# EDGAR Filing Document

**Accession Number:** 0001408970
**File Stem:** 0001752724-23-035100
**Filing Date:** 2023-2
**Character Count:** 86950
**Document Hash:** 5bb0014fc1e62e490e9849fbcc7c6b99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-035100.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-035100

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AdvisorShares Trust
- **CENTRAL INDEX KEY:** 0001408970
- **IRS NUMBER:** 260636087
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22110
- **FILM NUMBER:** 23657118

**BUSINESS ADDRESS:**
- **STREET 1:** 4800 MONTGOMERY LANE
- **STREET 2:** SUITE 150
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** (877) 843-3831

**MAIL ADDRESS:**
- **STREET 1:** 4800 MONTGOMERY LANE
- **STREET 2:** SUITE 150
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

## Series and Classes Contracts Data

### AdvisorShares Newfleet Multi-Sector Income ETF (Series ID: S000038247)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000117922 | AdvisorShares Newfleet Multi-Sector Income ETF | MINC            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** AdvisorShares Trust

- **b. Investment Company Act file number:** 811-22110

- **c. CIK number of Registrant:** 0001408970

- **d. LEI of Registrant:** 549300K5KGUMX2I7WM68

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

  - **Street Address 1:** 4800 Montgomery Lane

  - **City:** Bethesda

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20814

  - **Telephone number:** 877-843-3831

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

- **a. Name of Series:** AdvisorShares Newfleet Multi-Sector Income ETF

- **b. EDGAR series identifier (if any):** S000038247

- **c. LEI of Series:** 549300TXPL8N66JNJ546

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

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-30

**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:** $23923195.54

**Total Liabilities:** $311908.33

**Net Assets:** $23611287.21

**Cash Not Reported:** $38326.93

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 40.95281000 | **1-Year:** 1502.64380000 | **5-Year:** 2252.99779000 | **10-Year:** 305.06048000 | **30-Year:** 0.00000000

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

- **3-Month:** 15.43926000 | **1-Year:** 418.17426000 | **5-Year:** 495.74615000 | **10-Year:** 2.09348000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000117922 | -0.36%               | 0.90%                | 0.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-419368.77              | $175303.94                                 |
| Month 2  | $-119929.98              | $370152.23                                 |
| Month 3  | $-1241460.14             | $1332303.26                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Encina Equipment Finance                                    | Encina Equipment Finance 2022-1 LLC                         | CUSIP: 29252VAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185000 | PA      | $179721.54    | 0.76%             | 2029-01-16      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SPIRIT REALTY LP                                            | Spirit Realty LP                                            | CUSIP: 84861TAC2<br>LEI: 549300GTBVIBJRX5BW73 | Long             | DBT              | CORP              | US        |     96429 | PA      | $92376.22     | 0.39%             | 2026-09-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Visio 2019-2 Trust                                          | Visio 2019-2 Trust                                          | CUSIP: 92837DAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    148678 | PA      | $139270.13    | 0.59%             | 2054-11-25      | Variable      | 2.92%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                              | Carvana Auto Receivables Trust 2019-3                       | CUSIP: 14686XAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $225727.11    | 0.96%             | 2026-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Standard Industries Inc/NJ                                  | STANDARD INDUSTR 08/06/28                                   | CUSIP: 85350EAB2<br>LEI: 54930064UHXCIUWVI755 | Long             | LON              | CORP              | US        |     58447 | PA      | $57810.34     | 0.24%             | 2028-09-22      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Avant Credit Card Master Trust                              | Avant Credit Card Master Trust                              | CUSIP: 05351KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $238074.95    | 1.01%             | 2027-04-15      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| Sierra Receivables Funding Co                               | Sierra Timeshare 2022-2 Receivables Funding LLC             | CUSIP: 82650TAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125091 | PA      | $122085.23    | 0.52%             | 2040-06-20      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                              | Credit Acceptance Auto Loan Trust 2019-3                    | CUSIP: 22535KAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67144 | PA      | $67038.00     | 0.28%             | 2029-01-16      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                    | Liberty Mutual Group Inc                                    | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    190000 | PA      | $155032.40    | 0.66%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Starwood Residential Mortgage                               | STAR 2021-1 Trust                                           | CUSIP: 85573GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    310848 | PA      | $282465.95    | 1.20%             | 2065-05-25      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                                 | Viatris Inc                                                 | CUSIP: 91533BAC4<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |       157 | PA      | $134.51       | 0.00%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                                  | Navient Private Education Refi Loan Trust 2021-E            | CUSIP: 63942EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    234160 | PA      | $196645.72    | 0.83%             | 2069-12-16      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                    | Mill City Mortgage Loan Trust 2017-3                        | CUSIP: 59980CAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    123115 | PA      | $111338.13    | 0.47%             | 2061-01-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                    | JP Morgan Trust 2015-5                                      | CUSIP: 46644XAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     77819 | PA      | $75162.07     | 0.32%             | 2045-05-25      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                               | Lendbuzz Securitization Trust 2022-1                        | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    212420 | PA      | $203403.92    | 0.86%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                  | Flagship Credit Auto Trust 2020-3                           | CUSIP: 33844TAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $138304.58    | 0.59%             | 2026-09-15      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                                | Pawnee Equipment Receivables Series 2020-1 LLC              | CUSIP: 70410LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15686 | PA      | $15486.52     | 0.07%             | 2025-11-17      | Fixed         | 1.37%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                            | NMEF Funding 2022-A LLC                                     | CUSIP: 62920KAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195000 | PA      | $177316.31    | 0.75%             | 2028-10-16      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                          | Dominican Republic International Bond                       | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    195000 | PA      | $179545.68    | 0.76%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mileage Plus Holdings LLC                                   | MILEAGE PLUS 07/02/27                                       | CUSIP: 59921PAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     76500 | PA      | $78823.69     | 0.33%             | 2027-06-20      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                                    | Prudential Financial Inc                                    | CUSIP: 744320AM4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |     74000 | PA      | $72805.64     | 0.31%             | 2043-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BAYPORT POLYMERS LLC                                        | Bayport Polymers LLC                                        | CUSIP: 073096AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $130108.23    | 0.55%             | 2027-04-14      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                | CSMC 2021-NQM1                                              | CUSIP: 126407AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    432135 | PA      | $364032.14    | 1.54%             | 2065-05-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                                | Upstart Securitization Trust 2021-1                         | CUSIP: 91681NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8075 | PA      | $8050.65      | 0.03%             | 2031-03-20      | Fixed         | 0.87%                 | No            |                  2 | On Loan: No      |
| Gold Key Resorts LLC                                        | Gold Key Resorts 2014-A LLC                                 | CUSIP: 38061LAA7<br>LEI: 549300MORAF4RGEXUA95 | Long             | ABS-O            | CORP              | US        |     10317 | PA      | $10141.41     | 0.04%             | 2031-03-17      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                  | GLS Auto Receivables Issuer Trust 2022-2                    | CUSIP: 36265NAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $182541.00    | 0.77%             | 2028-04-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health Inc                                    | ELANCO 08/01/27                                             | CUSIP: 28414BAF3<br>LEI: 549300SHPNDCE059M934 | Long             | LON              | CORP              | US        |     53176 | PA      | $51173.04     | 0.22%             | 2027-08-01      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                        | CHARTER COMM OPE 02/01/27                                   | CUSIP: 16117LBX6<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |     67059 | PA      | $65584.01     | 0.28%             | 2027-02-01      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Resideo Funding Inc                                         | RESIDEO FUNDING 02/11/28                                    | CUSIP: 76090LAE4<br>LEI: 5493000IFJ6XJKH66598 | Long             | LON              | CORP              | US        |      8818 | PA      | $8768.75      | 0.04%             | 2028-02-12      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Visio Trust                                                 | Visio Trust                                                 | CUSIP: 92837UAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    227142 | PA      | $209100.66    | 0.89%             | 2056-05-25      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization T                              | Tricolor Auto Securitization Trust 2022-1                   | CUSIP: 89616BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $229622.71    | 0.97%             | 2025-08-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR                                     | Alaska Airlines 2020-1 Class A Pass Through Trust           | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    206590 | PA      | $197214.43    | 0.84%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Asplundh Tree Expert LLC                                    | ASPLUNDH TREE EX 09/07/27                                   | CUSIP: 04538FAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     38107 | PA      | $38091.19     | 0.16%             | 2027-09-04      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                | CSMC 2021-NQM2                                              | CUSIP: 12662EAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    108550 | PA      | $90545.65     | 0.38%             | 2066-02-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                | Enbridge Inc                                                | CUSIP: 29250NBN4<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $73568.02     | 0.31%             | 2083-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                                      | Brookfield Finance Inc                                      | CUSIP: 11271LAC6<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $41460.34     | 0.18%             | 2028-01-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                         | DENTSPLY SIRONA Inc                                         | CUSIP: 24906PAA7<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     55000 | PA      | $45912.85     | 0.19%             | 2030-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                                | Hilton Grand Vacations Trust 2022-1D                        | CUSIP: 43283BAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    194836 | PA      | $185513.30    | 0.79%             | 2034-06-20      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card                               | Mercury Financial Credit Card Master Trust                  | CUSIP: 58940BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $219506.92    | 0.93%             | 2026-03-20      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                                         | NOVA Chemicals Corp                                         | CUSIP: 66977WAP4<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $94251.21     | 0.40%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                              | Carvana Auto Receivables Trust 2021-N2                      | CUSIP: 14686KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120768 | PA      | $111045.48    | 0.47%             | 2028-03-10      | Fixed         | 1.07%                 | No            |                  2 | On Loan: No      |
| Go Daddy Operating Co LLC                                   | GO 10/21/29                                                 | CUSIP: 38017BAT3<br>LEI: 5493005GJOH8HLL11157 | Long             | LON              | CORP              | US        |    180526 | PA      | $180463.20    | 0.76%             | 2029-11-10      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                                     | NYMT Loan Trust 2022-CP1                                    | CUSIP: 62955VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     74670 | PA      | $67099.98     | 0.28%             | 2061-07-25      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                     | Dell International LLC / EMC Corp                           | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $78967.09     | 0.33%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust                                 | Diamond Resorts Owner Trust 2019-1                          | CUSIP: 252722AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     76163 | PA      | $74319.71     | 0.31%             | 2032-02-20      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                     | GLP Capital LP / GLP Financing II Inc                       | CUSIP: 361841AJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $29517.29     | 0.13%             | 2025-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Horizon Therapeutics USA Inc                                | HORIZON THERAPEU 03/15/28                                   | CUSIP: 44055UAD7<br>LEI: 254900IS87RLPXY88S03 | Long             | LON              | CORP              | US        |     37793 | PA      | $37802.91     | 0.16%             | 2028-03-15      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                                        | ARAMARK SERVICES 04/01/28                                   | CUSIP: 03852JAS0<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |    109607 | PA      | $108470.03    | 0.46%             | 2028-04-06      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                              | Wells Fargo Mortgage Backed Securities 2004-U Trust         | CUSIP: 949803AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     56306 | PA      | $52988.70     | 0.22%             | 2034-10-25      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| Arivo Acceptance Auto Loan Rec                              | Arivo Acceptance Auto Loan Receivables Trust 2021-1         | CUSIP: 04047AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    111834 | PA      | $108101.02    | 0.46%             | 2027-01-15      | Fixed         | 1.19%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                                          | AGILITI HEALT 01/04/26                                      | CUSIP: 00847YAC6<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |     59231 | PA      | $57972.11     | 0.25%             | 2026-01-04      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                    | JP Morgan Mortgage Trust 2014-2                             | CUSIP: 46641YAJ2<br>LEI: 549300BV8AJIRLDGMR51 | Long             | ABS-MBS          | CORP              | US        |     69385 | PA      | $65156.31     | 0.28%             | 2029-06-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                  | GLS Auto Receivables Issuer Trust 2019-4                    | CUSIP: 36258HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115354 | PA      | $113752.00    | 0.48%             | 2025-08-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Scientific Games Corp                                       | SCIENTIFIC GAMES 04/07/29                                   | CUSIP: 000000000<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |     49750 | PA      | $49199.27     | 0.21%             | 2029-04-14      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Lo                              | Velocity Commercial Capital Loan Trust 2020-1               | CUSIP: 92259LAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     71774 | PA      | $63383.99     | 0.27%             | 2050-02-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                      | BP Capital Markets PLC                                      | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     80000 | PA      | $70250.00     | 0.30%             | N/A             | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HIN Timeshare Trust 2020-A                                  | HIN Timeshare Trust 2020-A                                  | CUSIP: 40439HAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    138737 | PA      | $127405.81    | 0.54%             | 2039-10-09      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                            | CUSIP: 91282CBB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    835000 | PA      | $708771.48    | 3.00%             | 2027-12-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| USASF Receivables LLC                                       | USASF Receivables 2020-1 LLC                                | CUSIP: 90353QAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51984 | PA      | $51832.05     | 0.22%             | 2024-05-15      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| GMRF Mortgage Acquisition Co.,                              | Galton Funding Mortgage Trust 2017-1                        | CUSIP: 36416UAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39772 | PA      | $36913.31     | 0.16%             | 2056-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                      | VICI Properties LP / VICI Note Co Inc                       | CUSIP: 92564RAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $72003.75     | 0.30%             | 2025-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SBA Senior Finance II LLC                                   | SBA FINANCE 04/11/25                                        | CUSIP: 78404XAH8<br>LEI: 549300PVT2ADFWMYEW87 | Long             | LON              | CORP              | US        |     82451 | PA      | $82279.33     | 0.35%             | 2025-04-11      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                                | Upstart Securitization Trust 2021-2                         | CUSIP: 91680FAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $227964.82    | 0.97%             | 2031-06-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                         | Petroleos Mexicanos                                         | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    180000 | PA      | $164636.86    | 0.70%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hilton Worldwide Finance LLC                                | HILTON 6/22/26                                              | CUSIP: 43289DAH6<br>LEI: 549300406TN7EY0NPH20 | Long             | LON              | CORP              | US        |     85000 | PA      | $84835.53     | 0.36%             | 2026-06-21      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                                         | General Electric Co                                         | CUSIP: 369604BQ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78895.40     | 0.33%             | N/A             | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| Pawnee Equipment Receivables                                | Pawneee Equipment Receivables Series 2022-1 LLC             | CUSIP: 70410DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $203632.42    | 0.86%             | 2028-07-17      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                              | Ellington Financial Mortgage Trust 2020-2                   | CUSIP: 31573WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    137069 | PA      | $123227.28    | 0.52%             | 2065-10-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                    | JP Morgan Mortgage Trust 2014-2                             | CUSIP: 46641YAN3<br>LEI: 549300BV8AJIRLDGMR51 | Long             | ABS-MBS          | CORP              | US        |    135134 | PA      | $125772.45    | 0.53%             | 2029-06-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| BRE Grand Islander Timeshare I                              | BRE Grand Islander Timeshare Issuer 2017-A LLC              | CUSIP: 05584AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    112695 | PA      | $108801.48    | 0.46%             | 2029-05-25      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                            | NORTH AMERICAN B 11/17/28                                   | CUSIP: 62871NAM7<br>LEI: 549300G4QOYNTNBXSH82 | Long             | LON              | CORP              | US        |     44164 | PA      | $43092.76     | 0.18%             | 2028-11-23      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 21-1 A PPT                                      | British Airways 2021-1 Class A Pass Through Trust           | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    211565 | PA      | $173179.83    | 0.73%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| NMLT Trust                                                  | NLT 2021-INV2 Trust                                         | CUSIP: 62917JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    259159 | PA      | $205402.53    | 0.87%             | 2056-08-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                                 | Southern Co/The                                             | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    164000 | PA      | $132832.03    | 0.56%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                                  | GLS Auto Receivables Issuer Trust 2019-4                    | CUSIP: 36258HAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $105597.66    | 0.45%             | 2026-08-17      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Dominion Mortgage Trust                                     | Dominion Mortgage Trust 2021-RTL1                           | CUSIP: 257463AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    315000 | PA      | $284841.43    | 1.21%             | 2027-07-25      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                          | Aqua Finance Trust 2019-A                                   | CUSIP: 038370AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86217 | PA      | $81262.16     | 0.34%             | 2040-07-16      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Credito Real USA Auto Receivab                              | Credito Real USA Auto Receivables Trust 2021-1              | CUSIP: 22551EAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69701 | PA      | $68135.80     | 0.29%             | 2027-02-16      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                              | PRPM 2021-RPL2 LLC                                          | CUSIP: 69357QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     78919 | PA      | $70708.97     | 0.30%             | 2051-10-25      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                    | Foundation Finance Trust 2021-1                             | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |    175605 | PA      | $157268.02    | 0.67%             | 2041-05-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Hostess Brands LLC                                          | HOSTESS BRANDS 08/03/25                                     | CUSIP: 44108HAJ0<br>LEI: 549300SW7FLS4O41LD19 | Long             | LON              | CORP              | US        |     19568 | PA      | $19538.57     | 0.08%             | 2025-08-03      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Stars Group Holdings BV                                     | Flutter Entertai 07/21/26                                   | CUSIP: 000000000<br>LEI: 549300RNFXC8F8RT6R13 | Long             | LON              | CORP              | NL        |     19185 | PA      | $18950.36     | 0.08%             | 2026-07-21      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                               | Commonbond Student Loan Trust 2020-1                        | CUSIP: 20268BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68363 | PA      | $60753.13     | 0.26%             | 2051-10-25      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                    | OBX 2019-INV1 Trust                                         | CUSIP: 67098AAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26895 | PA      | $25852.78     | 0.11%             | 2048-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CPG International LLC                                       | CPG INTERNATIONA 04/20/29                                   | CUSIP: 12594VAD0<br>LEI: 549300SVLALB4NVWP891 | Long             | LON              | CORP              | US        |     90000 | PA      | $87750.00     | 0.37%             | 2029-04-28      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                        | Kyndryl Holdings Inc                                        | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    108000 | PA      | $89220.22     | 0.38%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                              | Open Text Corp                                              | CUSIP: 000000000<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | CA        |     40000 | PA      | $39165.00     | 0.17%             | 2029-11-16      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                                              | Qatar Government International Bond                         | CUSIP: 74727PBC4<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    200000 | PA      | $194480.80    | 0.82%             | 2025-04-16      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                                     | BROWN GROUP HOLDING LLC                                     | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |     44413 | PA      | $43679.53     | 0.18%             | 2028-06-07      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                                       | Universal Health Services Inc                               | CUSIP: 913903AX8<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    175000 | PA      | $150707.07    | 0.64%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Dext ABS 2020-1, LLC                                        | Dext ABS 2020-1 LLC                                         | CUSIP: 25216AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     76503 | PA      | $75476.96     | 0.32%             | 2027-02-16      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                    | Texas Capital Bancshares Inc                                | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |    135000 | PA      | $120117.03    | 0.51%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC                                            | UFC HOLDINGS LLC 04/29/26                                   | CUSIP: 90266UAJ2<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |     42814 | PA      | $42332.42     | 0.18%             | 2026-04-29      | Floating      | 7.14%                 | No            |                  2 | On Loan: No      |
| GCI Funding I LLC                                           | GCI Funding I LLC                                           | CUSIP: 36166VAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    169946 | PA      | $144948.78    | 0.61%             | 2046-06-18      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES LP                                       | CITADEL SECURITIES LP                                       | CUSIP: 17288YAD4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |     96993 | PA      | $95392.47     | 0.40%             | 2028-02-02      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                     | UKG Inc                                                     | CUSIP: 90385KAK7<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     44551 | PA      | $42490.22     | 0.18%             | 2026-05-03      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                    | Republic of South Africa Government International Bond      | CUSIP: 836205AR5<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    200000 | PA      | $201054.00    | 0.85%             | 2025-09-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                         | Charles Schwab Corp/The                                     | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    115000 | PA      | $91850.50     | 0.39%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berry Global Inc                                            | BERRY GLOBAL IN7/01/2026                                    | CUSIP: 08579JBG6<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | LON              | CORP              | US        |     78223 | PA      | $77743.03     | 0.33%             | 2026-07-01      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Resideo Funding Inc                                         | RESIDEO FUNDING 02/11/28                                    | CUSIP: 76090LAE4<br>LEI: 5493000IFJ6XJKH66598 | Long             | LON              | CORP              | US        |      8818 | PA      | $8768.75      | 0.04%             | 2028-02-12      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Towd Point Asset Funding, LLC                               | Towd Point HE Trust 2021- HE1                               | CUSIP: 89180DAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     79036 | PA      | $74404.20     | 0.32%             | 2063-02-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities, LLC                                | Business Jet Securities 2020-1 LLC                          | CUSIP: 12327FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     36349 | PA      | $33150.54     | 0.14%             | 2035-11-15      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                                  | MFA 2020-NQM3 Trust                                         | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    182002 | PA      | $166985.01    | 0.71%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                          | Aqua Finance Trust 2020-A                                   | CUSIP: 038413AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    335000 | PA      | $295314.63    | 1.25%             | 2046-07-17      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                                         | RESIDEO FUNDING INC                                         | CUSIP: 76090LAE4<br>LEI: 5493000IFJ6XJKH66598 | Long             | LON              | CORP              | US        |     45838 | PA      | $45580.66     | 0.19%             | 2028-02-12      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Accelerated Assets                                          | Accelerated 2021-1H LLC                                     | CUSIP: 00439KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    159899 | PA      | $144960.01    | 0.61%             | 2040-10-20      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                               | Citigroup Mortgage Loan Trust 2015-PS1                      | CUSIP: 17324VAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27661 | PA      | $25946.73     | 0.11%             | 2042-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Progr                              | Sofi Professional Loan Program 2017-C LLC                   | CUSIP: 83405DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57578 | PA      | $56521.97     | 0.24%             | 2040-07-25      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                    | Vistra (TXU/TCEH 12/31/25                                   | CUSIP: 88233FAK6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | LON              | CORP              | US        |     18726 | PA      | $18590.68     | 0.08%             | 2025-12-31      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| BACARDI LTD                                                 | Bacardi Ltd                                                 | CUSIP: 067316AF6<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |    110000 | PA      | $105410.36    | 0.45%             | 2028-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                                     | Office Properties Income Trust                              | CUSIP: 67623CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $81576.29     | 0.35%             | 2026-06-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                              | EPR Properties                                              | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |     90000 | PA      | $77057.32     | 0.33%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                 | Hertz Vehicle Financing III LLC                             | CUSIP: 42806MAL3<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    295000 | PA      | $262355.57    | 1.11%             | 2026-06-25      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| HOSTESS BRANDS 08/03/25                                     | HOSTESS BRANDS 08/03/25                                     | CUSIP: 44108HAJ0<br>LEI: 549300SW7FLS4O41LD19 | Long             | LON              | CORP              | US        |      9394 | PA      | $9379.87      | 0.04%             | 2025-08-03      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                      | Blackstone Private Credit Fund                              | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     86000 | PA      | $71387.85     | 0.30%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Avolon TLB Borrower 1 US LLC                                | AVOLON TLB BORRO 12/01/27                                   | CUSIP: 05400KAH3<br>LEI: 635400O84AGITYFZQB55 | Long             | LON              | CORP              | US        |     60779 | PA      | $60752.20     | 0.26%             | 2027-12-01      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                               | New Residential Mortgage Loan Trust 2021-NQM2R              | CUSIP: 64831EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    159162 | PA      | $138495.28    | 0.59%             | 2058-10-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                  | JP MORGAN SECURITIES LLC                                    | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |       334 | PA      | $334.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                   | Towd Point Mortgage Trust 2020-MH1                          | CUSIP: 89178YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $111018.82    | 0.47%             | 2060-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                              | BHG Securitization Trust 2021-B                             | CUSIP: 08862BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $177247.56    | 0.75%             | 2034-10-17      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU                              | WFRBS Commercial Mortgage Trust 2014-C24                    | CUSIP: 92939KAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $238550.93    | 1.01%             | 2047-11-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                            | CUSIP: 91282CCU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1310000 | PA      | $1270484.74   | 5.38%             | 2023-08-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| ORYX MIDSTREAM S 09/30/28                                   | ORYX MIDSTREAM S 09/30/28                                   | CUSIP: 68764JAB7<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |     73333 | PA      | $72582.46     | 0.31%             | 2028-10-05      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| Dun & Bradstreet Corp/The                                   | DUN & BRADSTREET 02/06/26                                   | CUSIP: 26483NAN0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |     40035 | PA      | $39738.02     | 0.17%             | 2026-02-08      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                                 | VFI ABS 2022-1 LLC                                          | CUSIP: 91824CAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320000 | PA      | $301932.00    | 1.28%             | 2028-07-24      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Air Canada                                                  | AIR CANADA 08/11/28                                         | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |     28165 | PA      | $27922.63     | 0.12%             | 2028-08-11      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| SOFI CONSUMER LOAN PROGRAM TRU                              | SoFi Consumer Loan Program 2022-1S Trust                    | CUSIP: 83406QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     78000 | PA      | $78020.09     | 0.33%             | 2031-04-15      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                                    | Octane Receivables Trust 2020-1                             | CUSIP: 67592LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24104 | PA      | $23857.35     | 0.10%             | 2025-02-20      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                    | Celanese US Holdings LLC                                    | CUSIP: 15089QAL8<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84846.17     | 0.36%             | 2025-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                               | Citigroup Mortgage Loan Trust 2014-A                        | CUSIP: 17322GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    109532 | PA      | $102258.45    | 0.43%             | 2035-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                              | Mariner Finance Issuance Trust 2019-A                       | CUSIP: 56847MAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65154 | PA      | $64287.59     | 0.27%             | 2032-07-20      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                               | TRANSDIGM INC 05/30/25                                      | CUSIP: 89364MBQ6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     68335 | PA      | $67721.96     | 0.29%             | 2025-05-30      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Fluidra Finco SL                                            | ZODIAC POOL (FLU 01/21/29                                   | CUSIP: 98975VAM8<br>LEI: 9598001EJ2RDDXG5CK22 | Long             | LON              | CORP              | ES        |    118464 | PA      | $113014.93    | 0.48%             | 2029-01-27      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                       | Level 3 Financing Inc                                       | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    165000 | PA      | $130346.70    | 0.55%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                         | CDW LLC / CDW Finance Corp                                  | CUSIP: 12513GBH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     98000 | PA      | $84087.43     | 0.36%             | 2028-12-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Caesars Resort Collection LLC                               | CAESARS RESORT 12/22/24                                     | CUSIP: 12769LAB5<br>LEI: 549300V3UCT773B1KR38 | Long             | LON              | CORP              | US        |     81391 | PA      | $81313.00     | 0.34%             | 2024-12-22      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust   | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    155000 | PA      | $130400.48    | 0.55%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freed ABS Trust                                             | FREED ABS Trust 2022-1FP                                    | CUSIP: 35633KAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $135686.55    | 0.57%             | 2029-03-19      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                              | Palmer Square Loan Funding 2021-1 Ltd                       | CUSIP: 69701YAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    142109 | PA      | $140442.08    | 0.59%             | 2029-04-20      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                        | LHOME Mortgage Trust 2021-RTL2                              | CUSIP: 501895AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    205000 | PA      | $193622.25    | 0.82%             | 2026-06-25      | Variable      | 2.09%                 | No            |                  2 | On Loan: No      |
| Stars Group Holdings BV                                     | Flutter Entertai 07/21/26                                   | CUSIP: 000000000<br>LEI: 549300RNFXC8F8RT6R13 | Long             | LON              | CORP              | NL        |     18397 | PA      | $18171.95     | 0.08%             | 2026-07-21      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| SKOPOS AUTO RECEIVABLES TRUST                               | Skopos Auto Receivables Trust 2019-1                        | CUSIP: 83085DAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14659 | PA      | $14641.22     | 0.06%             | 2024-09-16      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| CITADEL LP                                                  | Citadel LP                                                  | CUSIP: 17288XAB0<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    170000 | PA      | $158447.20    | 0.67%             | 2027-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                   | Towd Point Mortgage Trust 2015-6                            | CUSIP: 89172RAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $97219.32     | 0.41%             | 2055-04-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                    | Angel Oak Mortgage Trust I LLC 2018-3                       | CUSIP: 03464NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       591 | PA      | $588.50       | 0.00%             | 2048-09-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Hostess Brands LLC                                          | HOSTESS BRANDS L 08/03/25                                   | CUSIP: 44108HAJ0<br>LEI: 549300SW7FLS4O41LD19 | Long             | LON              | CORP              | US        |     37012 | PA      | $36956.42     | 0.16%             | 2025-08-03      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| OFFICE PPTY INCOME TRST                                     | Office Properties Income Trust                              | CUSIP: 81618TAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $45373.47     | 0.19%             | 2025-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Secur                              | Bankers Healthcare Group Securitization Trust 2020-A        | CUSIP: 06616PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39511 | PA      | $38611.46     | 0.16%             | 2031-09-17      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                              | CFMT 2021-GRN1 Issuer Trust                                 | CUSIP: 12529KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    173376 | PA      | $160444.64    | 0.68%             | 2041-03-20      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Tr                              | Credit Acceptance Auto Loan Trust 2022-1                    | CUSIP: 22534LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $224225.28    | 0.95%             | 2032-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru                              | Provident Funding Mortgage Trust 2019-1                     | CUSIP: 74387LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     32059 | PA      | $26879.24     | 0.11%             | 2049-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SkyMiles IP Ltd                                             | SKYMILES IP LTD 09/16/27                                    | CUSIP: 24736CBS2<br>LEI: 2549008L7P4I8VB90936 | Long             | LON              | CORP              | KY        |     60000 | PA      | $61271.40     | 0.26%             | 2027-10-20      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON INGALLS INDUS                                    | Huntington Ingalls Industries Inc                           | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |     66000 | PA      | $54622.24     | 0.23%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                                        | Entegris Escrow Corp                                        | CUSIP: 29365BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $36558.09     | 0.15%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust 2020-1                                  | RCKT Mortgage Trust 2020-1                                  | CUSIP: 749389AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     38541 | PA      | $32344.51     | 0.14%             | 2050-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                         | DT Auto Owner Trust 2019-4                                  | CUSIP: 23343JAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       556 | PA      | $555.23       | 0.00%             | 2025-07-15      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                       | Arroyo Mortgage Trust 2019-2                                | CUSIP: 042858AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     53530 | PA      | $49793.15     | 0.21%             | 2049-04-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| JP MORGAN U.S. GOVERNMENT MONEY MARKET INSTITUTIONAL SHARES | JP MORGAN U.S. GOVERNMENT MONEY MARKET INSTITUTIONAL SHARES | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    484791 | NS      | $484791.25    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BXG Receivables Note Trust                                  | BXG Receivables Note Trust 2022-A                           | CUSIP: 12434KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148758 | PA      | $141992.64    | 0.60%             | 2037-09-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                              | Wells Fargo Mortgage Backed Securities 2004-K Trust         | CUSIP: 94981VAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     41485 | PA      | $42414.13     | 0.18%             | 2034-07-25      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| Oasis Securitisation                                        | Oasis Securitization Funding LLC                            | CUSIP: 67422AAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42936 | PA      | $42316.13     | 0.18%             | 2033-02-15      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                            | BAT Capital Corp                                            | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     85000 | PA      | $70906.78     | 0.30%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                       | DIRECTV FINANCI 07/22/27                                    | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     88440 | PA      | $86293.46     | 0.37%             | 2027-08-02      | Floating      | 9.37%                 | No            |                  2 | On Loan: No      |
| Westgate Resorts                                            | Westgate Resorts 2022-1 LLC                                 | CUSIP: 96034JAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    146339 | PA      | $137763.52    | 0.58%             | 2036-08-20      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                              | Ellington Financial Mortgage Trust 2017-1                   | CUSIP: 31574XAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     80047 | PA      | $65317.90     | 0.28%             | 2066-02-25      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                             | United States Treasury Note/Bond                            | CUSIP: 91282CFN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    860000 | PA      | $856035.93    | 3.63%             | 2024-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Nexstar Broadcasting Inc                                    | NEXSTAR BROADCAS 09/26                                      | CUSIP: 65336RAW8<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |     62343 | PA      | $61945.76     | 0.26%             | 2026-09-18      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| CCG Receivables Trust                                       | CCG Receivables Trust 2021-1                                | CUSIP: 12510KAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $250100.68    | 1.06%             | 2027-06-14      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| Orange Lake Timeshare Trust                                 | Orange Lake Timeshare Trust 2019-A                          | CUSIP: 68504UAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    206697 | PA      | $194805.84    | 0.83%             | 2038-04-09      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| SG Capital Partners                                         | SG Residential Mortgage Trust 2019-3                        | CUSIP: 78432BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     47553 | PA      | $45725.11     | 0.19%             | 2059-09-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Gates Global LLC                                            | GATES GLOBAL 03/31/27                                       | CUSIP: 36740UAT9<br>LEI: 549300XI79MQJV13DW27 | Long             | LON              | CORP              | US        |     42756 | PA      | $41932.79     | 0.18%             | 2027-03-31      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| NCR CORP 08/28/26                                           | NCR CORP 08/28/26                                           | CUSIP: 62886VAP5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | LON              | CORP              | US        |     86127 | PA      | $83866.07     | 0.36%             | 2026-08-28      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                         | DT Auto Owner Trust 2020-2                                  | CUSIP: 23343RAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135267 | PA      | $133687.47    | 0.57%             | 2026-03-16      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card                               | Mercury Financial Credit Card Master Trust                  | CUSIP: 58940BAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $137926.67    | 0.58%             | 2026-09-21      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co                       | BWAY CORP 04/03/24                                          | CUSIP: 05604XAP1<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |     43368 | PA      | $42428.31     | 0.18%             | 2024-04-03      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                    | Angel Oak SB Commercial Mortgage Trust 2020-SBC1            | CUSIP: 03465BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     56458 | PA      | $53801.19     | 0.23%             | 2050-05-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| INEOS US Finance LLC                                        | INEOS US FINANCE 11/03/27                                   | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    147019 | PA      | $144997.05    | 0.61%             | 2027-11-08      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitizat                              | Lendingpoint 2022-A Asset Securitization Trust              | CUSIP: 52605AAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245000 | PA      | $236629.92    | 1.00%             | 2029-06-15      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| Foursight Capital Automobile R                              | Foursight Capital Automobile Receivables Trust 2022-1       | CUSIP: 35105JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195000 | PA      | $181394.40    | 0.77%             | 2027-05-17      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                                   | CIM TRUST 2022-R2                                           | CUSIP: 12567NAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90266 | PA      | $85382.25     | 0.36%             | 2061-12-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                               | Starwood Mortgage Residential Trust 2021-3                  | CUSIP: 85573JAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     81183 | PA      | $64591.22     | 0.27%             | 2056-06-25      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                               | Starwood Mortgage Residential Trust 2020-3                  | CUSIP: 85573MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    236918 | PA      | $217984.18    | 0.92%             | 2065-04-25      | Variable      | 1.49%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                               | Exeter Automobile Receivables Trust 2018-4                  | CUSIP: 30166EAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     46246 | PA      | $46079.97     | 0.20%             | 2024-09-16      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                              | Ellington Financial Mortgage Trust 2019-2                   | CUSIP: 31573TAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21063 | PA      | $19823.46     | 0.08%             | 2059-11-25      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                       | QUIKRETE HOLDING 06/11/28                                   | CUSIP: 74839XAG4<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |     89325 | PA      | $88745.73     | 0.38%             | 2029-03-18      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                              | Wells Fargo Mortgage Backed Securities 2004-K Trust         | CUSIP: 94981VAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     17819 | PA      | $17910.21     | 0.08%             | 2034-07-25      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                                    | Purchasing Power Funding 2021-A LLC                         | CUSIP: 74615JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $257615.56    | 1.09%             | 2025-10-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                    | Corebridge Financial Inc                                    | CUSIP: 21871XAN9<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    107000 | PA      | $99976.24     | 0.42%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                                   | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 | CUSIP: 61762MBW0<br>LEI: 549300P1YQ48837ZOI22 | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $272858.41    | 1.16%             | 2046-07-15      | Variable      | 4.07%                 | No            |                  2 | On Loan: No      |
| Pike Corp                                                   | PIKE CORP 01/21/28                                          | CUSIP: 72108PAR5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |     45479 | PA      | $44928.69     | 0.19%             | 2028-01-21      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| Select Medical Corp                                         | SELECT MEDICAL C 03/06/25                                   | CUSIP: 816194AV6<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |     90000 | PA      | $88458.75     | 0.37%             | 2025-03-06      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                                         | Suzano Austria GmbH                                         | CUSIP: 86964WAL6<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     80000 | PA      | $67424.80     | 0.29%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments LLLP                               | FLNG LIQUEFACTIO 11/17/28                                   | CUSIP: 35670CAB4<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |     39409 | PA      | $37564.45     | 0.16%             | 2028-12-21      | Floating      | 7.89%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                | CSMC 2021-AFC1 Trust                                        | CUSIP: 12657LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    145189 | PA      | $113119.38    | 0.48%             | 2056-03-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                    | Vistra (TXU/TCEH 12/31/25                                   | CUSIP: 88233FAK6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | LON              | CORP              | US        |     75308 | PA      | $74765.09     | 0.32%             | 2025-12-31      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                                                 | Viatris Inc                                                 | CUSIP: 92556VAC0<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42836.58     | 0.18%             | 2027-06-22      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| CCC Intelligent Solutions Inc                               | CCC INTELLIGENT 09/15/28                                    | CUSIP: 12511BAC6<br>LEI: 5493006JEEL9RIWY5T17 | Long             | LON              | CORP              | US        |     64313 | PA      | $63927.25     | 0.27%             | 2028-09-21      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                                | CSMC 2020-NQM1 Trust                                        | CUSIP: 126401AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    213752 | PA      | $194874.59    | 0.83%             | 2065-05-25      | Variable      | 1.21%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                              | Carvana Auto Receivables Trust 2022-N1                      | CUSIP: 14686GAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $231807.38    | 0.98%             | 2028-12-11      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** AdvisorShares Trust

**Signature:** Dan Ahrens

**Name of Signer:** Dan Ahrens

**Title:** Secretary and Treasurer