# EDGAR Filing Document

**Accession Number:** 0002012326
**File Stem:** 0001410368-26-018365
**Filing Date:** 2026-2
**Character Count:** 124485
**Document Hash:** 13896c76c80f35652690005e978bb669
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-018365.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001410368-26-018365

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB CarVal Credit Opportunities Fund
- **CENTRAL INDEX KEY:** 0002012326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23939
- **FILM NUMBER:** 26683038

**BUSINESS ADDRESS:**
- **STREET 1:** 1601 UTICA AVENUE SOUTH, SUITE 1000
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55416
- **BUSINESS PHONE:** 952-444-4780

**MAIL ADDRESS:**
- **STREET 1:** 1601 UTICA AVENUE SOUTH, SUITE 1000
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55416

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** AB CarVal Credit Opportunities Fund

- **b. Investment Company Act file number:** 811-23939

- **c. CIK number of Registrant:** 0002012326

- **d. LEI of Registrant:** 254900V0R3INW1YLHG61

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

  - **Street Address 1:** 1601 Utica Avenue South

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55416

  - **Telephone number:** 952-444-4780

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

- **a. Name of Series:** AB CarVal Credit Opportunities Fund

- **c. LEI of Series:** 254900V0R3INW1YLHG61

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $413828505.60

**Total Liabilities:** $5276264.74

**Net Assets:** $408552240.86

**Amount of Assets Invested in Other Investment Companies:** $30304902.00

**Cash Not Reported:** $7895217.29

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 330.66000000 | **5-Year:** 570.91000000 | **10-Year:** -1980.46000000 | **30-Year:** -1312.84000000

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

- **3-Month:** -154.83000000 | **1-Year:** -21097.36000000 | **5-Year:** -57988.44000000 | **10-Year:** -24704.14000000 | **30-Year:** -23306.09000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.59%                | 0.63%                | 0.61%                |
| Class ID N/A | 0.59%                | 0.77%                | 0.71%                |
| Class ID N/A | 0.59%                | 0.69%                | 0.61%                |
| Class ID N/A | 0.59%                | 0.69%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $93208.50                | $-1552874.93                               |
| Month 2  | $108833.27               | $1826937.83                                |
| Month 3  | $441055.02               | $2634422.24                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMN HEALTHCARE INC                             | AMN Healthcare Inc                                                  | CUSIP: 00175PAC7<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    800000 | PA      | $763421.92    | 0.19%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                       | American Airlines Inc/AAdvantage Loyalty IP Ltd                     | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    800000 | PA      | $813790.64    | 0.20%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AMWINS GROUP INC                               | AmWINS Group Inc                                                    | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    800000 | PA      | $783674.40    | 0.19%             | 2029-06-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| ARCHES BUYER INC                               | Arches Buyer Inc                                                    | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |    800000 | PA      | $785576.08    | 0.19%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                       | Archrock Partners LP / Archrock Partners Finance Corp               | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $803463.44    | 0.20%             | 2028-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Archwest Mortgage Trust                        | Archwest Mortgage Trust 2025-RTL1                                   | CUSIP: 039966AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2372000 | PA      | $2377988.11   | 0.58%             | 2040-10-25      | Variable      | 6.81%                 | Yes           |                  3 | On Loan: No      |
| Ashford Hospitality Trust                      | Ashford Hospitality Trust 2018-ASHF                                 | CUSIP: 04410RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1993471.40   | 0.49%             | 2035-04-15      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                       | Ashton Woods USA LLC / Ashton Woods Finance Co                      | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $765401.68    | 0.19%             | 2029-08-01      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                   | Atrium Hotel Portfolio Trust 2024-ATRM                              | CUSIP: 04963XAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3589183.15   | 0.88%             | 2029-11-10      | Variable      | 9.21%                 | Yes           |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc   | BAMLL Trust 2025-ASHF                                               | CUSIP: 05494CAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2499972.25   | 0.61%             | 2042-02-15      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| BXSC Commercial Mortgage Trust                 | BXSC Commercial Mortgage Trust 2022-WSS                             | CUSIP: 05610BAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1737478 | PA      | $1736630.56   | 0.43%             | 2035-03-15      | Floating      | 9.08%                 | Yes           |                  2 | On Loan: No      |
| BRISTOW GROUP INC                              | Bristow Group Inc                                                   | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |    800000 | PA      | $801298.00    | 0.20%             | 2028-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                       | Burford Capital Global Finance LLC                                  | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    800000 | PA      | $798900.00    | 0.20%             | 2028-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                 | CFMT 2024-R1 LLC                                                    | CUSIP: 12530YAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1878228 | PA      | $1689193.71   | 0.41%             | 2054-10-25      | Variable      | 4.00%                 | Yes           |                  3 | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2024-CBM Mortgage Trust                                        | CUSIP: 12674GAN4<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |   2690000 | PA      | $2719777.49   | 0.67%             | 2041-12-10      | Variable      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                          | Capstone Borrower Inc                                               | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    800000 | PA      | $822301.84    | 0.20%             | 2030-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CARS.COM INC                                   | Cars.com Inc                                                        | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |    800000 | PA      | $800406.96    | 0.20%             | 2028-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                            | Clarivate Science Holdings Corp                                     | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $755380.08    | 0.18%             | 2029-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                         | Clydesdale Acquisition Holdings Inc                                 | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    800000 | PA      | $812734.40    | 0.20%             | 2030-04-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2024-WCL1 MORTGAGE TRUST                                       | CUSIP: 20047DAJ3<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |   1176000 | PA      | $1180895.34   | 0.29%             | 2041-06-15      | Floating      | 8.24%                 | Yes           |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                           | Reworld Holding Corp                                                | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    800000 | PA      | $767302.24    | 0.19%             | 2029-12-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DGWD Trust                                     | DGWD Trust 2025-INFL                                                | CUSIP: 23347FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2499972.25   | 0.61%             | 2035-08-15      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| DELUXE CORP                                    | Deluxe Corp                                                         | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    800000 | PA      | $815554.32    | 0.20%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Dividend Solar Loans LLC                       | Dividend Solar Loans 2019-1 LLC                                     | CUSIP: 255388AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    423315 | PA      | $375430.83    | 0.09%             | 2039-08-22      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-346.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $945.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $213.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $2488.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $561.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $46011.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $40358.27     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $38017.58     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $42339.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $49711.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $-2091.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $37106.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $23100.71     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $-12565.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $5443.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $-1150.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $326.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $1900.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $-3925.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-3398.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-268.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-1585.17     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-7199.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-204.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $471.44       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-1172.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-11663.70    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-1889.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $11357.53     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-535.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $2933.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $24618.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $1143.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-1615.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $30587.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-6269.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-2273.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $1635.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-70226.75    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $14032.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $795.52       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-3888.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $11990.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $4756.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-69310.82    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-66107.91    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-62422.69    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-70629.50    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-77116.19    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-38142.90    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $5674.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-8302.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-4633.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-3700.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $3122.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $181.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-113.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-1864.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $5834.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-1130.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-650.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $426.77       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust             | EFMT 2024-INV2                                                      | CUSIP: 26844LAF5<br>LEI: 254900QTMZ2ZHRYMFA85 | Long             | ABS-MBS          | CORP              | US        |   2765000 | PA      | $2756585.33   | 0.67%             | 2069-10-25      | Variable      | 7.64%                 | Yes           |                  3 | On Loan: No      |
| EDGEWELL PERSONAL CARE                         | Edgewell Personal Care Co                                           | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    800000 | PA      | $764380.72    | 0.19%             | 2029-04-01      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                         | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc  | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $777619.52    | 0.19%             | 2029-01-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                        | FTAI Aviation Investors LLC                                         | CUSIP: 34960PAH4<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    800000 | PA      | $811858.08    | 0.20%             | 2033-04-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                       | Foundation Finance Trust 2025-1                                     | CUSIP: 35040WAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1965230 | PA      | $1948027.65   | 0.48%             | 2050-04-15      | Fixed         | 8.37%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                       | Foundation Finance Trust 2025-3                                     | CUSIP: 35042TAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3565000 | PA      | $3559883.87   | 0.87%             | 2052-08-15      | Fixed         | 8.42%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                   | GS Mortgage Securities Corp II                                      | CUSIP: 36269JAL2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |   3200000 | PA      | $3360341.76   | 0.82%             | 2041-03-10      | Variable      | 8.96%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                       | Global Infrastructure Solutions Inc                                 | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    800000 | PA      | $800097.28    | 0.20%             | 2029-06-01      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust      | GoodLeap Home Improvement Solutions Trust 2025-1                    | CUSIP: 38237EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1571591 | PA      | $1587342.58   | 0.39%             | 2049-02-20      | Fixed         | 7.83%                 | Yes           |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust      | GoodLeap Home Improvement Solutions Trust 2025-2                    | CUSIP: 38238FAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1523368 | PA      | $1548098.10   | 0.38%             | 2049-06-20      | Fixed         | 8.16%                 | Yes           |                  2 | On Loan: No      |
| GRAND CANYON UNIVERSITY                        | Grand Canyon University                                             | CUSIP: 38528UAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $797012.00    | 0.20%             | 2028-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| HAVN Trust                                     | HAVN Trust 2025-MOB                                                 | CUSIP: 40408XAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3499364.05   | 0.86%             | 2035-10-15      | Floating      | 8.80%                 | Yes           |                  2 | On Loan: No      |
| Spectacle Gary Holdings LLC                    | Spectacle Gary Holdings LLC 2021 Term Loan B                        | CUSIP: 40443NAC4<br>LEI: 549300V1ELIRK8JURN28 | Long             | LON              | CORP              | US        |   2697461 | PA      | $2603050.33   | 0.64%             | 2028-12-11      | Floating      | 8.09%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                      | HIH Trust 2024-61P                                                  | CUSIP: 40444VAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3251337 | PA      | $3267840.62   | 0.80%             | 2041-10-15      | Floating      | 9.19%                 | Yes           |                  2 | On Loan: No      |
| Heartland Dental LLC                           | Heartland Dental LLC 2025 Term Loan                                 | CUSIP: 42236WAX5<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |   1979962 | PA      | $1986713.98   | 0.49%             | 2032-08-25      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                           | IHO Verwaltungs GmbH                                                | CUSIP: 44963BAD0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    800000 | PA      | $807667.28    | 0.20%             | 2029-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| IP 2025-IP Mortgage Trust                      | IP 2025-IP Mortgage Trust                                           | CUSIP: 449843AL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2573818.00   | 0.63%             | 2042-06-10      | Variable      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Pass-through Certificates  | ILPT Commercial Mortgage Trust 2025-LPF2                            | CUSIP: 451955AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3639795.60   | 0.89%             | 2042-07-13      | Variable      | 8.20%                 | Yes           |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL                           | ION Platform Finance US Inc / ION Platform Finance SARL             | CUSIP: 46206AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $754756.00    | 0.18%             | 2028-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                              | Iron Mountain Inc                                                   | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    800000 | PA      | $806276.32    | 0.20%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                        | Jane Street Group / JSG Finance Inc                                 | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $813184.16    | 0.20%             | 2032-11-01      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| KEDRION SPA                                    | Kedrion SpA                                                         | CUSIP: 49272YAB9<br>LEI: 81560047FA58E1BEDF67 | Long             | DBT              | CORP              | IT        |    800000 | PA      | $786236.40    | 0.19%             | 2029-09-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                 | Mariner Finance Issuance Trust 2025-A                               | CUSIP: 567920AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1431000 | PA      | $1473683.58   | 0.36%             | 2038-05-20      | Fixed         | 8.64%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                 | Mariner Finance Issuance Trust 2025-B                               | CUSIP: 56847TAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3506000 | PA      | $3490591.13   | 0.85%             | 2038-11-22      | Fixed         | 7.51%                 | Yes           |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                         | Match Group Holdings II LLC                                         | CUSIP: 57665RAJ5<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    800000 | PA      | $802274.40    | 0.20%             | 2029-02-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| MILE Trust                                     | MILE Trust 2025-STNE                                                | CUSIP: 59918AAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2509465.75   | 0.61%             | 2042-07-15      | Floating      | 8.65%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2023-NQM1                             | CUSIP: 59980DAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    126000 | PA      | $126541.96    | 0.03%             | 2067-10-25      | Variable      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2023-NQM1                             | CUSIP: 59980DAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    241362 | PA      | $241892.71    | 0.06%             | 2067-10-25      | Variable      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2023-NQM1                             | CUSIP: 59980DAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220680 | PA      | $220503.46    | 0.05%             | 2067-10-25      | Variable      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    426502 | PA      | $331185.79    | 0.08%             | 2066-04-25      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAM7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    203762 | PA      | $131308.93    | 0.03%             | 2066-04-25      | Variable      | 3.03%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    203762 | PA      | $117181.45    | 0.03%             | 2066-04-25      | Variable      | 0.12%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    163809 | PA      | $84501.10     | 0.02%             | 2066-04-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    131925 | PA      | $68229.94     | 0.02%             | 2066-04-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3641983 | PA      | $16567.93     | 0.00%             | 2066-04-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3641983 | PA      | $0.04         | 0.00%             | 2066-04-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                                | CUSIP: 59981AAM8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    216601 | PA      | $151637.29    | 0.04%             | 2069-10-25      | Variable      | 3.53%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                                | CUSIP: 59981AAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    212608 | PA      | $136452.81    | 0.03%             | 2069-10-25      | Variable      | 3.53%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                                | CUSIP: 59981AAP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215603 | PA      | $124828.76    | 0.03%             | 2069-10-25      | Variable      | 0.07%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                                | CUSIP: 59981AAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    213634 | PA      | $86504.43     | 0.02%             | 2069-10-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                                | CUSIP: 59981AAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3525315 | PA      | $1501.29      | 0.00%             | 2069-10-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                                | CUSIP: 59981AAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3525315 | PA      | $16723.53     | 0.00%             | 2069-10-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                              | CUSIP: 59981TAV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    178000 | PA      | $121981.64    | 0.03%             | 2059-08-25      | Variable      | 3.84%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                              | CUSIP: 59981TAY1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    178000 | PA      | $110080.93    | 0.03%             | 2059-08-25      | Variable      | 3.84%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                              | CUSIP: 59981TBB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    149000 | PA      | $84285.76     | 0.02%             | 2059-08-25      | Variable      | 3.84%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                              | CUSIP: 59981TBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    146910 | PA      | $60805.82     | 0.01%             | 2059-08-25      | Variable      | 3.84%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                              | CUSIP: 59981TBF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2917819 | PA      | $15453.94     | 0.00%             | 2059-08-25      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                              | CUSIP: 59981TBG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3297730 | PA      | $66940.76     | 0.02%             | 2059-08-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Solar Loan 2019-2 Ltd.               | Mill City Solar Loan 2019-2 Ltd                                     | CUSIP: 59982VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    372870 | PA      | $262057.37    | 0.06%             | 2043-07-20      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Mill City Solar Loan 2019-2 Ltd.               | Mill City Solar Loan 2019-2 Ltd                                     | CUSIP: 59982VAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    735300 | PA      | $209378.15    | 0.05%             | 2043-07-20      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Solar Loan Ltd.                      | Mill City Solar Loan 2019-1 Ltd                                     | CUSIP: 59982WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    101809 | PA      | $84777.33     | 0.02%             | 2043-03-20      | Fixed         | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Mill City Solar Loan Ltd.                      | Mill City Solar Loan 2019-1 Ltd                                     | CUSIP: 59982WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     96176 | PA      | $74598.47     | 0.02%             | 2043-03-20      | Fixed         | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Mill City Solar Loan 2020-1 Ltd.               | Mill City Solar Loan 2020-1 Ltd                                     | CUSIP: 59982XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1189304 | PA      | $185115.01    | 0.05%             | 2047-06-20      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| MINERAL RESOURCES LTD                          | Mineral Resources Ltd                                               | CUSIP: 603051AC7<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    800000 | PA      | $817491.44    | 0.20%             | 2027-11-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                          | Molina Healthcare Inc                                               | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    800000 | PA      | $809240.00    | 0.20%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5            | CUSIP: 61777QAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1115200 | PA      | $1109615.19   | 0.27%             | 2069-10-25      | Variable      | 7.37%                 | Yes           |                  3 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust 2025-SPL1            | CUSIP: 617946AG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $1472807.89   | 0.36%             | 2065-02-25      | Variable      | 4.25%                 | Yes           |                  3 | On Loan: No      |
| MTN Commercial Mortgage Trust 2022-LPFL        | MTN Commercial Mortgage Trust 2022-LPFL                             | CUSIP: 62475WAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2006881 | PA      | $2012767.78   | 0.49%             | 2039-03-15      | Floating      | 9.05%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD                            | NCL Corp Ltd                                                        | CUSIP: 62886HBP5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    800000 | PA      | $811840.96    | 0.20%             | 2030-03-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2018-2                          | CUSIP: 64828CEN5<br>LEI: 549300U1MV4J7YQZG974 | Long             | ABS-MBS          | CORP              | US        |   2035161 | PA      | $1541823.02   | 0.38%             | 2058-02-25      | Variable      | 5.21%                 | Yes           |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2019-6                          | CUSIP: 64828GCT5<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |   2928495 | PA      | $2058667.81   | 0.50%             | 2059-09-25      | Variable      | 4.32%                 | Yes           |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2019-2                          | CUSIP: 64830DCF8<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |   2600467 | PA      | $1984833.92   | 0.49%             | 2057-12-25      | Variable      | 4.71%                 | Yes           |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2019-RPL2                       | CUSIP: 64830HAJ3<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |   2617939 | PA      | $1410869.11   | 0.35%             | 2059-02-25      | Variable      | 3.97%                 | Yes           |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2019-5                          | CUSIP: 64830MFJ7<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |   2850195 | PA      | $1900959.92   | 0.47%             | 2059-08-25      | Variable      | 4.23%                 | Yes           |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2023-NQM1                       | CUSIP: 64831HAF0<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1993271.58   | 0.49%             | 2063-10-25      | Variable      | 7.49%                 | Yes           |                  3 | On Loan: No      |
| NEXUS Buyer LLC                                | NEXUS Buyer LLC 2025 Term Loan B                                    | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |   1598735 | PA      | $1574930.22   | 0.39%             | 2031-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                   | Novelis Corp                                                        | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    800000 | PA      | $772303.44    | 0.19%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| OXFORD FIN LLC/CO-ISS II                       | Oxford Finance LLC / Oxford Finance Co-Issuer II Inc                | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $798144.24    | 0.20%             | 2027-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| PRA GROUP INC                                  | PRA Group Inc                                                       | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    800000 | PA      | $818470.08    | 0.20%             | 2028-02-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2023-RCF2 LLC                                                  | CUSIP: 69380RAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $945373.00    | 0.23%             | 2053-11-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PGA National Resort Commercial Mortgage Trust  | PGA Trust 2024-RSR2                                                 | CUSIP: 69381CAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1375201 | PA      | $1381315.69   | 0.34%             | 2039-06-15      | Floating      | 8.44%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2025-RCF4 LLC                                                  | CUSIP: 69382WAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $458724.76    | 0.11%             | 2055-08-25      | Variable      | 4.50%                 | Yes           |                  3 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2025-7 LLC                                                     | CUSIP: 69382YAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    807000 | PA      | $808777.64    | 0.20%             | 2030-08-25      | Variable      | 7.45%                 | Yes           |                  3 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2025-8 LLC                                                     | CUSIP: 69383BAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1569473 | PA      | $1563866.87   | 0.38%             | 2030-10-25      | Variable      | 7.20%                 | Yes           |                  3 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC           | PRET 2025-NPL12 LLC                                                 | CUSIP: 69383CAB1<br>LEI: 254900R01EOQLSB4PX26 | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $1788512.69   | 0.44%             | 2055-11-25      | Variable      | 6.90%                 | Yes           |                  3 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC           | PRET 2025-NPL8 LLC                                                  | CUSIP: 69392EAB6<br>LEI: 254900EZKI569P0YE486 | Long             | ABS-MBS          | CORP              | US        |    778000 | PA      | $780968.02    | 0.19%             | 2055-08-25      | Variable      | 7.99%                 | Yes           |                  3 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2025-RCF3 LLC                                                  | CUSIP: 69392PAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $471194.62    | 0.12%             | 2055-07-25      | Variable      | 5.25%                 | Yes           |                  3 | On Loan: No      |
| PRKCM Trust                                    | PRKCM 2025-AFC1 Trust                                               | CUSIP: 69392YAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $992895.92    | 0.24%             | 2060-10-25      | Variable      | 6.81%                 | Yes           |                  3 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2025-6 LLC                                                     | CUSIP: 69395KAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    708400 | PA      | $709083.47    | 0.17%             | 2028-08-25      | Variable      | 8.33%                 | Yes           |                  3 | On Loan: No      |
| PENN ENTERTAINMENT INC                         | Penn Entertainment Inc                                              | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $800150.24    | 0.20%             | 2027-01-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC           | Pret 2025-NPL7 LLC                                                  | CUSIP: 740934AB0<br>LEI: 2549001J36X6SUZ41Q96 | Long             | ABS-MBS          | CORP              | US        |   1234800 | PA      | $1241991.06   | 0.30%             | 2055-07-25      | Variable      | 8.35%                 | Yes           |                  3 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC           | PRET 2025-NPL9 LLC                                                  | CUSIP: 740937AB3<br>LEI: 254900IWII23Q41Y2V47 | Long             | ABS-MBS          | CORP              | US        |    515450 | PA      | $519861.10    | 0.13%             | 2055-08-25      | Variable      | 7.51%                 | Yes           |                  3 | On Loan: No      |
| Republic Finance Issuance Trust                | Republic Finance Issuance Trust 2025-A                              | CUSIP: 76042FAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2448000 | PA      | $2450059.99   | 0.60%             | 2034-11-20      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Route 66 Development Authority                 | Route 66 Development Authority Term Loan                            | CUSIP: 77929HAB4<br>LEI: 2549001S3OC1V69A1Q52 | Long             | LON              | CORP              | US        |   4075000 | PA      | $4054625.00   | 0.99%             | 2031-01-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                           | SCG 2024-MSP Mortgage Trust                                         | CUSIP: 78436EAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3514864.50   | 0.86%             | 2041-04-15      | Floating      | 8.69%                 | Yes           |                  2 | On Loan: No      |
| SDAL Trust                                     | SDAL Trust 2025-DAL                                                 | CUSIP: 78437RAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2514123.25   | 0.62%             | 2042-04-15      | Floating      | 9.04%                 | Yes           |                  2 | On Loan: No      |
| SM ENERGY CO                                   | SM Energy Co                                                        | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    800000 | PA      | $801387.76    | 0.20%             | 2027-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SMRT                                           | SMRT 2022-MINI                                                      | CUSIP: 78457JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1779897 | PA      | $1771185.83   | 0.43%             | 2039-01-15      | Floating      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| SMRT                                           | SMRT 2022-MINI                                                      | CUSIP: 78457JAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1968125.00   | 0.48%             | 2039-01-15      | Floating      | 7.10%                 | Yes           |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                 | SWCH Commercial Mortgage Trust 2025-DATA                            | CUSIP: 78489CAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $984928.80    | 0.24%             | 2042-02-15      | Floating      | 7.09%                 | Yes           |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                 | SWCH Commercial Mortgage Trust 2025-DATA                            | CUSIP: 78489CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1981517.60   | 0.49%             | 2042-02-15      | Floating      | 7.99%                 | Yes           |                  2 | On Loan: No      |
| SEASPAN CORP                                   | Seaspan Corp                                                        | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    800000 | PA      | $765488.00    | 0.19%             | 2029-08-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SOTHEBY'S                                      | Sotheby's                                                           | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |    800000 | PA      | $794796.24    | 0.19%             | 2027-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| STREAM INNOVATIONS ISSUER TRUST                | Stream Innovations 2025-1 Issuer Trust                              | CUSIP: 86324XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    787122 | PA      | $790812.67    | 0.19%             | 2045-09-15      | Fixed         | 8.40%                 | Yes           |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust               | THPT 2023-THL Mortgage Trust                                        | CUSIP: 87252LAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1385642 | PA      | $1400788.73   | 0.34%             | 2034-12-10      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                         | Cloud Software Group Inc                                            | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    800000 | PA      | $810830.96    | 0.20%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| X Corp.                                        | X Corp Term Loan                                                    | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2502767 | PA      | $2456290.18   | 0.60%             | 2029-10-26      | Floating      | 10.45%                | No            |                  2 | On Loan: No      |
| CARNABY INVENTORY III, LLC                     | Carnaby Inventory III Loan Facility                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2255520.00   | 0.55%             | 2049-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 11 - QATAR                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     51905 | NS      | $70258.86     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 20 - AFRIJET MSN 1285                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    163514 | NS      | $208899.72    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 16 - ALBASTAR MSN 27992                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     11380 | NS      | $41672.70     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 21 - BAMBOO                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1727461 | NS      | $1598488.93   | 0.39%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 29 - SAS MSN 3335                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    437525 | NS      | $490211.84    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 28 - ATR 72-600 x4                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    664393 | NS      | $583302.93    | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 31 - Q400 x20                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    531664 | NS      | $303414.56    | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 35 - B737 x3                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |       312 | NS      | $-23421.98    | -0.01%            |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 33 - IBERIA                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    874417 | NS      | $1028045.34   | 0.25%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 39 - MSN 4457 and 40259                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    492228 | NS      | $522972.98    | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 42 - EMIRATES                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    591466 | NS      | $867362.11    | 0.21%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 41 - EASYJET                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     86394 | NS      | $67787.42     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| INTERSECT POWER, LLC                           | INTERSECT POWER COMMON UNITS                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53937 | NS      | $832787.28    | 0.20%             |  |  |  | No            |                  3 | On Loan: No      |
| INTERSECT POWER, LLC                           | INTERSECT POWER, LLC - CLASS B                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24285 | NS      | $145224.30    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| INTERSECT POWER, LLC                           | INTERSECT POWER PREFERRED UNITS                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17338 | NS      | $181528.86    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| GALINDO HOLDINGS SARL                          | GALINDO HOLDINGS S.A R.L.                                           | CUSIP: 000000000<br>LEI: 549300U4LIZV0REEQQ46 | Long             | EC               | CORP              | ES        |    231495 | NS      | $39978.66     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| UNITED TALENT AGENCY LLC                       | UNITED TALENT AGENCY LLC 2025 REPRICED TERM LOAN B                  | CUSIP: 91301QAP2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1732500 | PA      | $1743328.13   | 0.43%             | 2032-06-10      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                       | United Wholesale Mortgage LLC                                       | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    800000 | PA      | $794142.16    | 0.19%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| VM CONSOLIDATED INC                            | VM Consolidated Inc                                                 | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |    800000 | PA      | $798604.32    | 0.20%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2023-3                       | CUSIP: 92258WAU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1793576 | PA      | $1706884.36   | 0.42%             | 2053-08-25      | Variable      | 10.69%                | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2022-4                       | CUSIP: 92259KAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1658684 | PA      | $1599083.22   | 0.39%             | 2052-08-25      | Variable      | 7.52%                 | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2024-2                       | CUSIP: 92259QAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1735073 | PA      | $1771089.33   | 0.43%             | 2054-06-25      | Variable      | 10.74%                | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2023-2                       | CUSIP: 92260AAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1306988 | PA      | $1248325.51   | 0.31%             | 2053-05-25      | Variable      | 10.34%                | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2024-1                       | CUSIP: 92261CAR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    822269 | PA      | $820048.67    | 0.20%             | 2054-01-25      | Variable      | 10.91%                | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2025-4                       | CUSIP: 92262JAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1813393 | PA      | $1799034.34   | 0.44%             | 2055-09-25      | Variable      | 9.35%                 | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2025-5                       | CUSIP: 92262KAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2060000 | PA      | $2039490.78   | 0.50%             | 2055-12-25      | Variable      | 9.19%                 | Yes           |                  3 | On Loan: No      |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                              | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    800000 | PA      | $810465.36    | 0.20%             | 2028-06-01      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2024-7                                   | CUSIP: 924925AH3<br>LEI: 213800HQOHEFNJCQYJ07 | Long             | ABS-MBS          | CORP              | US        |   2263800 | PA      | $2286681.79   | 0.56%             | 2069-09-25      | Variable      | 7.81%                 | Yes           |                  3 | On Loan: No      |
| Veros Auto Receivables Trust                   | Veros Auto Receivables Trust 2025-1                                 | CUSIP: 92511BAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1821000 | PA      | $1885207.55   | 0.46%             | 2032-05-17      | Fixed         | 8.79%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2023-6                                   | CUSIP: 92539XAF1<br>LEI: 984500915DDB7T2ACA27 | Long             | ABS-MBS          | CORP              | US        |   1890000 | PA      | $1894311.09   | 0.46%             | 2068-09-25      | Variable      | 7.77%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2023-INV2                                | CUSIP: 92540BAF6<br>LEI: 213800D3C9UXVQ7TZF09 | Long             | ABS-MBS          | CORP              | US        |   3139200 | PA      | $3139652.14   | 0.77%             | 2068-08-25      | Variable      | 8.02%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2023-8                                   | CUSIP: 92540DAF2<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    398000 | PA      | $401232.86    | 0.10%             | 2068-12-25      | Variable      | 8.08%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2024-4                                   | CUSIP: 92540GAF5<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2019521.52   | 0.49%             | 2069-06-25      | Variable      | 8.01%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2024-8                                   | CUSIP: 92540PAF5<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |    785000 | PA      | $790772.84    | 0.19%             | 2069-10-25      | Variable      | 7.60%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2024-9                                   | CUSIP: 92540RAH7<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2008076.44   | 0.49%             | 2069-11-25      | Variable      | 7.35%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2025-1                                   | CUSIP: 92540TAF7<br>LEI: 213800JOKZMXZECMAB50 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $498005.32    | 0.12%             | 2070-01-25      | Variable      | 7.36%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2025-5                                   | CUSIP: 92540XAF8<br>LEI: 213800Z7TIVJRAYLRV98 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $497495.22    | 0.12%             | 2070-06-25      | Variable      | 7.32%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2025-6                                   | CUSIP: 92540YAF6<br>LEI: 213800KZO2G8SSFFDH61 | Long             | ABS-MBS          | CORP              | US        |    571429 | PA      | $568915.08    | 0.14%             | 2070-07-25      | Variable      | 7.36%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                              | REPUBLIC OF POLAND (5y) DEFAULT-06/20/2029-BCAPUS                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | PL        |   -705000 | OU      | $-5393.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VMED O2 UK Holdco 4 Limited                    | VMED O2 UK Holdco 4 Limited 2023 EUR Term Loan Z                    | CUSIP: 000000000<br>LEI: 213800ZRKYXK2SHQOW75 | Long             | LON              | CORP              | GB        |   2045105 | PA      | $2418669.02   | 0.59%             | 2031-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CVI Platinum LP                                | Goldenpeaks Capital                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   3885083 | PA      | $4516567.89   | 1.11%             | 2029-05-02      | Variable      | 14.02%                | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | REPUBLIC OF POLAND (5y) DEFAULT-06/20/2029-BCAPUS                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | PL        |  -1551000 | OU      | $-11161.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 59 - WESTJET B737-800 x8                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   3400334 | NS      | $3999704.54   | 0.98%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI CB Holdings IV, LLC                        | CVI CB Holdings IV, LLC                                             | CUSIP: 000000000<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |    494874 | NS      | $494854.88    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI CB Holdings V, LLC                         | CVI CB Holdings V, LLC                                              | CUSIP: 000000000<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |    715422 | NS      | $563265.68    | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI CB Holdings V, LLC                         | CVI CB Holdings V, LLC                                              | CUSIP: 000000000<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |         1 | NS      | $457332.32    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI CB Holdings IV, LLC                        | CVI CB Holdings IV, LLC                                             | CUSIP: 000000000<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |         1 | NS      | $50297.41     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| VERUS 2024 6 B2 VAR 07/25/2069                 | VERUS 2024 6 B2 VAR 07/25/2069                                      | CUSIP: 000000000<br>LEI: 213800278TKDEXPH6140 | Long             | ABS-MBS          | CORP              | US        |   1402000 | PA      | $1416176.51   | 0.35%             | 2069-07-25      | Variable      | 7.92%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 19252649 S                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        | -12800000 | OU      | $78126.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 19252640 S                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        | -15700000 | OU      | $89301.90     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Coral Reef SPV S.r.l.                          | Coral Reef SPV S.r.l.                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |   2790168 | NS      | $3634685.55   | 0.89%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 19375788 S                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        | -45757651 | OU      | $19996.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 19380485 S                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        | -11439413 | OU      | $4999.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 61 - WIZZ AIR A320-200 MSN 6662                     | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | IE        |    618570 | NS      | $753624.86    | 0.18%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI OCT Acquisition Trust                      | CVI OCT Acquisition Trust                                           | CUSIP: 000000000<br>LEI: 2549003Y9XXAYBMD2461 | Long             | EC               | CORP              | US        |   7349036 | NS      | $7792925.34   | 1.91%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 60 - WIZZ AIR A321-200 MSN 6976                     | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | IE        |    828868 | NS      | $988490.57    | 0.24%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI MF Acquisition Trust II                    | CVI MF Acquisition Trust II                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1472878 | NS      | $1568874.46   | 0.38%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI Thompson Holdings, LLC                     | CVI Thompson Holdings, LLC                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3642109 | NS      | $3683042.68   | 0.90%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 62 - IBERIA A320-200 MSN 5692                       | CUSIP: 000000000<br>LEI: 5299009ZXQ8NIIJ8OL30 | Long             | EC               | CORP              | IE        |    449081 | NS      | $527894.11    | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI OCT Investment Trust                       | CVI OCT Investment Trust                                            | CUSIP: 000000000<br>LEI: 2549003Y9XXAYBMD2461 | Long             | EC               | CORP              | US        |   2399763 | NS      | $3015264.39   | 0.74%             |  |  |  | No            |                  3 | On Loan: No      |
| POWIS FINANCE S.A R.L.                         | POWIS FINANCE S.A R.L.                                              | CUSIP: 000000000<br>LEI: 254900GEAKVYRH6JJX45 | Long             | EC               | CORP              | LU        |   2717441 | NS      | $3424125.69   | 0.84%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | REPUBLIC OF POLAND (5y) DEFAULT-12/20/2029-BCAPUS                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | PL        |   -470000 | OU      | $-1405.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 63 - WIZZ AIR A320-200 MSN 5660                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    686879 | NS      | $791957.30    | 0.19%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI SYM HOLDINGS LLC                           | CVI SYM HOLDINGS LLC                                                | CUSIP: 000000000<br>LEI: 25490095AEVF1P439B27 | Long             | EC               | CORP              | US        |   9511862 | NS      | $9399479.27   | 2.30%             |  |  |  | No            |                  3 | On Loan: No      |
| CREDITABLE OPPORTUNITIES FD II                 | CREDITABLE OPPORTUNITIES FD II                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |   7652364 | NS      | $9459392.92   | 2.32%             |  |  |  | No            |                  3 | On Loan: No      |
| RENASCENTIA SPV S RL                           | RENASCENTIA SPV S RL                                                | CUSIP: 000000000<br>LEI: 815600490E373D1EF661 | Long             | EC               | CORP              | IT        |   9688875 | NS      | $13061687.47  | 3.20%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI LB INVESTMENT TRUST II                     | CVI LB INVESTMENT TRUST II                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5013037 | NS      | $5153762.55   | 1.26%             |  |  |  | No            |                  3 | On Loan: No      |
| POWIS FINANCE S A R L                          | POWIS FINANCE S A R L                                               | CUSIP: 000000000<br>LEI: 254900GEAKVYRH6JJX45 | Long             | EC               | CORP              | LU        |     23314 | NS      | $52729.10     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI SBT ACQUISITION TRUST                      | CVI SBT ACQUISITION TRUST                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4191631 | NS      | $4255016.87   | 1.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Lendbuzz Auto Receivables Trust SS-2025-A      | LBZST 2025-A CERT 0% 08-15-2031                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    950000 | PA      | $10379507.14  | 2.54%             | 2031-08-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 64 - TRANSAVIA B737-800 x1 MSN 39397                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    919359 | NS      | $1005944.20   | 0.25%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 65 - JETTIME B737-800 x1 MSN 39057                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   1305400 | NS      | $1459985.56   | 0.36%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20460719 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   2002000 | OU      | $6156.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20460713 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   2002000 | OU      | $4348.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20460726 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   2002000 | OU      | $6884.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POWIS FINANCE S.A R.L.                         | POWIS FINANCE S.A R.L.                                              | CUSIP: 000000000<br>LEI: 254900GEAKVYRH6JJX45 | Long             | EC               | CORP              | LU        |   6370526 | NS      | $8275375.41   | 2.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Kinbane 2025-RPL1 DAC                          | KINBN 2025-RPL1 RFN 0% 06-24-2078                                   | CUSIP: 000000000<br>LEI: 635400SKSJELSOJMVK25 | Long             | ABS-MBS          | CORP              | IE        |    171000 | PA      | $187340.19    | 0.05%             | 2078-06-24      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Kinbane 2025-RPL1 DAC                          | KINBN 2025-RPL1XZ1 0% 06-24-2078                                    | CUSIP: 000000000<br>LEI: 635400SKSJELSOJMVK25 | Long             | ABS-MBS          | CORP              | IE        |    539000 | PA      | $0.01         | 0.00%             | 2078-06-24      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Kinbane 2025-RPL1 DAC                          | KINBN 2025-1XZ2 0% 06-24-2078                                       | CUSIP: 000000000<br>LEI: 635400SKSJELSOJMVK25 | Long             | ABS-MBS          | CORP              | IE        |    164000 | PA      | $0.01         | 0.00%             | 2078-06-24      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| POWIS FINANCE S A R L                          | POWIS FINANCE S A R L                                               | CUSIP: 000000000<br>LEI: 254900GEAKVYRH6JJX45 | Long             | EC               | CORP              | LU        |   2322544 | NS      | $2843347.75   | 0.70%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI CC INVESTMENT TRUST                        | CVI CC INVESTMENT TRUST                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6910078 | NS      | $7272560.27   | 1.78%             |  |  |  | No            |                  3 | On Loan: No      |
| NORTHERN INST TREASURY PREM                    | NORTHERN INST TREASURY PREM                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  24673230 | NS      | $24673229.78  | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SILVA PROPERTY FINANCE LTD                     | SILVA PROPERTY FINANCE LTD                                          | CUSIP: 958LLC908<br>LEI: 213800CV7FFHL92CPU34 | Long             | EC               | CORP              | GB        |   3082943 | NS      | $4568356.73   | 1.12%             |  |  |  | No            |                  3 | On Loan: No      |
| RECKNITZ SARL                                  | RECKNITZ SARL                                                       | CUSIP: 000000000<br>LEI: 254900D4NOXDNUNADC08 | Long             | EC               | CORP              | LU        |   2922401 | NS      | $3693298.22   | 0.90%             |  |  |  | No            |                  3 | On Loan: No      |
| Asker S.a.r.l.                                 | Asker S.a.r.l.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   7747151 | NS      | $11167191.45  | 2.73%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20886137 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   1281000 | OU      | $-2937.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20886120 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   1281000 | OU      | $-4730.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20886144 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   1281000 | OU      | $-1257.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 67 - TUI B737-800 x2 TRANSAVIA B737-800 x1          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   6348361 | NS      | $6543795.43   | 1.60%             |  |  |  | No            |                  3 | On Loan: No      |
| KIELDER FUNDING LIMITED                        | KIELDER FUNDING LIMITED                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |   3251318 | NS      | $5154411.60   | 1.26%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 66 - EASYJET A320-200 x1 MSN 4157                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   2624111 | NS      | $2729117.48   | 0.67%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI AF ACQUISITION TRUST                       | CVI AF ACQUISITION TRUST                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2355072 | NS      | $2355072.26   | 0.58%             |  |  |  | No            |                  3 | On Loan: No      |
| AERGO HOLDINGS LIMITED                         | AERGO HOLDINGS LIMITED                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   3093718 | NS      | $3093717.71   | 0.76%             |  |  |  | No            |                  3 | On Loan: No      |
| NIMBUS FUNDING LIMITED                         | NIMBUS FUNDING LIMITED                                              | CUSIP: 000000000<br>LEI: 213800IH157FES7SV569 | Long             | EC               | CORP              | GB        |   2596969 | NS      | $3500585.32   | 0.86%             |  |  |  | No            |                  3 | On Loan: No      |
| AERGO HOLDINGS LIMITED                         | AERGO HOLDINGS LIMITED                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   1280988 | NS      | $1280987.78   | 0.31%             |  |  |  | No            |                  3 | On Loan: No      |
| AERGO HOLDINGS LIMITED                         | AERGO HOLDINGS LIMITED                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   1020113 | NS      | $1020112.67   | 0.25%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 21890523 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   4800000 | OU      | $-745.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                           | Country Garden Holdings Co Ltd                                      | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   2458000 | PA      | $227487.90    | 0.06%             | 2025-01-17      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                           | Country Garden Holdings Co Ltd                                      | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |    792000 | PA      | $73299.60     | 0.02%             | 2025-10-22      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                            | SC Germany SA Compartment Consumer 2022-1                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    631192 | PA      | $772982.70    | 0.19%             | 2036-10-14      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                            | SC Germany SA Compartment Consumer 2022-1                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    561060 | PA      | $702124.40    | 0.17%             | 2036-10-14      | Floating      | 10.44%                | Yes           |                  2 | On Loan: No      |
| SOCA 1 BRR                                     | SOCA 1 BRR                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    567000 | PA      | $769026.52    | 0.19%             | 2027-01-01      | Variable      | 9.44%                 | No            |                  3 | On Loan: No      |
| SECURITISATION OF CATALOGUE                    | SECURITISATION OF CATALOGUE                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    540000 | PA      | $739757.94    | 0.18%             | 2032-12-13      | Variable      | 16.19%                | No            |                  3 | On Loan: No      |
| SECURITISATION OF CATALOGUE                    | SECURITISATION OF CATALOGUE                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    986000 | PA      | $1338914.39   | 0.33%             | 2032-12-13      | Variable      | 12.16%                | No            |                  3 | On Loan: No      |
| SC GERMANY CONSUMER                            | SC Germany SA Compartment Consumer 2024-1                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    140265 | PA      | $165160.71    | 0.04%             | 2038-01-14      | Floating      | 6.74%                 | Yes           |                  2 | On Loan: No      |
| EUROTRUCK LSE 49ABS                            | EUROTRUCK LSE 49ABS                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | FR        |    380000 | PA      | $445548.87    | 0.11%             | 2049-04-30      | Variable      | 7.16%                 | No            |                  3 | On Loan: No      |
| FCT EUROTRUCK LEASE                            | FCT EUROTRUCK LEASE                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | FR        |   1790000 | PA      | $2088882.73   | 0.51%             | 2049-04-30      | Variable      | 9.66%                 | No            |                  3 | On Loan: No      |
| BBVA Consumo FTA                               | Bbva Consumer Auto 2024-1 FT                                        | CUSIP: 000000000<br>LEI: 959800UREVUB5WK1YY20 | Long             | ABS-O            | CORP              | ES        |    314891 | PA      | $382177.58    | 0.09%             | 2037-04-21      | Floating      | 7.41%                 | Yes           |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                 | Asimi Funding 2024-1 PLC                                            | CUSIP: 000000000<br>LEI: 635400ED9TX8KJO28Q39 | Long             | ABS-O            | CORP              | GB        |    579000 | PA      | $790204.62    | 0.19%             | 2031-09-16      | Floating      | 10.24%                | Yes           |                  2 | On Loan: No      |
| Jeronimo Funding                               | Jeronimo Funding DAC                                                | CUSIP: 000000000<br>LEI: 635400IPDM5WJSCHSY93 | Long             | ABS-MBS          | CORP              | IE        |    471000 | PA      | $517917.78    | 0.13%             | 2064-10-25      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Jeronimo Funding                               | Jeronimo Funding DAC                                                | CUSIP: 000000000<br>LEI: 635400IPDM5WJSCHSY93 | Long             | ABS-MBS          | CORP              | IE        |    400000 | PA      | $454763.57    | 0.11%             | 2064-10-25      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| Jeronimo Funding                               | Jeronimo Funding DAC                                                | CUSIP: 000000000<br>LEI: 635400IPDM5WJSCHSY93 | Long             | ABS-MBS          | CORP              | IE        |    941000 | PA      | $1056831.65   | 0.26%             | 2064-10-25      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Pembroke Property Finance Dac                  | Pembroke Property Finance 3 DAC                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |    500000 | PA      | $597647.95    | 0.15%             | 2043-06-01      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| Secucor Finance                                | Secucor Finance 2013-1 DAC                                          | CUSIP: 000000000<br>LEI: 2138001E8BAK3OXZGG87 | Long             | ABS-O            | CORP              | IE        |    800000 | PA      | $940152.85    | 0.23%             | 2036-09-20      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Pembroke Property Finance Dac                  | Pembroke Property Finance 3 DAC                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |   1953000 | PA      | $2322432.15   | 0.57%             | 2043-06-01      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| Vasco Finance                                  | TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 3 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |    700000 | PA      | $819489.28    | 0.20%             | 2043-10-27      | Floating      | 4.97%                 | Yes           |                  2 | On Loan: No      |
| Vasco Finance                                  | TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 3 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |    500000 | PA      | $583951.00    | 0.14%             | 2043-10-27      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| UK Logisitics                                  | UK Logistics 2025-2 DAC                                             | CUSIP: 000000000<br>LEI: 635400CRV6HKMHJF8S64 | Long             | ABS-MBS          | CORP              | IE        |   1300000 | PA      | $1753211.83   | 0.43%             | 2035-08-17      | Floating      | 7.91%                 | Yes           |                  2 | On Loan: No      |
| Dowson                                         | Dowson 2025-1 PLC                                                   | CUSIP: 000000000<br>LEI: 635400KCWWV87X81YE49 | Long             | ABS-O            | CORP              | GB        |   1055000 | PA      | $1422074.85   | 0.35%             | 2032-12-20      | Floating      | 9.04%                 | Yes           |                  2 | On Loan: No      |
| Dowson                                         | Dowson 2025-1 PLC                                                   | CUSIP: 000000000<br>LEI: 635400KCWWV87X81YE49 | Long             | ABS-O            | CORP              | GB        |    711000 | PA      | $958388.88    | 0.23%             | 2032-12-20      | Floating      | 6.69%                 | Yes           |                  2 | On Loan: No      |
| Carnaby Inventory II LLC                       | Carnaby Inventory II Loan Facility                                  | CUSIP: 000000000<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |   1238250 | PA      | $1163707.35   | 0.28%             | 2025-12-01      | Floating      | 13.87%                | No            |                  3 | On Loan: No      |
| Schoen Klinik SE                               | Schoen Klinik SE 2025 EUR Term Loan B                               | CUSIP: 000000000<br>LEI: 5299005C8FSZLNO2KW98 | Long             | LON              | CORP              | DE        |   1000000 | PA      | $1184989.41   | 0.29%             | 2031-01-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LSCS Holdings Inc                              | LSCS Holdings Inc 2025 Term Loan                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1423277 | PA      | $1391851.48   | 0.34%             | 2032-03-04      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| VMOS SA                                        | VMOS SA 1st Lien Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | AR        |   3600000 | PA      | $3597120.00   | 0.88%             | 2030-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                       | Telenet Finance Luxembourg Notes Sarl                               | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |    800000 | PA      | $795880.00    | 0.19%             | 2028-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Banijay Entertainment SAS                      | Banijay Entertainment SAS 2025 USD Term Loan B3                     | CUSIP: 000000000<br>LEI: 5493008PW5N0VVCH7279 | Long             | LON              | CORP              | US        |   1014132 | PA      | $1020216.46   | 0.25%             | 2028-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Radar Bidco Sarl                               | Radar Bidco Sarl 2025 USD Term Loan B                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1458306 | PA      | $1466210.06   | 0.36%             | 2031-04-04      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

**Name of Applicant:** AB CarVal Credit Opportunities Fund

**Signature:** Matt Johnson

**Name of Signer:** Matt Johnson

**Title:** Treasurer, Principal Financial Officer, Principal Accounting Officer