# EDGAR Filing Document

**Accession Number:** 0001798618
**File Stem:** 0001099263-25-004583
**Filing Date:** 2025-11
**Character Count:** 518244
**Document Hash:** 674e87b5853fe85b1d9127caac1470c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-004583.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001099263-25-004583

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Dynamic Income Opportunities Fund
- **CENTRAL INDEX KEY:** 0001798618

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23505
- **FILM NUMBER:** 251528632

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** (844) 312-2113

**MAIL ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO Tactical Income Fund
- **DATE OF NAME CHANGE:** 20200102

## Nport-Ex

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 140.1% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 35.2%**  |  |  |
| **Aligned Data Centers International LP**<br>7.538% due 12/18/2029 «~ | $8100 | $8164 |
| **Altice France SA**  |  |  |
| 7.526% (EUR003M + 5.500%) due 08/15/2028 ~ | 99 | 110 |
| 9.818% (TSFR3M + 5.500%) due 08/15/2028 «~ | $5741 | 5569 |
| **Aston XLN Topco Ltd.**<br>10.337% due 07/30/2032 « | 3230 | 4235 |
| **Bausch Health Cos., Inc.**<br>10.413% (TSFR1M + 6.250%) due 10/08/2030 ~ | $6683 | 6602 |
| **Central Parent, Inc.**<br>7.252% (TSFR3M + 3.250%) due 07/06/2029 ~ | 13989 | 12137 |
| **Cerba Healthcare SAS**  |  |  |
| TBD% due 06/30/2028 | 10900 | 8994 |
| TBD% due 02/16/2029 | 8300 | 6860 |
| **Clover Holdings 2 LLC**  |  |  |
| TBD% due 12/10/2029 µ | $1808 | 1803 |
| 7.942% (TSFR1M + 3.750%) due 12/09/2031 ~ | 3815 | 3824 |
| **Clover Holdings SPV III LLC**<br>15.000% due 12/09/2027 | 604 | 622 |
| **Comexposium**<br>TBD% (EUR012M + 0.000%) due 03/28/2026 «~ | 38951 | 55790 |
| **Coreweave Compute Acquisition Co. IV LLC**<br>TBD% - 10.723% (TSFR3M + 6.000%) due 05/16/2029 «~µ | $21900 | 22533 |
| **Databricks, Inc.**  |  |  |
| TBD% - 1.000% due 01/03/2031 «µ | 852 | 852 |
| TBD% - 1.000% (TSFR1M + 4.500%) due 01/03/2031 «~ | 3848 | 3916 |
| **Dun & Bradstreet Corp.**  |  |  |
| TBD% due 08/26/2032 «µ | 382 | 380 |
| TBD% (TSFR1M + 5.500%) due 08/26/2032 «~ | 3818 | 3796 |
| **Endure Digital, Inc.**<br>7.838% (TSFR1M + 3.500%) due 02/10/2028 «~ | 5938 | 4305 |
| **Envalior Finance GmbH**<br>7.526% (EUR003M + 5.500%) due 03/29/2030 ~ | 5200 | 5779 |
| **Envision Healthcare Corp.**<br>12.230% (TSFR3M + 7.875%) due 11/03/2028 «~ | $31556 | 32503 |
| **Espai Barca Fondo De Titulizacion**<br>TBD% - 5.000% (Euribor 6MO) due 06/30/2028 «~ | 7168 | 9580 |
| **Finastra USA, Inc.**  |  |  |
| 8.038% (TSFR3M + 4.000%) due 09/15/2032 ~ | $9700 | 9671 |
| 11.038% (TSFR3M + 7.000%) due 09/15/2033 ~ | 900 | 898 |
| **First Brands Group LLC**  |  |  |
| TBD% - 9.570% (TSFR3M + 5.000%) due 03/30/2027 ^~(d) | 2427 | 884 |
| **Forward Air Corp.**<br>8.810% (TSFR3M + 4.500%) due 12/19/2030 ~ | 7877 | 7873 |
| **Galaxy U.S. Opco, Inc. (10.058% Cash)**<br>10.058% (TSFR3M + 5.750%) due 07/31/2030 ~ | 10037 | 9171 |
| **Gateway Casinos & Entertainment Ltd.**<br>10.276% (TSFR3M + 6.250%) due 12/18/2030 ~ | 34169 | 34201 |
| **Gray Television, Inc.**<br>9.530% (TSFR1M + 5.250%) due 06/04/2029 ~ | 56 | 56 |
| **Guardian**  |  |  |
| TBD% - 1.000% due 08/29/2032 «µ | 700 | 700 |
| TBD% - 1.000% (TSFR3M + 5.500%) due 08/29/2032 «~ | 5100 | 5049 |
| **Harp Finco Ltd.**<br>9.468% due 03/27/2032 « | 5325 | 7040 |
| **iHeartCommunications, Inc.**<br>10.053% (TSFR1M + 5.775%) due 05/01/2029 ~ | $6445 | 5647 |
| **INEOS Quattro Holdings U.K. Ltd.**<br>8.513% (TSFR1M + 4.250%) due 04/02/2029 ~ | 3990 | 3624 |
| **Ivanti Software, Inc.**  |  |  |
| TBD% - 10.051% (TSFR3M + 5.750%) due 06/01/2029 ~ | 1514 | 1560 |
| TBD% - 10.051% (TSFR3M + 4.750%) due 06/01/2029 ~ | 11329 | 9466 |
| **J&J Ventures Gaming LLC**<br>9.278% (TSFR1M + 5.000%) due 04/26/2028 «~ | 2564 | 2590 |
| **Lumen Technologies, Inc.**<br>6.628% (TSFR1M + 2.350%) due 04/15/2030 ~ | 13532 | 13465 |
| **MPH Acquisition Holdings LLC**  |  |  |
| 8.058% (TSFR3M + 3.750%) due 12/31/2030 ~ | 285 | 285 |
| 9.170% (TSFR3M + 4.600%) due 12/31/2030 ~ | 5153 | 4749 |
| **Numericable Group SA**<br>9.000% (PRIME + 1.750%) due 10/31/2025 ~ | 499 | 459 |
| **Obol France 3 SAS**<br>7.193% (EUR006M + 5.000%) due 12/31/2028 ~ | 6135 | 7094 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **OCS** **Group Holdings Ltd.**<br>9.961% due 11/28/2031 | 13000 | 17491 |
| **Paradigm Parent LLC**<br>8.822% (TSFR3M + 4.500%) due 04/16/2032 ~ | $2500 | 2250 |
| **Peraton Corp.**<br>8.013% (TSFR1M + 3.750%) due 02/01/2028 ~ | 29432 | 24898 |
| **Polaris Newco LLC**<br>8.570% (TSFR3M + 4.000%) due 06/02/2028 ~ | 2795 | 2700 |
| **Poseidon Bidco SASU**<br>7.000% (EUR003M + 5.000%) due 03/13/2030 ~ | 12700 | 7008 |
| **Project Quasar Pledgco SLU**<br>5.130% (EUR001M + 3.250%) due 04/17/2026 «~ | 6250 | 7148 |
| **Promotora de Informaciones SA**<br>7.494% (EUR003M + 5.470%) due 12/31/2029 «~ | 39500 | 45680 |
| **Puris LLC**<br>9.752% - 10.099% (TSFR3M + 5.750%) due 06/30/2031 «~ | $4195 | 3992 |
| **Quantum Bidco Ltd.**<br>9.744% due 01/31/2028 | 17000 | 22949 |
| **QuidelOrtho Corp.**<br>8.002% (TSFR3M + 4.000%) due 08/20/2032 ~ | $5400 | 5379 |
| **Republic of Kenya Government International Bonds**<br>12.650% (PRIME + 5.400%) due 04/05/2028 «~ | 5000 | 5011 |
| **SCUR-Alpha 1503 GmbH**<br>9.808% (TSFR3M + 5.500%) due 03/29/2030 ~ | 7802 | 7210 |
| **Softbank Vision Fund II**  |  |  |
| TBD% - 7.652% (TSFR3M + 3.650%) due 12/23/2029 «~ | 7000 | 7000 |
| **Spruce Bidco II, Inc.**  |  |  |
| TBD% - 0.500% due 01/30/2032 «µ | 596 | 596 |
| TBD% - 0.500% (JY0003M + 5.250%) due 01/30/2032 «~ | 51045 | 349 |
| TBD% - 0.500% (CDOR06 + 5.000%) due 01/30/2032 «~ | 477 | 347 |
| TBD% - 0.500% (TSFR6M + 5.000%) due 01/30/2032 «~ | $2637 | 2664 |
| **Steenbok Lux Finco 2 SARL**<br>10.000% due 06/30/2026 | 63511 | 20619 |
| **Stepstone Group MidCo 2 GmbH**  |  |  |
| 6.673% (EUR006M + 4.500%) due 04/26/2032 ~ | 16400 | 18990 |
| 8.608% (TSFR3M + 4.500%) due 12/19/2031 ~ | $3092 | 2941 |
| **Strategic Gaming Commitment**<br>TBD% due 06/17/2030 «µ | 5500 | 5500 |
| **Subcalidora 2**<br>7.750% (EUR003M + 5.750%) due 08/14/2029 «~ | 14400 | 16991 |
| **Thames Water Utilities Ltd.**<br>0.300% - 5.234% due 11/28/2025 « | 2106 | 1926 |
| **Transnet SOC Ltd.**<br>11.125% due 03/02/2028 «~ | 74689 | 4274 |
| **U.S. Renal Care, Inc.**<br>9.278% (TSFR1M + 5.000%) due 06/28/2028 ~ | $41077 | 39325 |
| **Unicorn BAY**<br>13.000% due 12/31/2026 « | 89790 | 11682 |
| **X Corp.**  |  |  |
| 9.500% due 10/26/2029 | $2850 | 2863 |
| 10.958% (TSFR3M + 6.500%) due 10/26/2029 ~ | 23181 | 22773 |
| Total Loan Participations and Assignments (Cost $644,648) |  | 633392 |
| **CORPORATE BONDS & NOTES 33.0%**  |  |  |
| **BANKING & FINANCE 6.1%**  |  |  |
| **123 Lights Re Ltd.** <br>14.904% (T-BILL 3MO + 11.000%) due 09/14/2031 ~ | 350 | 350 |
| **Alamo Re Ltd.**  |  |  |
| 12.338% (T-BILL 1MO + 8.434%) due 06/07/2027 ~  | 550 | 591 |
| 15.784% (T-BILL 1MO + 11.880%) due 06/08/2026 ~  | 250 | 263 |
| **Armor Holdco, Inc.** <br>8.500% due 11/15/2029 (l) | 3100 | 3096 |
| **Armor RE II Ltd.**  |  |  |
| 12.407% (T-BILL 3MO + 8.500%) due 01/07/2032 ~  | 250 | 267 |
| 14.107% (T-BILL 3MO + 10.200%) due 05/07/2031 ~  | 250 | 272 |
| **Cape Lookout Re Ltd.** <br>12.609% (T-BILL 1MO + 8.702%) due 04/05/2027 ~ | 1800 | 1881 |
| **Claveau Re Ltd.** <br>4.004% (T-BILL 3MO + 0.100%) due 07/08/2028 «~ | 1088 | 0 |
| **Corestate Capital Holding SA (10.000% Cash or 11.000% PIK)** <br>10.000% due 12/31/2026 (c) | 356 | 377 |
| **Credit Suisse AG AT1 Claim**  | $800 | 104 |
| **East Lane Re VII Ltd.** <br>12.822% (T-BILL 3MO + 8.890%) due 03/31/2026 ~ | 300 | 305 |
| **Everglades Re II Ltd.**  |  |  |
| 14.409% (GSMMUSTI + 10.500%) due 05/13/2031 ~  | 500 | 528 |
| 15.404% (GSMMUSTI + 11.500%) due 05/13/2031 ~  | 500 | 527 |
| 16.654% (T-BILL 1MO + 12.750%) due 05/13/2031 ~  | 500 | 527 |
| **Fairfax India Holdings Corp.** <br>5.000% due 02/26/2028 (l) | 18350 | 17332 |
| **Greengrove RE Ltd.** <br>11.654% (T-BILL 1MO + 7.750%) due 04/08/2032 ~ | 300 | 300 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Hestia** **Re Ltd.**  |  |  |
| 4.004% (T-BILL 1MO + 0.100%) due 04/22/2029 ~  | 67 | 38 |
| 10.659% (T-BILL + 6.750%) due 03/13/2032 ~  | 250 | 255 |
| 12.154% (T-BILL 1MO + 8.250%) due 03/13/2032 ~  | 250 | 260 |
| **Integrity RE III Ltd.**  |  |  |
| 16.154% (T-BILL 1MO + 12.250%) due 06/06/2028 ~  | 400 | 426 |
| 29.404% (T-BILL 1MO + 25.500%) due 06/06/2027 ~  | 300 | 337 |
| **Integrity Re Ltd.**  |  |  |
| 21.138% (T-BILL 1MO + 17.234%) due 06/08/2026 ~  | 900 | 988 |
| 26.703% (T-BILL 1MO + 22.796%) due 06/08/2026 ~  | 900 | 1004 |
| **Kennedy Wilson Europe Real Estate Ltd.** <br>3.250% due 11/12/2025 | 695 | 814 |
| **Long Walk Reinsurance Ltd.** <br>14.142% (T-BILL 3MO + 10.240%) due 01/30/2031 ~ | $1700 | 1731 |
| **Longleaf Pine Re Ltd.** <br>21.836% (T-BILL 1MO + 17.932%) due 05/27/2031 ~ | 280 | 313 |
| **Luca RE Ltd.** <br>11.154% (T-BILL 3MO + 7.250%) due 07/22/2031 ~ | 700 | 700 |
| **Nature Coast Re Ltd.** <br>13.654% (T-BILL 3MO + 9.750%) due 04/10/2033 ~ | 250 | 261 |
| **New Immo Holding SA** <br>3.250% due 07/23/2027 | 2500 | 2896 |
| **Palm RE Ltd.** <br>11.654% (T-BILL 1MO + 7.750%) due 06/07/2032 ~ | $300 | 318 |
| **Polestar Re Ltd.**  |  |  |
| 14.402% (T-BILL 3MO + 10.500%) due 01/07/2028 ~  | 600 | 622 |
| 17.154% (T-BILL 3MO + 13.250%) due 01/07/2027 ~  | 1800 | 1874 |
| **Purple Re Ltd.** <br>13.030% (T-BILL 1MO + 9.126%) due 06/06/2031 ~ | 300 | 319 |
| **Quercus Re DAC** <br>10.017% (EUR003M + 8.000%) due 01/06/2031 ~ | 250 | 298 |
| **Sanders Re III Ltd.** <br>16.224% (BRMMUSDF + 12.320%) due 04/09/2029 ~ | $4164 | 2602 |
| **Titanium 2l Bondco SARL** <br>6.250% due 01/14/2031 (l) | 20125 | 6209 |
| **Torrey Pines Re Ltd.**  |  |  |
| 9.940% (JMMMUSTF + 6.036%) due 06/07/2032 ~  | $400 | 417 |
| 11.010% (JMMMUSTF + 7.106%) due 06/07/2032 ~  | 300 | 312 |
| 13.282% (BRMMUSDF + 9.378%) due 06/05/2031 ~  | 300 | 306 |
| **Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC** <br>6.000% due 01/15/2030 (l) | 21202 | 19217 |
| **Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC**  |  |  |
| 6.500% due 02/15/2029 (l)  | 26904 | 25290 |
| 8.625% due 06/15/2032 (l)  | 3000 | 2868 |
| 10.500% due 02/15/2028 (l)  | 4976 | 5244 |
| **Ursa Re Ltd.**  |  |  |
| 11.404% (T-BILL 3MO + 7.500%) due 02/22/2028 ~  | 900 | 908 |
| 13.154% (JMMMUSTF + 9.250%) due 12/07/2028 ~  | 2000 | 2088 |
| **Veraison Re Ltd.** <br>16.534% (BRMMUSDF + 12.630%) due 03/10/2031 ~ | 1600 | 1653 |
| **Voyager Aviation Holdings LLC** <br>8.500% due 05/09/2026 ^«(d) | 22146 | 0 |
| **Winston RE Ltd.**  |  |  |
| 14.114% (BNMMDTSC + 10.210%) due 02/26/2031 ~  | 250 | 269 |
| 15.594% (T-BILL 3MO + 11.690%) due 02/26/2031 ~  | 1400 | 1512 |
|  |  | 109069 |
| **INDUSTRIALS 24.4%**  |  |  |
| **Altice France Holding SA**  |  |  |
| 4.000% due 02/15/2028  | 2200 | 933 |
| 6.000% due 02/15/2028  | $700 | 254 |
| 8.000% due 05/15/2027  | 16900 | 7202 |
| 10.500% due 05/15/2027  | $22000 | 7979 |
| **Altice France SA**  |  |  |
| 3.375% due 01/15/2028  | 8600 | 8708 |
| 4.000% due 07/15/2029  | 100 | 101 |
| 4.125% due 01/15/2029  | 100 | 102 |
| 4.250% due 10/15/2029  | 100 | 102 |
| 5.125% due 01/15/2029  | $800 | 688 |
| 5.125% due 07/15/2029  | 6421 | 5516 |
| 5.500% due 01/15/2028  | 3800 | 3363 |
| 5.500% due 10/15/2029  | 3000 | 2610 |
| 5.875% due 02/01/2027  | 400 | 425 |
| 8.125% due 02/01/2027  | $1900 | 1818 |
| **ams-OSRAM AG**  |  |  |
| 10.500% due 03/30/2029  | 12700 | 15944 |
| 12.250% due 03/30/2029 (l)  | $7950 | 8563 |
| **Aston Martin Capital Holdings Ltd.**  |  |  |
| 10.000% due 03/31/2029 (l)  | 9600 | 9408 |
| 10.375% due 03/31/2029  | 3924 | 5157 |
| **Beignet** <br>6.850% due 06/01/2049 «(b) | $35670 | 35670 |
| **Carvana Co.** <br>9.000% due 06/01/2031 (l) | 3450 | 3909 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Central** **Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.** <br>8.000% due 06/15/2029 (l) | 5970 | 5269 |
| **Central Parent, Inc./CDK Global, Inc.** <br>7.250% due 06/15/2029 (l) | 7000 | 6054 |
| **Cheplapharm Arzneimittel GmbH**  |  |  |
| 5.500% due 01/15/2028 (l)  | 3440 | 3362 |
| 7.500% due 05/15/2030  | 2700 | 3287 |
| **Cogent Communications Group LLC/Cogent Finance, Inc.** <br>7.000% due 06/15/2027 | $1440 | 1437 |
| **CoreWeave, Inc.** <br>9.000% due 02/01/2031 | 2600 | 2668 |
| **Directv Financing LLC** <br>8.875% due 02/01/2030 | 2100 | 2077 |
| **DISH DBS Corp.**  |  |  |
| 5.250% due 12/01/2026  | 30500 | 29995 |
| 5.750% due 12/01/2028  | 13400 | 12857 |
| 7.750% due 07/01/2026  | 14600 | 14481 |
| **Ecopetrol SA**  |  |  |
| 4.625% due 11/02/2031 (l)  | 4900 | 4398 |
| 7.750% due 02/01/2032 (l)  | 31500 | 32616 |
| 8.375% due 01/19/2036 (l)  | 520 | 537 |
| 8.875% due 01/13/2033 (l)  | 1000 | 1085 |
| **EW Scripps Co.** <br>9.875% due 08/15/2030 (l) | 4300 | 4040 |
| **Incora Intermediate II LLC** <br>0.000% (SOFRRATE + 8.000%) due 01/31/2030 «~ | 29127 | 29127 |
| **Incora Top Holdco LLC** <br>6.000% due 01/30/2033 «~(k) | 20936 | 33871 |
| **INEOS Finance PLC** <br>7.250% due 03/31/2031 | 3800 | 4461 |
| **JetBlue Airways Corp./JetBlue Loyalty LP** <br>9.875% due 09/20/2031 (l) | $6804 | 6907 |
| **MPH Acquisition Holdings LLC** <br>5.750% due 12/31/2030 (l) | 17000 | 14858 |
| **MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK)** <br>11.500% due 12/31/2030 (c)(l) | 8764 | 9177 |
| **Newfold Digital Holdings Group, Inc.**  |  |  |
| 6.000% due 02/15/2029 «  | 12400 | 7750 |
| 11.750% due 10/15/2028 «  | 610 | 433 |
| **Nissan Motor Co. Ltd.** <br>7.500% due 07/17/2030 | 1200 | 1260 |
| **Ocado Group PLC**  |  |  |
| 10.500% due 08/08/2029  | 4700 | 6317 |
| 11.000% due 06/15/2030 (l)  | 900 | 1218 |
| **Petroleos Mexicanos**  |  |  |
| 6.700% due 02/16/2032 (l)  | $4206 | 4171 |
| 6.840% due 01/23/2030 (l)  | 2000 | 2036 |
| 8.750% due 06/02/2029 (l)  | 3253 | 3506 |
| **Prime Healthcare Services, Inc.** <br>9.375% due 09/01/2029 (l) | 5300 | 5517 |
| **ProFrac Holdings II LLC** <br>11.226% (TSFR3M + 7.250%) due 01/23/2029 ~(l) | 5759 | 5968 |
| **Thames Water Super Senior Issuer PLC** <br>9.750% due 10/10/2027 | 348 | 522 |
| **Thames Water Utilities Finance PLC**  |  |  |
| 0.875% due 01/31/2030  | 100 | 81 |
| 1.250% due 01/31/2034  | 200 | 162 |
| 2.625% due 01/24/2034  | 370 | 340 |
| 4.375% due 07/03/2036  | 200 | 188 |
| 5.125% due 09/28/2039  | 200 | 188 |
| 7.750% due 04/30/2046  | 300 | 288 |
| **Thames Water Utilities Ltd.** <br>0.000% due 03/22/2027 (g) | 26 | 30 |
| **Times Square Hotel Trust** <br>8.528% due 08/01/2026 | $128 | 128 |
| **Turkish Airlines Pass-Through Trust** <br>4.200% due 09/15/2028 (l) | 103 | 102 |
| **U.S. Renal Care, Inc.** <br>10.625% due 06/28/2028 (l) | 7141 | 6248 |
| **Ubisoft Entertainment SA** <br>0.878% due 11/24/2027 (l) | 4400 | 4825 |
| **Vale SA** <br>0.000% due 12/29/2049 ~(i) | 340000 | 22932 |
| **Venture Global LNG, Inc.**  |  |  |
| 9.500% due 02/01/2029 (l)  | $4214 | 4647 |
| 9.875% due 02/01/2032  | 80 | 87 |
| **Viridien**  |  |  |
| 8.500% due 10/15/2030  | 5100 | 6220 |
| 8.500% due 10/15/2030 (l)  | 600 | 732 |
| 10.000% due 10/15/2030 (l)  | $4800 | 4938 |
| **Wayfair LLC** <br>7.750% due 09/15/2030 (l) | 400 | 420 |
| **Xerox Corp.** <br>13.500% due 04/15/2031 (l) | 1200 | 1163 |
| **Yinson Boronia Production BV** <br>8.947% due 07/31/2042 (l) | 2845 | 3171 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **ZF** **North America Capital, Inc.** <br>7.500% due 03/24/2031 | 2800 | 2783 |
|  |  | 439387 |
| **UTILITIES 2.5%**  |  |  |
| **Comision Ejecutiva Hidroelectrica del Rio Lempa**  |  |  |
| 8.650% due 01/24/2033 (l)  | 2550 | 2670 |
| 8.650% due 01/24/2033  | 1700 | 1780 |
| **Gazprom PJSC via Gaz Finance PLC** <br>3.000% due 06/29/2027 | 200 | 163 |
| **NGD Holdings BV** <br>6.750% due 12/31/2026 (l) | 851 | 774 |
| **OI SA (10.000% Cash or 6.000% PIK and 7.500% Cash or 13.500% PIK)** <br>10.000% due 06/30/2027 (c)(l) | 32946 | 21745 |
| **OI SA (8.500% PIK)** <br>8.500% due 12/31/2028 (c) | 69007 | 2070 |
| **Peru LNG SRL** <br>5.375% due 03/22/2030 (l) | 12470 | 11976 |
| **Yinson Production Financial Services Pte. Ltd.** <br>9.625% due 05/03/2029 | 3800 | 4024 |
|  |  | 45202 |
| Total Corporate Bonds & Notes (Cost $666,720) |  | 593658 |
| **CONVERTIBLE BONDS & NOTES 1.6%**  |  |  |
| **BANKING & FINANCE 1.4%**  |  |  |
| **Corestate Capital Holding SA (8.000% Cash or 9.000% PIK)** <br>8.000% due 12/31/2026 (c) | 1823 | 867 |
| **PennyMac Corp.** <br>5.500% due 03/15/2026 (l) | $24225 | 24176 |
|  |  | 25043 |
| **INDUSTRIALS 0.2%**  |  |  |
| **DISH Network Corp.** <br>3.375% due 08/15/2026 | 3700 | 3584 |
| Total Convertible Bonds & Notes (Cost $30,042) |  | 28627 |
| **MUNICIPAL BONDS & NOTES 0.1%**  |  |  |
| **WEST VIRGINIA 0.1%**  |  |  |
| **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007** <br>0.000% due 06/01/2047 (g) | 25000 | 2336 |
| Total Municipal Bonds & Notes (Cost $4,030) |  | 2336 |
| **U.S. GOVERNMENT AGENCIES 6.2%**  |  |  |
| **Federal Home Loan Mortgage Corp. REMICS**  |  |  |
| 1.513% due 07/15/2042 •(a)(l) | 1428 | 147 |
| 1.713% due 03/15/2043 •(a)(l) | 6560 | 714 |
| 1.713% due 11/15/2047 •(a) | 178 | 28 |
| 2.000% due 11/25/2050 - 01/25/2051 (a)(l) | 16826 | 1728 |
| 3.000% due 11/25/2050 - 09/25/2051 (a)(l) | 38720 | 5940 |
| 3.500% due 04/25/2041 (a)(l) | 6600 | 709 |
| 4.000% due 11/25/2048 - 06/25/2051 (a)(l) | 11625 | 2428 |
| 4.500% due 12/25/2050 (a)(l) | 3639 | 822 |
| **Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust**  |  |  |
| 2.500% due 06/25/2057 ~(a) | 5218 | 1002 |
| 3.475% due 05/25/2057 ~(l) | 18119 | 8327 |
| 4.250% due 09/25/2060 (l) | 6592 | 6365 |
| 4.250% due 03/25/2061 ~ | 3263 | 3010 |
| 12.632% due 11/25/2060 ~ | 5415 | 4073 |
| 13.059% due 09/25/2060 ~ | 4196 | 3186 |
| **Federal Home Loan Mortgage Corp. STACR REMICS Trust**  |  |  |
| 9.106% due 01/25/2051 •(l) | 1700 | 1885 |
| 11.456% due 01/25/2042 •(l) | 4800 | 5094 |
| 11.856% due 10/25/2041 •(l) | 23500 | 24684 |
| 12.156% due 11/25/2041 •(l) | 14300 | 15165 |
| 12.856% due 02/25/2042 •(l) | 1200 | 1299 |
| **Federal National Mortgage Association Connecticut Avenue Securities Trust**  |  |  |
| 9.856% due 12/25/2041 •(l) | 8900 | 9222 |
| 10.356% due 10/25/2041 •(l) | 7100 | 7373 |
| **Federal National Mortgage Association Interest STRIPS**  |  |  |
| 3.500% due 05/25/2030 (a)(l) | 2061 | 84 |
| 5.000% due 08/25/2043 (a)(l) | 2055 | 418 |
| **Federal National Mortgage Association REMICS**  |  |  |
| 2.500% due 04/25/2049 - 02/25/2050 (a)(l) | 18744 | 2657 |
| 3.000% due 12/25/2032 - 01/25/2051 (a)(l) | 10602 | 1727 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 4.000% due 09/25/2051 (a)(l) | 20689 | 4418 |
| Total U.S. Government Agencies (Cost $113,647) |  | 112505 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 26.1%**  |  |  |
| **280 Park Avenue Mortgage Trust** <br>7.345% due 09/15/2034 •(l) | 4750 | 4596 |
| **Adjustable Rate Mortgage Trust**  |  |  |
| 4.572% due 02/25/2036 ~(l)  | 5982 | 3794 |
| 4.572% due 02/25/2036 ~  | 1000 | 631 |
| **Ashford Hospitality Trust**  |  |  |
| 6.423% due 04/15/2035 •(l)  | 2500 | 2491 |
| 7.423% due 04/15/2035 •(l)  | 8700 | 8671 |
| **Atrium Hotel Portfolio Trust** <br>7.498% due 12/15/2036 •(l) | 1111 | 1033 |
| **Banc of America Funding Trust**  |  |  |
| 0.510% due 09/26/2036 ~(l)  | 3967 | 2932 |
| 4.512% due 06/26/2036 •(l)  | 2778 | 2402 |
| 5.750% due 05/26/2036  | 265 | 152 |
| **BBCCRE Trust** <br>4.715% due 08/10/2033 ~(l) | 16650 | 10265 |
| **BBCMS Mortgage Trust** <br>3.811% due 02/15/2053 ~(l) | 15650 | 12114 |
| **BBCMS Trust** <br>7.998% due 07/15/2037 •(l) | 2100 | 1621 |
| **BCP Trust**  |  |  |
| 6.757% due 06/15/2038 •  | 10000 | 3138 |
| 7.903% due 06/15/2038 •(l)  | 5000 | 1096 |
| **Bear Stearns Commercial Mortgage Securities Trust** <br>5.566% due 01/12/2045 ~ | 20 | 20 |
| **Beast Mortgage Trust**  |  |  |
| 7.715% due 03/15/2036 •(l)  | 5750 | 1242 |
| 8.715% due 03/15/2036 •(l)  | 7125 | 1017 |
| **CHL Mortgage Pass-Through Trust** <br>5.672% due 08/25/2035 •(l) | 2196 | 1711 |
| **Citigroup Commercial Mortgage Trust** <br>3.917% due 12/15/2072 ~ | 6250 | 1556 |
| **Citigroup Mortgage Loan Trust, Inc.** <br>4.579% due 08/25/2036 ~(l) | 1013 | 918 |
| **CLNY Trust** <br>7.309% due 11/15/2038 •(l) | 15000 | 13921 |
| **COLT Mortgage Loan Trust** <br>8.002% due 04/25/2068 ~(l) | 3288 | 3306 |
| **COMM Mortgage Trust** <br>6.692% due 06/15/2034 •(l) | 7400 | 5291 |
| **Countrywide Alternative Loan Trust** <br>6.250% due 12/25/2036 (l) | 4563 | 1867 |
| **CRSNT Trust** <br>7.774% due 04/15/2036 •(l) | 7000 | 6843 |
| **CSMC Trust**  |  |  |
| 0.000% due 02/25/2067 ~(a)  | 343677 | 160 |
| 0.005% due 02/25/2067 ~(a)  | 343677 | 133 |
| 3.552% due 01/25/2058 ~  | 9482 | 7814 |
| 3.992% due 01/25/2060 ~(l)  | 8144 | 6272 |
| 4.000% due 02/25/2067 ~(l)  | 23825 | 17744 |
| 4.056% due 02/25/2067 ~  | 9122 | 1403 |
| 7.744% due 07/15/2032 •(l)  | 19982 | 19893 |
| **Deutsche Mortgage & Asset Receiving Corp.** <br>3.833% due 11/27/2036 •(l) | 6217 | 6051 |
| **DOLP Trust**  |  |  |
| 0.665% due 05/10/2041 ~(a)(l)  | 309500 | 8903 |
| 3.704% due 05/10/2041 ~(l)  | 32400 | 24561 |
| **DROP Mortgage Trust** <br>7.014% due 10/15/2043 •(l) | 5500 | 4711 |
| **Extended Stay America Trust** <br>7.964% due 07/15/2038 •(l) | 15854 | 15890 |
| **Great Hall Mortgages No. 1 PLC** <br>7.955% due 06/18/2039 •(l) | 1940 | 2569 |
| **Greenwood Park CLO Ltd.** <br>0.000% due 04/15/2031 « | $27000 | 45 |
| **GS Mortgage Securities Corp. Trust** <br>6.997% due 11/15/2032 •(l) | 10782 | 10723 |
| **GS Mortgage-Backed Securities Corp. Trust**  |  |  |
| 0.000% due 12/25/2060 ~  | 139 | 134 |
| 0.000% due 12/25/2060 ~(a)  | 154101 | 4635 |
| 0.165% due 12/25/2060 ~(a)  | 132910 | 986 |
| 3.934% due 12/25/2060 ~(l)  | 34468 | 23604 |
| **GSR Mortgage Loan Trust** <br>6.250% due 08/25/2036 (l) | 4057 | 1121 |
| **JP Morgan Alternative Loan Trust** <br>4.552% due 03/25/2037 •(l) | 10467 | 8985 |
| **JP Morgan Chase Commercial Mortgage Securities Trust**  |  |  |
| 6.014% due 12/15/2036 •  | 1700 | 89 |
| 6.498% due 02/15/2035 •(l)  | 1234 | 1195 |
| 6.739% due 07/05/2033 •(l)  | 5012 | 2932 |
| 7.089% due 07/05/2033 •(l)  | 10000 | 3990 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| 7.365% due 03/15/2036 •(l)  | 25550 | 11510 |
| 8.115% due 03/15/2036 •(l)  | 9500 | 3598 |
| 9.115% due 03/15/2036 •  | 700 | 107 |
| **JP Morgan Resecuritization Trust** <br>4.086% due 12/27/2046 •(l) | 10370 | 8674 |
| **Mill City Mortgage Loan Trust**  |  |  |
| 0.000% due 04/25/2057 ~  | 129623 | 3899 |
| 0.000% due 04/25/2057 ~(a)  | 129623 | 401 |
| 0.000% due 11/25/2058 ~(a)  | 100580 | 245 |
| 0.000% due 11/25/2058 ~  | 100580 | 384 |
| 3.858% due 04/25/2057 ~(l)  | 20617 | 14591 |
| 3.899% due 11/25/2058 ~(l)  | 16205 | 10421 |
| **Morgan Stanley Capital I Trust**  |  |  |
| 6.509% due 12/15/2036 •(l)  | 4294 | 90 |
| 6.648% due 11/15/2034 •(l)  | 5370 | 5173 |
| 7.598% due 11/15/2034 •(l)  | 3357 | 3217 |
| **Morgan Stanley Re-REMICS Trust** <br>7.306% due 03/26/2037 þ(l) | 2397 | 2516 |
| **MRCD Mortgage Trust** <br>2.718% due 12/15/2036 (l) | 28715 | 16937 |
| **Myers Park CLO Ltd.** <br>0.000% due 10/20/2030 « | 13000 | 27 |
| **New Orleans Hotel Trust** <br>6.887% due 04/15/2032 •(l) | 11978 | 11728 |
| **New Residential Mortgage Loan Trust** <br>3.980% due 07/25/2059 ~(l) | 5000 | 3775 |
| **RALI Trust** <br>4.692% due 06/25/2037 •(l) | 671 | 601 |
| **Residential Asset Securitization Trust** <br>6.500% due 08/25/2036 (l) | 5384 | 1495 |
| **SFO Commercial Mortgage Trust**  |  |  |
| 7.164% due 05/15/2038 •(l)  | 18000 | 17557 |
| 7.914% due 05/15/2038 •(l)  | 8000 | 7771 |
| **Structured Adjustable Rate Mortgage Loan Trust** <br>5.362% due 03/25/2036 ~(l) | 3539 | 3473 |
| **Trinity Square PLC**  |  |  |
| 0.000% due 07/15/2059 (g)  | 10 | 2234 |
| 0.000% due 07/15/2059 (g)(l)  | 7804 | 8849 |
| 7.069% (SONIO/N + 3.000%) due 07/15/2059 ~(l)  | 4682 | 6308 |
| 7.819% (SONIO/N + 3.750%) due 07/15/2059 ~(l)  | 4682 | 6294 |
| 9.069% (SONIO/N + 5.000%) due 07/15/2059 ~(l)  | 6244 | 9208 |
| 9.569% (SONIO/N + 5.500%) due 07/15/2059 ~(l)  | 4682 | 6168 |
| 10.069% (SONIO/N + 6.000%) due 07/15/2059 ~(l)  | 3836 | 5175 |
| **VASA Trust**  |  |  |
| 7.415% due 07/15/2039 •(l)  | $10000 | 8648 |
| 8.165% due 07/15/2039 •(l)  | 7000 | 5514 |
| **Verus Securitization Trust** <br>8.077% due 12/25/2068 ~(l) | 4538 | 4628 |
| **WaMu Mortgage Pass-Through Certificates Trust**  |  |  |
| 4.963% due 07/25/2047 •(l)  | 1811 | 1535 |
| 5.322% due 12/25/2045 •(l)  | 12065 | 10640 |
| **Wells Fargo Mortgage-Backed Securities Trust** <br>6.792% due 10/25/2036 ~(l) | 167 | 160 |
| Total Non-Agency Mortgage-Backed Securities (Cost $607,013) |  | 470722 |
| **ASSET-BACKED SECURITIES 20.7%**  |  |  |
| **AUTOMOBILE ABS OTHER 0.6%**  |  |  |
| **Carvana Auto Receivables Trust** <br>0.000% due 01/10/2028 «(g) | 10 | 829 |
| **Exeter Automobile Receivables Trust** <br>0.000% due 12/15/2033 «(g) | 12 | 721 |
| **Flagship Credit Auto Trust** <br>0.000% due 04/17/2028 «(g) | 10 | 441 |
| **Huntington Bank Auto Credit-Linked Notes**  |  |  |
| 8.389% due 10/20/2032 •  | 698 | 706 |
| 11.889% due 10/20/2032 •  | 725 | 734 |
| **Santander Bank Auto Credit-Linked Notes**  |  |  |
| 7.762% due 06/15/2032 (l)  | 1189 | 1202 |
| 10.171% due 06/15/2032 (l)  | 2757 | 2816 |
| 13.030% due 06/15/2032  | 2432 | 2490 |
|  |  | 9939 |
| **AUTOMOBILE SEQUENTIAL 0.4%**  |  |  |
| **CPS Auto Securitization Trust** <br>11.000% due 06/16/2032 « | 7955 | 8091 |
| **HOME EQUITY OTHER 12.0%**  |  |  |
| **Aames Mortgage Investment Trust** <br>6.972% due 01/25/2035 •(l) | 5000 | 3926 |
| **ACE Securities Corp. Home Equity Loan Trust** <br>4.647% due 08/25/2036 •(l) | 25165 | 20368 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Ameriquest** **Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** <br>6.072% due 07/25/2035 •(l) | 7500 | 6439 |
| **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** <br>4.962% due 01/25/2036 •(l) | 21502 | 23121 |
| **Asset-Backed Securities Corp. Home Equity Loan Trust** <br>4.502% due 05/25/2037 •(l) | 7632 | 5450 |
| **Bear Stearns Asset-Backed Securities I Trust** <br>4.521% due 01/25/2037 •(l) | 6307 | 5677 |
| **BNC Mortgage Loan Trust** <br>5.772% due 11/25/2037 •(l) | 32783 | 23342 |
| **Countrywide Asset-Backed Certificates Trust**  |  |  |
| 4.647% due 06/25/2037 •(l)  | 5623 | 5351 |
| 4.707% due 02/25/2037 •(l)  | 10980 | 11386 |
| **Encore Credit Receivables Trust** <br>6.027% due 10/25/2035 •(l) | 6317 | 5759 |
| **Fieldstone Mortgage Investment Trust** <br>7.197% due 08/25/2034 •(l) | 2393 | 1903 |
| **First NLC Trust** <br>5.292% due 12/25/2035 •(l) | 9537 | 8475 |
| **Fremont Home Loan Trust** <br>5.322% due 01/25/2035 •(l) | 7150 | 6041 |
| **GSAMP Trust** <br>4.722% due 08/25/2036 •(l) | 16953 | 14430 |
| **MASTR Asset-Backed Securities Trust** <br>4.857% due 01/25/2036 •(l) | 6373 | 5100 |
| **Morgan Stanley ABS Capital I, Inc. Trust** <br>5.382% due 07/25/2035 •(l) | 9922 | 8047 |
| **Morgan Stanley Home Equity Loan Trust** <br>5.337% due 05/25/2035 •(l) | 5341 | 5108 |
| **New Century Home Equity Loan Trust** <br>5.292% due 06/25/2035 •(l) | 17591 | 17539 |
| **Saxon Asset Securities Trust** <br>4.752% due 09/25/2036 •(l) | 11238 | 9164 |
| **Soundview Home Loan Trust** <br>5.097% due 12/25/2035 •(l) | 6312 | 6061 |
| **Structured Asset Investment Loan Trust** <br>5.247% due 07/25/2035 •(l) | 10407 | 8276 |
| **Structured Asset Securities Corp. Mortgage Loan Trust** <br>4.572% due 04/25/2036 •(l) | 18937 | 15949 |
|  |  | 216912 |
| **WHOLE LOAN COLLATERAL 2.5%**  |  |  |
| **First Franklin Mortgage Loan Trust**  |  |  |
| 4.582% due 10/25/2036 •(l)  | 6000 | 4975 |
| 5.202% due 11/25/2035 •(l)  | 8078 | 7508 |
| **PRET LLC** <br>8.967% due 09/25/2051 þ | 19443 | 19465 |
| **Residential Asset Mortgage Products Trust** <br>5.547% due 02/25/2035 •(l) | 5313 | 4721 |
| **Securitized Asset-Backed Receivables LLC Trust** <br>4.772% due 03/25/2036 •(l) | 1362 | 856 |
| **Specialty Underwriting & Residential Finance Trust** <br>4.572% due 09/25/2037 •(l) | 21441 | 7442 |
|  |  | 44967 |
| **OTHER ABS 5.2%**  |  |  |
| **Ayresome CDO I Ltd.** <br>7.870% due 12/08/2045 •(l) | 25992 | 6396 |
| **College Avenue Student Loans Trust**  |  |  |
| 0.000% due 06/25/2054 «(g)(l)  | 11 | 5848 |
| 6.610% due 06/25/2054 (l)  | 1369 | 1421 |
| 8.660% due 06/25/2054 (l)  | 1971 | 2106 |
| **Duke Funding High Grade III Ltd.**  |  |  |
| 0.090% due 08/02/2049 (a)  | 840370 | 144 |
| 5.100% due 08/02/2049 •  | 29910 | 234 |
| **FREED ABS Trust** <br>0.000% due 09/20/2027 «(g) | 4 | 1 |
| **Greenwood Park CLO Ltd.** <br>0.000% due 04/15/2031 ~(l) | 27000 | 2989 |
| **KKR CLO 31 Ltd.** <br>0.000% due 04/20/2034 ~(l) | 10000 | 4102 |
| **Madison Park Funding XXIII Ltd.** <br>0.000% due 07/27/2047 ~(l) | 5600 | 1712 |
| **Marlette Funding Trust** <br>0.000% due 09/16/2030 «(g) | 38 | 612 |
| **Montauk Point CDO II Ltd.**  |  |  |
| 7.810% due 04/06/2046 •(l)  | 327058 | 9647 |
| 7.920% due 04/06/2046 •  | 4400 | 0 |
| **Montauk Point CDO Ltd.** <br>7.815% due 10/06/2042 •(l) | 213556 | 21333 |
| **Myers Park CLO Ltd.** <br>0.000% due 10/20/2030 «~ | 13000 | 3416 |
| **Reach ABS Trust** <br>7.750% due 08/16/2032 | 500 | 513 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Sierra** **Madre Funding Ltd.** <br>4.718% due 09/07/2039 •  | 895 | 502 |
| **SMB Private Education Loan Trust** <br>0.000% due 02/16/2055 «(g) | 5 | 5182 |
| **Stream Innovations Issuer Trust** <br>6.270% due 07/15/2044 | 334 | 348 |
| **Structured Finance Advisors ABS CDO III Ltd.** <br>7.500% due 07/02/2037 •(l) | 41770 | 5398 |
| **Summer Street Ltd.** <br>4.643% due 12/06/2045 •  | 56060 | 12387 |
| **Upstart Securitization Trust** <br>7.410% due 09/20/2035 | 8800 | 8776 |
|  |  | 93067 |
| Total Asset-Backed Securities (Cost $464,755) |  | 372976 |
| **SOVEREIGN ISSUES 5.7%**  |  |  |
| **Argentina Republic Government International Bonds** <br>3.500% due 07/09/2041 þ | 5233 | 2549 |
| **Avenir Issuer IV Ireland DAC** <br>6.000% due 10/25/2027 | 4710 | 4546 |
| **Ecuador Government International Bonds**  |  |  |
| 0.000% due 07/31/2030 (g)(l)  | 6200 | 4788 |
| 6.900% due 07/31/2030 þ(l)  | 10657 | 9495 |
| 6.900% due 07/31/2035 þ(l)  | 2570 | 1926 |
| **Egypt Government Bonds** <br>21.954% due 03/04/2028 | 877000 | 18324 |
| **Egypt Government International Bonds** <br>6.375% due 04/11/2031 (l) | 3700 | 4173 |
| **El Salvador Government International Bonds** <br>9.250% due 04/17/2030 (l) | $3750 | 4102 |
| **Romania Government International Bonds**  |  |  |
| 5.875% due 07/11/2032 (l)  | 16000 | 19248 |
| 6.250% due 09/10/2034  | 11900 | 14418 |
| **Russia Foreign Bonds - Eurobond**  |  |  |
| 5.100% due 03/28/2035  | $200 | 0 |
| 5.625% due 04/04/2042  | 4200 | 2940 |
| **Turkiye Government Bonds**  |  |  |
| 40.854% (BISTREFI) due 09/06/2028 ~  | 396200 | 9291 |
| 42.493% (BISTREFI) due 05/20/2026 ~  | 600 | 15 |
| 42.493% (BISTREFI) due 08/19/2026 ~  | 400 | 10 |
| 42.493% (BISTREFI) due 05/17/2028 ~  | 79200 | 1874 |
| **Ukraine Government International Bonds**  |  |  |
| 0.000% due 02/01/2030 þ(h)  | $271 | 143 |
| 0.000% due 02/01/2034 þ(h)  | 1014 | 422 |
| 0.000% due 02/01/2035 þ(h)  | 856 | 418 |
| 0.000% due 02/01/2036 þ(h)  | 714 | 347 |
| 4.500% due 02/01/2034 þ  | 1614 | 906 |
| 4.500% due 02/01/2035 þ  | 1738 | 960 |
| 4.500% due 02/01/2036 þ  | 1614 | 879 |
| Total Sovereign Issues (Cost $93,869) |  | 101774 |
|  | SHARES |  |
| **COMMON STOCKS 7.7%**  |  |  |
| **COMMUNICATION SERVICES 0.5%**  |  |  |
| **OI SA (e)** | 11034637 | 1099 |
| **Promotora de Informaciones SA Class A (e)** | 1623357 | 701 |
| **SES SA «(e)** | 652149 | 7761 |
|  |  | 9561 |
| **CONSUMER STAPLES 0.0%**  |  |  |
| **Steinhoff International Holdings NV «(e)(k)** | 115240755 | 0 |
| **FINANCIALS 1.2%**  |  |  |
| **Banca Monte dei Paschi di Siena SpA** | 2274000 | 20130 |
| **Corestate Capital Holding SA «(e)(k)** | 632951 | 0 |
| **Intelsat SA «(e)(k)** | 652149 | 0 |
| **MNSN Holdings, Inc. (e)(k)** | 8417 | 505 |
| **UBS Group AG** | 5143 | 210 |
|  |  | 20845 |
| **HEALTH CARE 3.9%**  |  |  |
| **AmSurg Corp. «(e)(k)** | 1571862 | 70965 |
| **INDUSTRIALS 2.1%**  |  |  |
| **Incora New Equity «(e)(k)** | 947048 | 38014 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  |  | <br> 38014 |
| Total Common Stocks (Cost $133,328) |  | 139385 |
| **PREFERRED SECURITIES 1.6%**  |  |  |
| **BANKING & FINANCE 0.0%**  |  |  |
| **ADLER Group SA** « | 3588226 | 0 |
| **INDUSTRIALS 1.6%**  |  |  |
| **Atlas Re Ltd.** « | 140 | 14885 |
| **Clover Holdings, Inc.**<br>0.000% «(k) | 27610 | 543 |
| **SVB Financial Trust**  |  |  |
| 0.000% due 11/07/2032 (g) | 51680 | 6 |
| 11.000% due 11/07/2032 | 9596 | 5230 |
| **Syniverse Holdings, Inc.**<br>12.500% «(k) | 8566268 | 8352 |
|  |  | 29016 |
| Total Preferred Securities (Cost $28,336) |  | 29016 |
| **REAL ESTATE INVESTMENT TRUSTS 1.1%**  |  |  |
| **REAL ESTATE 1.1%**  |  |  |
| **Annaly Capital Management, Inc.** | 609500 | 12318 |
| **PennyMac Mortgage Investment Trust** | 556200 | 6819 |
| Total Real Estate Investment Trusts (Cost $26,500) |  | 19137 |
|  | SHARES |  |
| **SHORT-TERM INSTRUMENTS 1.1%**  |  |  |
| **MUTUAL FUNDS 0.0%**  |  |  |
| **State Street Institutional U.S. Government Money Market Fund, Premier Class** <br> 4.200% (j) | 770555 | 771 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **U.S. TREASURY BILLS 1.1%**  |  |  |
| 4.191% due 10/14/2025 - 01/27/2026 (f)(g)(o) | $19872 | 19781 |
| Total Short-Term Instruments (Cost $20,550) |  | 20552 |
| Total Investments in Securities (Cost $2,833,438) |  | 2524080 |
|  | SHARES |  |
| **INVESTMENTS IN AFFILIATES 11.3%**  |  |  |
| **COMMON STOCKS 1.0%**  |  |  |
| **AFFILIATED INVESTMENTS 1.0%**  |  |  |
| **Market Garden †«‡(k)** | 17432014 | 17748 |
| Total Common Stocks (Cost $17,432) |  | 17748 |
| **SHORT-TERM INSTRUMENTS 10.3%**  |  |  |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.3%**  |  |  |
| **PIMCO Short-Term Floating NAV Portfolio III** | 19136710 | 186372 |
| Total Short-Term Instruments (Cost $186,243) |  | 186372 |
| Total Investments in Affiliates (Cost $203,675) |  | 204120 |
| Total Investments 151.4% (Cost $3,037,113) |  | $2728200 |
| **Financial Derivative Instruments (m)(n) 0.1**%(Cost or Premiums, net $28,015) |  | 1189 |
| Other Assets and Liabilities, net (51.5)% |  | (927773) |
| Net Assets 100.0% |  | $1801616 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **†** | **Represents co-investment made with Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission.** | **Represents co-investment made with Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission.** | **Represents co-investment made with Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission.** | **Represents co-investment made with Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission.** | **Represents co-investment made with Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission.** | **Represents co-investment made with Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission.** | **Represents co-investment made with Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission.** | **Represents co-investment made with Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission.** | **Represents co-investment made with Company's affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission.** |
| **^** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** | **Security is in default.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** |
| **µ** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** |
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** |
| **•** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** |
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** |
| **‡** | **Insurance-Linked Investments.** | **Insurance-Linked Investments.** | **Insurance-Linked Investments.** | **Insurance-Linked Investments.** | **Insurance-Linked Investments.** | **Insurance-Linked Investments.** | **Insurance-Linked Investments.** | **Insurance-Linked Investments.** | **Insurance-Linked Investments.** |
| **(a)** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** | **When-issued security.** |
| **(c)** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** | **Payment in-kind security.** |
| **(d)** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** | **Security is not accruing income as of the date of this report.** |
| **(e)** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** | **Security did not produce income within the last twelve months.** |
| **(f)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(g)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(h)** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** | **Security becomes interest bearing at a future date.** |
| **(i)** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** | **Perpetual maturity; date shown, if applicable, represents next contractual call date.** |
| **(j)** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** | **Coupon represents a 7-Day Yield.** |
| **(k)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Issuer Description | Acquisition<br>Date | Acquisition<br>Date | Cost | Cost | Market<br>Value | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
| AmSurg Corp. | AmSurg Corp. | AmSurg Corp. | 11/02/2023 - 11/06/2023 | 11/02/2023 - 11/06/2023 | $65680 | 65680 | $70965 | 70965 | 3.94 |
| Clover Holdings, Inc. | Clover Holdings, Inc. | Clover Holdings, Inc. | 12/09/2024 | 12/09/2024 | 414 | 414 | 543 | 543 | 0.03 |
| Corestate Capital Holding SA | Corestate Capital Holding SA | Corestate Capital Holding SA | 08/22/2023 | 08/22/2023 | 0 | 0 | 0 | 0 | 0.00 |
| Incora New Equity | Incora New Equity | Incora New Equity | 01/31/2025 | 01/31/2025 | 46003 | 46003 | 38014 | 38014 | 2.11 |
| Incora Top Holdco LLC 6.000% due 01/30/2033 | Incora Top Holdco LLC 6.000% due 01/30/2033 | Incora Top Holdco LLC 6.000% due 01/30/2033 | 01/31/2025 - 08/01/2025 | 01/31/2025 - 08/01/2025 | 20936 | 20936 | 33871 | 33871 | 1.88 |
| Intelsat SA | Intelsat SA | Intelsat SA | 01/29/2021 - 08/29/2025 | 01/29/2021 - 08/29/2025 | 16018 | 16018 | 0 | 0 | 0.00 |
| Market Garden | Market Garden | Market Garden | 03/13/2024 | 03/13/2024 | 0 | 0 | 0 | 0 | 0.00 |
| MNSN Holdings, Inc. | MNSN Holdings, Inc. | MNSN Holdings, Inc. | 03/16/2023 - 03/29/2023 | 03/16/2023 - 03/29/2023 | 94 | 94 | 505 | 505 | 0.03 |
| Steinhoff International Holdings NV | Steinhoff International Holdings NV | Steinhoff International Holdings NV | 06/30/2023 - 10/30/2023 | 06/30/2023 - 10/30/2023 | 0 | 0 | 0 | 0 | 0.00 |
| Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | 05/12/2022 - 05/30/2025 | 05/12/2022 - 05/30/2025 | 8448 | 8448 | 8352 | 8352 | 0.46 |
|  |  |  |  |  | $157593 | 157593 | $152250 | 152250 | 8.45%  |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** | **REVERSE REPURCHASE AGREEMENTS:** |
| Counterparty | Counterparty | Borrowing Rate<sup>(1)</sup> | Settlement Date | Maturity Date | Maturity Date | Amount<br>Borrowed<sup>(1)</sup> | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Reverse<br>Repurchase<br>Agreements |
| BNY | BNY | 5.260%  | 08/01/2025 | 02/02/2026 | 02/02/2026 | $(13204) | (13204) | $(13325) | (13325) |
|  |  | 5.260  | 09/05/2025 | 03/05/2026 | 03/05/2026 | (9229) | (9229) | (9266) | (9266) |
|  |  | 5.260  | 09/30/2025 | 03/27/2026 | 03/27/2026 | (4361) | (4361) | (4361) | (4361) |
| BOS | BOS | 4.980  | 09/03/2025 | 10/02/2025 | 10/02/2025 | (2564) | (2564) | (2574) | (2574) |
|  |  | 5.180  | 09/03/2025 | 10/02/2025 | 10/02/2025 | (815) | (815) | (818) | (818) |
|  |  | 5.380  | 09/03/2025 | 10/02/2025 | 10/02/2025 | (1736) | (1736) | (1743) | (1743) |
| BPS | BPS | 3.800  | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (1060) | (1060) | (1061) | (1061) |
|  |  | 4.380  | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (4119) | (4119) | (4125) | (4125) |
|  |  | 4.480  | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (5088) | (5088) | (5095) | (5095) |
|  |  | 4.500  | 09/23/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | (2325) | (2325) | (2327) | (2327) |
|  |  | 4.550  | 09/24/2025 | 12/24/2025 | 12/24/2025 | (10976) | (10976) | (10985) | (10985) |
|  |  | 4.870  | 07/14/2025 | 10/14/2025 | 10/14/2025 | (11825) | (11825) | (11951) | (11951) |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 5.260  | 08/13/2025 | 02/11/2026 | (4597) | (4631) |
|  | 5.360  | 08/13/2025 | 02/11/2026 | (5957) | (6002) |
|  | 5.390  | 07/25/2025 | 01/22/2026 | (85794) | (86687) |
|  | 5.390  | 08/13/2025 | 02/11/2026 | (14589) | (14700) |
|  | 5.830  | 07/22/2025 | 10/22/2025 | (16029) | (16213) |
| BRC | 1.500  | 09/29/2025 | TBD<sup>(2)</sup> | (645) | (758) |
|  | 2.150  | 09/29/2025 | TBD<sup>(2)</sup> | (5873) | (6896) |
|  | 3.500  | 09/15/2025 | TBD<sup>(2)</sup> | (105) | (142) |
|  | 3.983  | 10/01/2025 | 02/02/2026 | $(11248) | (11248) |
|  | 4.024  | 10/01/2025 | 01/05/2026 | (3687) | (3687) |
|  | 4.033  | 10/01/2025 | 02/02/2026 | (8048) | (8048) |
|  | 4.080  | 09/19/2025 | TBD<sup>(2)</sup> | (1942) | (1945) |
|  | 4.590  | 09/22/2025 | 10/14/2025 | (11664) | (11677) |
|  | 4.790  | 07/07/2025 | 10/06/2025 | (5627) | (5691) |
|  | 4.983  | 10/01/2025 | 02/02/2026 | (748) | (748) |
|  | 5.160  | 09/02/2025 | 01/06/2026 | (4521) | (4540) |
|  | 5.170  | 09/10/2025 | 12/10/2025 | (12264) | (12301) |
|  | 5.220  | 09/10/2025 | 12/10/2025 | (5050) | (5066) |
|  | 5.260  | 09/09/2025 | 01/07/2026 | (6492) | (6513) |
|  | 5.310  | 04/04/2025 | 10/01/2025 | (12091) | (12412) |
|  | 5.310  | 08/12/2025 | 12/10/2025 | (2814) | (2835) |
|  | 5.310  | 09/09/2025 | 01/07/2026 | (8575) | (8603) |
|  | 5.330  | 10/01/2025 | 12/30/2025 | (8159) | (8159) |
|  | 5.350  | 07/03/2025 | 10/01/2025 | (3578) | (3626) |
|  | 5.360  | 04/04/2025 | 10/01/2025 | (11151) | (11450) |
|  | 5.360  | 08/12/2025 | 12/10/2025 | (2385) | (2403) |
|  | 5.360  | 08/29/2025 | 10/01/2025 | (8105) | (8146) |
|  | 5.360  | 09/02/2025 | 01/06/2026 | (650) | (653) |
|  | 5.360  | 09/09/2025 | 01/07/2026 | (45791) | (45941) |
|  | 5.360  | 09/25/2025 | 01/26/2026 | (3122) | (3125) |
|  | 5.400  | 08/27/2025 | 12/01/2025 | (10485) | (10540) |
|  | 5.430  | 08/04/2025 | 02/04/2026 | (12669) | (12780) |
|  | 5.480  | 07/08/2025 | 10/08/2025 | (3704) | (3752) |
|  | 5.580  | 07/22/2025 | 10/22/2025 | (1316) | (1331) |
| BYR | 4.610  | 09/03/2025 | 11/03/2025 | (27777) | (27880) |
|  | 4.630  | 09/30/2025 | 10/21/2025 | (5018) | (5018) |
|  | 4.660  | 07/21/2025 | 10/21/2025 | (23410) | (23636) |
|  | 4.710  | 09/08/2025 | 10/01/2025 | (4547) | (4561) |
|  | 4.710  | 09/08/2025 | 01/08/2026 | (14692) | (14739) |
|  | 4.710  | 09/30/2025 | 10/01/2025 | (2076) | (2077) |
|  | 4.710  | 10/01/2025 | 01/08/2026 | (1625) | (1625) |
| CDC | 4.660  | 09/11/2025 | 01/09/2026 | (3296) | (3305) |
|  | 4.660  | 09/18/2025 | 01/16/2026 | (5726) | (5736) |
|  | 4.660  | 09/22/2025 | 01/20/2026 | (4682) | (4687) |
|  | 4.660  | 09/25/2025 | 01/23/2026 | (1381) | (1383) |
| CEW | 5.525  | 04/24/2025 | 10/20/2025 | (3609) | (3698) |
|  | 5.575  | 04/24/2025 | 10/20/2025 | (3562) | (3650) |
| DBL | 4.400  | 09/19/2025 | TBD<sup>(2)</sup> | (6965) | (6975) |
|  | 4.450  | 09/19/2025 | TBD<sup>(2)</sup> | (7107) | (7117) |
|  | 5.040  | 09/16/2025 | 11/14/2025 | (4563) | (4572) |
|  | 5.052  | 08/29/2025 | 10/31/2025 | (7810) | (7846) |
|  | 5.190  | 09/16/2025 | 11/14/2025 | (12157) | (12184) |
|  | 5.252  | 08/29/2025 | 10/31/2025 | (4530) | (4552) |
|  | 5.352  | 08/29/2025 | 10/31/2025 | (19483) | (19579) |
|  | 5.452  | 08/29/2025 | 10/31/2025 | (2430) | (2443) |
|  | 5.552  | 08/29/2025 | 10/31/2025 | (1019) | (1024) |
|  | 5.702  | 08/29/2025 | 10/31/2025 | (1376) | (1383) |
|  | 5.727  | 08/29/2025 | 10/31/2025 | (14585) | (14662) |
|  | 5.752  | 08/29/2025 | 10/31/2025 | (5632) | (5661) |
|  | 5.802  | 08/29/2025 | 10/31/2025 | (9162) | (9211) |
|  | 5.882  | 08/29/2025 | 10/31/2025 | (2168) | (2180) |
| GLM | 5.254  | 07/29/2025 | 04/29/2026 | (2022) | (2041) |
|  | 5.377  | 06/04/2025 | 03/04/2026 | (511) | (520) |
| IND | 4.560  | 09/04/2025 | 12/04/2025 | (913) | (916) |
|  | 4.640  | 09/16/2025 | 12/16/2025 | (356) | (356) |
| JML | 1.500  | 08/12/2025 | TBD<sup>(2)</sup> | (907) | (1067) |
|  | 4.700  | 09/19/2025 | 10/31/2025 | $(1629) | (1631) |
|  | 4.800  | 09/19/2025 | 10/31/2025 | (5577) | (5586) |
| MEI | 2.620  | 09/17/2025 | 01/16/2026 | (4265) | (5012) |
| MSB | 4.641  | 09/26/2025 | 12/29/2025 | (3511) | (4724) |
|  | 4.671  | 09/26/2025 | 12/29/2025 | (3288) | (4425) |
|  | 4.701  | 09/26/2025 | 12/29/2025 | (1383) | (1861) |
|  | 4.771  | 09/26/2025 | 12/29/2025 | (3265) | (4393) |
|  | 5.260  | 08/05/2025 | 02/02/2026 | $(2897) | (2922) |
|  | 5.260  | 09/30/2025 | 03/30/2026 | (9960) | (9962) |
|  | 5.310  | 08/05/2025 | 02/02/2026 | (3376) | (3405) |
|  | 5.310  | 09/30/2025 | 03/30/2026 | (19211) | (19214) |
|  | 5.360  | 09/30/2025 | 03/30/2026 | (6113) | (6114) |
| MYI | 1.750  | 06/11/2025 | TBD<sup>(2)</sup> | (104) | (123) |
|  | 1.750  | 07/07/2025 | TBD<sup>(2)</sup> | (105) | (124) |
|  | 4.924  | 09/29/2025 | 12/29/2025 | (3798) | (5109) |
|  | 5.124  | 09/29/2025 | 12/29/2025 | (4442) | (5976) |
| MZF | 5.280  | 09/17/2025 | 03/17/2026 | $(10415) | (10437) |
|  | 5.360  | 09/17/2025 | 03/17/2026 | (4339) | (4348) |
| RCY | 4.810  | 07/07/2025 | 10/06/2025 | (976) | (988) |
| RTA | 4.740  | 09/25/2025 | 01/09/2026 | (4261) | (4264) |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | 4.740  | 4.740  | 10/01/2025 | 10/01/2025 | 01/09/2026 | 01/09/2026 |  | (3977) | (3977) |  | (3977) | (3977) |
|  |  |  |  |  |  |  | 4.840  | 4.840  | 09/10/2025 | 09/10/2025 | 01/09/2026 | 01/09/2026 |  | (8639) | (8639) |  | (8665) | (8665) |
|  |  |  |  |  |  |  | 5.210  | 5.210  | 09/04/2025 | 09/04/2025 | 03/04/2026 | 03/04/2026 |  | (7454) | (7454) |  | (7484) | (7484) |
|  |  |  |  |  |  |  | 5.210  | 5.210  | 09/15/2025 | 09/15/2025 | 01/15/2026 | 01/15/2026 |  | (12842) | (12842) |  | (12874) | (12874) |
|  |  |  |  |  |  |  | 5.240  | 5.240  | 09/10/2025 | 09/10/2025 | 01/09/2026 | 01/09/2026 |  | (3045) | (3045) |  | (3055) | (3055) |
|  |  |  |  |  |  |  | 5.290  | 5.290  | 09/10/2025 | 09/10/2025 | 01/09/2026 | 01/09/2026 |  | (12118) | (12118) |  | (12157) | (12157) |
|  |  |  |  |  |  |  | 5.310  | 5.310  | 09/04/2025 | 09/04/2025 | 03/04/2026 | 03/04/2026 |  | (13037) | (13037) |  | (13091) | (13091) |
|  |  |  |  |  |  |  | 5.310  | 5.310  | 09/10/2025 | 09/10/2025 | 01/09/2026 | 01/09/2026 |  | (16046) | (16046) |  | (16098) | (16098) |
|  |  |  |  |  |  |  | 5.320  | 5.320  | 09/10/2025 | 09/10/2025 | 01/09/2026 | 01/09/2026 |  | (4086) | (4086) |  | (4099) | (4099) |
|  |  |  |  |  |  |  | 5.360  | 5.360  | 09/10/2025 | 09/10/2025 | 11/10/2025 | 11/10/2025 |  | (20467) | (20467) |  | (20534) | (20534) |
| SBI | SBI | SBI | SBI | SBI | SBI | SBI | 5.376  | 5.376  | 07/21/2025 | 07/21/2025 | 01/26/2026 | 01/26/2026 |  | (3242) | (3242) |  | (3277) | (3277) |
| SOG | SOG | SOG | SOG | SOG | SOG | SOG | 2.100  | 2.100  | 08/06/2025 | 08/06/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | EUR | (22269) | (22269) |  | (26230) | (26230) |
|  |  |  |  |  |  |  | 4.350  | 4.350  | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | $ | (8455) | (8455) |  | (8467) | (8467) |
|  |  |  |  |  |  |  | 4.360  | 4.360  | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> |  | (495) | (495) |  | (495) | (495) |
|  |  |  |  |  |  |  | 4.370  | 4.370  | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> |  | (9983) | (9983) |  | (9998) | (9998) |
|  |  |  |  |  |  |  | 4.370  | 4.370  | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> |  | (1488) | (1488) |  | (1488) | (1488) |
|  |  |  |  |  |  |  | 4.370  | 4.370  | 09/26/2025 | 09/26/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> |  | (3859) | (3859) |  | (3861) | (3861) |
|  |  |  |  |  |  |  | 4.370  | 4.370  | 10/01/2025 | 10/01/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> |  | (3570) | (3570) |  | (3570) | (3570) |
|  |  |  |  |  |  |  | 4.470  | 4.470  | 09/19/2025 | 09/19/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> |  | (8368) | (8368) |  | (8381) | (8381) |
|  |  |  |  |  |  |  | 4.470  | 4.470  | 09/29/2025 | 09/29/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> |  | (3720) | (3720) |  | (3721) | (3721) |
|  |  |  |  |  |  |  | 4.568  | 4.568  | 09/17/2025 | 09/17/2025 | 12/16/2025 | 12/16/2025 | GBP | (3648) | (3648) |  | (4915) | (4915) |
|  |  |  |  |  |  |  | 4.820  | 4.820  | 07/07/2025 | 07/07/2025 | 10/07/2025 | 10/07/2025 | $ | (2635) | (2635) |  | (2665) | (2665) |
|  |  |  |  |  |  |  | 4.860  | 4.860  | 07/08/2025 | 07/08/2025 | 10/08/2025 | 10/08/2025 |  | (1019) | (1019) |  | (1031) | (1031) |
|  |  |  |  |  |  |  | 4.860  | 4.860  | 09/04/2025 | 09/04/2025 | 10/09/2025 | 10/09/2025 |  | (3252) | (3252) |  | (3264) | (3264) |
|  |  |  |  |  |  |  | 5.260  | 5.260  | 06/13/2025 | 06/13/2025 | 12/12/2025 | 12/12/2025 |  | (8509) | (8509) |  | (8650) | (8650) |
|  |  |  |  |  |  |  | 5.260  | 5.260  | 08/01/2025 | 08/01/2025 | 01/30/2026 | 01/30/2026 |  | (4007) | (4007) |  | (4044) | (4044) |
| UBS | UBS | UBS | UBS | UBS | UBS | UBS | 2.150  | 2.150  | 06/11/2025 | 06/11/2025 | TBD<sup>(2)</sup> | TBD<sup>(2)</sup> | EUR | (2994) | (2994) |  | (3538) | (3538) |
|  |  |  |  |  |  |  | 2.536  | 2.536  | 09/03/2025 | 09/03/2025 | 10/01/2025 | 10/01/2025 |  | (3768) | (3768) |  | (4433) | (4433) |
|  |  |  |  |  |  |  | 4.780  | 4.780  | 07/03/2025 | 07/03/2025 | 10/03/2025 | 10/03/2025 | $ | (725) | (725) |  | (734) | (734) |
|  |  |  |  |  |  |  | 4.890  | 4.890  | 07/16/2025 | 07/16/2025 | 10/02/2025 | 10/02/2025 |  | (5455) | (5455) |  | (5512) | (5512) |
|  |  |  |  |  |  |  | 5.470  | 5.470  | 07/23/2025 | 07/23/2025 | 10/23/2025 | 10/23/2025 |  | (9401) | (9401) |  | (9501) | (9501) |
| WFS | WFS | WFS | WFS | WFS | WFS | WFS | 4.840  | 4.840  | 08/19/2025 | 08/19/2025 | 11/19/2025 | 11/19/2025 |  | (8089) | (8089) |  | (8136) | (8136) |
| **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  |  |  |  |  |  | **$** | $**(945727)** | **(945727)** |
| **(l)** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $1,177,484 and cash of $7,355 have been pledged as collateral under the terms of master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. | The average amount of borrowings outstanding during the period ended September 30, 2025 was $(277355) at a weighted average interest rate of 5.104%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. |
| <sup>(2)</sup> | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. | Open maturity reverse repurchase agreement. |
| **(m)** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** | **FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** |
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Description | Description | Description | Description | Description |  | Expiration<br>Month | Expiration<br>Month | # of<br>Contracts | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Asset |  | Liability |
| 3-Month SOFR Active Contract December Futures  | 3-Month SOFR Active Contract December Futures  | 3-Month SOFR Active Contract December Futures  | 3-Month SOFR Active Contract December Futures  | 3-Month SOFR Active Contract December Futures  | 3-Month SOFR Active Contract December Futures  | 03/2026 | 03/2026 | 38 | 38 | (9150) | (9150) | $146 | 146 | $0 | 0 | 0 | $ | (3) |
| 3-Month SOFR Active Contract March Futures  | 3-Month SOFR Active Contract March Futures  | 3-Month SOFR Active Contract March Futures  | 3-Month SOFR Active Contract March Futures  | 3-Month SOFR Active Contract March Futures  | 3-Month SOFR Active Contract March Futures  | 06/2026 | 06/2026 | 36 | 36 | (8685) | (8685) | 118 | 118 | 0 | 0 | 0 |  | (2) |
| 3-Month SOFR Active Contract September Futures  | 3-Month SOFR Active Contract September Futures  | 3-Month SOFR Active Contract September Futures  | 3-Month SOFR Active Contract September Futures  | 3-Month SOFR Active Contract September Futures  | 3-Month SOFR Active Contract September Futures  | 12/2025 | 12/2025 | 29 | 29 | (6957) | (6957) | 136 | 136 | 0 | 0 | 0 |  | (1) |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**400** | **400** | $**0** | **0** | **0** | **$** | **(6)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> | <u>Variation Margin</u> |
| Pay/<br>Receive<br>Floating Rate | Pay/<br>Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/<br>(Received) |  | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Market<br>Value | Asset | Asset | Asset | Liability |
| Pay | Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 09/17/2030 | 09/17/2030 | 23100 | 23100 | $(120) | $ | (13) | $(133) | (133) | $32 | 32 | 32 | $0 |
| Receive | Receive | 1-Day GBP-SONIO Compounded-OIS | 0.750 | Annual | 09/21/2052 | 09/21/2052 | 09/21/2052 | 9800 | 9800 | 286 |  | 7658 | 7944 | 7944 | 0 | 0 | 0 | (40) |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 12/18/2026 | 12/18/2026 | $58100 | 58100 | 289 |  | (470) | (181) | (181) | 15 | 15 | 15 | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2027 | 12/18/2027 | 12/18/2027 | 673000 | 673000 | 5966 |  | (4155) | 1811 | 1811 | 340 | 340 | 340 | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2028 | 12/18/2028 | 12/18/2028 | 53800 | 53800 | 770 |  | (391) | 379 | 379 | 36 | 36 | 36 | 0 |
| Receive | Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 06/20/2029 | 06/20/2029 | 49800 | 49800 | (924) |  | 317 | (607) | (607) | 0 | 0 | 0 | (32) |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 12/18/2029 | 12/18/2029 | 159500 | 159500 | 2399 |  | (815) | 1584 | 1584 | 91 | 91 | 91 | 0 |
| Pay | Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 06/18/2030 | 06/18/2030 | 172300 | 172300 | (1579) |  | 65 | (1514) | (1514) | 77 | 77 | 77 | 0 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 48600 | 1057 | (805) | 252 | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 40100 | 9900 | 5120 | 15020 | 106 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 |  | 27100 | 6527 | 4066 | 10593 | 74 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/21/2052 |  | 81300 | (245) | 7078 | 6833 | 224 | 0 |
| Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | EUR | 46700 | 166 | (25) | 141 | 78 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 09/21/2032 |  | 50200 | 4740 | 3830 | 8570 | 0 | (100) |
| Receive | 6-Month EUR-EURIBOR | 1.750 | Annual | 03/15/2033 |  | 5700 | 448 | (143) | 305 | 0 | (13) |
| Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 29900 | 182 | 3705 | 3887 | 0 | (26) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **$** | **29862** | $**25022** | **25022** | $**54884** | $**1078** | **1078** | $**(211)** |
| **Cash of $26,263 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $26,263 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $26,263 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $26,263 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $26,263 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $26,263 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $26,263 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $26,263 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $26,263 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $26,263 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $26,263 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** | **Cash of $26,263 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of September 30, 2025.** |
| <sup>(1)</sup> | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. | This instrument has a forward starting effective date. |
| **(n)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025  | 1116 | 1116 | $1305 | 1305 | 1305 | 0 | 0 | $(6) | (6) |
|  |  | 10/2025  | 1290 | 1290 | 1731 | 1731 | 1731 | 0 | 0 | (4) | (4) |
|  |  | 10/2025  | 629 | 629 | 4 | 4 | 4 | 0 | 0 | 0 | 0 |
|  |  | 10/2025  | $71 | 71 | 10672 | 10672 | 10672 | 1 | 1 | 0 | 0 |
|  |  | 11/2025  | 10635 | 10635 | $71 | 71 | 71 | 0 | 0 | (1) | (1) |
|  |  | 11/2025  | $3750 | 3750 | 3187 | 3187 | 3187 | 0 | 0 | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; BPS | &nbsp;&nbsp;&nbsp;&nbsp; BPS | 10/2025  | 74718 | 74718 | $9609 | 9609 | 9609 | 5 | 5 | 0 | 0 |
|  |  | 10/2025  | 226879 | 226879 | 14 | 14 | 14 | 0 | 0 | 0 | 0 |
|  |  | 10/2025  | 3034 | 3034 | 72 | 72 | 72 | 0 | 0 | (1) | (1) |
|  |  | 10/2025  | $48 | 48 | 793319 | 793319 | 793319 | 0 | 0 | (1) | (1) |
|  |  | 10/2025  | 83 | 83 | 12364 | 12364 | 12364 | 0 | 0 | 0 | 0 |
|  |  | 10/2025  | 171 | 171 | 7319 | 7319 | 7319 | 4 | 4 | 0 | 0 |
|  |  | 11/2025  | 12321 | 12321 | $83 | 83 | 83 | 0 | 0 | 0 | 0 |
|  |  | 12/2025  | $14 | 14 | 227531 | 227531 | 227531 | 0 | 0 | 0 | 0 |
|  |  | 05/2026  | 348 | 348 | 106 | 106 | 106 | 1 | 1 | 0 | 0 |
|  |  | 06/2026  | 250 | 250 | 76 | 76 | 76 | 1 | 1 | 0 | 0 |
|  |  | 07/2026  | 155 | 155 | 47 | 47 | 47 | 1 | 1 | 0 | 0 |
|  |  | 06/2027  | 121 | 121 | 37 | 37 | 37 | 0 | 0 | 0 | 0 |
|  |  | 05/2029  | 518 | 518 | $1780 | 1780 | 1780 | 66 | 66 | 0 | 0 |
|  |  | 07/2029  | 78 | 78 | 270 | 270 | 270 | 10 | 10 | 0 | 0 |
|  |  | 05/2030  | 379 | 379 | 1304 | 1304 | 1304 | 45 | 45 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRC | &nbsp;&nbsp;&nbsp;&nbsp; BRC | 10/2025  | 88 | 88 | 110 | 110 | 110 | 0 | 0 | (1) | (1) |
|  |  | 10/2025  | 371 | 371 | 433 | 433 | 433 | 0 | 0 | (2) | (2) |
|  |  | 10/2025  | 129902 | 129902 | 3122 | 3122 | 3122 | 0 | 0 | (2) | (2) |
|  |  | 10/2025  | $94 | 94 | 75 | 75 | 75 | 0 | 0 | 0 | 0 |
|  |  | 10/2025  | 435 | 435 | 371 | 371 | 371 | 1 | 1 | 0 | 0 |
|  |  | 10/2025  | 15944 | 15944 | 681042 | 681042 | 681042 | 335 | 335 | 0 | 0 |
|  |  | 11/2025  | 74 | 74 | $94 | 94 | 94 | 0 | 0 | 0 | 0 |
|  |  | 11/2025  | 2647 | 2647 | 3115 | 3115 | 3115 | 1 | 1 | (1) | (1) |
|  |  | 11/2025  | $5802 | 5802 | 252719 | 252719 | 252719 | 48 | 48 | 0 | 0 |
|  |  | 11/2025  | 11873 | 11873 | $674 | 674 | 674 | 0 | 0 | (11) | (11) |
|  |  | 12/2025  | $8451 | 8451 | 371609 | 371609 | 371609 | 19 | 19 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSH | &nbsp;&nbsp;&nbsp;&nbsp; BSH | 10/2025  | 229554 | 229554 | $266708 | 266708 | 266708 | 0 | 0 | (2800) | (2800) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025  | 9090 | 9090 | 1709 | 1709 | 1709 | 1 | 1 | 0 | 0 |
|  |  | 10/2025  | 2978 | 2978 | 3497 | 3497 | 3497 | 1 | 1 | 0 | 0 |
|  |  | 10/2025  | 234330 | 234330 | 14 | 14 | 14 | 0 | 0 | 0 | 0 |
|  |  | 10/2025  | $1645 | 1645 | 9090 | 9090 | 9090 | 63 | 63 | 0 | 0 |
|  |  | 10/2025  | 3736 | 3736 | 3187 | 3187 | 3187 | 5 | 5 | 0 | 0 |
|  |  | 10/2025  | 11 | 11 | 178083 | 178083 | 178083 | 0 | 0 | 0 | 0 |
|  |  | 10/2025  | 15563 | 15563 | $899 | 899 | 899 | 0 | 0 | (2) | (2) |
|  |  | 12/2025  | $14 | 14 | 234994 | 234994 | 234994 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; DUB | &nbsp;&nbsp;&nbsp;&nbsp; DUB | 11/2025  | 28670 | 28670 | $1638 | 1638 | 1638 | 0 | 0 | (17) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; FAR | &nbsp;&nbsp;&nbsp;&nbsp; FAR | 10/2025  | 30439 | 30439 | 207 | 207 | 207 | 1 | 1 | 0 | 0 |
|  |  | 10/2025  | $17 | 17 | 13 | 13 | 13 | 0 | 0 | 0 | 0 |
|  |  | 10/2025  | 272827 | 272827 | 233521 | 233521 | 233521 | 1338 | 1338 | 0 | 0 |
|  |  | 11/2025  | 13 | 13 | $17 | 17 | 17 | 0 | 0 | 0 | 0 |
|  |  | 11/2025  | 232668 | 232668 | 272372 | 272372 | 272372 | 0 | 0 | (1338) | (1338) |
| &nbsp;&nbsp;&nbsp;&nbsp; GLM | &nbsp;&nbsp;&nbsp;&nbsp; GLM | 10/2025  | 9121 | 9121 | 1708 | 1708 | 1708 | 0 | 0 | (6) | (6) |
|  |  | 10/2025  | 225097 | 225097 | 14 | 14 | 14 | 0 | 0 | 0 | 0 |
|  |  | 10/2025  | $1715 | 1715 | 9121 | 9121 | 9121 | 0 | 0 | (1) | (1) |
|  |  | 10/2025  | 11 | 11 | 179654 | 179654 | 179654 | 0 | 0 | 0 | 0 |
|  |  | 11/2025  | 479 | 479 | 20846 | 20846 | 20846 | 3 | 3 | 0 | 0 |
|  |  | 12/2025  | 1708 | 1708 | 9250 | 9250 | 9250 | 5 | 5 | 0 | 0 |
|  |  | 12/2025  | 13 | 13 | 225636 | 225636 | 225636 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYI | &nbsp;&nbsp;&nbsp;&nbsp; MYI | 10/2025  | 496 | 496 | $578 | 578 | 578 | 0 | 0 | (4) | (4) |
|  |  | 10/2025  | 2780 | 2780 | 19 | 19 | 19 | 0 | 0 | 0 | 0 |
|  |  | 10/2025  | $2498 | 2498 | 2140 | 2140 | 2140 | 15 | 15 | 0 | 0 |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | 10/2025  | 10/2025  |  |  |  | 97 | JPY | 14476 | 14476 |  | 1 | 1 | 1 |  | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  | JPY | JPY | JPY | 14487 | $ | 97 | 97 |  | 0 | 0 | 0 |  | (1) | (1) |
|  |  |  |  | 11/2025  | 11/2025  | $ | $ | $ | 2572 | EUR | 2185 | 2185 |  | 0 | 0 | 0 |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025  | 10/2025  | EUR | EUR | EUR | 1517 | $ | 1775 | 1775 |  | 0 | 0 | 0 |  | (7) | (7) |
|  |  |  |  | 10/2025  | 10/2025  | IDR | IDR | IDR | 181246 |  | 11 | 11 |  | 0 | 0 | 0 |  | 0 | 0 |
|  |  |  |  | 10/2025  | 10/2025  | JPY | JPY | JPY | 14233 |  | 97 | 97 |  | 1 | 1 | 1 |  | 0 | 0 |
|  |  |  |  | 10/2025  | 10/2025  | $ | $ | $ | 85783 | GBP | 64132 | 64132 |  | 468 | 468 | 468 |  | 0 | 0 |
|  |  |  |  | 10/2025  | 10/2025  |  |  |  | 11 | IDR | 179064 | 179064 |  | 0 | 0 | 0 |  | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  | GBP | GBP | GBP | 64132 | $ | 85798 | 85798 |  | 0 | 0 | 0 |  | (468) | (468) |
|  |  |  |  | 11/2025  | 11/2025  | JPY | JPY | JPY | 10472 |  | 71 | 71 |  | 0 | 0 | 0 |  | 0 | 0 |
|  |  |  |  | 12/2025  | 12/2025  | $ | $ | $ | 11 | IDR | 181704 | 181704 |  | 0 | 0 | 0 |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | &nbsp;&nbsp;&nbsp;&nbsp; SSB | 10/2025  | 10/2025  | GBP | GBP | GBP | 62842 | $ | 84706 | 84706 |  | 190 | 190 | 190 |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | &nbsp;&nbsp;&nbsp;&nbsp; UAG | 10/2025  | 10/2025  | $ | $ | $ | 901 | ZAR | 15562 | 15562 |  | 0 | 0 | 0 |  | 0 | 0 |
|  |  |  |  | 10/2025  | 10/2025  | ZAR | ZAR | ZAR | 15569 | $ | 901 | 901 |  | 0 | 0 | 0 |  | 0 | 0 |
|  |  |  |  | 11/2025  | 11/2025  |  |  |  | 12915 |  | 733 | 733 |  | 0 | 0 | 0 |  | (13) | (13) |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**2630** | **2630** | **2630** | **2630** | $**(4689)** | **(4689)** | **(4689)** |
| **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** | **SWAP AGREEMENTS:** |
| **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> | **CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION**<sup>(1)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> | <u>Swap Agreements, at Value</u><sup>(4)</sup> |
| Counterparty | Counterparty | Reference Entity | Reference Entity | Reference Entity | Fixed <br>Receive Rate | Fixed <br>Receive Rate | Fixed <br>Receive Rate | Payment<br>Frequency | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Implied<br>Credit Spread at<br>September 30, 2025<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| BRC | BRC | Egypt Government International Bonds  | Egypt Government International Bonds  | Egypt Government International Bonds  | 1.000% | 1.000% | 1.000% | Quarterly | 3.236% | 3.236% | 3.236% | $6200 | (1071) | (1071) | $670 | 670 | 0 | 0 | $(401) |
|  |  | Egypt Government International Bonds  | Egypt Government International Bonds  | Egypt Government International Bonds  | 1.000 | 1.000 | 1.000 | Quarterly | 3.441 | 3.441 | 3.441 | 1900 | (405) | (405) | 253 | 253 | 0 | 0 | (152) |
| MYC | MYC | Petroleos Mexicanos  | Petroleos Mexicanos  | Petroleos Mexicanos  | 1.000 | 1.000 | 1.000 | Quarterly | 2.159 | 2.159 | 2.159 | 1900 | (371) | (371) | 306 | 306 | 0 | 0 | (65) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (1847) | (1847) | $1229 | 1229 | 0 | 0 | $(618) |
| **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** | **TOTAL RETURN SWAPS ON LOAN PARTICIPATIONS AND ASSIGNMENTS** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> | <u>Swap Agreements, at Value</u> |
| Counterparty | Counterparty | Pay/<br>Receive | Underlying Reference | Underlying Reference | Underlying Reference | Underlying Reference | Financing Rate | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Asset | Liability |
| BPS | BPS | Pay | AP Core Holdings II, LLC  | AP Core Holdings II, LLC  | AP Core Holdings II, LLC  | AP Core Holdings II, LLC  | 0.000% | 0.000% | Monthly | 09/01/2027 | 09/01/2027 | 30 | 0 | 0 | 8 | 8 | 8 | 8 | 0 |
| BPS | BPS | Pay | Syniverse Holdings, Inc.  | Syniverse Holdings, Inc.  | Syniverse Holdings, Inc.  | Syniverse Holdings, Inc.  | 0.000% | 0.000% | Monthly | 05/13/2027 | 05/13/2027 | 3958 | 0 | 0 | 2997 | 2997 | 2997 | 2997 | 0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | $3005 | 3005 | 3005 | 3005 | $0 |
| **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **(1847)** | **(1847)** | $**4234** | **4234** | **3005** | **3005** | $**(618)** |
| **(o)** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** | **Securities with an aggregate market value of $2,900 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of September 30, 2025.** |
| <sup>(1)</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| <sup>(2)</sup> | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| <sup>(3)</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| <sup>(4)</sup> | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. | The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |  |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |  |

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<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | | |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $0 | 0 | $353230 | 353230 | $280162 | 280162 | $ | 633392 |  |  |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |  |  |
| Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 109069 | 109069 | 0 | 0 |  | 109069 |  |  |
| Industrials | Industrials | Industrials | 0 | 0 | 332536 | 332536 | 106851 | 106851 |  | 439387 |  |  |
| Utilities | Utilities | Utilities | 0 | 0 | 45202 | 45202 | 0 | 0 |  | 45202 |  |  |
| Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |  |  |
| Banking & Finance | Banking & Finance | Banking & Finance | 0 | 0 | 25043 | 25043 | 0 | 0 |  | 25043 |  |  |
| Industrials | Industrials | Industrials | 0 | 0 | 3584 | 3584 | 0 | 0 |  | 3584 |  |  |
| Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |  |  |
| West Virginia | West Virginia | West Virginia | 0 | 0 | 2336 | 2336 | 0 | 0 |  | 2336 |  |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 112505 | 112505 | 0 | 0 |  | 112505 |  |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 470650 | 470650 | 72 | 72 |  | 470722 |  |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |  |
| Automobile ABS Other | Automobile ABS Other | Automobile ABS Other | 0 | 0 | 7948 | 7948 | 1991 | 1991 |  | 9939 |  |  |
| Automobile Sequential | Automobile Sequential | Automobile Sequential | 0 | 0 | 0 | 0 | 8091 | 8091 |  | 8091 |  |  |
| Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 216912 | 216912 | 0 | 0 |  | 216912 |  |  |
| Whole Loan Collateral | Whole Loan Collateral | Whole Loan Collateral | 0 | 0 | 44967 | 44967 | 0 | 0 |  | 44967 |  |  |
| Other ABS | Other ABS | Other ABS | 0 | 0 | 78008 | 78008 | 15059 | 15059 |  | 93067 |  |  |
| Sovereign Issues | Sovereign Issues | Sovereign Issues | 0 | 0 | 101774 | 101774 | 0 | 0 |  | 101774 |  |  |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |  |  |
| Communication Services | Communication Services | Communication Services | 1800 | 1800 | 0 | 0 | 7761 | 7761 |  | 9561 |  |  |
| Financials | Financials | Financials | 505 | 505 | 20340 | 20340 | 0 | 0 |  | 20845 |  |  |
| Health Care | Health Care | Health Care | 0 | 0 | 0 | 0 | 70965 | 70965 |  | 70965 |  |  |
| Industrials | Industrials | Industrials | 0 | 0 | 0 | 0 | 38014 | 38014 |  | 38014 |  |  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |  |  |
| Industrials | Industrials | Industrials | 0 | 0 | 5236 | 5236 | 23780 | 23780 |  | 29016 |  |  |
| Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |  |  |
| Real Estate | Real Estate | Real Estate | 19137 | 19137 | 0 | 0 | 0 | 0 |  | 19137 |  |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
| Mutual Funds | Mutual Funds | Mutual Funds | 0 | 0 | 771 | 771 | 0 | 0 |  | 771 |  |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 19781 | 19781 | 0 | 0 |  | 19781 |  |  |
|  |  |  | $21442 | 21442 | $1949892 | 1949892 | $552746 | 552746 | $ | 2524080 |  |  |
| **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |  |  |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |  |  |
| Affiliated Investments | Affiliated Investments | Affiliated Investments | 0 | 0 | 0 | 0 | 17748 | 17748 |  | 17748 |  |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
| Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | Central Funds Used for Cash Management Purposes | 186372 | 186372 | 0 | 0 | 0 | 0 |  | 186372 |  |  |
|  |  |  | $186372 | 186372 | $0 | 0 | $17748 | 17748 | $ | 204120 |  |  |
| Total Investments | Total Investments | Total Investments | $207814 | 207814 | $1949892 | 1949892 | $570494 | 570494 | $ | 2728200 |  |  |
| **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  | **Financial Derivative Instruments - Assets**  |  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 0 | 0 | 1078 | 1078 | 0 | 0 |  | 1078 |  |  |
| Over the counter | Over the counter | Over the counter | 0 | 0 | 5635 | 5635 | 0 | 0 |  | 5635 |  |  |
|  |  |  | $0 | 0 | $6713 | 6713 | $0 | 0 | $ | 6713 |  |  |
| **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  | **Financial Derivative Instruments - Liabilities**  |  |  |
| Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | 0 | 0 | (217) | (217) | 0 | 0 |  | (217) |  |  |
| Over the counter | Over the counter | Over the counter | 0 | 0 | (5307) | (5307) | 0 | 0 |  | (5307) |  |  |
|  |  |  | $0 | 0 | $(5524) | (5524) | $0 | 0 | $ | (5524) |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $0 | 0 | $1189 | 1189 | $0 | 0 | $ | 1189 |  |  |
| Totals | Totals | Totals | $207814 | 207814 | $1951081 | 1951081 | $570494 | 570494 | $ | 2729389 |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** |
| Category and Subcategory | Beginning<br>Balance<br>at 06/30/2025 | Net<br>Sales/Settlements  | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | $181551 | $(20138) | 231 | $76 | (477) | $108965 | 108965 | $0 | 0 | 280162 | $(423) | (423) |
| Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |  |  |
| Banking & Finance | 224 | (212) | 0 | 0 | (12) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Industrials | 64087 | 0 | 26 | 0 | 5526 | 0 | 0 | 0 | 0 | 106851 | 5527 | 5527 |
| Non-Agency Mortgage-Backed Securities | 608 | 0 | 0 | (8) | (144) | 0 | 0 | (384) | (384) | 72 | (135) | (135) |
| Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Automobile ABS Other | 2224 | 0 | 0 | 0 | (233) | 0 | 0 | 0 | 0 | 1991 |  | (233) |

---

------

<br> Consolidated Schedule of Investments PIMCO Dynamic Income Opportunities Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Automobile Sequential | 8131 | 0 | 0 |  |  | (45) | 0 | 0 |  | 5 | 0 | 0 | 0 | 8091 |  | 5 |
|  | Other ABS | 15138 | 0 | 0 |  |  | 0 | 86 | 0 |  | (165) | 0 | 0 | 0 | 15059 |  | (165) |
| Common Stocks | Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Communication Services | 0 | 0 | 0 |  |  | 0 | 0 | 0 |  | 7761 | 0 | 0 | 0 | 7761 |  | 7761 |
|  | Financials | 22531 | 0 | 0 |  |  | (22662) | 0 | 0 |  | 636 | (505) | (505) | (505) | 0 |  | (22497) |
|  | Health Care | 70964 | 0 | 0 |  |  | 0 | 0 | 0 |  | 1 | 0 | 0 | 0 | 70965 |  | 1 |
|  | Industrials | 31997 | 0 | 0 |  |  | 0 | 0 | 0 |  | 6017 | 0 | 0 | 0 | 38014 |  | 6017 |
| Preferred Securities | Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Industrials | 22831 | 0 | 0 |  |  | 0 | 0 | 0 |  | 949 | 0 | 0 | 0 | 23780 |  | 949 |
| Totals | Totals | $420286 | $47166 | 47166 | $ | $ | $(43057) | $343 | $68 | $ | $19864 | $(889) | (889) | (889) | 552746 | $ | (3193) |
| **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** |
| Common Stocks | Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Affiliated Investments | 21996 | 0 | 0 |  |  | (4914) | 0 | 0 |  | 666 | 0 | 0 | 0 | 17748 |  | 589 |
| Totals | Totals | $442282 | $47166 | 47166 | $ | $ | $(47971) | $343 | $68 | $ | $20530 | $(889) | (889) | (889) | 570494 | $ | (2604) |
| <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs |  | Input Value(s) | Input Value(s) | Weighted Average | Weighted Average |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $ | 32503 | 32503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | X | 16.290 | 16.290 |  |  |
|  |  |  |  | 78464 | 78464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate |  | 3.620 - 11.702 | 3.620 - 11.702 | 7.054 | 7.054 |
|  |  |  |  | 20755 | 20755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote |  | 72.500 - 101.750 | 72.500 - 101.750 | 95.401 | 95.401 |
|  |  |  |  | 22484 | 22484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price |  | 97.500 - 100.000 | 97.500 - 100.000 | 99.467 | 99.467 |
|  |  |  |  | 125956 | 125956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Vendor | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote |  | 68.000 - 122.000 | 68.000 - 122.000 | 108.646 | 108.646 |
| Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
|  | Industrials | Industrials |  | 62998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies/Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies/Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies/Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies/Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies/Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple/Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple/Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple/Discount Rate | X/% | 0.900/10.500 | 0.900/10.500 |  |  |
|  |  |  |  | 8183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicative Market Quotation | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote | &nbsp;&nbsp;&nbsp;&nbsp; Broker Quote |  | 62.500 - 71.000 | 62.500 - 71.000 | 62.950 | 62.950 |
|  |  |  |  | 35670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price |  | 100.000 | 100.000 |  |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities |  | 72 | 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate |  | 28.000 - 38.000 | 28.000 - 38.000 | 31.800 | 31.800 |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
|  | Automobile ABS Other | Automobile ABS Other |  | 1991 | 1991 | 1991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 10.500 – 17.000 | 10.500 – 17.000 | 15.199 | 15.199 |
|  | Automobile Sequential | Automobile Sequential |  | 8091 | 8091 | 8091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy pricing | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | &nbsp;&nbsp;&nbsp;&nbsp; Base Price | 10.420 | 10.420 |  |  |
|  | Other ABS | Other ABS |  | 15059 | 15059 | 15059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 12.000 – 38.000 | 12.000 – 38.000 | 18.242 | 18.242 |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
|  | Communication Services | Communication Services |  | 7761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate |  | 7.930 | 7.930 |  |  |
|  | Health Care | Health Care |  | 70965 | 70965 | 70965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | 16.290 | 16.290 |  |  |
|  | Industrials | Industrials |  | 38014 | 38014 | 38014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies/Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies/Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies/Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies/Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple/Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple/Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Multiple/Discount Rate | 0.970/10.000 | 0.970/10.000 |  |  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
|  | Industrials | Industrials |  | 543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comparable Companies | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | &nbsp;&nbsp;&nbsp;&nbsp; EBITDA Multiple | X | 12.250/10.750 | 12.250/10.750 |  |  |
|  |  |  |  | 8352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate |  | 13.622 | 13.622 |  |  |
|  |  |  |  | 14885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sum of the Parts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sum of the Parts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sum of the Parts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sum of the Parts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sum of the Parts | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate |  | 4.054 | 4.054 |  |  |
| **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** | **Investments in Affiliates** |
| Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
|  | Affiliated Investments | Affiliated Investments |  | 17748 | 17748 | 17748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sum Of The Parts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sum Of The Parts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sum Of The Parts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sum Of The Parts | &nbsp;&nbsp;&nbsp;&nbsp; Discount rate/Mortality Assumption | &nbsp;&nbsp;&nbsp;&nbsp; Discount rate/Mortality Assumption | &nbsp;&nbsp;&nbsp;&nbsp; Discount rate/Mortality Assumption | 15.323/2015 ANB VBT Mortality Table | 15.323/2015 ANB VBT Mortality Table |  |  |
| Total | Total | Total | $ | 570494 | 570494 |  |  |  |  |  |  |  |  |  |  |  |  |
| <sup>(1)</sup> | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |
| <sup>(2)</sup> | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. | Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund. |

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------

Notes to Financial Statements

**1** **. BASIS FOR CONSOLIDATION**

Each of the Funds' subsidiaries was formed as a wholly owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies in effect from time to time. Each Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its subsidiaries. Accordingly, the consolidated financial statements include the accounts of each Fund and its subsidiaries. All inter-company transactions and balances have been eliminated. This structure was established so that certain investments could be held by a separate legal entity from the Fund. See the table below for details regarding the structure, incorporation and relationship as of period end of the subsidiaries.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Subsidiary** | &nbsp;&nbsp; **Date of Formation** | &nbsp;&nbsp; **Subsidiary % of Consolidated Fund Net Assets**<sup>†</sup> |
| &nbsp;&nbsp;&nbsp; PDOLS I LLC | &nbsp;&nbsp;&nbsp; 01/15/2021 | &nbsp;&nbsp;&nbsp; 0.0% |
| &nbsp;&nbsp;&nbsp; RLM 4365 LLC | &nbsp;&nbsp;&nbsp; 01/15/2021 | &nbsp;&nbsp;&nbsp; 0.0% |

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<sup>†</sup> A zero balance may reflect actual amounts rounding to less than 0.01%.

**2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The NAV of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

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. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC ("PIMCO") to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

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 of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. 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 (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Fund is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

------

Notes to Financial Statements (Cont.)

Fair valuation may require subjective determinations about the value of a security. While the Fund's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

**(b) Fair Value Hierarchy** U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

**(c) Valuation Techniques and the Fair Value Hierarchy**

**Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value** The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed

------

Notes to Financial Statements (Cont.)

from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Sum-of-the-Parts model is typically used when an investment or subject company has two or more separate and distinct assets that would each require its own valuation methodology, typically an income or market approach. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

**3. FEDERAL INCOME TAX MATTERS**

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of September 30, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**4. INVESTMENTS IN AFFILIATES**

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A copy of each affiliate fund's shareholder report is available at the U.S Securities and Exchange Commission ("SEC") website at www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The table below shows the Fund's transactions in and earnings from investments in the affiliated funds for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III**

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>06/30/2025** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>09/30/2025** | **Dividend<br>Income**<sup>(1)</sup> | **Realized Net<br>Capital<br>Gain<br>Distributions**<sup>(1)</sup> |
| $145779 | $213757 | $(173200) | $(4) | $40 | $186372 | $2048 | $0 |

---

<sup>†</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund.

An affiliate includes any company in which a Fund owns 5% or more of the company's outstanding voting shares. The table below represents transactions in and earnings from these affiliated issuers for the period ended September 30, 2025 (amounts in thousands<sup>†</sup>, except number of shares).

**PIMCO Dynamic Income Opportunities Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Security Name** | &nbsp;&nbsp; **Market Value at 06/30/2025** | &nbsp;&nbsp; **Purchases at cost** | &nbsp;&nbsp; **Proceeds from Sale** | &nbsp;&nbsp; **Net Realized Gain/(Loss)** | &nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; **Market Value at 09/30/2025** | &nbsp;&nbsp; **Dividend Income** | &nbsp;&nbsp; **Shares Held at 09/30/2025** |
| &nbsp;&nbsp; Market Garden Dogwood LLC | $&nbsp;&nbsp; 21996 | $&nbsp;&nbsp; 0 | $&nbsp;&nbsp; (4914) | $&nbsp;&nbsp; 0 | $&nbsp;&nbsp; 666 | $&nbsp;&nbsp; 17748 | $&nbsp;&nbsp; 0 | &nbsp;&nbsp; 17432014  |

---

<sup>†</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **BNY** | Bank of New York Mellon | **DBL** | Deutsche Bank AG London | **MZF** | Mizuho Securities USA LLC |
| **BOA** | Bank of America N.A. | **DUB** | Deutsche Bank AG | **RCY** | Royal Bank of Canada |
| **BOS** | BofA Securities, Inc. | **FAR** | Wells Fargo Bank National Association | **RTA** | RBC (Barbados) Trading Bank Corp. |
| **BPS** | BNP Paribas S.A. | **GLM** | Goldman Sachs Bank USA | **SBI** | Citigroup Global Markets Ltd. |
| **BRC** | Barclays Bank PLC | **IND** | Crédit Agricole Corporate and Investment Bank <br> S.A. | **SCX** | Standard Chartered Bank, London |
| **BSH** | Banco Santander S.A. - New York Branch | **JML** | JP Morgan Securities Plc | **SOG** | Societe Generale Paris |
| **BYR** | The Bank of Nova Scotia - Toronto | **MEI** | Merrill Lynch International | **SSB** | State Street Bank and Trust Co. |
| **CBK** | Citibank N.A. | **MSB** | Morgan Stanley Bank, N.A | **UAG** | UBS AG Stamford |
| **CEW** | Canadian Imperial Bank of Commerce World Markets | **MYC** | Morgan Stanley Capital Services LLC | **UBS** | UBS Securities LLC |
| **CDC** | Natixis Securities Americas LLC | **MYI** | Morgan Stanley & Co. International PLC | **WFS** | Wells Fargo Securities, LLC |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **BRL** | Brazilian Real | **GBP** | British Pound | **KWD** | Kuwaiti Dinar |
| **CAD** | Canadian Dollar | **HKD** | Hong Kong Dollar | **TRY** | Turkish New Lira |
| **CHF** | Swiss Franc | **IDR** | Indonesian Rupiah | **USD (or $)** | United States Dollar |
| **EGP** | Egyptian Pound | **JPY** | Japanese Yen | **ZAR** | South African Rand |
| **EUR** | Euro |  |  |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BISTREFI** | Turkish Lira Overnight Reference Rate | **EUR006M** | 6 Month EUR Swap Rate | **SOFR** | Secured Overnight Financing Rate |
| **BNMMDTSC** | Dreyfus Treasury Securites Cash Management Fund Yield | **EUR012M** | 12 Month EUR Swap Rate | **SONIO** | Sterling Overnight Interbank Average Rate |
| **BRMMUSDF** | BlackRock Money Market US Treasury Fund Index | **GSMMUSTI** | Goldman Sachs Money Market US Treasury <br> Instrument Index | **TSFR1M** | Term SOFR 1-Month |
| **CDOR06** | 6 month CDN Swap Rate | **JMMMUSTF** | JP Morgan Money Market US Treasury Fund Index | **TSFR3M** | Term SOFR 3-Month |
| **EUR001M** | 1 Month EUR Swap Rate | **JY0003M** | 3 Month JPY-LIBOR | **TSFR6M** | Term SOFR 6-Month |
| **EUR003M** | 3 Month EUR Swap Rate | **PRIME** | Daily US Prime Rate |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **EBITDA** | Earnings before Interest, Taxes, Depreciation and Amoritization | **REMIC** | Real Estate Mortgage Investment Conduit |
| **CDO** | Collateralized Debt Obligation | **EURIBOR** | Euro Interbank Offered Rate | **TBA** | To-Be-Announced |
| **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap | **TBD** | To-Be-Determined |
| **DAC** | Designated Activity Company | **PIK** | Payment-in-Kind | **TBD%** | Interest rate to be determined when loan settles or at the time of funding |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** PIMCO Dynamic Income Opportunities Fund

- **b. Investment Company Act file number:** 811-23505

- **c. CIK number of Registrant:** 0001798618

- **d. LEI of Registrant:** 549300MWJBXCL907ZB49

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

  - **Street Address 1:** 1633 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** (844) 337-4626

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

- **a. Name of Series:** N/A

- **c. LEI of Series:** N/A

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $2877426532.72

**Total Liabilities:** $1076766916.77

**Net Assets:** $1800659615.95

**Delayed Delivery Securities:** $35670000.00

**Cash Not Reported:** $4431097.04

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 24174.998400 | **1-Year:** 8067.500400 | **5-Year:** 17551.238700 | **10-Year:** 11861.683500 | **30-Year:** 2654.508000

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

- **3-Month:** 213542.656000 | **1-Year:** 115897.949000 | **5-Year:** 225790.857200 | **10-Year:** 193032.666200 | **30-Year:** 13793.304300

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.12%                | 3.66%                | 2.85%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1138036.97              | $5053334.63                                |
| Month 2  | $2136453.75              | $12520665.44                               |
| Month 3  | $3889743.40              | $9880460.60                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EVERGLADES RE II LTD                                                       | EVERGLADES RE II LTD SR UNSECURED 144A 05/31 VAR            | CUSIP: 30014LAN4<br>LEI: 5493000EE11S6ONK0372 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $527000.00    | 0.03%             | 2031-05-13      | Floating      | 15.46%                | No            |                  2 | On Loan: No      |
| US RENAL CARE INC                                                          | U S RENAL CARE INC 2023 SUPERPRIORITY TERM LOAN             | CUSIP: 90290PAS3<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |  41076748 | PA      | $39324619.78  | 2.18%             | 2028-06-28      | Floating      | 9.28%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL GMBH                                              | CHEPLAPHARM ARZNEIMITTEL SR SECURED 144A 01/28 5.5          | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |   3440000 | PA      | $3362512.62   | 0.19%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -5627008 | PA      | $-5691396.93  | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST 2017-1                                       | MILL CITY MORTGAGE TRUST MCMLT 2017 1 B4 144A               | CUSIP: 59981HAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16205000 | PA      | $10420848.88  | 0.58%             | 2058-11-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251030                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $51654.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | CITIGROUP REVERSE REPO                                      | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3241776 | PA      | $-3276628.65  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| CDK GLOBAL (CENTRAL PARENT LLC / CDK GLOBAL II LLC / CDK FINANCING CO INC) | CNT PRNT/CDK GLO II/FIN SR SECURED 144A 06/29 8             | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5970000 | PA      | $5268561.42   | 0.29%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | IRS EUR 2.50000 03/18/26-5Y LCH                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |         1 | NC      | $140979.66    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UPSTART SECURITIZATION TRUST 2025-3                                        | UPSTART SECURITIZATION TRUST UPST 2025 3 D 144A             | CUSIP: 91684FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8800000 | PA      | $8775961.92   | 0.49%             | 2035-09-20      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT IDR SOLD USD 20251015                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $-157.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260602                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $127.22       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 4731                                                    | FREDDIE MAC FHR 4731 QS                                     | CUSIP: 3137FBQG4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    178391 | PA      | $28431.76     | 0.00%             | 2047-11-15      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD EUR BOUGHT USD 20251104                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-644.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2384812 | PA      | $-2402929.78  | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| PERU LNG SRL                                                               | PERU LNG SRL SR UNSECURED REGS 03/30 5.375                  | CUSIP: P7721BAE1<br>LEI: 254900F70J1LOALV5K70 | Long             | DBT              | CORP              | PE        |  12470412 | PA      | $11976444.50  | 0.67%             | 2030-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO WARBURG REVERSE REPO                           | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -5455153 | PA      | $-5512209.69  | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOLDINGS LIMITED                                      | ASTON MARTIN CAPITAL HOL ASTON MARTIN CAPITAL HOL           | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |   9600000 | PA      | $9407959.68   | 0.52%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GSAMP TRUST 2006-HE5                                                       | GSAMP TRUST GSAMP 2006 HE5 M1                               | CUSIP: 362437AF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16952853 | PA      | $14429663.44  | 0.80%             | 2036-08-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| ATLAS RE LIMITED                                                           | ATLAS RE LIMITED ATLAS RE LTD SIDECAR                       | CUSIP: 956BLH000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       140 | NS      | $14885468.18  | 0.83%             |  |  |  | No            |                  3 | On Loan: No      |
| INEOS US PETROCHEM LLC                                                     | INEOS QUATTRO HOLDINGS UK LTD 2023 USD 1ST LIEN TERM LOAN B | CUSIP: G4770MAL8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3989873 | PA      | $3624121.72   | 0.20%             | 2029-03-09      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                                         | THAMES WATER UTIL FIN SR SECURED REGS 07/36 4.375           | CUSIP: B839Q3II7<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $187755.87    | 0.01%             | 2036-07-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -6566999 | PA      | $-6576564.93  | -0.37%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPOS                                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | GB        |  -3798109 | PA      | $-5109450.52  | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| SIERRA MADRE FUNDING LTD 2004-1A                                           | SIERRA MADRE FUNDING LTD MADRE 2004 1A A1A 144A             | CUSIP: 82639RAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    895286 | PA      | $501706.84    | 0.03%             | 2039-09-07      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -10484564 | PA      | $-10539608.27 | -0.59%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO MORGAN STANLEY                                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | LU        |   -105492 | PA      | $-124367.71   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD BRL BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |         1 | NC      | $-5696.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO LTD                                                        | NISSAN MOTOR CO SR UNSECURED 144A 07/30 7.5                 | CUSIP: 654922AB9<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |   1200000 | PA      | $1260272.40   | 0.07%             | 2030-07-17      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COMM 2019-521F MORTGAGE TRUST                                              | COMM MORTGAGE TRUST COMM 2019 521F F 144A                   | CUSIP: 20048GAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7400000 | PA      | $5291000.00   | 0.29%             | 2034-06-15      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST 2022-NQM2                                                       | CREDIT SUISSE MORTGAGE TRUST CSMC 2022 NQM2 B3 144A         | CUSIP: 12664VAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9121661 | PA      | $1402940.66   | 0.08%             | 2067-02-25      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| MULTIPLAN INC (MPH ACQUISITION HOLDINGS LLC)                               | MPH ACQUISITION HOLDINGS SR SECURED 144A 12/30 11.5         | CUSIP: 553283AF9<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |   8763750 | PA      | $9176829.36   | 0.51%             | 2030-12-31      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| CORESTATE CAPITAL HOLDING SA                                               | CORESTATE CAPITAL HOLD SR UNSECURED REGS 12/26 8            | CUSIP: ACI0Z2W07<br>LEI: 529900GNB86RB7HRX793 | Long             | DBT              | CORP              | LU        |   1822533 | PA      | $866597.00    | 0.05%             | 2026-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TIMES SQUARE HOTEL TRUST                                                   | TIMES SQUARE HOTEL TRUST PASS THRU CE 144A 08/26 8.528      | CUSIP: 887367AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    127586 | PA      | $128043.16    | 0.01%             | 2026-08-01      | Fixed         | 8.53%                 | No            |                  2 | On Loan: No      |
| COMISION EJECUTIVA HIDROELECTRICA DEL RIO LEMPA                            | COMISION EJ HI RIO LEMPA GOVT GUARANT 144A 01/33 8.65       | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |   2550000 | PA      | $2669595.00   | 0.15%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                              | ALTICE FRANCE SA SR SECURED 144A 10/29 5.5                  | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   3000000 | PA      | $2609809.05   | 0.14%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3577889 | PA      | $-3625743.29  | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| CASSINI SAS                                                                | COMEXPOSIUM 2019 EUR 1ST LIEN TLB                           | CUSIP: 945AYZII4<br>LEI: 9695009FFM30CUZ8FO85 | Long             | LON              | CORP              | FR        |  21514594 | PA      | $30816252.58  | 1.71%             | 2026-03-28      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260518                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $138.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| YINSON PRODUCTION FINANCIAL SERVICES PTE LTD                               | YINSON PRODUCTION FINANC SR SECURED 144A REGS 05/29 9.6     | CUSIP: ACI2NT341<br>LEI: 254900TYMSC94RS33U73 | Long             | DBT              | CORP              | SG        |   3800000 | PA      | $4023976.98   | 0.22%             | 2029-05-03      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVT                                                               | ROMANIA SR UNSECURED 144A 07/32 5.875                       | CUSIP: ACI2W0QH0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |  16000000 | PA      | $19248231.88  | 1.07%             | 2032-07-11      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO PARIBAS                                        | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -14589406 | PA      | $-14700014.01 | -0.82%            |  |  |  | No            |                  2 | On Loan: No      |
| BNC MORTGAGE LOAN TRUST 2007-4                                             | BNC MORTGAGE LOAN TRUST BNCMT 2007 4 A2                     | CUSIP: 05570GAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  32782500 | PA      | $23342359.51  | 1.30%             | 2037-11-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD ZAR BOUGHT USD 20251009                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |         1 | NC      | $-326.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FANNIE MAE INTEREST STRIP 418                                              | FANNIEMAE STRIP FNS 418 C17                                 | CUSIP: 31395Q3H1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2054812 | PA      | $417808.51    | 0.02%             | 2043-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                              | ALTICE FRANCE SA SR SECURED 144A 07/29 5.125                | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   6421000 | PA      | $5515960.05   | 0.31%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPOS                                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | GB        |  -3510622 | PA      | $-4724418.21  | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                                         | THAMES WATER UTIL FIN SR SECURED REGS 01/30 0.875           | CUSIP: ACI235LV5<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $81094.03     | 0.00%             | 2030-01-31      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS                                       | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | GB        |   -105052 | PA      | $-141501.90   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC 2024-A                                       | COLLEGE AVE STUDENT LOANS CASL 2024 A D 144A                | CUSIP: 19424RAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1971000 | PA      | $2105829.41   | 0.12%             | 2054-06-25      | Fixed         | 8.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | FINANCIAL KETTERING REPU USD ANZBANK FIN KETTERING REPU USD | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -9228897 | PA      | $-9265489.57  | -0.51%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT EUR SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $14656.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260617                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $183.36       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD HKD BOUGHT USD 20251017                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | HK        |         1 | NC      | $4740.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                     | VENTURE GLOBAL LNG INC SR SECURED 144A 02/32 9.875          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     80000 | PA      | $87147.86     | 0.00%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC 2024-A                                       | COLLEGE AVE STUDENT LOANS CASL 2024 A C 144A                | CUSIP: 19424RAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1369000 | PA      | $1420741.90   | 0.08%             | 2054-06-25      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| FIRST NLC TRUST 2005-3                                                     | FIRST NLC TRUST FNLC 2005 3 M2                              | CUSIP: 32113JBV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9537309 | PA      | $8474952.29   | 0.47%             | 2035-12-25      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260713                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $446.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO THE BANK OF NOVA REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2076340 | PA      | $-2076340.00  | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO JPM CHASE                                      | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -5576550 | PA      | $-5585472.48  | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| INCORA TOP HOLDCO LLC                                                      | INCORA NEW EQUITY                                           | CUSIP: 955PRF008<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    947048 | NS      | $38013709.31  | 2.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ALTICE FRANCE                                                              | ALTICE FRANCE SA SR SECURED REGS 01/29 4.125                | CUSIP: ACI1RJK00<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $101591.72    | 0.01%             | 2029-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BNP PARIBAS REPU REGIONS BANK                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4119292 | PA      | $-4125306.67  | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| HESTIA RE LTD                                                              | HESTIA RE LTD UNSECURED 144A 03/32 VAR                      | CUSIP: 42815KAC6<br>LEI: 549300QRKQ1ZKOXEMZ38 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $255512.50    | 0.01%             | 2032-03-13      | Floating      | 10.71%                | No            |                  2 | On Loan: No      |
| SANTANDER BANK AUTO CREDIT-LINKED NOTES SERIES 2024-A                      | SANTANDER BANK AUTO CREDIT LIN SBCLN 2024 A E 144A          | CUSIP: 80290CCM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1188926 | PA      | $1201960.83   | 0.07%             | 2032-06-15      | Fixed         | 7.76%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3859000 | PA      | $-3861316.53  | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO MORGAN STANLEY                                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -19210644 | PA      | $-19213477.50 | -1.07%            |  |  |  | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                               | ECOPETROL SA SR UNSECURED 01/36 8.375                       | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    520000 | PA      | $537372.24    | 0.03%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| 123 LIGHTS RE LTD                                                          | 123 LIGHTS RE LTD UNSECURED 144A 09/31 VAR                  | CUSIP: 68302QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    350000 | PA      | $350000.00    | 0.02%             | 2031-09-14      | Floating      | 15.19%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR GBP SONIO/3.75000 09/17/25-5Y LCH                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         1 | NC      | $-133477.42   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ARGENT SECURITIES INC 2005-W5                                              | ARGENT SECURITIES INC. ARSI 2005 W5 M1                      | CUSIP: 040104QQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21501840 | PA      | $23121281.70  | 1.28%             | 2036-01-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORP TRUST 2018-LUAU                                | GS MORTGAGE SECURITIES TRUST GSMS 2018 LUAU E 144A          | CUSIP: 36256AAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10782000 | PA      | $10722863.96  | 0.60%             | 2032-11-15      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20270610                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-61.66       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANC OF AMERICA FUNDING TRUST 2014-R8                                      | BANC OF AMERICA FUNDING CORPOR BAFC 2014 R8 A2 144A         | CUSIP: 05969MAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2778214 | PA      | $2401627.57   | 0.13%             | 2036-06-26      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST 2022-NQM2                                                       | CREDIT SUISSE MORTGAGE TRUST CSMC 2022 NQM2 AIOS 144A       | CUSIP: 12664VAK9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 343677428 | PA      | $133329.66    | 0.01%             | 2067-02-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| COHESITY INC                                                               | CLOVER 2024 HOLDINGS INC VERITAS G 1 PREFERRED              | CUSIP: 955EKAII3<br>LEI: 254900JU2GC36CXYYG09 | Long             | EP               | CORP              | US        |     11281 | NS      | $221809.00    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| VIRIDIEN                                                                   | VIRIDIEN SR SECURED 144A 10/30 10                           | CUSIP: 12531QAA3<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |   4800000 | PA      | $4937813.90   | 0.27%             | 2030-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2019-RPL3                              | NEW RESIDENTIAL MORTGAGE LOAN NRZT 2019 RPL3 B4 144A        | CUSIP: 64830NAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $3774966.00   | 0.21%             | 2059-07-25      | Variable      | 3.98%                 | No            |                  2 | On Loan: No      |
| STRUCTURED ASSET INVST LN TR 2005-6                                        | STRUCTURED ASSET INVESTMENT LO SAIL 2005 6 M4               | CUSIP: 86358EUD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10406837 | PA      | $8275913.40   | 0.46%             | 2035-07-25      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD KWD BOUGHT USD 20290502                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $65939.02     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNTINGTON BANK AUTO CREDIT-LINKED NOTES SERIES 2024-2                     | THE HUNTINGTON NATIONAL BANK HACLN 2024 2 D 144A            | CUSIP: 44644NAK5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    697812 | PA      | $705648.86    | 0.04%             | 2032-10-20      | Floating      | 8.39%                 | No            |                  2 | On Loan: No      |
| TRINITY SQUARE 2021-1 PLC A                                                | TRINITY SQUARE TRINI 2021 1A FR                             | CUSIP: ACI2NNDT8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   4682000 | PA      | $6294000.23   | 0.35%             | 2059-07-15      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| DATABRICKS INC                                                             | DATABRICKS INC DELAYED DRAW TERM LOAN                       | CUSIP: BA000D1C1<br>LEI: 984500FEDAC7FBD96273 | Long             | LON              | CORP              | US        |    851747 | PA      | $851746.72    | 0.05%             | 2031-01-03      | Floating      | 1.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                        | SOLD JPY BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $33.74        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO MIZUHO SECURITIES                              | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -10414532 | PA      | $-10437334.19 | -0.58%            |  |  |  | No            |                  2 | On Loan: No      |
| VIRIDIEN                                                                   | VIRIDIEN SR SECURED REGS 10/30 8.5                          | CUSIP: ACI2VMKZ9<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |    600000 | PA      | $731770.29    | 0.04%             | 2030-10-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PALM RE LTD                                                                | PALM RE LTD UNSECURED 144A 06/32 VAR                        | CUSIP: 69664FAB4<br>LEI: 984500D3C66DA10DAP11 | Long             | DBT              | CORP              | BM        |    300000 | PA      | $317565.00    | 0.02%             | 2032-06-07      | Floating      | 11.68%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -11663541 | PA      | $-11676925.09 | -0.65%            |  |  |  | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICES INC                                              | PRIME HEALTHCARE SERVICE SR SECURED 144A 09/29 9.375        | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5800000 | PA      | $6037974.00   | 0.34%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT BRL SOLD USD 20251202                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |         1 | NC      | $5282.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SYNIVERSE CORPORATION                                                      | SYNIVERSE PFD PIK PFDJJZ917                                 | CUSIP: 936UVD902<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   8566268 | NS      | $8351990.90   | 0.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -11151219 | PA      | $-11450071.41 | -0.64%            |  |  |  | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 4073                                                    | FREDDIE MAC FHR 4073 SB                                     | CUSIP: 3137ARYF7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1428179 | PA      | $147375.35    | 0.01%             | 2042-07-15      | Floating      | 1.51%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | MERRILL LYNCH REVERSE REPO EUR ZCP                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | LU        |  -4264890 | PA      | $-5012304.59  | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BNP PARIBAS REPU REGIONS BANK                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -10975708 | PA      | $-10985418.58 | -0.61%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2430435 | PA      | $-2442580.54  | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT ZAR SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |         1 | NC      | $328.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -8455188 | PA      | $-8467448.03  | -0.47%            |  |  |  | No            |                  2 | On Loan: No      |
| BCP TRUST 2021-330N                                                        | BCP TRUST BCP 2021 330N E 144A                              | CUSIP: 05553BAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $1096350.00   | 0.06%             | 2038-06-15      | Floating      | 7.90%                 | No            |                  2 | On Loan: No      |
| DENALI INTERMEDIATE HOLDINGS INC                                           | DUN + BRADSTREET CORPOR THE 2025 TERM LOAN                  | CUSIP: BA000K739<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3818182 | PA      | $3796269.85   | 0.21%             | 2032-08-26      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| AYRESOME CDO I LTD                                                         | AYRESOME CDO LTD AYRES 2005 1A A1B 144A                     | CUSIP: 05473WAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  25992360 | PA      | $6396407.93   | 0.36%             | 2045-12-08      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| DOLP TRUST 2021-NYC                                                        | DOLP TRUST DOLP 2021 NYC F 144A                             | CUSIP: 23345LAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  26400000 | PA      | $20288159.76  | 1.13%             | 2041-05-10      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO NATEXIS BANQUE REVERSE REPO                    | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3295935 | PA      | $-3304724.34  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| SECURITIZED ASSET BACKED RECEIVABLES LLC 2006-FR2                          | SECURITIZED ASSET BACKED RECEI SABR 2006 FR2 A3             | CUSIP: 81376VAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1361950 | PA      | $855869.74    | 0.05%             | 2036-03-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                               | ECOPETROL SA SR UNSECURED 01/33 8.875                       | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   1000000 | PA      | $1084607.53   | 0.06%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO WELLS FARGO 00/00 VAR                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -8089167 | PA      | $-8135931.23  | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| NGD HOLDINGS BV                                                            | NGD HOLDINGS BV SR SECURED 12/26 6.75                       | CUSIP: ACI1XVPP6<br>LEI: 984500ED2ABF0UF46690 | Long             | DBT              | CORP              | NL        |    851117 | PA      | $774516.31    | 0.04%             | 2026-12-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD CHF BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |         1 | NC      | $-809.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENVALIOR FINANCE GMBH                                                      | SCURALPHA 1503 GMBH USD TERM LOAN B1                        | CUSIP: D7001LAC7<br>LEI: 254900GAG6U7Z5TROP43 | Long             | LON              | CORP              | DE        |   7802235 | PA      | $7210084.45   | 0.40%             | 2030-03-29      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR USD SOFR/3.50000 12/21/22-30Y CME                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $6832386.67   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| FREMONT HOME LOAN TRUST 2005-A                                             | FREMONT HOME LOAN TRUST FHLT 2005 A M5                      | CUSIP: 35729PHQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7150308 | PA      | $6041122.60   | 0.34%             | 2035-01-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT JPY SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $913.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -8105108 | PA      | $-8146417.03  | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| SPECIALTY UNDERWRITING & RESIDL 2006-BC4                                   | SPECIALTY UNDERWRITING + RESID SURF 2006 BC4 A2C            | CUSIP: 84751YAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21440797 | PA      | $7442422.32   | 0.41%             | 2037-09-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2356000 | PA      | $-2359505.63  | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| THAMES WATER SUPER SENIOR ISSUER PLC                                       | THAMES WATER SUPER SEN SR SECURED 144A 10/27 9.75           | CUSIP: ACI2ZHVB7<br>LEI: 635400LBEYCV7F4FC741 | Long             | DBT              | CORP              | GB        |    135995 | PA      | $204816.00    | 0.01%             | 2027-10-10      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| FINASTRA USA INC                                                           | FINASTRA USA INC 2025 2ND LIEN TERM LOAN                    | CUSIP: 31772YAB2<br>LEI: 549300ZB2RO6QC7YTK71 | Long             | LON              | CORP              | US        |    900000 | PA      | $897975.00    | 0.05%             | 2033-09-15      | Floating      | 11.04%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT IDR SOLD USD 20251015                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $-96.54       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | 3 MONTH SOFR FUT  DEC25 XCME 20260317                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       -38 | NC      | $145837.95    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERIQUEST MTGE SECURITIES INC 2005-R4                                     | AMERIQUEST MORTGAGE SECURITIES AMSI 2005 R4 M7              | CUSIP: 03072SC86<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7500000 | PA      | $6438857.25   | 0.36%             | 2035-07-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -12264317 | PA      | $-12301304.04 | -0.68%            |  |  |  | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR TRUST 2022-DNA1                                          | FREDDIE MAC   STACR STACR 2022 DNA1 B2 144A                 | CUSIP: 35564KQZ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4800000 | PA      | $5094465.60   | 0.28%             | 2042-01-25      | Floating      | 11.46%                | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET MTGE PROD 2005-RS2                                       | RESIDENTIAL ASSET MORTGAGE PRO RAMP 2005 RS2 M6             | CUSIP: 76112BKG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5313347 | PA      | $4721232.96   | 0.26%             | 2035-02-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| DENALI INTERMEDIATE HOLDINGS INC                                           | DUN + BRADSTREET CORPOR THE 2025 REVOLVER                   | CUSIP: BA000K747<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    381818 | PA      | $379626.98    | 0.02%             | 2032-08-26      | Floating      | 9.58%                 | No            |                  3 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -1316025 | PA      | $-1330507.86  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -12157460 | PA      | $-12183750.51 | -0.68%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD TRY BOUGHT USD 20251015                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $-555.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST 2016-1                                       | MILL CITY MORTGAGE TRUST MCMLT 2016 1 XS 144A               | CUSIP: 59980TAK2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 129623424 | PA      | $401067.84    | 0.02%             | 2057-04-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE REMICS 2020-80                                                  | FANNIE MAE FNR 2020 80 IP                                   | CUSIP: 3136BCYT1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9190614 | PA      | $1327877.36   | 0.07%             | 2049-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GATEWAY CASINOS & ENTERTAINMENT LIMITED                                    | GATEWY CSINS + ENTRTINMNT LTD 2024 TERM LOAN B              | CUSIP: BA000DCX3<br>LEI: 549300JSKBQMMD1B3U44 | Long             | LON              | CORP              | CA        |  34168579 | PA      | $34200697.28  | 1.90%             | 2030-12-18      | Floating      | 10.28%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT EUR SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $95.76        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD KWD BOUGHT USD 20300509                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $45171.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WINSTON RE LTD                                                             | WINSTON RE LTD UNSECURED 144A 02/31 VAR                     | CUSIP: 975660AA9<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $269200.00    | 0.01%             | 2031-02-26      | Floating      | 14.14%                | No            |                  2 | On Loan: No      |
| LUCA RE LTD                                                                | LUCA RE LTD UNSECURED 144A 07/31 VAR                        | CUSIP: 54930CAA3<br>LEI: 2549001YET1TWKCC6Y26 | Long             | DBT              | CORP              | BM        |    700000 | PA      | $700140.00    | 0.04%             | 2031-07-22      | Floating      | 11.18%                | No            |                  2 | On Loan: No      |
| SFA COLLATERALIZED ABS 3A                                                  | SFA COLLATERALIZED ABS LTD SFA 3A B 144A                    | CUSIP: 86358WAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  41770162 | PA      | $5397749.21   | 0.30%             | 2037-07-02      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| ECUADOR GOVT                                                               | REPUBLIC OF ECUADOR SR UNSECURED REGS 07/35 VAR             | CUSIP: ACI1Q6JR2<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   2570059 | PA      | $1926259.22   | 0.11%             | 2035-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL GMBH                                              | CHEPLAPHARM ARZNEIMITTEL SR SECURED REGS 05/30 7.5          | CUSIP: ACI2FPJG4<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |   2700000 | PA      | $3287470.63   | 0.18%             | 2030-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OI SA (AKA: BRASIL TELECOM S/A)                                            | OI S.A. COMMON STOCK                                        | CUSIP: B7XL4M900<br>LEI: 254900YEMWCRRAGD4978 | Long             | EC               | CORP              | BR        |  11034637 | NS      | $1098850.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                        | REVERSE REPO PARIBAS                                        | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -85793715 | PA      | $-86686636.77 | -4.81%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD JPY BOUGHT USD 20251104                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $-390.49      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MRCD 2019-PARK MORTGAGE TRUST                                              | MRCD MORTGAGE TRUST MRCD 2019 PARK G 144A                   | CUSIP: 55348UAW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13000000 | PA      | $7117500.00   | 0.40%             | 2036-12-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2021-2                          | FREDDIE MAC   SCRT SCRT 2021 2 BXS 144A                     | CUSIP: 35563P4Q9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5414595 | PA      | $4072865.29   | 0.23%             | 2060-11-25      | Variable      | 12.63%                | No            |                  2 | On Loan: No      |
| CITIGROUP MTGE LOAN TR INC 2006-AR6                                        | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2006 AR6 1A1            | CUSIP: 17309RAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1013183 | PA      | $917779.16    | 0.05%             | 2036-08-25      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| INGENICO TERMINALS (POSEIDON BIDCO)                                        | POSEIDON BIDCO SASU 2023 EUR TERM LOAN B                    | CUSIP: 953RGXII1<br>LEI: 254900LGX7YG7Y9YM766 | Long             | LON              | CORP              | GB        |  12700000 | PA      | $7007908.41   | 0.39%             | 2030-11-30      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO MORGAN STANLEY                                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | LU        |   -104092 | PA      | $-122870.13   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| INCORA INTERMEDIATE II LLC                                                 | INCORA INTERMEDIATE II SR SECURED 144A 01/30 VAR            | CUSIP: 45338XAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  29127252 | PA      | $29127252.00  | 1.62%             | 2030-01-31      | Fixed         | 12.39%                | No            |                  3 | On Loan: No      |
| URSA RE LTD                                                                | URSA RE LTD UNSECURED 144A 02/28 VAR                        | CUSIP: 90323WAR1<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |    900000 | PA      | $908145.00    | 0.05%             | 2028-02-22      | Floating      | 11.43%                | No            |                  2 | On Loan: No      |
| SUMMER STREET LTD 2005-1A                                                  | SUMMER STREET LTD SMSTR 2005 1A A1 144A                     | CUSIP: 86565MAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  56060041 | PA      | $12387194.81  | 0.69%             | 2045-12-06      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO CIBC                                           | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3609375 | PA      | $-3698008.10  | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT IDR SOLD USD 20251015                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $-102.12      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO WARBURG REVERSE REPO                           | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -9400885 | PA      | $-9500873.86  | -0.53%            |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                                     | CS AT1 CLAIMS US225401AL29 CREDIT SUISSE GROUP AG           | CUSIP: 952NPL005<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | US        |    600000 | PA      | $78000.00     | 0.00%             | 2060-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260504                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-4.21        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -650000 | PA      | $-652900.81   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| ALAMO RE LTD                                                               | ALAMO RE LTD UNSECURED 144A 06/27 VAR                       | CUSIP: 011395AP5<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |    550000 | PA      | $591057.50    | 0.03%             | 2027-06-07      | Floating      | 12.42%                | No            |                  2 | On Loan: No      |
| EQUINITI (ARMOR HOLDCO INC)                                                | ARMOR HOLDCO INC COMPANY GUAR 144A 11/29 8.5                | CUSIP: 04625PAA9<br>LEI: 254900X6HLK0YPTHHF09 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $3095864.60   | 0.17%             | 2029-11-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CRSNT TRUST 2021-MOON                                                      | CRSNT TRUST CRSNT 2021 MOON F 144A                          | CUSIP: 22877LAH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $6843214.70   | 0.38%             | 2036-04-15      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD CHF BOUGHT USD 20251104                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |         1 | NC      | $-15.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CLOVER HOLDINGS SPV III LLC                                                | CLOVER HOLDINGS SPV III LLC 2024 USD TERM LOAN              | CUSIP: BA000CCJ6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    603857 | PA      | $621972.29    | 0.03%             | 2027-12-09      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -7809828 | PA      | $-7845992.68  | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-RPL1                              | GS MORTGAGE BACKED SECURITIES GSMBS 2021 RPL1 X 144A        | CUSIP: 36261WAR8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 154100985 | PA      | $4635496.32   | 0.26%             | 2060-12-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ECUADOR GOVT                                                               | REPUBLIC OF ECUADOR SR UNSECURED REGS 07/30 VAR             | CUSIP: ACI1Q6J43<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |  10656526 | PA      | $9494964.67   | 0.53%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| ARMOR RE II LTD                                                            | ARMOR RE II LTD UNSECURED 144A 01/32 VAR                    | CUSIP: 04227FAF2<br>LEI: 549300X573KDIHEJL317 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $266625.00    | 0.01%             | 2032-01-07      | Floating      | 12.43%                | No            |                  2 | On Loan: No      |
| EVERGLADES RE II LTD                                                       | EVERGLADES RE II LTD UNSECURED 144A 05/31 VAR               | CUSIP: 30014LAP9<br>LEI: 5493000EE11S6ONK0372 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $526575.00    | 0.03%             | 2031-05-13      | Floating      | 16.71%                | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5093                                                    | FREDDIE MAC FHR 5093 PI                                     | CUSIP: 3137FYKD7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4636567 | PA      | $787694.81    | 0.04%             | 2051-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TURKEY GOVT                                                                | TURKIYE GOVERNMENT BOND BONDS 05/28 VAR                     | CUSIP: ACI2PJ5W7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |  79200000 | PA      | $1874485.88   | 0.10%             | 2028-05-17      | Floating      | 48.48%                | No            |                  2 | On Loan: No      |
| GREENWOOD PARK CLO LTD 2018-1A                                             | GREENWOOD PARK CLO, LTD GRNPK 2018 1A SUB 144A              | CUSIP: 39729TAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  27000000 | PA      | $2988900.00   | 0.17%             | 2031-04-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE INTEREST STRIP 421                                              | FANNIEMAE STRIP FNS 421 C2                                  | CUSIP: 31397VFZ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2061420 | PA      | $83614.47     | 0.00%             | 2030-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CERBA HEALTHCARE (CHROME BIDCO)                                            | CERBA HEALTHCARE S A S 2022 EUR TERM LOAN C                 | CUSIP: 944ZQDII8<br>LEI: 9845000C1FYE89DC8677 | Long             | LON              | CORP              | FR        |   8300000 | PA      | $6859823.05   | 0.38%             | 2029-02-16      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD GBP BOUGHT USD 20251104                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |         1 | NC      | $-468081.63   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                              | ALTICE FRANCE SA SR SECURED 144A 01/28 5.5                  | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   3800000 | PA      | $3363000.00   | 0.19%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STEENBOK LUX FINCO 2 SARL                                                  | STEENBOK LUX FINCO 2 SARL 2023 EUR PIK TL A2 RESTRUCTURE    | CUSIP: 948FWKII5<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |  45033294 | PA      | $16412065.79  | 0.91%             | 2026-06-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TRINITY SQUARE 2021-1 PLC A                                                | TRINITY SQUARE TRINI 2021 1A Y 144A                         | CUSIP: ACI1WK2X9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |     10000 | PA      | $2233555.78   | 0.12%             | 2059-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -1488000 | PA      | $-1488000.00  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| HESTIA RE LTD                                                              | HESTIA RE LTD UNSECURED 144A 04/29 VAR                      | CUSIP: 42815KAA0<br>LEI: 549300QRKQ1ZKOXEMZ38 | Long             | DBT              | CORP              | BM        |     67056 | PA      | $37551.44     | 0.00%             | 2029-04-22      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SYNIVERSE HOLDINGS LLC TL TRS BKL BPS                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $2999871.60   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA1                                    | FREDDIE MAC   STACR STACR 2021 DNA1 B2 144A                 | CUSIP: 35564KBE8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1700000 | PA      | $1885378.20   | 0.10%             | 2051-01-25      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| SVB FINANCIAL TRUST                                                        | SVB FINL TR                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     51680 | NS      | $6201.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | IRS EUR 0.25000 09/21/22-10Y LCH                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |         1 | NC      | $8570124.64   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2021-R03                               | FANNIE MAE   CAS CAS 2021 R03 1B2 144A                      | CUSIP: 20754AAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   8900000 | PA      | $9221694.95   | 0.51%             | 2041-12-25      | Floating      | 9.86%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD JPY BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $41.56        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -6964990 | PA      | $-6975191.32  | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| CORESTATE CAPITAL HOLDING SA                                               | CORESTATE CAPITAL HOLD SR SECURED 12/26 10                  | CUSIP: ACI2J0DM8<br>LEI: 529900GNB86RB7HRX793 | Long             | DBT              | CORP              | LU        |    356162 | PA      | $377167.18    | 0.02%             | 2026-12-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GUARDIAN BIDCO INC                                                         | GUARDIAN DELAYED DRAW TERM LOAN A                           | CUSIP: BA000P6T2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    700000 | PA      | $700000.00    | 0.04%             | 2032-08-29      | Fixed         | 1.00%                 | No            |                  3 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2017-ASHF                                   | MORGAN STANLEY CAPITAL I TRUST MSC 2017 ASHF E 144A         | CUSIP: 61691KAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3357000 | PA      | $3216809.33   | 0.18%             | 2034-11-15      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT EUR SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $1337995.39   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| FANNIE MAE REMICS 2021-59                                                  | FANNIE MAE FNR 2021 59 KI                                   | CUSIP: 3136BGB75<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  20688867 | PA      | $4417627.55   | 0.25%             | 2051-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VANTIVE HEALTH LLC                                                         | SPRUCE BIDCO II INC TERM LOAN                               | CUSIP: BA000FPP1<br>LEI: 254900D597QQOG22WQ55 | Long             | LON              | CORP              | US        |   2636804 | PA      | $2663944.68   | 0.15%             | 2032-01-30      | Fixed         | 9.13%                 | No            |                  3 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF AMERICA REVERSE REPO                   | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -1735992 | PA      | $-1743539.86  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| TRINITY SQUARE 2021-1 PLC A                                                | TRINITY SQUARE TRINI 2021 1A XR 144A                        | CUSIP: ACI2NNDR2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   3835884 | PA      | $5174510.03   | 0.29%             | 2059-07-15      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD EUR BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-2631.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR USD SOFR/3.75000 12/18/24-4Y CME                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $379353.41    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-1440             | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2021 1440 F 144A       | CUSIP: 46653DAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700000 | PA      | $107109.03    | 0.01%             | 2036-03-15      | Floating      | 9.12%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5144                                                    | FREDDIE MAC FHR 5144 GI                                     | CUSIP: 3137H26C3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   8050863 | PA      | $1084953.61   | 0.06%             | 2051-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VANTIVE HEALTH LLC                                                         | SPRUCE BIDCO II INC JPY TERM LOAN                           | CUSIP: BA000FPQ9<br>LEI: 254900D597QQOG22WQ55 | Long             | LON              | CORP              | US        |  51045237 | PA      | $349299.84    | 0.02%             | 2032-01-30      | Floating      | 6.00%                 | No            |                  3 | On Loan: No      |
| DUKE FUNDING LTD 2005-HG3A                                                 | DUKE FUNDING LTD DUKEF 2005 HG3A A1B1 144A                  | CUSIP: 2644EPAQ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  29909825 | PA      | $234463.12    | 0.01%             | 2049-08-02      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260610                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $115.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMETE HOLDING                                                             | COMEXPOSIUM 2019 EUR TERM LOAN B                            | CUSIP: 964NDFII9<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |  17436015 | PA      | $24974333.26  | 1.39%             | 2026-03-28      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| TRINITY SQUARE 2021-1 PLC A                                                | TRINITY SQUARE TRINI 2021 1A GR                             | CUSIP: ACI2NNDW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   4682000 | PA      | $6167543.73   | 0.34%             | 2059-07-15      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -8574709 | PA      | $-8602501.62  | -0.48%            |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATES 2017-CHOP                      | CREDIT SUISSE MORTGAGE TRUST CSMC 2017 CHOP E 144A          | CUSIP: 12651QAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19982000 | PA      | $19893433.78  | 1.10%             | 2032-07-15      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF NEW YORK                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -13036994 | PA      | $-13091162.53 | -0.73%            |  |  |  | No            |                  2 | On Loan: No      |
| PENNYMAC CORP                                                              | PENNYMAC CORP COMPANY GUAR 03/26 5.5                        | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |  24225000 | PA      | $24176550.00  | 1.34%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASSET BACKED SEC HOME EQTY LN 2007-HE2                                     | ASSET BACKED SECURITIES CORP H ABSHE 2007 HE2 A4            | CUSIP: 04544TAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7631983 | PA      | $5449804.02   | 0.30%             | 2037-05-25      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD IDR BOUGHT USD 20251015                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $-8.30        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251106                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $1464.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DROP MORTGAGE TRUST 2021-FILE                                              | DROP MORTGAGE TRUST 2021 FILE DROP 2021 FILE D 144A         | CUSIP: 26210YAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5500000 | PA      | $4711351.70   | 0.26%             | 2043-10-15      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5095                                                    | FREDDIE MAC FHR 5095 BI                                     | CUSIP: 3137FYR32<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6599985 | PA      | $708907.68    | 0.04%             | 2041-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO MORGAN STANLEY                                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -9960120 | PA      | $-9961575.28  | -0.55%            |  |  |  | No            |                  2 | On Loan: No      |
| BSST 2021-1818 MORTGAGE TRUST                                              | BSST MORTGAGE TRUST BSST 2021 1818 F 144A                   | CUSIP: 07403PAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7125000 | PA      | $1017031.05   | 0.06%             | 2036-03-15      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT CHF SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |         1 | NC      | $252.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251017                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $28948.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251208                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $7302.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GAZPROM PJSC VIA GAZ FINANCE PLC                                           | GAZPROM PJSC (GAZ FN) SR UNSECURED REGS 06/27 3             | CUSIP: ACI1NC340<br>LEI: 213800UNP9N6BPNYMQ45 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $163000.00    | 0.01%             | 2027-06-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VERAISON RE LTD                                                            | VERAISON RE LTD UNSECURED 144A 03/31 VAR                    | CUSIP: 92335TAB5<br>LEI: 2549007WYB39A966J434 | Long             | DBT              | CORP              | BM        |   1600000 | PA      | $1653440.00   | 0.09%             | 2031-03-10      | Floating      | 16.57%                | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 4999                                                    | FREDDIE MAC FHR 4999 DS                                     | CUSIP: 3137FV3C4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6559843 | PA      | $713684.70    | 0.04%             | 2043-03-15      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORPORATION                                                   | DISH NETWORK CORP SR UNSECURED 08/26 3.375                  | CUSIP: 25470MAB5<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   3700000 | PA      | $3583450.00   | 0.20%             | 2026-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF NEW YORK                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -20467279 | PA      | $-20534138.34 | -1.14%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | FINANCIAL KETTERING REPU USD ANZBANK FIN KETTERING REPU USD | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4360748 | PA      | $-4361385.62  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                         | TREASURY BILL 12/25 0.00000                                 | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4068000 | PA      | $4037151.58   | 0.22%             | 2025-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BRUCETON MILLS ASSOCIATES LLC                                              | PURIS TERM LOAN                                             | CUSIP: BA0005TS3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4194578 | PA      | $3992141.91   | 0.22%             | 2030-07-01      | Floating      | 9.81%                 | No            |                  3 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST 2022-B                                    | SMB PRIVATE EDUCATION LOAN TRU SMB 2022 B R 144A            | CUSIP: 83206NAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4992 | PA      | $5182216.42   | 0.29%             | 2055-02-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| X CORPORATION                                                              | X CORP 2025 FIXED TERM LOAN                                 | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2850000 | PA      | $2862867.75   | 0.16%             | 2029-10-26      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TURKEY GOVT                                                                | TURKIYE GOVERNMENT BOND BONDS 09/28 VAR                     | CUSIP: ACI2R3GV0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        | 396200000 | PA      | $9291304.40   | 0.52%             | 2028-09-06      | Fixed         | 46.96%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT JPY SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $391.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -7106883 | PA      | $-7117424.45  | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW ORLEANS HOTEL TRUST 2019-HNLA                                          | NEW ORLEANS HOTEL TRUST NOHT 2019 HNLA E 144A               | CUSIP: 647622AJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11978000 | PA      | $11727797.55  | 0.65%             | 2032-04-15      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| GREAT HALL MORTGAGES PLC 2007-2X                                           | GREAT HALL MORTGAGES PLC GHM 2007 2X EA REGS                | CUSIP: G41577BG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   1940000 | PA      | $2569364.91   | 0.14%             | 2039-06-18      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                                   | ALTICE FRANCE HOLDING SA SR SECURED 144A 02/28 6            | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    700000 | PA      | $253534.18    | 0.01%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD ZAR BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |         1 | NC      | $-2476.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251020                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $447.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BNP PARIBAS REPU REGIONS BANK                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -5956799 | PA      | $-6001716.83  | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| GSR MORTGAGE LOAN TRUST 2006-7F                                            | GSR MORTGAGE LOAN TRUST GSR 2006 7F 3A4                     | CUSIP: 36298NAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4056940 | PA      | $1121136.92   | 0.06%             | 2036-08-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOLERA LLC (POLARIS NEWCO LLC)                                             | POLARIS NEWCO, LLC USD TERM LOAN B                          | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |   2795342 | PA      | $2700034.95   | 0.15%             | 2028-06-02      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR USD SOFR/3.75000 12/18/24-2Y CME                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-180854.92   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO THE BANK OF NOVA REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4546898 | PA      | $-4560917.22  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | JPM CHASE REVERSE REPO EUR ZCP                              | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | LU        |   -907290 | PA      | $-1067415.49  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPOS                                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | GB        |  -3264577 | PA      | $-4393381.09  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| CSMC TRUST 2022-NQM2                                                       | CREDIT SUISSE MORTGAGE TRUST CSMC 2022 NQM2 B1 144A         | CUSIP: 12664VAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11699250 | PA      | $8832082.04   | 0.49%             | 2067-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KENNEDY WILSON EUROPE REAL ESTATE LIMITED                                  | KENNEDY WILSON EUR REAL SR UNSECURED REGS 11/25 3.25        | CUSIP: ACI0HXJ38<br>LEI: 213800WIL553Z1T6DZ52 | Long             | DBT              | CORP              | JE        |    694737 | PA      | $813884.26    | 0.05%             | 2025-11-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CAPE LOOKOUT RE LTD                                                        | CAPE LOOKOUT RE LTD UNSECURED 144A 04/27 VAR                | CUSIP: 13947LAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1800000 | PA      | $1881000.00   | 0.10%             | 2027-04-05      | Floating      | 12.64%                | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                         | TREASURY BILL 10/25 0.00000                                 | CUSIP: 912797RD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6501000 | PA      | $6486412.48   | 0.36%             | 2025-10-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUNDVIEW HOME EQUITY LOAN TR 2005-OPT4                                    | SOUNDVIEW HOME EQUITY LOAN TRU SVHE 2005 OPT4 M2            | CUSIP: 83611MJM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6311921 | PA      | $6061169.82   | 0.34%             | 2035-12-25      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -494760 | PA      | $-494760.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                                         | THAMES WATER UTIL FIN SR SECURED REGS 01/34 2.625           | CUSIP: ACI0RZP43<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |    370000 | PA      | $340473.39    | 0.02%             | 2034-01-24      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE REMICS 2020-99                                                  | FANNIE MAE FNR 2020 99 QI                                   | CUSIP: 3136BDHS0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3588660 | PA      | $612640.29    | 0.03%             | 2051-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO PARIBAS                                        | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -1060002 | PA      | $-1061344.62  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF NEW YORK                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3044882 | PA      | $-3054615.01  | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| TORREY PINES RE LTD                                                        | TORREY PINES RE LTD UNSECURED 144A 06/32 VAR                | CUSIP: 89141WAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    300000 | PA      | $312375.00    | 0.02%             | 2032-06-07      | Floating      | 11.07%                | No            |                  2 | On Loan: No      |
| INTEGRITY RE III LTD                                                       | INTEGRITY RE III UNSECURED 144A 06/28 VAR                   | CUSIP: 45870GAE6<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |    400000 | PA      | $425580.00    | 0.02%             | 2028-06-06      | Floating      | 16.19%                | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                     | VENTURE GLOBAL LNG INC SR SECURED 144A 02/29 9.5            | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   4514000 | PA      | $4977362.10   | 0.28%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CDK GLOBAL (CENTRAL PARENT LLC)                                            | CENTRAL PARENT INC 2024 TERM LOAN B                         | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  13989496 | PA      | $12136517.60  | 0.67%             | 2029-07-06      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| MULTIPLAN INC (MPH ACQUISITION HOLDINGS LLC)                               | MPH ACQUISITION HOLDINGS LLC 2025 SECOND OUT TERM LOAN      | CUSIP: 55328HAQ4<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |   5152781 | PA      | $4749138.07   | 0.26%             | 2030-12-31      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPOS                                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | GB        |  -3288450 | PA      | $-4425447.59  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| ARMOR RE II LTD                                                            | ARMOR RE II LTD SR UNSECURED 144A 05/31 VAR                 | CUSIP: 04227FAE5<br>LEI: 549300X573KDIHEJL317 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $271637.50    | 0.02%             | 2031-05-07      | Floating      | 14.13%                | No            |                  2 | On Loan: No      |
| SVF II FINCO (CAYMAN) LP                                                   | SOFTBANK VISION FUND II FIXED TERM LOAN                     | CUSIP: 944YFGII6<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |  17143965 | PA      | $17143964.88  | 0.95%             | 2025-12-21      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                                     | CS AT1 CLAIMS US225401AK46 CREDIT SUISSE GROUP AG           | CUSIP: 952NPK908<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | US        |    200000 | PA      | $26000.00     | 0.00%             | 2060-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SVB FINANCIAL TRUST                                                        | SVB FINL TR COMMON STOCK UNIT                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      9596 | NS      | $5229820.00   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                              | ALTICE FRANCE SA SR SECURED 144A 01/29 5.125                | CUSIP: 02156LAE1<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    800000 | PA      | $688500.00    | 0.04%             | 2029-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | IRS EUR 0.83000 12/09/42-10Y LCH                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |         1 | NC      | $3886857.47   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| TORREY PINES RE LTD                                                        | TORREY PINES RE LTD SR UNSECURED 144A 06/31 VAR             | CUSIP: 89141WAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    300000 | PA      | $306180.00    | 0.02%             | 2031-06-05      | Floating      | 12.94%                | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST 2017-1                                       | MILL CITY MORTGAGE TRUST MCMLT 2017 1 X 144A                | CUSIP: 59981HAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 100580006 | PA      | $384215.62    | 0.02%             | 2058-11-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| AMSURG (AMBULATORY TOPCO LLC)                                              | AMSURG EQUITY EQTYAS910                                     | CUSIP: 902RDL901<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1571862 | NS      | $70964330.28  | 3.94%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                        | SOLD ZAR BOUGHT USD 20251120                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |         1 | NC      | $-11933.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MULTIPLAN INC (MPH ACQUISITION HOLDINGS LLC)                               | MPH ACQUISITION HOLDINGS SR SECURED 144A 12/30 5.75         | CUSIP: 553283AG7<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |  17000000 | PA      | $14857709.98  | 0.83%             | 2030-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD JPY BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $303.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4007324 | PA      | $-4044127.11  | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| NATURE COAST RE LTD                                                        | NATURE COAST RE LTD UNSECURED 144A 04/33 VAR                | CUSIP: 63901CAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $261537.50    | 0.01%             | 2033-04-10      | Floating      | 13.68%                | No            |                  2 | On Loan: No      |
| OBOL FRANCE 25                                                             | OBOL FRANCE 3 SAS 2024 EUR TERM LOAN B                      | CUSIP: BA0006XM9<br>LEI: 969500K3AWY66FOPOS97 | Long             | LON              | CORP              | FR        |   6134565 | PA      | $7094256.12   | 0.39%             | 2028-12-31      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD CHF BOUGHT USD 20251104                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |         1 | NC      | $-253.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DISH DBS CORPORATION                                                       | DISH DBS CORP COMPANY GUAR 07/26 7.75                       | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14600000 | PA      | $14480592.15  | 0.80%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL 2007-OA6                                                 | WAMU MORTGAGE PASS THROUGH CER WAMU 2007 OA6 1A             | CUSIP: 92927BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1810523 | PA      | $1534984.25   | 0.09%             | 2047-07-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| FIELDSTONE MTGE INVESTMENT CORP 2004-3                                     | FIELDSTONE MORTGAGE INVESTMENT FMIC 2004 3 M6               | CUSIP: 31659TBT1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2392677 | PA      | $1902985.58   | 0.11%             | 2034-08-25      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD IDR BOUGHT USD 20251015                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $3.43         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260615                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $353.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MNSN HOLDINGS INC                                                          | MNSN HOLDINGS INC COMMON STOCK                              | CUSIP: 55339C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8417 | NS      | $505020.00    | 0.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| N/A                                                                        | BOUGHT GBP SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |         1 | NC      | $468130.29    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BBCMS TRUST 2018-CBM                                                       | BARCLAYS COMMERCIAL MORTGAGE S BBCMS 2018 CBM E 144A        | CUSIP: 05549RAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2100000 | PA      | $1620900.54   | 0.09%             | 2037-07-15      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                                         | THAMES WATER UTIL FIN SR SECURED REGS 01/34 1.25            | CUSIP: ACI236111<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $162460.95    | 0.01%             | 2034-01-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                              | ALTICE FRANCE SA 2023 USD TERM LOAN B14                     | CUSIP: F6628DAN4<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |   5741414 | PA      | $5569171.73   | 0.31%             | 2028-08-15      | Floating      | 9.49%                 | No            |                  3 | On Loan: No      |
| INCORA INTERMEDIATE II LLC                                                 | INCORA TOP HOLDCO LLC CONV PIK PRE COMP                     | CUSIP: 955PRK007<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  20935715 | PA      | $33871163.54  | 1.88%             | 2033-01-30      | Fixed         | 6.00%                 | Yes           |                  3 | On Loan: No      |
| COUNTRYWIDE ASSET-BACKED CERT 2006-26                                      | COUNTRYWIDE ASSET BACKED CERTI CWL 2006 26 M1               | CUSIP: 12668HAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5622772 | PA      | $5350644.72   | 0.30%             | 2037-06-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3703700 | PA      | $-3751621.76  | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BARCLAYS REV REPO EUR                                       | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | GB        |  -5873010 | PA      | $-6896021.93  | -0.38%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2814000 | PA      | $-2835377.80  | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| TRINITY SQUARE 2021-1 PLC A                                                | TRINITY SQUARE TRINI 2021 1A HR 144A                        | CUSIP: ACI2NNDX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   7804000 | PA      | $8849214.36   | 0.49%             | 2059-07-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US RENAL CARE INC                                                          | US RENAL CARE INC SR SECURED 144A 06/28 10.625              | CUSIP: 90355YAA5<br>LEI: 54930058SS5MF69JGN89 | Long             | DBT              | CORP              | US        |   7140700 | PA      | $6248112.50   | 0.35%             | 2028-06-28      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL 2005-AR19                                                | WAMU MORTGAGE PASS THROUGH CER WAMU 2005 AR19 B1            | CUSIP: 92925CBL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12065209 | PA      | $10640419.68  | 0.59%             | 2045-12-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF AMERICA REVERSE REPO                   | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2564484 | PA      | $-2574835.98  | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS CORP / JETBLUE LOYALTY LP                                  | JETBLUE AIRWAYS/LOYALTY SR SECURED 144A 09/31 9.875         | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6804000 | PA      | $6906924.11   | 0.38%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ACCREDIT LOANS 2007-QA4                                        | RESIDENTIAL ACCREDIT LOANS, IN RALI 2007 QA4 A1B            | CUSIP: 74923YAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    670670 | PA      | $600513.39    | 0.03%             | 2037-06-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251107                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $23002.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2017-4                          | FREDDIE MAC   SCRT SCRT 2017 4 BIO 144A                     | CUSIP: 35563PDN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5218431 | PA      | $1002309.17   | 0.06%             | 2057-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOLDINGS LIMITED                                      | ASTON MARTIN CAPITAL HOL ASTON MARTIN CAPITAL HOL           | CUSIP: ACI2N9Q99<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |   3924000 | PA      | $5156878.80   | 0.29%             | 2029-03-31      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| AMSURG LLC                                                                 | ENVISION HEALTHCARE CORPORTION 2023 LAST OUT TERM LOAN      | CUSIP: 949ABFII9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  31556499 | PA      | $32503193.66  | 1.81%             | 2028-09-15      | Fixed         | 12.23%                | No            |                  3 | On Loan: No      |
| N/A                                                                        | SOLD ZAR BOUGHT USD 20251120                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |         1 | NC      | $-4606.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS (PEMEX)                                                | PETROLEOS MEXICANOS COMPANY GUAR 06/29 8.75                 | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   3253000 | PA      | $3506288.34   | 0.19%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| STRUCTURED ADJ RATE MTGE LOAN 2006-2                                       | STRUCTURED ADJUSTABLE RATE MOR SARM 2006 2 3A1              | CUSIP: 863579U71<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3538545 | PA      | $3473276.56   | 0.19%             | 2036-03-25      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| UBISOFT ENTERTAINMENT                                                      | UBISOFT ENTERTAINMENT SA SR UNSECURED REGS 11/27 0.878      | CUSIP: ACI1SYQ75<br>LEI: 969500I7C8V1LBIMSM05 | Long             | DBT              | CORP              | FR        |   4400000 | PA      | $4824642.06   | 0.27%             | 2027-11-24      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| ARGENTINA GOVT                                                             | REPUBLIC OF ARGENTINA SR UNSECURED 07/41 VAR                | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   5233000 | PA      | $2549125.13   | 0.14%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ALT LOAN TRUST 2006-36T2                                       | COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2006 36T2 2A1          | CUSIP: 02146XAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4562901 | PA      | $1867269.68   | 0.10%             | 2036-12-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SFO COMMERCIAL MORTGAGE TRUST 2021-555                                     | SFO COMMERICAL MORTGAGE TRUST SFO 2021 555 E 144A           | CUSIP: 78432WAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18000000 | PA      | $17556528.60  | 0.98%             | 2038-05-15      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| STEENBOK LUX FINCO 1 SARL                                                  | STEENBOK LUX FINCO 2 SARL 2023 EUR PIK TERM LOAN RESTRUC    | CUSIP: 948FWJII8<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |  10311812 | PA      | $1611205.44   | 0.09%             | 2026-06-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR USD SOFR/3.75000 06/20/24-5Y CME                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-249279.41   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| X CORPORATION                                                              | X CORP TERM LOAN                                            | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  23181448 | PA      | $22772527.08  | 1.26%             | 2029-10-26      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT IDR SOLD USD 20251217                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $84.17        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                                             | GRAY TELEVISION INC 2024 TERM LOAN B                        | CUSIP: 389376BC7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |     56000 | PA      | $56110.88     | 0.00%             | 2029-05-23      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD IDR BOUGHT USD 20251015                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $-60.98       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ACE SECURITIES CORP 2006-OP2                                               | ACE SECURITIES CORP. ACE 2006 OP2 M1                        | CUSIP: 00441YAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25165456 | PA      | $20368014.32  | 1.13%             | 2036-08-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO MORGAN STANLEY                                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2896526 | PA      | $-2921474.74  | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| DATABRICKS INC                                                             | DATABRICKS INC LAST OUT TERM LOAN                           | CUSIP: BA000D206<br>LEI: 984500FEDAC7FBD96273 | Long             | LON              | CORP              | US        |   3848253 | PA      | $3915597.71   | 0.22%             | 2031-01-03      | Floating      | 8.72%                 | No            |                  3 | On Loan: No      |
| MYERS PARK CLO LTD 2018-1A                                                 | FEE0009J9 MYERS 2018 1A SUB FEE                             | CUSIP: 937ZOKII3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  13000000 | PA      | $27488.89     | 0.00%             | 2030-10-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| PROJECT QUASAR INVESTMENTS 2017 SLU                                        | NEPTUNE QUASAR PPN                                          | CUSIP: 936TNJII2<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |         1 | PA      | $0.00         | 0.00%             | 2028-03-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TITANIUM 2L BONDCO SA RL                                                   | TITANIUM 2L BONDCO S.? R.L. EO 01/31 6.25                   | CUSIP: ACI2R0R44<br>LEI: 636700S4QMU2DWYOSF67 | Long             | DBT              | CORP              | LU        |  20125000 | PA      | $6209014.45   | 0.34%             | 2031-01-14      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR USD SOFR/3.75000 12/18/24-3Y CME                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $1813316.80   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ADJUSTABLE RATE MORTAGE TRUST 2005-11                                      | ADJUSTABLE RATE MORTGAGE TRUST ARMT 2005 11 2A42            | CUSIP: 007036VE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000145 | PA      | $630532.87    | 0.04%             | 2036-02-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET SEC TRUST 2006-A8                                        | RESIDENTIAL ASSET SECURITIZATI RAST 2006 A8 2A4             | CUSIP: 761119AJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5383706 | PA      | $1494770.29   | 0.08%             | 2036-08-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FREED ABS TRUST 2020-3FP                                                   | FREED ABS TRUST FREED 2020 3FP CERT 144A                    | CUSIP: 35634LAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4226 | PA      | $1094.34      | 0.00%             | 2027-09-20      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-1440             | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2021 1440 D 144A       | CUSIP: 46653DAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25550000 | PA      | $11509651.58  | 0.64%             | 2036-03-15      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| REACH ABS TRUST 2025-1A                                                    | REACH FINANCIAL LLC REACH 2025 1A D 144A                    | CUSIP: 75525PAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $513459.10    | 0.03%             | 2032-08-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES LIMITED                                             | THAMES WATER UTIL LTD SR SECURED 144A 03/27 0.00000         | CUSIP: ACI2VX3Q4<br>LEI: 213800JKM5UQHFJOTZ25 | Long             | DBT              | CORP              | GB        |     25717 | PA      | $29917.79     | 0.00%             | 2027-03-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT EUR SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $5407.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO NATEXIS BANQUE REVERSE REPO                    | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4681729 | PA      | $-4687148.20  | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| OI SA (AKA: BRASIL TELECOM S/A)                                            | OI S.A. SR SECURED 144A 06/27 10                            | CUSIP: 67117EAE8<br>LEI: 254900YEMWCRRAGD4978 | Long             | DBT              | CORP              | BR        |  32176028 | PA      | $21236178.48  | 1.18%             | 2027-06-30      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD EUR BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $996.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MRCD 2019-PARK MORTGAGE TRUST                                              | MRCD MORTGAGE TRUST MRCD 2019 PARK F 144A                   | CUSIP: 55348UAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15715000 | PA      | $9820303.50   | 0.55%             | 2036-12-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5058                                                    | FREDDIE MAC FHR 5058 I                                      | CUSIP: 3137F8XG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4297583 | PA      | $368362.19    | 0.02%             | 2051-01-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVT                                                               | UKRAINE GOVERNMENT SR UNSECURED 144A 02/34 VAR              | CUSIP: 903724CE0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1013511 | PA      | $421873.95    | 0.02%             | 2034-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                                         | THAMES WATER UTIL FIN SR SECURED REGS 09/39 5.125           | CUSIP: B1FGYYII6<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $188369.78    | 0.01%             | 2039-09-28      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2021-4A                                | EXETER AUTOMOBILE RECEIVABLES EART 2021 4A R 144A           | CUSIP: 30165JAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12395 | PA      | $720925.87    | 0.04%             | 2033-12-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| ALTICE FRANCE                                                              | ALTICE FRANCE SA 2023 EUR TERM LOAN B14                     | CUSIP: F6628DAP9<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |     98990 | PA      | $110214.69    | 0.01%             | 2028-08-15      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST 2022-NQM2                                                       | CREDIT SUISSE MORTGAGE TRUST CSMC 2022 NQM2 B2 144A         | CUSIP: 12664VAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12125800 | PA      | $8912253.22   | 0.49%             | 2067-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -19483264 | PA      | $-19578841.22 | -1.09%            |  |  |  | No            |                  2 | On Loan: No      |
| FORWARD AIR CORPORATION (CLUE OPCO LLC)                                    | FORWARD AIR CORPORATION TERM LOAN B                         | CUSIP: 18948EAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7877449 | PA      | $7873352.73   | 0.44%             | 2030-12-19      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT EUR SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $649.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2021-R01                               | FANNIE MAE   CAS CAS 2021 R01 1B2 144A                      | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   7100000 | PA      | $7373419.58   | 0.41%             | 2041-10-25      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3122025 | PA      | $-3124793.20  | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO MIZUHO SECURITIES                              | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4338592 | PA      | $-4348225.76  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| GREENWOOD PARK CLO LTD 2018-1A                                             | FEE0009H3 GRNPK 2018 A SUB FEE                              | CUSIP: 937ZNKII4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  27000000 | PA      | $44851.86     | 0.00%             | 2031-04-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST 2018-ASHF                                        | ASHFORD HOSPITALITY TRUST AHT1 2018 ASHF E 144A             | CUSIP: 04410RAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8700000 | PA      | $8671279.56   | 0.48%             | 2035-04-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR USD SOFR/3.75000 12/18/24-10Y LCH                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $164581.38    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                              | ALTICE FRANCE SA SR SECURED REGS 02/27 5.875                | CUSIP: ACI13Z7Z8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $424868.93    | 0.02%             | 2027-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| THAMES WATER SUPER SENIOR ISSUER PLC                                       | THAMES WATER SUPER SEN SR SECURED 144A 10/27 9.75           | CUSIP: ACI2VXTH6<br>LEI: 635400LBEYCV7F4FC741 | Long             | DBT              | CORP              | GB        |    173294 | PA      | $260291.44    | 0.01%             | 2027-10-10      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                                                | WAYFAIR LLC SR SECURED 144A 09/30 7.75                      | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    400000 | PA      | $420498.18    | 0.02%             | 2030-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MADISON PARK FUNDING XXIII LTD 2017-23A                                    | MADISON PARK FUNDING LTD MDPK 2017 23A SUB 144A             | CUSIP: 55820UAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5600000 | PA      | $1711680.77   | 0.10%             | 2047-07-27      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD TRY BOUGHT USD 20251001                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $-2196.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2168496 | PA      | $-2180187.31  | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| OCADO GROUP PLC                                                            | OCADO GROUP PLC SR UNSECURED REGS 06/30 11                  | CUSIP: ACI2WWMJ0<br>LEI: 213800LO8F61YB8MBC74 | Long             | DBT              | CORP              | GB        |    900000 | PA      | $1217608.57   | 0.07%             | 2030-06-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| BARCLAYS COMMERCIAL MORTGAGE TRUST 2020-C6                                 | BARCLAYS COMMERCIAL MORTGAGE S BBCMS 2020 C6 F5TC 144A      | CUSIP: 05492TBK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2268385.50   | 0.13%             | 2053-02-15      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT BRL SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | BR        |         1 | NC      | $63242.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | N/A       | -22268988 | PA      | $-26229969.99 | -1.46%            |  |  |  | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                                                     | LUMEN TECHNOLOGIES INC 2024 EXTENDED TERM LOAN B2           | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |  13532487 | PA      | $13464892.22  | 0.75%             | 2030-04-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | EGYPT EM SP BRC                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |         1 | NC      | $-401354.37   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| TURKEY GOVT                                                                | TURKIYE GOVERNMENT BOND BONDS 05/26 VAR                     | CUSIP: ACI2Q1SN0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    600000 | PA      | $14610.35     | 0.00%             | 2026-05-20      | Floating      | 48.48%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -6492375 | PA      | $-6513219.91  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | PETROLEOS MEXICANOS (PEMEX) LA SP MYC                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |         1 | NC      | $-64893.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANC OF AMERICA FUNDING 2010-R8 TRUST                                      | BANC OF AMERICA FUNDING CORPOR BAFC 2010 R8 1A4 144A        | CUSIP: 05956GAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    265003 | PA      | $152119.42    | 0.01%             | 2036-05-26      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260528                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $259.44       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT IDR SOLD USD 20251217                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $70.51        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CSMC TRUST 2018-RPL3                                                       | CREDIT SUISSE MORTGAGE TRUST CSMC 2018 RPL3 PT 144A         | CUSIP: 12653JAM5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9481880 | PA      | $7813650.99   | 0.43%             | 2058-01-25      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| DUKE FUNDING LTD 2005-HG3A                                                 | DUKE FUNDING LTD DUKEF 2005 HG3A A1B2 144A                  | CUSIP: 2644EPAS1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 840369608 | PA      | $143703.20    | 0.01%             | 2049-08-02      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| POLESTAR RE LTD                                                            | POLESTAR RE LTD UNSECURED 144A 01/28 VAR                    | CUSIP: 73110JAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    600000 | PA      | $622200.00    | 0.03%             | 2028-01-07      | Floating      | 14.43%                | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5087                                                    | FREDDIE MAC FHR 5087 IP                                     | CUSIP: 3137FFME4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   8482452 | PA      | $1554527.29   | 0.09%             | 2051-03-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST 2022-NQM2                                                       | CREDIT SUISSE MORTGAGE TRUST CSMC 2022 NQM2 XS 144A         | CUSIP: 12664VAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 343677428 | PA      | $159500.69    | 0.01%             | 2067-02-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD GBP BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |         1 | NC      | $189565.17    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AVENIR ISSUER IV (IRELAND) DESIGNATED ACTIVITY COMPANY                     | AVENIR ISSUER IV IRLND SR SECURED REGS 10/27 6              | CUSIP: ACI2S8C83<br>LEI: 894500E9CKDEAOMG0B46 | Long             | DBT              | NUSS              | IE        |   4710027 | PA      | $4545649.99   | 0.25%             | 2027-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4520960 | PA      | $-4540408.11  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| ADLER GROUP SA                                                             | ADLER GROUP SA   VTG SHS COMMON STOCK                       | CUSIP: ACI2RMKR2<br>LEI: 391200OYYFJ3DWAMEC69 | Long             | EP               | CORP              | LU        |   3588226 | NS      | $4.21         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MARLETTE FUNDING TRUST 2020-2A                                             | MARLETTE FUNDING TRUST MFT 2020 2A CERT 144A                | CUSIP: 57108R101<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37840 | PA      | $611837.36    | 0.03%             | 2030-09-16      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| FINASTRA USA INC                                                           | FINASTRA USA INC 2025 1ST LIEN TERM LOAN                    | CUSIP: 31772YAD8<br>LEI: 549300ZB2RO6QC7YTK71 | Long             | LON              | CORP              | US        |   9700000 | PA      | $9670560.50   | 0.54%             | 2032-07-30      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5140                                                    | FREDDIE MAC FHR 5140 JI                                     | CUSIP: 3137H24K7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3638809 | PA      | $822259.79    | 0.05%             | 2050-12-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST 2017-1                                       | MILL CITY MORTGAGE TRUST MCMLT 2017 1 XS 144A               | CUSIP: 59981HAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 100580006 | PA      | $245063.18    | 0.01%             | 2058-11-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| BEIGNET INVESTOR LLC                                                       | PROJECT BEIGNET SR SEC 144A PROJECT BEIGNET SR SEC 144A     | CUSIP: 990AAXQG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  35670000 | PA      | $35670000.00  | 1.98%             | 2049-06-01      | Fixed         | 6.85%                 | No            |                  3 | On Loan: No      |
| IVANTI SOFTWARE INC                                                        | IVANTI SOFTWARE INC 2025 1ST LIEN TERM LOAN                 | CUSIP: 46583DAH2<br>LEI: 254900GHAXAYKWDX9F60 | Long             | LON              | CORP              | US        |  11329429 | PA      | $9465738.21   | 0.53%             | 2029-06-01      | Floating      | 9.06%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | GB        |  -3648486 | PA      | $-4915466.14  | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| EAST LANE RE VII LTD                                                       | EAST LANE RE VII LTD UNSECURED 144A 03/26 VAR               | CUSIP: 27332EAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    300000 | PA      | $305190.00    | 0.02%             | 2026-03-31      | Floating      | 12.82%                | No            |                  2 | On Loan: No      |
| TURKISH AIRLINES 2015-1 CLASS A PASS THROUGH TRUST                         | TURKISH AIRLN 15 1 A PTT PASS THRU CE 144A 09/28 4.2        | CUSIP: 10010YAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | TR        |    103408 | PA      | $101839.26    | 0.01%             | 2028-09-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| WINSTON RE LTD                                                             | WINSTON RE LTD UNSECURED 144A 02/31 VAR                     | CUSIP: 975660AB7<br>LEI: 2549001Q4VX5Y31QFJ88 | Long             | DBT              | CORP              | BM        |   1400000 | PA      | $1512210.00   | 0.08%             | 2031-02-26      | Floating      | 15.62%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -6012279 | PA      | $-6021225.02  | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD IDR BOUGHT USD 20251015                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $-74.38       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251009                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $3738.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANC OF AMERICA FUNDING 2014-R7 TRUST 2014-R7                              | BANC OF AMERICA FUNDING CORPOR BAFC 2014 R7 2A2 144A        | CUSIP: 05963SAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3967460 | PA      | $2932054.69   | 0.16%             | 2036-09-26      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                                         | THAMES WATER UTILITIES LIMITED 2021 GBP REVOLVER            | CUSIP: BA0008XV5<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | LON              | CORP              | GB        |   2106419 | PA      | $1926386.50   | 0.11%             | 2025-11-28      | Floating      | 5.36%                 | No            |                  3 | On Loan: No      |
| N/A                                                                        | REVERSE REPO WARBURG                                        | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | LU        |  -3768394 | PA      | $-4433018.60  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| SANTANDER BANK AUTO CREDIT-LINKED NOTES SERIES 2024-A                      | SANTANDER BANK AUTO CREDIT LIN SBCLN 2024 A F 144A          | CUSIP: 80290CCN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2756822 | PA      | $2816042.90   | 0.16%             | 2032-06-15      | Fixed         | 10.17%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO CREDIT AGRICOLE 03/14 VAR                      | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -355708 | PA      | $-356395.70   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -1942462 | PA      | $-1945104.25  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| DOGWOOD LLC                                                                | MARKET GARDEN EQTYQL9A8                                     | CUSIP: 902FLS002<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  17432014 | NS      | $17748056.68  | 0.99%             |  |  |  | Yes           |                  3 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST 2021-1                                          | FLAGSHIP CREDIT AUTO TRUST FCAT 2021 1 R 144A               | CUSIP: 33843WAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10000 | PA      | $440866.60    | 0.02%             | 2028-04-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                        | REVERSE REPOS                                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | GB        |  -1382978 | PA      | $-1861156.57  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO MORGAN STANLEY                                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3375712 | PA      | $-3405055.79  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD EUR BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-2800252.25  | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2019-NUGS                                   | MORGAN STANLEY CAPITAL I TRUST MSC 2019 NUGS E 144A         | CUSIP: 61692AAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4294000 | PA      | $90219.09     | 0.01%             | 2036-12-15      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| MONTAUK POINT CDO LTD 2006-2A                                              | MONTAUK POINT CDO LTD MNPT 2006 2A A1J 144A                 | CUSIP: 612181AC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4400000 | PA      | $0.04         | 0.00%             | 2046-04-06      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| ADJUSTABLE RATE MORTAGE TRUST 2005-11                                      | ADJUSTABLE RATE MORTGAGE TRUST ARMT 2005 11 2A3             | CUSIP: 007036VC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5981856 | PA      | $3794168.32   | 0.21%             | 2036-02-25      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| SFO COMMERCIAL MORTGAGE TRUST 2021-555                                     | SFO COMMERICAL MORTGAGE TRUST SFO 2021 555 F 144A           | CUSIP: 78432WAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $7771404.80   | 0.43%             | 2038-05-15      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251027                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $897.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | 3 MONTH SOFR FUT  MAR26 XCME 20260616                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       -36 | NC      | $118591.44    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EXTENDED STAY AMERICA TRUST 2021-ESH                                       | EXTENDED STAY AMERICA TRUST ESA 2021 ESH F 144A             | CUSIP: 30227FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15853589 | PA      | $15889979.32  | 0.88%             | 2038-07-15      | Floating      | 7.96%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                               | ECOPETROL SA SR UNSECURED 11/31 4.625                       | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   4900000 | PA      | $4398002.40   | 0.24%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -1018937 | PA      | $-1030629.58  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| FAIRFAX INDIA HOLDINGS CORPORATION                                         | FAIRFAX INDIA HOLDINGS SR UNSECURED 144A 02/28 5            | CUSIP: 303897AA0<br>LEI: 549300K2JHXU7AX7CV78 | Long             | DBT              | CORP              | CA        |  18350000 | PA      | $17331575.00  | 0.96%             | 2028-02-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STEPSTONE GROUP MIDCO 2 GMBH                                               | STEPSTNE GRUP MDCO 2 GMBH THE USD TERM LOAN                 | CUSIP: BA000BVC2<br>LEI: 894500DB5T5ENCFFQU61 | Long             | LON              | CORP              | US        |   3092250 | PA      | $2941502.81   | 0.16%             | 2031-12-19      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                                               | AMS OSRAM AG SR UNSECURED REGS 03/29 10.5                   | CUSIP: ACI2L69P0<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |  12700000 | PA      | $15944086.94  | 0.89%             | 2029-03-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| PROJECT QUASAR HOLDCO SLU                                                  | PROJECT QUASAR PLEDGCO SLU 2022 EUR TERM LOAN A1            | CUSIP: 944ZSGII9<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |   6250179 | PA      | $7148173.66   | 0.40%             | 2026-04-17      | Floating      | 5.13%                 | No            |                  3 | On Loan: No      |
| N/A                                                                        | REVERSE REPO PARIBAS                                        | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -16028726 | PA      | $-16213025.08 | -0.90%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3720000 | PA      | $-3720909.88  | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| ENCORE CREDIT RECEIVABLES TRUST 2005-3                                     | ENCORE CREDIT RECEIVABLES TRUS ECR 2005 3 M7                | CUSIP: 29256PAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6316928 | PA      | $5759152.07   | 0.32%             | 2035-10-25      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5080                                                    | FREDDIE MAC FHR 5080 IG                                     | CUSIP: 3137FXUX4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4990116 | PA      | $1179195.32   | 0.07%             | 2048-11-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251010                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $884.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CERBA HEALTHCARE (CHROME BIDCO)                                            | CERBA HEALTHCARE SAS 2021 EUR TERM LOAN B                   | CUSIP: 937NEWII5<br>LEI: 9845000C1FYE89DC8677 | Long             | LON              | CORP              | FR        |  10900000 | PA      | $8993966.55   | 0.50%             | 2028-06-30      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260521                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $326.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SPRUCE BIDCO II INC                                                        | SPRUCE BIDCO II INC REVOLVER                                | CUSIP: BA000FL00<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    595734 | PA      | $595733.94    | 0.03%             | 2032-01-30      | Fixed         | 0.50%                 | No            |                  3 | On Loan: No      |
| ALIGNED DATA CENTERS INTERNATIONAL LP                                      | ALIGNED DATA CENTERS INTER LP 2024 TERM LOAN                | CUSIP: BA000JN59<br>LEI: 2549007PAQ06QVDCLR50 | Long             | LON              | CORP              | US        |   8100000 | PA      | $8163605.09   | 0.45%             | 2029-12-18      | Floating      | 7.54%                 | No            |                  3 | On Loan: No      |
| CARVANA CO                                                                 | CARVANA CO SR SECURED 144A 06/31 9                          | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |   3450043 | PA      | $3908788.32   | 0.22%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VIRIDIEN                                                                   | VIRIDIEN SR SECURED 144A 10/30 8.5                          | CUSIP: ACI2VMJW8<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |   5100000 | PA      | $6220047.49   | 0.35%             | 2030-10-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT IDR SOLD USD 20251015                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $-103.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                         | TREASURY BILL 12/25 0.00000                                 | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2668000 | PA      | $2649535.65   | 0.15%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PATTERSON CO (PARADIGM PARENT LLC)                                         | PARADIGM PARENT LLC 1ST LIEN TERM LOAN                      | CUSIP: 69902BAB5<br>LEI: 254900EDT9YE5UFH3458 | Long             | LON              | CORP              | US        |   2500000 | PA      | $2249612.50   | 0.12%             | 2032-04-16      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| BBCCRE TRUST 2015-GTP                                                      | BBCCRE TRUST BBCCR 2015 GTP E 144A                          | CUSIP: 05490TAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16650000 | PA      | $10264725.00  | 0.57%             | 2033-08-10      | Variable      | 4.71%                 | No            |                  2 | On Loan: No      |
| MONTAUK POINT CDO LTD 2006-2A                                              | MONTAUK POINT CDO LTD MNPT 2006 2A A1S 144A                 | CUSIP: 612181AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 327058386 | PA      | $9646914.16   | 0.54%             | 2046-04-06      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| COLONY MORTGAGE CAPITAL SERIES LTD 2019-IKPR                               | COLONY MORTGAGE CAPITAL LTD CLNY 2019 IKPR E 144A           | CUSIP: 12564NAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $13920625.50  | 0.77%             | 2038-11-15      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| OCADO GROUP PLC                                                            | OCADO GROUP PLC OCADO GROUP PLC                             | CUSIP: ACI2QDHC0<br>LEI: 213800LO8F61YB8MBC74 | Long             | DBT              | CORP              | GB        |   4700000 | PA      | $6316568.72   | 0.35%             | 2029-08-08      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | BARCLAYS REV REPO EUR                                       | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | GB        |   -645390 | PA      | $-757782.71   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| COMISION EJECUTIVA HIDROELECTRICA DEL RIO LEMPA                            | COMISION EJ HI RIO LEMPA GOVT GUARANT REGS 01/33 8.65       | CUSIP: P3012UAA4<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |   1700000 | PA      | $1779730.00   | 0.10%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260630                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $224.41       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VANTIVE HEALTH LLC                                                         | SPRUCE BIDCO II INC CAD TERM LOAN                           | CUSIP: BA000FPR7<br>LEI: 254900D597QQOG22WQ55 | Long             | LON              | CORP              | US        |    477393 | PA      | $346618.14    | 0.02%             | 2032-01-30      | Floating      | 7.68%                 | No            |                  3 | On Loan: No      |
| NEW CENTURY HOME EQUITY LOAN TR 2005-2                                     | NEW CENTURY HOME EQUITY LOAN T NCHET 2005 2 M6              | CUSIP: 64352VKY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17591416 | PA      | $17539504.15  | 0.97%             | 2035-06-25      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| NEWFOLD DIGITAL HOLDINGS GROUP INC                                         | NEWFOLD DIGITAL HLDGS GR SR UNSECURED 144A 02/29 6          | CUSIP: 29279XAA8<br>LEI: 549300UTQC2651SB0W88 | Long             | DBT              | CORP              | US        |  12400000 | PA      | $7750000.00   | 0.43%             | 2029-02-15      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                        | REVERSE REPO WARBURG                                        | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | LU        |  -2993876 | PA      | $-3538314.74  | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2634876 | PA      | $-2665215.27  | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO CIBC                                           | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3561563 | PA      | $-3649813.51  | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                         | TREASURY BILL 10/25 0.00000                                 | CUSIP: 912797RC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2600000 | PA      | $2596212.06   | 0.14%             | 2025-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260610                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $99.28        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| QUERCUS RE DESIGNATED ACTIVITY COMPANY                                     | QUERCUS RE DESIGNATED ACTIVITY 07/27 1                      | CUSIP: ACI2Q34M4<br>LEI: 635400YNKWICCYBDBC76 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $298076.79    | 0.02%             | 2027-07-08      | Floating      | 10.02%                | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS LLC 2024-A                                       | COLLEGE AVE STUDENT LOANS CASL 2024 A R 144A                | CUSIP: 19424R108<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10952 | PA      | $5848191.67   | 0.32%             | 2054-06-25      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251003                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $109183.27    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                         | TREASURY BILL 10/25 0.00000                                 | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $29902.28     | 0.00%             | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IBEX TOPCO BV                                                              | STEINHOFF CVR                                               | CUSIP: 948ECV905<br>LEI: 636700OGDKP5DOQ3LT67 | Long             | EC               | CORP              | NL        | 115240755 | NS      | $135.30       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CARVANA AUTO RECEIVABLES TRUST 2021-N1                                     | CARVANA AUTO RECEIVABLES TRUST CRVNA 2021 N1 R 144A         | CUSIP: 14687D102<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10050 | PA      | $829094.56    | 0.05%             | 2028-01-10      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| COREWEAVE COMPUTE ACQUISITION CO II LLC                                    | COREWEAVE CMPTE ACQU CO II LLC 2024 DELAYED DRAW TERM LOAN  | CUSIP: BA0004JK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  21900000 | PA      | $22533270.47  | 1.25%             | 2029-05-30      | Floating      | 6.78%                 | No            |                  3 | On Loan: No      |
| BSST 2021-1818 MORTGAGE TRUST                                              | BSST MORTGAGE TRUST BSST 2021 1818 E 144A                   | CUSIP: 07403PAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5750000 | PA      | $1241575.65   | 0.07%             | 2036-03-15      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2020-MKST           | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2020 MKST C 144A       | CUSIP: 46652DAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1700000 | PA      | $89250.00     | 0.00%             | 2036-12-15      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| BANCA MONTE DEI PASCHI DI SIENA SPA                                        | BANCA MONTE DEI PASCHI SIENA COMMON STOCK                   | CUSIP: ACI28SXK1<br>LEI: J4CP7MHCXR8DAQMKIL78 | Long             | EC               | CORP              | IT        |   2274000 | NS      | $20130225.70  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCE AUTHORITY                                       | TOBACCO SETTLEMENT FIN AUTH WV TOBGEN 06/47 ZEROCPNOID 0    | CUSIP: 88880LAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $2336407.50   | 0.13%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251203                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $7439.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-RPL1                              | GS MORTGAGE BACKED SECURITIES GSMBS 2021 RPL1 AIOS 144A     | CUSIP: 36261WAQ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 132909599 | PA      | $985903.47    | 0.05%             | 2060-12-25      | Variable      | 0.17%                 | No            |                  2 | On Loan: No      |
| RUSSIAN GOVT                                                               | RUSSIAN FEDERATION SR UNSECURED REGS 04/42 5.625            | CUSIP: X74344DS2<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |   3200000 | PA      | $2240000.00   | 0.12%             | 2042-04-04      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| POLESTAR RE LTD                                                            | POLESTAR RE LTD UNSECURED 144A 01/27 VAR                    | CUSIP: 73110JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1800000 | PA      | $1874520.00   | 0.10%             | 2027-01-07      | Floating      | 17.18%                | No            |                  2 | On Loan: No      |
| ROMANIA GOVT                                                               | ROMANIA SR UNSECURED REGS 09/34 6.25                        | CUSIP: ACI2TMW89<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |  11900000 | PA      | $14418281.38  | 0.80%             | 2034-09-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                                               | UBS GROUP AG REG COMMON STOCK USD.1                         | CUSIP: ACI09N1W4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |      5143 | NS      | $210035.71    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANK AUTO CREDIT-LINKED NOTES SERIES 2024-2                     | THE HUNTINGTON NATIONAL BANK HACLN 2024 2 E 144A            | CUSIP: 44644NAL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    724570 | PA      | $734228.95    | 0.04%             | 2032-10-20      | Floating      | 11.89%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | 3 MONTH SOFR FUT  SEP25 XCME 20251216                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |       -29 | NC      | $136387.61    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO NATEXIS BANQUE REVERSE REPO                    | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -5725586 | PA      | $-5735696.83  | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| BCP TRUST 2021-330N                                                        | BCP TRUST BCP 2021 330N D 144A                              | CUSIP: 05553BAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $3137700.00   | 0.17%             | 2038-06-15      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                         | TREASURY BILL 01/26 0.00000                                 | CUSIP: 912797SH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    331000 | PA      | $326855.51    | 0.02%             | 2026-01-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR USD SOFR/3.25000 06/18/25-5Y LCH                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-1513321.66  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| STRUCTURED ASSET SECUR CORP 2006-OPT1                                      | STRUCTURED ASSET SECURITIES CO SASC 2006 OPT1 M1            | CUSIP: 86359UAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18936985 | PA      | $15948978.54  | 0.89%             | 2036-04-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF NEW YORK                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4086029 | PA      | $-4099281.31  | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| MULTIPLAN INC (MPH ACQUISITION HOLDINGS LLC)                               | MPH ACQUISITION HOLDINGS LLC 2025 EXCHNG 1ST OUT TERM LOAN  | CUSIP: 55328HAP6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |    284677 | PA      | $284677.46    | 0.02%             | 2030-12-31      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2019-C7                                | CITIGROUP COMMERCIAL MORTGAGE CGCMT 2019 C7 805A 144A       | CUSIP: 17328CBK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $477117.00    | 0.03%             | 2072-12-15      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD JPY BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $1222.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD EUR BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-3913.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST 2016-1                                       | MILL CITY MORTGAGE TRUST MCMLT 2016 1 B4 144A               | CUSIP: 59980TAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20617238 | PA      | $14590965.71  | 0.81%             | 2057-04-25      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST 2016-1                                       | MILL CITY MORTGAGE TRUST MCMLT 2016 1 X 144A                | CUSIP: 59980TAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 129623424 | PA      | $3898657.80   | 0.22%             | 2057-04-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| HARP FINCO LIMITED                                                         | HARP FINCO LIMITED GBP TERM LOAN                            | CUSIP: BA0008GH5<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   5324914 | PA      | $7040510.15   | 0.39%             | 2032-03-27      | Floating      | 9.47%                 | No            |                  3 | On Loan: No      |
| MEDIAPRO (SUBCALIDORA 2 SARL)                                              | SUBCALIDORA 2 2024 EUR TERM LOAN                            | CUSIP: BA0007DG2<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |  14400000 | PA      | $16990861.19  | 0.94%             | 2029-08-14      | Floating      | 7.75%                 | No            |                  3 | On Loan: No      |
| N/A                                                                        | RFR USD SOFR/1.75000 12/21/22-30Y CME                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $10593260.73  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| SANTANDER BANK AUTO CREDIT-LINKED NOTES SERIES 2024-A                      | SANTANDER BANK AUTO CREDIT LIN SBCLN 2024 A G 144A          | CUSIP: 80290CCP7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2432097 | PA      | $2490256.25   | 0.14%             | 2032-06-15      | Fixed         | 13.03%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVT                                                               | UKRAINE GOVERNMENT SR UNSECURED 144A 02/34 VAR              | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1613673 | PA      | $906077.39    | 0.05%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO THE BANK OF NOVA REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -27990196 | PA      | $-28260356.22 | -1.57%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW IMMO HOLDING SA                                                        | NEW IMMO HOLDING SA SR UNSECURED REGS 07/27 3.25            | CUSIP: ACI1NZ8Z5<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |   2500000 | PA      | $2895827.87   | 0.16%             | 2027-07-23      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE REMICS 2020-96                                                  | FANNIE MAE FNR 2020 96 IB                                   | CUSIP: 3136BDWU8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5848896 | PA      | $1034542.78   | 0.06%             | 2051-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VOYAGER AVIATION HOLDINGS LLC                                              | VOYAGER AVIATION HOLD SR SECURED 144A 05/26 8.5             | CUSIP: 92918XAA3<br>LEI: 549300KHOKL1CX4NIJ92 | Long             | DBT              | CORP              | US        |  22146382 | PA      | $0.22         | 0.00%             | 2026-05-09      | Fixed         | 8.50%                 | No            |                  3 | On Loan: No      |
| FREDDIE MAC REMICS 5115                                                    | FREDDIE MAC FHR 5115 IM                                     | CUSIP: 3137H0ZX9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6635306 | PA      | $1249501.06   | 0.07%             | 2051-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3416095 | PA      | $-3421064.29  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| ECUADOR GOVT                                                               | REPUBLIC OF ECUADOR SR UNSECURED REGS 07/30 0.0000          | CUSIP: ACI1Q6QQ6<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   6200000 | PA      | $4787717.50   | 0.27%             | 2030-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD EUR BOUGHT USD 20251104                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-1338357.44  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-1440             | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2021 1440 E 144A       | CUSIP: 46653DAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9500000 | PA      | $3598368.20   | 0.20%             | 2036-03-15      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| INTELSAT SA                                                                | SES S A COMMON STOCK                                        | CUSIP: 000000000<br>LEI: 549300YV2L21F4K80V46 | Long             | EC               | CORP              | LU        |    652149 | NS      | $7761062.86   | 0.43%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260707                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $268.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ASSET-BACKED CERT 2006-14                                      | COUNTRYWIDE ASSET BACKED CERTI CWL 2006 14 M1               | CUSIP: 23243LAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10980431 | PA      | $11385627.19  | 0.63%             | 2037-02-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                         | TREASURY BILL 11/25 0.00000                                 | CUSIP: 912797RN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3392000 | PA      | $3376200.13   | 0.19%             | 2025-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PERATON CORP                                                               | PERATON CORP TERM LOAN B                                    | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |  29431912 | PA      | $24897631.95  | 1.38%             | 2028-02-01      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| URSA RE LTD                                                                | URSA RE LTD UNSECURED 144A 12/28 VAR                        | CUSIP: 90323WAN0<br>LEI: 549300O8X4DWGDJZ6W59 | Long             | DBT              | CORP              | BM        |   2000000 | PA      | $2087900.00   | 0.12%             | 2028-12-07      | Floating      | 13.18%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVT                                                               | UKRAINE GOVERNMENT SR UNSECURED 144A 02/35 VAR              | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1737802 | PA      | $960135.61    | 0.05%             | 2035-02-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| EVERGLADES RE II LTD                                                       | EVERGLADES RE II LTD UNSECURED 144A 05/31 VAR               | CUSIP: 30014LAM6<br>LEI: 5493000EE11S6ONK0372 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $527975.00    | 0.03%             | 2031-05-13      | Floating      | 14.46%                | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS (1261229 BC LTD)                                         | BAUSCH HEALTH COMPANIES INC 2025 TERM LOAN B                | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   6683250 | PA      | $6601781.18   | 0.37%             | 2030-10-08      | Floating      | 10.41%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251001                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $135338.18    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                                   | IHEARTCOMMUNICATIONS INC 2024 TERM LOAN                     | CUSIP: 45174UAJ7<br>LEI: 54930076J6KDZL504O62 | Long             | LON              | CORP              | US        |   6444719 | PA      | $5647185.11   | 0.31%             | 2029-05-01      | Floating      | 10.05%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251121                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $2909.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTION BV                                               | YINSON BORONIA PRODUCTIO SR SECURED 144A 07/42 8.947        | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |   2845161 | PA      | $3171366.16   | 0.18%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| THAMES WATER SUPER SENIOR ISSUER PLC                                       | THAMES WATER SUPER SEN SR SECURED 144A 10/27 9.75           | CUSIP: ACI2YYK31<br>LEI: 635400LBEYCV7F4FC741 | Long             | DBT              | CORP              | GB        |     38504 | PA      | $57441.15     | 0.00%             | 2027-10-10      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC MORTGAGE INVESTMENT TRUST                                         | PENNYMAC MORTGAGE INVESTMENT REIT USD.01                    | CUSIP: 70931T103<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EC               | CORP              | US        |    556200 | NS      | $6819012.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2021-1                          | FREDDIE MAC   SCRT SCRT 2021 1 BXS 144A                     | CUSIP: 35563PWX3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4196137 | PA      | $3185690.25   | 0.18%             | 2060-09-25      | Fixed         | 13.06%                | No            |                  2 | On Loan: No      |
| CORESTATE CAPITAL HOLDING SA                                               | CORESTATE CAPITAL HOLDING COMMON STOCK                      | CUSIP: ACI2J2G58<br>LEI: 529900GNB86RB7HRX793 | Long             | EC               | CORP              | LU        |    632951 | NS      | $0.74         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                                        | REVERSE REPO PARIBAS                                        | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -11824965 | PA      | $-11951337.49 | -0.66%            |  |  |  | No            |                  2 | On Loan: No      |
| PIMCO FUNDS                                                                | PIMCO PRV SHORT TERM FLT III MUTUAL FUND                    | CUSIP: 000000000<br>LEI: LWVQWTQCFH3YG7CVH718 | Long             | STIV             | RF                | US        |  19065784 | PA      | $185681671.99 | 10.31%            |  |  |  | No            |                  1 | On Loan: No      |
| IVANTI SECURITY HOLDINGS LLC                                               | IVANTI SOFTWARE INC 2025 NEWCO TERM LOAN                    | CUSIP: 46583VAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1514131 | PA      | $1560500.90   | 0.09%             | 2029-06-01      | Floating      | 10.05%                | No            |                  2 | On Loan: No      |
| OI SA (AKA: BRASIL TELECOM S/A)                                            | OI S.A. SR SECURED 144A 12/28 8.5                           | CUSIP: 67117EAG3<br>LEI: 254900YEMWCRRAGD4978 | Long             | DBT              | CORP              | BR        |  69006997 | PA      | $2070209.91   | 0.11%             | 2028-12-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DOLP TRUST 2021-NYC                                                        | DOLP TRUST DOLP 2021 NYC G 144A                             | CUSIP: 23345LAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $4273349.40   | 0.24%             | 2041-05-10      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                                   | ALTICE FRANCE HOLDING SA SR SECURED 144A 05/27 10.5         | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |  22000000 | PA      | $7978908.52   | 0.44%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GUARDIAN BIDCO INC                                                         | GUARDIAN 1ST LIEN DELAYED DRAW TL                           | CUSIP: BA000P6S4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5100000 | PA      | $5049000.00   | 0.28%             | 2032-08-29      | Fixed         | 9.67%                 | No            |                  3 | On Loan: No      |
| FREDDIE MAC REMICS 5087                                                    | FREDDIE MAC FHR 5087 IL                                     | CUSIP: 3137FFMC8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  10303167 | PA      | $1701952.31   | 0.09%             | 2051-03-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BNP PARIBAS REPU REGIONS BANK                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2324595 | PA      | $-2326903.67  | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD JPY BOUGHT USD 20251104                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $-913.28      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF NEW YORK                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4261050 | PA      | $-4264387.82  | -0.24%            |  |  |  | No            |                  2 | On Loan: No      |
| SCRIPPS (E.W. SCRIPPS COMPANY)                                             | EW SCRIPPS CO SR SECURED 144A 08/30 9.875                   | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4040121.20   | 0.22%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS (PEMEX)                                                | PETROLEOS MEXICANOS COMPANY GUAR 02/32 6.7                  | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   4206000 | PA      | $4170787.37   | 0.23%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVT                                                               | UKRAINE GOVERNMENT SR UNSECURED 144A 02/36 VAR              | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   1613673 | PA      | $879451.79    | 0.05%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| COGENT COMMUNICATIONS GROUP LLC / COGENT FINANCE INC                       | COGENT COMMS GRP / FIN COMPANY GUAR 144A 06/27 7            | CUSIP: 19240WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1437377.33   | 0.08%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD EUR BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-6485.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| THE COMPLEAT FOOD GROUP (HOLDINGS) LIMITED                                 | ADDO AND WINTERBOTHAM GBP TERM LOAN                         | CUSIP: 937ICLII2<br>LEI: 259400QEGOEU126C6775 | Long             | LON              | CORP              | GB        |  17000000 | PA      | $22949142.63  | 1.27%             | 2028-01-31      | Floating      | 9.74%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF NEW YORK                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -16045730 | PA      | $-16097678.25 | -0.89%            |  |  |  | No            |                  2 | On Loan: No      |
| THAMES WATER UTILITIES FINANCE PLC                                         | THAMES WATER UTIL FIN SR SECURED REGS 04/46 7.75            | CUSIP: ACI2ML745<br>LEI: 213800ESMPQ4RQ7G8351 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $287613.97    | 0.02%             | 2046-04-30      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VIALTO PARTNERS (GALAXY US OPCO INC)                                       | GALAXY US OPCO INC. TERM LOAN                               | CUSIP: 36321DAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10067062 | PA      | $9198828.40   | 0.51%             | 2030-07-31      | Fixed         | 10.06%                | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                                   | ALTICE FRANCE HOLDING SA SR SECURED REGS 02/28 4            | CUSIP: ACI1LBML5<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   2200000 | PA      | $933410.63    | 0.05%             | 2028-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY HOME EQUITY LN 2005-2                                       | MORGAN STANLEY HOME EQUITY LOA MSHEL 2005 2 M6              | CUSIP: 61744CQQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5340510 | PA      | $5107675.19   | 0.28%             | 2035-05-25      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| MYERS PARK CLO LTD 2018-1A                                                 | MYERS PARK CLO LTD MYERS 2018 1A SUB 144A                   | CUSIP: 62848GAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13000000 | PA      | $3416388.04   | 0.19%             | 2030-10-20      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| JP MORGAN ALTERNATIVE LN TRUST 2007-A1                                     | J.P. MORGAN ALTERNATIVE LOAN T JPALT 2007 A1 1A1A           | CUSIP: 466287AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10467192 | PA      | $8984617.98   | 0.50%             | 2037-03-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT CHF SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CH        |         1 | NC      | $14.81        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INTEGRITY RE III LTD                                                       | INTEGRITY RE III UNSECURED 144A 06/27 VAR                   | CUSIP: 45870GAF3<br>LEI: 254900VWHVNG2WMBWC74 | Long             | DBT              | CORP              | BM        |    300000 | PA      | $336630.00    | 0.02%             | 2027-06-06      | Floating      | 29.46%                | No            |                  2 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2021-1                          | FREDDIE MAC   SCRT SCRT 2021 1 M 144A                       | CUSIP: 35563PWQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6591528 | PA      | $6364647.20   | 0.35%             | 2060-09-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                         | TREASURY BILL 12/25 0.00000                                 | CUSIP: 912797RR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      6000 | PA      | $5959.80      | 0.00%             | 2025-12-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                                               | ECOPETROL SA SR UNSECURED 02/32 7.75                        | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |  31500000 | PA      | $32616297.00  | 1.81%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TURKEY GOVT                                                                | TURKIYE GOVERNMENT BOND BONDS 08/26 VAR                     | CUSIP: ACI2P59J2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    400000 | PA      | $9737.15      | 0.00%             | 2026-08-19      | Floating      | 48.48%                | No            |                  2 | On Loan: No      |
| DEUTSCHE MORTGAGE AND ASSET RECEIVING CORP 2014-RS1                        | DEUTSCHE MORTGAGE AND ASSET RE DMARC 2014 RS1 4A2 144A      | CUSIP: 25160HAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6217459 | PA      | $6050728.15   | 0.34%             | 2036-11-27      | Floating      | 3.83%                 | No            |                  2 | On Loan: No      |
| J&J VENTURES GAMING LLC                                                    | J + J VENTURES GAMING LLC 2024 TERM LOAN                    | CUSIP: 46604BAG3<br>LEI: 549300BYPH8FLKS5ZS70 | Long             | LON              | CORP              | US        |   2564100 | PA      | $2589741.00   | 0.14%             | 2028-04-26      | Floating      | 9.28%                 | No            |                  3 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -9161986 | PA      | $-9210710.54  | -0.51%            |  |  |  | No            |                  2 | On Loan: No      |
| AAMES MORTGAGE INVESTMENT TRUST 2004-1                                     | AAMES MORTGAGE INVESTMENT TRUS AMIT 2004 1 M7               | CUSIP: 00252FAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $3925757.50   | 0.22%             | 2035-01-25      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                                               | AMS OSRAM AG SR UNSECURED 144A 03/29 12.25                  | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |   7950000 | PA      | $8562801.90   | 0.48%             | 2029-03-30      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF AMERICA REVERSE REPO                   | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -814955 | PA      | $-818371.71   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO THE BANK OF NOVA REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -27776720 | PA      | $-27880203.34 | -1.55%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20270610                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-57.70       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CARVANA CO                                                                 | CARVANA CO SR SECURED 144A 06/30 9                          | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |         1 | PA      | $1.05         | 0.00%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LONG WALK REINSURANCE LTD                                                  | LONG WALK REINSURANCE UNSECURED 144A 01/31 VAR              | CUSIP: 54289CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1700000 | PA      | $1731110.00   | 0.10%             | 2031-01-30      | Floating      | 14.17%                | No            |                  2 | On Loan: No      |
| FANNIE MAE REMICS 2012-132                                                 | FANNIE MAE FNR 2012 132 IK                                  | CUSIP: 3136AAPX7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1163950 | PA      | $78730.64     | 0.00%             | 2032-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CLAVEAU RE LTD                                                             | CLAVEAU RE LTD UNSECURED 144A 07/28 VAR                     | CUSIP: 182896AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1088319 | PA      | $0.01         | 0.00%             | 2028-07-08      | Floating      | 4.03%                 | No            |                  3 | On Loan: No      |
| VALE SA                                                                    | VALE SA SUBORDINATED 12/49 VAR                              | CUSIP: B011X9II2<br>LEI: 254900SMTWBX7RU2SR20 | Long             | DBT              | CORP              | BR        | 340000000 | PA      | $22933909.53  | 1.27%             | 2049-12-29      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| ZF NORTH AMERICA CAPITAL INC                                               | ZF NA CAPITAL COMPANY GUAR 144A 03/31 7.5                   | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2782685.98   | 0.15%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251120                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $1470.86      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EGYPTIAN GOVT                                                              | ARAB REPUBLIC OF EGYPT SR UNSECURED REGS 04/31 6.375        | CUSIP: ACI1B3V91<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   3700000 | PA      | $4172747.47   | 0.23%             | 2031-04-11      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS COMMERCIAL MORTGAGE TRUST 2020-C6                                 | BARCLAYS COMMERCIAL MORTGAGE S BBCMS 2020 C6 F5TB 144A      | CUSIP: 05492TBH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12650000 | PA      | $9846337.49   | 0.55%             | 2053-02-15      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| KKR CLO 31 LTD 31A                                                         | KKR FINANCIAL CLO LTD KKR 31A SUB 144A                      | CUSIP: 48254MAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $4101593.90   | 0.23%             | 2034-04-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| STEPSTONE GROUP MIDCO 2 GMBH                                               | STEPSTONE GROUP M 2 GMBH THE EUR TERM LOAN B                | CUSIP: BA000BNR8<br>LEI: 894500DB5T5ENCFFQU61 | Long             | LON              | CORP              | US        |  16400000 | PA      | $18989682.44  | 1.05%             | 2032-04-26      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVT                                                               | UKRAINE GOVERNMENT SR UNSECURED 144A 02/36 VAR              | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    713740 | PA      | $347234.51    | 0.02%             | 2036-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                              | ALTICE FRANCE SA SR SECURED REGS 01/28 3.375                | CUSIP: ACI1FL2Y4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   8600000 | PA      | $8708520.79   | 0.48%             | 2028-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD JPY BOUGHT USD 20251104                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $-921.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRST FRANKLIN MTG LOAN 2005-FF11                                          | FIRST FRANKLIN MTG LOAN ASSET FFML 2005 FF11 M3             | CUSIP: 362341YH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8077612 | PA      | $7508156.05   | 0.42%             | 2035-11-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO GOLDMAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -511192 | PA      | $-520277.71   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4530381 | PA      | $-4552190.30  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251125                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $12153.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                                   | ALTICE FRANCE HOLDING SA SR SECURED REGS 05/27 8            | CUSIP: BL5F4LII6<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |  16900000 | PA      | $7202474.39   | 0.40%             | 2027-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                              | ALTICE FRANCE SA SR SECURED REGS 10/29 4.25                 | CUSIP: ACI20QTK8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $101980.98    | 0.01%             | 2029-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                                         | TREASURY BILL 01/26 0.00000                                 | CUSIP: 912797SF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    276000 | PA      | $272955.52    | 0.02%             | 2026-01-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MTGE BK SEC TR 2006-AR15                                       | WELLS FARGO MORTGAGE BACKED SE WFMBS 2006 AR15 A1           | CUSIP: 94985AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    166869 | PA      | $160408.14    | 0.01%             | 2036-10-25      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| FUTBOL CLUB BARCELONA SL                                                   | ESPAI BRCA FNDO DE TITULZACION EUR TERM LOAN                | CUSIP: 948FVAII8<br>LEI: 95980020140005871781 | Long             | LON              | CORP              | ES        |   7168172 | PA      | $9579617.47   | 0.53%             | 2028-05-31      | Fixed         | 4.18%                 | No            |                  3 | On Loan: No      |
| TRANSNET                                                                   | TRANSNET SOC LTD 2015 ZAR TERM LOAN                         | CUSIP: BA000FR04<br>LEI: 378900B07CD6F01EA796 | Long             | LON              | CORP              | ZA        |  74688942 | PA      | $4273703.00   | 0.24%             | 2028-03-02      | Floating      | 11.12%                | No            |                  3 | On Loan: No      |
| RUSSIAN GOVT                                                               | RUSSIAN FEDERATION SR UNSECURED 144A 04/42 5.625            | CUSIP: 78307ADE0<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |   1000000 | PA      | $700000.00    | 0.04%             | 2042-04-04      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -1375560 | PA      | $-1382749.28  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-RPL1                              | GS MORTGAGE BACKED SECURITIES GSMBS 2021 RPL1 B 144A        | CUSIP: 36261WAP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  34467608 | PA      | $23604003.87  | 1.31%             | 2060-12-25      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD KWD BOUGHT USD 20290702                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $9972.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MONTAUK POINT CDO LTD                                                      | MONTAUK POINT CDO LTD MNPT 2006 1A A1 144A                  | CUSIP: 612180AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        | 213556427 | PA      | $21332578.59  | 1.18%             | 2042-10-06      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| FIRST FRANKLIN MTG LOAN 2006-FF14                                          | FIRST FRANKLIN MTG LOAN ASSET FFML 2006 FF14 A6             | CUSIP: 32027LAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $4974802.20   | 0.28%             | 2036-10-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA6                                    | FREDDIE MAC   STACR STACR 2021 DNA6 B2 144A                 | CUSIP: 35564KLV9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  23500000 | PA      | $24683652.70  | 1.37%             | 2041-10-25      | Floating      | 11.86%                | No            |                  2 | On Loan: No      |
| RUSSIAN GOVT                                                               | RUSSIAN FEDERATION SR UNSECURED REGS 03/35 5.1              | CUSIP: X5424XCG1<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    200000 | PA      | $0.00         | 0.00%             | 2035-03-28      | Fixed         | 5.10%                 | No            |                  3 | On Loan: No      |
| STRATEGIC GAMING MANAGEMENT LLC                                            | STRATEGIC GAMING COMMITMENT PIK TERM LOAN                   | CUSIP: BA000LSD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5500000 | PA      | $5500000.00   | 0.31%             | 2030-06-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2021-RPL1                              | GS MORTGAGE BACKED SECURITIES GSMBS 2021 RPL1 SA 144A       | CUSIP: 36261WAH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    138961 | PA      | $133753.92    | 0.01%             | 2060-12-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY ABS CAPITAL I 2005-HE3                                      | MORGAN STANLEY CAPITAL INC MSAC 2005 HE3 M6                 | CUSIP: 61744CSL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9921908 | PA      | $8047498.62   | 0.45%             | 2035-07-25      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO CREDIT AGRICOLE 03/14 VAR                      | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -913325 | PA      | $-916448.57   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT IDR SOLD USD 20251015                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $-153.30      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD EUR BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-2264.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR USD SOFR/1.75000 06/15/22-30Y CME                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $15020149.23  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| INTEGRITY RE LTD                                                           | INTEGRITY RE LTD SR UNSECURED 144A 06/26 VAR                | CUSIP: 45833UAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    900000 | PA      | $1004040.00   | 0.06%             | 2026-06-08      | Floating      | 26.76%                | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2018-WPT              | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2018 WPT DFL 144A      | CUSIP: 46645WAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5012000 | PA      | $2932020.00   | 0.16%             | 2033-07-05      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA7                                    | FREDDIE MAC   STACR STACR 2021 DNA7 B2 144A                 | CUSIP: 35564KNE5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  14300000 | PA      | $15164766.76  | 0.84%             | 2041-11-25      | Floating      | 12.16%                | No            |                  2 | On Loan: No      |
| DOLP TRUST 2021-NYC                                                        | DOLP TRUST DOLP 2021 NYC X 144A                             | CUSIP: 23345LAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 309500000 | PA      | $8903061.53   | 0.49%             | 2041-05-10      | Variable      | 0.67%                 | No            |                  2 | On Loan: No      |
| PRETIUM MORTGAGE CREDIT PARTNERS LLC 2021-RN3                              | PRETIUM MORTGAGE CREDIT PARTNE PRET 2021 RN3 A2 144A        | CUSIP: 74143JAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19443402 | PA      | $19464712.04  | 1.08%             | 2051-09-25      | Variable      | 8.97%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                                              | COREWEAVE INC COMPANY GUAR 144A 02/31 9                     | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   2600000 | PA      | $2667935.40   | 0.15%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SANDERS RE III LTD                                                         | SANDERS RE III LTD UNSECURED 144A 04/29 VAR                 | CUSIP: 80000XAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4164000 | PA      | $2602500.00   | 0.14%             | 2029-04-09      | Floating      | 16.28%                | No            |                  2 | On Loan: No      |
| UNICORN BAY (HONG KONG) INVESTMENTS LIMITED                                | UNICORN BAY HKD FIXED TERM LOAN A                           | CUSIP: BA00077Z7<br>LEI: N/A                  | Long             | LON              | CORP              | HK        |  89790268 | PA      | $11682501.97  | 0.65%             | 2026-12-31      | Fixed         | 13.00%                | No            |                  3 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -12669200 | PA      | $-12780034.39 | -0.71%            |  |  |  | No            |                  2 | On Loan: No      |
| EGYPTIAN GOVT                                                              | EGYPT GOVERNMENT BOND BONDS 03/28 21.954                    | CUSIP: ACI2VM0V0<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        | 877000000 | PA      | $18324076.49  | 1.02%             | 2028-03-04      | Fixed         | 21.95%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD ZAR BOUGHT USD 20251120                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |         1 | NC      | $-12639.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MASTR ASSET BACKED SECUR TR 2006-AM1                                       | MASTR ASSET BACKED SECURITIES MABS 2006 AM1 M2              | CUSIP: 57643LQE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6372501 | PA      | $5100546.41   | 0.28%             | 2036-01-25      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST 2018-ASHF                                        | ASHFORD HOSPITALITY TRUST AHT1 2018 ASHF D 144A             | CUSIP: 04410RAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2491015.75   | 0.14%             | 2035-04-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT IDR SOLD USD 20251217                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $12.34        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD JPY BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $243.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BEAR STEARNS ASSET BACKED SECURITIES TRUST 2007-AQ2                        | BEAR STEARNS ASSET BACKED SECU BSABS 2007 AQ2 A4            | CUSIP: 073857AD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6306774 | PA      | $5677199.18   | 0.32%             | 2037-01-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY REREMIC TRUST 2010-R5                                       | MORGAN STANLEY REREMIC TRUST MSRR 2010 R5 3B 144A           | CUSIP: 61759HAZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2396922 | PA      | $2515632.88   | 0.14%             | 2037-03-26      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2023-8                                          | VERUS SECURITIZATION TRUST VERUS 2023 8 B1 144A             | CUSIP: 92540DAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4538000 | PA      | $4628378.81   | 0.26%             | 2068-12-25      | Variable      | 8.08%                 | No            |                  2 | On Loan: No      |
| CLOVER HOLDINGS 2 LLC                                                      | CLOVER HOLDINGS 2 LLC REVOLVER                              | CUSIP: 18914DAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1807539 | PA      | $1802532.12   | 0.10%             | 2029-12-10      | Floating      | 0.24%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5039                                                    | FREDDIE MAC FHR 5039 JI                                     | CUSIP: 3137F63T2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  12528676 | PA      | $1360026.59   | 0.08%             | 2050-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                                          | XEROX CORPORATION SECURED 144A 04/31 13.5                   | CUSIP: 984121CT8<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1162888.08   | 0.06%             | 2031-04-15      | Fixed         | 13.50%                | No            |                  2 | On Loan: No      |
| CDK GLOBAL (CENTRAL PARENT INC/CENTRAL MERGER SUB INC)                     | CNTRL PARENT/CDK GLB INC SR SECURED 144A 06/29 7.25         | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6053635.00   | 0.34%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SVF II FINCO (CAYMAN) LP                                                   | SOFTBANK VISION FUND II TRANCHE B2 TERM LOAN                | CUSIP: BA000KP70<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   1570944 | PA      | $1570944.20   | 0.09%             | 2029-12-23      | Floating      | 7.65%                 | No            |                  3 | On Loan: No      |
| STEENBOK LUX FINCO 2 SARL                                                  | STEENBOK LUX FINCO 2 SARL 2023 EUR PIK TL B2 RESTRUCTURE    | CUSIP: 948FWLII3<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |   8165804 | PA      | $2596465.65   | 0.14%             | 2026-06-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ANNALY CAPITAL MANAGEMENT INC                                              | ANNALY CAPITAL MANAGEMENT IN REIT USD.01                    | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |    609500 | NS      | $12317995.00  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTON BIDCO (HOLDING) LIMITED                                              | ASTON XLN TOPCO LIMITED 2025 GBP TERM LOAN                  | CUSIP: BA000N1C9<br>LEI: 254900476AM2MRUEVQ86 | Long             | LON              | CORP              | JE        |   3230000 | PA      | $4235424.65   | 0.24%             | 2032-07-30      | Floating      | 10.34%                | No            |                  3 | On Loan: No      |
| N/A                                                                        | BOUGHT KWD SOLD USD 20260505                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-28.76       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRYWIDE HOME LOAN MORTGAGE PASS THROUGH TRUST 2005-J2                  | COUNTRYWIDE HOME LOANS CWHL 2005 J2 2A4                     | CUSIP: 12669GU58<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2195651 | PA      | $1710514.57   | 0.09%             | 2035-08-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| HESTIA RE LTD                                                              | HESTIA RE LTD UNSECURED 144A 03/32 VAR                      | CUSIP: 42815KAD4<br>LEI: 549300QRKQ1ZKOXEMZ38 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $259637.50    | 0.01%             | 2032-03-13      | Floating      | 12.21%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR USD SOFR/3.75000 12/18/24-10Y CME                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $87562.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT IDR SOLD USD 20251217                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $-0.16        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITI GROUP LP / UNITI GROUP FINANCE 2019 INC / CSL CAPITAL LLC            | UNITI GROUP/CSL CAPITAL SR SECURED 144A 02/28 10.5          | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4976000 | PA      | $5243833.20   | 0.29%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2018-WPT              | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2018 WPT EFL 144A      | CUSIP: 46645WAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $3990000.00   | 0.22%             | 2033-07-05      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO JPM CHASE                                      | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -1628801 | PA      | $-1631352.48  | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| NEWFOLD DIGITAL HOLDINGS GROUP INC                                         | ENDURANCE INTERNATIONAL GROUP NON COOP TERM LOAN            | CUSIP: 29279UAB2<br>LEI: 549300UTQC2651SB0W88 | Long             | LON              | CORP              | US        |   5937984 | PA      | $4305038.74   | 0.24%             | 2028-02-10      | Floating      | 7.84%                 | No            |                  3 | On Loan: No      |
| LONGLEAF PINE RE LTD                                                       | LONGLEAF PINE RE LTD UNSECURED 144A 05/31 VAR               | CUSIP: 54307MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    280000 | PA      | $312746.00    | 0.02%             | 2031-05-27      | Floating      | 21.90%                | No            |                  2 | On Loan: No      |
| INTELSAT SA                                                                | INTELSAT EMERGENCE SA COMMON STOCK                          | CUSIP: 000000000<br>LEI: 549300YV2L21F4K80V46 | Long             | EC               | CORP              | LU        |    652149 | NS      | $0.65         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATES 2020-RPL4                      | CREDIT SUISSE MORTGAGE TRUST CSMC 2020 RPL4 B1 144A         | CUSIP: 126405AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8144350 | PA      | $6271928.10   | 0.35%             | 2060-01-25      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS (PEMEX)                                                | PETROLEOS MEXICANOS COMPANY GUAR 01/30 6.84                 | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   2000000 | PA      | $2035576.00   | 0.11%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | YAHOO (AKA: AP CORE HOLDI TL TRS BKL BPS                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $4725.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALAMO RE LTD                                                               | ALAMO RE LTD UNSECURED 144A 06/26 VAR                       | CUSIP: 011395AQ3<br>LEI: 5493003E22VRD25G0S03 | Long             | DBT              | CORP              | BM        |    250000 | PA      | $263125.00    | 0.01%             | 2026-06-08      | Floating      | 15.84%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -45791394 | PA      | $-45941213.68 | -2.55%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251014                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $1739.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | EGYPT EM SP BRC                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              |  | US        |         1 | NC      | $-151999.42   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| COHESITY INC                                                               | CLOVER 2024 HOLDINGS INC VERITAS G PREFERRED                | CUSIP: 955EHZ901<br>LEI: 254900JU2GC36CXYYG09 | Long             | EP               | CORP              | US        |     16329 | NS      | $321063.66    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UKRAINE GOVT                                                               | UKRAINE GOVERNMENT SR UNSECURED 144A 02/30 VAR              | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    271221 | PA      | $143069.08    | 0.01%             | 2030-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| 280 PARK AVENUE 2017-280P MORTGAGE TRUST                                   | 280 PARK AVENUE MORTGAGE TRUST PRK 2017 280P F 144A         | CUSIP: 90205FAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4750000 | PA      | $4596415.40   | 0.26%             | 2034-09-15      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| KENYA GOVT                                                                 | REPUBLIC OF KENYA 2024 TERM LOAN A                          | CUSIP: BA000C8P7<br>LEI: 549300VVURQQYU45PR87 | Long             | LON              | NUSS              | KE        |   5000000 | PA      | $5011345.25   | 0.28%             | 2028-04-05      | Floating      | 12.65%                | No            |                  3 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2021-3                          | FREDDIE MAC   SCRT SCRT 2021 3 M 144A                       | CUSIP: 35563P6P9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3263000 | PA      | $3009593.79   | 0.17%             | 2061-03-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO GOLDMAN                                        | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -2021787 | PA      | $-2040672.37  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                                          | INEOS FINANCE PLC SR SECURED 144A 03/31 7.25                | CUSIP: ACI30LWW7<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |   3800000 | PA      | $4460611.95   | 0.25%             | 2031-03-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -14585201 | PA      | $-14661763.57 | -0.81%            |  |  |  | No            |                  2 | On Loan: No      |
| FANNIE MAE REMICS 2020-92                                                  | FANNIE MAE FNR 2020 92 MI                                   | CUSIP: 3136BCK33<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9553873 | PA      | $1328835.79   | 0.07%             | 2050-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -5050500 | PA      | $-5065878.77  | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                                      | DIRECTV FINANCING LLC SR SECURED 144A 02/30 8.875           | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2076839.75   | 0.12%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO THE BANK OF NOVA REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -606363 | PA      | $-612215.59   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| GREENGROVE RE LTD                                                          | GREENGROVE RE LTD UNSECURED 144A 04/32 VAR                  | CUSIP: 39526JAA9<br>LEI: 254900WH3CK41D9L7T70 | Long             | DBT              | CORP              | BM        |    300000 | PA      | $300120.00    | 0.02%             | 2032-04-08      | Floating      | 11.71%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BNP PARIBAS REPU REGIONS BANK                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -5087696 | PA      | $-5095293.23  | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| TRINITY SQUARE 2021-1 PLC A                                                | TRINITY SQUARE TRINI 2021 1A ZR                             | CUSIP: ACI2NNDS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   6244000 | PA      | $9208159.61   | 0.51%             | 2059-07-15      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251103                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $9128.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TRINITY SQUARE 2021-1 PLC A                                                | TRINITY SQUARE TRINI 2021 1A ER                             | CUSIP: ACI2NNDQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   4682000 | PA      | $6308198.92   | 0.35%             | 2059-07-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -3251700 | PA      | $-3263552.55  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| BEAR STEARNS  COMM MTGE SEC 2007-T26                                       | BEAR STEARNS COMMERCIAL MORTGA BSCMS 2007 T26 AJ            | CUSIP: 07388VAH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19923 | PA      | $19746.71     | 0.00%             | 2045-01-12      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORPORATION                                                       | DISH DBS CORP SR SECURED 144A 12/26 5.25                    | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  30500000 | PA      | $29994746.15  | 1.67%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4562746 | PA      | $-4572328.27  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                              | ALTICE FRANCE SA SR SECURED REGS 07/29 4                    | CUSIP: ACI1X3WT2<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $101521.33    | 0.01%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -1019049 | PA      | $-1024235.26  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251015                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $4987.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PROFRAC HOLDINGS II LLC                                                    | PROFRAC HOLDINGS II LLC SR SECURED 144A 01/29 VAR           | CUSIP: 74319TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5953000 | PA      | $6168796.25   | 0.34%             | 2029-01-23      | Floating      | 11.23%                | No            |                  2 | On Loan: No      |
| UNITI GROUP LP / UNITI GROUP FINANCE 2019 INC / CSL CAPITAL LLC            | UNITI GROUP/CSL CAPITAL COMPANY GUAR 144A 06/32 8.625       | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2867931.90   | 0.16%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | IRS EUR 1.75000 03/15/23-10Y LCH                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | N/A       |         1 | NC      | $306077.28    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DISH DBS CORPORATION                                                       | DISH DBS CORP SR SECURED 144A 12/28 5.75                    | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13400000 | PA      | $12857166.00  | 0.71%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPOS                                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | GB        |  -4442021 | PA      | $-5975745.11  | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO DEUTSCHE REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -5631725 | PA      | $-5661416.99  | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT JPY SOLD USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | JP        |         1 | NC      | $921.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF NEW YORK                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -7453687 | PA      | $-7484097.88  | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 5068                                                    | FREDDIE MAC FHR 5068 GI                                     | CUSIP: 3137F8PA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   7247063 | PA      | $811194.22    | 0.05%             | 2050-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INTEGRITY RE LTD                                                           | INTEGRITY RE LTD SR UNSECURED 144A 06/26 VAR                | CUSIP: 45833UAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    900000 | PA      | $988245.00    | 0.05%             | 2026-06-08      | Floating      | 21.20%                | No            |                  2 | On Loan: No      |
| ATRIUM HOTEL PORTFOLIO TRUST 2017-ATRM                                     | ATRIUM HOTEL PORTFOLIO TRUST AHPT 2017 ATRM E 144A          | CUSIP: 04965JAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1111000 | PA      | $1032535.63   | 0.06%             | 2036-12-15      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| CPS AUTO SECURITIZATION TRUST 2025-1                                       | CPS AUTO TRUST CPS 2025 1 A 144A                            | CUSIP: 22411GAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7954693 | PA      | $8090957.04   | 0.45%             | 2032-06-16      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251027                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $895.99       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO SOCIETE GENERALE REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -8509052 | PA      | $-8649836.61  | -0.48%            |  |  |  | No            |                  2 | On Loan: No      |
| OCS GROUP HOLDINGS LIMITED                                                 | OCS GROUP HOLDINGS LTD GBP TERM LOAN B                      | CUSIP: BA000BQB0<br>LEI: 54930002RKY3Y4LURL90 | Long             | LON              | CORP              | GB        |  13000000 | PA      | $17490948.83  | 0.97%             | 2031-11-28      | Floating      | 9.96%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT IDR SOLD USD 20251015                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ID        |         1 | NC      | $-318.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PROMOTORA DE INFORMACIONES SA (PRISA)                                      | PROMOTORA DE INFORMACIONES A COMMON STOCK EUR.1             | CUSIP: BXC8GV902<br>LEI: 959800U3NGPXSCQHQW54 | Long             | EC               | CORP              | ES        |   1623357 | NS      | $701372.44    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN RESECURITIZATION TRUST SERIES 2015-1                             | JP MORGAN REREMIC JPMRR 2015 1 3A3 144A                     | CUSIP: 46644BAH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10369828 | PA      | $8673966.99   | 0.48%             | 2046-12-27      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STRUCTURED AGENCY CREDIT RISK DEBT NOTES 2022-DNA2             | FREDDIE MAC   STACR STACR 2022 DNA2 B2 144A                 | CUSIP: 35564KSQ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1200000 | PA      | $1299538.32   | 0.07%             | 2042-02-25      | Floating      | 12.86%                | No            |                  2 | On Loan: No      |
| NEWFOLD DIGITAL HOLDINGS GROUP INC                                         | NEWFOLD DIGITAL HLDGS GR SR SECURED 144A 10/28 11.75        | CUSIP: 650929AA0<br>LEI: 549300UTQC2651SB0W88 | Long             | DBT              | CORP              | US        |    610000 | PA      | $433100.00    | 0.02%             | 2028-10-15      | Fixed         | 11.75%                | No            |                  3 | On Loan: No      |
| N/A                                                                        | REVERSE REPO MORGAN STANLEY                                 | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -6112800 | PA      | $-6113710.13  | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                                                     | FIRST BRANDS GROUP LLC 2022 INCREMENTAL TERM LOAN           | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2426942 | PA      | $884317.05    | 0.05%             | 2027-03-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2018-1                          | FREDDIE MAC   SCRT SCRT 2018 1 BX                           | CUSIP: 35563PEX3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18119173 | PA      | $8327205.83   | 0.46%             | 2057-05-25      | Variable      | 3.47%                 | No            |                  2 | On Loan: No      |
| EL SALVADOR GOVT                                                           | REPUBLIC OF EL SALVADOR REPUBLIC OF EL SALVADOR             | CUSIP: 283875CE0<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |   4250000 | PA      | $4648437.50   | 0.26%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TORREY PINES RE LTD                                                        | TORREY PINES RE LTD UNSECURED 144A 06/32 VAR                | CUSIP: 89141WAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    400000 | PA      | $417100.00    | 0.02%             | 2032-06-07      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BARCLAYS REVERSE REPO                          | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -12091125 | PA      | $-12412144.37 | -0.69%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2017-ASHF                                   | MORGAN STANLEY CAPITAL I TRUST MSC 2017 ASHF D 144A         | CUSIP: 61691KAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5370000 | PA      | $5173002.09   | 0.29%             | 2034-11-15      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD EUR BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | N/A       |         1 | NC      | $-3108.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVT                                                               | UKRAINE GOVERNMENT SR UNSECURED 144A 02/35 VAR              | CUSIP: 903724CF7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    856488 | PA      | $417537.90    | 0.02%             | 2035-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO ROYAL BANK OF CAN                              | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -976363 | PA      | $-987581.58   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| QUIDELORTHO CORPORATION                                                    | QUIDELORTHO CORP TERM LOAN                                  | CUSIP: 74840YAH7<br>LEI: 549300YU8CMO9HF53113 | Long             | LON              | CORP              | US        |   5400000 | PA      | $5378643.00   | 0.30%             | 2032-08-20      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR USD SOFR/3.75000 06/20/24-5Y LCH                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $-357585.21   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE                                                              | ALTICE FRANCE SA SR SECURED 144A 02/27 8.125                | CUSIP: 02156LAA9<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1900000 | PA      | $1817758.92   | 0.10%             | 2027-02-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO THE BANK OF NOVA REVERSE REPO                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -14692228 | PA      | $-14738819.23 | -0.82%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR USD SOFR/3.75000 12/18/24-5Y CME                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | US        |         1 | NC      | $1584405.79   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF NEW YORK                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -8639400 | PA      | $-8665001.42  | -0.48%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | RFR GBP SONIO/0.75000 09/21/22-30Y LCH                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         1 | NC      | $7943678.77   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC                | UNITI GRP/UNITI HLD/CSL COMPANY GUAR 144A 01/30 6           | CUSIP: 91327AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21202000 | PA      | $19216660.41  | 1.07%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | SOLD GBP BOUGHT USD 20251002                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | GB        |         1 | NC      | $-4101.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SVF II FINCO (CAYMAN) LP                                                   | SOFTBANK VISION FUND II TRANCHE B1 TERM LOAN                | CUSIP: BA000KP88<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |  12275637 | PA      | $12275636.92  | 0.68%             | 2029-12-23      | Floating      | 7.65%                 | No            |                  3 | On Loan: No      |
| N/A                                                                        | SOLD ZAR BOUGHT USD 20251120                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | ZA        |         1 | NC      | $-10824.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PURPLE RE LTD                                                              | PURPLE RE LTD UNSECURED 144A 06/27 VAR                      | CUSIP: 74639NAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    300000 | PA      | $318630.00    | 0.02%             | 2027-06-07      | Floating      | 13.09%                | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO NATEXIS BANQUE REVERSE REPO                    | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -1381399 | PA      | $-1382467.03  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF NEW YORK                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -12842263 | PA      | $-12873484.05 | -0.71%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BNP PARIBAS REPU REGIONS BANK                  | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |  -4596671 | PA      | $-4630706.94  | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO WARBURG REVERSE REPO                           | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        |   -725354 | PA      | $-734021.98   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| SAXON ASSET SECURITIES TRUST-2006-2                                        | SAXON ASSET SECURITIES TRUST SAST 2006 2 M3                 | CUSIP: 80556XAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11238262 | PA      | $9163556.37   | 0.51%             | 2036-09-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| PROMOTORA DE INFORMACIONES SA (PRISA)                                      | PROMOTORA DE INFORMACIONES SA 2025 EUR 1ST LIEN TERM LOAN   | CUSIP: BA000KZZ7<br>LEI: 959800U3NGPXSCQHQW54 | Long             | LON              | CORP              | ES        |  39500160 | PA      | $45679561.46  | 2.54%             | 2029-12-31      | Floating      | 7.49%                 | No            |                  3 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2018-ASH8             | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2018 ASH8 D 144A       | CUSIP: 46649JAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1234177 | PA      | $1195146.37   | 0.07%             | 2035-02-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | BOUGHT TRY SOLD USD 20251128                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | TR        |         1 | NC      | $242.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STREAM INNOVATIONS 2024-1 ISSUER TRUST                                     | STREAM INNOVATIONS ISSUER TRUS STRE 2024 1A A 144A          | CUSIP: 86324CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    334017 | PA      | $347954.15    | 0.02%             | 2044-07-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| CLOVER HOLDINGS 2 LLC                                                      | CLOVER HOLDINGS 2 LLC TERM LOAN B                           | CUSIP: 18914DAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3815250 | PA      | $3823605.40   | 0.21%             | 2031-12-09      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| VASA TRUST 2021-VASA                                                       | VASA TRUST VASA 2021 VASA E 144A                            | CUSIP: 92230AAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $8647919.00   | 0.48%             | 2039-07-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| ENVALIOR FINANCE GMBH                                                      | ENVALIOR FINANCE GMBH EUR TERM LOAN B1                      | CUSIP: D255LZAB1<br>LEI: 254900GAG6U7Z5TROP43 | Long             | LON              | CORP              | DE        |   5200000 | PA      | $5779449.89   | 0.32%             | 2030-03-29      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP LP / UNITI GROUP FINANCE 2019 INC / CSL CAPITAL LLC            | UNITI GROUP/CSL CAPITAL COMPANY GUAR 144A 02/29 6.5         | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26904000 | PA      | $25290300.77  | 1.40%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VASA TRUST 2021-VASA                                                       | VASA TRUST VASA 2021 VASA F 144A                            | CUSIP: 92230AAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $5513563.30   | 0.31%             | 2039-07-15      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| N/A                                                                        | REVERSE REPO BANK OF NEW YORK                               | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -12117560 | PA      | $-12156649.23 | -0.68%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                        | FINANCIAL KETTERING REPU USD ANZBANK FIN KETTERING REPU USD | CUSIP: 000000000<br>LEI: N/A                  | Short            | RA               |  | US        | -13203929 | PA      | $-13325192.32 | -0.74%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2019-C7                                | CITIGROUP COMMERCIAL MORTGAGE CGCMT 2019 C7 805B 144A       | CUSIP: 17328CBM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4750000 | PA      | $1079401.88   | 0.06%             | 2072-12-15      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| COLT 2023-1 MORTGAGE LOAN TRUST                                            | COLT FUNDING LLC COLT 2023 1 B1 144A                        | CUSIP: 19688NAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3288000 | PA      | $3305802.55   | 0.18%             | 2068-04-25      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** PIMCO Dynamic Income Opportunities Fund

**Signature:** /s/ Bijal Parikh

**Name of Signer:** Bijal Parikh

**Title:** Treasurer