# EDGAR Filing Document

**Accession Number:** 0001342947
**File Stem:** 0001752724-23-070069
**Filing Date:** 2023-3
**Character Count:** 186959
**Document Hash:** ca73cb8b4059a9579e11119b27957334
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-070069.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001752724-23-070069

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BBH Trust
- **CENTRAL INDEX KEY:** 0001342947
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21829
- **FILM NUMBER:** 23769217

**BUSINESS ADDRESS:**
- **STREET 1:** 50 POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 800-575-1265

**MAIL ADDRESS:**
- **STREET 1:** 140 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

## Series and Classes Contracts Data

### BBH Limited Duration Fund (Series ID: S000015110)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000041213 | Class N Shares | BBBMX           |
| C000041214 | Class I Shares | BBBIX           |

## Nport-Ex

**BBH LIMITED DURATION FUND**

PORTFOLIO OF INVESTMENTS

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount |  | Maturity<br>Date | Interest<br>Rate | Value |
|  | **ASSET BACKED SECURITIES (24.5%)** |  |  |  |
| $10000000 | AGL Core CLO 2, Ltd. 2019-2A (3-Month USD-LIBOR + 1.390%)<sup>1,2</sup> | 04/20/32 | 6.198% | $9921426 |
| 13113546 | AIM Aviation Finance, Ltd. 2015-1A<sup>1</sup> | 02/15/40 | 6.213 | 9179154 |
| 7748186 | AmeriCredit Automobile Receivables Trust 2021-3 | 02/18/25 | 0.410 | 7703000 |
| 10983888 | Amur Equipment Finance Receivables X LLC 2022-1A<sup>1</sup> | 10/20/27 | 1.640 | 10459457 |
| 14300000 | ARI Fleet Lease Trust 2022-A<sup>1</sup> | 01/15/31 | 3.120 | 14066364 |
| 45792223 | Audax Senior Debt CLO III LLC 2020-1A (3-Month USD-LIBOR + 1.610%)<sup>1,2</sup> | 01/20/30 | 6.418 | 45355159 |
| 5199227 | Bankers Healthcare Group Securitization Trust 2020-A<sup>1</sup> | 09/17/31 | 2.560 | 5086035 |
| 28119504 | BHG Securitization Trust 2022-A<sup>1</sup> | 02/20/35 | 1.710 | 26408018 |
| 12410000 | BlackRock Elbert CLO V LLC 5A (3-Month CME Term SOFR + 1.850%)<sup>1,2</sup> | 06/15/34 | 6.378 | 11852901 |
| 8343528 | BMW Vehicle Lease Trust 2022-1 | 05/28/24 | 0.670 | 8292250 |
| 7031153 | Business Jet Securities LLC 2020-1A<sup>1</sup> | 11/15/35 | 2.981 | 6451294 |
| 9966334 | Business Jet Securities LLC 2022-1A<sup>1</sup> | 06/15/37 | 4.455 | 9416842 |
| 44170000 | California Street CLO IX LP 2012-9A (3-Month USD-LIBOR + 1.100%)<sup>1,2</sup> | 07/16/32 | 5.892 | 43419110 |
| 29280000 | Carlyle US CLO, Ltd. 2019-2A (3-Month USD-LIBOR + 1.120%)<sup>1,2</sup> . | 07/15/32 | 5.912 | 28826997 |
| 10616512 | CarMax Auto Owner Trust 2022-1 | 02/18/25 | 0.910 | 10494859 |
| 20521894 | CARS-DB4 LP 2020-1A<sup>1</sup> | 02/15/50 | 3.190 | 19386415 |
| 22995866 | CF Hippolyta Issuer LLC 2020-1<sup>1</sup> | 07/15/60 | 1.690 | 20780796 |
| 10927368 | Chesapeake Funding II LLC 2020-1A<sup>1</sup> | 08/15/32 | 0.870 | 10830451 |
| 25000000 | Churchill MMSLF CLO-I LP 2021-2A (3-Month USD-LIBOR + 1.450%)<sup>1,2</sup> | 10/01/32 | 6.232 | 24203352 |
| 8607740 | CIG Auto Receivables Trust 2021-1A<sup>1</sup> | 04/14/25 | 0.690 | 8478286 |
| 41731189 | Credit Acceptance Auto Loan Trust 2020-3A<sup>1</sup> | 10/15/29 | 1.240 | 40919384 |
| 12445000 | Deerpath Capital CLO, Ltd. 2022-1A (3-Month CME Term SOFR + 1.950%)<sup>1,2</sup> | 07/15/33 | 6.608 | 12173027 |
| 29325070 | Dell Equipment Finance Trust 2022-1<sup>1</sup> | 08/23/27 | 2.110 | 28957516 |
| 15607774 | Donlen Fleet Lease Funding 2 LLC 2021-2<sup>1</sup> | 12/11/34 | 0.560 | 15150460 |
| 17180000 | Dryden 93 CLO, Ltd. 2021-93A (3-Month USD-LIBOR + 1.080%)<sup>1,2</sup> | 01/15/34 | 5.872 | 16830502 |
| 4469674 | ECAF I, Ltd. 2015-1A<sup>1</sup> | 06/15/40 | 3.473 | 2771037 |
| 17170000 | Elm Trust 2020-3A<sup>1</sup> | 08/20/29 | 2.954 | 16101669 |
| 14558053 | Enterprise Fleet Financing LLC 2022-1<sup>1</sup> | 01/20/28 | 3.030 | 14196047 |
| 12500000 | Enterprise Fleet Financing LLC 2022-4<sup>1</sup> | 10/22/29 | 5.760 | 12631187 |
| 5348820 | Exeter Automobile Receivables Trust 2022-2A | 11/17/25 | 2.190 | 5339709 |
| 13000000 | Exeter Automobile Receivables Trust 2022-6A | 11/17/25 | 5.730 | 13012229 |
| 4060271 | FCI Funding LLC 2021-1A<sup>1</sup> | 04/15/33 | 1.130 | 3987811 |
| 28095452 | Finance of America HECM Buyout 2022-HB1<sup>1,2,3</sup> | 02/25/32 | 2.695 | 27129297 |
| 50300000 | Flexential Issuer 2021-1A<sup>1</sup> | 11/27/51 | 3.250 | 45533034 |
| 12739101 | FNA LLC 2019-1<sup>4</sup> | 12/10/31 | 3.000 | 11210409 |
| 7940147 | Foursight Capital Automobile Receivables Trust 2022-1<sup>1</sup> | 09/15/25 | 1.150 | 7817113 |
| 7823838 | FREED ABS Trust 2022-2CP<sup>1</sup> | 05/18/29 | 3.030 | 7780868 |
| 21282864 | Global SC Finance VII Srl 2020-1A<sup>1</sup> | 10/17/40 | 2.170 | 19316990 |
| 21870600 | Global SC Finance VII Srl 2020-2A<sup>1</sup> | 11/19/40 | 2.260 | 19813493 |
| 9194387 | GM Financial Consumer Automobile Receivables Trust 2022-1 | 02/18/25 | 0.760 | 9081109 |

---

**BBH LIMITED DURATION FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount |  | Maturity<br>Date | Interest<br>Rate | <br>Value |
|  | **ASSET BACKED SECURITIES (continued)** |  |  |  |
| $50750000 | Golub Capital Partners ABS Funding, Ltd. 2021-2A<sup>1</sup> | 10/19/29 | 2.944% | $44148810 |
| 16755812 | HPEFS Equipment Trust 2022-1A<sup>1</sup> | 05/21/29 | 1.020 | 16501551 |
| 21000000 | HTS Fund I LLC 2021-1<sup>1</sup> | 08/25/36 | 1.411 | 20857479 |
| 14739327 | Hyundai Auto Receivables Trust 2022-A | 02/18/25 | 1.810 | 14556256 |
| 26102095 | Kubota Credit Owner Trust 2022-1A<sup>1</sup> | 04/15/25 | 2.340 | 25654922 |
| 17703682 | LCM XXIV, Ltd. 24A (3-Month USD-LIBOR + 0.980%)<sup>1,2</sup> | 03/20/30 | 5.788 | 17475715 |
| 14882357 | Lendmark Funding Trust 2019-2A<sup>1</sup> | 04/20/28 | 2.780 | 14564716 |
| 39261945 | Madison Park Funding XXV, Ltd. 2017-25A (3-Month USD-LIBOR + 0.970%)<sup>1,2</sup> | 04/25/29 | 5.788 | 38880892 |
| 5819742 | Mariner Finance Issuance Trust 2019-AA<sup>1</sup> | 07/20/32 | 2.960 | 5749390 |
| 16460000 | Mariner Finance Issuance Trust 2020-AA<sup>1</sup> | 08/21/34 | 2.190 | 15779639 |
| 8450000 | MCF CLO IX, Ltd. 2019-1A (3-Month CME Term SOFR + 1.500%)<sup>1,2</sup> | 07/17/31 | 6.158 | 8321110 |
| 41880000 | Monroe Capital Income Plus ABS Funding LLC 2022-1A<sup>1</sup> | 04/30/32 | 4.050 | 37864068 |
| 12410000 | Monroe Capital Mml CLO X, Ltd. 2020-1A (3-Month CME Term SOFR + 1.870%)<sup>1,2</sup> | 05/20/34 | 6.154 | 12033893 |
| 47600000 | Neuberger Berman Loan Advisers CLO 34, Ltd. 2019-34A (3-Month CME Term SOFR + 1.240%)<sup>1,2</sup> | 01/20/35 | 5.879 | 46814600 |
| 40570000 | New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1<sup>1</sup> | 08/15/53 | 1.426 | 39332789 |
| 30640000 | NextGear Floorplan Master Owner Trust 2020-1A<sup>1</sup> | 02/15/25 | 1.550 | 30593639 |
| 17690000 | NextGear Floorplan Master Owner Trust 2022-1A<sup>1</sup> | 03/15/27 | 2.800 | 16854429 |
| 32865089 | NMEF Funding LLC 2022-A<sup>1</sup> | 10/16/28 | 2.580 | 31873868 |
| 30000000 | Northwoods Capital XVIII, Ltd. 2019-18A (3-Month USD-LIBOR + 1.100%)<sup>1,2</sup> | 05/20/32 | 5.775 | 29521275 |
| 24700000 | NRZ Advance Receivables Trust 2015-ON1 2020-T2<sup>1</sup> | 09/15/53 | 1.475 | 23909301 |
| 32920000 | Octagon Investment Partners 20-R, Ltd. 2019-4A (3-Month USD-LIBOR + 1.150%)<sup>1,2</sup> | 05/12/31 | 5.800 | 32531251 |
| 21250000 | OnDeck Asset Securitization Trust III LLC 2021-1A<sup>1</sup> | 05/17/27 | 1.590 | 19604345 |
| 14640000 | OneMain Financial Issuance Trust 2022-3A<sup>1</sup> | 05/15/34 | 5.940 | 14767091 |
| 13350000 | OneMain Financial Issuance Trust 2022-S1<sup>1</sup> | 05/14/35 | 4.130 | 12981694 |
| 17441763 | Oportun Funding XIII LLC 2019-A<sup>1</sup> | 08/08/25 | 3.080 | 17002449 |
| 25000000 | Oportun Issuance Trust 2022-A<sup>1</sup> | 06/09/31 | 5.050 | 24244642 |
| 56210000 | Oportun Issuance Trust 2021-C<sup>1</sup> | 10/08/31 | 2.180 | 50504944 |
| 767774 | OSCAR US Funding XII LLC 2021-1A<sup>1</sup> | 03/11/24 | 0.400 | 766946 |
| 5917556 | OSCAR US Funding XIII LLC 2021-2A<sup>1</sup> | 08/12/24 | 0.390 | 5858108 |
| 25978496 | OSCAR US Funding XIV LLC 2022-1A<sup>1</sup> | 03/10/25 | 1.600 | 25463971 |
| 25930000 | Oxford Finance Funding LLC 2022-1A<sup>1</sup> | 02/15/30 | 3.602 | 23977520 |
| 42899555 | Palmer Square Loan Funding, Ltd. 2022-1A (3-Month CME Term SOFR + 1.050%)<sup>1,2</sup> | 04/15/30 | 5.682 | 42177272 |
| 19490000 | Parliament CLO II, Ltd. 2021-2A (3-Month USD-LIBOR + 1.350%)<sup>1,2</sup> | 08/20/32 | 6.025 | 19236006 |
| 3181222 | Pawnee Equipment Receivables Series LLC 2020-1<sup>1</sup> | 11/17/25 | 1.370 | 3145056 |
| 47670000 | PFS Financing Corp. 2022-A<sup>1</sup> | 02/15/27 | 2.470 | 45321485 |
| 19980000 | PFS Financing Corp. 2022-C<sup>1</sup> | 05/15/27 | 3.890 | 19516584 |
| 18070000 | Regional Management Issuance Trust 2020-1<sup>1</sup> | 10/15/30 | 2.340 | 16925050 |
| 16470000 | Republic Finance Issuance Trust 2020-A<sup>1</sup> | 11/20/30 | 2.470 | 15677610 |
| 56030000 | Republic Finance Issuance Trust 2021-A<sup>1</sup> | 12/22/31 | 2.300 | 51667358 |
| 8384836 | Santander Drive Auto Receivables Trust 2022-1 | 12/16/24 | 1.360 | 8373134 |

---

**BBH LIMITED DURATION FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount |  | Maturity<br>Date | Interest<br>Rate | <br>Value |
|  | **ASSET BACKED SECURITIES (continued)** |  |  |  |
| $34490000 | Santander Revolving Auto Loan Trust 2019-A<sup>1</sup> | 01/26/32 | 2.510% | $32930493 |
| 28546629 | SCF Equipment Leasing LLC 2022-1A<sup>1</sup> | 02/22/28 | 2.060 | 27809273 |
| 9276336 | Shenton Aircraft Investment I, Ltd. 2015-1A<sup>1</sup> | 10/15/42 | 4.750 | 7189160 |
| 22755000 | Southwick Park CLO LLC 2019-4A (3-Month USD-LIBOR + 1.060%)<sup>1,2</sup> | 07/20/32 | 5.868 | 22481940 |
| 49790382 | Stack Infrastructure Issuer LLC 2019-1A<sup>1</sup> | 02/25/44 | 4.540 | 48694202 |
| 19160000 | Stack Infrastructure Issuer LLC 2020-1A<sup>1</sup> | 08/25/45 | 1.893 | 17435265 |
| 21403923 | SWC Funding LLC 2018-1A<sup>1</sup> | 08/15/33 | 4.750 | 21042988 |
| 50790000 | Symphony CLO XXI, Ltd. 2019-21A (3-Month USD-LIBOR + 1.060%)<sup>1,2</sup> | 07/15/32 | 5.852 | 49999266 |
| 12760000 | Synchrony Card Funding LLC 2022-A1 | 04/15/28 | 3.370 | 12431157 |
| 10543387 | Veros Auto Receivables Trust 2022-1<sup>1</sup> | 12/15/25 | 3.470 | 10336877 |
| 22313186 | VFI ABS LLC 2022-1A<sup>1</sup> | 03/24/28 | 2.230 | 21691336 |
| 13123451 | Volkswagen Auto Loan Enhanced Trust 2021-1 | 10/21/24 | 0.490 | 12999081 |
| 1212945 | Westlake Automobile Receivables Trust 2021-1A<sup>1</sup> | 10/15/24 | 0.390 | 1210698 |
| 10160041 | Westlake Automobile Receivables Trust 2021-2A<sup>1</sup> | 04/15/25 | 0.320 | 10067539 |
| 9292472 | Westlake Automobile Receivables Trust 2021-3A<sup>1</sup> | 09/16/24 | 0.570 | 9235747 |
| 19025352 | Westlake Automobile Receivables Trust 2022-1A<sup>1</sup> | 12/16/24 | 1.970 | 18838123 |
| 35962387 | **Wheels Fleet Lease Funding 1 LLC 2022-1A<sup>1</sup><br>**  | 10/18/36 | 2.470 | 35073746 |
|  | **Total Asset Backed Securities<br> (Cost $2,042,351,031)** |  |  | **1960862806** |
|  | **COMMERCIAL MORTGAGE BACKED SECURITIES (5.7%)** |  |  |  |
| 26807000 | <br> BB-UBS Trust 2012-TFT<sup>1,2,3</sup> | 06/05/30 | 3.559 | 24147491 |
| 20300000 | BPR Trust 2022-OANA (1-Month CME Term SOFR + 1.898%)<sup>1,2</sup> | 04/15/37 | 6.376 | 19995019 |
| 11673746 | BX Commercial Mortgage Trust 2019-XL (1-Month CME Term SOFR + 1.034%)<sup>1,2</sup> | 10/15/36 | 5.513 | 11622789 |
| 18100000 | BX Commercial Mortgage Trust 2022-CSMO (1-Month CME Term SOFR + 2.115%)<sup>1,2</sup> | 06/15/27 | 6.593 | 18066005 |
| 51135720 | BX Commercial Mortgage Trust 2022-LP2 (1-Month CME Term SOFR + 1.013%)<sup>1,2</sup> | 02/15/39 | 5.491 | 50086911 |
| 459282 | BX Trust 2019-RP (1-Month USD-LIBOR + 1.045%)<sup>1,2</sup> | 06/15/34 | 5.504 | 452745 |
| 30351537 | BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.014%)<sup>1,2</sup> | 02/15/38 | 5.497 | 29462747 |
| 20990000 | BXMT, Ltd. 2020-FL3 (30-Day SOFR + 1.514%)<sup>1,2</sup> | 11/15/37 | 5.810 | 20990000 |
| 17250000 | BXMT, Ltd. 2021-FL4 (1-Month USD-LIBOR + 1.050%)<sup>1,2</sup> | 05/15/38 | 5.509 | 16905000 |
| 31329000 | CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 2.900%)<sup>1,2</sup> | 11/15/31 | 7.359 | 28289965 |
| 18200276 | HPLY Trust 2019-HIT (1-Month USD-LIBOR + 1.000%)<sup>1,2</sup> | 11/15/36 | 5.459 | 17937559 |
| 23600000 | Life Mortgage Trust 2022-BMR2 (1-Month CME Term SOFR + 1.295%)<sup>1,2</sup> | 05/15/39 | 5.773 | 23334085 |
| 17986565 | Med Trust 2021-MDLN (1-Month USD-LIBOR + 0.950%)<sup>1,2</sup> | 11/15/38 | 5.410 | 17536364 |
| 33690000 | MHC Commercial Mortgage Trust 2021-MHC (1-Month USD-LIBOR + 0.801%)<sup>1,2</sup> | 04/15/38 | 5.260 | 33089365 |
| 16040000 | MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.397%)<sup>1,2</sup> | 03/15/39 | 5.875 | 15733974 |
| 3236951 | PFP, Ltd. 2021-7 (1-Month USD-LIBOR + 0.850%)<sup>1,2</sup> | 04/14/38 | 5.309 | 3192443 |
| 21560000 | Ready Capital Mortgage Financing 2022-FL8 LLC (30-Day SOFR + 1.650%)<sup>1,2</sup> | 01/25/37 | 5.960 | 21095373 |

---

**BBH LIMITED DURATION FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount |  | Maturity<br>Date | Interest<br>Rate | Value |
|  | **COMMERCIAL MORTGAGE BACKED SECURITIES (continued)**<br>|  |  |  |
| $46350000 | SPGN 2022-TFLM Mortgage Trust (1-Month CME Term SOFR + 1.550%)<sup>1,2</sup> | 02/15/39 | 6.028% | $44336899 |
| 15975855 | STWD, Ltd. 2019-FL1 1-Month CME Term SOFR + 1.194%)<sup>1,2</sup> | 07/15/38 | 5.677 | 15872922 |
| 24300000 | Taubman Centers Commercial Mortgage Trust 2022-DPM (1-Month CME Term SOFR + 2.186%)<sup>1,2</sup> | 05/15/37 | 6.664 | 23769213 |
| 20000000 | WMRK Commercial Mortgage Trust 2022-WMRK (1-Month CME Term SOFR + 2.789%)<sup>1,2</sup> | 11/15/27 | 7.267 | 19987394 |
|  | &nbsp;&nbsp;&nbsp;**Total Commercial Mortgage Backed Securities**<br> **(Cost $468,312,113)** |  |  | **455904263** |
|  | **CORPORATE BONDS (42.7%)** |  |  |  |
|  | **AUTO MANUFACTURERS (0.8%)** |  |  |  |
| 45590000 | Daimler Truck Finance North America LLC (SOFR + 0.500%)<sup>1,2</sup> | 06/14/23 | 4.780 | 45560786 |
| 16000000 | Daimler Truck Finance North America LLC<sup>1</sup> | 01/17/25 | 5.200 | 16082653 |
|  |  |  |  | 61643439 |
| 19530000 | **BANKS (12.5%)**<br> Bank of America Corp. (SOFR + 0.670%)<sup>2</sup>  | 02/04/25 | 1.843 | 18850076 |
| 51125000 | Bank of Montreal | 01/10/25 | 1.500 | 48018887 |
| 34710000 | Bank of New Zealand<sup>1</sup> | 02/20/24 | 3.500 | 34125619 |
| 19870000 | Bank of New Zealand<sup>1</sup> | 02/07/28 | 4.846 | 19941353 |
| 58070000 | Bank of Nova Scotia | 03/11/24 | 2.440 | 56572900 |
| 32500000 | Bank of Nova Scotia (SOFR + 0.380%)<sup>2</sup> | 07/31/24 | 4.559 | 32376028 |
| 15015000 | Bank of Nova Scotia | 01/10/25 | 1.450 | 14083271 |
| 33540000 | Commonwealth Bank of Australia (SOFR + 0.400%)<sup>1,2</sup> | 07/07/25 | 4.724 | 33328906 |
| 65000000 | DNB Bank ASA (1-Year CMT Index + 0.330%)<sup>1,2</sup> | 09/30/25 | 0.856 | 60290630 |
| 20810000 | Goldman Sachs Group, Inc. | 12/06/23 | 1.217 | 20168106 |
| 29665000 | HSBC Holdings, Plc. (SOFR + 0.534%)<sup>2</sup> | 08/17/24 | 0.732 | 28870117 |
| 33350000 | HSBC Holdings, Plc. (SOFR + 1.929%)<sup>2</sup> | 06/04/26 | 2.099 | 30909313 |
| 5780000 | HSBC Holdings, Plc. (SOFR + 3.030%)<sup>2</sup> | 11/03/26 | 7.336 | 6100790 |
| 24145000 | Huntington National Bank (SOFR + 1.215%)<sup>2</sup> | 11/18/25 | 5.699 | 24418849 |
| 62235000 | JPMorgan Chase & Co. (SOFR + 0.580%)<sup>2</sup> | 03/16/24 | 0.697 | 61872092 |
| 33270000 | JPMorgan Chase & Co. (3-Month CME Term SOFR + 1.585%)<sup>2</sup> | 03/13/26 | 2.005 | 31297691 |
| 18760000 | KeyBank NA | 11/15/27 | 5.850 | 19659321 |
| 33923000 | Lloyds Banking Group, Plc. | 03/12/24 | 3.900 | 33525858 |
| 24865000 | Lloyds Banking Group, Plc. (1-Year CMT Index + 1.600%)<sup>2</sup> | 03/18/26 | 3.511 | 23925717 |
| 17755000 | Lloyds Banking Group, Plc. (1-Year CMT Index + 1.800%)<sup>2</sup> | 03/18/28 | 3.750 | 16872262 |
| 39660000 | Mitsubishi UFJ Financial Group, Inc. | 07/17/25 | 1.412 | 36310631 |
| 42665000 | Morgan Stanley (SOFR + 1.770%)<sup>2</sup> | 10/16/26 | 6.138 | 43951912 |
| 34425000 | National Australia Bank, Ltd. | 01/12/26 | 4.966 | 34833227 |
| 24915000 | Royal Bank of Canada | 08/03/27 | 4.240 | 24568274 |
| 16070000 | Santander Holdings USA, Inc. | 06/07/24 | 3.500 | 15694382 |
| 26360000 | Skandinaviska Enskilda Banken AB<sup>1</sup> | 09/09/24 | 0.650 | 24628148 |
| 10085000 | State Street Corp. (SOFR + 1.353%)<sup>2</sup> | 11/04/26 | 5.751 | 10358224 |
| 14435000 | Truist Financial Corp. (SOFR + 1.626%)<sup>2</sup> | 10/28/26 | 5.900 | 14860065 |
| 53570000 | UBS Group AG (1-Year CMT Index + 1.550%)<sup>1,2</sup> | 01/12/27 | 5.711 | 54258325 |
| 42990000 | US Bancorp (5-Year CMT Index + 2.541%)<sup>2,5</sup> |  | 3.700 | 37562513 |

---

**BBH LIMITED DURATION FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount |  | Maturity<br>Date | Interest<br>Rate | <br>Value |
|  | **CORPORATE BONDS (continued) <br> BANKS (continued)** |  |  |  |
| $22750000 | <br>US Bancorp (SOFR + 1.430%)<sup>2</sup> | 10/21/26 | 5.727% | $23375319 |
| 14870000 | Wells Fargo & Co. (SOFR + 1.600%)<sup>2</sup> | 06/02/24 | 1.654 | 14695133 |
| 19370000 | Wells Fargo & Co. (SOFR + 2.000%)<sup>2</sup> | 04/30/26 | 2.188 | 18222380 |
| 7920000 | Wells Fargo & Co. (SOFR + 1.560%)<sup>2</sup> | 08/15/26 | 4.540 | 7843391 |
| 26655000 | Westpac Banking Corp. | 11/18/27 | 5.457 | 27776296 |
|  |  |  |  | 1004146006 |
|  | **BEVERAGES** (0.3%) |  |  |  |
| 8175000 | <br> Constellation Brands, Inc. | 05/09/24 | 3.600 | 8057065 |
| 15335000 | Diageo Capital, Plc. | 10/24/25 | 5.200 | 15668533 |
|  |  |  |  | 23725598 |
|  | **DIVERSIFIED FINANCIAL SERVICES (4.2%)** |  |  |  |
| 11426000 | <br> AerCap Ireland Capital DAC / AerCap Global Aviation Trust  | 09/15/23 | 4.500 | 11363035 |
| 47945000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 02/15/24 | 3.150 | 46736026 |
| 21450000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 10/29/24 | 1.750 | 20004056 |
| 14330000 | American Express Co. | 11/05/27 | 5.850 | 15156721 |
| 33230000 | Aviation Capital Group LLC<sup>1</sup> | 12/15/24 | 5.500 | 32910929 |
| 33535000 | Avolon Holdings Funding, Ltd.<sup>1</sup> | 01/15/26 | 5.500 | 32964000 |
| 37385000 | Bread Financial Holdings, Inc.<sup>1</sup> | 12/15/24 | 4.750 | 33926887 |
| 16045000 | Capital One Financial Corp. | 05/11/23 | 2.600 | 15949932 |
| 45285000 | Capital One Financial Corp. (SOFR + 0.690%)<sup>2</sup> | 12/06/24 | 1.343 | 43749853 |
| 14430000 | Credit Acceptance Corp.<sup>1</sup> | 12/31/24 | 5.125 | 13475870 |
| 2785000 | Credit Acceptance Corp. | 03/15/26 | 6.625 | 2548275 |
| 48895000 | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance<sup>1</sup> | 02/15/26 | 3.875 | 45097189 |
| 25095000 | Strategic Credit Opportunities Partners LLC | 04/01/26 | 4.250 | 22721490 |
|  |  |  |  | 336604263 |
|  | **ELECTRIC (4.1%)** |  |  |  |
| 74190000 | <br> Alexander Funding Trust<sup>1</sup> | 11/15/23 | 1.841 | 71530338 |
| 16025000 | Constellation Energy Generation LLC | 06/01/25 | 3.250 | 15422006 |
| 39340000 | Duke Energy Corp. (SOFR + 0.250%)<sup>2</sup> | 06/10/23 | 4.535 | 39298387 |
| 48502579 | Duke Energy Progress NC Storm Funding LLC | 07/01/30 | 1.295 | 43563236 |
| 61690000 | Edison International (5-Year CMT Index + 4.698%)<sup>2,5</sup> |  | 5.375 | 57629608 |
| 10000000 | Edison International | 03/15/23 | 2.950 | 9969318 |
| 25345000 | New York State Electric & Gas Corp. | 05/01/23 | 5.750 | 25332458 |
| 27010000 | Southern Co. (SOFR Index + 0.370%)<sup>2</sup> | 05/10/23 | 4.491 | 26989224 |
| 36892000 | Vistra Operations Co. LLC<sup>1</sup> | 09/01/26 | 5.500 | 35930697 |
|  |  |  |  | 325665272 |
|  | **HEALTHCARE-PRODUCTS (0.5%)** |  |  |  |
| 45636000 | <br> Thermo Fisher Scientific, Inc.  | 10/18/23 | 0.797 | 44341521 |
|  | **HEALTHCARE-SERVICES (0.7%)** |  |  |  |
| 60630000 | <br> Sutter Health | 08/15/25 | 1.321 | 55462027 |
|  | **INSURANCE (9.2%)** |  |  |  |
| 16760000 | <br> Athene Global Funding<sup>1</sup> | 01/08/24 | 0.950 | 16074032 |
| 18000000 | Athene Global Funding<sup>1</sup> | 01/14/25 | 2.500 | 17018488 |
| 14345000 | Athene Global Funding<sup>1</sup> | 06/29/25 | 2.550 | 13290488 |
| 84507000 | Corebridge Global Funding<sup>1</sup> | 09/13/23 | 0.400 | 82119513 |
| 33775000 | Equitable Financial Life Global Funding<sup>1</sup> | 11/12/24 | 1.100 | 31633658 |
| 59274000 | F&G Global Funding<sup>1</sup> | 09/20/24 | 0.900 | 54799171 |

---

**BBH LIMITED DURATION FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount |  | Maturity<br>Date | Interest<br>Rate | <br>Value |
|  | **CORPORATE BONDS (continued)** |  |  |  |
|  | **INSURANCE (continued)** |  |  |  |
| $64675000 | <br> GA Global Funding Trust<sup>1</sup> | 12/08/23 | 1.250% | $62434381 |
| 50000000 | GA Global Funding Trust (SOFR + 0.500%)<sup>1,2</sup> | 09/13/24 | 4.791 | 48732000 |
| 44790000 | Met Tower Global Funding<sup>1</sup> | 09/14/26 | 1.250 | 39601974 |
| 73445000 | New York Life Global Funding<sup>1</sup> | 01/14/25 | 1.450 | 69062923 |
| 74165000 | Northwestern Mutual Global Funding<sup>1</sup> | 03/25/24 | 0.600 | 70725599 |
| 19330000 | Pacific Life Global Funding II<sup>1</sup> | 06/24/25 | 1.200 | 17728630 |
| 37180000 | Pricoa Global Funding I<sup>1</sup> | 12/06/24 | 1.150 | 34696376 |
| 47175000 | Principal Life Global Funding II<sup>1</sup> | 01/10/25 | 1.375 | 44088989 |
| 29855000 | Protective Life Global Funding<sup>1</sup> | 07/05/24 | 0.781 | 28098519 |
| 42465000 | Protective Life Global Funding<sup>1</sup> | 01/13/25 | 1.646 | 39677880 |
| 37290000 | SiriusPoint, Ltd.<sup>1</sup> | 11/01/26 | 4.600 | 31931427 |
| 31750000 | United Insurance Holdings Corp. | 12/15/27 | 7.250 | 15875000 |
| 4205000 | Universal Insurance Holdings, Inc. | 11/30/26 | 5.625 | 3740203 |
| 11950000 | Vitality Re XIII, Ltd. (3-Month U.S. Treasury Bill +2.000%)<sup>1,2</sup> | 01/06/26 | 6.608 | 11292750 |
|  |  |  |  | 732622001 |
|  | **INVESTMENT COMPANIES (7.3%)** |  |  |  |
| 74580000 | <br> Ares Capital Corp. | 02/10/23 | 3.500 | 74544094 |
| 41185000 | BlackRock TCP Capital Corp. | 08/23/24 | 3.900 | 39341956 |
| 46600000 | Blackstone Private Credit Fund | 09/15/24 | 1.750 | 43530302 |
| 30840000 | Blackstone Private Credit Fund | 11/22/24 | 2.350 | 28870527 |
| 24645000 | Blackstone Secured Lending Fund | 07/14/23 | 3.650 | 24478711 |
| 9654000 | Blackstone Secured Lending Fund | 01/15/26 | 3.625 | 9002247 |
| 18375000 | Franklin BSP Lending Corp.<sup>1</sup> | 12/15/24 | 4.850 | 17461440 |
| 26475000 | Franklin BSP Lending Corp. | 03/30/26 | 3.250 | 23407601 |
| 28550000 | FS KKR Capital Corp. | 07/15/24 | 4.625 | 28005855 |
| 18859000 | FS KKR Capital Corp. | 02/01/25 | 4.125 | 18148473 |
| 42821000 | FS KKR Capital Corp.<sup>1</sup> | 02/14/25 | 4.250 | 40445357 |
| 39855000 | Golub Capital BDC, Inc. | 04/15/24 | 3.375 | 38666879 |
| 49650000 | Main Street Capital Corp. | 05/01/24 | 5.200 | 49356273 |
| 33980000 | Main Street Capital Corp. | 07/14/26 | 3.000 | 29931920 |
| 31201000 | Owl Rock Capital Corp. | 04/15/24 | 5.250 | 30976325 |
| 10000000 | Owl Rock Capital Corp. | 03/30/25 | 4.000 | 9590860 |
| 27070000 | Owl Rock Capital Corp. II<sup>1</sup> | 11/26/24 | 4.625 | 25925514 |
| 18000000 | OWL Rock Core Income Corp. | 09/23/26 | 3.125 | 15701265 |
| 20015000 | Owl Rock Technology Finance Corp.<sup>1</sup> | 12/15/25 | 4.750 | 18385725 |
| 17345000 | PennantPark Investment Corp. | 11/01/26 | 4.000 | 14862079 |
|  |  |  |  | 580633403 |
| 10072000 | **OIL & GAS (0.1%)**<br> Woodside Finance, Ltd.<sup>1</sup> | 09/15/26 | 3.700 | 9618689 |
| 16986000 | **PIPELINES (0.6%)**<br> EnLink Midstream Partners LP | 06/01/25 | 4.150 | 16365671 |
| 31985000 | Northriver Midstream Finance LP<sup>1</sup> | 02/15/26 | 5.625 | 30705600 |
|  |  |  |  | 47071271 |
|  | **REAL ESTATE INVESTMENT TRUSTS (1.0%)**<br>|  |  |  |
| 25360000 | EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman / TRS / EF Cayman Non-MTM<sup>1</sup> | 04/01/27 | 5.875 | 24073846 |
| 23540000 | HAT Holdings I LLC / HAT Holdings II LLC<sup>1</sup> | 06/15/26 | 3.375 | 20891750 |

---

**BBH LIMITED DURATION FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount  |  | Maturity<br>Date | Interest<br>Rate | <br>Value |
|  | **CORPORATE BONDS (continued)**<br> **REAL ESTATE INVESTMENT TRUSTS (continued)**<br>|  |  |  |
| $14480000 | Realty Income Corp. | 01/13/26 | 5.050% | $14519768 |
| 19215000 | Scentre Group Trust 1 / Scentre Group Trust 2<sup>1</sup> | 01/28/26 | 3.625 | 18374243 |
|  |  |  |  | 77859607 |
| 11000000 | **RETAIL (1.0%)**<br> Nordstrom, Inc.  | 04/08/24 | 2.300 | 10440320 |
| 72275000 | Walgreens Boots Alliance, Inc. | 11/17/23 | 0.950 | 70028684 |
|  |  |  |  | 80469004 |
| 33545000 | **SEMICONDUCTORS (0.4%)**<br> ams-OSRAM AG<sup>1</sup> | 07/31/25 | 7.000 | 32288161 |
|  | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds**<br> **(Cost $3,574,976,778)** |  |  | **3412150262** |
|  | **LOAN PARTICIPATIONS AND ASSIGNMENTS (13.0%)**<br>|  |  |  |
| 36085000 | AAdvantage Loyality IP, Ltd. (3-Month USD-LIBOR + 4.750%)<sup>2</sup> | 04/20/28 | 9.558 | 37026458 |
| 21652954 | Allen Media LLC (3-Month CME Term SOFR + 5.500%)<sup>2</sup> | 02/10/27 | 10.230 | 17353976 |
| 20781564 | Allspring Buyer LLC (3-Month USD-LIBOR + 3.000%)<sup>2</sup> | 11/01/28 | 7.750 | 20699269 |
| 6688238 | Allspring Buyer LLC (3-Month CME Term SOFR + 3.750%)<sup>2</sup> | 11/01/28 | 8.330 | 6669444 |
| 46693978 | Asplundh Tree Expert LLC (1-Month USD-LIBOR + 1.750%)<sup>2</sup> | 09/07/27 | 6.320 | 46621136 |
| 8631248 | Avantor Funding, Inc. Term B5 (1-Month USD-LIBOR + 2.250%)<sup>2</sup> | 11/08/27 | 6.820 | 8621581 |
| 20775495 | Avolon TLB Borrower 1 (US) LLC Term B3 (1-Month USD-LIBOR + 1.750%)<sup>2</sup> | 01/15/25 | 6.236 | 20798140 |
| 14700000 | Avolon TLB Borrower 1 (US) LLC Term B5 (1-Month USD-LIBOR + 2.250%)<sup>2</sup> | 12/01/27 | 6.736 | 14715729 |
| 14455000 | Axalta Coating Systems Dutch Holding B BV (Axalta Coating Systems U.S. Holdings, Inc.) Term B4 (3-Month CME Term SOFR + 3.000%)<sup>2</sup> | 12/20/29 | 7.506 | 14509206 |
| 10306453 | BCP Renaissance Parent LLC Term B3 (1-Month CME Term SOFR + 3.500%)<sup>2</sup> | 11/02/26 | 8.061 | 10276976 |
| 35883508 | Buckeye Partners LP Term B1 (1-Month USD-LIBOR + 2.250%)<sup>2</sup> | 11/01/26 | 6.634 | 35872384 |
| 36071858 | Charter Communications Operating LLC Term B1 (1-Month USD-LIBOR + 1.750%)<sup>2</sup> | 04/30/25 | 6.320 | 35995386 |
| 24491572 | Clarios Global LP (1-Month USD-LIBOR + 3.250%)<sup>2</sup> | 04/30/26 | 7.820 | 24373522 |
| 19800000 | Clean Harbors, Inc. (1-Month USD-LIBOR + 2.000%)<sup>2</sup> | 10/08/28 | 6.570 | 19819800 |
| 25891030 | Delos Finance S.a.r.l. (3-Month USD-LIBOR + 1.750%)<sup>2</sup> | 10/06/23 | 6.480 | 25881709 |
| 21414067 | Eastern Power LLC (3-Month USD-LIBOR + 3.750%)<sup>2</sup> | 10/02/25 | 8.480 | 18930036 |
| 45468223 | Elanco Animal Health, Inc. (1-Month USD-LIBOR + 1.750%)<sup>2</sup> | 08/01/27 | 6.119 | 44729365 |
| 21704193 | Horizon Therapeutics USA, Inc. Term B2 (1-Month USD-LIBOR + 1.750%)<sup>2</sup> | 03/15/28 | 6.313 | 21704193 |
| 3701294 | Icon Plc. (3-Month USD-LIBOR + 2.250%)<sup>2</sup> | 07/03/28 | 7.000 | 3699925 |
| 14855648 | Icon Plc. (3-Month USD-LIBOR + 2.250%)<sup>2</sup> | 07/03/28 | 7.000 | 14850152 |
| 6309540 | Iqvia, Inc. Term B2 (1-Month USD-LIBOR + 1.750%)<sup>2</sup> | 01/17/25 | 6.320 | 6297741 |

---

**BBH LIMITED DURATION FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount |  | Maturity <br>Date | Interest<br>Rate | Value |
|  | **LOAN PARTICIPATIONS AND ASSIGNMENTS (continued)** |  |  |  |
| $11310890 | Iqvia, Inc. Term B3 (3-Month USD-LIBOR + 1.750%)<sup>2</sup> | 06/11/25 | 6.480% | $11293245 |
| 31396383 | Iridium Satellite LLC Term B2 (1-Month CME Term SOFR + 2.500%)<sup>2</sup> | 11/04/26 | 7.161 | 31373150 |
| 32913207 | Jazz Pharmaceuticals Plc. (1-Month USD-LIBOR + 3.500%)<sup>2</sup> | 05/05/28 | 8.070 | 32866800 |
| 49132999 | Lumen Technologies, Inc. Term A (1-Month USD-LIBOR + 2.000%)<sup>2</sup> | 01/31/25 | 6.570 | 48129703 |
| 22571661 | Lumen Technologies, Inc. Term B (1-Month USD-LIBOR + 2.250%)<sup>2</sup> | 03/15/27 | 6.820 | 21797678 |
| 36325188 | MPH Acquisition Holdings LLC (3-Month USD-LIBOR + 4.250%)<sup>2</sup> | 09/01/28 | 8.985 | 32596044 |
| 38305663 | NorthRiver Midstream Finance LP Term B (3-Month USD-LIBOR + 3.250%)<sup>2</sup> | 10/01/25 | 8.004 | 38243990 |
| 50000000 | NVA Holdings Parent LLC (1-Month USD-LIBOR + 1.750%)<sup>2,4</sup> | 12/16/24 | 6.375 | 48985000 |
| 50027638 | Organon & Co. (3-Month USD-LIBOR + 3.000%)<sup>2</sup> | 06/02/28 | 7.750 | 49875553 |
| 15000000 | Setanta Aircraft Leasing DAC (3-Month USD-LIBOR + 2.000%)<sup>2</sup> | 11/05/28 | 6.730 | 14967900 |
| 42750000 | SkyMiles IP, Ltd. (3-Month USD-LIBOR + 3.750%)<sup>2</sup> | 10/20/27 | 8.558 | 44166307 |
| 11518855 | SS&C Technologies Holdings, Inc. Term B3 (1-Month USD-LIBOR + 1.750%)<sup>2</sup> | 04/16/25 | 6.320 | 11490058 |
| 9381382 | SS&C Technologies Holdings, Inc. Term B4 (1-Month USD-LIBOR + 1.750%)<sup>2</sup> | 04/16/25 | 6.320 | 9357928 |
| 7827580 | SS&C Technologies Holdings, Inc. Term B5 (1-Month USD-LIBOR + 1.750%)<sup>2</sup> | 04/16/25 | 6.320 | 7808011 |
| 17355525 | UGI Energy Services LLC (1-Month USD-LIBOR + 3.500%)<sup>2</sup> | 08/13/26 | 8.070 | 17341988 |
| 47774063 | United AirLines, Inc. Term B (3-Month USD-LIBOR + 3.750%)<sup>2</sup> | 04/21/28 | 8.568 | 47667049 |
| 20705180 | Vistra Operations Co. LLC (fka Tex Operations Co. LLC) (1-Month USD-LIBOR + 1.750%)<sup>2</sup> | 12/31/25 | 6.300 | 20653417 |
| 41357776 | Wyndham Hotels & Resorts, Inc. Term B (1-Month USD-LIBOR + 1.750%)<sup>2</sup> | 05/30/25 | 6.320 | 41299461 |
| 58591296 | Wynn Resorts, Ltd. Term A (1-Month USD-LIBOR + 1.750%)<sup>2</sup> | 09/20/24 | 6.324 | 57419470 |
|  | **Total Loan Participations and Assignments** |  |  |  |
|  | &nbsp;&nbsp;&nbsp;**(Cost $1,047,963,690)** |  |  | **1036778880** |
|  | **MUNICIPAL BONDS (1.7%)** |  |  |  |
| 31000000 | Kentucky Public Energy Authority, Revenue Bonds (SOFR + 1.200%)<sup>2</sup> | 08/01/52 | 4.081 | 29577915 |
| 10710000 | Texas Municipal Gas Acquisition & Supply Corp. I, Revenue Bonds | 12/15/26 | 6.250 | 11382281 |
| 99360000 | Texas Municipal Gas Acquisition & Supply Corp. II, Revenue Bonds (3-Month USD-LIBOR + 0.690%)<sup>2</sup> | 09/15/27 | 3.838 | 98405637 |
|  | **Total Municipal Bonds** |  |  |  |
|  | &nbsp;&nbsp;&nbsp;**(Cost $141,678,110)** |  |  | **139365833** |
|  | **RESIDENTIAL MORTGAGE BACKED SECURITIES (0.8%)** |  |  |  |
| 11745866 | Cascade Funding Mortgage Trust 2019-RM3<sup>1,2,3</sup> | 06/25/69 | 2.800 | 11367265 |
| 10975777 | CFMT LLC 2021-HB5<sup>1,2,3</sup> | 02/25/31 | 0.801 | 10607534 |

---

**BBH LIMITED DURATION FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity<br> Date | Interest<br> Rate | Value |
|  | **RESIDENTIAL MORTGAGE BACKED SECURITIES** **(continued)**<br>|  |  |  |
| $2210968 | <br>Pepper Residential Securities Trust No. 23A (1-Month USD-LIBOR + 0.950%)<sup>1,2</sup> | 08/18/60 | 5.415% | $2206400 |
| 1281630 | Pepper Residential Securities Trust No. 24A (1-Month USD-LIBOR + 0.900%)<sup>1,2</sup> | 11/18/60 | 5.365 | 1278764 |
| 3298733 | RESIMAC Premier 2019-2A (1-Month USD-LIBOR + 0.950%)<sup>1,2</sup> | 02/10/51 | 5.352 | 3277896 |
| 6036503 | RESIMAC Premier 2020-1A (1-Month USD-LIBOR + 1.050%)<sup>1,2</sup> | 02/07/52 | 5.445 | 6017141 |
| 9087657 | RESIMAC Premier 2021-1A (1-Month USD-LIBOR + 0.700%)<sup>1,2</sup> | 07/10/52 | 5.102 | 9011585 |
| 18367582 | RMF Buyout Issuance Trust 2021-HB1<sup>1,2,3</sup> | 11/25/31 | 1.259 | 17329538 |
| 6888045 | RMF Proprietary Issuance Trust 2019-1<sup>1,2,3</sup> | 10/25/63 | 2.750 | **6359451** |
|  | &nbsp;&nbsp;&nbsp;<br> **Total Residential Mortgage Backed Securities**<br> **(Cost $69,839,473)** |  |  | <br>**67455574**  |
| 15622000 | **U.S. GOVERNMENT AGENCY OBLIGATIONS (2.9%)**<br> Federal Farm Credit Banks Funding Corp. | 08/25/25 | 0.610 | 14271735 |
| 45000000 | Federal Home Loan Bank Discount Notes<sup>6</sup> | 02/01/23 | 0.000 | 45000000 |
| 12000000 | Federal Home Loan Bank Discount Notes<sup>6</sup> | 02/08/23 | 0.000 | 11990223 |
| 36000000 | Federal Home Loan Mortgage Corp. | 05/19/23 | 0.250 | 35523436 |
| 40168000 | Federal Home Loan Mortgage Corp. | 10/27/25 | 0.600 | 36506596 |
| 26490000 | Federal Home Loan Mortgage Corp. | 10/27/25 | 0.625 | 24092241 |
| 40500000 | Federal Home Loan Mortgage Corp. | 11/12/25 | 0.600 | 36665594 |
| 24040000 | Federal Home Loan Mortgage Corp. | 11/25/25 | 0.625 | 21759886 |
| 14547 | Federal Home Loan Mortgage Corp. (FHLMC) Non Gold<br> Guaranteed (1-Year USD-LIBOR + 1.786%)<sup>2</sup> | 04/01/36 | 2.544 | 14439 |
| 12695 | Federal Home Loan Mortgage Corp. (FHLMC) Non Gold<br> Guaranteed (6-Month USD-LIBOR + 1.740%)<sup>2</sup> | 12/01/36 | 3.865 | 12393 |
| 10481 | Federal Home Loan Mortgage Corp. (FHLMC) Non Gold<br> Guaranteed (1-Year USD-LIBOR + 1.745%)<sup>2</sup> | 01/01/37 | 1.995 | 10266 |
| 2759131 | Federal National Mortgage Association (FNMA) | 07/01/35 | 5.000 | 2835477 |
| 168979 | Federal National Mortgage Association (FNMA) | 11/01/35 | 5.500 | 176972 |
| 21790 | Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.955%)<sup>2</sup> | 07/01/36 | 4.205 | 22451 |
| 32508 | Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.721%)<sup>2</sup> | 09/01/36 | 3.971 | 32903 |
| 25430 | Federal National Mortgage Association (FNMA) (1-Year USD-LIBOR + 1.755%)<sup>2</sup> | 01/01/37 | 2.733 | 25200 |
| 160227 | Federal National Mortgage Association (FNMA) | 08/01/37 | 5.500 | 167938 |
| 1949085 | Federal National Mortgage Association (FNMA) | 08/01/37 | 5.500 | 2034157 |
| 751255 | Federal National Mortgage Association (FNMA) | 06/01/40 | 6.500 | 806478 |
| 4414 | Government National Mortgage Association (GNMA) (1-Year CMT Index + 1.500%)<sup>2</sup>  | 08/20/29 | 2.625 | 4329 |
|  | &nbsp;&nbsp;&nbsp;**Total U.S. Government Agency Obligations**<br> **(Cost $245,970,348)** |  |  | **231952714** |
| 103000000 | **U.S. TREASURY BILLS (8.3%)**<br> U.S. Treasury Bill<sup>6</sup> | 02/07/23 | 0.000 | 102928424 |
| 140700000 | U.S. Treasury Bill<sup>6</sup> | 02/23/23 | 0.000 | 140323808 |

---

**BBH LIMITED DURATION FUND**

PORTFOLIO OF INVESTMENTS (continued)<br> January 31, 2023 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount** | **Maturity<br> Date** | **Interest<br> Rate** | **Value** |
| $120500000 U.S. Treasury Bill<sup>6</sup> | 03/14/23 | 0.000% | $119886478 |
| 155000000 U.S. Treasury Bill<sup>6</sup> | 03/21/23 | 0.000 | 154069160 |
| 106900000 U.S. Treasury Bill<sup>6</sup> | 03/28/23 | 0.000 | 106164275 |
| 36000000 U.S. Treasury Bill<sup>6</sup> | 04/27/23 | 0.000 | 35617754 |
| 7000000 U.S. Treasury Bill<sup>6,7</sup> | 07/06/23 | 0.000 | 6863433 |
|  | &nbsp;&nbsp;&nbsp;**Total U.S. Treasury Bills**<br> **(Cost $665,846,454)** |  | **665853332** |
| **TOTAL INVESTMENTS (Cost $8,256,937,997)<sup>8</sup>** | **TOTAL INVESTMENTS (Cost $8,256,937,997)<sup>8</sup>** | **99.6%** | $**7970323664** |
| **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES** | **CASH AND OTHER ASSETS IN EXCESS OF LIABILITIES** | **0.4%** | **30052600** |
| **NET ASSETS** | **NET ASSETS** | **100.0%** | $**8000376264** |

---

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at January 31, 2023 was $3,875,958,903 or 48.4% of net assets.

<sup>2</sup> Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the January 31, 2023 coupon or interest rate.

<sup>3</sup> This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end.

<sup>4</sup> Security that used significant unobservable inputs to determine fair value.

<sup>5</sup> Security is perpetual in nature and has no stated maturity date.

<sup>6</sup> Security issued with zero coupon. Income is recognized through accretion of discount.

<sup>7</sup> All or a portion of this security is held at the broker as collateral for open futures contracts.

<sup>8</sup> The aggregate cost for federal income tax purposes is $8,256,937,997, the aggregate gross unrealized appreciation is $11,799,850 and the aggregate gross unrealized depreciation is $303,667,403, resulting in net unrealized depreciation of $291,867,553.

Abbreviations:

---

| | |
|:---|:---|
| CMT | Constant Maturity Treasury. |
| FHLMC | Federal Home Loan Mortgage Corporation. |
| FNMA | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. |
| LIBOR | London Interbank Offered Rate. |
| SOFR | Secured Overnight Financing Rate. |

---

**FINANCIAL FUTURES CONTRACTS**

The following futures contracts were open at January 31, 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional Amount** | **Market<br> Value** | **Unrealized<br> Gain / (Loss)** |
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 2-Year Notes | 1012 | March 2023 | $207293969 | $208116219 | $(822250) |
| U.S. Treasury 5-Year Notes | 3356 | March 2023 | 362185813 | 366616783 | (4430970) |
|  |  |  |  |  | $(5253220) |

---

**BBH LIMITED DURATION FUND**

PORTFOLIO OF INVESTMENTS (continued)<br> January 31, 2023 (unaudited)

**FAIR VALUE MEASUREMENTS**

BBH Limited Duration Fund (the "Fund") is required to disclose information regarding the fair value measurements of the Fund's assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund's own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

---

| | |
|:---|:---|
| Level 1 – | unadjusted quoted prices in active markets for identical assets and liabilities. |
| Level 2 – | significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | significant unobservable inputs (including the Fund's own assumptions in determining the fair value of assets and liabilities). |

---

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser's perceived risk of that instrument.

Financial assets within Level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. As Level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include asset backed securities and certain corporate debt securities.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

**BBH LIMITED DURATION FUND**

PORTFOLIO OF INVESTMENTS (continued)<br> January 31, 2023 (unaudited)

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of January 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments, at value | Unadjusted Quoted<br> Prices in Active Markets<br> for Identical Investments<br> (Level 1) | Significant Other<br> Observable Inputs<br> (Level 2) | Significant<br> Unobservable Inputs<br> (Level 3) | Balance as of<br> January 31, 2023 |
| Asset Backed Securities | $– | $1949652397 | $11210409 | $1960862806 |
| Commercial Mortgage Backed Securities |  | 455904263 |  | 455904263 |
| Corporate Bonds |  | 3412150262 |  | 3412150262 |
| Loan Participations and Assignments |  | 987793880 | 48985000 | 1036778880 |
| Municipal Bonds |  | 139365833 |  | 139365833 |
| Residential Mortgage Backed Securities |  | 67455574 |  | 67455574 |
| U.S. Government Agency Obligations |  | 231952714 |  | 231952714 |
| U.S. Treasury Bills | – | 665853332 | – | 665853332 |
| &nbsp;&nbsp;&nbsp;**Total Investment, at value** | $**–** | $**7910128255** | $**60195409** | $**7970323664** |
| Other Financial Instruments, at value |  |  |  |  |
| Financial Futures Contracts | $(5253220) | $– | $– | $(5253220) |
| &nbsp;&nbsp;&nbsp;**Other Financial Instruments, at value** | $**(5253220)** | $**–** | $**–** | $**(5253220)** |

---

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period ended January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Backed<br> Securities | Corporate<br> Bonds | Loan<br> Participations <br>and Assignments | Total |
| Balance as of October 31, 2022 | $12906891 | $21631275 | $47785000 | $82323166 |
| Purchases |  |  |  |  |
| Sales / Paydowns | (1290128) |  |  | (1290128) |
| Realized gains/(losses) |  |  |  |  |
| Change in unrealized appreciation/(depreciation) | (406354) | (5756275) | 1168382 | (4994247) |
| Amortization |  |  | 31618 | 31618 |
| Transfers from Level 3 |  | (15875000) |  | (15875000) |
| Transfers to Level 3 | - | - | - | - |
| Balance as of January 31, 2023 | $11210409 | $- | $48985000 | $60195409 |

---

The Fund's investments classified as Level 3 were valued using a model approach, including the Fund's assumptions in determining their fair value.

Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed.

**For more complete information on the Fund, call 1-800-575-1265 for a prospectus or visit www.bbhfunds.com. You should consider the Fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Fund's prospectus, which you should read carefully before investing.**

The BBH Funds are managed by a separately identifiable department within Brown Brothers Harriman & Co. Shares of the Fund are distributed by ALPS Distributors, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-21829

- **c. CIK number of Registrant:** 0001342947

- **d. LEI of Registrant:** 5493002QM4WBFYUZ3Y95

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

  - **Street Address 1:** 50 Post Office Square

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 800-575-1265

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

- **a. Name of Series:** BBH Limited Duration Fund

- **b. EDGAR series identifier (if any):** S000015110

- **c. LEI of Series:** 549300GDZGAO1AE3NJ34

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $8196738573.91

**Total Liabilities:** $203256003.54

**Net Assets:** $7993482570.37

**Cash Not Reported:** $7851838.15

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 77342.00000000 | **1-Year:** 510706.00000000 | **5-Year:** 638832.00000000 | **10-Year:** 14873.00000000 | **30-Year:** -4.00000000

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

- **3-Month:** 2986.00000000 | **1-Year:** 74322.00000000 | **5-Year:** 170357.00000000 | **10-Year:** 8138.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000041214 | 0.78%                | 0.40%                | 1.33%                |
| Class ID C000041213 | 0.67%                | 0.49%                | 1.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $20109.69                | $43685135.61                               |
| Month 2  | $-7952.59                | $10857366.66                               |
| Month 3  | $380086.57               | $83552808.26                               |

**Designated Index Information**

- **Index Name:** limited_duration_fund_security_portfolio

- **Index Identifier:** n/a

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FHLMC P1J0256 V/R 01/01/37                     | FHLMC P1J0256 V/R 01/01/37 3.99500000                                                           | CUSIP: 3128LUH90<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     10481 | NS      | $10265.61      | 0.00%             | 2037-01-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL F 2.55% 06/29/25                 | ATHENE GLOBAL FUNDING REGD 144A P/P 2.55000000                                                  | CUSIP: 04685A2N0<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  14345000 | NS      | $13290487.86   | 0.17%             | 2025-06-29      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| BLACKSTONE PRIV 2.35% 11/22/24                 | BLACKSTONE PRIVATE CRE REGD SER WI 2.35000000                                                   | CUSIP: 09261HAH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  30840000 | NS      | $28870527.38   | 0.36%             | 2024-11-22      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| T/L SS&C TECH 0% 4/16/25                       | T/L SS&C TECHNOLOGIES INC REGD ZCP 0.00000000                                                   | CUSIP: 78466DBD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  12521375 | NS      | $12490071.68   | 0.16%             | 2025-04-16      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| T/L ZEBRA BUYER 0% 11/01/2028                  | T/L ZEBRA BUYER LLC REGD 0.00000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  20781564 | NS      | $20699268.82   | 0.26%             | 2028-11-01      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| FHLMC 0.6% 11/12/25                            | FEDERAL HOME LOAN MORTGAGE CORP SER 0000 0.60000000                                             | CUSIP: 3134GXAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  40500000 | NS      | $36665594.06   | 0.46%             | 2025-11-12      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| BHG 2022-A A 1.71% 02/20/35                    | BHG SECURITIZATION TRUST 2022-A SER 2022-A CL A REGD 144A P/P 1.71000000                        | CUSIP: 054977AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  28119504 | NS      | $26408018.36   | 0.33%             | 2035-02-20      | Fixed         | 1.71%                 | Yes           |                  2 | On Loan: No      |
| T/L GRIZZLY ACQUI 0% 10/01/25                  | T/L GRIZZLY ACQUISITIONS INC   REGD 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |  38305663 | NS      | $38243990.52   | 0.48%             | 2025-10-01      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| T/L IRIDIUM SAT 0% 11/04/26                    | T/L IRIDIUM SATELLITE LLC REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  31396383 | NS      | $31373150.11   | 0.39%             | 2026-11-04      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL COR 3.5% 02/10/23                 | ARES CAPITAL CORP REGD 3.50000000                                                               | CUSIP: 04010LAU7<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |  74580000 | NS      | $74544094.20   | 0.93%             | 2023-02-10      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BX 2019-RP A V/R 06/15/21                      | BX TRUST 2019-RP SER 2019-RP CL A V/R REGD 144A P/P 5.50400000                                  | CUSIP: 05607VAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    459282 | NS      | $452745.28     | 0.01%             | 2034-06-15      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| T/L CLARIOS GLOB 0% 04/30/26                   | T/L CLARIOS GLOBAL LP    REGD 0.00000000                                                        | CUSIP: C8000CAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  24491572 | NS      | $24373522.36   | 0.30%             | 2026-04-30      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| UMBS P#735997 5.5% 11/01/35                    | FANNIE MAE POOL UMBS P#735997 5.50000000                                                        | CUSIP: 31402RUW7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    168979 | NS      | $176972.04     | 0.00%             | 2035-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VITALITY RE XIII  V/R 01/06/26                 | VITALITY RE XIII LTD REGD V/R 144A P/P SER A 6.61097300                                         | CUSIP: 92849MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  11950000 | NS      | $11292750.00   | 0.14%             | 2026-01-06      | Variable      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 11/03/26                 | HSBC HOLDINGS PLC REGD V/R 7.33600000                                                           | CUSIP: 404280DQ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   5780000 | NS      | $6100789.48    | 0.08%             | 2026-11-03      | Variable      | 7.34%                 | No            |                  2 | On Loan: No      |
| GMCAR 2022-1 A 0.76% 09/16/23                  | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2022-1 SER 2022-1 CL A2 REGD 0.76000000      | CUSIP: 380146AB6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9194387 | NS      | $9081108.56    | 0.11%             | 2025-02-18      | Fixed         | 0.76%                 | No            |                  2 | On Loan: No      |
| AMCAR 2021-3 A 0.41% 06/18/23                  | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2021-3 SER 2021-3 CL A2 REGD 0.41000000                | CUSIP: 03066JAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7748186 | NS      | $7702999.65    | 0.10%             | 2025-02-18      | Fixed         | 0.41%                 | No            |                  2 | On Loan: No      |
| BXMT 2020-FL2 A V/R 07/15/22                   | BXMT 2020-FL2 LTD SER 2020-FL2 CL A V/R REGD 144A P/P 5.49730000                                | CUSIP: 12434LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  30351537 | NS      | $29462746.92   | 0.37%             | 2038-02-15      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2019-RM3 A V/R 06/25/69                   | CASCADE FUNDING MORTGAGE TRUST 2019-RM3 SER 2019-RM3 CL A V/R REGD 144A P/P 2.80000000          | CUSIP: 147271AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  11745866 | NS      | $11367264.75   | 0.14%             | 2069-06-25      | Variable      | 2.80%                 | Yes           |                  2 | On Loan: No      |
| CGMS 2019-2A A1R V/R 07/15/32                  | CARLYLE US CLO 2019-2 LTD SER 2019-2A CL A1R V/R REGD 144A P/P 5.91243000                       | CUSIP: 14316EAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  29280000 | NS      | $28826997.41   | 0.36%             | 2032-07-15      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| FAHB 2022-HB1 A V/R 12/25/24                   | FINANCE OF AMERICA HECM BUYOUT 2022-HB1 SER 2022-HB1 CL A V/R REGD 144A P/P 2.69480000          | CUSIP: 31735JAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  28095452 | NS      | $27129296.71   | 0.34%             | 2032-02-25      | Variable      | 2.69%                 | Yes           |                  2 | On Loan: No      |
| PRICOA GLOBAL F 1.15% 12/06/24                 | PRICOA GLOBAL FUNDING 1 REGD 144A P/P MTN 1.15000000                                            | CUSIP: 74153WCQ0<br>LEI: 635400IBXEBMD9ADYA79 | Long             | DBT              | CORP              | US        |  37180000 | NS      | $34696376.00   | 0.43%             | 2024-12-06      | Fixed         | 1.15%                 | Yes           |                  2 | On Loan: No      |
| STHWK 2019-4A A1 V/R 07/20/32                  | SOUTHWICK PARK CLO LLC SER 2019-4A CL A1R V/R REGD 144A P/P 5.86771000                          | CUSIP: 846031AN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  22755000 | NS      | $22481940.00   | 0.28%             | 2032-07-20      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK LIFE G 1.45% 01/14/25                 | NEW YORK LIFE GLOBAL FDG REGD 144A P/P MTN 1.45000000                                           | CUSIP: 64952WEK5<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |  73445000 | NS      | $69062923.17   | 0.86%             | 2025-01-14      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: No      |
| T/L ASPLUNDH TREE 0% 09/07/27                  | T/L ASPLUNDH TREE EXPERT LLC   REGD 0.00000000                                                  | CUSIP: 04538FAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  46693978 | NS      | $46621135.74   | 0.58%             | 2027-09-07      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF C 4.24% 08/03/27                 | ROYAL BANK OF CANADA REGD MTN SER GMTN 4.24000000                                               | CUSIP: 78016FZS6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |  24915000 | NS      | $24568273.64   | 0.31%             | 2027-08-03      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| SDART 2022-1 A 1.36% 05/15/23                  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-1 SER 2022-1 CL A2 REGD 1.36000000                  | CUSIP: 80286EAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8384836 | NS      | $8373134.21    | 0.10%             | 2024-12-16      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| CFMT 2021-HB5 A V/R 11/25/23                   | CFMT 2021-HB5 LLC SER 2021-HB5 CL A V/R REGD 144A P/P 0.80060000                                | CUSIP: 12526PAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10975777 | NS      | $10607534.06   | 0.13%             | 2031-02-25      | Variable      | 0.80%                 | Yes           |                  2 | On Loan: No      |
| ARIFL 2022-A A 3.12% 11/15/24                  | ARI FLEET LEASE TRUST 2022-A SER 2022-A CL A2 REGD 144A P/P 3.12000000                          | CUSIP: 00217QAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  14300000 | NS      | $14066363.74   | 0.18%             | 2031-01-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| DAIMLER TRUCK FI 5.2% 01/17/25                 | DAIMLER TRUCK FINAN NA REGD 144A P/P 5.20000000                                                 | CUSIP: 233853AN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16000000 | NS      | $16082652.64   | 0.20%             | 2025-01-17      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| COREBRIDGE GLOB  0.4% 09/13/23                 | COREBRIDGE GLOB FUNDING REGD 144A P/P 0.40000000                                                | CUSIP: 00138CAT5<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |  84507000 | NS      | $82119513.31   | 1.03%             | 2023-09-13      | Fixed         | 0.40%                 | Yes           |                  2 | On Loan: No      |
| FHLMC 0.625% 11/25/25                          | FEDERAL HOME LOAN MORTGAGE CORP 0.62500000                                                      | CUSIP: 3134GXCS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  24040000 | NS      | $21759885.81   | 0.27%             | 2025-11-25      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL  3.375% 04/15/24                 | GOLUB CAPITAL BDC REGD 3.37500000                                                               | CUSIP: 38173MAA0<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |  39855000 | NS      | $38666878.61   | 0.48%             | 2024-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FFCB 0.61% 08/25/25                            | FEDERAL FARM CREDIT BANKS FUNDING CORP 0.61000000                                               | CUSIP: 3133EL4W1<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |  15622000 | NS      | $14271734.61   | 0.18%             | 2025-08-25      | Fixed         | 0.61%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDI 0.9% 09/20/24                 | F&G GLOBAL FUNDING REGD 144A P/P 0.90000000                                                     | CUSIP: 30321L2B7<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |  59274000 | NS      | $54799171.01   | 0.69%             | 2024-09-20      | Fixed         | 0.90%                 | Yes           |                  2 | On Loan: No      |
| RESI 2020-1A A1A V/R 02/07/52                  | RESIMAC PREMIER SERIES 2020-1 SER 2020-1A CL A1A V/R REGD 144A P/P 5.44514000                   | CUSIP: 76120GAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |   6036503 | NS      | $6017140.46    | 0.08%             | 2052-02-07      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 03/21/23                         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                      | CUSIP: 912796Z77<br>LEI: N/A                  | Long             | STIV             | UST               | US        | 155000000 | PA      | $154069160.01  | 1.93%             | 2023-03-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEUB 2019-34A A1 V/R 01/20/35                  | NEUBERGER BERMAN LOAN ADVISERS CLO 3 SER 2019-34A CL A1R V/R REGD 144A P/P 5.87904000           | CUSIP: 64132YAQ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  47600000 | NS      | $46814600.00   | 0.59%             | 2035-01-20      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 03/18/28                 | LLOYDS BANKING GROUP PLC REGD V/R 3.75000000                                                    | CUSIP: 53944YAS2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  17755000 | NS      | $16872262.41   | 0.21%             | 2028-03-18      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| T/L ICON LUXEMBOU 0% 07/03/28                  | T/L ICON LUXEMBOURG S.A.R.L.   REGD 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |  14855648 | NS      | $14850151.63   | 0.19%             | 2028-07-03      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| MET TOWER GLOBA 1.25% 09/14/26                 | MET TOWER GLOBAL FUNDING REGD 144A P/P MTN 1.25000000                                           | CUSIP: 58989V2D5<br>LEI: 635400OFJCY9IOGBGY57 | Long             | DBT              | CORP              | US        |  44790000 | NS      | $39601974.30   | 0.50%             | 2026-09-14      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| RPIT 2019-1 A V/R 10/25/24                     | RMF PROPRIETARY ISSUANCE TRUST 2019-1 SER 2019-1 CL A V/R REGD 144A P/P 2.75000000              | CUSIP: 74968RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6888045 | NS      | $6359451.34    | 0.08%             | 2063-10-25      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| T/L AVANTOR INC 0% 11/08/27                    | T/L AVANTOR INC REGD 0.00000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   8631248 | NS      | $8621581.12    | 0.11%             | 2027-11-08      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| NFMOT 2020-1A  1.55% 02/15/23                  | NEXTGEAR FLOORPLAN MASTER OWNER TRUST SER 2020-1A CL A2 REGD 144A P/P 1.55000000                | CUSIP: 65341KBN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  30640000 | NS      | $30593638.62   | 0.38%             | 2025-02-15      | Fixed         | 1.55%                 | Yes           |                  2 | On Loan: No      |
| BANK OF NEW ZEAL 3.5% 02/20/24                 | BANK OF NEW ZEALAND REGD 144A P/P 3.50000000                                                    | CUSIP: 06407EAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | NZ        |  34710000 | NS      | $34125618.97   | 0.43%             | 2024-02-20      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| T/L ALLEN MEDIA 0% 02/10/2027                  | T/L ALLEN MEDIA LLC AKA ENTERT REGD 0.00000000                                                  | CUSIP: 01771JAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  21652954 | NS      | $17353976.46   | 0.22%             | 2027-02-10      | Variable      | 10.23%                | No            |                  2 | On Loan: No      |
| PFSFC 2022-A A 2.47% 02/15/25                  | PFS FINANCING CORP SER 2022-A CL A REGD 144A P/P 2.47000000                                     | CUSIP: 69335PEF8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  47670000 | NS      | $45321485.01   | 0.57%             | 2027-02-15      | Fixed         | 2.47%                 | Yes           |                  2 | On Loan: No      |
| UMBS P#310104 5.5% 08/01/37                    | FANNIE MAE POOL UMBS P#310104 5.50000000                                                        | CUSIP: 31374CNV4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1949085 | NS      | $2034157.28    | 0.03%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONDK 2021-1A A 1.59% 05/17/24                  | ONDECK ASSET SECURITIZATION TRUST III LLC SER 2021-1A CL A REGD 144A P/P 1.59000000             | CUSIP: 68236WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  21250000 | NS      | $19604344.75   | 0.25%             | 2027-05-17      | Fixed         | 1.59%                 | Yes           |                  2 | On Loan: No      |
| T/L NVA HOLDIN 0% 12/16/2024                   | T/L NVA HOLDINGS PARENT LLC    REGD 0.00000000                                                  | CUSIP: 62955GAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  50000000 | NS      | $48985000.00   | 0.61%             | 2024-12-16      | Variable      | 6.38%                 | No            |                  3 | On Loan: No      |
| OMFIT 2022-3A  5.94% 04/14/26                  | ONEMAIN FINANCIAL ISSUANCE TRUST 2022-3 SER 2022-3A CL A REGD 144A P/P 5.94000000               | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  14640000 | NS      | $14767091.30   | 0.18%             | 2034-05-15      | Fixed         | 5.94%                 | Yes           |                  2 | On Loan: No      |
| DCAL 2015-1A A1 V/R 02/15/22                   | AIM AVIATION FINANCE LTD SER 2015-1A CL A1 V/R REGD P/P 6.21300000                              | CUSIP: 001406AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  13113546 | NS      | $9179154.34    | 0.11%             | 2040-02-15      | Variable      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| T/L CLEAN 0% 10/08/2028                        | T/L CLEAN HARBORS INC REGD 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  19800000 | NS      | $19819800.00   | 0.25%             | 2028-10-08      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| MED 2021-MDLN A V/R 11/15/23                   | MED TRUST 2021-MDLN SER 2021-MDLN CL A V/R REGD 144A P/P 5.41000000                             | CUSIP: 58403YAD8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  17986565 | NS      | $17536364.44   | 0.22%             | 2038-11-15      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION E 3.25% 06/01/25                 | CONSTELLATION EN GEN LLC REGD 3.25000000                                                        | CUSIP: 30161MAS2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16025000 | NS      | $15422005.69   | 0.19%             | 2025-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 02/04/25                 | BANK OF AMERICA CORP REGD V/R MTN 1.84300000                                                    | CUSIP: 06051GKG3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  19530000 | NS      | $18850076.14   | 0.24%             | 2025-02-04      | Variable      | 1.84%                 | No            |                  2 | On Loan: No      |
| SYNIT 2022-A1  3.37% 04/15/25                  | SYNCHRONY CARD FUNDING LLC SER 2022-A1 CL A REGD 3.37000000                                     | CUSIP: 87166PAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  12760000 | NS      | $12431156.94   | 0.16%             | 2028-04-15      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| TCO 2022-DPM A V/R 05/15/24                    | TAUBMAN CENTERS COMMERCIAL MORTGAGE TRUS SER 2022-DPM CL A V/R REGD 144A P/P 6.66404000         | CUSIP: 87666YAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  24300000 | NS      | $23769212.67   | 0.30%             | 2037-05-15      | Variable      | 6.66%                 | Yes           |                  2 | On Loan: No      |
| SCFET 2022-1A  2.06% 08/20/24                  | SCF EQUIPMENT LEASING 2022-1 LLC SER 2022-1A CL A2 REGD 144A P/P 2.06000000                     | CUSIP: 784033AC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  28546629 | NS      | $27809272.73   | 0.35%             | 2028-02-22      | Fixed         | 2.06%                 | Yes           |                  2 | On Loan: No      |
| REPS 2020-A A 2.47% 11/20/30                   | REPUBLIC FINANCE ISSUANCE TRUST 2020-A SER 2020-A CL A REGD 144A P/P 2.47000000                 | CUSIP: 76042EAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  16470000 | NS      | $15677610.18   | 0.20%             | 2030-11-20      | Fixed         | 2.47%                 | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 07/06/23                         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                      | CUSIP: 912796ZS1<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   7000000 | PA      | $6863433.15    | 0.09%             | 2023-07-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MCFCL 2019-1A A1 V/R 07/17/31                  | MCF CLO IX LTD SER 2019-1A CL A1R V/R REGD 144A P/P 6.15755000                                  | CUSIP: 55281XAM3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8450000 | NS      | $8321109.62    | 0.10%             | 2031-07-17      | Variable      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| WFLF 2022-1A A 2.47% 10/18/36                  | WHEELS FLEET LEASE FUNDING 1 LLC SER 2022-1A CL A REGD 144A P/P 2.47000000                      | CUSIP: 96328GAF4<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-CBDO         | CORP              | US        |  35962387 | NS      | $35073745.67   | 0.44%             | 2036-10-18      | Fixed         | 2.47%                 | Yes           |                  2 | On Loan: No      |
| FHLMC 0.6% 10/27/25                            | FEDERAL HOME LOAN MORTGAGE CORP SER 0000 0.60000000                                             | CUSIP: 3134GW5P7<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  40168000 | NS      | $36506595.62   | 0.46%             | 2025-10-27      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| EART 2022-6A A 5.73% 02/15/24                  | EXETER AUTOMOBILE RECEIVABLES TRUST 2022-6 SER 2022-6A CL A2 REGD 5.73000000                    | CUSIP: 30168AAB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  13000000 | NS      | $13012229.10   | 0.16%             | 2025-11-17      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 04/27/23                         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                      | CUSIP: 912796YV5<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  36000000 | PA      | $35617754.88   | 0.45%             | 2023-04-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP V/R 06/10/23                  | DUKE ENERGY CORP REGD V/R 4.53540000                                                            | CUSIP: 26441CBK0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |  39340000 | NS      | $39298386.93   | 0.49%             | 2023-06-10      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 02/07/23                         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                      | CUSIP: 912796ZT9<br>LEI: N/A                  | Long             | STIV             | UST               | US        | 103000000 | PA      | $102928423.59  | 1.29%             | 2023-02-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CAPITAL C 4% 03/30/25                 | OWL ROCK CAPITAL CORP REGD 4.00000000                                                           | CUSIP: 69121KAB0<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |  10000000 | NS      | $9590860.20    | 0.12%             | 2025-03-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| T/L UGI ENERGY 0% 08/13/26                     | T/L UGI ENERGY SERVICES  LLC   REGD 0.00000000                                                  | CUSIP: 90276DAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  17355525 | NS      | $17341987.69   | 0.22%             | 2026-08-13      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TUR V/R 01/01/24                 | NEW JERSEY ST TURNPIKE AUTH TU REGD N/C V/R B/E 3.75800000                                      | CUSIP: 646140BK8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  10100000 | NS      | $10143656.24   | 0.13%             | 2024-01-01      | Variable      | 3.76%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG 7% 07/31/25                       | AMS-OSRAM AG REGD 144A P/P 7.00000000                                                           | CUSIP: 03217CAA4<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |  33545000 | NS      | $32288160.43   | 0.40%             | 2025-07-31      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC 0.25% 05/19/23                           | FEDERAL HOME LOAN MORTGAGE CORP 0.25000000                                                      | CUSIP: 3134GXCB8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  36000000 | NS      | $35523436.32   | 0.44%             | 2023-05-19      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| MFIT 2019-AA A 2.96% 08/21/23                  | MARINER FINANCE ISSUANCE TRUST 2019-A SER 2019-AA CL A REGD 144A P/P 2.96000000                 | CUSIP: 56847MAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5819742 | NS      | $5749390.39    | 0.07%             | 2032-07-20      | Fixed         | 2.96%                 | Yes           |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS V/R 09/15/27                 | TEXAS ST MUNI GAS ACQUISITION REGD N/C V/R B/E 3.83800000                                       | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |  99360000 | NS      | $98405637.26   | 1.23%             | 2027-09-15      | Variable      | 3.84%                 | No            |                  2 | On Loan: No      |
| DIAGEO CAPITAL P 5.2% 10/24/25                 | DIAGEO CAPITAL PLC REGD 5.20000000                                                              | CUSIP: 25243YBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |  15335000 | NS      | $15668532.57   | 0.20%             | 2025-10-24      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA 5.85% 11/15/27                     | KEY BANK NA REGD SER BKNT 5.85000000                                                            | CUSIP: 49327M3F9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18760000 | NS      | $19659321.19   | 0.25%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ENLINK MIDSTREA 4.15% 06/01/25                 | ENLINK MIDSTREAM PARTNER REGD 4.15000000                                                        | CUSIP: 29336UAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16986000 | NS      | $16365671.28   | 0.20%             | 2025-06-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| AXIS 2022-1A A 1.64% 10/20/27                  | AMUR EQUIPMENT FINANCE RECEIVABLES X LLC SER 2022-1A CL A2 REGD 144A P/P 1.64000000             | CUSIP: 03236VAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10983888 | NS      | $10459456.69   | 0.13%             | 2027-10-20      | Fixed         | 1.64%                 | Yes           |                  2 | On Loan: No      |
| EFF 2022-4 A2 5.76% 05/20/26                   | ENTERPRISE FLEET FINANCING 2022-4 LLC SER 2022-4 CL A2 REGD 144A P/P 5.76000000                 | CUSIP: 29374GAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  12500000 | NS      | $12631187.50   | 0.16%             | 2029-10-22      | Fixed         | 5.76%                 | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 02/23/23                         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                      | CUSIP: 912796T33<br>LEI: N/A                  | Long             | STIV             | UST               | US        | 140700000 | PA      | $140323807.61  | 1.76%             | 2023-02-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| KCOT 2022-1A A 2.34% 05/15/24                  | KUBOTA CREDIT OWNER TRUST 2022-1 SER 2022-1A CL A2 REGD 144A P/P 2.34000000                     | CUSIP: 50117EAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  26102095 | NS      | $25654922.17   | 0.32%             | 2025-04-15      | Fixed         | 2.34%                 | Yes           |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 03/18/26                 | LLOYDS BANKING GROUP PLC REGD V/R 3.51100000                                                    | CUSIP: 53944YAR4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  24865000 | NS      | $23925716.92   | 0.30%             | 2026-03-18      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| FRANKLIN BSP LE 3.25% 03/30/26                 | FRANKLIN BSP LENDING COR REGD SER WI 3.25000000                                                 | CUSIP: 12325JAJ0<br>LEI: 549300K8IFP295FLKS39 | Long             | DBT              | CORP              | US        |  26475000 | NS      | $23407601.21   | 0.29%             | 2026-03-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS  5.5% 01/15/26                 | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 5.50000000                                               | CUSIP: 05401AAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  33535000 | NS      | $32964000.23   | 0.41%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NORDSTROM INC 2.3% 04/08/24                    | NORDSTROM INC REGD SER WI 2.30000000                                                            | CUSIP: 655664AX8<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |  11000000 | NS      | $10440320.00   | 0.13%             | 2024-04-08      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI G 6.25% 12/15/26                 | TEXAS ST MUNI GAS ACQUISITION REGD N/C OID B/E 6.25000000                                       | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |  10710000 | NS      | $11382280.61   | 0.14%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| T/L WYNN RESORTS 0% 09/20/24                   | T/L WYNN RESORTS LIMITED REGD 0.00000000                                                        | CUSIP: 98313DAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  58591296 | NS      | $57419470.35   | 0.72%             | 2024-09-20      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| OPTN 2019-A A 3.08% 08/08/25                   | OPORTUN FUNDING XIII LLC SER 2019-A CL A REGD 144A P/P 3.08000000                               | CUSIP: 68377FAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  17441763 | NS      | $17002448.62   | 0.21%             | 2025-08-08      | Fixed         | 3.08%                 | Yes           |                  2 | On Loan: No      |
| ECAF 2015-1A  3.473% 06/15/22                  | ECAF I LTD SER 2015-1A CL A1 REGD 144A P/P 3.47300000                                           | CUSIP: 26827EAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4469674 | NS      | $2771036.66    | 0.03%             | 2040-06-15      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| SORT 2020-1 A1 1.69% 07/15/25                  | CF HIPPOLYTA ISSUER LLC SER 2020-1 CL A1 REGD 144A P/P 1.69000000                               | CUSIP: 12530MAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  22995866 | NS      | $20780796.52   | 0.26%             | 2060-07-15      | Fixed         | 1.69%                 | Yes           |                  2 | On Loan: No      |
| BX 2019-XL A V/R 10/15/21                      | BX COMMERCIAL MORTGAGE TRUST 2019-XL SER 2019-XL CL A V/R REGD 144A P/P 5.51252000              | CUSIP: 056054AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  11673746 | NS      | $11622788.67   | 0.15%             | 2036-10-15      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC LIFE GF  1.2% 06/24/25                 | PACIFIC LIFE GF II REGD 144A P/P 1.20000000                                                     | CUSIP: 6944PL2B4<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |  19330000 | NS      | $17728630.31   | 0.22%             | 2025-06-24      | Fixed         | 1.20%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE &  V/R 03/16/24                 | JPMORGAN CHASE & CO REGD V/R 0.69700000                                                         | CUSIP: 46647PBZ8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  62235000 | NS      | $61872092.16   | 0.77%             | 2024-03-16      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| T/L CHARTER 0% 04/30/2025                      | T/L CHARTER COMMUNICATIONS OPERATING LLC REGD 0.00000000                                        | CUSIP: 16117LBW8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  36071858 | NS      | $35995385.88   | 0.45%             | 2025-04-30      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| T/L BCP RENAISSANC 0% 11/02/2026               | T/L BCP RENAISSANCE PARENT     LLC REGD 0.00000000                                              | CUSIP: 05549PAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10306453 | NS      | $10276976.33   | 0.13%             | 2026-11-02      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| T/L SS&C TECHNOLOGI 0% 4/16/25                 | T/L SS&C TECHNOLOGIES          HOLDINGS INC REGD 0.00000000                                     | CUSIP: 78466DBF0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7827580 | NS      | $7808010.94    | 0.10%             | 2025-04-16      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| OPTN 2021-C A 2.18% 10/08/31                   | OPORTUN ISSUANCE TRUST 2021-C SER 2021-C CL A REGD 144A P/P 2.18000000                          | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  56210000 | NS      | $50504943.57   | 0.63%             | 2031-10-08      | Fixed         | 2.18%                 | Yes           |                  2 | On Loan: No      |
| MTN 2022-LPFL A V/R 03/15/27                   | MTN COMMERCIAL MORTGAGE TRUST 2022-LPFL SER 2022-LPFL CL A V/R REGD 144A P/P 5.87494000         | CUSIP: 62475WAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  16040000 | NS      | $15733974.44   | 0.20%             | 2039-03-15      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| VISTRA CORP 5.5% 09/01/26                      | VISTRA CORP REGD 144A P/P 5.50000000                                                            | CUSIP: 92840VAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  36892000 | NS      | $35930696.67   | 0.45%             | 2026-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EART 2022-2A A 2.19% 11/17/25                  | EXETER AUTOMOBILE RECEIVABLES TRUST 2022-2 SER 2022-2A CL A2 REGD 2.19000000                    | CUSIP: 30166QAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5348820 | NS      | $5339709.18    | 0.07%             | 2025-11-17      | Fixed         | 2.19%                 | No            |                  2 | On Loan: No      |
| HART 2022-A A2 1.81% 02/18/25                  | HYUNDAI AUTO RECEIVABLES TRUST 2022-A SER 2022-A CL A2A REGD 1.81000000                         | CUSIP: 448977AB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  14739327 | NS      | $14556255.59   | 0.18%             | 2025-02-18      | Fixed         | 1.81%                 | No            |                  2 | On Loan: No      |
| T/L WYNDHAM 0% 05/30/25                        | T/L WYNDHAM HOTELS & RESORTS   INC ZCP REGD 0.00000000                                          | CUSIP: 98310CAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  41357776 | NS      | $41299461.30   | 0.52%             | 2025-05-30      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| BJETS 2020-1A 2.981% 11/15/35                  | BUSINESS JET SECURITIES 2020-1 LLC SER 2020-1A CL A REGD 144A P/P 2.98100000                    | CUSIP: 12327FAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7031153 | NS      | $6451293.93    | 0.08%             | 2035-11-15      | Fixed         | 2.98%                 | Yes           |                  2 | On Loan: No      |
| NORTHWESTERN MUT 0.6% 03/25/24                 | NORTHWESTERN MUTUAL GLBL REGD 144A P/P MTN 0.60000000                                           | CUSIP: 66815L2B4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  74165000 | NS      | $70725598.87   | 0.88%             | 2024-03-25      | Fixed         | 0.60%                 | Yes           |                  2 | On Loan: No      |
| SIDC 2019-1A A 4.54% 02/26/24                  | STACK INFRASTRUCTURE ISSUER LLC SER 2019-1A CL A2 REGD 144A P/P 4.54000000                      | CUSIP: 85236KAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  49790382 | NS      | $48694202.13   | 0.61%             | 2044-02-25      | Fixed         | 4.54%                 | Yes           |                  2 | On Loan: No      |
| SYMP 2019-21A AR V/R 07/15/32                  | SYMPHONY CLO XXI LTD SER 2019-21A CL AR V/R REGD 144A P/P 5.85243000                            | CUSIP: 87166RDE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  50790000 | NS      | $49999265.73   | 0.63%             | 2032-07-15      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| BLACKSTONE SEC 3.625% 01/15/26                 | BLACKSTONE SECURED LEND REGD 3.62500000                                                         | CUSIP: 09261LAC2<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |   9654000 | NS      | $9002247.26    | 0.11%             | 2026-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BPR 2022-OANA A V/R 04/15/24                   | BPR TRUST 2022-OANA SER 2022-OANA CL A V/R REGD 144A P/P 6.37604000                             | CUSIP: 05592DAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  20300000 | NS      | $19995018.89   | 0.25%             | 2037-04-15      | Variable      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| US BANCORP V/R 10/21/26                        | US BANCORP REGD V/R 5.72700000                                                                  | CUSIP: 91159HJH4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |  22750000 | NS      | $23375318.56   | 0.29%             | 2026-10-21      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNAT 2.95% 03/15/23                 | EDISON INTERNATIONAL REGD 2.95000000                                                            | CUSIP: 281020AJ6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |  10000000 | NS      | $9969317.70    | 0.12%             | 2023-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| THERMO FISHER  0.797% 10/18/23                 | THERMO FISHER SCIENTIFIC REGD 0.79700000                                                        | CUSIP: 883556CP5<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |  45636000 | NS      | $44341521.17   | 0.55%             | 2023-10-18      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SC 2.44% 03/11/24                 | BANK OF NOVA SCOTIA REGD 2.44000000                                                             | CUSIP: 06418BAC2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  58070000 | NS      | $56572899.65   | 0.71%             | 2024-03-11      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKIN 5.457% 11/18/27                 | WESTPAC BANKING CORP REGD 5.45700000                                                            | CUSIP: 961214FK4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |  26655000 | NS      | $27776295.62   | 0.35%             | 2027-11-18      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| PWNE 2020-1 A 1.37% 10/15/23                   | PAWNEE EQUIPMENT RECEIVABLES SERIES 2020-1 LLC SER 2020-1 CL A REGD 144A P/P 1.37000000         | CUSIP: 70410LAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3181222 | NS      | $3145055.54    | 0.04%             | 2025-11-17      | Fixed         | 1.37%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER HOLDIN 3.5% 06/07/24                 | SANTANDER HOLDINGS USA REGD SER FXD 3.50000000                                                  | CUSIP: 80282KAW6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16070000 | NS      | $15694382.39   | 0.20%             | 2024-06-07      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OCT20 2019-4A A1 V/R 05/12/31                  | OCTAGON INVESTMENT PARTNERS 20-R LTD SER 2019-4A CL A1R V/R REGD 144A P/P 5.79971000            | CUSIP: 67576WAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  32920000 | NS      | $32531251.01   | 0.41%             | 2031-05-12      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| F/C US 2YR NOTE (CBT) MAR23                    | FUTURE CONTRACT ON           US 2YR NOTE (CBT) MAR23 0.00000000                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |     -1012 | NC      | $-208116219.26 | -2.60%            |  |  |  | No            |                  1 | On Loan: No      |
| PFP 2021-7 A V/R 04/14/38                      | PFP 2021-7 LTD SER 2021-7 CL A V/R REGD 144A P/P 5.30900000                                     | CUSIP: 69290LAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3236951 | NS      | $3192443.39    | 0.04%             | 2038-04-14      | Variable      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| PENNANTPARK INVEST 4% 11/01/26                 | PENNANTPARK INVESTMENT C REGD 4.00000000                                                        | CUSIP: 708062AD6<br>LEI: 529900OK432R4C6NQQ73 | Long             | DBT              | CORP              | US        |  17345000 | NS      | $14862079.21   | 0.19%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PFSFC 2022-C A 3.89% 05/15/25                  | PFS FINANCING CORP SER 2022-C CL A REGD 144A P/P 3.89000000                                     | CUSIP: 69335PEK7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  19980000 | NS      | $19516583.88   | 0.24%             | 2027-05-15      | Fixed         | 3.89%                 | Yes           |                  2 | On Loan: No      |
| VFI 2022-1A A 2.23% 09/24/24                   | VFI ABS 2022-1 LLC SER 2022-1A CL A REGD 144A P/P 2.23000000                                    | CUSIP: 91824CAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  22313186 | NS      | $21691335.62   | 0.27%             | 2028-03-24      | Fixed         | 2.23%                 | Yes           |                  2 | On Loan: No      |
| FCITL 2021-1A  1.13% 10/15/25                  | FCI FUNDING 2021-1 LLC SER 2021-1A CL A REGD 144A P/P 1.13000000                                | CUSIP: 30260GAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4060271 | NS      | $3987810.68    | 0.05%             | 2033-04-15      | Fixed         | 1.13%                 | Yes           |                  2 | On Loan: No      |
| FNMA P887626 V/R 07/01/36                      | FNMA P887626 V/R 07/01/36 4.20500000                                                            | CUSIP: 31410FD77<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     21790 | NS      | $22451.03      | 0.00%             | 2036-07-01      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| DEFT 2022-1 A2 2.11% 11/22/23                  | DELL EQUIPMENT FINANCE TRUST SER 2022-1 CL A2 REGD 144A P/P 2.11000000                          | CUSIP: 24703WAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  29325070 | NS      | $28957515.58   | 0.36%             | 2027-08-23      | Fixed         | 2.11%                 | Yes           |                  2 | On Loan: No      |
| REPS 2021-A A 2.3% 10/20/25                    | REPUBLIC FINANCE ISSUANCE TRUST 2021-A SER 2021-A CL A REGD 144A P/P 2.30000000                 | CUSIP: 76042UAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  56030000 | NS      | $51667358.52   | 0.65%             | 2031-12-22      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| SYMP 2012-9A AR3 V/R 07/16/32                  | CALIFORNIA STREET CLO IX LP SER 2012-9A CL AR3 V/R REGD 144A P/P 5.89243000                     | CUSIP: 13079WDC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  44170000 | NS      | $43419110.00   | 0.54%             | 2032-07-16      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| T/L ALLSPRING 0% 11/01/28                      | T/L ALLSPRING BUYER LLC        ZCP REGD 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6688238 | NS      | $6669443.55    | 0.08%             | 2028-11-01      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| HPEFS 2022-1A  1.02% 09/20/23                  | HPEFS EQUIPMENT TRUST SER 2022-1A CL A2 REGD 144A P/P 1.02000000                                | CUSIP: 40441RAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  16755812 | NS      | $16501550.76   | 0.21%             | 2029-05-21      | Fixed         | 1.02%                 | Yes           |                  2 | On Loan: No      |
| RESI 2021-1A A1 V/R 07/10/52                   | RESIMAC PREMIER SERIES 2021-1 SER 2021-1A CL A1 V/R REGD 144A P/P 5.10157000                    | CUSIP: 76123EAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |   9087657 | NS      | $9011585.18    | 0.11%             | 2052-07-10      | Variable      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| CREDIT ACCEPTA 5.125% 12/31/24                 | CREDIT ACCEPTANC REGD 144A P/P 5.12500000                                                       | CUSIP: 225310AN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14430000 | NS      | $13475869.64   | 0.17%             | 2024-12-31      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| MAIN STREET CAPITA 3% 07/14/26                 | MAIN STREET CAPITAL CORP REGD 3.00000000                                                        | CUSIP: 56035LAE4<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |  33980000 | NS      | $29931919.79   | 0.37%             | 2026-07-14      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHMML 2021-2A A V/R 10/01/32                   | CHURCHILL MMSLF CLO-I LP SER 2021-2A CL A V/R REGD 144A P/P 6.23186000                          | CUSIP: 171519AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  25000000 | NS      | $24203352.50   | 0.30%             | 2032-10-01      | Variable      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| MCMML 2020-1A A1 V/R 05/20/34                  | MONROE CAPITAL MML CLO X LTD SER 2020-1A CL A1R V/R REGD 144A P/P 6.15446000                    | CUSIP: 61034UAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  12410000 | NS      | $12033892.61   | 0.15%             | 2034-05-20      | Variable      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| BREAD FINANCIAL 4.75% 12/15/24                 | BREAD FINANCIAL HLDGS REGD 144A P/P 4.75000000                                                  | CUSIP: 018581AK4<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |  37385000 | NS      | $33926887.50   | 0.42%             | 2024-12-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON NATION V/R 11/18/25                 | HUNTINGTON NATIONAL BANK REGD V/R 5.69900000                                                    | CUSIP: 44644MAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  24145000 | NS      | $24418848.97   | 0.31%             | 2025-11-18      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| T/L MPH ACQUISITI 0% 09/1/28                   | T/L MPH ACQUISITION HOLDINGS LLC  REGD 0.00000000                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  36325188 | NS      | $32596043.75   | 0.41%             | 2028-09-01      | Variable      | 8.98%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANC 1.1% 11/12/24                 | EQUITABLE FINANCIAL LIFE REGD 144A P/P 1.10000000                                               | CUSIP: 29449WAK3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  33775000 | NS      | $31633657.91   | 0.40%             | 2024-11-12      | Fixed         | 1.10%                 | Yes           |                  2 | On Loan: No      |
| CAALT 2020-3A  1.24% 10/15/29                  | CREDIT ACCEPTANCE AUTO LOAN TRUST 2020-3 SER 2020-3A CL A REGD 144A P/P 1.24000000              | CUSIP: 22536BAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  41731189 | NS      | $40919383.81   | 0.51%             | 2029-10-15      | Fixed         | 1.24%                 | Yes           |                  2 | On Loan: No      |
| REALTY INCOME C 5.05% 01/13/26                 | REALTY INCOME CORP REGD 5.05000000                                                              | CUSIP: 756109BQ6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |  14480000 | NS      | $14519768.16   | 0.18%             | 2026-01-13      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| T/L JAZZ FINANC 0% 05/05/2028                  | T/L JAZZ FINANCING LUX S A R L REGD 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  32913207 | NS      | $32866799.64   | 0.41%             | 2028-05-05      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CAPITA 5.25% 04/15/24                 | OWL ROCK CAPITAL CORP REGD 5.25000000                                                           | CUSIP: 69121KAA2<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |  31201000 | NS      | $30976325.03   | 0.39%             | 2024-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FHLMC 0.625% 10/27/25                          | FEDERAL HOME LOAN MORTGAGE CORP 0.62500000                                                      | CUSIP: 3134GW3X2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |  26490000 | NS      | $24092241.49   | 0.30%             | 2025-10-27      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| SREV 2019-A A 2.51% 11/25/24                   | SANTANDER REVOLVING AUTO LOAN TRUST 2019-A SER 2019-A CL A REGD 144A P/P 2.51000000             | CUSIP: 80286JAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  34490000 | NS      | $32930493.26   | 0.41%             | 2032-01-26      | Variable      | 2.51%                 | Yes           |                  2 | On Loan: No      |
| WLAKE 2022-1A  1.97% 06/15/23                  | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2022-1 SER 2022-1A CL A2A REGD 144A P/P 1.97000000        | CUSIP: 96042WAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  19025352 | NS      | $18838123.15   | 0.24%             | 2024-12-16      | Fixed         | 1.97%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 08/15/26                 | WELLS FARGO & COMPANY REGD V/R MTN 4.54000000                                                   | CUSIP: 95000U3C5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   7920000 | NS      | $7843390.79    | 0.10%             | 2026-08-15      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 06/04/26                 | HSBC HOLDINGS PLC REGD V/R 2.09900000                                                           | CUSIP: 404280CG2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  33350000 | NS      | $30909313.27   | 0.39%             | 2026-06-04      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDI 1.25% 12/08/23                 | GA GLOBAL FUNDING TRUST REGD 144A P/P 1.25000000                                                | CUSIP: 36143L2F1<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |  64675000 | NS      | $62434380.54   | 0.78%             | 2023-12-08      | Fixed         | 1.25%                 | Yes           |                  2 | On Loan: No      |
| OMFIT 2022-S1  4.13% 08/14/26                  | ONEMAIN FINANCIAL ISSUANCE TRUST 2022-S1 SER 2022-S1 CL A REGD 144A P/P 4.13000000              | CUSIP: 68267HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  13350000 | NS      | $12981693.53   | 0.16%             | 2035-05-14      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| T/L UNITED AI 0% 04/21/28                      | T/L UNITED AIRLINES INC        REGD 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  47774062 | NS      | $47667048.60   | 0.60%             | 2028-04-21      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE  1.375% 01/10/25                 | PRINCIPAL LFE GLB FND II REGD 144A P/P 1.37500000                                               | CUSIP: 74256LET2<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |  47175000 | NS      | $44088989.35   | 0.55%             | 2025-01-10      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| SCENTRE GROUP  3.625% 01/28/26                 | SCENTRE GROUP TRUST 1/2 REGD 144A P/P 3.62500000                                                | CUSIP: 80622GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |  19215000 | NS      | $18374242.68   | 0.23%             | 2026-01-28      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 03/14/23                         | UNITED STATES TREASURY BILL    ZCP 0.00000000                                                   | CUSIP: 912796Z69<br>LEI: N/A                  | Long             | STIV             | UST               | US        | 120500000 | PA      | $119886477.71  | 1.50%             | 2023-03-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG 5.711% 01/12/27                   | UBS GROUP AG REGD 144A P/P 5.71100000                                                           | CUSIP: 902613AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  53570000 | NS      | $54258325.22   | 0.68%             | 2027-01-12      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| STRAT CREDIT OP 4.25% 04/01/26                 | STRAT CREDIT OPP PARTNRS REGD P/P 4.25000000                                                    | CUSIP: 86275#AA1<br>LEI: 5493003CSKFS2RY0JR63 | Long             | DBT              | CORP              | US        |  25095000 | NS      | $22721489.81   | 0.28%             | 2026-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED INS HOLD 7.25% 12/15/27                 | UNITED INS HOLDINGS CORP REGD 7.25000000                                                        | CUSIP: 910710AA0<br>LEI: 5299002P9105LJQA8G51 | Long             | DBT              | CORP              | US        |  31750000 | NS      | $15875000.00   | 0.20%             | 2027-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MDPK 2017-25A A1 V/R 04/25/29                  | MADISON PARK FUNDING XXV LTD SER 2017-25A CL A1R V/R REGD 144A P/P 5.78771000                   | CUSIP: 55820RAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  39261945 | NS      | $38880892.31   | 0.49%             | 2029-04-25      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| ALEXANDER FUND 1.841% 11/15/23                 | ALEXANDER FUNDING TRUST REGD 144A P/P 1.84100000                                                | CUSIP: 014621AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  74190000 | NS      | $71530338.21   | 0.89%             | 2023-11-15      | Fixed         | 1.84%                 | Yes           |                  2 | On Loan: No      |
| DUKE ENERGY PR 1.295% 07/01/28                 | DUKE ENERGY PROGRESS NC REGD SER A-1 1.29500000                                                 | CUSIP: 26444BAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  48502579 | NS      | $43563236.02   | 0.54%             | 2028-07-01      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| MFIT 2020-AA A 2.19% 08/21/34                  | MARINER FINANCE ISSUANCE TRUST 2020-A SER 2020-AA CL A REGD 144A P/P 2.19000000                 | CUSIP: 56848MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  16460000 | NS      | $15779639.07   | 0.20%             | 2034-08-21      | Fixed         | 2.19%                 | Yes           |                  2 | On Loan: No      |
| MDCP 2020-3A  2.954% 11/20/26                  | ELM 2020-3 TRUST SER 2020-3A CL A2 REGD 144A P/P 2.95400000                                     | CUSIP: 289338AB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  17170000 | NS      | $16101668.86   | 0.20%             | 2029-08-20      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| NRART 2020-T2 1.475% 09/15/23                  | NRZ ADVANCE RECEIVABLES TRUST 2015-ON1 SER 2020-T2 CL AT2 REGD 144A P/P 1.47540000              | CUSIP: 62942QCW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  24700000 | NS      | $23909301.13   | 0.30%             | 2053-09-15      | Fixed         | 1.48%                 | Yes           |                  2 | On Loan: No      |
| T/L AXALTA CO 0% 12/07/29                      | T/L AXALTA COATING SYSTEMS     DUTCH HOLDING B B.V./REGD 0.00000000                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |  14455000 | NS      | $14509206.25   | 0.18%             | 2029-12-07      | Variable      | 7.51%                 | No            |                  2 | On Loan: No      |
| FCRT 2022-1 A2 1.15% 01/15/24                  | FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST 2022-1 SER 2022-1 CL A2 REGD 144A P/P 1.15000000 | CUSIP: 35105JAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7940147 | NS      | $7817112.90    | 0.10%             | 2025-09-15      | Fixed         | 1.15%                 | Yes           |                  2 | On Loan: No      |
| T/L AVOLON TLB BO ZCP 01/15/25                 | T/L AVOLON TLB BORROWER 1 US REGD ZCP TERM LOAN 0.00000000                                      | CUSIP: 05400KAE0<br>LEI: 635400O84AGITYFZQB55 | Long             | LON              | CORP              | US        |  20775495 | NS      | $20798140.43   | 0.26%             | 2025-01-15      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| UMBS P#735676 5% 07/01/35                      | FANNIE MAE POOL UMBS P#735676 5.00000000                                                        | CUSIP: 31402RJV2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2759131 | NS      | $2835476.78    | 0.04%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREED 2022-2CP 3.03% 12/18/23                  | FREED ABS TRUST 2022-2CP SER 2022-2CP CL A REGD 144A P/P 3.03000000                             | CUSIP: 35633LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7823838 | NS      | $7780867.55    | 0.10%             | 2029-05-18      | Fixed         | 3.03%                 | Yes           |                  2 | On Loan: No      |
| HAT HOLDINGS I 3.375% 06/15/26                 | HAT HOLDINGS I LLC/HAT REGD 144A P/P 3.37500000                                                 | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  23540000 | NS      | $20891750.00   | 0.26%             | 2026-06-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| DRSLF 2021-93A A V/R 01/15/34                  | DRYDEN 93 CLO LTD SER 2021-93A CL A1A V/R REGD 144A P/P 5.87243000                              | CUSIP: 26190TAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  17180000 | NS      | $16830502.11   | 0.21%             | 2034-01-15      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| OWL ROCK CAPIT 4.625% 11/26/24                 | OWL ROCK CAPITAL CORP II REGD 144A P/P 4.62500000                                               | CUSIP: 69121DAA8<br>LEI: 549300MMNWZO5XKDDX47 | Long             | DBT              | CORP              | US        |  27070000 | NS      | $25925514.51   | 0.32%             | 2024-11-26      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 08/17/24                 | HSBC HOLDINGS PLC REGD V/R 0.73200000                                                           | CUSIP: 404280CU1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  29665000 | NS      | $28870117.43   | 0.36%             | 2024-08-17      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| EF HOLD/EF KY/ 5.875% 04/01/27                 | EF HOLD/EF KY/ELL KY/TRS REGD 144A P/P SER QIB 5.87500000                                       | CUSIP: 26845AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |  25360000 | NS      | $24073845.79   | 0.30%             | 2027-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CREDIT ACCEPTA 6.625% 03/15/26                 | CREDIT ACCEPTANC REGD 144A 6.62500000                                                           | CUSIP: 225310AM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2785000 | NS      | $2548275.00    | 0.03%             | 2026-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| DNB BANK ASA V/R 09/30/25                      | DNB BANK ASA REGD V/R 144A P/P 0.85600000                                                       | CUSIP: 25601B2A2<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |  65000000 | NS      | $60290630.40   | 0.75%             | 2025-09-30      | Variable      | 0.86%                 | Yes           |                  2 | On Loan: No      |
| CIGAR 2021-1A  0.69% 12/12/23                  | CIG AUTO RECEIVABLES TRUST 2021-1 SER 2021-1A CL A REGD 144A P/P 0.69000000                     | CUSIP: 12598NAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8607740 | NS      | $8478286.21    | 0.11%             | 2025-04-14      | Fixed         | 0.69%                 | Yes           |                  2 | On Loan: No      |
| OSCAR 2021-1A A 0.4% 02/10/23                  | OSCAR US FUNDING XII LLC SER 2021-1A CL A2 REGD 144A P/P 0.40000000                             | CUSIP: 68785AAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JP        |    767774 | NS      | $766946.20     | 0.01%             | 2024-03-11      | Fixed         | 0.40%                 | Yes           |                  2 | On Loan: No      |
| STWD 2019-FL1 A V/R 08/15/23                   | STWD 2019-FL1 LTD SER 2019-FL1 CL A V/R REGD 144A P/P 5.67730000                                | CUSIP: 78485WAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  15975855 | NS      | $15872922.29   | 0.20%             | 2038-07-15      | Variable      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| GCPAF 2021-2A 2.943% 10/19/29                  | GOLUB CAPITAL PARTNERS ABS FUNDING 2021-2 LTD SER 2021-2A CL A REGD 144A P/P 2.94360000         | CUSIP: 38178XAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  50750000 | NS      | $44148810.48   | 0.55%             | 2029-10-19      | Fixed         | 2.94%                 | Yes           |                  2 | On Loan: No      |
| SOUTHERN CO V/R 05/10/23                       | SOUTHERN CO REGD V/R SER 2021 4.49138000                                                        | CUSIP: 842587DK0<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  27010000 | NS      | $26989224.45   | 0.34%             | 2023-05-10      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| HPLY 2019-HIT A V/R 11/15/21                   | HPLY TRUST 2019-HIT SER 2019-HIT CL A V/R REGD 144A P/P 5.45900000                              | CUSIP: 40443RAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  18200276 | NS      | $17937558.70   | 0.22%             | 2036-11-15      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| UMBS P#889633 5.5% 08/01/37                    | FANNIE MAE POOL UMBS P#889633 5.50000000                                                        | CUSIP: 31410KLN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    160227 | NS      | $167938.20     | 0.00%             | 2037-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL F 0.95% 01/08/24                 | ATHENE GLOBAL FUNDING REGD 144A P/P 0.95000000                                                  | CUSIP: 04685A2S9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  16760000 | NS      | $16074031.80   | 0.20%             | 2024-01-08      | Fixed         | 0.95%                 | Yes           |                  2 | On Loan: No      |
| STATE STREET CORP V/R 11/04/26                 | STATE STREET CORP REGD V/R 5.75100000                                                           | CUSIP: 857477BX0<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |  10085000 | NS      | $10358224.13   | 0.13%             | 2026-11-04      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| T/L ELANCO ANIMAL 0% 8/1/27                    | T/L ELANCO ANIMAL HEALTH       INCORPORATED REGD 0.00000000                                     | CUSIP: 28414BAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  45468223 | NS      | $44729364.68   | 0.56%             | 2027-08-01      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTR 4.966% 01/12/26                 | NATIONAL AUSTRALIA BK/NY REGD 4.96600000                                                        | CUSIP: 63253QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |  34425000 | NS      | $34833226.45   | 0.44%             | 2026-01-12      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MID 5.625% 02/15/26                 | NORTHRIVER MIDSTREAM FIN REGD 144A P/P 5.62500000                                               | CUSIP: 66679NAA8<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |  31985000 | NS      | $30705600.00   | 0.38%             | 2026-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| BJETS 2022-1A 4.455% 06/15/28                  | BUSINESS JET SECURITIES 2022-1 LLC SER 2022-1A CL A REGD 144A P/P 4.45500000                    | CUSIP: 12327AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9966334 | NS      | $9416842.14    | 0.12%             | 2037-06-15      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| OPTN 2022-A A 5.05% 06/09/31                   | OPORTUN ISSUANCE TRUST 2022-3 SER 2022-A CL A REGD 144A P/P 5.05000000                          | CUSIP: 68378NAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  25000000 | NS      | $24244642.50   | 0.30%             | 2031-06-09      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| COMMONWEALTH BANK V/R 07/07/25                 | COMMONWEALTH BANK AUST REGD V/R 144A P/P 4.72393800                                             | CUSIP: 2027A0KG3<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |  33540000 | NS      | $33328906.28   | 0.42%             | 2025-07-07      | Variable      | 4.72%                 | Yes           |                  2 | On Loan: No      |
| PSTAT 2022-1A A1 V/R 04/15/30                  | PALMER SQUARE LOAN FUNDING 2022-1 LTD SER 2022-1A CL A1 V/R REGD 144A P/P 5.68190000            | CUSIP: 69701CAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  42899555 | NS      | $42177271.99   | 0.53%             | 2030-04-15      | Variable      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINA 2.6% 05/11/23                 | CAPITAL ONE FINANCIAL CO REGD 2.60000000                                                        | CUSIP: 14040HCD5<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |  16045000 | NS      | $15949931.61   | 0.20%             | 2023-05-11      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| T/L TPF II POWER 0% 10/02/2025                 | T/L TPF II POWER LLC TL B 0.00000000                                                            | CUSIP: 87264NAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  21414067 | NS      | $18930035.60   | 0.24%             | 2025-10-02      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| DPATH 2022-1A A1 V/R 07/15/33                  | DEERPATH CAPITAL CLO 2022-1 LTD SER 2022-1A CL A1 V/R REGD 144A P/P 6.60755000                  | CUSIP: 24461BAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  12445000 | NS      | $12173026.97   | 0.15%             | 2033-07-15      | Variable      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| FS KKR CAPITAL 4.625% 07/15/24                 | FS KKR CAPITAL CORP REGD 4.62500000                                                             | CUSIP: 302635AD9<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |  28550000 | NS      | $28005854.99   | 0.35%             | 2024-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CGCC 2014-FL2 C V/R 11/15/31                   | CG-CCRE COMMERCIAL MORTGAGE TRUST 2014-FL2 SER 2014-FL2 CL C V/R REGD 144A P/P 7.35900000       | CUSIP: 12528PAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  31329000 | NS      | $28289964.82   | 0.35%             | 2031-11-15      | Variable      | 7.36%                 | Yes           |                  2 | On Loan: No      |
| T/L  AVOLON TLB BORROWER 1  US LLC 0% 12/01/27 | T/L  AVOLON TLB BORROWER 1  US LLC REGD 0.00000000                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  14700000 | NS      | $14715729.00   | 0.18%             | 2027-12-01      | Variable      | 6.74%                 | No            |                  2 | On Loan: No      |
| BXMT 2020-FL3 A V/R 11/15/37                   | BXMT 2020-FL3 LTD SER 2020-FL3 CL A V/R REGD 144A P/P 5.80992000                                | CUSIP: 05608XAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  20990000 | NS      | $20990000.00   | 0.26%             | 2037-11-15      | Variable      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| WALGREENS BOOTS 0.95% 11/17/23                 | WALGREENS BOOTS ALLIANCE REGD 0.95000000                                                        | CUSIP: 931427AU2<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |  72275000 | NS      | $70028684.33   | 0.88%             | 2023-11-17      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| RMIT 2020-1 A 2.34% 10/15/30                   | REGIONAL MANAGEMENT ISSUANCE TRUST 2020-1 SER 2020-1 CL A REGD 144A P/P 2.34000000              | CUSIP: 75907QAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  18070000 | NS      | $16925050.47   | 0.21%             | 2030-10-15      | Fixed         | 2.34%                 | Yes           |                  2 | On Loan: No      |
| T/L IQVIA INC ZCP 06/11/25                     | T/L IQVIA INC REGD ZCP TERM LOAN 0.00000000                                                     | CUSIP: 44969CBJ8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  11310890 | NS      | $11293244.65   | 0.14%             | 2025-06-11      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| OSCAR 2022-1A A 1.6% 02/12/24                  | OSCAR US FUNDING XIV LLC SER 2022-1A CL A2 REGD 144A P/P 1.60000000                             | CUSIP: 68784HAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JP        |  25978496 | NS      | $25463971.10   | 0.32%             | 2025-03-10      | Fixed         | 1.60%                 | Yes           |                  2 | On Loan: No      |
| T/L HORIZON THER 0% 03/15/28                   | T/L HORIZON THERAPEUTICS USA   INC REGD 0.00000000                                              | CUSIP: 44055UAD7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  21704193 | NS      | $21704193.03   | 0.27%             | 2028-03-15      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| FHLMC P#1N0333 V/R 12/01/36                    | FREDDIE MAC NON GOLD POOL P#1N0333 V/R 3.86500000                                               | CUSIP: 3128QGLN0<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     12695 | NS      | $12393.46      | 0.00%             | 2036-12-01      | Variable      | 3.87%                 | No            |                  2 | On Loan: No      |
| WLAKE 2021-2A  0.32% 04/15/25                  | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2021-2 SER 2021-2A CL A2A REGD 144A P/P 0.32000000        | CUSIP: 96042RAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10160041 | NS      | $10067539.29   | 0.13%             | 2025-04-15      | Fixed         | 0.32%                 | Yes           |                  2 | On Loan: No      |
| ATHENE GLOBAL FU 2.5% 01/14/25                 | ATHENE GLOBAL FUNDING REGD 144A P/P 2.50000000                                                  | CUSIP: 04685A2L4<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |  18000000 | NS      | $17018487.54   | 0.21%             | 2025-01-14      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 04/30/26                 | WELLS FARGO & COMPANY REGD V/R 2.18800000                                                       | CUSIP: 95000U2N2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  19370000 | NS      | $18222379.61   | 0.23%             | 2026-04-30      | Variable      | 2.19%                 | No            |                  2 | On Loan: No      |
| T/L QUINTILES IMS  0% 1/17/25                  | T/L QUINTILES IMS INCORPORATED ZCP REGD 0.00000000                                              | CUSIP: 44969CBH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6309540 | NS      | $6297740.89    | 0.08%             | 2025-01-17      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRES 5.85% 11/05/27                 | AMERICAN EXPRESS CO REGD 5.85000000                                                             | CUSIP: 025816DB2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |  14330000 | NS      | $15156721.34   | 0.19%             | 2027-11-05      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 03/28/23                         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                      | CUSIP: 912796Z85<br>LEI: N/A                  | Long             | STIV             | UST               | US        | 106900000 | PA      | $106164274.92  | 1.33%             | 2023-03-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DFLF2 2021-2 A 0.56% 04/10/24                  | DONLEN FLEET LEASE FUNDING 2 LLC SER 2021-2 CL A2 REGD 144A P/P 0.56000000                      | CUSIP: 257812AD9<br>LEI: 549300ZWUQETU54FDP26 | Long             | ABS-CBDO         | CORP              | US        |  15607774 | NS      | $15150459.87   | 0.19%             | 2034-12-11      | Fixed         | 0.56%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND  3.15% 02/15/24                 | AERCAP IRELAND CAP/GLOBA REGD 3.15000000                                                        | CUSIP: 00774MAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |  47945000 | NS      | $46736025.59   | 0.58%             | 2024-02-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| T/L DELOS FINANCE 0% 10/06/23                  | T/L DELOS FINANCE S A R L REGD 0.00000000                                                       | CUSIP: L2324EAE1<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |  25891030 | NS      | $25881709.33   | 0.32%             | 2023-10-06      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| SWC 2018-1A A 4.75% 02/15/24                   | SWC FUNDING LLC 2018-1 SER 2018-1A CL A REGD 144A P/P 4.75000000                                | CUSIP: 78488LAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  21403923 | NS      | $21042988.33   | 0.26%             | 2033-08-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| NFMOT 2022-1A A 2.8% 03/15/25                  | NEXTGEAR FLOORPLAN MASTER OWNER TRUST SER 2022-1A CL A2 REGD 144A P/P 2.80000000                | CUSIP: 65341KBT2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  17690000 | NS      | $16854428.77   | 0.21%             | 2027-03-15      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| BX 2022-CSMO A V/R 06/15/27                    | BX COMMERCIAL MORTGAGE TRUST 2022-CSMO SER 2022-CSMO CL A V/R REGD 144A P/P 6.59284000          | CUSIP: 05610MAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  18100000 | NS      | $18066004.58   | 0.23%             | 2027-06-15      | Variable      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| VALET 2021-1 A 0.49% 05/22/23                  | VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2021-1 SER 2021-1 CL A2 REGD 0.49000000                     | CUSIP: 92868KAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  13123451 | NS      | $12999081.10   | 0.16%             | 2024-10-21      | Fixed         | 0.49%                 | No            |                  2 | On Loan: No      |
| FHLMC P#1Q0072 V/R 04/01/36                    | FREDDIE MAC NON GOLD POOL P#1Q0072 V/R 2.69500000                                               | CUSIP: 3128S4CH8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     14547 | NS      | $14438.93      | 0.00%             | 2036-04-01      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| BX 2022-LP2 A V/R 02/15/24                     | BX COMMERCIAL MORTGAGE TRUST 2022-LP2 SER 2022-LP2 CL A V/R REGD 144A P/P 5.49094000            | CUSIP: 05610HAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  51135720 | NS      | $50086911.27   | 0.63%             | 2039-02-15      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| BANK OF NOVA SC 1.45% 01/10/25                 | BANK OF NOVA SCOTIA REGD MTN 1.45000000                                                         | CUSIP: 06417XAB7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  15015000 | NS      | $14083271.35   | 0.18%             | 2025-01-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| T/L DELTA AIR 0% 10/20/2027                    | T/L DELTA AIR LINES INC REGD 0.00000000                                                         | CUSIP: 24736CBS2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  42750000 | NS      | $44166307.50   | 0.55%             | 2027-10-20      | Variable      | 8.56%                 | No            |                  2 | On Loan: No      |
| PEPAU 24A A1U V/R 11/18/60                     | PEPPER RESIDENTIAL SECURITIES TRUST NO. 24 SER 24A CL A1U V/R REGD 144A P/P 5.36486000          | CUSIP: 71338CAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |   1281630 | NS      | $1278764.15    | 0.02%             | 2060-11-18      | Variable      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| OWL ROCK TECHNO 4.75% 12/15/25                 | OWL ROCK TECHNOLOGY FINA REGD 144A P/P 4.75000000                                               | CUSIP: 691205AC2<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |  20015000 | NS      | $18385724.96   | 0.23%             | 2025-12-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SHNTN 2015-1A  4.75% 11/15/27                  | SHENTON AIRCRAFT INVESTMENT I LTD SER 2015-1A CL A REGD 144A P/P 4.75000000                     | CUSIP: 82321UAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9276336 | NS      | $7189160.28    | 0.09%             | 2042-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| WOODSIDE FINANCE 3.7% 09/15/26                 | WOODSIDE FINANCE LTD REGD 144A P/P 3.70000000                                                   | CUSIP: 980236AN3<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |  10072000 | NS      | $9618689.40    | 0.12%             | 2026-09-15      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| LFT 2019-2A A 2.78% 04/20/24                   | LENDMARK FUNDING TRUST 2019-2 SER 2019-2A CL A REGD 144A P/P 2.78000000                         | CUSIP: 52604AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  14882357 | NS      | $14564716.44   | 0.18%             | 2028-04-20      | Fixed         | 2.78%                 | Yes           |                  2 | On Loan: No      |
| T/L ICON LUXEMBOU 0% 07/03/28                  | T/L ICON LUXEMBOURG S.A.R.L.   REGD 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |   3701294 | NS      | $3699924.55    | 0.05%             | 2028-07-03      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CORE  3.125% 09/23/26                 | OWL ROCK CORE INCOME COR REGD SER * 3.12500000                                                  | CUSIP: 69120VAM3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |  18000000 | NS      | $15701264.82   | 0.20%             | 2026-09-23      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| FRANKLIN BSP LE 4.85% 12/15/24                 | FRANKLIN BSP LENDING COR REGD 144A P/P 4.85000000                                               | CUSIP: 12325JAF8<br>LEI: 549300K8IFP295FLKS39 | Long             | DBT              | CORP              | US        |  18375000 | NS      | $17461439.84   | 0.22%             | 2024-12-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| CARMX 2022-1 A 0.91% 10/15/23                  | CARMAX AUTO OWNER TRUST 2022-1 SER 2022-1 CL A2 REGD 0.91000000                                 | CUSIP: 14317CAB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10616512 | NS      | $10494859.06   | 0.13%             | 2025-02-18      | Fixed         | 0.91%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL 5.5% 12/15/24                 | AVIATION CAPITAL GROUP REGD 144A P/P 5.50000000                                                 | CUSIP: 05369AAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  33230000 | NS      | $32910929.20   | 0.41%             | 2024-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| T/L SS&C TECHNOLOG 0% 04/16/25                 | T/L SS&C TECHNOLOGIES HOLDINGS INC REGD 0.00000000                                              | CUSIP: 78466DBE3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   9434615 | NS      | $9411028.27    | 0.12%             | 2025-04-16      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS  1.217% 12/06/23                 | GOLDMAN SACHS GROUP INC REGD 1.21700000                                                         | CUSIP: 38141GZE7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  20810000 | NS      | $20168106.39   | 0.25%             | 2023-12-06      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| FHLB D/N 02/08/23                              | FEDERAL HOME LOAN BANK DISCOUNT NOTES 0.00000000                                                | CUSIP: 313384BQ1<br>LEI: N/A                  | Long             | STIV             | USGA              | US        |  12000000 | PA      | $11990223.33   | 0.15%             | 2023-02-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WLAKE 2021-3A  0.57% 09/16/24                  | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2021-3 SER 2021-3A CL A2 REGD 144A P/P 0.57000000         | CUSIP: 96043JAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9292472 | NS      | $9235746.63    | 0.12%             | 2024-09-16      | Fixed         | 0.57%                 | Yes           |                  2 | On Loan: No      |
| BANK OF MONTREAL 1.5% 01/10/25                 | BANK OF MONTREAL REGD MTN 1.50000000                                                            | CUSIP: 06368FAE9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  51125000 | NS      | $48018887.33   | 0.60%             | 2025-01-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| OXFIN 2022-1A 3.602% 03/15/25                  | OXFORD FINANCE FUNDING 2022-1 LLC SER 2022-1A CL A2 REGD 144A P/P 3.60200000                    | CUSIP: 69145BAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  25930000 | NS      | $23977520.27   | 0.30%             | 2030-02-15      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| SEACO 2020-1A  2.17% 03/18/30                  | GLOBAL SC FINANCE VII SRL SER 2020-1A CL A REGD 144A P/P 2.17000000                             | CUSIP: 37959PAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BB        |  21282864 | NS      | $19316989.70   | 0.24%             | 2040-10-17      | Fixed         | 2.17%                 | Yes           |                  2 | On Loan: No      |
| NMEF 2022-A A2 2.58% 02/15/25                  | NMEF FUNDING 2022-A LLC SER 2022-A CL A2 REGD 144A P/P 2.58000000                               | CUSIP: 62920KAB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  32865089 | NS      | $31873868.20   | 0.40%             | 2028-10-16      | Fixed         | 2.58%                 | Yes           |                  2 | On Loan: No      |
| NY STATE ELECTR 5.75% 05/01/23                 | NY STATE ELECTRIC & GAS REGD 5.75000000                                                         | CUSIP: 649840CM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  25345000 | NS      | $25332458.53   | 0.32%             | 2023-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| T/L SETANTA 0% 11/05/2028                      | T/L SETANTA AIRCRAFT LEASING   DESIGNATED ACTIVITY COMPANY    REGD 0.00000000                   | CUSIP: G8057JAB2<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |  15000000 | NS      | $14967900.00   | 0.19%             | 2028-11-05      | Variable      | 6.73%                 | No            |                  2 | On Loan: No      |
| SIRIUSPOINT LTD 4.6% 11/01/26                  | SIRIUSPOINT LTD REGD 144A P/P 4.60000000                                                        | CUSIP: 82968FAA2<br>LEI: 549300OGXFI85N3YZZ51 | Long             | DBT              | CORP              | BM        |  37290000 | NS      | $31931427.00   | 0.40%             | 2026-11-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| T/L ORGANON & CO 0% 06/02/28                   | T/L ORGANON & CO REGD 0.00000000                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  50027638 | NS      | $49875553.48   | 0.62%             | 2028-06-02      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL 4.125% 02/01/25                 | FS KKR CAPITAL CORP REGD 4.12500000                                                             | CUSIP: 302635AE7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |  18859000 | NS      | $18148472.65   | 0.23%             | 2025-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| F/C US 5YR NOTE (CBT) MAR23                    | FUTURE CONTRACT ON           US 5YR NOTE (CBT) MAR23 0.00000000                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |     -3356 | NC      | $-366616782.93 | -4.59%            |  |  |  | No            |                  1 | On Loan: No      |
| FS KKR CAPITAL  4.25% 02/14/25                 | FS KKR CAPITAL CORP REGD 144A P/P 4.25000000                                                    | CUSIP: 30313RAA7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |  42821000 | NS      | $40445356.86   | 0.51%             | 2025-02-14      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| HTS 2021-1 A 1.411% 08/23/23                   | HTS FUND I LLC SER 2021-1 CL A REGD 144A P/P 1.41100000                                         | CUSIP: 40456HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  21000000 | NS      | $20857479.30   | 0.26%             | 2036-08-25      | Fixed         | 1.41%                 | Yes           |                  2 | On Loan: No      |
| EDISON INTERNATIONA V/R /PERP/                 | EDISON INTERNATIONAL REGD V/R /PERP/ SER A 5.37500000                                           | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |  61690000 | NS      | $57629608.00   | 0.72%             | 2171-09-15      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| MHC 2021-MHC A V/R 04/15/26                    | MHC COMMERCIAL MORTGAGE TRUST 2021-MHC SER 2021-MHC CL A V/R REGD 144A P/P 5.25996200           | CUSIP: 55316VAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  33690000 | NS      | $33089364.57   | 0.41%             | 2038-04-15      | Variable      | 5.26%                 | Yes           |                  2 | On Loan: No      |
| RESI 2019-2A A1 V/R 02/10/51                   | RESIMAC PREMIER SERIES 2019-2 SER 2019-2A CL A1 V/R REGD 144A P/P 5.35157000                    | CUSIP: 76120LAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |   3298733 | NS      | $3277895.59    | 0.04%             | 2051-02-10      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| PROTECTIVE LIF 0.781% 07/05/24                 | PROTECTIVE LIFE GLOBAL REGD 144A P/P 0.78100000                                                 | CUSIP: 74368CBF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  29855000 | NS      | $28098519.29   | 0.35%             | 2024-07-05      | Fixed         | 0.78%                 | Yes           |                  2 | On Loan: No      |
| WOODS 2019-18A A V/R 05/20/32                  | NORTHWOODS CAPITAL XVIII LTD SER 2019-18A CL AR V/R REGD 144A P/P 5.77543000                    | CUSIP: 66860MAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  30000000 | NS      | $29521275.00   | 0.37%             | 2032-05-20      | Variable      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| VEROS 2022-1 A 3.47% 05/15/24                  | VEROS AUTO RECEIVABLES TRUST 2022-1 SER 2022-1 CL A REGD 144A P/P 3.47000000                    | CUSIP: 92512VAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10543387 | NS      | $10336877.02   | 0.13%             | 2025-12-15      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| PARLI 2021-2A A V/R 08/20/32                   | PARLIAMENT CLO II LTD SER 2021-2A CL A V/R REGD 144A P/P 6.02543000                             | CUSIP: 701631AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  19490000 | NS      | $19236006.32   | 0.24%             | 2032-08-20      | Variable      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| T/L  CENTURYLINK 0% 01/31/2025                 | T/L  CENTURYLINK INC REGD 0.00000000                                                            | CUSIP: 15669GAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  49132999 | NS      | $48129702.82   | 0.60%             | 2025-01-31      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| RBIT 2021-HB1 A V/R 11/25/31                   | RMF BUYOUT ISSUANCE TRUST 2021-HB1 SER 2021-HB1 CL A V/R REGD 144A P/P 1.25860000               | CUSIP: 74969TAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  18367582 | NS      | $17329538.38   | 0.22%             | 2031-11-25      | Variable      | 1.26%                 | Yes           |                  2 | On Loan: No      |
| FLX 2021-1A A2 3.25% 11/25/26                  | FLEXENTIAL ISSUER 2021-1 SER 2021-1A CL A2 REGD 144A P/P 3.25000000                             | CUSIP: 33938MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  50300000 | NS      | $45533033.79   | 0.57%             | 2051-11-27      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| BLACKSTONE PRIV 1.75% 09/15/24                 | BLACKSTONE PRIVATE CRE REGD SER WI 1.75000000                                                   | CUSIP: 09261HAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  46600000 | NS      | $43530301.89   | 0.54%             | 2024-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LIFE 2022-BMR2 A V/R 05/15/24                  | LIFE 2022-BMR MORTGAGE TRUST SER 2022-BMR2 CL A1 V/R REGD 144A P/P 5.77328000                   | CUSIP: 53218DAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  23600000 | NS      | $23334084.64   | 0.29%             | 2039-05-15      | Variable      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| ELB 5A AR V/R 06/15/34                         | BLACKROCK ELBERT CLO V LLC/KY SER 5A CL AR V/R REGD 144A P/P 6.37789000                         | CUSIP: 092913AC6<br>LEI: 54930088K41XQK16ML36 | Long             | ABS-CBDO         | CORP              | KY        |  12410000 | NS      | $11852901.45   | 0.15%             | 2034-06-15      | Variable      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| UMBS P#AL2472 6.5% 06/01/40                    | FANNIE MAE POOL UMBS P#AL2472 6.50000000                                                        | CUSIP: 3138EJXA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    751255 | NS      | $806478.59     | 0.01%             | 2040-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SIDC 2020-1A  1.893% 08/25/25                  | STACK INFRASTRUCTURE ISSUER LLC SER 2020-1A CL A2 REGD 144A P/P 1.89300000                      | CUSIP: 85236KAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  19160000 | NS      | $17435264.70   | 0.22%             | 2045-08-25      | Fixed         | 1.89%                 | Yes           |                  2 | On Loan: No      |
| BHG 2020-A A 2.56% 09/17/31                    | BANKERS HEALTHCARE GROUP SECURITIZATION TRUST 2020-A SER 2020-A CL A REGD 144A P/P 2.56000000   | CUSIP: 06616PAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5199227 | NS      | $5086034.66    | 0.06%             | 2031-09-17      | Fixed         | 2.56%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND C 4.5% 09/15/23                 | AERCAP IRELAND CAP/GLOBA REGD 4.50000000                                                        | CUSIP: 00774MAP0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |  11426000 | NS      | $11363034.86   | 0.14%             | 2023-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CFII 2020-1A A 0.87% 01/15/24                  | CHESAPEAKE FUNDING II LLC SER 2020-1A CL A1 REGD 144A P/P 0.87000000                            | CUSIP: 165183CJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10927368 | NS      | $10830450.62   | 0.14%             | 2032-08-15      | Fixed         | 0.87%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 06/02/24                 | WELLS FARGO & COMPANY REGD V/R MTN 1.65400000                                                   | CUSIP: 95000U2R3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  14870000 | NS      | $14695133.26   | 0.18%             | 2024-06-02      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| SUTTER HEALTH 1.321% 08/15/25                  | SUTTER HEALTH REGD SER 20A 1.32100000                                                           | CUSIP: 86944BAF0<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |  60630000 | NS      | $55462026.73   | 0.69%             | 2025-08-15      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ 1.412% 07/17/25                 | MITSUBISHI UFJ FIN GRP REGD 1.41200000                                                          | CUSIP: 606822BS2<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |  39660000 | NS      | $36310630.51   | 0.45%             | 2025-07-17      | Fixed         | 1.41%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FIN V/R 06/14/23                 | DAIMLER TRUCK FINAN NA REGD V/R 144A P/P 4.77974900                                             | CUSIP: 233853AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  45590000 | NS      | $45560786.38   | 0.57%             | 2023-06-14      | Variable      | 4.78%                 | Yes           |                  2 | On Loan: No      |
| SPGN 2022-TFLM A V/R 02/25/27                  | SPGN 2022-TFLM MORTGAGE TRUST SER 2022-TFLM CL A V/R REGD 144A P/P 6.02804000                   | CUSIP: 78473HAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  46350000 | NS      | $44336898.99   | 0.55%             | 2039-02-15      | Variable      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| FHLB D/N 02/01/23                              | FEDERAL HOME LOAN BANK DISCOUNT NOTES 0.00000000                                                | CUSIP: 313384BH1<br>LEI: N/A                  | Long             | STIV             | USGA              | US        |  45000000 | PA      | $45000000.00   | 0.56%             | 2023-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOT V/R 07/31/24                 | BANK OF NOVA SCOTIA REGD V/R 4.55899700                                                         | CUSIP: 0641596F8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |  32500000 | NS      | $32376027.78   | 0.41%             | 2024-07-31      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| MCIP 2022-1A A 4.05% 04/30/32                  | MONROE CAPITAL INCOME PLUS ABS FUNDING LLC SER 2022-1A CL A REGD 144A P/P 4.05000000            | CUSIP: 61033MAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  41880000 | NS      | $37864068.17   | 0.47%             | 2032-04-30      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND  1.75% 10/29/24                 | AERCAP IRELAND CAP/GLOBA REGD SER 3NC1 1.75000000                                               | CUSIP: 00774MBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |  21450000 | NS      | $20004056.14   | 0.25%             | 2024-10-29      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| NRART 2020-T1 1.425% 08/15/23                  | NEW RESIDENTIAL ADVANCE RECEIVABLES TRUST  SER 2020-T1 CL AT1 REGD 144A P/P 1.42570000          | CUSIP: 62942QCR2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  40570000 | NS      | $39332789.45   | 0.49%             | 2053-08-15      | Fixed         | 1.43%                 | Yes           |                  2 | On Loan: No      |
| CAUTO 2020-1A  3.19% 02/15/25                  | CARS-DB4 LP SER 2020-1A CL A4 REGD 144A P/P 3.19000000                                          | CUSIP: 12510HAD2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  20521894 | NS      | $19386415.32   | 0.24%             | 2050-02-15      | Fixed         | 3.19%                 | Yes           |                  2 | On Loan: No      |
| T/L AMERICAN AIRLI 0% 4/20/28                  | T/L AMERICAN AIRLINES INC REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  36085000 | NS      | $37026457.65   | 0.46%             | 2028-04-20      | Variable      | 9.56%                 | No            |                  2 | On Loan: No      |
| WMRK 2022-WMRK A V/R 11/15/27                  | WMRK COMMERCIAL MORTGAGE TRUST 2022-WMRK SER 2022-WMRK CL A V/R REGD 144A P/P 7.26704000        | CUSIP: 929342AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  20000000 | NS      | $19987394.00   | 0.25%             | 2027-11-15      | Variable      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 10/16/26                    | MORGAN STANLEY REGD V/R SER VAR 6.13800000                                                      | CUSIP: 61747YEX9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  42665000 | NS      | $43951912.07   | 0.55%             | 2026-10-16      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| US BANCORP V/R /PERP/                          | US BANCORP REGD V/R /PERP/ 3.70000000                                                           | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |  42990000 | NS      | $37562512.50   | 0.47%             | 2172-01-15      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| AGL 2019-2A A1 V/R 04/20/32                    | AGL CORE CLO 2 LTD SER 2019-2A CL A1 V/R REGD 144A P/P 6.19771000                               | CUSIP: 001200AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | NS      | $9921426.00    | 0.12%             | 2032-04-20      | Variable      | 6.20%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION BR 3.6% 05/09/24                 | CONSTELLATION BRANDS INC REGD 3.60000000                                                        | CUSIP: 21036PBM9<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |   8175000 | NS      | $8057065.16    | 0.10%             | 2024-05-09      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL  V/R 10/28/26                 | TRUIST FINANCIAL CORP REGD V/R MTN 5.90000000                                                   | CUSIP: 89788MAJ1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |  14435000 | NS      | $14860065.28   | 0.19%             | 2026-10-28      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| RCMT 2022-FL8 A V/R 12/25/26                   | READY CAPITAL MORTGAGE FINANCING 202 SER 2022-FL8 CL A V/R REGD 144A P/P 5.96014000             | CUSIP: 75574PAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  21560000 | NS      | $21095373.38   | 0.26%             | 2037-01-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| PEPAU 23A A1U V/R 08/18/60                     | PEPPER RESIDENTIAL SECURITIES TRUST NO. 23 SER 23A CL A1U V/R REGD 144A P/P 5.41486000          | CUSIP: 71338BAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |   2210968 | NS      | $2206399.86    | 0.03%             | 2060-08-18      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| BXMT 2021-FL4 A V/R 05/15/38                   | BXMT 2021-FL4 LTD SER 2021-FL4 CL A V/R REGD 144A P/P 5.50900000                                | CUSIP: 05609GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  17250000 | NS      | $16905000.00   | 0.21%             | 2038-05-15      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| KENTUCKY ST PUBLI V/R 08/01/52                 | KENTUCKY ST PUBLIC ENERGY AUTH REGD V/R B/E 4.08100000                                          | CUSIP: 74440DDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  31000000 | NS      | $29577915.30   | 0.37%             | 2052-08-01      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE &  V/R 03/13/26                 | JPMORGAN CHASE & CO REGD V/R 2.00500000                                                         | CUSIP: 46647PBH8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  33270000 | NS      | $31297690.85   | 0.39%             | 2026-03-13      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| T/L BUCKEYE PART 0% 11/01/26                   | T/L BUCKEYE PARTNERS  L P      REGD 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  35883508 | NS      | $35872384.28   | 0.45%             | 2026-11-01      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| UMBS P#906281 V/R 01/01/37                     | FANNIE MAE POOL UMBS P#906281 V/R 4.08900000                                                    | CUSIP: 31411E2N6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     25430 | NS      | $25199.63      | 0.00%             | 2037-01-01      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING G 3.9% 03/12/24                 | LLOYDS BANKING GROUP PLC REGD 3.90000000                                                        | CUSIP: 53944YAH6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  33923000 | NS      | $33525858.01   | 0.42%             | 2024-03-12      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| DRAWBRIDGE SPE 3.875% 02/15/26                 | DRAWBRIDGE SPEC OPPOR FU REGD 144A P/P 3.87500000                                               | CUSIP: 26150TAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  48895000 | NS      | $45097189.42   | 0.56%             | 2026-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| EFF 2022-1 A2 3.03% 06/20/25                   | ENTERPRISE FLEET FINANCING LLC SER 2022-1 CL A2 REGD 144A P/P 3.03000000                        | CUSIP: 29375JAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  14558053 | NS      | $14196046.62   | 0.18%             | 2028-01-20      | Fixed         | 3.03%                 | Yes           |                  2 | On Loan: No      |
| FNMA P745925 V/R 09/01/36                      | FNMA P745925 V/R 09/01/36 3.97100000                                                            | CUSIP: 31403DVS5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     32508 | NS      | $32902.68      | 0.00%             | 2036-09-01      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| AUDAX 2020-1A A V/R 01/20/30                   | AUDAX SENIOR DEBT CLO III LLC SER 2020-1A CL A V/R REGD 144A P/P 6.41771000                     | CUSIP: 05072LAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  45792223 | NS      | $45355159.15   | 0.57%             | 2030-01-20      | Variable      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| BMWLT 2022-1 A 0.67% 05/25/23                  | BMW VEHICLE LEASE TRUST 2022-1 SER 2022-1 CL A2 REGD 0.67000000                                 | CUSIP: 05601XAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8343528 | NS      | $8292249.87    | 0.10%             | 2024-05-28      | Fixed         | 0.67%                 | No            |                  2 | On Loan: No      |
| GNMA #080312 V/R 8/20/29                       | GINNIE MAE II POOL P#80312 V/R 2.62500000                                                       | CUSIP: 36225CK21<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      4414 | NS      | $4329.00       | 0.00%             | 2029-08-20      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA E 0.65% 09/09/24                 | SKANDINAVISKA ENSKILDA REGD 144A P/P 0.65000000                                                 | CUSIP: 83051GAS7<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |  26360000 | NS      | $24628148.00   | 0.31%             | 2024-09-09      | Fixed         | 0.65%                 | Yes           |                  2 | On Loan: No      |
| BLACKSTONE SECU 3.65% 07/14/23                 | BLACKSTONE SECURED LEND REGD 3.65000000                                                         | CUSIP: 09261LAD0<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |  24645000 | NS      | $24478710.82   | 0.31%             | 2023-07-14      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| WLAKE 2021-1A  0.39% 12/15/22                  | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2021-1 SER 2021-1A CL A2A REGD 144A P/P 0.39000000        | CUSIP: 96043FAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1212945 | NS      | $1210697.77    | 0.02%             | 2024-10-15      | Fixed         | 0.39%                 | Yes           |                  2 | On Loan: No      |
| T/L CENTURYLINK INC 0% 3/15/27                 | T/L CENTURYLINK INC REGD 0.00000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  22571660 | NS      | $21797678.26   | 0.27%             | 2027-03-15      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| FNA 2019-1 LLC 3% 12/10/31                     | FNA 2019-1 LLC 3.00000000                                                                       | CUSIP: 30312PAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  12739101 | NS      | $11210409.02   | 0.14%             | 2031-12-10      | Fixed         | 3.00%                 | No            |                  3 | On Loan: No      |
| GA GLOBAL FUNDING V/R 09/13/24                 | GA GLOBAL FUNDING TRUST REGD V/R 144A P/P 0.00000000                                            | CUSIP: 36143L2E4<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |  50000000 | NS      | $48732000.00   | 0.61%             | 2024-09-13      | Variable      | 4.79%                 | Yes           |                  2 | On Loan: No      |
| PROTECTIVE LIF 1.646% 01/13/25                 | PROTECTIVE LIFE GLOBAL REGD 144A P/P 1.64600000                                                 | CUSIP: 74368CBJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  42465000 | NS      | $39677879.79   | 0.50%             | 2025-01-13      | Fixed         | 1.65%                 | Yes           |                  2 | On Loan: No      |
| BLACKROCK TCP CA 3.9% 08/23/24                 | BLACKROCK TCP CAP CORP REGD 3.90000000                                                          | CUSIP: 09259EAA6<br>LEI: 549300JU1XG1HF56J989 | Long             | DBT              | CORP              | US        |  41185000 | NS      | $39341956.01   | 0.49%             | 2024-08-23      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MAIN STREET CAPI 5.2% 05/01/24                 | MAIN STREET CAPITAL CORP REGD 5.20000000                                                        | CUSIP: 56035LAD6<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |  49650000 | NS      | $49356272.59   | 0.62%             | 2024-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINAN V/R 12/06/24                 | CAPITAL ONE FINANCIAL CO REGD V/R 1.34300000                                                    | CUSIP: 14040HCK9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |  45285000 | NS      | $43749852.54   | 0.55%             | 2024-12-06      | Variable      | 1.34%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL INSU 5.625% 11/30/26                 | UNIVERSAL INSURANCE HLDS REGD SER WI 5.62500000                                                 | CUSIP: 91359VAC1<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | DBT              | CORP              | US        |   4205000 | NS      | $3740202.97    | 0.05%             | 2026-11-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SEACO 2020-2A  2.26% 03/17/30                  | GLOBAL SC FINANCE VII SRL SER 2020-2A CL A REGD 144A P/P 2.26000000                             | CUSIP: 37959PAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BB        |  21870600 | NS      | $19813493.17   | 0.25%             | 2040-11-19      | Fixed         | 2.26%                 | Yes           |                  2 | On Loan: No      |
| LCM 24A AR V/R 03/20/30                        | LCM XXIV LTD SER 24A CL AR V/R REGD 144A P/P 5.78771000                                         | CUSIP: 50188YAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  17703682 | NS      | $17475715.30   | 0.22%             | 2030-03-20      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| T/L VISTRA OPERAT ZCP 12/31/25                 | T/L VISTRA OPERATIONS CO LLC ZCP TERM LOAN 0.00000000                                           | CUSIP: 88233FAK6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  20705180 | NS      | $20653416.58   | 0.26%             | 2025-12-31      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| BBUBS 2012-TFT B V/R 06/05/20                  | BB-UBS TRUST SER 2012-TFT CL B V/R REGD 144A P/P 3.55925900                                     | CUSIP: 05490AAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  26807000 | NS      | $24147490.93   | 0.30%             | 2030-06-05      | Variable      | 3.56%                 | Yes           |                  2 | On Loan: No      |
| OSCAR 2021-2A  0.39% 07/10/23                  | OSCAR US FUNDING XIII LLC SER 2021-2A CL A2 REGD 144A P/P 0.39000000                            | CUSIP: 68785BAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JP        |   5917556 | NS      | $5858107.94    | 0.07%             | 2024-08-12      | Fixed         | 0.39%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** BBH Trust

**Signature:** Charles Schreiber

**Name of Signer:** Charles Schreiber

**Title:** Treasurer