# EDGAR Filing Document

**Accession Number:** 0000882381
**File Stem:** 0001410368-25-011931
**Filing Date:** 2025-9
**Character Count:** 243015
**Document Hash:** d1e4c5471df8b722515f6c7f6648f8fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-011931.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001410368-25-011931

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY INCOME OPPORTUNITIES FUND
- **CENTRAL INDEX KEY:** 0000882381

**ORGANIZATION NAME:**
- **EIN:** 133647664
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06515
- **FILM NUMBER:** 251347398

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY GLOBAL FIXED INCOME OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 20120307

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY FIXED INCOME OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 20111220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY FLEXIBLE INCOME TRUST
- **DATE OF NAME CHANGE:** 20030711

## Series and Classes Contracts Data

### Income Opportunities Fund (Series ID: S000002382)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006295 | A            | DINAX           |
| C000006297 | L            | DINCX           |
| C000006298 | I            | DINDX           |
| C000126926 | CLASS R6     | MGFOX           |
| C000155980 | Class C      | MSIPX           |
| C000198830 | Class IR     | MFIRX           |

## Nport-Ex

**Morgan Stanley Income Opportunities Fund**

**(formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> (000)** |  | **Coupon<br> Rate** | **Maturity<br> Date** | **Value** |
|  | **Corporate Bonds (25.8%)** |  |  |  |
|  | **Angola (0.3%)** |  |  |  |
|  | *Energy* |  |  |  |
| $1365 | Azule Energy Finance PLC | 8.125% | 01/23/30 | $1376164 |
|  | **Argentina (0.2%)** |  |  |  |
|  | *Energy* |  |  |  |
| 1000 | YPF SA | 8.25 | 01/17/34 | 1011490 |
|  | **Australia (0.6%)** |  |  |  |
|  | *Basic Materials* |  |  |  |
| 1385 | Newcastle Coal Infrastructure Group Pty. Ltd. (a) | 4.70 | 05/12/31 | 1333000 |
|  | *Finance* |  |  |  |
| 2220 | Westpac Banking Corp. | 2.668 | 11/15/35 | 1961744 |
|  | **Total Australia** |  |  | 3294744 |
|  | **Brazil (1.3%)** |  |  |  |
|  | *Basic Materials* |  |  |  |
| 205 | Braskem Netherlands Finance BV | 4.50 | 01/10/28 | 156607 |
| 1569 | Braskem Netherlands Finance BV (b) | 4.50 | 01/31/30 | 1115437 |
| 2557 | Samarco Mineracao SA, 0.00% Cash, 9.00% PIK (c) | 9.00 | 06/30/31 | 2533567 |
|  |  |  |  | 3805611 |
|  | *Consumer, Cyclical* |  |  |  |
| 1075 | Gol Finance, Inc. (a) | 14.375 | 06/06/30 | 1049469 |
|  | *Energy* |  |  |  |
| 245 | Yinson Boronia Production BV (a) | 8.947 | 07/31/42 | 264905 |
|  | *Industrials* |  |  |  |
| 1393 | MV24 Capital BV | 6.748 | 06/01/34 | 1387089 |
|  | **Total Brazil** |  |  | 6507074 |
|  | **Canada (0.2%)** |  |  |  |
|  | *Consumer, Cyclical* |  |  |  |
| 1180 | Superior Plus LP/Superior General Partner, Inc. (a) | 4.50 | 03/15/29 | 1126739 |
|  | **China (0.1%)** |  |  |  |
|  | *Communications* |  |  |  |
| 300 | Alibaba Group Holding Ltd. | 0.50 | 06/01/31 | 399300 |
| 200 | PDD Holdings, Inc. | 0.00 (d) | 12/01/25 | 197000 |
|  | **Total China** |  |  | 596300 |

---

**Morgan Stanley Income Opportunities Fund**

**(formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> (000)** |  | **Coupon<br> Rate** | **Maturity<br> Date** | **Value** |
|  | **Colombia (0.5%)** |  |  |  |
|  | *Consumer, Cyclical* |  |  |  |
| $1655 | Avianca Midco 2 PLC (a)(b) | 9.00% | 12/01/28 | $1583017 |
| 417 | Avianca Midco 2 PLC (a)(b) | 9.625 | 02/14/30 | 388187 |
|  |  |  |  | 1971204 |
|  | *Finance* |  |  |  |
| 712 | Bancolombia SA | 8.625 | 12/24/34 | 758018 |
|  | **Total Colombia** |  |  | 2729222 |
|  | **France (2.8%)** |  |  |  |
|  | *Communications* |  |  |  |
| 386 | Orange SA | 5.00 | (e) | 451999 |
|  | *Consumer, Cyclical* |  |  |  |
| 1100 | RCI Banque SA | 5.50 | 10/09/34 | 1311715 |
|  | *Consumer, Non-Cyclical* |  |  |  |
| 850 | Loxam SAS (a) | 4.25 | 02/15/30 | 982005 |
|  | *Energy* |  |  |  |
| 4430 | TotalEnergies SE | 2.00 | (e) | 4684697 |
| 980 | TotalEnergies SE | 3.25 | (e) | 1003742 |
|  |  |  |  | 5688439 |
|  | *Utilities* |  |  |  |
| 1800 | Electricite de France SA | 2.625 | (e) | 2012819 |
| 900 | Engie SA | 1.875 | (e) | 920997 |
| 2000 | Engie SA | 4.75 | (e) | 2392550 |
| 800 | Engie SA | 5.125 | (e) | 971627 |
|  |  |  |  | 6297993 |
|  | **Total France** |  |  | 14732151 |
|  | **Germany (0.6%)** |  |  |  |
|  | *Consumer, Cyclical* |  |  |  |
| 1480 | Volkswagen International Finance NV | 4.625 | (e) | 1702812 |
| 1300 | Volkswagen International Finance NV | 7.50 | (e) | 1628378 |
|  | **Total Germany** |  |  | 3331190 |
|  | **Ghana (0.1%)** |  |  |  |
|  | *Energy* |  |  |  |
| $436 | Tullow Oil PLC | 10.25 | 05/15/26 | 393490 |

---

**Morgan Stanley Income Opportunities Fund**

**(formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited**) *continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> (000)** |  | **Coupon<br> Rate** | **Maturity<br> Date** | **Value** |
|  | **Greece (1.3%)** |  |  |  |
|  | *Finance* |  |  |  |
| 1400 | Eurobank Ergasias Services & Holdings SA | 4.25% | 04/30/35 | $1612836 |
| 2070 | National Bank of Greece SA | 8.00 | 01/03/34 | 2666361 |
| 2140 | Piraeus Financial Holdings SA | 7.25 | 04/17/34 | 2698151 |
|  | **Total Greece** |  |  | 6977348 |
|  | **Hong Kong (0.6%)** |  |  |  |
|  | *Communications* |  |  |  |
| $1310 | CAS Capital No. 1 Ltd. | 4.00 | (e) | 1284441 |
|  | *Industrials* |  |  |  |
| 1680 | Seaspan Corp. (a) | 5.50 | 08/01/29 | 1601194 |
|  | **Total Hong Kong** |  |  | 2885635 |
|  | **Israel (0.3%)** |  |  |  |
|  | *Consumer, Non-Cyclical* |  |  |  |
| 1290 | Teva Pharmaceutical Finance Netherlands II BV | 4.125 | 06/01/31 | 1483036 |
|  | **Italy (1.2%)** |  |  |  |
|  | *Finance* |  |  |  |
| $2085 | Intesa Sanpaolo SpA (a) | 7.20 | 11/28/33 | 2346490 |
|  | *Utilities* |  |  |  |
| 3210 | Enel SpA | 6.375 | (e) | 3963295 |
|  | **Total Italy** |  |  | 6309785 |
|  | **Jamaica (0.5%)** |  |  |  |
|  | *Communications* |  |  |  |
| $1500 | Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S., 9.00% Cash, 1.50% PIK (c) | 10.50 | 05/25/27 | 1508070 |
| 1260 | Digicel International Finance Ltd./Difl U.S. LLC (a)(f) | 8.625 | 08/01/32 | 1273700 |
|  | **Total Jamaica** |  |  | 2781770 |
|  | **Luxembourg (0.5%)** |  |  |  |
|  | *Basic Materials* |  |  |  |
| 1630 | INEOS Finance PLC (a) | 5.625 | 08/15/30 | 1783320 |
|  | *Consumer, Cyclical* |  |  |  |
| 870 | Essendi SA (a) | 5.375 | 05/15/30 | 1028067 |
|  | **Total Luxembourg** |  |  | 2811387 |

---

**Morgan Stanley Income Opportunities Fund**

**(formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> (000)** |  | **Coupon<br> Rate** | **Maturity<br> Date** | **Value** |
|  | **Mexico (0.8%)** |  |  |  |
|  | *Communications* |  |  |  |
| $800 | Total Play Telecomunicaciones SA de CV (a) | 11.125% | 12/31/32 | $771940 |
|  | *Finance* |  |  |  |
| 1096 | Banco Actinver SA/Grupo GICSA SAB de CV (a) | 4.80 | 12/18/34 | 854821 |
| 1330 | Banco Mercantil del Norte SA (a) | 8.375 | (e) | 1360338 |
| 1260 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (a) | 8.45 | 06/29/38 | 1344146 |
|  |  |  |  | 3559305 |
|  | **Total Mexico** |  |  | 4331245 |
|  | **Netherlands (0.7%)** |  |  |  |
|  | *Utilities* |  |  |  |
| 1510 | Alliander NV | 4.50 | (e) | 1776404 |
| 1600 | TenneT Holding BV | 4.625 | (e) | 1882934 |
|  | **Total Netherlands** |  |  | 3659338 |
|  | **Pakistan (0.1%)** |  |  |  |
|  | *Communications* |  |  |  |
| $415 | Veon Midco BV | 3.375 | 11/25/27 | 384292 |
|  | **Peru (0.3%)** |  |  |  |
|  | *Energy* |  |  |  |
| 542 | Peru LNG SRL | 5.375 | 03/22/30 | 516556 |
| 1200 | Petroleos del Peru SA | 5.625 | 06/19/47 | 809974 |
|  | **Total Peru** |  |  | 1326530 |
|  | **Spain (2.1%)** |  |  |  |
|  | *Communications* |  |  |  |
| 1300 | Telefonica Emisiones SA | 4.055 | 01/24/36 | 1500288 |
| 1100 | Telefonica Europe BV | 2.502 | (e) | 1241846 |
|  |  |  |  | 2742134 |
|  | *Energy* |  |  |  |
| 1510 | Repsol International Finance BV | 2.50 | (e) | 1712269 |
|  | *Utilities* |  |  |  |
| 4100 | Iberdrola Finanzas SA | 4.875 | (e) | 4896783 |
| 900 | Iberdrola International BV | 1.45 | (e) | 1004897 |
| 700 | NorteGas Energia Distribucion SA | 0.905 | 01/22/31 | 692711 |
|  |  |  |  | 6594391 |
|  | **Total Spain** |  |  | 11048794 |

---

**Morgan Stanley Income Opportunities Fund**

**(formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> (000)** |  | **Coupon<br> Rate** | **Maturity<br> Date** | **Value** |
|  | **Sweden (0.2%)** |  |  |  |
|  | *Consumer, Non-Cyclical* |  |  |  |
| 1070 | Verisure Holding AB | 3.25% | 02/15/27 | $1220216 |
|  | **Switzerland (0.3%)** |  |  |  |
|  | *Consumer, Cyclical* |  |  |  |
| $1550 | VistaJet Malta Finance PLC/Vista Management Holding, Inc. (a)(b) | 6.375 | 02/01/30 | 1465670 |
|  | **Turkey (0.6%)** |  |  |  |
|  | *Basic Materials* |  |  |  |
| 1970 | Eldorado Gold Corp. (a) | 6.25 | 09/01/29 | 1974415 |
| 304 | WE Soda Investments Holding PLC | 9.50 | 10/06/28 | 317260 |
|  |  |  |  | 2291675 |
|  | *Utilities* |  |  |  |
| 1000 | Zorlu Enerji Elektrik Uretim AS | 11.00 | 04/23/30 | 969634 |
|  | **Total Turkey** |  |  | 3261309 |
|  | **United Kingdom (1.5%)** |  |  |  |
|  | *Communications* |  |  |  |
| 1740 | Virgin Media Secured Finance PLC | 4.25 | 01/15/30 | 2124150 |
| $1030 | Vmed O2 U.K. Financing I PLC (a) | 4.75 | 07/15/31 | 954017 |
|  |  |  |  | 3078167 |
|  | *Energy* |  |  |  |
| 2730 | BP Capital Markets PLC | 3.625 | (e) | 3126254 |
| $1605 | BP Capital Markets PLC | 4.875 | (e) | 1583865 |
|  |  |  |  | 4710119 |
|  | **Total United Kingdom** |  |  | 7788286 |
|  | **United States (8.1%)** |  |  |  |
|  | *Communications* |  |  |  |
| 1260 | Arches Buyer, Inc. (a) | 4.25 | 06/01/28 | 1214740 |
| 740 | CCO Holdings LLC/CCO Holdings Capital Corp. (a) | 4.50 | 08/15/30 | 692892 |
| 1230 | Clear Channel Outdoor Holdings, Inc. (a)(b) | 7.75 | 04/15/28 | 1162657 |
| 1460 | Clear Channel Outdoor Holdings, Inc. (a) | 7.875 | 04/01/30 | 1504832 |
| 1480 | McGraw-Hill Education, Inc. (a) | 5.75 | 08/01/28 | 1475432 |
| 1430 | McGraw-Hill Education, Inc. (a) | 7.375 | 09/01/31 | 1487686 |
|  |  |  |  | 7538239 |
|  | *Consumer, Cyclical* |  |  |  |
| 3810 | Ford Motor Credit Co. LLC | 7.35 | 03/06/30 | 4026854 |

---

**Morgan Stanley Income Opportunities Fund**

**(formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> (000)** |  | **Coupon<br> Rate** | **Maturity<br> Date** | **Value** |
| $1911 | PetSmart, Inc./PetSmart Finance Corp. (a) | 4.75% | 02/15/28 | $1877440 |
| 1010 | Sonic Automotive, Inc. (a)(b) | 4.625 | 11/15/29 | 972133 |
|  |  |  |  | 6876427 |
|  | *Consumer, Non-Cyclical* |  |  |  |
| 1460 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL (a) | 4.625 | 06/01/28 | 1421732 |
| 2440 | Centene Corp. | 2.50 | 03/01/31 | 2049958 |
| 1110 | Chobani LLC/Chobani Finance Corp., Inc. (a) | 7.625 | 07/01/29 | 1157869 |
| 1580 | LifePoint Health, Inc. (a) | 9.875 | 08/15/30 | 1704878 |
| 1110 | Upjohn Finance BV | 1.362 | 06/23/27 | 1234930 |
|  |  |  |  | 7569367 |
|  | *Energy* |  |  |  |
| $918 | Transocean, Inc. (a) | 8.75 | 02/15/30 | 952991 |
|  | *Finance* |  |  |  |
| 1330 | Focus Financial Partners LLC (a) | 6.75 | 09/15/31 | 1360243 |
| 870 | Global Atlantic Fin Co. (a) | 4.70 | 10/15/51 | 851803 |
| 685 | Global Atlantic Fin Co. (a) | 7.95 | 10/15/54 | 717541 |
| 714 | HAT Holdings I LLC/HAT Holdings II LLC (a) | 8.00 | 06/15/27 | 740391 |
|  |  |  |  | 3669978 |
|  | *Industrials* |  |  |  |
| 1260 | Artera Services LLC (a)(b) | 8.50 | 02/15/31 | 1044625 |
| 1180 | Calderys Financing LLC (a) | 11.25 | 06/01/28 | 1248176 |
| 1290 | Masterbrand, Inc. (a) | 7.00 | 07/15/32 | 1312645 |
|  |  |  |  | 3605446 |
|  | *Technology* |  |  |  |
| 1400 | AthenaHealth Group, Inc. (a) | 6.50 | 02/15/30 | 1377393 |
| 1391 | Cloud Software Group, Inc. (a) | 6.50 | 03/31/29 | 1405724 |
| 2660 | Concentrix Corp. | 6.65 | 08/02/26 | 2703840 |
| 1910 | McAfee Corp. (a)(b) | 7.375 | 02/15/30 | 1772965 |
| 810 | Seagate Data Storage Technology Pte. Ltd. (a) | 9.625 | 12/01/32 | 912907 |
| 776 | West Technology Group LLC (a) | 8.50 | 04/10/27 | 216310 |
|  |  |  |  | 8389139 |
|  | *Utilities* |  |  |  |
| 680 | Duke Energy Corp. | 3.85 | 06/15/34 | 775381 |

---

**Morgan Stanley Income Opportunities Fund**

**(formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> (000)** |  | **Coupon<br> Rate** | **Maturity<br> Date** | **Value** |
| $1330 | XPLR Infrastructure Operating Partners LP (a)(b) | 8.375% | 01/15/31 | $1396053 |
| 1460 | XPLR Infrastructure Operating Partners LP (a)(b) | 8.625 | 03/15/33 | 1547547 |
|  |  |  |  | 3718981 |
|  | **Total United States** |  |  | 42320568 |
|  | **Total Corporate Bonds** *(Cost $129,585,545)* |  |  | 135153773 |
|  | **Sovereign (20.1%)** |  |  |  |
|  | **Albania (0.4%)** |  |  |  |
| 1850 | Albania Government International Bond (a) | 4.75 | 02/14/35 | 2128823 |
|  | **Angola (0.1%)** |  |  |  |
| $720 | Angolan Government International Bond | 8.75 | 04/14/32 | 656183 |
|  | **Argentina (0.3%)** |  |  |  |
| 553000 | Argentina Treasury Bonds BONTE | 29.50 | 05/30/30 | 413357 |
| 561625 | Bono Del Tesoro Nacional Capitalizable en Pesos | 2.05 | 01/15/27 | 371558 |
| 973154 | Bono Del Tesoro Nacional Capitalizable en Pesos | 2.15 | 06/30/26 | 635311 |
| 18721 | Bono Del Tesoro Nacional Capitalizable en Pesos | 2.60 | 02/13/26 | 12602 |
| 384813 | Bono Del Tesoro Nacional Capitalizable en Pesos | 2.65 | 01/30/26 | 265201 |
|  | **Total Argentina** |  |  | 1698029 |
|  | **Bahamas (0.2%)** |  |  |  |
| $1069 | Bahamas Government International Bond (a) | 8.25 | 06/24/36 | 1087707 |
|  | **Benin (0.6%)** |  |  |  |
| 1800 | Benin Government International Bond | 4.95 | 01/22/35 | 1838417 |
| 1600 | Benin Government International Bond | 6.875 | 01/19/52 | 1568988 |
|  | **Total Benin** |  |  | 3407405 |
|  | **Bosnia and Herzegovina (0.1%)** |  |  |  |
| 407 | Federation of Bosnia & Herzegovina Eurobond | 5.50 | 07/17/30 | 478182 |
|  | **Brazil (0.9%)** |  |  |  |
| 6200 | Brazil Notas do Tesouro Nacional | 6.00 | 08/15/30 | 4786416 |
|  | **Dominican Republic (0.6%)** |  |  |  |
| 153300 | Dominican Republic International Bond | 13.625 | 02/03/33 | 3010078 |
|  | **Ethiopia (0.8%)** |  |  |  |
| $4350 | Ethiopia International Bond | 6.625 | 12/11/24 | 4012875 |
|  | **Japan (0.9%)** |  |  |  |
| 800000 | Japan Government Thirty Year Bond | 2.40 | 03/20/55 | 4648720 |

---

**Morgan Stanley Income Opportunities Fund**

**(formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> (000)** |  | **Coupon<br> Rate** | **Maturity<br> Date** | **Value** |
|  | **Lebanon (0.3%)** |  |  |  |
| $7800 | Lebanon Government International Bond (g)(h) | 7.00% | 03/20/28 | $1466400 |
|  | **Mexico (3.7%)** |  |  |  |
| 175000 | Mexican Bonos | 7.75 | 11/23/34 | 8410517 |
| 108500 | Mexican Bonos | 8.50 | 11/18/38 | 5259353 |
| 49447 | Mexico Udibonos | 2.75 | 11/27/31 | 2314729 |
| 2170 | Petroleos Mexicanos | 2.75 | 04/21/27 | 2406073 |
| $890 | Petroleos Mexicanos | 6.50 | 03/13/27 | 890907 |
|  | **Total Mexico** |  |  | 19281579 |
|  | **Montenegro (0.5%)** |  |  |  |
| 2440 | Montenegro Government International Bond (a) | 4.875 | 04/01/32 | 2760380 |
|  | **Mozambique (0.1%)** |  |  |  |
| $860 | Mozambique International Bond (i) | 9.00 | 09/15/31 | 752968 |
|  | **Nigeria (0.2%)** |  |  |  |
| 890 | Nigeria Government International Bond | 7.375 | 09/28/33 | 822177 |
|  | **Peru (4.0%)** |  |  |  |
| 39571 | Peru Government Bond | 6.15 | 08/12/32 | 11459622 |
| 32830 | Peru Government Bond | 6.85 | 08/12/35 | 9395228 |
|  | **Total Peru** |  |  | 20854850 |
|  | **Philippines (0.5%)** |  |  |  |
| 152500 | Philippines Government Bond | 6.375 | 04/28/35 | 2658555 |
|  | **Poland (0.5%)** |  |  |  |
| 11022 | Republic of Poland Government Bond | 2.00 | 08/25/36 | 2638428 |
|  | **Romania (1.2%)** |  |  |  |
| 1215 | Romanian Government International Bond | 2.625 | 12/02/40 | 899125 |
| 4387 | Romanian Government International Bond | 6.75 | 07/11/39 | 5149493 |
|  | **Total Romania** |  |  | 6048618 |
|  | **South Africa (2.1%)** |  |  |  |
| 47768 | Republic of South Africa Government Bond | 8.75 | 01/31/44 | 2202052 |
| 164080 | Republic of South Africa Government Bond | 8.875 | 02/28/35 | 8602215 |
|  | **Total South Africa** |  |  | 10804267 |
|  | **Sri Lanka (0.8%)** |  |  |  |
| $4700 | Sri Lanka Government International Bond (a)(i) | 3.10 | 01/15/30 | 4235875 |

---

**Morgan Stanley Income Opportunities Fund**

**(formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> (000)** |  | **Coupon<br> Rate** | **Maturity<br> Date** | **Value** |
|  | **Turkey (0.3%)** |  |  |  |
| 70000 | Turkiye Government Bond | 27.70% | 09/27/34 | $1628693 |
|  | **Ukraine (0.3%)** |  |  |  |
| $3500 | Ukraine Government International Bond (i) | 3.00 | 02/01/35 | 1633182 |
|  | **Venezuela (0.6%)** |  |  |  |
| 465 | Petroleos de Venezuela SA (g)(h) | 0.00 | 10/27/20 | 415728 |
| 1618 | Petroleos de Venezuela SA (g)(h) | 5.375 | 04/12/27 | 226692 |
| 1120 | Petroleos de Venezuela SA (g)(h) | 5.50 | 04/12/37 | 157304 |
| 5321 | Petroleos de Venezuela SA (g)(h) | 6.00 | 10/28/22 - 11/15/26 | 700912 |
| 568 | Petroleos de Venezuela SA (g)(h) | 9.00 | 11/17/21 | 82090 |
| 256 | Petroleos de Venezuela SA (g)(h) | 9.75 | 05/17/35 | 40784 |
| 2000 | Petroleos de Venezuela SA (g)(h) | 12.75 | 02/17/22 | 311000 |
| 2019 | Venezuela Government International Bond (g)(h) | 6.00 | 12/09/20 | 313069 |
| 815 | Venezuela Government International Bond (g)(h) | 7.00 | 12/01/18 | 121313 |
| 21 | Venezuela Government International Bond (g)(h) | 7.75 | 10/13/19 | 3297 |
| 734 | Venezuela Government International Bond (g)(h) | 11.95 | 08/05/31 | 152378 |
| 126 | Venezuela Government International Bond (g)(h) | 12.75 | 08/23/22 | 24819 |
| 3433 | Venezuela Government International Bond (g)(h) | 13.625 | 08/15/18 | 721273 |
|  | **Total Venezuela** |  |  | 3270659 |
|  | **Zambia (0.1%)** |  |  |  |
| 796 | Zambia Government International Bond | 0.50 | 12/31/53 | 583809 |
|  | **Total Sovereign** *(Cost $104,139,521)* |  |  | 105354858 |
|  | **Agency Fixed Rate Mortgages (13.8%)** |  |  |  |
|  | Federal Home Loan Mortgage Corporation, |  |  |  |
| 2140 | &nbsp;&nbsp;&nbsp;Conventional Pools: | 6.00 | 06/01/54 - 09/01/54 | 2173835 |
| 1 | &nbsp;&nbsp;&nbsp;Gold Pool: | 6.50 | 10/01/32 | 506 |
|  | Federal National Mortgage Association, |  |  |  |
| 46500 | August TBA: (j) | 5.50 | 08/01/54 | 46251153 |
|  | &nbsp;&nbsp;&nbsp;Conventional Pools: |  |  |  |
| 9 |  | 6.50 | 05/01/28 - 01/01/32 | 9756 |
| 2 |  | 7.00 | 11/01/32 | 1759 |
|  | Government National Mortgage Association, |  |  |  |
| 20700 | October TBA: (j) | 6.50 | 10/20/54 | 21177618 |
|  | &nbsp;&nbsp;&nbsp;Various Pools: |  |  |  |
| 2697 |  | 6.00 | 08/20/53 | 2782737 |
| 1 |  | 8.00 | 01/15/30 - 05/15/30 | 1182 |
|  | **Total Agency Fixed Rate Mortgages** *(Cost $72,314,906)* |  |  | 72398546 |

---

**Morgan Stanley Income Opportunities Fund**

**(formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> (000)** |  | **Coupon<br> Rate** | **Maturity<br> Date** | **Value** |
|  | **Asset-Backed Securities (14.5%)** |  |  |  |
| $1246 | AMSR Trust (a) | 5.00% | 03/17/39 | $1217175 |
|  | Barings CLO Ltd. |  |  |  |
| 740 | &nbsp;&nbsp;&nbsp;Class D2, 3 Month Term SOFR + 3.65% (a) | 7.975(k) | 04/20/38 | 743240 |
| 1110 | &nbsp;&nbsp;&nbsp;Class D2R, 3 Month Term SOFR + 4.60% (a) | 8.918(k) | 07/15/37 | 1116379 |
| 1110 | &nbsp;&nbsp;&nbsp;Class E, 3 Month Term SOFR + 4.60% (a) | 8.925(k) | 04/20/38 | 1103781 |
| 1110 | Battalion CLO XXV Ltd., Class D<br>3 Month Term SOFR + 4.35% (a) | 8.675(k) | 03/13/37 | 1119649 |
| 826 | Bayview Financial Revolving Asset Trust<br>1 Month Term SOFR + 1.11% (a) | 5.467(k) | 02/28/40 | 799392 |
| 740 | Benefit Street Partners CLO XV Ltd., Class D2R<br>3 Month Term SOFR + 4.50% (a) | 8.818(k) | 07/15/37 | 745241 |
| 1000 | Birch Grove CLO 14 Ltd., Class D1<br>3 Month Term SOFR + 3.50% (a) | 7.83 (k) | 07/22/37 | 1002388 |
| 445 | Blackbird Capital Aircraft Lease Securitization Ltd. (a) | 4.213 | 12/16/41 | 445219 |
|  | Bryant Park Funding Ltd. |  |  |  |
| 1110 | &nbsp;&nbsp;&nbsp;Class D, 3 Month Term SOFR + 4.30% (a) | 8.618(k) | 04/15/37 | 1121130 |
| 1110 | &nbsp;&nbsp;&nbsp;Class D1R, 3 Month Term SOFR + 2.80% (a) | 7.118(k) | 04/15/38 | 1109817 |
| 616 | Cascade MH Asset Trust (a) | 4.00 (k) | 11/25/44 | 587504 |
| 1110 | Countrywide Asset-Backed Certificates Trust<br>1 Month Term SOFR + 1.69% | 3.541(k) | 03/25/35 | 962667 |
| 672 | ECAF I Ltd., Class A2 (Cayman Islands) (a) | 4.947 | 06/15/40 | 601799 |
| 1110 | Elmwood CLO 32 Ltd., Class D1<br>3 Month Term SOFR + 2.85% (a) | 7.179(k) | 10/18/37 | 1116051 |
| 1110 | Elmwood CLO 40 Ltd., Class E<br>3 Month Term SOFR + 5.25% (a) | 9.526(k) | 03/22/38 | 1123515 |
| 740 | Elmwood CLO VIII Ltd., Class DR<br>3 Month Term SOFR + 3.80% (a) | 8.125(k) | 04/20/37 | 748254 |
| 1110 | Empower CLO Ltd., Class D1<br>3 Month Term SOFR + 3.75% (a) | 8.068(k) | 04/25/37 | 1118498 |
| 4430 | Finance of America HECM Buyout, Class M4 (a) | 6.00 (k) | 10/01/34 | 4037529 |
| 2133 | FirstKey Homes Trust, Class F3 (a) | 3.686 | 08/17/38 | 2079583 |
|  | FMC GMSR Issuer Trust |  |  |  |
| 2960 | &nbsp;&nbsp;&nbsp;Class A (a) | 3.62 (k) | 07/25/26 | 2813850 |
| 1480 | &nbsp;&nbsp;&nbsp;Class A (a) | 4.45 (k) | 01/25/26 | 1442234 |
| 2220 | &nbsp;&nbsp;&nbsp;Class A (a) | 7.90 | 07/25/27 | 2244397 |
| 1180 | &nbsp;&nbsp;&nbsp;Class B (a) | 4.44 (k) | 10/25/26 | 1110720 |
| 2960 | &nbsp;&nbsp;&nbsp;Class B (a) | 7.17 | 04/25/27 | 2986347 |
| 2096 | GAIA Aviation Ltd. (Cayman Islands) (a) | 7.00 | 12/15/44 | 1806722 |

---

**Morgan Stanley Income Opportunities Fund**

**(formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> (000)** |  | **Coupon<br> Rate** | **Maturity<br> Date** | **Value** |
| $740 | Galaxy 33 CLO Ltd., Class D1<br>3 Month Term SOFR + 3.55% (a) | 7.875(k)% | 04/20/37 | $742731 |
| 1110 | Golub Capital Partners CLO 72 B Ltd., Class D<br>3 Month Term SOFR + 4.00% (a) | 8.318(k) | 04/25/37 | 1118433 |
|  | Harvest SBA Loan Trust |  |  |  |
| 2056 | &nbsp;&nbsp;&nbsp;Class A, SOFR30A + 2.25% (a) | 6.684(k) | 12/25/51 | 2071119 |
| 995 | &nbsp;&nbsp;&nbsp;Class A, SOFR30A + 3.25% (a) | 7.684(k) | 10/25/50 | 1013828 |
| 1110 | Harvest U.S. CLO Ltd., Class D1<br>3 Month Term SOFR + 3.25% (a) | 7.568(k) | 10/15/37 | 1113826 |
| 1773 | Horizon Aircraft Finance IV Ltd., Class A (a) | 5.375 | 09/15/49 | 1773953 |
| 521 | LoanMe Trust Prime, Class B (a) | 6.00 | 09/15/34 | 519474 |
| 1110 | Madison Park Funding LV Ltd., Class D1R<br>3 Month Term SOFR + 3.15% (a) | 7.479(k) | 07/18/37 | 1114309 |
|  | Magnetite XXII Ltd. |  |  |  |
| 740 | &nbsp;&nbsp;&nbsp;Class DJ, 3 Month Term SOFR + 4.15% (a) | 8.468(k) | 07/15/36 | 741801 |
| 740 | &nbsp;&nbsp;&nbsp;Class DRR, 3 Month Term SOFR + 2.90% (a) | 7.218(k) | 07/15/36 | 741481 |
| 602 | METAL LLC, Class A (a) | 4.581 | 10/15/42 | 400085 |
| 1810 | Mortgage Subordinate Trust, Class A (a) | 0.00 | 12/29/31 | 1531167 |
| 416 | Newtek Small Business Loan Trust<br>Daily U.S. Prime Rate + 0.10% (a) | 7.60 (k) | 12/25/48 | 409325 |
| 2177 | NRM FNT1 Excess LLC, Class A (a) | 7.398 | 11/25/31 | 2203413 |
| 705 | NRZ Excess Spread-Collateralized Notes, Class A (a) | 3.104 | 07/25/26 | 688441 |
| 920 | Oaktree CLO Ltd., Class D2RR<br>3 Month Term SOFR + 4.70% (a) | 9.025(k) | 07/20/37 | 923772 |
| 2828 | Oakwood Mortgage Investors, Inc., Class A4 | 7.405(k) | 06/15/31 | 213787 |
|  | OCP CLO Ltd. |  |  |  |
| 1110 | &nbsp;&nbsp;&nbsp;Class D1, 3 Month Term SOFR + 3.75% (a) | 8.069(k) | 04/23/37 | 1121846 |
| 740 | &nbsp;&nbsp;&nbsp;Class D2R, 3 Month Term SOFR + 4.40% (a) | 8.725(k) | 10/20/37 | 747927 |
|  | Palmer Square CLO Ltd. |  |  |  |
| 1110 | &nbsp;&nbsp;&nbsp;Class CR, 3 Month Term SOFR + 3.90% (a) | 8.229(k) | 04/18/37 | 1119940 |
| 740 | &nbsp;&nbsp;&nbsp;Class ER, 3 Month Term SOFR + 6.40% (a) | 10.725(k) | 07/20/38 | 745412 |
| 2220 | PMT FMSR Issuer Trust, Class A<br>1 Month Term SOFR + 3.11% (a) | 7.467(k) | 03/25/26 | 2234221 |
| 2960 | PNMAC GMSR Issuer Trust, Class A<br>1 Month Term SOFR + 3.20% (a) | 7.552(k) | 03/25/29 | 2972841 |
| 1850 | Progress Residential Trust, Class F (a) | 4.053 | 11/17/40 | 1761864 |
| 2153 | Raptor Aircraft Finance I LLC, Class A (a) | 4.213 | 08/23/44 | 1951022 |
| 1386 | ReadyCap Lending Small Business Loan Trust, Class A<br>Daily U.S. Prime Rate + 0.07% (a) | 7.57 (k) | 04/25/48 | 1403271 |
| 1219 | Shenton Aircraft Investment Ltd., Class A (a) | 4.75 | 10/15/42 | 1179017 |

---

**Morgan Stanley Income Opportunities Fund**

**(formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> (000)** |  | **Coupon<br> Rate** | **Maturity<br> Date** | **Value** |
|  | STAR Trust |  |  |  |
| $590 | &nbsp;&nbsp;&nbsp;Class D, 1 Month Term SOFR + 2.45% (a) | 6.792(k)% | 02/17/42 | $590520 |
| 2220 | &nbsp;&nbsp;&nbsp;Class D, 1 Month Term SOFR + 2.55% (a) | 6.892(k) | 05/17/39 | 2241059 |
| 518 | Start II Ltd., Class A (Bermuda) (a) | 4.089 | 03/15/44 | 513512 |
| 648 | Start Ltd. (a) | 4.089 | 05/15/43 | 646830 |
| 740 | TICP CLO VI Ltd.<br>3 Month Term SOFR + 6.51% (a) | 10.829(k) | 01/15/34 | 746466 |
|  | Trinitas CLO VI Ltd. |  |  |  |
| 740 | &nbsp;&nbsp;&nbsp;3 Month Term SOFR + 4.01% (a) | 8.33 (k) | 01/25/34 | 740938 |
| 740 | &nbsp;&nbsp;&nbsp;3 Month Term SOFR + 7.08% (a) | 11.396(k) | 01/25/34 | 729549 |
| 1850 | VINE Trust, Class E1 (a) | 4.75 | 12/17/40 | 1740480 |
|  | **Total Asset-Backed Securities** *(Cost $75,906,923)* |  |  | 75810741 |
|  | **Collateralized Mortgage Obligations - Agency Collateral Series (6.8%)** |  |  |  |
| 4000 | Federal Home Loan Mortgage Corporation, REMIC<br>21.06% - 3 x SOFR30A | 8.011(l) | 08/25/55 | 4104877 |
|  | Federal National Mortgage Association, |  |  |  |
|  | &nbsp;&nbsp;&nbsp;IO REMIC |  |  |  |
| 155 |  | 1.776(k) | 03/25/44 | 9348 |
| 28 | &nbsp;&nbsp;&nbsp;6.44% - SOFR30A | 2.086(l) | 08/25/41 | 458 |
| 314 |  | 2.177(k) | 10/25/39 | 17619 |
|  | Government National Mortgage Association, |  |  |  |
| 473 | IO REMIC<br>6.14% - 1 Month Term SOFR | 1.785(l) | 12/20/42 | 50284 |
|  | &nbsp;&nbsp;&nbsp;REMIC |  |  |  |
| 2522 | &nbsp;&nbsp;&nbsp;22.73% - SOFR30A | 6.791(l) | 10/20/52 | 2585732 |
| 4987 | &nbsp;&nbsp;&nbsp;25.60% - 4 x SOFR30A | 8.208(l) | 06/20/55 | 5119921 |
| 12970 | &nbsp;&nbsp;&nbsp;21.30% - 3 x SOFR30A | 8.256(l) | 06/20/55 | 13457232 |
| 5000 | &nbsp;&nbsp;&nbsp;21.30% - 3 x SOFR30A | 8.397(l) | 07/20/55 | 5176492 |
| 5000 | &nbsp;&nbsp;&nbsp;21.30% - 3 x SOFR30A | 8.40 (l) | 07/20/55 | 5165624 |
|  | **Total Collateralized Mortgage Obligations - Agency Collateral Series** *(Cost $35,070,587)* |  |  | 35687587 |
|  | **Commercial Mortgage-Backed Securities (4.7%)** |  |  |  |
| 1822 | Bayview Commercial Asset Trust, Class A4A<br>1 Month Term SOFR + 1.61% (a) | 6.717(k) | 12/25/37 | 1610492 |
| 1286 | BPR Trust, Class A<br>1 Month Term SOFR + 1.86% (a) | 6.206(k) | 06/15/38 | 1283064 |
| 670 | Citigroup Commercial Mortgage Trust (a) | 3.503(k) | 12/10/41 | 565513 |
| 1110 | Commercial Mortgage Trust (a) | 3.40 (k) | 08/15/57 | 1003853 |

---

**Morgan Stanley Income Opportunities Fund<br> (formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount<br>(000)** |  | **Coupon<br>Rate** | **Maturity<br>Date** | **Value** |
|  | Credit Suisse Mortgage Trust, Class A |  |  |  |
| $1811 | &nbsp;&nbsp;&nbsp;1 Month Term SOFR + 3.57% (a) | 7.916(k)% | 05/09/26 | $1776462 |
| 3195 | &nbsp;&nbsp;&nbsp;1 Month Term SOFR + 3.83% (a) | 8.171(k) | 08/15/26 | 3005306 |
|  | Federal Home Loan Mortgage Corporation |  |  |  |
|  | &nbsp;&nbsp;&nbsp;IO |  |  |  |
| 5170 |  | 2.628(k) | 01/25/49 | 625552 |
| 4750 |  | 3.067(k) | 11/25/36 | 1116397 |
| 7336 |  | 4.334(k) | 11/25/55 | 1810870 |
| 189 | FREMF Mortgage Trust, IO<br>SOFR30A + 5.36% (a) | 9.684(k) | 07/25/26 | 10658 |
|  | Harvest Commercial Capital Loan Trust, Class A |  |  |  |
| 1850 | &nbsp;&nbsp;&nbsp;(a) | 5.964(k) | 04/25/52 | 1697087 |
| 2119 |  | 6.164 | 10/25/56 | 2143322 |
| 1110 | &nbsp;&nbsp;&nbsp;(a) | 6.337(k) | 09/25/46 | 1059837 |
| 136 | JPMBB Commercial Mortgage Securities Trust (a) | 4.048(k) | 09/15/47 | 116523 |
| 1480 | Natixis Commercial Mortgage Securities Trust (a) | 4.135(k) | 05/15/39 | 1340713 |
| 2220 | SG Commercial Mortgage Securities Trust (a) | 3.477(k) | 09/15/39 | 1862542 |
| 500 | Sutherland Commercial Mortgage Trust (a) | 2.23 (k) | 12/25/41 | 433629 |
| 1852 | VCC Trust, Class A1 (a) | 8.163 | 05/25/55 | 1855413 |
| 1193 | Velocity Commercial Capital Loan Trust (a) | 6.58 (k) | 04/25/54 | 1207248 |
|  | **Total Commercial Mortgage-Backed Securities** *(Cost $25,068,713)* |  |  | 24524481 |
|  | **Mortgages - Other (20.7%)** |  |  |  |
| 1850 | ATLX Trust, Class M1 (a) | 4.34 (k) | 04/25/64 | 1753019 |
| 590 | Banna RMBS DAC<br>3 Month GBP SONIA + 3.50% (United Kingdom) | 7.739 | 12/30/63 | 787576 |
| $2960 | Boston Lending Trust (a) | 3.25 (k) | 05/25/62 | 2744360 |
|  | Brean Asset Backed Securities Trust |  |  |  |
| 3980 | &nbsp;&nbsp;&nbsp;(a) | 4.00 | 09/25/63 | 3799853 |
| 1790 | &nbsp;&nbsp;&nbsp;(a) | 4.50 (k) | 03/25/78 | 1748446 |
|  | Cascade Funding Mortgage Trust |  |  |  |
| 792 | &nbsp;&nbsp;&nbsp;Class M2 (a) | 2.00 (k) | 02/25/52 | 734659 |
| 3330 | &nbsp;&nbsp;&nbsp;Class M2 (a) | 3.25 (k) | 11/25/35 | 3292304 |
| 1160 | &nbsp;&nbsp;&nbsp;Class M4 (a) | 3.00 (k) | 05/25/34 | 1047391 |
| 2220 | &nbsp;&nbsp;&nbsp;Class M4 (a) | 3.00 (k) | 03/25/35 | 1977618 |
| 4060 | &nbsp;&nbsp;&nbsp;Class M4 (a) | 4.25 (k) | 04/25/33 | 3819316 |
| 2960 | &nbsp;&nbsp;&nbsp;Class M5 (a) | 3.00 (k) | 06/25/34 | 2619617 |
|  | Champs Trust |  |  |  |
| 2289 | &nbsp;&nbsp;&nbsp;Class A (a) | 8.177(k) | 04/25/60 | 2384622 |
| 2510 | &nbsp;&nbsp;&nbsp;Class A (a) | 8.72 (k) | 07/25/59 | 2598623 |

---

**Morgan Stanley Income Opportunities Fund<br> (formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount<br>(000)** |  | **Coupon<br>Rate** | **Maturity<br>Date** | **Value** |
| $2153 | &nbsp;&nbsp;&nbsp;Class A (a) | 9.251(k)% | 11/25/59 | $2242645 |
| 629 | CHL Mortgage Pass-Through Trust | 6.00 | 12/25/36 | 345129 |
| 4461 | Credit Suisse First Boston Mortgage Securities Corp., Class B<br>1 Month Term SOFR + 2.96% (a) | 4.091(k) | 03/25/45 | 5111638 |
| 1935 | Ellington Financial Mortgage Trust (a) | 4.50 (k) | 03/25/54 | 1847227 |
| 1461 | Eurohome Italy Mortgages Srl, Class A<br>3 Month EURIBOR + 0.60% (Italy) | 2.776(k) | 11/02/54 | 1576474 |
| 397 | Eurohome Mortgages PLC<br>3 Month EURIBOR + 0.21% (Germany) | 2.386(k) | 08/02/50 | 428614 |
| $2000 | Federal Home Loan Mortgage Corporation<br>REMIC, Class B2<br>SOFR30A + 10.25% (a) | 14.60 (k) | 05/25/42 | 2257633 |
| 3000 | Government National Mortgage Association (f) | 7.65 | 08/29/25 | 3024375 |
| 1030 | Great Hall Mortgages No. 1 PLC<br>3 Month GBP SONIA + 3.12% (United Kingdom) | 7.358(k) | 06/18/38 | 1337872 |
| $583 | GSR Mortgage Loan Trust, PAC | 5.50 | 03/25/35 | 518795 |
| 1658 | Imperial Fund Mortgage Trust, Class A1 (a) | 7.369 | 11/25/67 | 1663642 |
| 2432 | La Hipotecaria Panamanian Mortgage Trust (Panama) (a) | 4.35 | 07/13/52 | 2205586 |
| 1630 | LHOME Mortgage Trust (a) | 8.00 | 08/25/28 | 1640957 |
| 595 | Ludgate Funding PLC<br>3 Month EURIBOR + 0.85% (United Kingdom) | 2.789(k) | 01/01/61 | 640398 |
| $975 | Merrill Lynch Mortgage Investors Trust, IO (a) | 0.134(k) | 02/25/36 | 10 |
| 1480 | Mortgage Funding PLC<br>3 Month GBP SONIA + 3.32% (United Kingdom) | 7.558(k) | 03/13/46 | 1954555 |
| 417 | Newgate Funding PLC<br>3 Month GBP SONIA + 3.12% (United Kingdom) | 7.358(k) | 12/15/50 | 541628 |
| $2403 | NRM FHT1 Excess Owner LLC, Class A (a) | 6.545 | 03/25/32 | 2419955 |
| 1200 | NYMT Loan Trust, Class A (a) | 7.154 | 02/25/29 | 1206172 |
|  | Ocwen Loan Investment Trust |  |  |  |
| 2220 | &nbsp;&nbsp;&nbsp;Class M1 (a) | 3.00 (k) | 06/25/36 | 2169509 |
| 1400 | &nbsp;&nbsp;&nbsp;Class M3 (a) | 3.00 | 02/25/37 | 1322135 |
| 1100 | Onity Loan Investment Trust (a) | 5.00 (k) | 08/25/37 | 1004586 |
| 810 | PRKCM 2023-AFC1 Trust, Class A1 (a) | 6.598 | 02/25/58 | 812450 |
| 1022 | PRKCM 2023-AFC4 Trust, Class A1 (a) | 7.225 | 11/25/58 | 1038495 |
| 2039 | PRPM Fundido DAC, Class A<br>3 Month EURIBOR + 1.00% (Spain) (a) | 3.181(k) | 04/29/75 | 2284165 |
| $1145 | PRPM LLC (a) | 4.00 | 05/25/54 | 1038191 |
| 647 | RiverView HECM Trust<br>1 Month Term SOFR + 0.38% | 4.737 | 05/25/47 | 564450 |

---

**Morgan Stanley Income Opportunities Fund<br> (formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount<br>(000)** |  | **Coupon<br>Rate** | **Maturity<br>Date** | **Value** |
|  | RMF Buyout Issuance Trust |  |  |  |
| $2590 | &nbsp;&nbsp;&nbsp;Class M2 (a) | 3.63 (k)% | 10/25/50 | $2222135 |
| 890 | &nbsp;&nbsp;&nbsp;Class M3 (a) | 3.69 (k) | 11/25/31 | 841596 |
| 2960 | &nbsp;&nbsp;&nbsp;Class M4 (a) | 4.50 (k) | 04/25/32 | 2541402 |
| 9265 | &nbsp;&nbsp;&nbsp;Class M5 (a) | 6.00 | 10/25/50 | 7205753 |
| 4492 | &nbsp;&nbsp;&nbsp;(a) | 6.00 (k) | 11/25/31 | 4096980 |
|  | RMF Proprietary Issuance Trust |  |  |  |
| 727 | &nbsp;&nbsp;&nbsp;Class A (a) | 4.00 (k) | 08/25/62 | 703239 |
| 1969 | &nbsp;&nbsp;&nbsp;Class A1 (a) | 3.00 (k) | 01/25/62 | 1817001 |
| 1968 | &nbsp;&nbsp;&nbsp;Class M1 (a) | 3.25 (k) | 04/26/60 | 1745171 |
| 2220 | &nbsp;&nbsp;&nbsp;Class M3 (a) | 3.75 (k) | 06/25/62 | 1951958 |
|  | Saluda Grade Alternative Mortgage Trust |  |  |  |
| 2108 | &nbsp;&nbsp;&nbsp;Class A1 (a) | 7.118 | 01/25/30 | 2108534 |
| 2960 | &nbsp;&nbsp;&nbsp;Class A1 (a) | 7.50 | 02/25/30 | 2978760 |
| 2960 | &nbsp;&nbsp;&nbsp;Class A1 (a) | 7.762 | 04/25/30 | 3009359 |
| 1850 | &nbsp;&nbsp;&nbsp;Class M1 (a) | 7.50 (k) | 05/25/50 | 1879626 |
| 4060 | Seasoned Credit Risk Transfer Trust (a) | 4.50 (k) | 02/25/59 | 3835773 |
| 1172 | TDA 27 FTA<br>3 Month EURIBOR + 0.19% (Spain) | 2.17 (k) | 12/28/50 | 1232176 |
|  | **Total Mortgages - Other** *(Cost $104,220,612)* |  |  | 108674153 |
|  | **Senior Loan Interests (0.4%)** |  |  |  |
| $2250 | Cuenca Enterprises, Inc.<br>3 Month USD LIBOR + 7.33%<br>(Cayman Islands) (m)<br>(acquired 12/07/2021)<br>*(Cost $2,250,000)* | 12.882(k) | 12/15/26 | 2250000 |
|  | **Supranational (0.6%)** |  |  |  |
| 1180 | African Export-Import Bank (a) | 3.798 | 05/17/31 | 1028569 |
|  | Banque Ouest Africaine de Developpement |  |  |  |
| 1260 |  | 2.75 | 01/22/33 | 1215983 |
| $1030 | &nbsp;&nbsp;&nbsp;(a) | 4.70 | 10/22/31 | 940641 |
|  | **Total Supranational** *(Cost $3,128,478)* |  |  | 3185193 |

---

---

| | | |
|:---|:---|:---|
| **Number of<br>Shares<br>(000)** |  | |
|  | **Investment Company (0.5%)** |  |
| 51 | Eaton Vance Floating-Rate ETF (b)(n) *(Cost $2,582,500)* | 2559713 |

---

**Morgan Stanley Income Opportunities Fund<br> (formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount<br>(000)** |  | **Coupon<br>Rate** | **Maturity<br>Date** | **Value** |
|  | **Short-Term Investments (2.6%)** |  |  |  |
|  | *U.S. Treasury Security (0.4%)* |  |  |  |
| $2000 | U.S. Treasury Bill (o)(p) *(Cost $1,974,193)* | 4.303% | 11/20/25 | $1974169 |

---

---

| | | |
|:---|:---|:---|
| **Number of<br>Shares<br>(000)** |  | |
|  | *Investment Company (0.6%)* |  |
| 3529 | Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.23% (q) *(Cost $3,528,921)* | 3528921 |
|  | **Securities held as Collateral on Loaned Securities (1.5%)** |  |
|  | *Investment Company (1.5%)* |  |
| 7884 | Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class, 4.23% (q) *(Cost $7,883,842)* | 7883843 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** |  | |  | |
|  |  | **Sovereign (0.1%)** | |  | |
|  |  | **Argentina (0.0%)‡** | |  | |
| ARS | 187209 | Letra Del Tesoro Nacional Capitalizable En Pesos | 2.35% | 05/29/26 | 134712 |
|  |  | **Uruguay (0.1%)** |  |  |  |
| UYU | 17408 | Uruguay Monetary Regulation Bill | 9.375 | 12/19/25 | 420873 |
|  |  | **Total Sovereign** *(Cost $557,897)* |  |  | 555585 |
|  |  | **Total Short-Term Investments** *(Cost $13,944,853)* |  |  | 13942518 |
|  |  | **Total Investments** *(Cost $568,212,638)<br>including $8,026,993 of Securities Loaned (r)(s)* |  | 110.5% | 579541563 |
|  |  | **Liabilities in Excess of Other Assets** |  | (10.5) | (55137103) |
|  |  | **Net Assets** |  | 100.0% | $524404460 |

---

*Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.*

---

| | |
|:---|:---|
| *CLO* | *Collateralized Loan Obligation.* |
| *CR* | *Custodial Receipts.* |
| *DAC* | *Designated Activity Company.* |
| *ETF* | *Exchange Traded Fund.* |
| *EURIBOR* | *Euro Interbank Offered Rate.* |

---

**Morgan Stanley Income Opportunities Fund<br> (formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued*

---

| | |
|:---|:---|
| *HECM* | *Home Equity Conversion Mortgage.* |
| *IO* | *Interest Only Security.* |
| *LIBOR* | *London Interbank Offered Rate.* |
| *PAC* | *Planned Amortization Class.* |
| *PIK* | *Payment-in-Kind.* |
| *REMIC* | *Real Estate Mortgage Investment Conduit.* |
| *SOFR* | *Secured Overnight Financing Rate.* |
| *SOFR30A* | *30-Day Average Secured Overnight Financing Rate.* |
| *SONIA* | *Sterling Overnight Index Average.* |
| *TBA* | *To Be Announced.* |
| *‡* | *Amount is less than 0.05%.* |
| *(a)* | *144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.* |
| *(b)* | *All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at July 31, 2025, were $8,026,993 and $8,189,260, respectively. The Fund received cash collateral of $7,883,843, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio as reported in the Portfolio of Investments. The remaining collateral of $305,417 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.* |
| *(c)* | *Income may be paid in additional securities and/or cash at the discretion of the issuer.* |
| *(d)* | *Capital appreciation bond.* |
| *(e)* | *Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time after which they revert to a floating rate. Interest rates in effect are as of July 31, 2025.* |
| *(f)* | *When-issued security.* |
| *(g)* | *Issuer in bankruptcy.* |
| *(h)* | *Non-income producing security; bond in default.* |
| *(i)* | *Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of July 31, 2025. Maturity date disclosed is the ultimate maturity date.* |
| *(j)* | *Security is subject to delayed delivery.* |
| *(k)* | *Floating or variable rate securities: The rates disclosed are as of July 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.* |
| *(l)* | *Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at July 31, 2025.* |
| *(m)* | *Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at July 31, 2025 amounts to $2,250,000 and represents 0.4% of net assets.* |
| *(n)* | *The Fund invests in Eaton Vance Floating-Rate ETF, a management investment company advised by an affiliate of the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Eaton Vance Floating-Rate ETF. For the nine months ended July 31, 2025, advisory fees paid were reduced by $81,839 relating to the Fund's investment in the Eaton Vance Floating-Rate ETF.* |
| *(o)* | *Rate shown is the yield to maturity at July 31, 2025.* |
| *(p)* | *All or a portion of the security was pledged to cover margin requirements for swap agreements.* |
| *(q)* | *The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the nine months ended July 31, 2025, advisory fees paid were reduced by $45,880 relating to the Fund's investment in the Liquidity Fund.* |
| *(r)* | *Securities are available for collateral in connection with purchase of when-issued securities, securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements.* |
| *(s)* | *At July 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $21,580,969 and the aggregate gross unrealized depreciation is $8,032,262, resulting in net unrealized appreciation of $13,548,707.* |

---

**Morgan Stanley Income Opportunities Fund<br> (formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued*

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver** | **In Exchange<br> For** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Bank of America NA | 2910931 | $3385016 | 8/21/25 | $59325 |
| Bank of America NA | 4510317 | $5244885 | 8/21/25 | 91920 |
| Bank of America NA | 2338685 | $2719572 | 8/21/25 | 47662 |
| Bank of America NA | 55630897 | $378136 | 8/21/25 | 8537 |
| Bank of America NA | $277974 | 423201 | 8/21/25 | (5931) |
| Bank of America NA | $5057652 | 7700000 | 8/21/25 | (107906) |
| Bank of America NA | $5053384 | 147860000 | 8/21/25 | (92577) |
| Bank of America NA | $5321330 | 155700000 | 8/21/25 | (97486) |
| Bank of America NA | $739919 | 30000000 | 10/7/25 | 570 |
| Bank of America NA | $97800 | 4000000 | 10/9/25 | 910 |
| Barclays Bank PLC | 153835187 | $2720628 | 9/17/25 | 86453 |
| Citibank NA | $943697 | 38031000 | 9/17/25 | (2894) |
| Citibank NA | $1263941 | 51000000 | 9/17/25 | (2313) |
| Citibank NA | $148736 | 6000000 | 9/17/25 | (309) |
| Citibank NA | $82479 | 3361000 | 9/9/25 | 745 |
| Deutsche Bank AG | $6086845 | 523000000 | 8/21/25 | (121505) |
| Goldman Sachs International | 15148099 | $9091329 | 8/21/25 | 162282 |
| Goldman Sachs International | 7000000 | $1970776 | 8/21/25 | 23332 |
| Goldman Sachs International | 8000000 | $2252316 | 8/21/25 | 26665 |
| Goldman Sachs International | $922556 | 37608000 | 9/17/25 | 7783 |
| Goldman Sachs International | $616644 | 25000000 | 10/3/25 | 704 |
| Goldman Sachs International | 199419104 | $11118353 | 8/21/25 | 183850 |
| HSBC Bank PLC | 67201931 | $78044889 | 8/21/25 | 1267763 |
| HSBC Bank PLC | 293470000 | $213409 | 8/21/25 | 1599 |
| HSBC Bank PLC | 160128600 | $8486391 | 8/21/25 | 13979 |
| HSBC Bank PLC | 43633000 | $2312433 | 8/21/25 | 3809 |
| HSBC Bank PLC | 99739205 | $5285914 | 8/21/25 | 8707 |
| HSBC Bank PLC | 26732000 | $7485596 | 8/21/25 | 48584 |
| HSBC Bank PLC | 33267898 | $9315803 | 8/21/25 | 60463 |
| HSBC Bank PLC | $5237684 | 4510000 | 8/21/25 | (85081) |
| HSBC Bank PLC | $1778149 | 154000000 | 8/21/25 | (21625) |
| HSBC Bank PLC | $3844267 | 333000000 | 8/21/25 | (46067) |
| HSBC Bank PLC | $3964202 | 74800000 | 8/21/25 | (6530) |
| JPMorgan Chase Bank NA | 657300000 | $4439562 | 8/21/25 | 72613 |
| Standard Chartered Bank | 74800000 | $3969682 | 8/21/25 | 12010 |
| Standard Chartered Bank | $3810168 | 5255860000 | 9/17/25 | (11041) |
| Standard Chartered Bank | $8955782 | 15148099 | 8/21/25 | (26736) |

---

**Morgan Stanley Income Opportunities Fund<br> (formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued*

**Foreign Currency Forward Exchange Contracts: (cont'd)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts<br> to Deliver** | **In Exchange<br> For** | **Delivery<br> Date** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| State Street Bank and Trust Co. | 4990048 | $6688494 | 8/21/25 | $97349 |
| State Street Bank and Trust Co. | 9994765 | 2341118 | 8/21/25 | 8462 |
| UBS AG | 407435 | $476898 | 8/8/25 | 11811 |
| UBS AG | 796866 | $933209 | 8/8/25 | 23587 |
| UBS AG | $7502885 | 10322500000 | 8/21/25 | (52663) |
|  |  |  |  | $1650810 |

---

**Morgan Stanley Income Opportunities Fund<br> (formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued*

**Futures Contracts:**

The Fund had the following futures contracts open at July 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount<br> (000)** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long:** |  |  |  | | |
| U.S. Treasury 5 yr. Note (United States) | 756 | Sep-25 | $75600 | $81777938 | $193289 |
| U.S. Treasury 10 yr. Note (United States) | 650 | Sep-25 | 65000 | 72190625 | 452550 |
| U.S. Treasury 10 yr. Ultra Note (United States) | 39 | Sep-25 | 3900 | 4410047 | 50789 |
| **Short:** |  |  |  |  |  |
| CBOT 30 Day Federal Funds Futures (United States) | 257 | Aug-25 | (107092) | (102460175) | 58901 |
| Euro-Buxl 30 yr. Bond Index (Germany) | 6 | Sep-25 | (600) | (803724) | 30949 |
| German Euro-Bobl Index (Germany) | 30 | Sep-25 | (3000) | (4014854) | 2535 |
| German Euro-Bund Index (Germany) | 71 | Sep-25 | (7100) | (10508964) | (2328) |
| TSE Japanese 10 Year Bond Futures (Japan) | 15 | Sep-25 | (1500000) | (13729775) | 54708 |
| U.S. Treasury 2 yr. Note (United States) | 17 | Sep-25 | $(3400) | (3518734) | 5516 |
| U.S. Treasury Long Bond (United States) | 14 | Sep-25 | (1400) | (1598625) | (24938) |
| Ultra U.S. Treasury Bond (United States) | 196 | Sep-25 | (19600) | (22993250) | (400016) |
|  |  |  |  |  | $421955 |

---

**Morgan Stanley Income Opportunities Fund<br> (formerly Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **July 31, 2025 (unaudited)** *continued*

**Centrally Cleared Interest Rate Swap Agreements:**

The Fund had the following centrally cleared interest rate swap agreements open at July 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Floating<br> Rate<br> Index** | **Pay/<br> Receive<br> Floating<br> Rate** | **Fixed<br> Rate** | **Payment<br> Frequency<br> Paid/<br> Received** | **Maturity<br> Date** | **Notional<br> Amount<br> (000)** | **Notional<br> Amount<br> (000)** | **Value** | **Upfront<br> Payment<br> Paid** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Morgan Stanley & Co. LLC | 3 Month JIBAR | Pay | 8.470% | Quarterly/Quarterly | 9/17/35 | ZAR | 56300 | $30373 | $— | $30373 |
| Morgan Stanley & Co. LLC | 3 Month JIBAR | Pay | 8.640% | Quarterly/Quarterly | 9/17/35 |  | 49100 | 58416 |  | 58416 |
| Morgan Stanley & Co. LLC | 3 Month JIBAR | Pay | 8.660 | Quarterly/Quarterly | 9/17/35 |  | 54600 | 67961 |  | 67961 |
| Morgan Stanley & Co. LLC | MIBOR | Pay | 5.690 | Semi-Annual/Semi-Annual | 9/17/30 | INR | 791800 | (9733) |  | (9733) |
|  |  |  |  |  |  |  |  | $147017 | $— | $147017 |

---

------

---

| | |
|:---|:---|
| *JIBAR* | *Johannesburg Interbank Agreed Rate.* |
| *MIBOR* | *Mumbai Interbank Offered Rate.* |
| *TSE* | *Tokyo Stock Exchange.* |
| *ARS* | *— Argentine Peso* |
| *AUD* | *— Australian Dollar* |
| *BRL* | *— Brazilian Real* |
| *DOP* | *— Dominican Peso* |
| *EUR* | *— Euro* |
| *GBP* | *— British Pound* |
| *INR* | *— Indian Rupee* |
| *JPY* | *— Japanese Yen* |
| *KRW* | *— South Korean Won* |
| *MXN* | *— Mexican Peso* |
| *NZD* | *— New Zealand Dollar* |
| *PEN* | *— Peruvian Nuevo Sol* |
| *PHP* | *— Philippine Peso* |
| *PLN* | *— Polish Zloty* |
| *TRY* | *— Turkish Lira* |
| *TWD* | *— Taiwan Dollar* |
| *USD* | *— United States Dollar* |
| *UYU* | *— Uruguay Peso* |
| *ZAR* | *— South African Rand* |

---

**Portfolio Composition\* (Unaudited)**

---

| | | |
|:---|:---|:---|
| **CLASSIFICATION** | **Percentage of<br>Total<br>Investments** |  |
| Corporate Bonds | 23.6 | % |
| Mortgages - Other | 19.0 |  |
| Sovereign | 18.4 |  |
| Asset-Backed Securities | 13.3 |  |
| Agency Fixed Rate Mortgages | 12.7 |  |
| Collateralized Mortgage Obligations - Agency Collateral Series | 6.2 |  |
| Commercial Mortgage-Backed Securities | 4.3 |  |
| Short-Term Investments | 1.1 |  |
| Supranational | 0.6 |  |
| Senior Loan Interests | 0.4 |  |
| Investment Company | 0.4 |  |
| Total | 100.0 | %\*\* |

---

\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of July 31, 2025.

\*\* Does not include open futures contracts with a value of $318,006,711 and net unrealized appreciation of $421,955. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of $1,650,810. Also does not include open swap agreements with net unrealized appreciation of $147,017.

**Morgan Stanley Income Opportunities Fund<br> (formerly Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **July 31, 2025 (unaudited)**

**<u>Valuation of Investments</u> —** (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Fund's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited (the "Sub-Adviser"), each a whollyowned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from the reputable brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) when market quotations are not readily available as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser, determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Each business day, the Fund uses a third-party pricing service approved by the Trustees to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (5) certain senior collateralized loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (6) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (7) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (8) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (9) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Fund's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Fund's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Fund's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

**Morgan Stanley Income Opportunities Fund<br> (formerly Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **July 31, 2025 (unaudited)** *continued*

**<u>Fair Valuation Measurements</u>**

Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as 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. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

● Level 1 — unadjusted quoted prices in active markets for identical investments

● Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 — significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

**Morgan Stanley Income Opportunities Fund<br> (formerly Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **July 31, 2025 (unaudited)** *continued*

The following is a summary of the inputs used to value the Fund's investments as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type** | **Level 1<br>Unadjusted<br>quoted<br>prices** | **Level 2<br>Other<br>significant<br>observable<br>inputs** | **Level 3<br>Significant<br>unobservable<br>inputs** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $135153773 | $— | $135153773 |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 105354858 |  | 105354858 |
| &nbsp;&nbsp;&nbsp;Agency Fixed Rate Mortgages |  | 72398546 |  | 72398546 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 75810741 |  | 75810741 |
| &nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations - Agency Collateral Series |  | 35687587 |  | 35687587 |
| &nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 24524481 |  | 24524481 |
| &nbsp;&nbsp;&nbsp;Mortgages - Other |  | 108674153 |  | 108674153 |
| &nbsp;&nbsp;&nbsp;Senior Loan Interests |  | 2250000 |  | 2250000 |
| &nbsp;&nbsp;&nbsp;Supranational |  | 3185193 |  | 3185193 |
| **Total Fixed Income Securities** | **—** | **563039332** | **—** | **563039332** |
| **Investment Company** | 2559713 |  |  | 2559713 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Security |  | 1974169 |  | 1974169 |
| &nbsp;&nbsp;&nbsp;Investment Company | 11412764 |  |  | 11412764 |
| &nbsp;&nbsp;&nbsp;Sovereign |  | 555585 |  | 555585 |
| **Total Short-Term Investments** | **11412764** | **2529754** | **—** | **13942518** |
| **Foreign Currency Forward Exchange Contracts** |  | 2331474 |  | 2331474 |
| **Futures Contracts** | 849237 |  |  | 849237 |
| **Centrally Cleared Interest Rate Swap Agreements** |  | 156750 |  | 156750 |
| **Total Assets** | **14821714** | **568057310** | **—** | **582879024** |
| **Liabilities:** |  |  |  |  |
| **Foreign Currency Forward Exchange Contracts** |  | (680664) |  | (680664) |
| **Futures Contracts** | (427282) |  |  | (427282) |
| **Centrally Cleared Interest Rate Swap Agreement** |  | (9733) |  | (9733) |
| **Total Liabilities** | **(427282)** | **(690397)** | **—** | **(1117679)** |
| **Total** | $**14394432** | $**567366913** | $**—** | $**581761345** |

---

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Morgan Stanley Income Opportunities Fund

- **b. Investment Company Act file number:** 811-06515

- **c. CIK number of Registrant:** 0000882381

- **d. LEI of Registrant:** KN4O2R884TUHPY814X62

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

  - **Street Address 1:** 1585 Broadway

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-869-6397

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

- **a. Name of Series:** Morgan Stanley Income Opportunities Fund

- **b. EDGAR series identifier (if any):** S000002382

- **c. LEI of Series:** KN4O2R884TUHPY814X62

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $603168822.46

**Total Liabilities:** $80242592.77

**Net Assets:** $522926229.69

**Delayed Delivery Securities:** $22428559.00

**Cash Not Reported:** $9139659.33

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -221.22000000 | **1-Year:** -5517.35000000 | **5-Year:** -23267.91000000 | **10-Year:** -10724.39000000 | **30-Year:** -989.04000000

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

- **3-Month:** -918.59000000 | **1-Year:** -13190.26000000 | **5-Year:** -27177.83000000 | **10-Year:** -11060.84000000 | **30-Year:** -3179.76000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000126926 | 0.41%                | 1.96%                | 0.10%                |
| Class ID C000198830 | 0.41%                | 1.77%                | 0.10%                |
| Class ID C000006295 | 0.38%                | 1.57%                | 0.26%                |
| Class ID C000006298 | 0.40%                | 1.57%                | 0.28%                |
| Class ID C000155980 | 0.32%                | 1.51%                | 0.20%                |
| Class ID C000006297 | 0.35%                | 1.54%                | 0.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1034980.62             | $2551739.81                                |
| Month 2  | $-6311041.45             | $4775016.26                                |
| Month 3  | $-547296.86              | $-4807763.65                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HARVEST COMMERCIAL CAPITAL LOAN TRUST            | Harvest Commercial Capital Loan Trust 2019-1                                                                                       | CUSIP: 41753CAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1110000 | PA      | $1059836.99   | 0.20%             | 2046-09-25      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| AFRICAN EXPORT-IMPORT BA                         | African Export-Import Bank/The                                                                                                     | CUSIP: 00831TAC5<br>LEI: 21380068LJCDYA42GJ76 | Long             | DBT              | NUSS              | XX        |   1180000 | PA      | $1028568.90   | 0.20%             | 2031-05-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                         | Petroleos de Venezuela SA                                                                                                          | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   1617700 | PA      | $226691.76    | 0.04%             | 2027-04-12      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| DIG HLDNG/DIG FIN/DIFL                           | Digicel Intermediate Holdings Ltd / Digicel International Finance Ltd / Difl US                                                    | CUSIP: 000000000<br>LEI: 5493007V023VOEW4FK27 | Long             | DBT              | CORP              | XX        |   1500000 | PA      | $1508070.00   | 0.29%             | 2027-05-25      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Progress Residential Trust                       | Progress Residential 2021-SFR9 Trust                                                                                               | CUSIP: 74333QAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1850000 | PA      | $1761864.15   | 0.34%             | 2040-11-17      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                 | PURCHASED INR / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | IN        |         1 | NC      | $-121505.19   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                                   | CUSIP: 3132DVCK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    588024 | PA      | $596717.03    | 0.11%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                         | Petroleos de Venezuela SA                                                                                                          | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   1119600 | PA      | $157303.80    | 0.03%             | 2037-04-12      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD NZD                                                                                                           | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $162282.45    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| IBERDROLA INTL BV                                | Iberdrola International BV                                                                                                         | CUSIP: 000000000<br>LEI: 549300ZMLFJKWC63XN87 | Long             | DBT              | CORP              | NL        |    900000 | PA      | $1004897.13   | 0.19%             | 2026-11-09      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: No      |
| LCH Ltd.                                         | Long: SMIF22LR0 IRS ZAR R F  8.65600 II8063740250618 CCPVANILLA / Short: SMIF22LR0 IRS ZAR P V 03MJIBAR II1895150250618 CCPVANILLA | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  54600000 | OU      | $67961.02     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                         | Brazil Notas do Tesouro Nacional Serie B                                                                                           | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   6200000 | PA      | $4786415.71   | 0.92%             | 2030-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR ULTRA FUT SEP25                                                                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        39 | NC      | $50789.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MEX BONOS DESARR FIX RT                          | Mexican Bonos                                                                                                                      | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        | 175000000 | PA      | $8410516.88   | 1.61%             | 2034-11-23      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                         | Azule Energy Finance Plc                                                                                                           | CUSIP: 000000000<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |   1365000 | PA      | $1376164.34   | 0.26%             | 2030-01-23      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| RMF Proprietary Issuance Trust                   | RMF Proprietary Issuance Trust 2022-1                                                                                              | CUSIP: 74969XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1969109 | PA      | $1817001.21   | 0.35%             | 2062-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ENGIE SA                                         | Engie SA                                                                                                                           | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $2392550.41   | 0.46%             | 2030-03-14      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTIO                         | Yinson Boronia Production BV                                                                                                       | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |    245272 | PA      | $264905.19    | 0.05%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC                           | Calderys Financing LLC                                                                                                             | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1248176.52   | 0.24%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                                                                | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   7883842 | NS      | $7883842.50   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BP CAPITAL MARKETS PLC                           | BP Capital Markets PLC                                                                                                             | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   1605000 | PA      | $1583864.99   | 0.30%             | 2030-03-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                             | FREMF 2016-KF21 Mortgage Trust                                                                                                     | CUSIP: 30289XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    188652 | PA      | $10658.44     | 0.00%             | 2026-07-25      | Floating      | 9.68%                 | No            |                  2 | On Loan: No      |
| BANQUE OUEST AFRICAINE D                         | Banque Ouest Africaine de Developpement                                                                                            | CUSIP: 000000000<br>LEI: 529900LIZJABE4JJS826 | Long             | DBT              | NUSS              | XX        |   1260000 | PA      | $1215983.09   | 0.23%             | 2033-01-22      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                           | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX                                                       | CUSIP: 07336UAA1<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |   1260000 | PA      | $1344146.00   | 0.26%             | 2038-06-29      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| MEXICAN UDIBONOS                                 | Mexican Udibonos                                                                                                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  49446931 | PA      | $2314728.62   | 0.44%             | 2031-11-27      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                  | Golub Capital Partners CLO 72 B Ltd                                                                                                | CUSIP: 381941AG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1110000 | PA      | $1118432.67   | 0.21%             | 2037-04-25      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                   | Galaxy 33 CLO Ltd                                                                                                                  | CUSIP: 36321EAL9<br>LEI: 3912004FNLYTWOWSZU31 | Long             | ABS-CBDO         | CORP              | KY        |    740000 | PA      | $742730.60    | 0.14%             | 2037-04-20      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | Long: SMIF3WUR3 IRS ZAR R F  8.64150 II6196810250627 CCPVANILLA / Short: SMIF3WUR3 IRS ZAR P V 03MJIBAR II8456590250627 CCPVANILLA | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  49100000 | OU      | $58415.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Securities           | Natixis Commercial Mortgage Securities Trust 2019-10K                                                                              | CUSIP: 63874UAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1480000 | PA      | $1340713.35   | 0.26%             | 2039-05-15      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                                           | CUSIP: 38381NAG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2993079 | PA      | $3098668.90   | 0.59%             | 2055-06-20      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| Blackbird Capital Aircraft                       | Blackbird Capital Aircraft Lease Securitization Ltd 2016-1                                                                         | CUSIP: 09228YAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    445413 | PA      | $445218.96    | 0.09%             | 2041-12-16      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| RMF Proprietary Issuance Trust                   | RMF Proprietary Issuance Trust 2022-3                                                                                              | CUSIP: 74970FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    727408 | PA      | $703238.63    | 0.13%             | 2062-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds           | Nigeria Government International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    890000 | PA      | $822176.56    | 0.16%             | 2033-09-28      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| UPJOHN FINANCE BV                                | Upjohn Finance BV                                                                                                                  | CUSIP: 000000000<br>LEI: 254900OG32E8F3XO5O83 | Long             | DBT              | CORP              | NL        |   1110000 | PA      | $1234930.44   | 0.24%             | 2027-06-23      | Fixed         | 1.36%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                           | FED FUND 30DAY AUG25                                                                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -260 | NC      | $59588.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED INR / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | IN        |         1 | NC      | $-46067.51    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BANNA RMBS                                       | Banna RMBS DAC                                                                                                                     | CUSIP: 000000000<br>LEI: 549300ITMSQX8FY8ZS10 | Long             | ABS-MBS          | CORP              | IE        |    590000 | PA      | $787575.59    | 0.15%             | 2063-12-30      | Floating      | 7.74%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                            | Venezuela Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   2018500 | PA      | $313069.35    | 0.06%             | 2020-12-09      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| REPSOL INTL FINANCE                              | Repsol International Finance BV                                                                                                    | CUSIP: 000000000<br>LEI: 5493002YCY6HTK0OUR29 | Long             | DBT              | CORP              | NL        |   1510000 | PA      | $1712268.81   | 0.33%             | 2026-12-22      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust           | Merrill Lynch Mortgage Investors Trust Series 2006-A2                                                                              | CUSIP: 590215AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    975461 | PA      | $9.80         | 0.00%             | 2036-02-25      | Variable      | 0.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae I Pool                                                                                                                  | CUSIP: 36209RPP2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       225 | PA      | $230.61       | 0.00%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                           | CHL Mortgage Pass-Through Trust Resecuritization 2008-2R                                                                           | CUSIP: 12544NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    628764 | PA      | $345128.85    | 0.07%             | 2036-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ELDORADO GOLD CORP                               | Eldorado Gold Corp                                                                                                                 | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |   1970000 | PA      | $1974415.36   | 0.38%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Birch Grove CLO Ltd.                             | Birch Grove CLO 14 Ltd                                                                                                             | CUSIP: 09090RAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002388.00   | 0.19%             | 2037-07-22      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| NEWCASTLE COAL INFRASTRU                         | Newcastle Coal Infrastructure Group Pty Ltd                                                                                        | CUSIP: 65106WAB1<br>LEI: 549300YAJ8XYYGW2TZ32 | Long             | DBT              | CORP              | AU        |   1385486 | PA      | $1333000.39   | 0.25%             | 2031-05-12      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED UYU / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | UY        |         1 | NC      | $744.82       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Government Thirty Year Bonds               | Japan Government Thirty Year Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 800000000 | PA      | $4648719.79   | 0.89%             | 2055-03-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | Long: SMIF4J5R9 IRS INR R F  5.69000 II3029200250702 CCPNDFOIS / Short: SMIF4J5R9 IRS INR P V 00MMIBOR II6209740250702 CCPNDFOIS   | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        | 791800000 | OU      | $-9733.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                             | Teva Pharmaceutical Finance Netherlands II BV                                                                                      | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |   1290000 | PA      | $1483036.50   | 0.28%             | 2031-06-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                              | Intesa Sanpaolo SpA                                                                                                                | CUSIP: 46115HCD7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   2085000 | PA      | $2346489.61   | 0.45%             | 2033-11-28      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Finance of America HECM Buyout                   | Finance of America HECM Buyout 2024-HB1                                                                                            | CUSIP: 31737DAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4430000 | PA      | $4037529.02   | 0.77%             | 2034-10-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED EUR / SOLD PLN                                                                                                           | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |         1 | NC      | $8462.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                            | Venezuela Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    126000 | PA      | $24818.85     | 0.00%             | 2022-08-23      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                            | Venezuela Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    734000 | PA      | $152378.40    | 0.03%             | 2031-08-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                | INEOS Finance PLC                                                                                                                  | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |   1630000 | PA      | $1783319.90   | 0.34%             | 2030-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                           | HAT Holdings I LLC / HAT Holdings II LLC                                                                                           | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    714000 | PA      | $740391.58    | 0.14%             | 2027-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                       | CUSIP: 3137FXYY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5170000 | PA      | $625552.42    | 0.12%             | 2049-01-25      | Variable      | 2.63%                 | No            |                  2 | On Loan: No      |
| ReadyCap lending                                 | ReadyCap Lending Small Business Loan Trust 2023-3                                                                                  | CUSIP: 75576AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1385990 | PA      | $1403270.63   | 0.27%             | 2048-04-25      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                            | McGraw-Hill Education Inc                                                                                                          | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1475432.13   | 0.28%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                                                                                                   | CUSIP: 3132DTS76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1552362 | PA      | $1577117.85   | 0.30%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                          | Turkiye Government Bond                                                                                                            | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |  70000000 | PA      | $1628693.37   | 0.31%             | 2034-09-27      | Fixed         | 27.70%                | No            |                  2 | On Loan: No      |
| STAR 2022-SFR3 Trust                             | STAR 2022-SFR3 Trust                                                                                                               | CUSIP: 78474PAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2220000 | PA      | $2241058.70   | 0.43%             | 2039-05-17      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| New Zealand Government Bonds                     | New Zealand Government Bonds                                                                                                       | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |   4240000 | PA      | $2467050.26   | 0.47%             | 2034-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EMISIONES SAU                         | Telefonica Emisiones SA                                                                                                            | CUSIP: 000000000<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |   1300000 | PA      | $1500287.39   | 0.29%             | 2036-01-24      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust              | Citigroup Commercial Mortgage Trust 2020-555                                                                                       | CUSIP: 17328EAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    670000 | PA      | $565513.43    | 0.11%             | 2041-12-10      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MASTERBRAND INC                                  | Masterbrand Inc                                                                                                                    | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1312644.66   | 0.25%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CAS CAPITAL NO1 LTD                              | CAS Capital No 1 Ltd                                                                                                               | CUSIP: 000000000<br>LEI: 254900REJZW5L9QRTD85 | Long             | DBT              | CORP              | VG        |   1310000 | PA      | $1284440.73   | 0.25%             | 2026-07-12      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US LONG BOND(CBT) SEP25                                                                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -14 | NC      | $-24937.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered Bank                          | PURCHASED KRW / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | KR        |         1 | NC      | $-11041.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD JPY                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $8537.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2021-BPNY                                                                                                                     | CUSIP: 12659XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3194717 | PA      | $3005305.73   | 0.57%             | 2026-08-15      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| SUPERIOR PLUS/GEN PRTNR                          | Superior Plus LP / Superior General Partner Inc                                                                                    | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1180000 | PA      | $1126738.81   | 0.22%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                              | Petroleos Mexicanos                                                                                                                | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    890000 | PA      | $890907.21    | 0.17%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                                  | CUSIP: 3136A6TR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28038 | PA      | $458.15       | 0.00%             | 2041-08-25      | Floating      | 2.09%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                      | Onity Loan Investment Trust 2024-HB2                                                                                               | CUSIP: 68278DAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1004585.78   | 0.19%             | 2037-08-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                              | Benin Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |   1600000 | PA      | $1568988.19   | 0.30%             | 2052-01-19      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                         | Virgin Media Secured Finance PLC                                                                                                   | CUSIP: 000000000<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |   1740000 | PA      | $2124149.67   | 0.41%             | 2030-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED USD / SOLD KRW                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1598.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                         | Petroleos de Venezuela SA                                                                                                          | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   2000000 | PA      | $311000.00    | 0.06%             | 2022-02-17      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                         | PetSmart Inc / PetSmart Finance Corp                                                                                               | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1911000 | PA      | $1877440.55   | 0.36%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds           | Ukraine Government International Bonds                                                                                             | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |   3500000 | PA      | $1633181.52   | 0.31%             | 2035-02-01      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Raptor Aircraft Finance LLC                      | Raptor Aircraft Finance I LLC                                                                                                      | CUSIP: 75383HAA9<br>LEI: 549300QFYP8PTWJMXQ65 | Long             | ABS-O            | CORP              | KY        |   2152774 | PA      | $1951022.18   | 0.37%             | 2044-08-23      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUROPE BV                             | Telefonica Europe BV                                                                                                               | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |   1100000 | PA      | $1241846.35   | 0.24%             | 2027-02-05      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                               | Dominican Republic International Bond                                                                                              | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        | 153300000 | PA      | $3010078.51   | 0.58%             | 2033-02-03      | Fixed         | 13.62%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                                           | CUSIP: 38381NB23<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5000000 | PA      | $5165623.75   | 0.99%             | 2055-07-20      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust           | VCC 2025-MC1 Trust                                                                                                                 | CUSIP: 91825JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1852284 | PA      | $1855412.56   | 0.35%             | 2055-05-25      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                        | RMF Buyout Issuance Trust 2021-HB1                                                                                                 | CUSIP: 74969TAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2479218 | PA      | $2201228.02   | 0.42%             | 2031-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                         | Focus Financial Partners LLC                                                                                                       | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1360242.60   | 0.26%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ALBANIA                              | Albania Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 254900EDM43U3SGRND29 | Long             | DBT              | NUSS              | AL        |   1850000 | PA      | $2128822.89   | 0.41%             | 2035-02-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                      | McAfee Corp                                                                                                                        | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |   1910000 | PA      | $1772965.33   | 0.34%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| Freddie Mac - SCRT                               | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-4                                                                      | CUSIP: 35563PMX4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4060000 | PA      | $3835773.51   | 0.73%             | 2059-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Start Ltd.                                       | Start Ltd/Bermuda                                                                                                                  | CUSIP: 85572RAA7<br>LEI: 549300VIQYFIDJQCKZ43 | Long             | ABS-O            | CORP              | BM        |    647886 | PA      | $646830.17    | 0.12%             | 2043-05-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust               | EFMT 2024-RM1                                                                                                                      | CUSIP: 26843HAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1934784 | PA      | $1847226.52   | 0.35%             | 2054-03-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED TWD / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | TW        |         1 | NC      | $-97485.73    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                            | FMC GMSR Issuer Trust                                                                                                              | CUSIP: 30259RAP0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2220000 | PA      | $2244396.91   | 0.43%             | 2027-07-25      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                          | Bahamas Government International Bond                                                                                              | CUSIP: 056732AP5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |   1069000 | PA      | $1087707.50   | 0.21%             | 2036-06-24      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                          | WE Soda Investments Holding PLC                                                                                                    | CUSIP: 000000000<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |    304000 | PA      | $317259.84    | 0.06%             | 2028-10-06      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                          | Ethiopia International Bond                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |   4350000 | PA      | $4012875.00   | 0.77%             | 2024-12-11      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FED OF BOSNIA&HERZ                               | Federation of Bosnia & Herzegovina Eurobond                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | BA        |    407000 | PA      | $478182.07    | 0.09%             | 2030-07-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| New York Mortgage Trust                          | NYMT Loan Trust Series 2024-BPL1                                                                                                   | CUSIP: 62956MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1206172.20   | 0.23%             | 2029-02-25      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                              | Braskem Netherlands Finance BV                                                                                                     | CUSIP: 000000000<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    205000 | PA      | $156607.11    | 0.03%             | 2028-01-10      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Champs Trust                                     | Champs Trust 2025-1                                                                                                                | CUSIP: 158926AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2288976 | PA      | $2384622.20   | 0.46%             | 2060-04-25      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                   | Cascade Funding Mortgage Trust 2022-AB2                                                                                            | CUSIP: 12530JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    791785 | PA      | $734658.63    | 0.14%             | 2052-02-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae                                                                                                                         | CUSIP: 21H0626A0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  20700000 | PA      | $21177618.35  | 4.05%             | 2054-10-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PDD HOLDINGS INC                                 | PDD Holdings Inc                                                                                                                   | CUSIP: 722304AC6<br>LEI: 5493000573DS7005T657 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $197000.00    | 0.04%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                          | Bryant Park Funding 2023-19 Ltd                                                                                                    | CUSIP: 11765AAY5<br>LEI: 5493004CTFWJSWYD8564 | Long             | ABS-CBDO         | CORP              | KY        |   1110000 | PA      | $1109816.85   | 0.21%             | 2038-04-15      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED USD / SOLD MXN                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $8706.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Elmwood CLO VIII Ltd                             | Elmwood CLO VIII Ltd                                                                                                               | CUSIP: 29003EAY1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    740000 | PA      | $748253.96    | 0.14%             | 2037-04-20      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| Empower CLO Ltd.                                 | Empower CLO 2024-1 Ltd                                                                                                             | CUSIP: 29244RAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1110000 | PA      | $1118498.16   | 0.21%             | 2037-04-25      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Brean Asset Backed Securities Trust              | Brean Asset Backed Securities Trust 2023-SRM1                                                                                      | CUSIP: 10638RAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1591889 | PA      | $1489577.86   | 0.28%             | 2063-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED UYU / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | UY        |         1 | NC      | $910.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BPR Trust                                        | BPR Trust 2021-WILL                                                                                                                | CUSIP: 05591VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1285645 | PA      | $1283064.41   | 0.25%             | 2038-06-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD EUR                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $91920.12     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                        | RMF Buyout Issuance Trust 2021-HB1                                                                                                 | CUSIP: 74969TAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1884746.20   | 0.36%             | 2031-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED UYU / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | UY        |         1 | NC      | $-2894.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD PEN                                                                                                           | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $23331.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| harvest commercial capital loan trust            | Harvest Commercial Capital Loan Trust 2024-1                                                                                       | CUSIP: 417927AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2119076 | PA      | $2143321.63   | 0.41%             | 2056-10-25      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| RMF Proprietary Issuance Trust                   | RMF Proprietary Issuance Trust 2022-2                                                                                              | CUSIP: 74970CAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2220000 | PA      | $1951957.64   | 0.37%             | 2062-06-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Start Ltd.                                       | Start II LTD                                                                                                                       | CUSIP: 85573LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |    518056 | PA      | $513512.44    | 0.10%             | 2044-03-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                | Magnetite XXII Ltd                                                                                                                 | CUSIP: 55954HBE1<br>LEI: 5493000081NBXWGGSW23 | Long             | ABS-CBDO         | CORP              | KY        |    740000 | PA      | $741801.16    | 0.14%             | 2036-07-15      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| United States Treasury                           | U.S. Treasury Bills                                                                                                                | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2000000 | PA      | $1974168.98   | 0.38%             | 2025-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                        | RMF Buyout Issuance Trust 2021-HB1                                                                                                 | CUSIP: 74969TAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    890000 | PA      | $841596.37    | 0.16%             | 2031-11-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| Orange SA                                        | Orange SA                                                                                                                          | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |    386000 | PA      | $451999.62    | 0.09%             | 2026-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NORTEGAS ENERGIA DISTRI                          | NorteGas Energia Distribucion SA                                                                                                   | CUSIP: 000000000<br>LEI: 959800K24LB8NMVR7K61 | Long             | DBT              | CORP              | ES        |    700000 | PA      | $692710.79    | 0.13%             | 2031-01-22      | Fixed         | 0.91%                 | Yes           |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                            | Philippine Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        | 152500000 | PA      | $2658554.53   | 0.51%             | 2035-04-28      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BONO TESORO CAPITALIZAB                          | Bono Del Tesoro Nacional Capitalizable en Pesos                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        | 973154000 | PA      | $754440.37    | 0.14%             | 2026-06-30      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECH                        | SEAGATE DATA STORAGE TECH                                                                                                          | CUSIP: 81180LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    810000 | PA      | $912907.12    | 0.17%             | 2032-12-01      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                                           | CUSIP: 38378GM47<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    472781 | PA      | $50284.32     | 0.01%             | 2042-12-20      | Floating      | 1.78%                 | No            |                  2 | On Loan: No      |
| ARTERA SERVICES LLC                              | Artera Services LLC                                                                                                                | CUSIP: 04302XAA2<br>LEI: 549300J2G34D0WX8Z443 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1044625.30   | 0.20%             | 2031-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| ATLX Trust                                       | ATLX 2024-RPL1 Trust                                                                                                               | CUSIP: 049915AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1850000 | PA      | $1753019.49   | 0.34%             | 2064-04-25      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                                    | CUSIP: 31388UJP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2314 | PA      | $2399.50      | 0.00%             | 2032-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pnmac Gmsr Issuer Trust                          | PNMAC GMSR Issuer Trust                                                                                                            | CUSIP: 69354WAJ5<br>LEI: 5493007JEN3QN6CZC711 | Long             | ABS-O            | CORP              | US        |   2960000 | PA      | $2972841.37   | 0.57%             | 2029-03-25      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED UYU / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | UY        |         1 | NC      | $7783.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENGIE SA                                         | Engie SA                                                                                                                           | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |    800000 | PA      | $971626.46    | 0.19%             | 2033-03-14      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                                  | CUSIP: 3136AJFH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    155279 | PA      | $9348.31      | 0.00%             | 2044-03-25      | Variable      | 1.78%                 | No            |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                            | FMC GMSR Issuer Trust                                                                                                              | CUSIP: 30259RAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2960000 | PA      | $2986347.55   | 0.57%             | 2027-04-25      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                             | YPF SA                                                                                                                             | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |   1000000 | PA      | $1011490.00   | 0.19%             | 2034-01-17      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                                                                                              | CUSIP: 31287YYS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       484 | PA      | $506.40       | 0.00%             | 2032-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                         | Republic of South Africa Government Bond                                                                                           | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        | 164080000 | PA      | $8602214.61   | 1.65%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED UYU / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | UY        |         1 | NC      | $703.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                          | Bryant Park Funding 2024-22 Ltd                                                                                                    | CUSIP: 11766CAJ3<br>LEI: 5493000N8L82QL1KEO96 | Long             | ABS-CBDO         | CORP              | KY        |   1110000 | PA      | $1121129.97   | 0.21%             | 2037-04-15      | Floating      | 8.62%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                           | BP Capital Markets PLC                                                                                                             | CUSIP: 000000000<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |   2730000 | PA      | $3126254.09   | 0.60%             | 2029-03-22      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                         | Petroleos de Venezuela SA                                                                                                          | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   1906200 | PA      | $219213.00    | 0.04%             | 2022-10-28      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Peru LNG Srl                                     | Peru LNG Srl                                                                                                                       | CUSIP: 000000000<br>LEI: 254900F70J1LOALV5K70 | Long             | DBT              | CORP              | PE        |    541710 | PA      | $516555.43    | 0.10%             | 2030-03-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust          | Saluda Grade Alternative Mortgage Trust 2024-RTL5                                                                                  | CUSIP: 795935AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2960000 | PA      | $3009359.18   | 0.58%             | 2030-04-25      | Variable      | 7.76%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                             | Samarco Mineracao SA                                                                                                               | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |   2556627 | PA      | $2533567.02   | 0.48%             | 2031-06-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Champs Trust                                     | Champs Trust 2024-1                                                                                                                | CUSIP: 15878AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2510180 | PA      | $2598622.54   | 0.50%             | 2059-07-25      | Variable      | 8.72%                 | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                        | RMF Buyout Issuance Trust 2020-HB1                                                                                                 | CUSIP: 76971EAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9264659 | PA      | $7205753.09   | 1.38%             | 2050-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                      | OCP CLO 2022-24 Ltd                                                                                                                | CUSIP: 67118YAY9<br>LEI: 254900KJTZSIMELS6Y52 | Long             | ABS-CBDO         | CORP              | JE        |    740000 | PA      | $747926.88    | 0.14%             | 2037-10-20      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED UYU / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | UY        |         1 | NC      | $-308.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                            | FMC GMSR Issuer Trust                                                                                                              | CUSIP: 30259RAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2960000 | PA      | $2813850.00   | 0.54%             | 2026-07-25      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| WEST TECHNOLOGY GRP LLC                          | West Technology Group LLC                                                                                                          | CUSIP: 956187AA6<br>LEI: 5493005Z5DB0O5S30R71 | Long             | DBT              | CORP              | US        |    776000 | PA      | $216310.00    | 0.04%             | 2027-04-10      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Champs Trust                                     | Champs Trust 2024-2                                                                                                                | CUSIP: 15878BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2152924 | PA      | $2242644.86   | 0.43%             | 2059-11-25      | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes           | NRZ Excess Spread-Collateralized Notes                                                                                             | CUSIP: 62955MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    704821 | PA      | $688440.83    | 0.13%             | 2026-07-25      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                      | Ocwen Loan Investment Trust 2023-HB1                                                                                               | CUSIP: 67578KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2220000 | PA      | $2169509.21   | 0.41%             | 2036-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                   | CFMT 2024-HB14 LLC                                                                                                                 | CUSIP: 12530XAF8<br>LEI: 9845005986F840FBE847 | Long             | ABS-MBS          | CORP              | US        |   2960000 | PA      | $2619617.46   | 0.50%             | 2034-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIFL US LLC                         | Digicel International Finance Ltd / Difl US LLC                                                                                    | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1260000 | PA      | $1273699.98   | 0.24%             | 2032-08-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VERISURE HOLDING AB                              | Verisure Holding AB                                                                                                                | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |   1070000 | PA      | $1220216.31   | 0.23%             | 2027-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Harvest US CLO Ltd                               | Harvest US CLO 2024-2 Ltd                                                                                                          | CUSIP: 41756YAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1110000 | PA      | $1113826.17   | 0.21%             | 2037-10-15      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| MORTGAGE SUBORDINATE TR                          | MORTGAGE SUBORDINATE TR                                                                                                            | CUSIP: 61914PAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1810000 | PA      | $1531166.79   | 0.29%             | 2031-12-29      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                                                 | CUSIP: 3618FCDP5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1162976 | PA      | $1199884.24   | 0.23%             | 2053-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bayview Financial Acquisition Trust              | Bayview Financial Revolving Asset Trust 2005-A                                                                                     | CUSIP: 073250BM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    826411 | PA      | $799391.99    | 0.15%             | 2040-02-28      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Boston Lending Trust                             | Boston Lending Trust 2022-2                                                                                                        | CUSIP: 10085BAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2960000 | PA      | $2744360.15   | 0.52%             | 2062-05-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                                           | CUSIP: 38383U7L8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2522478 | PA      | $2585732.19   | 0.49%             | 2052-10-20      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE                           | Mozambique International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |    860000 | PA      | $752968.39    | 0.14%             | 2031-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| MV24 CAPITAL BV                                  | MV24 Capital BV                                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |   1392604 | PA      | $1387088.95   | 0.27%             | 2034-06-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                           | Volkswagen International Finance NV                                                                                                | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |   1480000 | PA      | $1702812.43   | 0.33%             | 2026-03-24      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust          | Saluda Grade Alternative Mortgage Trust 2020-SEQ1                                                                                  | CUSIP: 79581PAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1850000 | PA      | $1879625.72   | 0.36%             | 2050-05-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED EUR / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |         1 | NC      | $-85081.02    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                     | TICP CLO VI 2016-2 Ltd                                                                                                             | CUSIP: 87246VAF9<br>LEI: 254900JG2DPAYUCW8T83 | Long             | ABS-CBDO         | CORP              | KY        |    740000 | PA      | $746466.12    | 0.14%             | 2034-01-15      | Floating      | 10.83%                | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                           | Cascade MH Asset Trust 2019-MH1                                                                                                    | CUSIP: 14732FAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    615866 | PA      | $587504.45    | 0.11%             | 2044-11-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                       | AMSR 2022-SFR1 Trust                                                                                                               | CUSIP: 00179WAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1246000 | PA      | $1217175.16   | 0.23%             | 2039-03-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                  | Benefit Street Partners CLO XV Ltd                                                                                                 | CUSIP: 08179MAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    740000 | PA      | $745240.68    | 0.14%             | 2037-07-15      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                 | Duke Energy Corp                                                                                                                   | CUSIP: 000000000<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    680000 | PA      | $775380.65    | 0.15%             | 2034-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| IBERDROLA FINANZAS SAU                           | Iberdrola Finanzas SA                                                                                                              | CUSIP: 000000000<br>LEI: 5493004PZNZWWBOUV388 | Long             | DBT              | CORP              | ES        |   4100000 | PA      | $4896783.35   | 0.94%             | 2028-04-25      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Harvest SBA Loan Trust                           | Harvest SBA Loan Trust 2023-1                                                                                                      | CUSIP: 41757BAA2<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |    995124 | PA      | $1013828.23   | 0.19%             | 2050-10-25      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD ZAR                                                                                                           | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $183849.59    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                        | RMF Buyout Issuance Trust 2022-HB1                                                                                                 | CUSIP: 76970HAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2960000 | PA      | $2541401.54   | 0.49%             | 2032-04-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                         | Banco Mercantil del Norte SA/Grand Cayman                                                                                          | CUSIP: 05971PAD0<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   1330000 | PA      | $1360337.55   | 0.26%             | 2031-05-20      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ENGIE SA                                         | Engie SA                                                                                                                           | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |    900000 | PA      | $920997.29    | 0.18%             | 2031-01-02      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                                    | CUSIP: 31374TW39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1459 | PA      | $1505.22      | 0.00%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                 | Vmed O2 UK Financing I PLC                                                                                                         | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |   1030000 | PA      | $954017.00    | 0.18%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RMF Proprietary Issuance Trust                   | RMF Proprietary Issuance Trust 2020-1                                                                                              | CUSIP: 74969MAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1967673 | PA      | $1745170.55   | 0.33%             | 2060-04-26      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                   | Cascade Funding Mortgage Trust                                                                                                     | CUSIP: 12529GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3330000 | PA      | $3292304.07   | 0.63%             | 2035-11-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                              | Benin Government International Bond                                                                                                | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |   1800000 | PA      | $1838417.21   | 0.35%             | 2035-01-22      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| VineBrook Homes                                  | VINE 2023-SFR1 Trust                                                                                                               | CUSIP: 91825KAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1850000 | PA      | $1740480.37   | 0.33%             | 2040-12-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Great Hall Mortgages Plc                         | Great Hall Mortgages No 1 PLC                                                                                                      | CUSIP: 000000000<br>LEI: 213800TM9KICQKGTYR78 | Long             | ABS-MBS          | CORP              | GB        |   1030000 | PA      | $1337871.80   | 0.26%             | 2038-06-18      | Floating      | 7.36%                 | Yes           |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC                              | Avianca Midco 2 PLC                                                                                                                | CUSIP: 05369YAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1655442 | PA      | $1583016.41   | 0.30%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| Petroleos Mexicanos                              | Petroleos Mexicanos                                                                                                                | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   2170000 | PA      | $2406073.01   | 0.46%             | 2027-04-21      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                 | Trinitas CLO VI Ltd                                                                                                                | CUSIP: 89641BAE3<br>LEI: 549300IUAXGLQ814UD95 | Long             | ABS-CBDO         | CORP              | KY        |    740000 | PA      | $729548.98    | 0.14%             | 2034-01-25      | Floating      | 11.40%                | No            |                  2 | On Loan: No      |
| METAL Cayman                                     | METAL 2017-1 LLC                                                                                                                   | CUSIP: 59111RAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    601596 | PA      | $400085.34    | 0.08%             | 2042-10-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                   | CFMT 2024-HB13 LLC                                                                                                                 | CUSIP: 12530VAE5<br>LEI: 984500D67D63D8645054 | Long             | ABS-O            | CORP              | US        |   1160000 | PA      | $1047390.68   | 0.20%             | 2034-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                   | Barings Clo Ltd 2019-IV                                                                                                            | CUSIP: 06761VAY3<br>LEI: 549300QO1I8V07FLPQ13 | Long             | ABS-CBDO         | CORP              | KY        |   1110000 | PA      | $1116379.17   | 0.21%             | 2037-07-15      | Floating      | 8.92%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                          | VistaJet Malta Finance PLC / Vista Management Holding Inc                                                                          | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1550000 | PA      | $1465669.77   | 0.28%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| LHOME Mortgage Trust                             | LHOME Mortgage Trust 2023-RTL3                                                                                                     | CUSIP: 50205TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1630000 | PA      | $1640956.70   | 0.31%             | 2028-08-25      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC                             | Sonic Automotive Inc                                                                                                               | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $972133.18    | 0.19%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: —       |
| Government National Mortgage Association         | Government National Mortgage Association                                                                                           | CUSIP: 38381PWH2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5000000 | PA      | $5176491.50   | 0.99%             | 2055-07-20      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| PIRAEUS FINANCIAL HLDGS                          | Piraeus Financial Holdings SA                                                                                                      | CUSIP: 000000000<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | DBT              | CORP              | GR        |   2140000 | PA      | $2698151.06   | 0.52%             | 2034-04-17      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Imperial Fund LLC                                | Imperial Fund Mortgage Trust 2022-NQM7                                                                                             | CUSIP: 452763AA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1658331 | PA      | $1663642.43   | 0.32%             | 2067-11-25      | Variable      | 7.37%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                   | Barings CLO Ltd 2025-I                                                                                                             | CUSIP: 067927AJ2<br>LEI: 2549000XGGHFFMGI1592 | Long             | ABS-CBDO         | CORP              | KY        |    740000 | PA      | $743240.46    | 0.14%             | 2038-04-20      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| ECAF LTD                                         | ECAF I Ltd                                                                                                                         | CUSIP: 26827EAC9<br>LEI: 635400SSRNQERTYCWK57 | Long             | ABS-O            | CORP              | KY        |    672348 | PA      | $601799.30    | 0.12%             | 2040-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                                           | CUSIP: 38381NAF5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4987410 | PA      | $5119920.67   | 0.98%             | 2055-06-20      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| Newgate Funding PLC                              | Newgate Funding PLC                                                                                                                | CUSIP: 000000000<br>LEI: 2138006KF4KS6D5P1697 | Long             | ABS-MBS          | CORP              | GB        |    416586 | PA      | $541627.56    | 0.10%             | 2050-12-15      | Floating      | 7.36%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO 32 Ltd                               | Elmwood CLO 32 Ltd                                                                                                                 | CUSIP: 29003TAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1110000 | PA      | $1116050.61   | 0.21%             | 2037-10-18      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                             | LifePoint Health Inc                                                                                                               | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1704877.56   | 0.33%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                             | Westpac Banking Corp                                                                                                               | CUSIP: 961214EP4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   2220000 | PA      | $1961743.65   | 0.38%             | 2035-11-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust          | Saluda Grade Alternative Mortgage Trust 2024-RTL4                                                                                  | CUSIP: 79584CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2960000 | PA      | $2978760.48   | 0.57%             | 2030-02-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| FMC GMSR ISSUER TRUST                            | FMC GMSR Issuer Trust                                                                                                              | CUSIP: 30259RAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1480000 | PA      | $1442233.66   | 0.28%             | 2026-01-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| BATTALION CLO LTD                                | BATTALION CLO LTD                                                                                                                  | CUSIP: 07134FAG5<br>LEI: 5493006S0D1X0TK7V334 | Long             | ABS-CBDO         | CORP              | KY        |   1110000 | PA      | $1119649.23   | 0.21%             | 2037-03-13      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                        | Uniform Mortgage-Backed Security, TBA                                                                                              | CUSIP: 01F052680<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  46500000 | PA      | $46251152.93  | 8.84%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                     | Centene Corp                                                                                                                       | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   2440000 | PA      | $2049958.19   | 0.39%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                   | CFMT 2023-H12 LLC                                                                                                                  | CUSIP: 12530QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4060000 | PA      | $3819315.89   | 0.73%             | 2033-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| PRPM Fundido                                     | Prpm Fundido 2025-1 DAC                                                                                                            | CUSIP: 000000000<br>LEI: 894500EWWG2B1D664659 | Long             | ABS-MBS          | CORP              | IE        |   2039207 | PA      | $2284165.25   | 0.44%             | 2075-04-29      | Floating      | 3.18%                 | No            |                  2 | On Loan: No      |
| ALLIANDER NV                                     | Alliander NV                                                                                                                       | CUSIP: 000000000<br>LEI: 724500XBZ9QOPTI11U82 | Long             | DBT              | CORP              | NL        |   1510000 | PA      | $1776404.22   | 0.34%             | 2032-03-27      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| BONO TESORO CAPITALIZAB                          | Bono Del Tesoro Nacional Capitalizable en Pesos                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        | 561625000 | PA      | $436322.73    | 0.08%             | 2027-01-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| RiverView HECM Trust                             | RiverView HECM Trust                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    646778 | PA      | $564449.70    | 0.11%             | 2047-05-25      | Floating      | 4.74%                 | Yes           |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                          | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl                                                       | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1460000 | PA      | $1421732.38   | 0.27%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                      | PURCHASED UYU / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | UY        |         1 | NC      | $-2312.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC                              | Avianca Midco 2 PLC                                                                                                                | CUSIP: 05369YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    417000 | PA      | $388187.39    | 0.07%             | 2030-02-14      | Fixed         | 9.62%                 | No            |                  2 | On Loan: —       |
| CLEAR CHANNEL OUTDOOR HO                         | Clear Channel Outdoor Holdings Inc                                                                                                 | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1504832.22   | 0.29%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                       | CUSIP: 3137H9MB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7335941 | PA      | $1810869.70   | 0.35%             | 2055-11-25      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| Credit Suisse First Boston Mortgage Securities   | Credit Suisse First Boston Mortgage Securities Corp                                                                                | CUSIP: 225458M70<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4461299 | PA      | $5111637.55   | 0.98%             | 2045-03-25      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| SG Commercial Mortgage Securities Trust          | SG Commercial Mortgage Securities Trust 2019-PREZ                                                                                  | CUSIP: 78430EAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2220000 | PA      | $1862542.26   | 0.36%             | 2039-09-15      | Variable      | 3.48%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                   | JPN 10Y BOND(OSE) SEP25                                                                                                            | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |       -15 | NC      | $54708.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                           | PURCHASED USD / SOLD EUR                                                                                                           | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $23587.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurohome Italy Mortgages                         | Eurohome Italy Mortgages Srl                                                                                                       | CUSIP: 000000000<br>LEI: 8156005F4093CD5E0195 | Long             | ABS-MBS          | CORP              | IT        |   1460717 | PA      | $1576474.32   | 0.30%             | 2054-11-02      | Floating      | 2.78%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                                    | CUSIP: 31390MJW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1675 | PA      | $1758.93      | 0.00%             | 2032-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                                    | CUSIP: 31384WKY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       666 | PA      | $686.84       | 0.00%             | 2031-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE                                 | TotalEnergies SE                                                                                                                   | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | DBT              | CORP              | FR        |   4430000 | PA      | $4684696.78   | 0.90%             | 2030-06-04      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                           | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                       | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    740000 | PA      | $692891.75    | 0.13%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                              | Braskem Netherlands Finance BV                                                                                                     | CUSIP: 000000000<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |   1569000 | PA      | $1115436.88   | 0.21%             | 2030-01-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: —       |
| SHENTON AIRCRAFT INVESTMENT LTD                  | Shenton Aircraft Investment I Ltd                                                                                                  | CUSIP: 82321UAA1<br>LEI: 254900877LAQRYY3YZ51 | Long             | ABS-O            | CORP              | KY        |   1218734 | PA      | $1179016.74   | 0.23%             | 2042-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED MXN / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | MX        |         1 | NC      | $-6529.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                            | Alibaba Group Holding Ltd                                                                                                          | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $399300.00    | 0.08%             | 2031-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE                                 | TotalEnergies SE                                                                                                                   | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | DBT              | CORP              | FR        |    980000 | PA      | $1003741.99   | 0.19%             | 2036-07-17      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| PRP Advisors, LLC                                | PRPM 2024-RCF3 LLC                                                                                                                 | CUSIP: 74390BAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1145000 | PA      | $1038191.42   | 0.20%             | 2054-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                         | Republic of South Africa Government Bond                                                                                           | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |  47768000 | PA      | $2202052.32   | 0.42%             | 2044-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUND FUTURE SEP25                                                                                                             | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -71 | NC      | $-2328.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP                         | Chobani LLC / Chobani Finance Corp Inc                                                                                             | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1157868.75   | 0.22%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                         | Ford Motor Credit Co LLC                                                                                                           | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3810000 | PA      | $4026853.66   | 0.77%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                      | PURCHASED USD / SOLD PEN                                                                                                           | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $26664.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                                    | CUSIP: 31380PJE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1940 | PA      | $2001.41      | 0.00%             | 2028-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 10YR NOTE (CBT)SEP25                                                                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       650 | NC      | $452549.57    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Angola Government International Bonds            | Angola Government International Bonds                                                                                              | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    720000 | PA      | $656183.41    | 0.13%             | 2032-04-14      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| EUROBANK ERG SVCS HLDGS                          | Eurobank Ergasias Services and Holdings SA                                                                                         | CUSIP: 000000000<br>LEI: JEUVK5RWVJEN8W0C9M24 | Long             | DBT              | CORP              | GR        |   1400000 | PA      | $1612835.89   | 0.31%             | 2035-04-30      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| RMF Buyout Issuance Trust                        | RMF Buyout Issuance Trust 2020-HB1                                                                                                 | CUSIP: 76971EAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2590000 | PA      | $2222135.31   | 0.42%             | 2050-10-25      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                          | GSR Mortgage Loan Trust 2005-3F                                                                                                    | CUSIP: 36242DD26<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    583317 | PA      | $518795.04    | 0.10%             | 2035-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANCOLOMBIA SA                                   | Bancolombia SA                                                                                                                     | CUSIP: 05968LAN2<br>LEI: 54930052NWJRPNMP1W58 | Long             | DBT              | CORP              | CO        |    712000 | PA      | $758018.14    | 0.14%             | 2034-12-24      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED INR / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | IN        |         1 | NC      | $-21624.73    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs. | Freddie Mac Multifamily Structured Pass Through Certificates                                                                       | CUSIP: 3137H4RJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4750000 | PA      | $1116396.54   | 0.21%             | 2036-11-25      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                            | McGraw-Hill Education Inc                                                                                                          | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1487686.20   | 0.28%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BONO TESORO CAPITALIZAB                          | Bono Del Tesoro Nacional Capitalizable en Pesos                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        |  18721000 | PA      | $16052.86     | 0.00%             | 2026-02-13      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED UYU / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | UY        |         1 | NC      | $569.82       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED AUD / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | AU        |         1 | NC      | $-5930.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                            | Venezuela Government International Bond                                                                                            | CUSIP: 922646AT1<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |   3433000 | PA      | $721273.30    | 0.14%             | 2018-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENEL SPA                                         | Enel SpA                                                                                                                           | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | DBT              | CORP              | IT        |   3210000 | PA      | $3963294.93   | 0.76%             | 2028-04-16      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Brean Asset Backed Securities Trust              | Brean Asset Backed Securities Trust 2023-SRM1                                                                                      | CUSIP: 10638RAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2387833 | PA      | $2310275.31   | 0.44%             | 2063-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ZORLU ENERJI ELEKTRIK                            | Zorlu Enerji Elektrik Uretim AS                                                                                                    | CUSIP: 000000000<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |   1000000 | PA      | $969634.05    | 0.19%             | 2030-04-23      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                                    | CUSIP: 31379NGP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        13 | PA      | $13.92        | 0.00%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP                                     | Seaspan Corp                                                                                                                       | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |   1680000 | PA      | $1601194.56   | 0.31%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae I Pool                                                                                                                  | CUSIP: 36211PHU0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       927 | PA      | $950.72       | 0.00%             | 2030-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                     | CSMC 2021-BRIT                                                                                                                     | CUSIP: 12658RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1810870 | PA      | $1776462.29   | 0.34%             | 2026-05-09      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                | Magnetite XXII Ltd                                                                                                                 | CUSIP: 55954HBC5<br>LEI: 5493000081NBXWGGSW23 | Long             | ABS-CBDO         | CORP              | KY        |    740000 | PA      | $741480.74    | 0.14%             | 2036-07-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                           | Global Atlantic Fin Co                                                                                                             | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    685000 | PA      | $717540.93    | 0.14%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                         | Morgan Stanley Institutional Liquidity Funds - Government Portfolio                                                                | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   3528921 | NS      | $3528921.09   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Palmer Square CLO Ltd                            | Palmer Square CLO 2018-1 Ltd                                                                                                       | CUSIP: 69703PAS8<br>LEI: 549300A8L0VCZ9626397 | Long             | ABS-CBDO         | CORP              | KY        |   1110000 | PA      | $1119940.05   | 0.21%             | 2037-04-18      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                         | Electricite de France SA                                                                                                           | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |   1800000 | PA      | $2012819.09   | 0.38%             | 2027-12-01      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED USD / SOLD GBP                                                                                                           | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $97349.14     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                         | Petroleos de Venezuela SA                                                                                                          | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    568100 | PA      | $82090.45     | 0.02%             | 2021-11-17      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US ULTRA BOND CBT SEP25                                                                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -196 | NC      | $-400015.58   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                              | Freddie Mac STACR REMIC Trust 2022-DNA4                                                                                            | CUSIP: 35564KYC7<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $2257633.20   | 0.43%             | 2042-05-25      | Floating      | 14.60%                | No            |                  2 | On Loan: No      |
| Oakwood Mortgage Investors Inc.                  | Oakwood Mortgage Investors Inc                                                                                                     | CUSIP: 67087TCM1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2828359 | PA      | $213786.61    | 0.04%             | 2031-06-15      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                   | Transocean Inc                                                                                                                     | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    918400 | PA      | $952990.62    | 0.18%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED USD / SOLD PEN                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $60462.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| VEON MIDCO BV                                    | Veon Midco BV                                                                                                                      | CUSIP: 000000000<br>LEI: 213800GOFSH7EPKBRE50 | Long             | DBT              | CORP              | NL        |    415000 | PA      | $384291.76    | 0.07%             | 2027-11-25      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| BANQUE OUEST AFRICAINE D                         | Banque Ouest Africaine de Developpement                                                                                            | CUSIP: 06675QAC7<br>LEI: 529900LIZJABE4JJS826 | Long             | DBT              | NUSS              | XX        |   1030000 | PA      | $940640.91    | 0.18%             | 2031-10-22      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                                 | Arches Buyer Inc                                                                                                                   | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1214739.92   | 0.23%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TENNET HOLDING BV                                | TenneT Holding BV                                                                                                                  | CUSIP: 000000000<br>LEI: 724500LTUWK3JQG63903 | Long             | DBT              | CORP              | NL        |   1600000 | PA      | $1882933.57   | 0.36%             | 2029-03-21      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                                                                                                    | CUSIP: 31371KEX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3042 | PA      | $3149.84      | 0.00%             | 2031-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TULLOW OIL PLC                                   | Tullow Oil PLC                                                                                                                     | CUSIP: 000000000<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |    436000 | PA      | $393490.00    | 0.08%             | 2026-05-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                           | XPLR Infrastructure Operating Partners LP                                                                                          | CUSIP: 98380MAB1<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1547547.44   | 0.30%             | 2033-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: —       |
| New Zealand Government Bonds                     | New Zealand Government Bonds                                                                                                       | CUSIP: 000000000<br>LEI: 549300237GPHG2AI7C34 | Long             | DBT              | NUSS              | NZ        |  11490000 | PA      | $6757809.08   | 1.29%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                              | COMM 2019-GC44 Mortgage Trust                                                                                                      | CUSIP: 12655TAY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1110000 | PA      | $1003852.48   | 0.19%             | 2057-08-15      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                            | Palmer Square CLO 2023-2 Ltd                                                                                                       | CUSIP: 69703CAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    740000 | PA      | $745411.62    | 0.14%             | 2038-07-20      | Floating      | 10.72%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                           | PURCHASED USD / SOLD JPY                                                                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $72612.92     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                         | Petroleos de Venezuela SA                                                                                                          | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    255700 | PA      | $40784.15     | 0.01%             | 2035-05-17      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| URU MONETARY REG BILL                            | Uruguay Monetary Regulation Bill                                                                                                   | CUSIP: 000000000<br>LEI: 549300DTMS39GZYBX161 | Long             | STIV             | NUSS              | UY        |  17408000 | PA      | $420872.79    | 0.08%             | 2025-12-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TOTAL PLAY TELECOM                               | Total Play Telecomunicaciones SA de CV                                                                                             | CUSIP: 89157PAD0<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |    800000 | PA      | $771940.06    | 0.15%             | 2032-12-31      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                            | Venezuela Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    815000 | PA      | $121312.75    | 0.02%             | 2018-12-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                                                                                                  | CUSIP: 3136AJ4H6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    314058 | PA      | $17619.33     | 0.00%             | 2039-10-25      | Variable      | 2.18%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 40 Ltd                               | Elmwood CLO 40 Ltd                                                                                                                 | CUSIP: 29004GAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1110000 | PA      | $1123515.36   | 0.21%             | 2038-03-22      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                      | PRKCM 2023-AFC1 Trust                                                                                                              | CUSIP: 693981AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    810017 | PA      | $812450.38    | 0.16%             | 2058-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                | PURCHASED USD / SOLD PHP                                                                                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |         1 | NC      | $86453.22     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ESSENDI SA                                       | Essendi SA                                                                                                                         | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |    870000 | PA      | $1028066.66   | 0.20%             | 2030-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes           | NRM FNT1 Excess LLC                                                                                                                | CUSIP: 62956YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2177123 | PA      | $2203413.25   | 0.42%             | 2031-11-25      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                | Lebanon Government International Bond                                                                                              | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |   7800000 | PA      | $1466400.00   | 0.28%             | 2028-03-20      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                           | XPLR Infrastructure Operating Partners LP                                                                                          | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1396053.12   | 0.27%             | 2031-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| Eurohome Mortgages PLC                           | Eurohome Mortgages PLC                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |    396897 | PA      | $428614.04    | 0.08%             | 2050-08-02      | Floating      | 2.39%                 | Yes           |                  2 | On Loan: No      |
| GOL FINANCE                                      | Gol Finance Inc                                                                                                                    | CUSIP: 36254VAN8<br>LEI: 549300FRXVB8W0960Y03 | Long             | DBT              | CORP              | KY        |   1075000 | PA      | $1049468.75   | 0.20%             | 2030-06-06      | Fixed         | 14.38%                | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                 | Trinitas CLO VI Ltd                                                                                                                | CUSIP: 89640YBG8<br>LEI: 549300IUAXGLQ814UD95 | Long             | ABS-CBDO         | CORP              | KY        |    740000 | PA      | $740938.32    | 0.14%             | 2034-01-25      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                      | OCP CLO 2024-32 Ltd                                                                                                                | CUSIP: 67570CAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1110000 | PA      | $1121845.92   | 0.21%             | 2037-04-23      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                          | Mexican Bonos                                                                                                                      | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        | 108500000 | PA      | $5259353.54   | 1.01%             | 2038-11-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                   | Cascade Funding Mortgage Trust                                                                                                     | CUSIP: 12531BAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2220000 | PA      | $1977618.18   | 0.38%             | 2035-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED AUD / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | AU        |         1 | NC      | $-107905.53   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED KRW / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | KR        |         1 | NC      | $-52662.95    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CONCENTRIX CORP                                  | Concentrix Corp                                                                                                                    | CUSIP: 20602DAA9<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |   2660000 | PA      | $2703839.65   | 0.52%             | 2026-08-02      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                  | Oaktree CLO 2019-4 Ltd                                                                                                             | CUSIP: 67402CBN5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    920000 | PA      | $923772.00    | 0.18%             | 2037-07-20      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                            | Sri Lanka Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |   4700000 | PA      | $4235875.00   | 0.81%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| harvest commercial capital loan trust            | Harvest Commercial Capital Loan Trust 2020-1                                                                                       | CUSIP: 41754FAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1850000 | PA      | $1697086.77   | 0.32%             | 2052-04-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                             | FirstKey Homes 2021-SFR1 Trust                                                                                                     | CUSIP: 33767WAS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2133000 | PA      | $2079582.85   | 0.40%             | 2038-08-17      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                         | Madison Park Funding LV Ltd                                                                                                        | CUSIP: 55819FAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1110000 | PA      | $1114309.02   | 0.21%             | 2037-07-18      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                         | Petroleos de Venezuela SA                                                                                                          | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   1551900 | PA      | $218041.95    | 0.04%             | 2024-05-16      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust       | JPMBB Commercial Mortgage Securities Trust 2014-C23                                                                                | CUSIP: 46643AAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    136000 | PA      | $116523.17    | 0.02%             | 2047-09-15      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Bayview Commercial Asset Trust                   | Bayview Commercial Asset Trust 2007-6                                                                                              | CUSIP: 07326FAE8<br>LEI: 5493003DOWFR7J1QCW02 | Long             | ABS-MBS          | CORP              | US        |   1821568 | PA      | $1610491.95   | 0.31%             | 2037-12-25      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                   | Barings CLO Ltd 2025-I                                                                                                             | CUSIP: 067928AA9<br>LEI: 2549000XGGHFFMGI1592 | Long             | ABS-CBDO         | CORP              | KY        |   1110000 | PA      | $1103780.67   | 0.21%             | 2038-04-20      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| Ocwen Loan Investment Trust                      | Ocwen Loan Investment Trust 2024-HB1                                                                                               | CUSIP: 675952AD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1322134.80   | 0.25%             | 2037-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Harvest SBA Loan Trust                           | Harvest SBA Loan Trust 2024-1                                                                                                      | CUSIP: 41756NAA7<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |   2056220 | PA      | $2071118.62   | 0.40%             | 2051-12-25      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru SA                            | Petroleos del Peru SA                                                                                                              | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |   1200000 | PA      | $809974.32    | 0.15%             | 2047-06-19      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                                                                                                 | CUSIP: 3137HMNX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4000000 | PA      | $4104877.20   | 0.78%             | 2055-08-25      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BOBL FUTURE SEP25                                                                                                             | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -30 | NC      | $2535.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO ACTINVER SA                                | Banco Actinver SA / Grupo GICSA SAB de CV                                                                                          | CUSIP: 89835RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |   1095925 | PA      | $854821.50    | 0.16%             | 2032-12-18      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Brean Asset Backed Securities Trust              | Brean Asset Backed Securities Trust 2023-RM7                                                                                       | CUSIP: 10638BAA2<br>LEI: 98450003CE714EY3D313 | Long             | ABS-MBS          | CORP              | US        |   1789668 | PA      | $1748445.56   | 0.33%             | 2078-03-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                          | PURCHASED USD / SOLD MXN                                                                                                           | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |         1 | NC      | $12010.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LoanMe Trust Prime 2018-1                        | LoanMe Trust Prime 2018-1                                                                                                          | CUSIP: 53958AAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520584 | PA      | $519474.28    | 0.10%             | 2034-09-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                      | PRKCM 2023-AFC4 Trust                                                                                                              | CUSIP: 69380GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1022149 | PA      | $1038495.29   | 0.20%             | 2058-11-25      | Variable      | 7.22%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                         | Long: SMIF35AQ6 IRS ZAR R F  8.47000 II8462280250624 CCPVANILLA / Short: SMIF35AQ6 IRS ZAR P V 03MJIBAR II8187420250624 CCPVANILLA | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |  56300000 | OU      | $30373.02     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TLWND 2019-1                                     | GAIA Aviation Ltd                                                                                                                  | CUSIP: 87404LAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2095658 | PA      | $1806722.02   | 0.35%             | 2044-12-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Zambia Government International Bonds            | Zambia Government International Bonds                                                                                              | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    796000 | PA      | $583809.25    | 0.11%             | 2053-12-31      | Fixed         | 0.50%                 | Yes           |                  2 | On Loan: No      |
| NRZ Excess Spread Collateralized Notes           | NRM FHT1 Excess Owner LLC                                                                                                          | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2403326 | PA      | $2419954.76   | 0.46%             | 2032-03-25      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                            | Venezuela Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |     21000 | PA      | $3296.48      | 0.00%             | 2019-10-13      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                         | Petroleos de Venezuela SA                                                                                                          | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |   1863300 | PA      | $263656.95    | 0.05%             | 2026-11-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| La Hipotecaria SA                                | La Hipotecaria Panamanian Mortgage Trust 2021-1                                                                                    | CUSIP: 50347JAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | PA        |   2431907 | PA      | $2205586.27   | 0.42%             | 2052-07-13      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                            | FMC GMSR Issuer Trust                                                                                                              | CUSIP: 30259RAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1180000 | PA      | $1110719.60   | 0.21%             | 2026-10-25      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certificates            | CWABS Asset-Backed Certificates Trust 2004-15                                                                                      | CUSIP: 126673US9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1110000 | PA      | $962666.59    | 0.18%             | 2035-03-25      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED USD / SOLD EUR                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $1267762.47   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| LOXAM SAS                                        | Loxam SAS                                                                                                                          | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |    850000 | PA      | $982004.68    | 0.19%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF MONTENEGRO                           | Montenegro Government International Bond                                                                                           | CUSIP: 000000000<br>LEI: 747800V014106FYLL014 | Long             | DBT              | NUSS              | ME        |   2440000 | PA      | $2760380.35   | 0.53%             | 2032-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                               | Peru Government Bond                                                                                                               | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |  32830000 | PA      | $9395227.44   | 1.80%             | 2035-08-12      | Fixed         | 6.85%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL BANK GREECE SA                          | National Bank of Greece SA                                                                                                         | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | DBT              | CORP              | GR        |   2070000 | PA      | $2666360.59   | 0.51%             | 2034-01-03      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Pnmac Gmsr Issuer Trust                          | PMT Issuer Trust - FMSR                                                                                                            | CUSIP: 69346MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2220000 | PA      | $2234220.88   | 0.43%             | 2026-03-25      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| CUENCA DPR                                       | CUENCA DPR TERM LOAN                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   2250000 | PA      | $2250000.00   | 0.43%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley ETF Trust                         | Eaton Vance Floating-Rate ETF                                                                                                      | CUSIP: 61774R833<br>LEI: 254900BDISIY9SGE8S56 | Long             | EC               | RF                | US        |     51338 | NS      | $2559712.68   | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| ATHENAHEALTH GROUP INC                           | AthenaHealth Group Inc                                                                                                             | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1377392.66   | 0.26%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED USD / SOLD MXN                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $13978.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                | EURO-BUXL 30Y BND SEP25                                                                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -6 | NC      | $30949.33     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | US 5YR NOTE (CBT) SEP25                                                                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       757 | NC      | $193812.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ROMANIA                                          | Romanian Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   4387000 | PA      | $5149493.24   | 0.98%             | 2039-07-11      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD EUR                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $47662.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                           | US 2YR NOTE (CBT) SEP25                                                                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -17 | NC      | $5515.62      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED USD / SOLD MXN                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $3809.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Saluda Grade Alternative Mortgage Trust          | Saluda Grade Alternative Mortgage Trust 2025-NPL1                                                                                  | CUSIP: 79582BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2107720 | PA      | $2108533.95   | 0.40%             | 2030-01-25      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust           | Velocity Commercial Capital Loan Trust 2024-2                                                                                      | CUSIP: 92259PAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1193373 | PA      | $1207247.51   | 0.23%             | 2054-04-25      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Titulizacion De Activos                          | TDA 27 FTA                                                                                                                         | CUSIP: 000000000<br>LEI: 95980020140005710276 | Long             | ABS-MBS          | CORP              | ES        |   1171977 | PA      | $1232176.44   | 0.24%             | 2050-12-28      | Floating      | 2.17%                 | Yes           |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED USD / SOLD EUR                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |         1 | NC      | $59324.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Horizon Aircraft Finance                         | Horizon Aircraft Finance IV Ltd                                                                                                    | CUSIP: 43990EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1772855 | PA      | $1773952.75   | 0.34%             | 2049-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                         | Clear Channel Outdoor Holdings Inc                                                                                                 | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1162656.43   | 0.22%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| Ludgate Funding Plc                              | Ludgate Funding PLC                                                                                                                | CUSIP: 000000000<br>LEI: 213800LADM2GPWI3P269 | Long             | ABS-MBS          | CORP              | GB        |    595286 | PA      | $640397.64    | 0.12%             | 2061-01-01      | Floating      | 2.79%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                           | Cloud Software Group Inc                                                                                                           | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   1391000 | PA      | $1405723.74   | 0.27%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LETRA TESORO CAPITALIZAB                         | Letra Del Tesoro Nacional Capitalizable En Pesos                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | NUSS              | AR        | 187209000 | PA      | $134712.48    | 0.03%             | 2026-05-29      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Bank of America NA                               | PURCHASED TWD / SOLD USD                                                                                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | TW        |         1 | NC      | $-92577.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BONO TESORO CAPITALIZAB                          | Bono Del Tesoro Nacional Capitalizable en Pesos                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        | 280813000 | PA      | $242066.39    | 0.05%             | 2026-01-30      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC                                  | Global Atlantic Fin Co                                                                                                             | CUSIP: 37959GAC1<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    870000 | PA      | $851803.13    | 0.16%             | 2051-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Trust                 | Newtek Small Business Loan Trust 2021-1                                                                                            | CUSIP: 65253MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    416250 | PA      | $409325.16    | 0.08%             | 2048-12-25      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| Sutherland Commercial Mortgage Trust             | Sutherland Commercial Mortgage Trust 2021-SBC10                                                                                    | CUSIP: 86935JAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    499539 | PA      | $433629.17    | 0.08%             | 2041-12-25      | Variable      | 2.23%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                               | Peru Government Bond                                                                                                               | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |  39571000 | PA      | $11459622.26  | 2.19%             | 2032-08-12      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| STAR 2025-SFR5 Trust                             | STAR 2025-SFR5 Trust                                                                                                               | CUSIP: 85520CAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    590000 | PA      | $590519.67    | 0.11%             | 2042-02-17      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| BONTE                                            | Argentina Treasury Bond BONTE                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | AR        | 553000000 | PA      | $432343.71    | 0.08%             | 2030-05-30      | Fixed         | 29.50%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Ginnie Mae II Pool                                                                                                                 | CUSIP: 3618F4Y62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1534165 | PA      | $1582852.66   | 0.30%             | 2053-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                           | PURCHASED USD / SOLD EUR                                                                                                           | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $11810.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association         | Government National Mortgage Association                                                                                           | CUSIP: 38381NNU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   9976931 | PA      | $10358563.22  | 1.98%             | 2055-06-20      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| RCI BANQUE SA                                    | RCI Banque SA                                                                                                                      | CUSIP: 000000000<br>LEI: 96950001WI712W7PQG45 | Long             | DBT              | CORP              | FR        |   1100000 | PA      | $1311714.72   | 0.25%             | 2034-10-09      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank PLC                                    | PURCHASED USD / SOLD PEN                                                                                                           | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $48583.94     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mortgage Funding PLC                             | Mortgage Funding 2008-1 PLC                                                                                                        | CUSIP: 000000000<br>LEI: 213800AHT9AB4TA6OJ88 | Long             | ABS-MBS          | CORP              | GB        |   1480000 | PA      | $1954554.88   | 0.37%             | 2046-03-13      | Floating      | 7.56%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA                                          | Romanian Government International Bond                                                                                             | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |   1215000 | PA      | $899124.52    | 0.17%             | 2040-12-02      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN INTL FIN NV                           | Volkswagen International Finance NV                                                                                                | CUSIP: 000000000<br>LEI: 5299004PWNHKYTR23649 | Long             | DBT              | CORP              | NL        |   1300000 | PA      | $1628378.10   | 0.31%             | 2028-09-06      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                           | Republic of Poland Government Bond                                                                                                 | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |  11022236 | PA      | $2638428.24   | 0.50%             | 2036-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-15

**Name of Applicant:** Morgan Stanley Income Opportunities Fund

**Signature:** Francis Smith

**Name of Signer:** Francis Smith

**Title:** Principal Financial Officer