviser. The table below reflects transactions during the period with entities that are affiliates as of June 30, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares/<br> Principal<br> Amount End<br> of Period** | **Value<br> Beginning<br> of Period** | **Additions** | **Reductions** | **Net<br> Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Gain (Loss)** | **Value<br> End of<br> Period** | **Dividend<br> Income\*** | **Interest<br> Income\*** |
| **Closed-End Funds** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Opportunistic Credit Interval Fund - Class I⁽¹⁾ | 3136671 | $36008984 | $- | $- | $- | $407767 | $36416751 | $784156 | $- |
| &nbsp;&nbsp;&nbsp;Palmer Square Capital BDC, Inc.⁽¹⁾ | 1429046 | 19034893 |  |  |  | 914589 | 19949482 | 600199 |  |
| **Collateralized Loan Obligations** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2022-1X, Class SUB, 0.000%, 10/15/2031⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 4000000 | 135813 |  |  |  | 12143 | 147956 |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2022-2X, Class SUB, 0.000%, 10/15/2031⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 4000000 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2022-3X, Class SUB, 0.000%, 4/12/2032⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾ | 7100000 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2023-1A, Class SUB, 0.000%, 11/15/2032⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾ | 8325000 | 8377306 |  |  |  | 412929 | 8790235 |  | 556663 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2023-2X, Class SUB, 15.000%, 1/15/2033⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 8150000 | 8462950 |  |  |  | 829281 | 9292231 |  | 611428 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2023-3X, Class SUB, 15.000%, 5/15/2033⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 6200000 | 6704152 |  |  |  | 612870 | 7317022 |  | 35575 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2024-1X, Class SUB, 15.000%, 8/15/2033⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 8050000 |  | 8989391 |  |  | 493469 | 9482860 |  | 338523 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2024-2X, Class SUB, 15.000%, 5/15/2034⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 4500000 | 4841633 | 100 |  |  | 389538 | 5231271 |  | 138028 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2024-3A, Class SUB, 15.000%, 5/15/2034⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾ | 9425000 | 9755943 |  | (29239) |  | 167936 | 9894640 |  | 691964 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2025-1X, Class SUB, 8.236%, 10/15/2034⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 1700000 | 1831481 |  |  |  | 106355 | 1937836 |  | 51732 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2025-2X, Class SUB, 0.000%, 2/15/2035⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁸⁾ | 10000000 |  | 10977583 |  |  | 213370 | 11190953 |  | 53913 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2021-2X, Class SUB, 0.000%, 4/15/2035⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 2975000 | 2088699 |  |  |  | 9501 | 2098200 |  | 186021 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2023-2X, Class SUB, 13.500%, 10/15/2036⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 14550000 | 13642541 |  |  |  | 932019 | 14574560 |  | 1029394 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2024-1X, Class SUB, 15.000%, 5/15/2037⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 2500000 | 1952939 |  |  |  | (138953) | 1813986 |  | 185995 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2024-2X, Class F, 10.519% (3-Month Euribor+824 basis points), 10/15/2037⁽¹⁾⁽³⁾⁽⁴⁾⁽⁹⁾ | 11000000 | 8400945 |  |  |  | 183227 | 8584172 |  | 444872 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2024-2X, Class SUB, 15.000%, 10/15/2037⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 14000000 | 14239915 |  |  |  | (123515) | 14116400 |  | 522350 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2023-1X, Class FR, 10.549% (3-Month Euribor+827 basis points), 1/15/2038⁽¹⁾⁽³⁾⁽⁴⁾⁽⁹⁾ | 8200000 | 7914888 |  |  |  | 420848 | 8335736 |  | 585764 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2023-1X, Class SUB, 15.000%, 1/15/2038⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 10575000 | 9034500 |  |  |  | 906467 | 9940967 |  | 479495 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2025-2X, Class F, 10.196% (3-Month Euribor+817 basis points), 7/15/2038⁽¹⁾⁽³⁾⁽⁴⁾⁽⁸⁾⁽⁹⁾ | 4000000 |  | 4451005 |  |  | 166736 | 4617741 |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2025-2X, Class SUB, 0.000%, 7/15/2038⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁸⁾ | 6500000 | 6325692 | 11927 |  |  | 262228 | 6599847 |  | 11927 |
| &nbsp;&nbsp;&nbsp;Palmer Square European Loan Funding, Series 2025-1X, Class SUB, 15.000%, 10/15/2039⁽¹⁾⁽³⁾⁽⁴⁾⁽⁵⁾ | 10000000 | 8226172 |  |  |  | (236680) | 7989492 |  | 721614 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2020-1A, Class SUB, 0.000%, 2/20/2028⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾⁽⁷⁾⁽¹⁰⁾ | 1250000 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2020-4A, Class SUB, 0.000%, 11/25/2028⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾⁽⁷⁾⁽¹⁰⁾ | 2250000 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2021-1A, Class SUB, 0.000%, 4/20/2029⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 1250000 | 624250 |  | (611668) |  | (12582) |  |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2021-2A, Class SUB, 0.000%, 5/20/2029⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 2150000 | 1234536 |  | (573812) |  | (523297) | 137427 |  | 517579 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2021-3A, Class SUB, 0.000%, 7/20/2029⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 1500000 | 928534 |  | (520869) |  | (89665) | 318000 |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2021-4A, Class SUB, 15.000%, 10/15/2029⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 3100000 | 1975757 |  |  |  | (204894) | 1770863 |  | 88990 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2022-1A, Class SUB, 15.000%, 4/15/2030⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 5235000 | 3001220 |  |  |  | (352721) | 2648499 |  | 188253 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2022-2A, Class SUB, 15.000%, 10/15/2030⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 6000000 | 4318255 |  |  |  | (430881) | 3887374 |  | 189808 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2022-5I, Class SUB, 0.000%, 1/15/2031⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾⁽¹⁰⁾ | 4675000 | 114294 |  | (114294) |  |  |  |  | 84427 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2022-3A, Class SUB, 9.350%, 4/15/2031⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 1250000 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2023-1A, Class SUB, 0.000%, 7/20/2031⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 8050000 | 7045617 |  |  |  | (593054) | 6452563 |  | 362819 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2022-4A, Class SUB, 12.50%, 7/24/2031⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 6250000 | 5609536 |  |  |  | (512872) | 5096664 |  | 277596 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2023-2A, Class SUB, 14.000%, 1/25/2032⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 750000 | 744879 | 302 |  |  | (20620) | 724561 |  | 20839 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2024-3A, Class SUB, 15.000%, 8/8/2032⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾ | 14000000 | 14194624 |  |  |  | (754977) | 13439647 |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2024-1A, Class E, 10.826% (3-Month Term SOFR+657 basis points), 10/15/2032⁽¹⁾⁽⁴⁾⁽⁷⁾⁽⁹⁾⁽¹⁰⁾ | 18800000 | 18800000 |  |  |  | 88119 | 18888119 |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2024-1A, Class SUB, 15.000%, 10/15/2032⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 8000000 | 7555258 |  |  |  | 299756 | 7855014 |  | 189389 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2024-2A, Class SUB, 15.000%, 1/15/2033⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 11000000 | 9657361 |  |  |  | (617447) | 9039914 |  | 400799 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2025-1A, Class SUB, 0.000%, 2/15/2033⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 11500000 | 11560383 |  |  |  | (526614) | 11033769 |  |  |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2023-3A, Class SUB, 8.020%, 1/20/2037⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 8000000 | 7129152 |  |  |  | (801122) | 6328030 |  | 504088 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2024-1A, Class SUB, 10.571%, 4/15/2037⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 13760000 | 13072798 |  |  |  | (73619) | 12999179 |  | 551009 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2024-2A, Class SUB, 14.000%, 7/20/2037⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 6500000 | 6186472 |  |  |  | (128126) | 6058346 |  | 270100 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2024-3A, Class SUB, 14.000%, 7/20/2037⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 12750000 | 12113029 |  |  |  | 205557 | 12318586 |  | 523181 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2023-4A, Class SUB, 15.000%, 10/20/2037⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 17500000 | 17538682 |  |  |  | (2850652) | 14688030 |  | 1660157 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2024-4A, Class SUB, 15.000%, 1/15/2038⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 4000000 | 4128190 |  |  |  | (236263) | 3891927 |  | 186879 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2023-1A, Class SUB, 15.000%, 1/20/2038⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 6600000 | 5930847 |  |  |  | (416996) | 5513851 |  | 152970 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2025-1A, Class SUB, 15.000%, 4/20/2038⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 9500000 | 9693333 |  |  |  | (1255026) | 8438307 |  | 244948 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2023-2A, Class SUB, 15.000%, 4/20/2036⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽¹⁰⁾ | 16250000 | 14908117 |  |  |  | (2070570) | 12837547 |  | 865185 |
| &nbsp;&nbsp;&nbsp;Palmer Square Loan Funding Ltd., Series 2025-2A, Class SUB, 0.000%, 7/20/2038⁽¹⁾⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽⁸⁾⁽¹⁰⁾ | 8450000 |  | 8450000 |  |  | 28523 | 8478523 |  | 98243 |
| **Mutual Funds** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Driehaus Event Driven Fund⁽¹²⁾ | 1629208 | 37240967 |  | (17500000) | (733088) | 1145420 | 20153299 |  |  |
| &nbsp;&nbsp;&nbsp;Glenmede Secured Options Portfolio - Class Institutional⁽¹²⁾ | 5171940 | 77873967 | 2000000 | (10000000) | (179017) | 3022532 | 72717482 | 180635 |  |
| **Private Investment Vehicles** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BC Partners Lending Corp.⁽¹⁾ | 567120 | 11467159 |  |  |  | (204163) | 11262996 | 572791 |  |
| &nbsp;&nbsp;&nbsp;MCF CLO 12, LLC⁽¹⁾ | 16840163 | 11867246 | 5291828 |  |  | (684032) | 16475042 |  |  |
| &nbsp;&nbsp;&nbsp;RiverNorth Capital Partners LP⁽¹⁾⁽⁶⁾⁽¹³⁾ |  | 19570057 |  |  |  | 838185 | 20408242 |  |  |
| &nbsp;&nbsp;&nbsp;TCW Direct Lending VIII, LLC⁽⁶⁾⁽¹²⁾ | 795000 | 36565578 | 14907427 |  |  | (629242) | 50843763 | 1559354 |  |
| **Real Estate Investment Trusts** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Real Estate Income Trust, Inc. - Class I⁽¹⁾⁽⁶⁾ | 1992811 | 53214090 | - | - | - | (908668) | 52305422 | 831002 | - |
|  | **397631959** | $**592843634** | $**55079563** | $**(29349882)** | $**(912105)** | $**(2327886)** | $**615333324** | $**4528137** | $**14022515** |

---

---

| | |
|:---|:---|
| \* | Net of foreign withholding taxes. |
| ⁽¹⁾ | Advised or sponsored by a Sub-Adviser. |
| ⁽²⁾ | Security not held or not an affiliate at the end of the period. |
| ⁽³⁾ | Principal Amount denoted in local currency. |
| ⁽⁴⁾ | Callable. |
| ⁽⁵⁾ | Variable rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| ⁽⁶⁾ | The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy. |
| ⁽⁷⁾ | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. |
| ⁽⁸⁾ | Security not held or not an affiliate at the beginning of the period. |
| ⁽⁹⁾ | Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| ⁽¹⁰⁾ | Foreign security denominated in U.S. Dollars. |
| ⁽¹¹⁾ | All or a portion of this security is segregated as collateral for securities sold short. |
| ⁽¹²⁾ | Entity in which the Fund has ownership of at least 5% of the voting securities outstanding. |
| ⁽¹³⁾ | Investment does not issue shares. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** First Trust Alternative Opportunities Fund

- **b. Investment Company Act file number:** 811-23179

- **c. CIK number of Registrant:** 0001681717

- **d. LEI of Registrant:** 549300T1OQVTYVCDS341

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

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

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

- **a. Name of Series:** First Trust Alternative Opportunities Fund

- **c. LEI of Series:** 549300T1OQVTYVCDS341

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

- **a. Date of fiscal year-end:** 2026-03-31

- **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:** $2875358986.38

**Total Liabilities:** $73033112.88

**Net Assets:** $2802325873.50

**Cash Not Reported:** $10657703.06

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 50.136070801919 | **1-Year:** 4518.986919250513 | **5-Year:** 10945.741517325681 | **10-Year:** 9253.604746069808 | **30-Year:** 1160.359048917080

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

- **3-Month:** 0.000000000000 | **1-Year:** 663.295079008001 | **5-Year:** 24092.948628690525 | **10-Year:** 105793.021309316354 | **30-Year:** 13415.158994208118

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.62%               | 0.97%                | 1.73%                |
| Class ID N/A | -0.60%               | 0.89%                | 1.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $314842.88               | $-19873043.88                              |
| Month 2  | $2305385.89              | $9818068.15                                |
| Month 3  | $5056639.65              | $47226442.30                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -280000 | OU      | $-332270.46    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Bryant Park Funding Ltd                         | Bryant Park Funding 2023-21 Ltd.                         | CUSIP: 11766BAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $761782.73     | 0.03%             | 2036-10-18      | Floating      | 12.74%                | Yes           | 2                  | On Loan: No      |
| Bryant Park Funding Ltd                         | Bryant Park Funding 2021-17R Ltd.                        | CUSIP: 11766LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $755855.55     | 0.03%             | 2038-01-20      | Floating      | 11.20%                | Yes           | 2                  | On Loan: No      |
| 137 DIRECT FUND LP LLC   /                      | 137 DIRECT FUND LP LLC   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $4000000.00    | 0.14%             |  |  |  | No            | 3                  | On Loan: No      |
| 137 HOLDINGS MA SERIES 2024-1   /               | 137 HOLDINGS MA SERIES 2024-1   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $2087178.00    | 0.07%             |  |  |  | Yes           | 3                  | On Loan: No      |
| 137 HOLDINGS MS LLC SERIES 2024-1   /           | 137 HOLDINGS MS LLC SERIES 2024-1   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $1066346.00    | 0.04%             |  |  |  | Yes           | 3                  | On Loan: No      |
| 137 HOLDINGS RBC II LLC   /                     | 137 HOLDINGS RBC II LLC   /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $4360896.00    | 0.16%             |  |  |  | No            | 3                  | On Loan: No      |
| 137 VENTURES RBC LLC   /                        | 137 VENTURES RBC LLC   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $4040517.00    | 0.14%             |  |  |  | Yes           | 3                  | On Loan: No      |
| 137 VENTURES VII LP    /                        | 137 VENTURES VII LP    /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $1000000.00    | 0.04%             |  |  |  | No            | 3                  | On Loan: No      |
| 137 VENTURES VI LP    /                         | 137 VENTURES VI LP    /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $15514030.00   | 0.55%             |  |  |  | Yes           | 3                  | On Loan: No      |
| CAPITAL SOUTHWEST CORP                          | Capital Southwest Corp.                                  | CUSIP: 140501AC1<br>LEI: 54930023YZ4YEJEDBO56 | Long             | DBT              | CORP              | US        |      40000 | PA      | $38704.40      | 0.00%             | 2026-10-01      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| Carbone CLO, LTD                                | Carbone Clo Ltd.                                         | CUSIP: 141312AG3<br>LEI: 5493005I53NEC017LN87 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1001250.00    | 0.04%             | 2031-01-20      | Floating      | 7.13%                 | Yes           | 2                  | On Loan: No      |
| Carlyle Global Market Strategi                  | Carlyle Global Market Strategies CLO 2012-4 Ltd.         | CUSIP: 14309YCJ1<br>LEI: 549300R4G5ROMXQ5CG20 | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $1253176.88    | 0.04%             | 2032-04-22      | Floating      | 7.77%                 | Yes           | 2                  | On Loan: No      |
| Carlyle Global Market Strategi                  | Carlyle Global Market Strategies CLO 2015-4 Ltd.         | CUSIP: 14311NAS3<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $999754.40     | 0.04%             | 2032-07-20      | Floating      | 8.23%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 07/21/2025   /    | EURO FORWARDVIREMAIN CONTRACT 07/21/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -9940000 | OU      | $-11726870.11  | -0.42%            |  |  |  | No            | 2                  | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden 86 CLO Ltd.                                       | CUSIP: 26245XAL1<br>LEI: 25490017VKY7XEFZL303 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1001713.50    | 0.04%             | 2034-07-17      | Floating      | 5.64%                 | Yes           | 2                  | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden 30 Senior Loan Fund                               | CUSIP: 26249BAW1<br>LEI: 549300AS2O1RYPD2ED41 | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $751921.05     | 0.03%             | 2028-11-15      | Floating      | 7.19%                 | Yes           | 2                  | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden XXVI Senior Loan Fund                             | CUSIP: 26250UAW5<br>LEI: 549300ENU7ZZLTPT3E22 | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1504930.20    | 0.05%             | 2029-04-15      | Floating      | 7.22%                 | Yes           | 2                  | On Loan: No      |
| EAGLE POINT CREDIT CO                           | Eagle Point Credit Co., Inc.                             | CUSIP: 269809877<br>LEI: 549300H82HTZTPXB6822 | Long             | EP               | CORP              | US        |       9175 | NS      | $229375.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Elevation CLO Ltd                               | Elevation CLO 2018-10 Ltd.                               | CUSIP: 28623CAL5<br>LEI: 5493005Q4N14IP6ASK07 | Long             | ABS-CBDO         | CORP              | KY        |     653386 | PA      | $653187.18     | 0.02%             | 2031-10-20      | Floating      | 5.19%                 | Yes           | 2                  | On Loan: No      |
| Elmwood CLO X Ltd                               | Elmwood CLO X Ltd.                                       | CUSIP: 29002VAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000000.00    | 0.04%             | 2038-07-20      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Elmwood CLO X Ltd                               | Elmwood CLO X Ltd.                                       | CUSIP: 29002VBC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $1250000.00    | 0.04%             | 2038-07-20      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Elmwood CLO X Ltd                               | Elmwood CLO X Ltd.                                       | CUSIP: 29002WAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000000.00    | 0.04%             | 2038-07-20      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Elmwood CLO IX Ltd                              | Elmwood CLO IX Ltd.                                      | CUSIP: 29003UAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $499720.40     | 0.02%             | 2038-04-20      | Floating      | 8.07%                 | Yes           | 2                  | On Loan: No      |
| Empower CLO Ltd.                                | Empower CLO 2025-1 Ltd.                                  | CUSIP: 29249DAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1005612.50    | 0.04%             | 2038-07-20      | Floating      | 8.83%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -440000 | OU      | $-524401.66    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Regatta VIII Funding Ltd                        | Regatta VIII Funding Ltd.                                | CUSIP: 75888KAU8<br>LEI: 2549002R0TTC87W9EH67 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1011149.50    | 0.04%             | 2037-04-17      | Floating      | 7.98%                 | Yes           | 2                  | On Loan: No      |
| Regatta XVI Funding Ltd.                        | Regatta XVI Funding Ltd.                                 | CUSIP: 75888QAL5<br>LEI: 254900XPJFGKL5R4O429 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1007682.50    | 0.04%             | 2033-01-15      | Floating      | 11.36%                | Yes           | 2                  | On Loan: No      |
| Regatta XXI Funding Ltd                         | Regatta XXI Funding Ltd.                                 | CUSIP: 75889JAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1005169.10    | 0.04%             | 2037-10-15      | Floating      | 7.36%                 | Yes           | 2                  | On Loan: No      |
| Regatta XXVI Funding Ltd.                       | Regatta XXVI Funding Ltd.                                | CUSIP: 75900QAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1005618.90    | 0.04%             | 2037-01-25      | Floating      | 9.53%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |     110000 | OU      | $131100.41     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |      30000 | OU      | $35938.96      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2025   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -390000 | OU      | $-460141.52    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -250000 | OU      | $-299901.11    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/14/2025   /     | EURO FORWARDVIREMAIN CONTRACT 8/14/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -42371000 | OU      | $-50064987.24  | -1.79%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -140000 | OU      | $-166135.23    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 11/20/2026   /    | EURO FORWARDVIREMAIN CONTRACT 11/20/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -280000 | OU      | $-337826.86    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Santander Bank Auto Credit-Lin                  | Santander Bank Auto Credit-Linked Notes Series 2023-A    | CUSIP: 80290CBY9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $10285900.00   | 0.37%             | 2033-06-15      | Fixed         | 13.75%                | Yes           | 2                  | On Loan: No      |
| Sculptor CLO Ltd                                | Sculptor CLO XXX Ltd.                                    | CUSIP: 81124PAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $735000.00     | 0.03%             | 2038-07-20      | Floating      | 11.09%                | Yes           | 2                  | On Loan: No      |
| 720 East CLO Ltd.                               | 720 East CLO 2023-I Ltd.                                 | CUSIP: 81785EAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $510370.10     | 0.02%             | 2038-04-15      | Floating      | 8.28%                 | Yes           | 2                  | On Loan: No      |
| Silver Point CLO, Ltd                           | Silver Point CLO 2 Ltd.                                  | CUSIP: 82808EAY7<br>LEI: 549300ODF186WFGMDH65 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000015.90    | 0.04%             | 2038-04-20      | Floating      | 7.42%                 | Yes           | 2                  | On Loan: No      |
| Silver Point CLO, Ltd                           | Silver Point CLO 9 Ltd.                                  | CUSIP: 82809VAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $2008961.00    | 0.07%             | 2038-03-31      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding                      | CUSIP: 999999999<br>LEI: 549300OGFKGCPL337N48 | Long             | ABS-CBDO         | CORP              | IE        |    7100000 | PA      | $0.00          | 0.00%             | 2032-11-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| St. Lawrence Corp.                              | St. Lawrence Corp.                                       | CUSIP: 999999999<br>LEI: 254900Q1AXE1IXAJJM39 | Long             | ABS-CBDO         | CORP              | CA        |   19000000 | PA      | $19617500.00   | 0.70%             | 2033-05-25      | Floating      | 14.04%                | No            | 2                  | On Loan: No      |
| CSTEL 2023-1 CLN MTG VAR 08/15/2037   /         | CSTEL 2023-1 CLN MTG VAR 08/15/2037   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |    2706217 | PA      | $3156031.19    | 0.11%             | 2037-08-15      | Variable      | 8.16%                 | No            | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2023-1 DAC                    | CUSIP: 999999999<br>LEI: 54930088SCW7OACNS247 | Long             | ABS-CBDO         | CORP              | IE        |   10000000 | PA      | $7989492.28    | 0.29%             | 2038-01-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2023-2 DAC           | CUSIP: 999999999<br>LEI: 549300XJWVHAIRILDH71 | Long             | ABS-CBDO         | CORP              | IE        |    8325000 | PA      | $8790235.01    | 0.31%             | 2033-01-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| BANCO SANTANDER CLN VAR 05/02/2045   /          | BANCO SANTANDER CLN VAR 05/02/2045   /                   | CUSIP: BCC3BQDT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |    2842746 | PA      | $3383902.64    | 0.12%             | 2045-05-02      | Variable      | 10.95%                | No            | 2                  | On Loan: No      |
| GRANVILLE 23-1X VAR RT  07/31/2031   /          | GRANVILLE 23-1X VAR RT  07/31/2031   /                   | CUSIP: BCC3BR9K9<br>LEI: 254900IYVE92LZDFP560 | Long             | ABS-MBS          | CORP              | US        |    7500000 | PA      | $7743750.00    | 0.28%             | 2031-07-31      | Variable      | 14.08%                | No            | 2                  | On Loan: No      |
| Pymes Magdalena                                 | Fondo de Titulizacion PYMES Magdalena 7                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | ES        |    7505838 | PA      | $9040781.91    | 0.32%             | 2042-12-23      | Floating      | 12.04%                | No            | 2                  | On Loan: No      |
| COLSS 2023-2 F2 VAR RT 04/22/2033   /           | COLSS 2023-2 F2 VAR RT 04/22/2033   /                    | CUSIP: BCC3C8T85<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |    6067644 | PA      | $8574658.92    | 0.31%             | 2033-04-22      | Variable      | 15.46%                | No            | 2                  | On Loan: No      |
| BNP PARIBAS S1 MEZZ VAR 10/12/2032   /          | BNP PARIBAS S1 MEZZ VAR 10/12/2032   /                   | CUSIP: BCC3C9V07<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |    4927694 | PA      | $5848334.96    | 0.21%             | 2032-10-12      | Variable      | 11.77%                | No            | 2                  | On Loan: No      |
| MANITOULIN 23-1X VAR 11/01/2028   /             | MANITOULIN 23-1X VAR 11/01/2028   /                      | CUSIP: BCC3CBL29<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $9383000.00    | 0.33%             | 2028-11-01      | Variable      | 14.55%                | No            | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2023-2 DAC                    | CUSIP: 999999999<br>LEI: 549300EVQ1VRDUGS6I93 | Long             | ABS-CBDO         | CORP              | IE        |   11000000 | PA      | $8584172.46    | 0.31%             | 2036-10-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2023-3 DAC           | CUSIP: BCC3CQ5F5<br>LEI: 54930004WJL9ZPQZOM50 | Long             | ABS-CBDO         | CORP              | IE        |    8200000 | PA      | $8335736.13    | 0.30%             | 2033-05-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Santander Consumer Finance SA                   | Santander Consumer Finance S.A./NOMA 2023-1              | CUSIP: BCC3CVMG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | DK        |   34032069 | PA      | $5416073.42    | 0.19%             | 2033-10-31      | Floating      | 10.59%                | No            | 2                  | On Loan: No      |
| SALIS 2023-1 Z MTGE 11/19/2029   /              | SALIS 2023-1 Z MTGE 11/19/2029   /                       | CUSIP: BCC3CZMS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |    7172743 | PA      | $10103574.30   | 0.36%             | 2029-11-19      | Variable      | 15.09%                | No            | 2                  | On Loan: No      |
| Vale Securities Finance No.2 D                  | Vale Securities Finance No. 2 DAC                        | CUSIP: BCC3D05P9<br>LEI: 635400UVFLY2YZZACF27 | Long             | ABS-CBDO         | CORP              | IE        |    6508544 | PA      | $7728444.97    | 0.28%             | 2032-07-28      | Floating      | 11.66%                | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2024-1 DAC           | CUSIP: 999999999<br>LEI: 254900S9D49Z2X16W073 | Long             | ABS-CBDO         | CORP              | IE        |   10575000 | PA      | $9940967.15    | 0.35%             | 2033-08-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Ducati 2024-1 CLN VAR 06/20/2030   /            | Ducati 2024-1 CLN VAR 06/20/2030   /                     | CUSIP: BCC3F2FG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   13760146 | PA      | $16533571.21   | 0.59%             | 2030-06-20      | Variable      | 11.01%                | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | BNP Paribas - Broadway                                   | CUSIP: BCC3F4637<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | FR        |    4050996 | PA      | $4061123.71    | 0.14%             | 2031-04-12      | Floating      | 12.33%                | No            | 2                  | On Loan: No      |
| BANCO SANTANDER TOTT VAR 12/27/2043   /         | BANCO SANTANDER TOTT VAR 12/27/2043   /                  | CUSIP: BCC3FHQ51<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |    9000000 | PA      | $10808693.60   | 0.39%             | 2043-12-27      | Variable      | 9.96%                 | No            | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2024-1 DAC                    | CUSIP: BCC3FQ380<br>LEI: 254900BQYBO0YZH5G587 | Long             | ABS-CBDO         | CORP              | IE        |   14000000 | PA      | $14116400.05   | 0.50%             | 2037-05-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| MESP 2024-1 B MTGE VAR 07/28/2032   /           | MESP 2024-1 B MTGE VAR 07/28/2032   /                    | CUSIP: BCC3G0FW0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   15072889 | PA      | $15434638.09   | 0.55%             | 2032-07-28      | Variable      | 13.90%                | No            | 2                  | On Loan: No      |
| LBBW LION-5 MEZ MTGE VAR 07/31/2034   /         | LBBW LION-5 MEZ MTGE VAR 07/31/2034   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   11502470 | PA      | $13456358.31   | 0.48%             | 2034-07-31      | Variable      | 11.19%                | No            | 2                  | On Loan: No      |
| Apidos CLO Ltd                                  | Apidos CLO XX                                            | CUSIP: 03765MAG5<br>LEI: 5493008YDOADR1DMZM86 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1002149.90    | 0.04%             | 2031-07-16      | Floating      | 10.22%                | Yes           | 2                  | On Loan: No      |
| Apidos CLO Ltd                                  | Apidos CLO XXIII                                         | CUSIP: 03765YBN3<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1483868.10    | 0.05%             | 2033-04-15      | Floating      | 6.86%                 | Yes           | 2                  | On Loan: No      |
| Apidos CLO Ltd                                  | Apidos CLO XXVIII                                        | CUSIP: 03767CAE0<br>LEI: 549300QCAOUF4OXOI275 | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1505533.65    | 0.05%             | 2031-01-20      | Floating      | 7.03%                 | Yes           | 2                  | On Loan: No      |
| Apidos CLO Ltd                                  | Apidos CLO XLV Ltd.                                      | CUSIP: 037977AA3<br>LEI: 5493000BLHDFQUOR8F12 | Long             | ABS-CBDO         | CORP              | JE        |    1000000 | PA      | $1000000.00    | 0.04%             | 2036-04-26      | Floating      | 12.68%                | Yes           | 2                  | On Loan: No      |
| ARES CLO Ltd                                    | Ares XXXIX CLO Ltd.                                      | CUSIP: 04015WBL7<br>LEI: 5493005YAOTYJUJV3S58 | Long             | ABS-CBDO         | CORP              | KY        |    1750000 | PA      | $1757876.75    | 0.06%             | 2037-07-18      | Floating      | 5.69%                 | Yes           | 2                  | On Loan: No      |
| ARES CLO Ltd                                    | ARES XLVII CLO Ltd.                                      | CUSIP: 04016VAJ4<br>LEI: 5493001J0ZSE1Y09WE50 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1001821.00    | 0.04%             | 2030-04-15      | Floating      | 7.22%                 | Yes           | 2                  | On Loan: No      |
| ARES CLO Ltd                                    | ARES L CLO Ltd.                                          | CUSIP: 04018LAG0<br>LEI: 549300S7Y78W7UJHZZ39 | Long             | ABS-CBDO         | CORP              | KY        |     850000 | PA      | $851169.09     | 0.03%             | 2032-01-15      | Floating      | 7.42%                 | Yes           | 2                  | On Loan: No      |
| BFNS LLC                                        | BFNS 2022-1                                              | CUSIP: 05553FAA4<br>LEI: 54930067AXJA9VNQXN56 | Long             | ABS-CBDO         | CORP              | KY        |    4000000 | PA      | $3452894.00    | 0.12%             | 2035-07-10      | Floating      | 7.00%                 | Yes           | 2                  | On Loan: No      |
| BAIN CAPITAL SPECIALTY F                        | Bain Capital Specialty Finance, Inc.                     | CUSIP: 05684BAD9<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |     500000 | PA      | $494806.00     | 0.02%             | 2030-03-15      | Fixed         | 5.95%                 | No            | 2                  | On Loan: No      |
| Bain Capital Credit CLO, Limit                  | Bain Capital Credit CLO 2023-1 Ltd.                      | CUSIP: 05685NAN0<br>LEI: 549300OV3LSQ8RJ1DY13 | Long             | ABS-CBDO         | CORP              | JE        |    1000000 | PA      | $1003167.70    | 0.04%             | 2038-07-16      | Floating      | 5.73%                 | Yes           | 2                  | On Loan: No      |
| Bain Capital Credit CLO, Limit                  | Bain Capital Credit CLO 2023-1 Ltd.                      | CUSIP: 05685NAW0<br>LEI: 549300OV3LSQ8RJ1DY13 | Long             | ABS-CBDO         | CORP              | JE        |    1000000 | PA      | $1001463.20    | 0.04%             | 2038-07-16      | Floating      | 7.53%                 | Yes           | 2                  | On Loan: No      |
| Bain Capital Credit CLO, Limit                  | Bain Capital Credit CLO 2023-1 Ltd.                      | CUSIP: 05685NAY6<br>LEI: 549300OV3LSQ8RJ1DY13 | Long             | ABS-CBDO         | CORP              | JE        |    1000000 | PA      | $1001445.40    | 0.04%             | 2038-07-16      | Floating      | 8.28%                 | Yes           | 2                  | On Loan: No      |
| BARINGS BDC INC                                 | Barings BDC, Inc.                                        | CUSIP: 06759LAD5<br>LEI: 549300GSF4KFZP6ONG49 | Long             | DBT              | CORP              | US        |    4500000 | PA      | $4640661.00    | 0.17%             | 2029-02-15      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| Babson CLO Ltd                                  | Barings Clo Ltd. 2023-I                                  | CUSIP: 06762HAS6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $999698.20     | 0.04%             | 2038-04-20      | Floating      | 7.73%                 | Yes           | 2                  | On Loan: No      |
| Babson CLO Ltd                                  | Barings Clo Ltd. 2023-I                                  | CUSIP: 06762HAU1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $499934.60     | 0.02%             | 2038-04-20      | Floating      | 9.33%                 | Yes           | 2                  | On Loan: No      |
| Battalion CLO LTD                               | Battalion Clo XV Ltd.                                    | CUSIP: 07131AAR5<br>LEI: 549300CJP8HGT746II19 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $999500.00     | 0.04%             | 2033-01-17      | Floating      | 5.78%                 | Yes           | 2                  | On Loan: No      |
| Bean Creek CLO LTD                              | Bean Creek CLO Ltd.                                      | CUSIP: 07378WAW8<br>LEI: 635400STD6UUTEW5KM07 | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1508749.05    | 0.05%             | 2031-04-20      | Floating      | 7.28%                 | Yes           | 2                  | On Loan: No      |
| Benefit Street Partners CLO Lt                  | Benefit Street Partners CLO VIII Ltd.                    | CUSIP: 08180YAE0<br>LEI: 549300D98ZLKNSI8CN63 | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $490655.60     | 0.02%             | 2031-01-20      | Floating      | 10.13%                | Yes           | 2                  | On Loan: No      |
| Benefit Street Partners CLO Lt                  | Benefit Street Partners CLO XVII Ltd.                    | CUSIP: 08182BBE7<br>LEI: 5493001ND55H5MJDIQ39 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1005167.70    | 0.04%             | 2037-10-15      | Floating      | 7.41%                 | Yes           | 2                  | On Loan: No      |
| Benefit Street Partners CLO Lt                  | Benefit Street Partners Clo XXXVII Ltd.                  | CUSIP: 08182TAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1004442.70    | 0.04%             | 2038-01-25      | Floating      | 5.70%                 | Yes           | 2                  | On Loan: No      |
| Benefit Street Partners CLO Lt                  | Benefit Street Partners CLO XXIII Ltd.                   | CUSIP: 08186XAA4<br>LEI: 5493001ND55H5MJDIQ39 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1008277.70    | 0.04%             | 2034-04-25      | Floating      | 11.35%                | Yes           | 2                  | On Loan: No      |
| Annisa CLO Ltd                                  | Annisa CLO Ltd. 2016-2                                   | CUSIP: 036011AW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1002112.00    | 0.04%             | 2031-07-20      | Floating      | 7.07%                 | Yes           | 2                  | On Loan: No      |
| ANTARES LOAN FUNDING CLO EQUITY   /             | ANTARES LOAN FUNDING CLO EQUITY   /                      | CUSIP: 03690BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $8118331.48    | 0.29%             | 2032-02-17      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Benefit Street Partners CLO Lt                  | Benefit Street Partners CLO XXXVI Ltd.                   | CUSIP: 081922AJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1002627.30    | 0.04%             | 2038-01-25      | Floating      | 7.36%                 | Yes           | 2                  | On Loan: No      |
| BLACKROCK TCP CAP CORP                          | BlackRock TCP Capital Corp.                              | CUSIP: 09259EAC2<br>LEI: 549300JU1XG1HF56J989 | Long             | DBT              | CORP              | US        |    5000000 | PA      | $5153900.00    | 0.18%             | 2029-05-30      | Fixed         | 6.95%                 | No            | 2                  | On Loan: No      |
| FS KKR CAPITAL CORP                             | FS KKR Capital Corp.                                     | CUSIP: 302635AH0<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1918394.00    | 0.07%             | 2027-01-15      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| Flatiron CLO Ltd                                | Flatiron CLO 24 Ltd.                                     | CUSIP: 33882CAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    1000000 | PA      | $1016122.60    | 0.04%             | 2037-01-15      | Floating      | 9.11%                 | Yes           | 2                  | On Loan: No      |
| Flatiron CLO Ltd                                | Flatiron CLO 24 Ltd.                                     | CUSIP: 33882HAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    1000000 | PA      | $1016293.10    | 0.04%             | 2037-01-15      | Floating      | 12.09%                | Yes           | 2                  | On Loan: No      |
| Fortress Credit Opportunities                   | Fortress Credit Opportunities XIX CLO LLC                | CUSIP: 34964RAY9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    2500000 | PA      | $2565775.25    | 0.09%             | 2036-10-15      | Floating      | 12.26%                | Yes           | 2                  | On Loan: No      |
| COLSS 2024-2 F Mtge VAR RT 05/22/2034   /       | COLSS 2024-2 F Mtge VAR RT 05/22/2034   /                | CUSIP: BCC3GBMB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   11119469 | PA      | $15606941.48   | 0.56%             | 2034-05-22      | None          | 14.95%                | No            | 2                  | On Loan: No      |
| FCP REALTY FUND VI-A LP   /                     | FCP REALTY FUND VI-A LP   /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $5585714.76    | 0.20%             |  |  |  | Yes           | 3                  | On Loan: No      |
| MIDCAP FINANCIAL INVEST                         | MidCap Financial Investment Corp.                        | CUSIP: 03761U601<br>LEI: 5493005P14I7WFB3FW47 | Long             | EP               | CORP              | US        |     131854 | NS      | $3341180.36    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| MIDCAP FINANCIAL INVEST                         | MidCap Financial Investment Corp.                        | CUSIP: 03761UAH9<br>LEI: 5493005P14I7WFB3FW47 | Long             | DBT              | CORP              | US        |     605000 | PA      | $592426.29     | 0.02%             | 2026-07-16      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Fifth Era Acquisition Corp I                    | Fifth Era Acquisition Corp. I                            | CUSIP: G3415K127<br>LEI: N/A                  | Long             |  | CORP              | KY        |      45000 | NS      | $468000.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Flag Ship Acquisition Corp                      | Flag Ship Acquisition Corp.                              | CUSIP: G3530C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      29513 | NS      | $310771.89     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Apidos CLO Ltd                                  | Apidos CLO XV                                            | CUSIP: 03764WAG4<br>LEI: 549300HXW2GBYSKFE344 | Long             | ABS-CBDO         | CORP              | KY        |    1829000 | PA      | $1836873.48    | 0.07%             | 2031-04-20      | Floating      | 10.23%                | Yes           | 2                  | On Loan: No      |
| Carlyle Global Market Strategi                  | Carlyle Global Market Strategies CLO 2014-3-R Ltd.       | CUSIP: 14315LAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1004306.20    | 0.04%             | 2031-07-27      | Floating      | 7.49%                 | Yes           | 2                  | On Loan: No      |
| GENESIS GROWTH TECH ACQUIS-A                    | Genesis Growth Tech Acquisition Corp.                    | CUSIP: G3R23D128<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       1177 | NC      | $0.12          | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| GigCapital7 Corp                                | GigCapital7 Corp. - Class A                              | CUSIP: G38648104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      20000 | NS      | $207000.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Carlyle Global Market Strategi                  | Carlyle Global Market Strategies CLO 2014-4-R Ltd.       | CUSIP: 14316CAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2305000 | PA      | $2313919.66    | 0.08%             | 2030-07-15      | Floating      | 7.42%                 | Yes           | 2                  | On Loan: No      |
| Carlyle Global Market Strategi                  | Carlyle U.S. CLO 2021-9 Ltd.                             | CUSIP: 14317KAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $499763.20     | 0.02%             | 2034-10-20      | Floating      | 11.16%                | Yes           | 2                  | On Loan: No      |
| GIGCAPITAL7 CORP-A                              | GigCapital7 Corp.                                        | CUSIP: G38648120<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      20000 | NC      | $3000.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| GLASS HOUSE BRANDS INC                          | Glass House Brands, Inc.                                 | CUSIP: 377130117<br>LEI: 89450066YERGBSA3YL62 | N/A              | DE               | CORP              | CA        |     280000 | NC      | $81200.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Catamaran CLO Ltd                               | Catamaran CLO 2018-1 Ltd.                                | CUSIP: 14900CAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     520000 | PA      | $513462.35     | 0.02%             | 2031-10-25      | Floating      | 8.19%                 | Yes           | 2                  | On Loan: No      |
| Cedar Funding Ltd                               | Cedar Funding IV CLO Ltd.                                | CUSIP: 150323BL6<br>LEI: 549300PPJP6KEORGHQ85 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1004068.00    | 0.04%             | 2038-01-23      | Floating      | 5.62%                 | Yes           | 2                  | On Loan: No      |
| Glenmede Secured Options Portf                  | Glenmede Secured Options Portfolio - Class Institutional | CUSIP: 378690580<br>LEI: 549300QEJQNCSUC9L688 | Long             |  | RF                | US        |    5171940 | NS      | $72717481.81   | 2.59%             |  |  |  | No            | 1                  | On Loan: No      |
| GP-Act III Acquisition Corp                     | GP-Act III Acquisition Corp. - Class A                   | CUSIP: G4035N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      60098 | NS      | $634033.90     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| GP-ACT III ACQUISITION-A                        | GP-Act III Acquisition Corp.                             | CUSIP: G4035N129<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      30049 | NC      | $8119.24       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| GPS IV LP    /                                  | GPS IV LP    /                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $798917.00     | 0.03%             |  |  |  | Yes           | 3                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  02/22/2027   /   | EURO FORWARDVIREMAIN CONTRACT  02/22/2027   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -630000 | OU      | $-763532.12    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  04/22/2026   /   | EURO FORWARDVIREMAIN CONTRACT  04/22/2026   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -250000 | OU      | $-299491.31    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Graf Global Corp                                | Graf Global Corp. - Class A                              | CUSIP: G4036C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      25000 | NS      | $261500.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| GRAF GLOBAL CORP-CL A                           | Graf Global Corp.                                        | CUSIP: G4036C122<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      12500 | NC      | $3375.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  04/22/2027   /   | EURO FORWARDVIREMAIN CONTRACT  04/22/2027   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -430000 | OU      | $-522617.60    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 05/22/2026   /    | EURO FORWARDVIREMAIN CONTRACT 05/22/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -7040000 | OU      | $-8448190.72   | -0.30%            |  |  |  | No            | 2                  | On Loan: No      |
| Gesher Acquisition Corp II                      | Gesher Acquisition Corp. II                              | CUSIP: G3852D123<br>LEI: N/A                  | Long             |  | CORP              | US        |      45000 | NS      | $460800.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| HEDOSOPHIA INVEST FUND LP CANDEX   /            | HEDOSOPHIA INVEST FUND LP CANDEX   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $1381135.92    | 0.05%             |  |  |  | No            | 3                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 5/24/2027   /     | EURO FORWARDVIREMAIN CONTRACT 5/24/2027   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -650000 | OU      | $-791219.29    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 06/18/2026   /    | EURO FORWARDVIREMAIN CONTRACT 06/18/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -9472000 | OU      | $-11384291.11  | -0.41%            |  |  |  | No            | 2                  | On Loan: No      |
| HEDOSOPHIA PARTNERS VI LP   /                   | HEDOSOPHIA PARTNERS VI LP   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $5178486.00    | 0.18%             |  |  |  | Yes           | 3                  | On Loan: No      |
| HEDOSOPHIA SP A    /                            | HEDOSOPHIA SP A    /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |          1 | NS      | $2190627.87    | 0.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 06/04/2027   /    | EURO FORWARDVIREMAIN CONTRACT 06/04/2027   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -14224000 | OU      | $-17323478.23  | -0.62%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 07/22/2025   /    | EURO FORWARDVIREMAIN CONTRACT 07/22/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -230000 | OU      | $-271365.51    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| HEDOSOPHIA SP B    /                            | HEDOSOPHIA SP B    /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |          1 | NS      | $5259747.91    | 0.19%             |  |  |  | No            | N/A                | On Loan: No      |
| HEDOSOPHIA INVESTORS VI E LP   /                | HEDOSOPHIA INVESTORS VI E LP   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | XX        |          1 | NS      | $2370246.20    | 0.08%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Hess Corp                                       | Hess Corp.                                               | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |        216 | NS      | $29924.64      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| GLOBAL GAS CORP                                 | Global Gas Corp.                                         | CUSIP: 37892P115<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        534 | NC      | $0.75          | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| HILLPOINTE WORKFORCE HOUSING PARTNER V LP   /   | HILLPOINTE WORKFORCE HOUSING PARTNER V LP   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $13209230.00   | 0.47%             |  |  |  | Yes           | 3                  | On Loan: No      |
| IB Acquisition Corp                             | IB Acquisition Corp.                                     | CUSIP: 44934N116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      47773 | NC      | $1968.25       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| ICORECONNECT INC                                | iCoreConnect, Inc.                                       | CUSIP: 450958111<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      14883 | NC      | $37.21         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| INVESCO REAL ESTATE INCOME TRUST, Inc.   /      | INVESCO REAL ESTATE INCOME TRUST, Inc.   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1992811 | NS      | $52305422.38   | 1.87%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Inflection Point Acquisition C                  | Inflection Point Acquisition Corp. III                   | CUSIP: G47875128<br>LEI: N/A                  | Long             |  | CORP              | US        |      14062 | NS      | $147791.62     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Iron Horse Acquisitions Corp                    | Iron Horse Acquisitions Corp.                            | CUSIP: 462837121<br>LEI: 5493000JDZP9ZR3A1A41 | N/A              | DE               | CORP              | US        |     162277 | NC      | $80619.21      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/30/2027   /     | EURO FORWARDVIREMAIN CONTRACT 7/30/2027   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -8776000 | OU      | $-10717215.14  | -0.38%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/22/2025   /     | EURO FORWARDVIREMAIN CONTRACT 8/22/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -280000 | OU      | $-331023.52    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| IRON HORSE ACQUISITI TENDERED SHARES   /        | IRON HORSE ACQUISITI TENDERED SHARES   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     162277 | NS      | $1708776.81    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| IRON HORSE ACQUISITIONS CORP                    | Iron Horse Acquisitions Corp.                            | CUSIP: 462837113<br>LEI: 5493000JDZP9ZR3A1A41 | N/A              | DE               | CORP              | US        |     162277 | NC      | $9736.62       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| ISRAEL ACQUISITIONS CORP-A                      | Israel Acquisitions Corp.                                | CUSIP: G49667119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      10018 | NC      | $2229.01       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Jackson Acquisition Co II                       | Jackson Acquisition Co. II                               | CUSIP: G4992A201<br>LEI: N/A                  | Long             |  | CORP              | US        |      40000 | NS      | $417200.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Juniper Networks Inc                            | Juniper Networks, Inc.                                   | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |        992 | NS      | $39610.56      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| JVSPAC Acquisition Corp                         | JVSPAC Acquisition Corp.                                 | CUSIP: G5212E113<br>LEI: N/A                  | N/A              | DE               | CORP              | HK        |      62700 | NC      | $55176.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/24/2026   /     | EURO FORWARDVIREMAIN CONTRACT 8/24/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -540000 | OU      | $-648801.27    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/2/2027   /      | EURO FORWARDVIREMAIN CONTRACT 8/2/2027   /               | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -1120000 | OU      | $-1367937.42   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| JVSPAC TENDERED SHARES   /                      | JVSPAC TENDERED SHARES   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |      62700 | NS      | $681549.00     | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| JAWS MUSTANG ACQUISITION C-A                    | Jaws Mustang Acquisition Corp.                           | CUSIP: G50737124<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      23278 | NC      | $698.34        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  10/22/2025   /   | EURO FORWARDVIREMAIN CONTRACT  10/22/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -210000 | OU      | $-249202.85    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2027   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2027   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -270000 | OU      | $-331064.81    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Kairous Acquisition Corp ltd                    | Kairous Acquisition Corp. Ltd.                           | CUSIP: G52131110<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |       1748 | NS      | $22234.56      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Kairous Acquisition Corp ltd                    | Kairous Acquisition Corp. Ltd.                           | CUSIP: G52131136<br>LEI: N/A                  | N/A              | DE               | CORP              | MY        |       1748 | NC      | $104.88        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| KAIROUS ACQUISITION CORP LTD                    | Kairous Acquisition Corp. Ltd.                           | CUSIP: G52131128<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        874 | NC      | $8.74          | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| TCW ACCURAY, Inc. TL   /                        | TCW ACCURAY, Inc. TL   /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   18500000 | PA      | $17802396.45   | 0.64%             | 2030-06-05      | Variable      | 12.81%                | No            | 3                  | On Loan: No      |
| TCW Co.-Invest TL CONNECT AMERICA   /           | TCW Co.-Invest TL CONNECT AMERICA   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17456250 | PA      | $17107125.00   | 0.61%             | 2028-12-31      | Variable      | 9.80%                 | No            | 3                  | On Loan: No      |
| TCW FROST BUYER DDTL LLC   /                    | TCW FROST BUYER DDTL LLC   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     441432 | PA      | $431806.21     | 0.02%             | 2031-05-06      | Variable      | 9.51%                 | No            | 3                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 11/21/2025   /    | EURO FORWARDVIREMAIN CONTRACT 11/21/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -310000 | OU      | $-368586.01    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  12/23/2026   /   | EURO FORWARDVIREMAIN CONTRACT  12/23/2026   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -1649000 | OU      | $-1992693.89   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| TCW FROST BUYER T/L LLC   /                     | TCW FROST BUYER T/L LLC   /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   15076923 | PA      | $14748166.85   | 0.53%             | 2031-05-06      | Variable      | 9.51%                 | No            | 3                  | On Loan: No      |
| WHWK STEW HEA BRIDGE BRIDGE 10/31/2024   /      | WHWK STEW HEA BRIDGE BRIDGE 10/31/2024   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4210772 | PA      | $4210771.98    | 0.15%             | 2026-05-28      | Variable      | 15.38%                | No            | 3                  | On Loan: No      |
| WHITEHAWK STEWARD DI TERM LOAN 12/31/2024   /   | WHITEHAWK STEWARD DI TERM LOAN 12/31/2024   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   12337057 | PA      | $12337056.91   | 0.44%             | 2025-07-16      | Variable      | 14.44%                | No            | 3                  | On Loan: No      |
| WHITEHAWK WEST SIDE TERM LOAN 09/03/2027   /    | WHITEHAWK WEST SIDE TERM LOAN 09/03/2027   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    5489187 | PA      | $5708754.44    | 0.20%             | 2027-09-03      | Variable      | 13.32%                | No            | 3                  | On Loan: No      |
| WORKRISE COMMON   /                             | WORKRISE COMMON   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      24155 | NS      | $3143531.70    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| GBP FORWARD VIREMAIN CONTRACT 08/14/2025   /    | GBP FORWARD VIREMAIN CONTRACT 08/14/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |  -52719000 | OU      | $-72385882.29  | -2.58%            |  |  |  | No            | 2                  | On Loan: No      |
| SEK FORWARD VIREMAIN CONTRACT 8/14/2025   /     | SEK FORWARD VIREMAIN CONTRACT 8/14/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | SE        | -148637000 | OU      | $-15758303.21  | -0.56%            |  |  |  | No            | 2                  | On Loan: No      |
| CRESCENT CAPITAL BDC INC                        | Crescent Capital BDC, Inc.                               | CUSIP: 225655208<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EP               | CORP              | US        |     100000 | NS      | $2456000.00    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Crestline Denali CLO XVII, LLC                  | Crestline Denali CLO XVII Ltd.                           | CUSIP: 22616TAG1<br>LEI: 254900BNO2GIP36AKL73 | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $747804.68     | 0.03%             | 2031-10-15      | Floating      | 7.77%                 | Yes           | 2                  | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden 49 Senior Loan Fund                               | CUSIP: 26244QAU7<br>LEI: 549300VCB8LYR1RGV869 | Long             | ABS-CBDO         | CORP              | KY        |    1270000 | PA      | $1272794.76    | 0.05%             | 2030-07-18      | Floating      | 7.93%                 | Yes           | 2                  | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden 54 Senior Loan Fund                               | CUSIP: 26244RAD3<br>LEI: 54930064P37IJ78XTR63 | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $750082.20     | 0.03%             | 2029-10-19      | Floating      | 7.63%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -130000 | OU      | $-154936.85    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 1/22/2027   /     | EURO FORWARDVIREMAIN CONTRACT 1/22/2027   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -240000 | OU      | $-290438.20    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 2/23/2026   /     | EURO FORWARDVIREMAIN CONTRACT 2/23/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -610000 | OU      | $-728339.39    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  2/22/2027   /    | EURO FORWARDVIREMAIN CONTRACT  2/22/2027   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -270000 | OU      | $-327228.05    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -1448000 | OU      | $-1734653.66   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 4/22/2027   /     | EURO FORWARDVIREMAIN CONTRACT 4/22/2027   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -270000 | OU      | $-328155.24    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 05/22/2026   /    | EURO FORWARDVIREMAIN CONTRACT 05/22/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -740000 | OU      | $-888020.05    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2025   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -450000 | OU      | $-530932.52    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -2608000 | OU      | $-3128568.35   | -0.11%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2027   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2027   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -240000 | OU      | $-292973.92    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/22/2025   /     | EURO FORWARDVIREMAIN CONTRACT 8/22/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -690000 | OU      | $-815736.54    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/21/2026   /     | EURO FORWARDVIREMAIN CONTRACT 8/21/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -330000 | OU      | $-396433.20    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -360000 | OU      | $-427204.88    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2026   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -380000 | OU      | $-457846.30    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 11/24/2025   /    | EURO FORWARDVIREMAIN CONTRACT 11/24/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -550000 | OU      | $-654070.07    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 11/06/2026   /    | EURO FORWARDVIREMAIN CONTRACT 11/06/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    2808000 | OU      | $3385661.01    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Harbor Park CLO Ltd                             | Harbor Park CLO 18-1 Ltd.                                | CUSIP: 41154XAN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1503671.40    | 0.05%             | 2031-01-20      | Floating      | 7.43%                 | Yes           | 2                  | On Loan: No      |
| Invesco CLO LTD                                 | Invesco U.S. CLO 2023-3 Ltd.                             | CUSIP: 46091TAA7<br>LEI: 213800YAVR2FVYDIRM63 | Long             | ABS-CBDO         | CORP              | JE        |    1000000 | PA      | $1008511.60    | 0.04%             | 2036-07-15      | Floating      | 12.42%                | Yes           | 2                  | On Loan: No      |
| Invesco CLO LTD                                 | INVESCO U.S. CLO 2025-1 Ltd.                             | CUSIP: 46151PAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $500000.00     | 0.02%             | 2038-07-15      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -110000 | OU      | $-131100.41    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| WORKRISE PREFERRED SERIES A   /                 | WORKRISE PREFERRED SERIES A   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       4873 | NS      | $636803.64     | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| WORKRISE PREFERRED SERIES B   /                 | WORKRISE PREFERRED SERIES B   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      10200 | NS      | $1337016.00    | 0.05%             |  |  |  | No            | 3                  | On Loan: No      |
| WORKRISE PREFERRED SERIES C   /                 | WORKRISE PREFERRED SERIES C   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      20468 | NS      | $2766045.52    | 0.10%             |  |  |  | No            | 3                  | On Loan: No      |
| WORKRISE PREFERRED SERIES D   /                 | WORKRISE PREFERRED SERIES D   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       6198 | NS      | $876893.04     | 0.03%             |  |  |  | No            | 3                  | On Loan: No      |
| Welsbach Technology Metals Acq                  | Welsbach Technology Metals Acquisition Corp.             | CUSIP: 950415117<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       3680 | NC      | $1876.80       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Stepstone Private Markets                       | Stepstone Private Markets - Class I                      | CUSIP: 21255V406<br>LEI: 5493006A54UB4YP8H777 | Long             |  | RF                | US        |     788745 | NS      | $46362424.11   | 1.65%             |  |  |  | Yes           | 1                  | On Loan: No      |
| YHN Acquisition I Ltd                           | YHN Acquisition I Ltd.                                   | CUSIP: G1514D101<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      35000 | NS      | $361550.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| YHN Acquisition I Ltd                           | YHN Acquisition I Ltd.                                   | CUSIP: G1514D127<br>LEI: N/A                  | N/A              | DE               | CORP              | HK        |      35000 | NC      | $4585.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| WHITEHAWK IFIT WARRANTS   /                     | WHITEHAWK IFIT WARRANTS   /                              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    1235429 | NC      | $0.00          | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| WHITEHAWK NEPH TERM LOAN   /                    | WHITEHAWK NEPH TERM LOAN   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   38000000 | PA      | $37810000.00   | 1.35%             | 2028-01-31      | Variable      | 13.52%                | No            | 3                  | On Loan: No      |
| WHITEHAWK SHRYNE TERM LOAN   /                  | WHITEHAWK SHRYNE TERM LOAN   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   25515532 | PA      | $25643109.80   | 0.92%             | 2026-05-26      | Variable      | 17.00%                | No            | 3                  | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                        | Blue Owl Technology Finance Corp.                        | CUSIP: 095924AA4<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    4500000 | PA      | $4523175.00    | 0.16%             | 2028-03-15      | Fixed         | 6.10%                 | Yes           | 2                  | On Loan: No      |
| Bluemountain CLO Ltd                            | BlueMountain CLO XXX Ltd.                                | CUSIP: 09630QAS0<br>LEI: 5493002GUQ80FGGGNP40 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1001255.00    | 0.04%             | 2035-04-15      | Floating      | 7.56%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 3/13/2028   /     | EURO FORWARDVIREMAIN CONTRACT 3/13/2028   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -5656000 | OU      | $-6983580.01   | -0.25%            |  |  |  | No            | 2                  | On Loan: No      |
| Cedar Funding Ltd                               | Cedar Funding VII Clo Ltd.                               | CUSIP: 15032FAP1<br>LEI: 549300G87EGFMLOYN341 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1002727.00    | 0.04%             | 2031-01-20      | Floating      | 7.02%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 07/17/2025   /    | EURO FORWARDVIREMAIN CONTRACT 07/17/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -9500000 | OU      | $-11204565.48  | -0.40%            |  |  |  | No            | 2                  | On Loan: No      |
| CIFC Funding Ltd                                | CIFC Funding 2018-II Ltd.                                | CUSIP: 17180WAS4<br>LEI: 635400A7PBKNR7KBOY58 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000007.80    | 0.04%             | 2037-10-20      | Floating      | 7.32%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -620000 | OU      | $-735741.74    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  01/22/2026   /   | EURO FORWARDVIREMAIN CONTRACT  01/22/2026   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -320000 | OU      | $-381383.02    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  01/22/2027   /   | EURO FORWARDVIREMAIN CONTRACT  01/22/2027   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -410000 | OU      | $-496165.27    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 1/24/2028   /     | EURO FORWARDVIREMAIN CONTRACT 1/24/2028   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -230000 | OU      | $-283308.46    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 2/20/2026   /     | EURO FORWARDVIREMAIN CONTRACT 2/20/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -5584000 | OU      | $-6666148.81   | -0.24%            |  |  |  | No            | 2                  | On Loan: No      |
| TNL Mediagene                                   | TNL Mediagene                                            | CUSIP: G8924F113<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |       1544 | NC      | $12.66         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Deerpath Capital CLO LTD                        | Deerpath Capital CLO 2020-1 Ltd.                         | CUSIP: 24460RBE2<br>LEI: 9845003DAB58C69E1D91 | Long             | ABS-CBDO         | CORP              | JE        |    2000000 | PA      | $2019324.00    | 0.07%             | 2034-04-17      | Floating      | 10.67%                | Yes           | 2                  | On Loan: No      |
| Dewolf Park clo, ltd                            | Dewolf Park CLO Ltd.                                     | CUSIP: 25211AAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1002257.80    | 0.04%             | 2030-10-15      | Floating      | 7.37%                 | Yes           | 2                  | On Loan: No      |
| Dryden Senior Loan Fund                         | Dryden 45 Senior Loan Fund                               | CUSIP: 26244MBE1<br>LEI: 54930046L20VLJKPVV31 | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $746438.78     | 0.03%             | 2030-10-15      | Floating      | 7.31%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 1/22/2027   /     | EURO FORWARDVIREMAIN CONTRACT 1/22/2027   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -290000 | OU      | $-350946.16    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 2/2/2026   /      | EURO FORWARDVIREMAIN CONTRACT 2/2/2026   /               | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -4275000 | OU      | $-5098234.23   | -0.18%            |  |  |  | No            | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2020-1 Ltd.                   | CUSIP: 69701DAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $0.00          | 0.00%             | 2028-02-20      | Variable      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2020-4 Ltd.                   | CUSIP: 69701QAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2250000 | PA      | $0.00          | 0.00%             | 2028-11-25      | Variable      | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2021-1 Ltd.                   | CUSIP: 69701VAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $0.00          | 0.00%             | 2029-04-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2021-3 Ltd.                   | CUSIP: 69702CAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $318000.00     | 0.01%             | 2029-07-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2021-2 Ltd.                   | CUSIP: 69702FAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2150000 | PA      | $137426.71     | 0.00%             | 2029-05-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2021-4 Ltd.                   | CUSIP: 69702JAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3100000 | PA      | $1770862.60    | 0.06%             | 2029-10-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2022-2 Ltd.                   | CUSIP: 69702KAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    6000000 | PA      | $3887373.60    | 0.14%             | 2030-10-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2022-1 Ltd.                   | CUSIP: 69702LAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5235000 | PA      | $2648499.05    | 0.09%             | 2030-04-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2022-5 Ltd.                   | CUSIP: 69702RAD8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $0.00          | 0.00%             | 2031-01-15      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2023-1 Ltd.                            | CUSIP: 69702UAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    4000000 | PA      | $3891927.20    | 0.14%             | 2038-01-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2022-4 Ltd.                   | CUSIP: 69702XAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8050000 | PA      | $6452562.83    | 0.23%             | 2031-07-24      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2023-2 Ltd.                            | CUSIP: 69703CAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    9500000 | PA      | $8438306.60    | 0.30%             | 2038-07-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2023-1 Ltd.                   | CUSIP: 69703EAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    4675000 | PA      | $0.00          | 0.00%             | 2031-07-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2023-2 Ltd.                   | CUSIP: 69703GAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    6600000 | PA      | $5513851.20    | 0.20%             | 2032-01-25      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2024-2 Ltd.                   | CUSIP: 69703HAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   17500000 | PA      | $14688030.00   | 0.52%             | 2033-01-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2024-1 Ltd.                            | CUSIP: 69703KAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   13760000 | PA      | $12999179.33   | 0.46%             | 2037-04-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2024-2 Ltd.                            | CUSIP: 69703MAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   11000000 | PA      | $9039914.40    | 0.32%             | 2037-07-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2024-1 Ltd.                   | CUSIP: 69703QAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $724561.20     | 0.03%             | 2032-10-15      | Floating      | 10.83%                | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2024-1 Ltd.                   | CUSIP: 69703QAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8000000 | PA      | $6328029.60    | 0.23%             | 2032-10-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -130000 | OU      | $-154936.85    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 2/20/2026   /     | EURO FORWARDVIREMAIN CONTRACT 2/20/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -400000 | OU      | $-477517.82    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -130000 | OU      | $-155735.48    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 5/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 5/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -350000 | OU      | $-420009.48    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2025   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -100000 | OU      | $-117985.00    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    2608000 | OU      | $3128568.35    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/14/2025   /     | EURO FORWARDVIREMAIN CONTRACT 8/14/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        | -149132000 | OU      | $-176212307.40 | -6.29%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -410000 | OU      | $-486538.89    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2026   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -360000 | OU      | $-433749.13    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 11/21/2025   /    | EURO FORWARDVIREMAIN CONTRACT 11/21/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -370000 | OU      | $-439925.24    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 11/20/2026   /    | EURO FORWARDVIREMAIN CONTRACT 11/20/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -330000 | OU      | $-398153.08    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Sixth Street CLO LTD.                           | Sixth Street CLO XXII Ltd.                               | CUSIP: 83011LAQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2325000 | PA      | $2323589.42    | 0.08%             | 2038-04-21      | Floating      | 6.92%                 | Yes           | 2                  | On Loan: No      |
| PENNANTPARK INVESTMENT C                        | PennantPark Investment Corp.                             | CUSIP: 708062AD6<br>LEI: 529900OK432R4C6NQQ73 | Long             | DBT              | CORP              | US        |    4189000 | PA      | $4046909.12    | 0.14%             | 2026-11-01      | Fixed         | 4.00%                 | No            | 2                  | On Loan: No      |
| ARTS SPV SRL VAR RT11/30/2041   /               | ARTS SPV SRL VAR RT11/30/2041   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   30000000 | PA      | $35339851.57   | 1.26%             | 2041-11-30      | Variable      | 10.55%                | No            | 2                  | On Loan: No      |
| Symphony CLO Ltd                                | Symphony CLO XXI Ltd.                                    | CUSIP: 87166RGE1<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |     987242 | PA      | $985188.27     | 0.04%             | 2032-07-15      | Floating      | 5.16%                 | Yes           | 2                  | On Loan: No      |
| CARLYLE SECURED LENDING                         | Carlyle Secured Lending, Inc.                            | CUSIP: 872280AA0<br>LEI: 5493003POT0JT6WD1D83 | Long             | DBT              | CORP              | US        |    1200000 | PA      | $1226985.60    | 0.04%             | 2030-02-18      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| Wind River CLO Ltd                              | THL Credit Wind River 2015-1 CLO Ltd.                    | CUSIP: 87246LAG9<br>LEI: 549300H4V7OE3OL7II20 | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $741493.05     | 0.03%             | 2030-10-20      | Floating      | 10.33%                | Yes           | 2                  | On Loan: No      |
| Trestles CLO LTD                                | Trestles CLO VI Ltd.                                     | CUSIP: 894940AQ8<br>LEI: 254900837GHK5VH7YU15 | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1498301.55    | 0.05%             | 2038-04-25      | Floating      | 5.45%                 | Yes           | 2                  | On Loan: No      |
| Trestles CLO LTD                                | Trestles CLO VIII Ltd.                                   | CUSIP: 89533DAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000743.30    | 0.04%             | 2035-06-11      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Trinitas CLO Ltd                                | Trinitas CLO XXXIV Ltd.                                  | CUSIP: 89643KAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1521144.00    | 0.05%             | 2038-04-22      | Floating      | 8.33%                 | Yes           | 2                  | On Loan: No      |
| Archimedes Tech SPAC Partners                   | Archimedes Tech SPAC Partners II Co.                     | CUSIP: G04537117<br>LEI: N/A                  | Long             |  | CORP              | US        |      20250 | NS      | $205942.50     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Trinitas CLO Ltd                                | Trinitas CLO XXXIV Ltd.                                  | CUSIP: 89643LAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     750000 | PA      | $772488.98     | 0.03%             | 2038-04-22      | Floating      | 11.49%                | Yes           | 2                  | On Loan: No      |
| TRINITY CAPITAL INC/MD                          | Trinity Capital, Inc.                                    | CUSIP: 896442AG5<br>LEI: 549300YGT4SBRQYDVU48 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $970404.00     | 0.03%             | 2026-08-24      | Fixed         | 4.38%                 | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -270000 | OU      | $-321791.93    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 2/20/2026   /     | EURO FORWARDVIREMAIN CONTRACT 2/20/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -430000 | OU      | $-513331.66    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -300000 | OU      | $-359389.57    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2025   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -120000 | OU      | $-141582.01    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -370000 | OU      | $-443853.64    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| COEPTIS THERAPEUTICS HOLDING                    | Coeptis Therapeutics Holdings, Inc.                      | CUSIP: 19207A116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       1930 | NC      | $45.36         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Capital One Financial Corp                      | Capital One Financial Corp.                              | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Short            | EC               | CORP              | US        |         -1 | NS      | $-212.76       | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Columbus Acquisition Corp                       | Columbus Acquisition Corp.                               | CUSIP: G2295P123<br>LEI: N/A                  | Long             |  | CORP              | SG        |      40000 | NS      | $412800.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| CORNER GROWTH ACQUISITION-A                     | Corner Growth Acquisition Corp.                          | CUSIP: G2425N113<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        117 | NC      | $23.40         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| CIRE REAL ESTATE INVESTMENT TRUST, Inc.   /     | CIRE REAL ESTATE INVESTMENT TRUST, Inc.   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $97320524.76   | 3.47%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CORE SPACES FUND IV LP   /                      | CORE SPACES FUND IV LP   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $4799959.00    | 0.17%             |  |  |  | Yes           | 3                  | On Loan: No      |
| CACTUS ACQUISITION CORP 1 LT                    | Cactus Acquisition Corp. 1 Ltd.                          | CUSIP: G1745A124<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       1466 | NC      | $29.32         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Lionheart Holdings                              | Lionheart Holdings - Class A                             | CUSIP: G5501C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      28344 | NS      | $298745.76     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| LIONHEART HOLDINGS - CL A                       | Lionheart Holdings                                       | CUSIP: G5501C117<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      14172 | NC      | $4211.92       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Chevron Corp                                    | Chevron Corp.                                            | CUSIP: 166764100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |       -211 | NS      | $-30213.09     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| CCLF SPV LLC CLO EQUITY 4/29/34   /             | CCLF SPV LLC CLO EQUITY 4/29/34   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4115700 | PA      | $4255803.49    | 0.15%             | 2034-04-29      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| Digital Asset Acquisition Corp                  | Digital Asset Acquisition Corp.                          | CUSIP: G2868C129<br>LEI: N/A                  | Long             |  | CORP              | US        |      11256 | NS      | $122577.84     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Driehaus Event Driven Fund                      | Driehaus Event Driven Fund                               | CUSIP: 262028814<br>LEI: 54930083K72EKHCON298 | Long             |  | RF                | US        |    1629208 | NS      | $20153299.15   | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Distoken Acquisition Corp                       | Distoken Acquisition Corp.                               | CUSIP: G27740136<br>LEI: N/A                  | N/A              | DE               | CORP              | CN        |      31924 | NC      | $8961.07       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| DISTOKEN ACQUISITION CORP                       | Distoken Acquisition Corp.                               | CUSIP: G27740102<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      31924 | NC      | $3543.56       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| DMY SQUARED TECHNOLOGY GR-A                     | dMY Squared Technology Group, Inc.                       | CUSIP: 233276112<br>LEI: 549300B5MTR1IYKX0H51 | N/A              | DE               | CORP              | US        |       9836 | NC      | $18786.76      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| HEDOSOPHIA INV VI SUKI L.P.   /                 | HEDOSOPHIA INV VI SUKI L.P.   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $1236000.00    | 0.04%             |  |  |  | No            | 3                  | On Loan: No      |
| HEDOSOPHIA INVEST FUND LP SHIFT 5   /           | HEDOSOPHIA INVEST FUND LP SHIFT 5   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $1264286.00    | 0.05%             |  |  |  | No            | 3                  | On Loan: No      |
| HEDOSOPHIA HS INVEST FUND LP BESTOW   /         | HEDOSOPHIA HS INVEST FUND LP BESTOW   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $4751538.00    | 0.17%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Horizon Space Acquisition I Co                  | Horizon Space Acquisition I Corp.                        | CUSIP: G4619M125<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      19947 | NC      | $3590.46       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| HORIZON SPACE ACQUISITION I                     | Horizon Space Acquisition I Corp.                        | CUSIP: G4619M117<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      19947 | NC      | $797.88        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| HORIZON SPACE ACQUISITION II C                  | HORIZON SPACE ACQUISITION II Corp.                       | CUSIP: G4627B129<br>LEI: N/A                  | Long             |  | CORP              | US        |      35000 | NS      | $360850.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| HEDOSOPHIA HS INVEST FUND LP   /                | HEDOSOPHIA HS INVEST FUND LP   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | XX        |          1 | NS      | $363776.65     | 0.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HEDOSOPHIA RULA INVESTMENTS VI   /              | HEDOSOPHIA RULA INVESTMENTS VI   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $9831804.00    | 0.35%             |  |  |  | Yes           | 3                  | On Loan: No      |
| HEDOSOPHIA VINTED INVESTMENTS VI   /            | HEDOSOPHIA VINTED INVESTMENTS VI   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $2482928.00    | 0.09%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Hudson Acquisition I Corp                       | Hudson Acquisition I Corp.                               | CUSIP: 44364H118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      14391 | NC      | $2302.56       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| HUDSON BAY FUND LP LP   /                       | HUDSON BAY FUND LP LP   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $923866.56     | 0.03%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Haymaker Acquisition Corp 4                     | Haymaker Acquisition Corp. 4                             | CUSIP: G4375F108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      20342 | NS      | $225796.20     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| HAYMAKER ACQUISITION CORP 4                     | Haymaker Acquisition Corp. 4                             | CUSIP: G4375F116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      10171 | NC      | $2542.75       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| IB Acquisition Corp                             | IB Acquisition Corp.                                     | CUSIP: 44934N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      47773 | NS      | $495883.74     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Legato Merger Corp III                          | Legato Merger Corp. III                                  | CUSIP: G5451A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     117246 | NS      | $1252187.28    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| LEGATO MERGER CORP III                          | Legato Merger Corp. III                                  | CUSIP: G5451A111<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      58623 | NC      | $13489.15      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| LINDEN INVESTORS LP    /                        | LINDEN INVESTORS LP    /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $29033564.78   | 1.04%             |  |  |  | Yes           | 3                  | On Loan: No      |
| LEONARD VALVE TERM LOAN 09/30/2027   /          | LEONARD VALVE TERM LOAN 09/30/2027   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6982500 | PA      | $6982500.00    | 0.25%             | 2027-09-30      | Variable      | 9.80%                 | No            | 3                  | On Loan: No      |
| Live Oak Acquisition Corp V                     | Live Oak Acquisition Corp. V                             | CUSIP: G5509P128<br>LEI: N/A                  | Long             |  | CORP              | US        |      45000 | NS      | $483750.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Launch One Acquisition Corp                     | Launch One Acquisition Corp.                             | CUSIP: G5S86M100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      20000 | NS      | $208300.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| LAUNCH ONE ACQUISITION CORP                     | Launch One Acquisition Corp.                             | CUSIP: G5S86M126<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      10000 | NC      | $2800.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Launch Two Acquisition Corp                     | Launch Two Acquisition Corp. - Class A                   | CUSIP: G5S87A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      35000 | NS      | $364700.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| MSILF Government Portfolio                      | MSILF Government Portfolio - Class Institutional         | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   19970238 | PA      | $19970237.94   | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| NAMIB MINERALS                                  | Namib Minerals                                           | CUSIP: G63638111<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |      16500 | NC      | $3217.50       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS CLO 62   /       | NEUBERGER BERMAN LOAN ADVISERS CLO 62   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1920000 | PA      | $1920000.00    | 0.07%             | 2028-06-24      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| NEWBURY STREET ACQUISITION C                    | Newbury Street Acquisition Corp.                         | CUSIP: 65101L112<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       1335 | NC      | $120.15        | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Nabors Energy Transition Corp                   | Nabors Energy Transition Corp. II - Class A              | CUSIP: G6363K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      45622 | NS      | $506404.20     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| NABORS ENERGY TRANSITION C-A                    | Nabors Energy Transition Corp. II                        | CUSIP: G6363K114<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      22811 | NC      | $10721.17      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| NewHold Investment Corp III                     | NewHold Investment Corp. III                             | CUSIP: G6486E128<br>LEI: N/A                  | Long             |  | CORP              | US        |      45000 | NS      | $463500.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| NKGEN BIOTECH INC                               | NKGen Biotech, Inc.                                      | CUSIP: 65488A119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        577 | NC      | $23.08         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| NATURE'S MIRACLE HOLDING INC                    | Nature's Miracle Holding, Inc.                           | CUSIP: 63903P118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      27873 | NC      | $139.37        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SEER CAPITAL REG CAPITAL RELIEF FUND   /        | SEER CAPITAL REG CAPITAL RELIEF FUND   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $7287695.56    | 0.26%             |  |  |  | Yes           | 3                  | On Loan: No      |
| SWEDISH KRONA  /                                | SWEDISH KRONA  /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | SE        |    3349719 | OU      | $354059.28     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Spree Acquisition Corp. 1 Ltd.                  | Spree Acquisition Corp. 1 Ltd.                           | CUSIP: G83745128<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       2102 | NC      | $126.12        | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| SILVER POINT LOAN NOTE LLC VIREMAIN   /         | SILVER POINT LOAN NOTE LLC VIREMAIN   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11219129 | PA      | $11948724.67   | 0.43%             | 2033-10-20      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| SIM Acquisition Corp I                          | SIM Acquisition Corp. I - Class A                        | CUSIP: G8431T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      20000 | NS      | $208600.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| SIM ACQUISITION CORP I-A                        | SIM Acquisition Corp. I                                  | CUSIP: G8431T119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      10000 | NC      | $2700.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SOUTHLAND HOLDINGS INC                          | Southland Holdings, Inc.                                 | CUSIP: 84445C118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        444 | NC      | $86.58         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| UMB MONEY MARKET II SPECIAL   /                 | UMB MONEY MARKET II SPECIAL   /                          | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  105958640 | PA      | $105958639.85  | 3.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Synopsys Inc                                    | Synopsys, Inc.                                           | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Short            | EC               | CORP              | US        |        -38 | NS      | $-19481.84     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| Opportunistic Credit Interval                   | Opportunistic Credit Interval Fund - Class USD INC       | CUSIP: 68390R105<br>LEI: 549300NJWLK76QJGNF34 | Long             |  | RF                | US        |    3136671 | NS      | $36416751.11   | 1.30%             |  |  |  | Yes           | 1                  | On Loan: No      |
| Soulpower Acquisition Corp                      | Soulpower Acquisition Corp.                              | CUSIP: G82745129<br>LEI: N/A                  | Long             |  | CORP              | US        |      40500 | NS      | $412290.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Spark I Acquisition Corp                        | Spark I Acquisition Corp.                                | CUSIP: G8316B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      11894 | NS      | $129644.60     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SPARK I ACQUISITION CORP                        | Spark I Acquisition Corp.                                | CUSIP: G8316B118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       5947 | NC      | $1138.85       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Stellar V Capital Corp                          | Stellar V Capital Corp.                                  | CUSIP: G8475V129<br>LEI: N/A                  | Long             |  | CORP              | US        |      25000 | NS      | $253750.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Sizzle Acquisition Corp II                      | Sizzle Acquisition Corp. II                              | CUSIP: G8193F125<br>LEI: N/A                  | Long             |  | CORP              | US        |      45000 | NS      | $458100.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Titan Acquisition Corp                          | Titan Acquisition Corp.                                  | CUSIP: G8901A129<br>LEI: N/A                  | Long             |  | CORP              | US        |      42500 | NS      | $432650.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Tavia Acquisition Corp                          | Tavia Acquisition Corp.                                  | CUSIP: G86880138<br>LEI: N/A                  | Long             |  | CORP              | GB        |      26253 | NS      | $268830.72     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Trailblazer Merger Corp I                       | Trailblazer Merger Corp. I                               | CUSIP: 89278D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      27573 | NS      | $322879.83     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Trailblazer Merger Corp I                       | Trailblazer Merger Corp. I                               | CUSIP: 89278D125<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      27573 | NC      | $10615.61      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 9/15/2025   /     | EURO FORWARDVIREMAIN CONTRACT 9/15/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -41000000 | OU      | $-48546837.91  | -1.73%            |  |  |  | No            | 2                  | On Loan: No      |
| Bryant Park Funding Ltd                         | Bryant Park Funding 2023-20 Ltd.                         | CUSIP: 117919AJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     875000 | PA      | $879159.58     | 0.03%             | 2038-04-15      | Floating      | 7.73%                 | Yes           | 2                  | On Loan: No      |
| FRANKLIN BSP CAPITAL CO                         | Franklin BSP Capital Corp.                               | CUSIP: 12325JAJ0<br>LEI: 549300KJEVMKATLINB36 | Long             | DBT              | CORP              | US        |     150000 | PA      | $147018.00     | 0.01%             | 2026-03-30      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| CIFC Funding Ltd                                | CIFC Funding 2018-III Ltd.                               | CUSIP: 12551YAG8<br>LEI: 635400OB7ZCBUWDQNV87 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1003063.80    | 0.04%             | 2031-07-18      | Floating      | 7.38%                 | Yes           | 2                  | On Loan: No      |
| Countrywide Home Loans                          | CHL Mortgage Pass-Through Trust 2004-29                  | CUSIP: 12669GJA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     270024 | PA      | $2.70          | 0.00%             | 2035-02-25      | Variable      | 0.28%                 | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  01/22/2027   /   | EURO FORWARDVIREMAIN CONTRACT  01/22/2027   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -110000 | OU      | $-133117.51    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  02/20/2026   /   | EURO FORWARDVIREMAIN CONTRACT  02/20/2026   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -540000 | OU      | $-644649.06    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  02/22/2027   /   | EURO FORWARDVIREMAIN CONTRACT  02/22/2027   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -5472000 | OU      | $-6631821.82   | -0.24%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -290000 | OU      | $-347409.92    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  04/22/2027   /   | EURO FORWARDVIREMAIN CONTRACT  04/22/2027   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -130000 | OU      | $-158000.67    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 05/22/2026   /    | EURO FORWARDVIREMAIN CONTRACT 05/22/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -640000 | OU      | $-768017.34    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 5/21/2027   /     | EURO FORWARDVIREMAIN CONTRACT 5/21/2027   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -270000 | OU      | $-328612.90    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 06/18/2026   /    | EURO FORWARDVIREMAIN CONTRACT 06/18/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    1600000 | OU      | $1923022.15    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| EUR FORWARD FIRST Trust CONTRACT 07/22/2025   / | EUR FORWARD FIRST Trust CONTRACT 07/22/2025   /          | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -190000 | OU      | $-224171.51    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -440000 | OU      | $-527825.95    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2027   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2027   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -410000 | OU      | $-500497.11    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/22/2025   /     | EURO FORWARDVIREMAIN CONTRACT 8/22/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -750000 | OU      | $-886670.16    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/21/2026   /     | EURO FORWARDVIREMAIN CONTRACT 8/21/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -730000 | OU      | $-876958.30    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/20/2027   /     | EURO FORWARDVIREMAIN CONTRACT 8/20/2027   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -5968000 | OU      | $-7295489.87   | -0.26%            |  |  |  | No            | 2                  | On Loan: No      |
| EUR FORWARD FIRST Trust CONTRACT 10/22/2025   / | EUR FORWARD FIRST Trust CONTRACT 10/22/2025   /          | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -6000000 | OU      | $-7120081.36   | -0.25%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2026   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -400000 | OU      | $-481943.48    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  11/21/2025   /   | EURO FORWARDVIREMAIN CONTRACT  11/21/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -380000 | OU      | $-451815.11    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 11/06/2026   /    | EURO FORWARDVIREMAIN CONTRACT 11/06/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -10936000 | OU      | $-13185751.00  | -0.47%            |  |  |  | No            | 2                  | On Loan: No      |
| GBP FORWARD VIREMAIN CONTRACT 8/14/2025   /     | GBP FORWARD VIREMAIN CONTRACT 8/14/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | GB        |    1400000 | OU      | $1922271.58    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| FRANKLIN BSP CAPITAL CO                         | Franklin BSP Capital Corp.                               | CUSIP: 35250VAB0<br>LEI: 549300KJEVMKATLINB36 | Long             | DBT              | CORP              | US        |    4500000 | PA      | $4657171.50    | 0.17%             | 2029-06-15      | Fixed         | 7.20%                 | No            | 2                  | On Loan: No      |
| Galaxy CLO Ltd                                  | Galaxy XXI CLO Ltd.                                      | CUSIP: 36320WAS5<br>LEI: 549300BW4412X0TZDD77 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1002209.30    | 0.04%             | 2031-04-20      | Floating      | 7.18%                 | Yes           | 2                  | On Loan: No      |
| Generate CLO Ltd.                               | Generate CLO 12 Ltd.                                     | CUSIP: 37147WAA3<br>LEI: 549300OPJWALMOKFT505 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1008609.60    | 0.04%             | 2036-07-20      | Floating      | 12.67%                | Yes           | 2                  | On Loan: No      |
| GoldenTree Loan Management US                   | Goldentree Loan Management U.S. CLO 5 Ltd.               | CUSIP: 38138DBE5<br>LEI: 549300O473GD3F35WC55 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1004972.00    | 0.04%             | 2032-10-20      | Floating      | 7.07%                 | Yes           | 2                  | On Loan: No      |
| GOLUB CAPITAL BDC                               | Golub Capital BDC, Inc.                                  | CUSIP: 38173MAC6<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $953977.00     | 0.03%             | 2027-02-15      | Fixed         | 2.05%                 | No            | 2                  | On Loan: No      |
| GOLUB CAPITAL CAP FND                           | Golub Capital Private Credit Fund                        | CUSIP: 38179RAB1<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1998502.00    | 0.07%             | 2029-09-12      | Fixed         | 5.80%                 | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |     -30000 | OU      | $-35938.96     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 4/22/2027   /     | EURO FORWARDVIREMAIN CONTRACT 4/22/2027   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -300000 | OU      | $-364616.93    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 05/22/2026   /    | EURO FORWARDVIREMAIN CONTRACT 05/22/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -420000 | OU      | $-504011.38    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2025   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -140000 | OU      | $-165179.01    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -480000 | OU      | $-575810.13    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2027   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2027   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -4208000 | OU      | $-5136809.32   | -0.18%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/22/2025   /     | EURO FORWARDVIREMAIN CONTRACT 8/22/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -1020000 | OU      | $-1205871.41   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/21/2026   /     | EURO FORWARDVIREMAIN CONTRACT 8/21/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -350000 | OU      | $-420459.46    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -110000 | OU      | $-130534.82    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2026   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -120000 | OU      | $-144583.04    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 11/21/2025   /    | EURO FORWARDVIREMAIN CONTRACT 11/21/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -880000 | OU      | $-1046308.67   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 11/23/2026   /    | EURO FORWARDVIREMAIN CONTRACT 11/23/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -600000 | OU      | $-724018.24    | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| MCF CLO LLC                                     | MCF CLO VIII Ltd.                                        | CUSIP: 55281QAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    7000000 | PA      | $4517648.10    | 0.16%             | 2036-04-18      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Madison Park Funding Ltd                        | Madison Park Funding XXXIV Ltd.                          | CUSIP: 55819GBE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1200000 | PA      | $1209900.00    | 0.04%             | 2037-10-16      | Floating      | 7.61%                 | Yes           | 2                  | On Loan: No      |
| Magnetite CLO Ltd                               | Magnetite XXXV Ltd.                                      | CUSIP: 55954UAE3<br>LEI: 549300WIDF28MGY5Q843 | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1515640.35    | 0.05%             | 2036-10-25      | Floating      | 11.53%                | Yes           | 2                  | On Loan: No      |
| Magnetite CLO Ltd                               | Magnetite XXVI Ltd.                                      | CUSIP: 55954YBC8<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $1993142.60    | 0.07%             | 2038-01-25      | Floating      | 6.77%                 | Yes           | 2                  | On Loan: No      |
| Magnetite CLO Ltd                               | Magnetite XX Ltd.                                        | CUSIP: 55955BAA2<br>LEI: 5493001WZ3LKC11Q9C47 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1005791.90    | 0.04%             | 2031-04-20      | Floating      | 9.88%                 | Yes           | 2                  | On Loan: No      |
| MENLO CLO                                       | Menlo CLO I Ltd.                                         | CUSIP: 586915AG5<br>LEI: 2549005RHPY3C68SIP61 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1006004.10    | 0.04%             | 2038-01-20      | Floating      | 7.52%                 | Yes           | 2                  | On Loan: No      |
| MENLO CLO                                       | Menlo Clo II Ltd.                                        | CUSIP: 586916AE8<br>LEI: 254900584QQ9TE467R16 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $999684.40     | 0.04%             | 2038-04-20      | Floating      | 7.63%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -410000 | OU      | $-488647.00    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 2/20/2026   /     | EURO FORWARDVIREMAIN CONTRACT 2/20/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -870000 | OU      | $-1038601.27   | -0.04%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -360000 | OU      | $-431267.48    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 7/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -120000 | OU      | $-143952.53    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 8/22/2025   /     | EURO FORWARDVIREMAIN CONTRACT 8/22/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -540000 | OU      | $-638402.51    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT  09/15/2025   /   | EURO FORWARDVIREMAIN CONTRACT  09/15/2025   /            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |  -38060000 | OU      | $-45065674.41  | -1.61%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |     -80000 | OU      | $-94934.42     | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2026   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -280000 | OU      | $-337360.43    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 11/21/2025   /    | EURO FORWARDVIREMAIN CONTRACT 11/21/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -500000 | OU      | $-594493.56    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 11/20/2026   /    | EURO FORWARDVIREMAIN CONTRACT 11/20/2026   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |   -9320000 | OU      | $-11244808.18  | -0.40%            |  |  |  | No            | 2                  | On Loan: No      |
| Morgan Stanley Eaton Vance CLO                  | Morgan Stanley Eaton Vance CLO 2022-18 Ltd.              | CUSIP: 617924AU9<br>LEI: 549300O0I1STG733YG49 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000049.20    | 0.04%             | 2037-10-20      | Floating      | 7.37%                 | Yes           | 2                  | On Loan: No      |
| Morgan Stanley Eaton Vance CLO                  | Morgan Stanley Eaton Vance CLO 2023-19 Ltd.              | CUSIP: 617934AU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1001563.90    | 0.04%             | 2038-07-15      | Floating      | 7.31%                 | Yes           | 2                  | On Loan: No      |
| Morgan Stanley Eaton Vance CLO                  | Morgan Stanley Eaton Vance CLO 2023-19 Ltd.              | CUSIP: 617934AW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1001667.00    | 0.04%             | 2038-07-15      | Floating      | 8.81%                 | Yes           | 2                  | On Loan: No      |
| Mount Logan Funding LP                          | Mount Logan Funding 2018-1 LP                            | CUSIP: 62188AAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   16084782 | PA      | $7500797.09    | 0.27%             | 2033-01-22      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| MOUNTAIN VIEW CLO                               | Mountain View Clo XV Ltd.                                | CUSIP: 62432PBC5<br>LEI: 254900VKL64PZVEG4F33 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1004902.70    | 0.04%             | 2037-07-15      | Floating      | 8.86%                 | Yes           | 2                  | On Loan: No      |
| Neuberger Berman CLO Ltd                        | Neuberger Berman Loan Advisers CLO 60 Ltd.               | CUSIP: 640974AC5<br>LEI: 254900LV0LNHKC2KQJ62 | Long             | ABS-CBDO         | CORP              | KY        |    8000000 | PA      | $7086952.00    | 0.25%             | 2039-04-22      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Neuberger Berman CLO Ltd                        | Neuberger Berman Loan Advisers Clo 61 Ltd.               | CUSIP: 640985AE7<br>LEI: 2549006I8TDEPS26X974 | Long             | ABS-CBDO         | CORP              | KY        |   15620000 | PA      | $13820216.74   | 0.49%             | 2039-07-17      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| New Mountain CLO 1 Ltd                          | New Mountain CLO 1 Ltd.                                  | CUSIP: 64755RBJ1<br>LEI: 5493000BYT2KQ1EMLL07 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1002876.70    | 0.04%             | 2038-01-15      | Floating      | 7.11%                 | Yes           | 2                  | On Loan: No      |
| Newark BSL CLO 2 Ltd.                           | Newark BSL CLO 2 Ltd.                                    | CUSIP: 65023PAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $998003.80     | 0.04%             | 2030-07-25      | Floating      | 7.69%                 | Yes           | 2                  | On Loan: No      |
| NORTH HAVEN PRIVATE INC                         | North Haven Private Income Fund LLC                      | CUSIP: 65960NAB6<br>LEI: 2549002BFPESF1EH2765 | Long             | DBT              | CORP              | US        |    2700000 | PA      | $2690158.50    | 0.10%             | 2030-02-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| OCP CLO Ltd                                     | OCP CLO 2014-5 Ltd.                                      | CUSIP: 67103SAJ2<br>LEI: 254900NXH68CRC058O44 | Long             | ABS-CBDO         | CORP              | KY        |     700000 | PA      | $686642.60     | 0.02%             | 2031-04-26      | Floating      | 10.24%                | Yes           | 2                  | On Loan: No      |
| OZLM Ltd                                        | OZLM VI Ltd.                                             | CUSIP: 67108LBR3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1002210.80    | 0.04%             | 2031-04-17      | Floating      | 7.18%                 | Yes           | 2                  | On Loan: No      |
| OZLM Ltd                                        | OZLM VI Ltd.                                             | CUSIP: 67108PAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250000 | PA      | $1164947.50    | 0.04%             | 2031-04-17      | Floating      | 10.59%                | Yes           | 2                  | On Loan: No      |
| OAKTREE SPECIALTY LEND                          | Oaktree Specialty Lending Corp.                          | CUSIP: 67401PAC2<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $958911.00     | 0.03%             | 2027-01-15      | Fixed         | 2.70%                 | No            | 2                  | On Loan: No      |
| OAKTREE SPECIALTY LEND                          | Oaktree Specialty Lending Corp.                          | CUSIP: 67401PAD0<br>LEI: 549300J6MGCEU5928620 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $3090036.00    | 0.11%             | 2029-02-15      | Fixed         | 7.10%                 | No            | 2                  | On Loan: No      |
| Oaktree CLO Ltd                                 | Oaktree CLO 2022-1 Ltd.                                  | CUSIP: 67402LAW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000000.00    | 0.04%             | 2038-07-15      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Oaktree CLO Ltd                                 | Oaktree CLO 2022-1 Ltd.                                  | CUSIP: 67402NAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000000.00    | 0.04%             | 2038-07-15      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Octagon Investment Partners XX                  | Octagon Investment Partners XXII Ltd.                    | CUSIP: 67572YBW1<br>LEI: 549300MQ9W5DWZ8QX450 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1002781.50    | 0.04%             | 2030-01-22      | Floating      | 7.28%                 | Yes           | 2                  | On Loan: No      |
| Octagon Investment Partners XV                  | Octagon Investment Partners XVII Ltd.                    | CUSIP: 67590GBQ1<br>LEI: 54930007Y57X4ONHQV20 | Long             | ABS-CBDO         | CORP              | KY        |    1550000 | PA      | $1556039.89    | 0.06%             | 2031-01-25      | Floating      | 7.04%                 | Yes           | 2                  | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                        | Blue Owl Technology Finance Corp.                        | CUSIP: 691205AC2<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $997548.00     | 0.04%             | 2025-12-15      | Fixed         | 4.75%                 | Yes           | 2                  | On Loan: No      |
| BLUE OWL CREDIT INCOME                          | Blue Owl Credit Income Corp.                             | CUSIP: 69120VBB6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1069531.00    | 0.04%             | 2028-06-13      | Fixed         | 7.95%                 | No            | 2                  | On Loan: No      |
| BLUE OWL CAPITAL CORP II                        | Blue Owl Capital Corp. II                                | CUSIP: 69121DAD2<br>LEI: 549300MMNWZO5XKDDX47 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1039151.00    | 0.04%             | 2026-11-15      | Fixed         | 8.45%                 | No            | 2                  | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                        | Blue Owl Technology Finance Corp.                        | CUSIP: 69121JAB3<br>LEI: 549300E3NGSRX11L0S09 | Long             | DBT              | CORP              | US        |    3500000 | PA      | $3569170.50    | 0.13%             | 2029-04-04      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| BLUE OWL CAPITAL CORP                           | Blue Owl Capital Corp.                                   | CUSIP: 69121KAC8<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    3000000 | PA      | $2997708.00    | 0.11%             | 2025-07-22      | Fixed         | 3.75%                 | No            | 2                  | On Loan: No      |
| BLUE OWL CAPITAL CORP                           | Blue Owl Capital Corp.                                   | CUSIP: 69122JAC0<br>LEI: 5493003BCZ22YM5BRK17 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1931756.00    | 0.07%             | 2027-04-13      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2024-3 Ltd.                            | CUSIP: 69688HAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    6500000 | PA      | $6058346.45    | 0.22%             | 2037-07-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2024-3 Ltd.                   | CUSIP: 69690RAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   16250000 | PA      | $12837547.13   | 0.46%             | 2032-08-08      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2022-3 Ltd.                   | CUSIP: 696923AC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    6250000 | PA      | $5096663.75    | 0.18%             | 2031-04-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2023-4 Ltd.                            | CUSIP: 696925AC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   12750000 | PA      | $12318585.90   | 0.44%             | 2037-10-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2023-3 Ltd.                            | CUSIP: 696927AC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8000000 | PA      | $7855014.40    | 0.28%             | 2037-01-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2025-1 Ltd.                            | CUSIP: 69703UAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   11500000 | PA      | $11033769.30   | 0.39%             | 2038-04-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square Loan Funding Ltd                  | Palmer Square Loan Funding 2025-1 Ltd.                   | CUSIP: 69703VAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   18800000 | PA      | $18888119.36   | 0.67%             | 2033-02-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2024-4 Ltd.                            | CUSIP: 69703XAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   14000000 | PA      | $13439647.20   | 0.48%             | 2038-01-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square CLO Ltd                           | Palmer Square CLO 2025-2 Ltd.                            | CUSIP: 69704DAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8450000 | PA      | $8478522.98    | 0.30%             | 2038-07-20      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Post CLO LTD                                    | Post CLO 2021-1 Ltd.                                     | CUSIP: 73742FAQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     650000 | PA      | $648411.27     | 0.02%             | 2034-10-15      | Floating      | 7.26%                 | Yes           | 2                  | On Loan: No      |
| Post CLO LTD                                    | Post CLO 2023-1 Ltd.                                     | CUSIP: 73743CAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1004408.10    | 0.04%             | 2036-04-20      | Floating      | 9.52%                 | Yes           | 2                  | On Loan: No      |
| Post CLO LTD                                    | Post CLO 2024-1 Ltd.                                     | CUSIP: 73743FAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1014907.40    | 0.04%             | 2037-04-20      | Floating      | 11.07%                | Yes           | 2                  | On Loan: No      |
| Rad CLO Ltd                                     | Rad CLO 15 Ltd.                                          | CUSIP: 750103AJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000000.00    | 0.04%             | 2040-07-20      | Floating      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Regatta VII Funding Ltd                         | Regatta VII Funding Ltd.                                 | CUSIP: 75888ABE5<br>LEI: 549300DA6HSLI0UPTQ25 | Long             | ABS-CBDO         | CORP              | KY        |    1500000 | PA      | $1502884.20    | 0.05%             | 2034-06-20      | Floating      | 5.73%                 | Yes           | 2                  | On Loan: No      |
| Alphatime Acquisition Corp                      | Alphatime Acquisition Corp.                              | CUSIP: G0223V139<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      19429 | NC      | $3885.80       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| ALPHATIME ACQUISITION CORP                      | Alphatime Acquisition Corp.                              | CUSIP: G0223V121<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      19429 | NC      | $584.81        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| AlphaVest Acquisition Corp                      | AlphaVest Acquisition Corp.                              | CUSIP: G0283A116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      24475 | NC      | $7340.05       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Audax Private Credit FUND LP   /                | Audax Private Credit FUND LP   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $10874354.72   | 0.39%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Bleichroeder Acquisition Corp                   | Bleichroeder Acquisition Corp. I                         | CUSIP: G1169T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      20000 | NS      | $206600.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Bleichroeder Acquisition Corp                   | Bleichroeder Acquisition Corp. I                         | CUSIP: G1169T138<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      20000 | NC      | $6830.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| BAILARD REAL ESTATE LP   /                      | BAILARD REAL ESTATE LP   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |    2392449 | NS      | $74094156.83   | 2.64%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Bayview Acquisition Corp                        | Bayview Acquisition Corp.                                | CUSIP: 07323B118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      26811 | NC      | $6702.75       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2021-2 DAC                    | CUSIP: BCC3189J5<br>LEI: 5493008YA044FHERJ655 | Long             | ABS-CBDO         | CORP              | IE        |    2500000 | PA      | $1813985.75    | 0.06%             | 2035-04-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Castelo                                         | Castelo 2021-1                                           | CUSIP: BCC31LNM3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | PT        |     852721 | PA      | $1007515.03    | 0.04%             | 2037-08-15      | Floating      | 11.16%                | No            | 2                  | On Loan: No      |
| NGTLS 2021-1LF NOTE VAR RT  4/01/2028   /       | NGTLS 2021-1LF NOTE VAR RT  4/01/2028   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |    3000000 | PA      | $4118050.79    | 0.15%             | 2028-04-01      | Variable      | 15.21%                | No            | 2                  | On Loan: No      |
| Deutsche Bank AG                                | Deutsche Bank A.G./CRAFT                                 | CUSIP: BCC32J802<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | DE        |   16123142 | PA      | $16195695.75   | 0.58%             | 2029-02-21      | Floating      | 13.08%                | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2022-1 DAC           | CUSIP: BCC351L78<br>LEI: 549300OGFKGCPL337N48 | Long             | ABS-CBDO         | CORP              | IE        |    2975000 | PA      | $2098200.32    | 0.07%             | 2031-10-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2022-2 DAC           | CUSIP: BCC35PCK6<br>LEI: 549300X0Z2PVQ7I6XX91 | Long             | ABS-CBDO         | CORP              | IE        |    4000000 | PA      | $147956.18     | 0.01%             | 2031-10-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2022-3 DAC           | CUSIP: BCC37CLK3<br>LEI: 549300EL5O20QDEIMO98 | Long             | ABS-CBDO         | CORP              | IE        |    4000000 | PA      | $0.00          | 0.00%             | 2032-04-12      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2025-2 DAC           | CUSIP: BCC3M6M36<br>LEI: 254900595EZPT26ANZ17 | Long             | ABS-CBDO         | CORP              | IE        |    8050000 | PA      | $9482860.17    | 0.34%             | 2035-02-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| PYMAG 12  WAREHOUSE VAR RT 12/31/2039   /       | PYMAG 12  WAREHOUSE VAR RT 12/31/2039   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | ES        |    5500000 | PA      | $6478972.79    | 0.23%             | 2039-12-31      | Variable      | 9.04%                 | No            | 2                  | On Loan: No      |
| Magdalena                                       | PYMES Magdalena                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | ES        |   42500000 | PA      | $50064789.73   | 1.79%             | 2039-12-31      | Floating      | 9.04%                 | No            | 2                  | On Loan: No      |
| LEGO 2023-1 B VAR RT 6/25/2035   /              | LEGO 2023-1 B VAR RT 6/25/2035   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | DK        |  282969000 | PA      | $44676023.87   | 1.59%             | 2035-06-25      | Variable      | 8.66%                 | No            | 2                  | On Loan: No      |
| COMERA LIFE SCIENCES HOLDING                    | Comera Life Sciences Holdings, Inc.                      | CUSIP: 20037C116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        968 | NC      | $0.10          | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| CONCORD ACQUISITION CORP -A                     | Concord Acquisition Corp. II                             | CUSIP: 20607U116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      13333 | NC      | $1066.64       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| PAPAYA GROWTH OPPORTUNI-CL A                    | Papaya Growth Opportunity Corp. I                        | CUSIP: 69882P110<br>LEI: 549300U6L3FU6EKJUM40 | N/A              | DE               | CORP              | US        |        522 | NC      | $31.32         | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| ADVANTAGE CAP HLDGS WARRANTS   /                | ADVANTAGE CAP HLDGS WARRANTS   /                         | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        287 | NC      | $237168.19     | 0.01%             |  |  |  | No            | 3                  | On Loan: No      |
| PRESTO AUTOMATION INC                           | Presto Automation, Inc.                                  | CUSIP: 74113T113<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       1990 | NC      | $1.19          | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Palmer Square Capital BDC Inc                   | Palmer Square Capital BDC, Inc.                          | CUSIP: 69702V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1429046 | NS      | $19949482.16   | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| CO2 Energy Transition Corp                      | CO2 Energy Transition Corp.                              | CUSIP: 12664M202<br>LEI: N/A                  | Long             |  | CORP              | US        |      21424 | NS      | $220881.44     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| New Providence Acquisition Cor                  | New Providence Acquisition Corp. III                     | CUSIP: G6476A128<br>LEI: N/A                  | Long             |  | CORP              | US        |      22500 | NS      | $235125.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| NORTHERN REVIVAL ACQUISITION                    | Northern Revival Acquisition Corp.                       | CUSIP: G6546R119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        237 | NC      | $5.14          | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Newbury Street II Acquisition                   | Newbury Street II Acquisition Corp.                      | CUSIP: G6439S125<br>LEI: N/A                  | Long             |  | CORP              | US        |      20000 | NS      | $207000.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| NUKKLEUS INC                                    | Nukkleus, Inc.                                           | CUSIP: 67054R112<br>LEI: 549300EOLUCX2ZYTFU74 | N/A              | DE               | CORP              | US        |        384 | NC      | $46.04         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| HOLDCO NUVO GROUP DG LTD                        | Holdco Nuvo Group DG Ltd.                                | CUSIP: M53051112<br>LEI: N/A                  | N/A              | DE               | CORP              | IL        |       1382 | NC      | $0.97          | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| NorthView Acquisition Corp                      | NorthView Acquisition Corp.                              | CUSIP: 66718N129<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       3780 | NC      | $718.20        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| NUVEEN REAL ESTATE U.S. Cities Industr Fd   /   | NUVEEN REAL ESTATE U.S. Cities Industr Fd   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $6688233.61    | 0.24%             |  |  |  | Yes           | 3                  | On Loan: No      |
| NUVEEN REAL ESTATE U.S. CITIES MULTI LP   /     | NUVEEN REAL ESTATE U.S. CITIES MULTI LP   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $6004679.31    | 0.21%             |  |  |  | Yes           | 3                  | On Loan: No      |
| NXT CAPITAL CLO 2026-1 CLO EQUITY   /           | NXT CAPITAL CLO 2026-1 CLO EQUITY   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11969370 | PA      | $12002696.19   | 0.43%             | 2028-06-24      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| OLD ORCHARD CRDIT FUND LP   /                   | OLD ORCHARD CRDIT FUND LP   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $24713585.79   | 0.88%             |  |  |  | Yes           | 3                  | On Loan: No      |
| ONEMEDNET CORP                                  | OneMedNet Corp.                                          | CUSIP: 68270C111<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       2151 | NC      | $48.40         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SYNTEC OPTICS HOLDINGS INC                      | Syntec Optics Holdings, Inc.                             | CUSIP: 87169M113<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        840 | NC      | $54.60         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| OSR HOLDINGS INC                                | OSR Holdings, Inc.                                       | CUSIP: 68840D110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      16328 | NC      | $1053.16       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Oyster Enterprises II Acquisit                  | Oyster Enterprises II Acquisition Corp.                  | CUSIP: G6861F120<br>LEI: N/A                  | Long             |  | CORP              | US        |      22500 | NS      | $227700.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| PHOENIX AVIATION CAP LLC COMMON C-1   /         | PHOENIX AVIATION CAP LLC COMMON C-1   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          5 | NS      | $499950.01     | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Neuberger Berman CLO Ltd                        | Neuberger Berman CLO XXII Ltd.                           | CUSIP: 64131CAG6<br>LEI: 549300FFV1EYI8ON7P41 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1019885.80    | 0.04%             | 2038-04-15      | Floating      | 11.11%                | Yes           | 2                  | On Loan: No      |
| Neuberger Berman CLO Ltd                        | Neuberger Berman CLO XVI-S Ltd.                          | CUSIP: 64131TAY0<br>LEI: 549300UHUHCR3388B324 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $999760.90     | 0.04%             | 2039-04-15      | Floating      | 5.49%                 | Yes           | 2                  | On Loan: No      |
| NEW MOUNTAIN FINANCE COR                        | New Mountain Finance Corp.                               | CUSIP: 647551308<br>LEI: 549300L1MPTT1H7SES77 | Long             | EP               | CORP              | US        |      20000 | NS      | $509200.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| NEW MOUNTAIN FINANCE COR                        | New Mountain Finance Corp.                               | CUSIP: 647551AF7<br>LEI: 549300L1MPTT1H7SES77 | Long             | DBT              | CORP              | US        |    4000000 | PA      | $4075908.00    | 0.15%             | 2029-02-01      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| U.S. Bank National Association                  | U.S. Bank N.A.                                           | CUSIP: 90357PBJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   11830073 | PA      | $11736614.98   | 0.42%             | 2032-02-25      | Floating      | 11.81%                | Yes           | 2                  | On Loan: No      |
| Venture CDO Ltd                                 | Venture 38 CLO Ltd.                                      | CUSIP: 92332NBC8<br>LEI: 549300EM6DS6KQH1HN07 | Long             | ABS-CBDO         | CORP              | KY        |     881599 | PA      | $879686.79     | 0.03%             | 2032-07-30      | Floating      | 5.28%                 | Yes           | 2                  | On Loan: No      |
| Verdelite Static CLO Ltd                        | Verdelite Static CLO 2024-1 Ltd.                         | CUSIP: 92338VAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    1000000 | PA      | $997905.70     | 0.04%             | 2032-07-20      | Floating      | 7.12%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2014-1 Ltd.                                     | CUSIP: 92915PAR6<br>LEI: 549300ITL5IR423IJ183 | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $2009573.00    | 0.07%             | 2031-04-18      | Floating      | 7.33%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2013-1 Ltd.                                     | CUSIP: 92917CAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     500000 | PA      | $502012.40     | 0.02%             | 2030-10-15      | Floating      | 7.47%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2024-2 DAC                    | CUSIP: 999999999<br>LEI: 2549001Y8MR5PODEEG55 | Long             | ABS-CBDO         | CORP              | IE        |    4500000 | PA      | $5231270.94    | 0.19%             | 2037-10-15      | Floating      | 10.52%                | No            | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2024-2 DAC                    | CUSIP: 999999999<br>LEI: 2549001Y8MR5PODEEG55 | Long             | ABS-CBDO         | CORP              | IE        |    9425000 | PA      | $9894640.12    | 0.35%             | 2037-10-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2024-2 DAC           | CUSIP: 999999999<br>LEI: 254900G4AVDGFB7U1712 | Long             | ABS-CBDO         | CORP              | IE        |   14550000 | PA      | $14574559.66   | 0.52%             | 2034-05-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2024-3 DAC           | CUSIP: BCC3J2TW8<br>LEI: 254900IYUKLJNYNCCC63 | Long             | ABS-CBDO         | CORP              | IE        |    8150000 | PA      | $9292230.80    | 0.33%             | 2034-05-15      | Variable      | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2023-1 DAC                    | CUSIP: 999999999<br>LEI: 54930088SCW7OACNS247 | Long             | ABS-CBDO         | CORP              | IE        |    1700000 | PA      | $1937835.79    | 0.07%             | 2038-01-15      | Floating      | 10.55%                | No            | 2                  | On Loan: No      |
| Pymes Magdalena                                 | Fondo de Titulizacion Magdalena 11                       | CUSIP: BCC3JL3Y0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | ES        |   15483234 | PA      | $18157096.63   | 0.65%             | 2054-07-04      | Floating      | 8.74%                 | No            | 2                  | On Loan: No      |
| SANTADER CONSUMER FINANCE24-1 12/25/34   /      | SANTADER CONSUMER FINANCE24-1 12/25/34   /               | CUSIP: BCC3JLXT8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | SE        |  130916180 | PA      | $13747658.77   | 0.49%             | 2034-12-25      | Variable      | 8.81%                 | No            | 2                  | On Loan: No      |
| LLOYDS BANK PLC 12/16/2030   /                  | LLOYDS BANK PLC 12/16/2030   /                           | CUSIP: BCC3JSBM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |    5000000 | PA      | $6873507.21    | 0.25%             | 2030-12-16      | Variable      | 8.71%                 | No            | 2                  | On Loan: No      |
| LLOYDS BANK PLC 12/16/2030   /                  | LLOYDS BANK PLC 12/16/2030   /                           | CUSIP: BCC3JSBN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   19000000 | PA      | $26178270.42   | 0.93%             | 2030-12-16      | Variable      | 11.56%                | No            | 2                  | On Loan: No      |
| LBBW LION-6 SNR 10/30/2036   /                  | LBBW LION-6 SNR 10/30/2036   /                           | CUSIP: BCC3JWDF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   21008859 | PA      | $24681511.46   | 0.88%             | 2036-10-30      | Variable      | 9.63%                 | No            | 2                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2025-1 DAC                    | CUSIP: 999999999<br>LEI: 2549005G74H3SLK9WL32 | Long             | ABS-CBDO         | CORP              | IE        |    6500000 | PA      | $6599846.86    | 0.24%             | 2039-10-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| GRANVILLE USD Ltd. VAR RT 02/15/2030   /        | GRANVILLE USD Ltd. VAR RT 02/15/2030   /                 | CUSIP: BCC3KJ828<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   28000000 | PA      | $28000000.00   | 1.00%             | 2030-02-15      | Variable      | 10.89%                | No            | 2                  | On Loan: No      |
| Palmer Square European Loan Fu                  | Palmer Square European Loan Funding 2025-1 DAC           | CUSIP: BCC3KWHS2<br>LEI: 254900YQGLL0XDHT7334 | Long             | ABS-CBDO         | CORP              | IE        |    6200000 | PA      | $7317021.77    | 0.26%             | 2034-10-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| GREGORY SPV SRL VAR RT12/30/2045   /            | GREGORY SPV SRL VAR RT12/30/2045   /                     | CUSIP: BCC3LJFB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   36797000 | PA      | $43346683.94   | 1.55%             | 2045-12-30      | Variable      | 9.72%                 | No            | 2                  | On Loan: No      |
| Deutsche Bank AG                                | Deutsche Bank A.G./GATE 2025-1                           | CUSIP: BCC3LQKC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | DE        |    9500000 | PA      | $11190953.00   | 0.40%             | 2035-10-25      | Floating      | 11.79%                | No            | 2                  | On Loan: No      |
| LEGO 2023-1 B WH VAR RT 6/25/2035   /           | LEGO 2023-1 B WH VAR RT 6/25/2035   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | DK        |   33135000 | PA      | $5231456.63    | 0.19%             | 2035-06-25      | Variable      | 8.66%                 | No            | 3                  | On Loan: No      |
| Palmer Square European CLO                      | Palmer Square European CLO 2025-2 DAC                    | CUSIP: 999999999<br>LEI: 254900W87JZZIIW4U960 | Long             | ABS-CBDO         | CORP              | IE        |   10000000 | PA      | $11190953.00   | 0.40%             | 2038-07-15      | Variable      | 0.00%                 | No            | 2                  | On Loan: No      |
| LUCKY BUCKS BANKRUPT TERM LOAN 05/29/2028   /   | LUCKY BUCKS BANKRUPT TERM LOAN 05/29/2028   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6391359 | PA      | $0.00          | 0.00%             | 2028-05-29      | None          | 12.50%                | No            | 3                  | On Loan: No      |
| BC PARTNERS LENDING Corp.   /                   | BC PARTNERS LENDING Corp.   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |     567120 | NS      | $11262996.21   | 0.40%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BENEFICIENT - CLASS A                           | Beneficient                                              | CUSIP: 08178Q119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       2223 | NC      | $12.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Black Hawk Acquisition Corp                     | Black Hawk Acquisition Corp.                             | CUSIP: G1148A119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      25204 | NC      | $17486.54      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| BLACK HAWK TENDERED SHARES   /                  | BLACK HAWK TENDERED SHARES   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     126020 | NS      | $1339592.60    | 0.05%             |  |  |  | No            | 3                  | On Loan: No      |
| Blue Water Acquisition Corp II                  | Blue Water Acquisition Corp. III                         | CUSIP: G1368E122<br>LEI: N/A                  | Long             |  | CORP              | US        |      50000 | NS      | $500250.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Bowen Acquisition Corp                          | Bowen Acquisition Corp.                                  | CUSIP: G12729128<br>LEI: 5493000ECOCYNGTKBW41 | N/A              | DE               | CORP              | US        |       9200 | NC      | $1932.92       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Cayson Acquisition Corp                         | Cayson Acquisition Corp.                                 | CUSIP: G1993W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      31500 | NS      | $325080.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Cayson Acquisition Corp                         | Cayson Acquisition Corp.                                 | CUSIP: G1993W117<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      31500 | NC      | $3991.05       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Churchill Capital Corp X                        | Churchill Capital Corp. X                                | CUSIP: G2130T124<br>LEI: N/A                  | Long             |  | CORP              | US        |      22500 | NS      | $231750.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Cliffwater Corporate Lending F                  | Cliffwater Corporate Lending Fund - Class I              | CUSIP: 186854204<br>LEI: 549300H513RTF4I5T758 | Long             |  | RF                | US        |     886904 | NS      | $9596305.12    | 0.34%             |  |  |  | Yes           | 1                  | On Loan: No      |
| Cliffwater Enhanced Lending Fu                  | Cliffwater Enhanced Lending Fund - Class I               | CUSIP: 18685P108<br>LEI: 549300GSOYHH68H7U345 | Long             |  | RF                | US        |    7333977 | NS      | $81847188.19   | 2.92%             |  |  |  | Yes           | 1                  | On Loan: No      |
| CERO THERAPEUTICS HOLDINGS I                    | CERo Therapeutics Holdings, Inc.                         | CUSIP: 71902K113<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         53 | NC      | $1.11          | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Crane Harbor Acquisition Corp                   | Crane Harbor Acquisition Corp.                           | CUSIP: G24979125<br>LEI: N/A                  | Long             |  | CORP              | US        |      25000 | NS      | $258750.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Charlton Aria Acquisition Corp                  | Charlton Aria Acquisition Corp. - Class A                | CUSIP: G9877L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      35000 | NS      | $359800.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Charlton Aria Acquisition Corp                  | Charlton Aria Acquisition Corp.                          | CUSIP: G9877L115<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      35000 | NC      | $5250.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| CHENGHE ACQUISITION II CO                       | Chenghe Acquisition II Co.                               | CUSIP: G20873116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      13648 | NC      | $1199.66       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| CHENGHE ACQUISITION TENDERED SHARES   /         | CHENGHE ACQUISITION TENDERED SHARES   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      27296 | NS      | $283332.48     | 0.01%             |  |  |  | No            | 3                  | On Loan: No      |
| Chime Financial Inc                             | Chime Financial, Inc. - Class A                          | CUSIP: 16935C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     536749 | NS      | $18523207.99   | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| CIRE ALTO OpCo LLC TL 11/29/2024   /            | CIRE ALTO OpCo LLC TL 11/29/2024   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3302541 | PA      | $3302540.86    | 0.12%             | 2025-08-29      | Variable      | 24.09%                | No            | 3                  | On Loan: No      |
| COLOMBIER ACQUISITION CORP-A                    | Colombier Acquisition Corp. II                           | CUSIP: G2283U118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       4299 | NC      | $16121.25      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| DENALI CAPITAL ACQUISITION-A                    | Denali Capital Acquisition Corp.                         | CUSIP: G6256B114<br>LEI: 549300L7MIQ7V1UUZB95 | N/A              | DE               | CORP              | US        |       9833 | NC      | $688.31        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Roman DBDR Acquisition Corp II                  | Roman DBDR Acquisition Corp. II                          | CUSIP: G7633M120<br>LEI: N/A                  | Long             |  | CORP              | US        |      40000 | NS      | $422800.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| DSC MERIDIAN LP    /                            | DSC MERIDIAN LP    /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $36856786.97   | 1.32%             |  |  |  | Yes           | 3                  | On Loan: No      |
| BIG TREE CLOUD HOLDINGS LTD                     | Big Tree Cloud Holdings Ltd.                             | CUSIP: G1263B116<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |      18409 | NC      | $296.38        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| DT Cloud Star Acquisition Corp                  | DT Cloud Star Acquisition Corp.                          | CUSIP: G2853N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      35000 | NS      | $363650.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| DT Cloud Star Acquisition Corp                  | DT Cloud Star Acquisition Corp.                          | CUSIP: G2853N114<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      35000 | NC      | $3850.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Dt Cloud Acquisition Corp                       | Dt Cloud Acquisition Corp.                               | CUSIP: G28524133<br>LEI: N/A                  | N/A              | DE               | CORP              | GB        |     160000 | NC      | $27200.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Dynamix Corp                                    | Dynamix Corp.                                            | CUSIP: G2949D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      25000 | NS      | $254750.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| DYNAMIX CORP                                    | Dynamix Corp.                                            | CUSIP: G2949D112<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      12500 | NC      | $4500.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| EISLER CAPTIAL MULTI STRATEGY FUND LP   /       | EISLER CAPTIAL MULTI STRATEGY FUND LP   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $31834768.65   | 1.14%             |  |  |  | Yes           | 3                  | On Loan: No      |
| EMPOWER FINANCE PREFERRED SERIES C   /          | EMPOWER FINANCE PREFERRED SERIES C   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     351202 | NS      | $3264773.79    | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| EPIC GAMES    /                                 | EPIC GAMES    /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |      31979 | NS      | $17769131.35   | 0.63%             |  |  |  | No            | 2                  | On Loan: No      |
| EQV Ventures Acquisition Corp                   | EQV Ventures Acquisition Corp. - Class A                 | CUSIP: G3106N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      39999 | NS      | $420389.49     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| EQV VENTURES ACQUISITION C-A                    | EQV Ventures Acquisition Corp.                           | CUSIP: G3106N117<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      13333 | NC      | $9786.42       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| ESH Acquisition Corp                            | ESH Acquisition Corp.                                    | CUSIP: 296424112<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      23028 | NC      | $1669.53       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| EUDA HEALTH HOLDINGS LTD                        | Euda Health Holdings Ltd.                                | CUSIP: G3142E121<br>LEI: N/A                  | N/A              | DE               | CORP              | SG        |        264 | NC      | $34.32         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| EURO CURRENCY  /                                | EURO CURRENCY  /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | XX        |     307678 | OU      | $362443.01     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Eureka Acquisition Corp                         | Eureka Acquisition Corp.                                 | CUSIP: G32168125<br>LEI: N/A                  | N/A              | DE               | CORP              | CN        |      15490 | NC      | $3084.06       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| EUREKA TENDERED SHARES   /                      | EUREKA TENDERED SHARES   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      15490 | NS      | $160786.20     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| EVEREST CONSOLIDATOR ACQUISI                    | Everest Consolidator Acquisition Corp.                   | CUSIP: 29978K110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        460 | NC      | $0.14          | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| EVE MOBILITY ACQUISITION C-A                    | EVe Mobility Acquisition Corp.                           | CUSIP: G3218G117<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       1469 | NC      | $58.91         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Fact II Acquisition Corp                        | Fact II Acquisition Corp.                                | CUSIP: G32901111<br>LEI: N/A                  | Long             |  | CORP              | US        |      40000 | NS      | $410000.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| FORTRESS CREDIT OPP XXVII CLO EQUITY   /        | FORTRESS CREDIT OPP XXVII CLO EQUITY   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8148840 | PA      | $7850883.04    | 0.28%             | 2035-01-28      | None          | 0.00%                 | Yes           | N/A                | On Loan: No      |
| Flag Ship Acquisition Corp                      | Flag Ship Acquisition Corp.                              | CUSIP: G3530C117<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      29513 | NC      | $3833.74       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Future Vision II Acquisition C                  | Future Vision II Acquisition Corp.                       | CUSIP: G37068106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      35000 | NS      | $364350.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| KOHLBERG CLO    /                               | KOHLBERG CLO    /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13500000 | PA      | $14124546.99   | 0.50%             | 2033-12-28      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| KEERN RIVER CAPITAL    /                        | KEERN RIVER CAPITAL    /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $750000.00     | 0.03%             |  |  |  | Yes           | 3                  | On Loan: No      |
| K&F Growth Acquisition Corp II                  | K&F Growth Acquisition Corp. II                          | CUSIP: G52258103<br>LEI: N/A                  | Long             |  | CORP              | US        |      25000 | NS      | $257500.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| KQ PARTNERS FUND LP   /                         | KQ PARTNERS FUND LP   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $5502748.00    | 0.20%             |  |  |  | Yes           | 3                  | On Loan: No      |
| LAUNCH TWO ACQUISITION- CL A                    | Launch Two Acquisition Corp.                             | CUSIP: G5S87A113<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      17500 | NC      | $7000.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Melar Acquisition Corp I                        | Melar Acquisition Corp. I - Class A                      | CUSIP: G6004G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      29900 | NS      | $313950.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| MELAR ACQUISITION CORP I-A                      | Melar Acquisition Corp. I                                | CUSIP: G6004G118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      14950 | NC      | $4933.50       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Maywood Acquisition Corp                        | Maywood Acquisition Corp.                                | CUSIP: G6001J115<br>LEI: N/A                  | Long             |  | CORP              | US        |      18750 | NS      | $188062.50     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| M3-Brigade Acquisition V Corp                   | M3-Brigade Acquisition V Corp. - Class A                 | CUSIP: G63212107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      75000 | NS      | $846750.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| M3-BRIGADE ACQUISITION V-A                      | M3-Brigade Acquisition V Corp.                           | CUSIP: G63212115<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      37500 | NC      | $65625.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Mountain Crest Acquisition Cor                  | Mountain Crest Acquisition Corp. V                       | CUSIP: 62404B115<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       1689 | NC      | $110.29        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| APOGEM MCF CLO 12 CLO   /                       | APOGEM MCF CLO 12 CLO   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   16840163 | PA      | $16475041.78   | 0.59%             | 2028-02-24      | None          | 0.00%                 | Yes           | N/A                | On Loan: No      |
| MISFITS MARKET COMMON SHARES   /                | MISFITS MARKET COMMON SHARES   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      23798 | NS      | $880621.19     | 0.03%             |  |  |  | No            | 3                  | On Loan: No      |
| MISFITS MARKETS PREFERRED SHARES   /            | MISFITS MARKETS PREFERRED SHARES   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      83287 | NS      | $3109436.86    | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Mountain Lake Acquisition Corp                  | Mountain Lake Acquisition Corp.                          | CUSIP: G6301B119<br>LEI: N/A                  | Long             |  | CORP              | US        |      40000 | NS      | $410000.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| MULTIMETAVERSE HOLDINGS LTD                     | MultiMetaVerse Holdings Ltd.                             | CUSIP: G6360J136<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       1265 | NC      | $2.02          | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| MERCURY COMMON CLASS B   /                      | MERCURY COMMON CLASS B   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      30303 | NS      | $4015147.50    | 0.14%             |  |  |  | No            | 3                  | On Loan: No      |
| MERCURY PREF- A-1   /                           | MERCURY PREF- A-1   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      69906 | NS      | $9262545.00    | 0.33%             |  |  |  | No            | 3                  | On Loan: No      |
| Metal Sky Star Acquisition Cor                  | Metal Sky Star Acquisition Corp.                         | CUSIP: G6053N113<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      20035 | NC      | $202.35        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| QUIET SELECT FUND CLASS B   /                   | QUIET SELECT FUND CLASS B   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $1266943.00    | 0.05%             |  |  |  | Yes           | 3                  | On Loan: No      |
| QUIET SELECT FUND CLASS C   /                   | QUIET SELECT FUND CLASS C   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $2786920.00    | 0.10%             |  |  |  | Yes           | 3                  | On Loan: No      |
| QUIET SELECT FUND CLASS D   /                   | QUIET SELECT FUND CLASS D   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $1520776.00    | 0.05%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Real Asset Acquisition Corp                     | Real Asset Acquisition Corp.                             | CUSIP: G73944129<br>LEI: N/A                  | Long             |  | CORP              | US        |      22500 | NS      | $232650.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Rithm Acquisition Corp                          | Rithm Acquisition Corp.                                  | CUSIP: G75751126<br>LEI: N/A                  | Long             |  | CORP              | US        |      11250 | NS      | $116550.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| RAISIN 2A COMMON   /                            | RAISIN 2A COMMON   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |        786 | NS      | $10824198.68   | 0.39%             |  |  |  | No            | 3                  | On Loan: No      |
| RAMP PREFERRED SERIES A-2   /                   | RAMP PREFERRED SERIES A-2   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     238339 | NS      | $10822973.99   | 0.39%             |  |  |  | No            | 3                  | On Loan: No      |
| RAMP PREFERRED SERIES C-3   /                   | RAMP PREFERRED SERIES C-3   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      59684 | NS      | $2775306.00    | 0.10%             |  |  |  | No            | 3                  | On Loan: No      |
| Range Capital Acquisition Corp                  | Range Capital Acquisition Corp.                          | CUSIP: G7375C124<br>LEI: N/A                  | Long             |  | CORP              | US        |      35536 | NS      | $367797.60     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Rising Dragon Acquisition Corp                  | Rising Dragon Acquisition Corp.                          | CUSIP: G7576K107<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      35000 | NS      | $360500.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Rising Dragon Acquisition Corp                  | Rising Dragon Acquisition Corp.                          | CUSIP: G7576K115<br>LEI: N/A                  | N/A              | DE               | CORP              | CN        |      35000 | NC      | $5302.50       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| RF Acquisition Corp II                          | RF Acquisition Corp. II                                  | CUSIP: G75389109<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |      13377 | NS      | $141662.43     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| RF Acquisition Corp II                          | RF Acquisition Corp. II                                  | CUSIP: G75389117<br>LEI: N/A                  | N/A              | DE               | CORP              | SG        |      13377 | NC      | $822.69        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| RIVERNORTH CAPITAL PARTNERS LP   /              | RIVERNORTH CAPITAL PARTNERS LP   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $20408242.53   | 0.73%             |  |  |  | Yes           | 3                  | On Loan: No      |
| ROUTE APP PREFERRED SERIES A   /                | ROUTE APP PREFERRED SERIES A   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    1171875 | NS      | $4394531.25    | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| Renatus Tactical Acquisition C                  | Renatus Tactical Acquisition Corp. I                     | CUSIP: G7490F119<br>LEI: N/A                  | Long             |  | CORP              | US        |       5250 | NS      | $66832.50      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SAVORY III BLOCKED FUND LP   /                  | SAVORY III BLOCKED FUND LP   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $1700101.00    | 0.06%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Silverbox Corp IV                               | Silverbox Corp. IV - Class A                             | CUSIP: G81354105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      19998 | NS      | $219178.08     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| SILVERBOX CORP IV-A                             | Silverbox Corp. IV                                       | CUSIP: G81354121<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       6666 | NC      | $6666.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SF HAWKERS STORES SERIER A PREF   /             | SF HAWKERS STORES SERIER A PREF   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     186058 | NS      | $7500000.17    | 0.27%             |  |  |  | No            | 3                  | On Loan: No      |
| Schonfeld Strategic Partners Fund LLC   /       | Schonfeld Strategic Partners Fund LLC   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $11234900.99   | 0.40%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Siddhi Acquisition Corp                         | Siddhi Acquisition Corp.                                 | CUSIP: G8118C108<br>LEI: N/A                  | Long             |  | CORP              | US        |      45000 | NS      | $463950.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| SEER HOME XPRESS LP   /                         | SEER HOME XPRESS LP   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $3584182.00    | 0.13%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2018-2 Ltd.                                     | CUSIP: 92917JAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $991860.50     | 0.04%             | 2031-07-15      | Floating      | 7.27%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2019-1 Ltd.                                     | CUSIP: 92917NBC1<br>LEI: 549300KSCKXTOBY0IP86 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1008129.20    | 0.04%             | 2037-10-15      | Floating      | 7.31%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2019-2 Ltd.                                     | CUSIP: 92917RAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1250500 | PA      | $1255327.56    | 0.04%             | 2032-07-20      | Floating      | 8.23%                 | Yes           | 2                  | On Loan: No      |
| Voya CLO Ltd                                    | Voya CLO 2020-3 Ltd.                                     | CUSIP: 92918NAY3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000711.20    | 0.04%             | 2038-01-20      | Floating      | 5.52%                 | Yes           | 2                  | On Loan: No      |
| AUDAX SUMMIT SPINE REVOLVER   /                 | AUDAX SUMMIT SPINE REVOLVER   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     121269 | PA      | $119314.40     | 0.00%             | 2028-03-18      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| AUDAX SUMMIT SPINE TL   /                       | AUDAX SUMMIT SPINE TL   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   13436567 | PA      | $13220035.54   | 0.47%             | 2028-03-18      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| Aimei Health Technology Co Ltd                  | Aimei Health Technology Co., Ltd.                        | CUSIP: G01341133<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      39796 | NC      | $9551.04       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Aifeex Nexus Acquisition Corp                   | Aifeex Nexus Acquisition Corp.                           | CUSIP: G8089R126<br>LEI: N/A                  | Long             |  | CORP              | US        |      36000 | NS      | $370080.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Whitebox CLO Ltd                                | Whitebox CLO IV Ltd.                                     | CUSIP: 96467KAU3<br>LEI: 549300SN372GTCE2YI66 | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000792.90    | 0.04%             | 2036-04-20      | Floating      | 8.18%                 | Yes           | 2                  | On Loan: No      |
| Wind River CLO Ltd                              | THL Credit Wind River 2019-3 Clo Ltd.                    | CUSIP: 97314JAJ4<br>LEI: 549300QKM4OHZM4I5C40 | Long             | ABS-CBDO         | CORP              | KY        |     795598 | PA      | $795989.89     | 0.03%             | 2031-04-15      | Floating      | 5.32%                 | Yes           | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 1/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -410000 | OU      | $-488647.00    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /     | EURO FORWARDVIREMAIN CONTRACT 4/22/2026   /              | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |    -390000 | OU      | $-467206.44    | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 07/22/2025   /    | EURO FORWARDVIREMAIN CONTRACT 07/22/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |     100000 | OU      | $117985.00     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /    | EURO FORWARDVIREMAIN CONTRACT 10/22/2025   /             | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DFE              |  | XX        |      80000 | OU      | $94934.42      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Artius II Acquisition Inc                       | Artius II Acquisition, Inc.                              | CUSIP: G0509J107<br>LEI: N/A                  | Long             |  | CORP              | US        |      22500 | NS      | $232425.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Ares Acquisition Corp II                        | Ares Acquisition Corp. II                                | CUSIP: G33033104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      29085 | NS      | $329533.05     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| ARES ACQUISITION CORP II                        | Ares Acquisition Corp. II                                | CUSIP: G33033120<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      21105 | NC      | $23215.50      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| AA Mission Acquisition Corp                     | AA Mission Acquisition Corp. - Class A                   | CUSIP: G1000R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      35000 | NS      | $364700.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| AA MISSION ACQUISITION COR-A                    | AA Mission Acquisition Corp.                             | CUSIP: G1000R127<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      17500 | NC      | $1645.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| ABLE VIEW GLOBAL INC-B                          | Able View Global, Inc.                                   | CUSIP: G1149B116<br>LEI: N/A                  | N/A              | DE               | CORP              | KY        |      19983 | NC      | $331.72        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| ABIOMED, Inc. CONTINGENT VALUE RHT   /          | ABIOMED, Inc. CONTINGENT VALUE RHT   /                   | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        481 | NC      | $490.62        | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| ADVANTAGE CAPITAL TL 04/14/2027   /             | ADVANTAGE CAPITAL TL 04/14/2027   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2885810 | PA      | $2698232.03    | 0.10%             | 2027-04-14      | Variable      | 13.00%                | No            | 3                  | On Loan: No      |
| ACER TREE CREDIT OPP PARTNERS LP   /            | ACER TREE CREDIT OPP PARTNERS LP   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |          1 | OU      | $15128395.60   | 0.54%             |  |  |  | Yes           | 3                  | On Loan: No      |
| AUDAX MEDTECH TL   /                            | AUDAX MEDTECH TL   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6531250 | PA      | $6415234.10    | 0.23%             | 2032-06-03      | Variable      | 9.56%                 | No            | 3                  | On Loan: No      |
| AUDAX NMA HOLDINGS TL   /                       | AUDAX NMA HOLDINGS TL   /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8449412 | PA      | $8339569.41    | 0.30%             | 2028-01-02      | Variable      | 9.56%                 | No            | 3                  | On Loan: No      |
| Audax-Riccobene Co. DDTL Audax Private   /      | Audax-Riccobene Co. DDTL Audax Private   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     617206 | PA      | $608873.41     | 0.02%             | 2028-01-10      | Variable      | 9.31%                 | No            | 3                  | On Loan: No      |
| AUDAX RICCOBENE TL   /                          | AUDAX RICCOBENE TL   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7260558 | PA      | $7162540.64    | 0.26%             | 2027-11-12      | Variable      | 9.33%                 | No            | 3                  | On Loan: No      |
| AIP CAPITAL LLC COMMON   /                      | AIP CAPITAL LLC COMMON   /                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        110 | NS      | $44982.38      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| AIRWALLEX COMMON   /                            | AIRWALLEX COMMON   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     188986 | NS      | $2743509.76    | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| AIRWALLEX PREF- A   /                           | AIRWALLEX PREF- A   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     160000 | NS      | $2322720.00    | 0.08%             |  |  |  | No            | 3                  | On Loan: No      |
| AIRWALLEX PREF- E   /                           | AIRWALLEX PREF- E   /                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     143991 | NS      | $2137114.42    | 0.08%             |  |  |  | No            | 3                  | On Loan: No      |
| AIRWALLEX PREF- B2   /                          | AIRWALLEX PREF- B2   /                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     282196 | NS      | $4106516.19    | 0.15%             |  |  |  | No            | 3                  | On Loan: No      |
| ALCHEMY INVESTMENTS ACQUISIT                    | Alchemy Investments Acquisition Corp. 1                  | CUSIP: G0232F133<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       9241 | NC      | $978.62        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Aldel Financial II Inc                          | Aldel Financial II, Inc.                                 | CUSIP: G01558116<br>LEI: N/A                  | Long             |  | CORP              | US        |      35000 | NS      | $367500.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Centurion Acquisition Corp                      | Centurion Acquisition Corp.                              | CUSIP: G20315100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      33486 | NS      | $354281.88     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| CENTURION ACQUISITION CORP                      | Centurion Acquisition Corp.                              | CUSIP: G20315118<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      16743 | NC      | $5357.76       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Alpha Star Acquisition Corp                     | Alpha Star Acquisition Corp.                             | CUSIP: G0230C132<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       1489 | NC      | $238.39        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Amedisys Inc                                    | Amedisys, Inc.                                           | CUSIP: 023436108<br>LEI: 5299001RBS9GK9STN379 | Long             | EC               | CORP              | US        |       6404 | NS      | $630089.56     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| AUDAX Co.-INVEST TL    /                        | AUDAX Co.-INVEST TL    /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   17256230 | PA      | $17178577.43   | 0.61%             | 2026-10-28      | Variable      | 10.05%                | No            | 3                  | On Loan: No      |
| ANSYS Inc                                       | ANSYS, Inc.                                              | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |        110 | NS      | $38634.20      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Aquaron Acquisition Corp                        | Aquaron Acquisition Corp.                                | CUSIP: 03842W113<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      19609 | NC      | $5882.70       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| ARBOUR LANE CREDIT OPP FUND IV LP   /           | ARBOUR LANE CREDIT OPP FUND IV LP   /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |          1 | OU      | $5020587.56    | 0.18%             |  |  |  | Yes           | 3                  | On Loan: No      |
| ARLINGTON CAPITAL PARTNERS FUND LP   /          | ARLINGTON CAPITAL PARTNERS FUND LP   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $2225423.00    | 0.08%             |  |  |  | Yes           | 3                  | On Loan: No      |
| ARES CAPITAL 2023-1 SUBORDINATED NOTE   /       | ARES CAPITAL 2023-1 SUBORDINATED NOTE   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7150641 | PA      | $7478710.07    | 0.27%             | 2033-07-11      | None          | 0.00%                 | No            | N/A                | On Loan: No      |
| ARTS SPV SRL WH VAR RT11/30/2041   /            | ARTS SPV SRL WH VAR RT11/30/2041   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | XX        |   13500000 | PA      | $15902933.21   | 0.57%             | 2041-11-30      | Variable      | 10.55%                | No            | 3                  | On Loan: No      |
| Thayer Ventures Acquisition Co                  | Thayer Ventures Acquisition Corp. II                     | CUSIP: G87890128<br>LEI: N/A                  | Long             |  | CORP              | US        |      18000 | NS      | $183060.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| U.S. INDUSTRIAL CLUB VII LP   /                 | U.S. INDUSTRIAL CLUB VII LP   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $4662889.02    | 0.17%             |  |  |  | No            | 3                  | On Loan: No      |
| ROTH CH ACQUISITION CO                          | Roth CH Acquisition Co.                                  | CUSIP: G88935120<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         58 | NC      | $1.17          | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| UY Scuti Acquisition Corp                       | UY Scuti Acquisition Corp.                               | CUSIP: G93Y0A120<br>LEI: N/A                  | Long             |  | CORP              | US        |      28125 | NS      | $286875.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Voyager Acquisition Corp                        | Voyager Acquisition Corp.                                | CUSIP: G93A7H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      65000 | NS      | $674050.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| VOYAGER ACQUISITION CORP                        | Voyager Acquisition Corp.                                | CUSIP: G93A7H112<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      32500 | NC      | $9100.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Vine Hill Capital Investment C                  | Vine Hill Capital Investment Corp. - Class A             | CUSIP: G93Y09107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      35000 | NS      | $364350.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| VINE HILL CAPITAL-CLASS A                       | Vine Hill Capital Investment Corp.                       | CUSIP: G93Y09115<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      17500 | NC      | $5138.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| WALLEYE OPPORTUNITIE LP   /                     | WALLEYE OPPORTUNITIE LP   /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $54161842.94   | 1.93%             |  |  |  | Yes           | 3                  | On Loan: No      |
| WELLBOURNE FIRST OUT TERM LOAN   /              | WELLBOURNE FIRST OUT TERM LOAN   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1299276 | PA      | $1312268.92    | 0.05%             | 2025-09-01      | Variable      | 11.65%                | No            | 3                  | On Loan: No      |
| WELLBOURNE LAST OUT TERM LOAN   /               | WELLBOURNE LAST OUT TERM LOAN   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2103236 | PA      | $2113752.44    | 0.08%             | 2025-09-01      | Variable      | 14.67%                | No            | 3                  | On Loan: No      |
| WHITEHAWK NEPHRON WARRANTS   /                  | WHITEHAWK NEPHRON WARRANTS   /                           | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |          1 | NC      | $638123.00     | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| WHITEHAWK IV PLUS ONSHORE FUND   /              | WHITEHAWK IV PLUS ONSHORE FUND   /                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $4621504.97    | 0.16%             |  |  |  | Yes           | 3                  | On Loan: No      |
| WHITEHAWK C3 FINANCE TERM LOAN 04/22/2027   /   | WHITEHAWK C3 FINANCE TERM LOAN 04/22/2027   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7350000 | PA      | $7386750.00    | 0.26%             | 2027-04-22      | Variable      | 12.32%                | No            | 3                  | On Loan: No      |
| WHITEHAWK CHERCO TERM LOAN   /                  | WHITEHAWK CHERCO TERM LOAN   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7500000 | PA      | $7462500.00    | 0.27%             | 2025-09-01      | None          | 14.48%                | No            | 3                  | On Loan: No      |
| WHITEHAWK CHERCO WARRANTS   /                   | WHITEHAWK CHERCO WARRANTS   /                            | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    5454545 | NC      | $54545.45      | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| METAL SKY STAR ACQUISITION C                    | Metal Sky Star Acquisition Corp.                         | CUSIP: G6053N121<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      20035 | NC      | $200.35        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| QUIET VENTURE III FUND LP   /                   | QUIET VENTURE III FUND LP   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $9406112.00    | 0.34%             |  |  |  | Yes           | 3                  | On Loan: No      |
| QUIET OA ACCESS LP    /                         | QUIET OA ACCESS LP    /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $3017574.00    | 0.11%             |  |  |  | Yes           | 3                  | On Loan: No      |
| QUIET REDDIT LP   /                             | QUIET REDDIT LP   /                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $11053.00      | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Future Vision II Acquisition C                  | Future Vision II Acquisition Corp.                       | CUSIP: G37068114<br>LEI: N/A                  | N/A              | DE               | CORP              | CN        |      35000 | NC      | $6650.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| GBP SPOT FORWARD CONTRACT   /                   | GBP SPOT FORWARD CONTRACT   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | GB        |    1400000 | OU      | $1921757.04    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| GBP SPOT FORWARD CONTRACT   /                   | GBP SPOT FORWARD CONTRACT   /                            | CUSIP: 999999999<br>LEI: N/A                  | Short            | STIV             |  | GB        |   -1400000 | OU      | $-1921757.04   | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| GCL GLOBAL HOLDINGS LTD                         | GCL Global Holdings Ltd.                                 | CUSIP: 999999999<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      19239 | NC      | $1827.71       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldenstone Acquisition Ltd                     | Goldenstone Acquisition Ltd.                             | CUSIP: 38136Y128<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      23908 | NC      | $4783.99       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| GOLDENSTONE ACQUISITION LTD                     | Goldenstone Acquisition Ltd.                             | CUSIP: 38136Y110<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      23908 | NC      | $1434.48       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| HCM II Acquisition Corp                         | HCM II Acquisition Corp. - Class A                       | CUSIP: G43658106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      20000 | NS      | $222000.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| HCM II ACQUISITION CORP-CL A                    | HCM II Acquisition Corp.                                 | CUSIP: G43658122<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      10000 | NC      | $23500.00      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| NEW HORIZON AIRCRAFT LTD                        | New Horizon Aircraft Ltd.                                | CUSIP: 64550A115<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       5899 | NC      | $1766.75       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| HELPORT AI LTD                                  | Helport AI Ltd.                                          | CUSIP: G4R52R111<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       1198 | NC      | $203.66        | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| PHOENIX AVIATION CAP LLC PREFERRED A   /        | PHOENIX AVIATION CAP LLC PREFERRED A   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       1575 | NS      | $1322932.80    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| HERAMBA ELECTRIC PLC                            | Heramba Electric PLC                                     | CUSIP: G4411J106<br>LEI: N/A                  | N/A              | DE               | CORP              | IE        |       1173 | NC      | $2.58          | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Plum Acquisition Corp IV                        | Plum Acquisition Corp. IV                                | CUSIP: G7134A112<br>LEI: N/A                  | Long             |  | CORP              | US        |      35000 | NS      | $359100.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| POINT72 CAPITAL CL A LP   /                     | POINT72 CAPITAL CL A LP   /                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $31225281.09   | 1.11%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Andretti Acquisition Corp II                    | Andretti Acquisition Corp. II - Class A                  | CUSIP: G26745102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      35000 | NS      | $363300.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| ANDRETTI ACQUISITION CORP -A                    | Andretti Acquisition Corp. II                            | CUSIP: G26745128<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      17500 | NC      | $4375.00       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| POMONA INVESTMENT FD    /                       | POMONA INVESTMENT FD    /                                | CUSIP: 732125208<br>LEI: N/A                  | Long             | EC               | RF                | US        |    3263285 | NS      | $52637111.14   | 1.88%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Quetta Acquisition Corp                         | Quetta Acquisition Corp.                                 | CUSIP: 74841A113<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       1189 | NC      | $1391.13       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| QUIET FT FUND CLASS E MERCURY   /               | QUIET FT FUND CLASS E MERCURY   /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $2029329.00    | 0.07%             |  |  |  | No            | 3                  | On Loan: No      |
| QUIET SELECT FT CLASS F EON   /                 | QUIET SELECT FT CLASS F EON   /                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $1250000.00    | 0.04%             |  |  |  | No            | 3                  | On Loan: No      |
| QONTO COMMON   /                                | QONTO COMMON   /                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |      43669 | NS      | $6437177.89    | 0.23%             |  |  |  | No            | 3                  | On Loan: No      |
| QONTO PREFERRED SERIES D   /                    | QONTO PREFERRED SERIES D   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |      34165 | NS      | $5192645.34    | 0.19%             |  |  |  | No            | 3                  | On Loan: No      |
| Quartzsea Acquisition Corp                      | Quartzsea Acquisition Corp.                              | CUSIP: G7314B112<br>LEI: N/A                  | Long             |  | CORP              | US        |      45000 | NS      | $463500.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| QUIET T1 LP   /                                 | QUIET T1 LP   /                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $5508243.00    | 0.20%             |  |  |  | Yes           | 3                  | On Loan: No      |
| QUIET T1 CLASS B LP   /                         | QUIET T1 CLASS B LP   /                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $1226818.00    | 0.04%             |  |  |  | Yes           | 3                  | On Loan: No      |
| TCW DIRECT LENING VIII LLC   /                  | TCW DIRECT LENING VIII LLC   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $50843762.47   | 1.81%             |  |  |  | Yes           | 3                  | On Loan: No      |
| TCW FENIX DDTL B-1 TOPCO LLC   /                | TCW FENIX DDTL B-1 TOPCO LLC   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     519930 | PA      | $501732.54     | 0.02%             | 2027-04-02      | Variable      | 11.83%                | No            | 3                  | On Loan: No      |
| TCW FENIX TOPCO B TL B 3/28/2029   /            | TCW FENIX TOPCO B TL B 3/28/2029   /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    8669823 | PA      | $8366379.38    | 0.30%             | 2029-03-28      | Variable      | 13.55%                | No            | 3                  | On Loan: No      |
| TCW IPSEN TL LLC   /                            | TCW IPSEN TL LLC   /                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   20272837 | PA      | $19636270.35   | 0.70%             | 2029-07-31      | Variable      | 14.83%                | No            | 3                  | On Loan: No      |
| TCW KNIGHT LIGHTING EQUITY   /                  | TCW KNIGHT LIGHTING EQUITY   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $1594000.00    | 0.06%             |  |  |  | No            | 3                  | On Loan: No      |
| TCW KICHLER LIGHTING    /                       | TCW KICHLER LIGHTING    /                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   24598741 | PA      | $24082167.38   | 0.86%             | 2029-09-18      | Variable      | 14.27%                | No            | 3                  | On Loan: No      |
| TCW RESCUE FINANCING FUND II LP   /             | TCW RESCUE FINANCING FUND II LP   /                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |          1 | OU      | $7881555.25    | 0.28%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Translational Development Acqu                  | Translational Development Acquisition Corp.              | CUSIP: G9008W121<br>LEI: N/A                  | Long             |  | CORP              | US        |      40000 | NS      | $411600.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| GENERATION ESSENTIALS GROU-A                    | Generation Essentials Group                              | CUSIP: G38268119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       5684 | NC      | $2273.60       | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| TEGNA Inc                                       | TEGNA, Inc.                                              | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |       9923 | NS      | $166309.48     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| TPG TECH ADJACENCIES II VEGA   /                | TPG TECH ADJACENCIES II VEGA   /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $1822852.00    | 0.07%             |  |  |  | Yes           | 3                  | On Loan: No      |
| TPG TECH ADJACENCIES II VITAL CI LP   /         | TPG TECH ADJACENCIES II VITAL CI LP   /                  | CUSIP: TPGVITAL1<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          1 | NS      | $2091565.00    | 0.07%             |  |  |  | Yes           | 3                  | On Loan: No      |
| CORNER GROWTH ACQUISITION -A                    | Corner Growth Acquisition Corp. 2                        | CUSIP: G2426E120<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        935 | NC      | $32.82         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Texas Ventures Acquisition III                  | Texas Ventures Acquisition III Corp.                     | CUSIP: G8772L121<br>LEI: N/A                  | Long             |  | CORP              | US        |      22500 | NS      | $231075.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| OAK St REAL EST LP BLUE OWL NET LEASE   /       | OAK St REAL EST LP BLUE OWL NET LEASE   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | RF                | US        |          1 | NS      | $81949823.00   | 2.92%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-07-02

**Name of Applicant:** First Trust Alternative Opportunities Fund

**Signature:** /s/ Michael D. Peck

**Name of Signer:** Michael D. Peck

**Title:** President