# EDGAR Filing Document

**Accession Number:** 0000277751
**File Stem:** 0001193125-25-301780
**Filing Date:** 2025-11
**Character Count:** 140283
**Document Hash:** 4520acbfeb5bae592c252dbc0f486ad4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-301780.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001193125-25-301780

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JANUS INVESTMENT FUND
- **CENTRAL INDEX KEY:** 0000277751

**ORGANIZATION NAME:**
- **EIN:** 840592523
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01879
- **FILM NUMBER:** 251534186

**BUSINESS ADDRESS:**
- **STREET 1:** 151 DETROIT STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 303-333-3863

**MAIL ADDRESS:**
- **STREET 1:** 151 DETROIT STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JANUS FUND /MD/
- **DATE OF NAME CHANGE:** 19870701

## Series and Classes Contracts Data

### Janus Henderson Absolute Return Income Opportunities Fund (Series ID: S000044287)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000137972 | Class A      | JUCAX           |
| C000137973 | Class C      | JUCCX           |
| C000137974 | Class D      | JUCDX           |
| C000137975 | Class I      | JUCIX           |
| C000137976 | Class N      | JUCNX           |
| C000137977 | Class S      | JUCSX           |
| C000137978 | Class T      | JUCTX           |
| C000151361 | Class R      | JUCRX           |

## Nport-Ex

**Janus Henderson Absolute Return Income Opportunities Fund**

**Schedule of Investments (unaudited)**

**September 30, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal or Notional* <br> *Amounts*<br>|  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – 26.8% |  |  |  |
| &nbsp;&nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes 2024-A B, 5.8270%, 5/17/32<sup>ž</sup> <br>| $135354 |  | &nbsp;&nbsp;&nbsp;&nbsp; $137696 |
| &nbsp;&nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes 2024-B C, 5.2150%, 9/15/32<sup>ž</sup> <br>| &nbsp;&nbsp; 164521 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund VII 2024-CAR1 C, US 30 Day Average SOFR + <br> 1.5000%, 5.8560%, 12/26/31<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 278083 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279141 |
| &nbsp;&nbsp;&nbsp; BPR Trust 2024-PMDW D, 5.8500%, 11/5/41<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 457000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust 2024-AIRC C, CME Term SOFR 1 Month + <br> 2.5900%, 6.7401%, 8/15/39<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 491502 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust 2025-ROIC D, CME Term SOFR 1 Month + <br> 1.9926%, 6.1428%, 3/15/30<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 498057 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2021-R01 1M2, US 30 Day Average SOFR <br> + 1.5500%, 5.9060%, 10/25/41<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 93069 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2021-R02 2M2, US 30 Day Average SOFR <br> + 2.0000%, 6.3560%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 512943 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2022-R01 1M1, US 30 Day Average SOFR <br> + 1.0000%, 5.3560%, 12/25/41<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44819 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2022-R05 2M1, US 30 Day Average SOFR <br> + 1.9000%, 6.2560%, 4/25/42<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16306 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2022-R08 1M1, US 30 Day Average SOFR <br> + 2.5500%, 6.9060%, 7/25/42<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 49762 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2023-R04 1M1, US 30 Day Average SOFR <br> + 2.3000%, 6.6560%, 5/25/43<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 124438 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2023-R06 1M1, US 30 Day Average SOFR <br> + 1.7000%, 6.0560%, 7/27/43<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 87459 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2024-R02 1M1, US 30 Day Average SOFR <br> + 1.1000%, 5.4560%, 2/25/44<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25341 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2024-R03 2M2, US 30 Day Average SOFR <br> + 1.9500%, 6.3060%, 3/25/44<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 804000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2024-R04 1M2, US 30 Day Average SOFR <br> + 1.6500%, 6.0060%, 5/25/44<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 203137 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2025-R01 1B1, US 30 Day Average SOFR + <br> 1.7000%, 6.0560%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 172795 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2025-R01 1M2, US 30 Day Average SOFR <br> + 1.5000%, 5.8560%, 1/25/45<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2025-R02 1M2, US 30 Day Average SOFR <br> + 1.6000%, 5.9560%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 59000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2025-R03 2M2, US 30 Day Average SOFR <br> + 2.2500%, 6.6060%, 3/27/45<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 57000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust 2025-R04 1M2, US 30 Day Average SOFR <br> + 1.5000%, 5.8560%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 112200 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credabl Trust 2024-1 A, 30 Day Australian Bank Bill Rate + 1.4500%, 5.0000%, <br> 5/11/45<sup>‡</sup> <br>| &nbsp;&nbsp; 378266 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credabl Trust 2024-1 C, 30 Day Australian Bank Bill Rate + 2.2000%, 5.7500%, <br> 5/11/45<sup>‡</sup> <br>| &nbsp;&nbsp; 651160 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433880 |
| &nbsp;&nbsp;&nbsp; DB Master Finance LLC 2021-1A A2I, 2.0450%, 11/20/51<sup>ž</sup> <br>| &nbsp;&nbsp; 120312 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116965 |
| &nbsp;&nbsp;&nbsp; DB Master Finance LLC 2021-1A A2II, 2.4930%, 11/20/51<sup>ž</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 48125 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 M1, US <br> 30 Day Average SOFR + 0.8500%, 5.2060%, 11/25/41<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6749 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA6 M1A, US <br> 30 Day Average SOFR + 2.1500%, 6.5060%, 9/25/42<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 29861 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA3 M1A, US <br> 30 Day Average SOFR + 2.3000%, 6.6560%, 8/25/42<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 76115 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A, US <br> 30 Day Average SOFR + 2.1000%, 6.4480%, 4/27/43<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 35974 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA1 M1A, US <br> 30 Day Average SOFR + 2.0000%, 6.3560%, 5/25/43<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 66599 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A, US <br> 30 Day Average SOFR + 2.0000%, 6.3560%, 6/25/43<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 146778 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1, US <br> 30 Day Average SOFR + 1.8500%, 6.2060%, 11/25/43<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 51771 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA1 M1, US <br> 30 Day Average SOFR + 1.3500%, 5.7060%, 2/25/44<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 79469 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA3 M2, US <br> 30 Day Average SOFR + 1.4500%, 5.8060%, 10/25/44<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 385462 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2024-HQA1 M1, US <br> 30 Day Average SOFR + 1.2500%, 5.6060%, 3/25/44<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 34762 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34772 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | *Principal or Notional* <br> *Amounts*<br>|  | *Value* |
| Asset-Backed/Commercial Mortgage-Backed Securities – (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2024-HQA2 M2, US <br> 30 Day Average SOFR + 1.8000%, 6.1560%, 8/25/44<sup>ž,</sup><sup>‡</sup> <br>| $155000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $155717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA2 M2, US <br> 30 Day Average SOFR + 1.5000%, 5.8560%, 5/25/45<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 175912 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes 2025-HQA1 M2, US <br> 30 Day Average SOFR + 1.6500%, 6.0060%, 2/27/45<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 93136 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93194 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust 2023-K511 C, 5.8224%, 11/25/28<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 125000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116643 |
| &nbsp;&nbsp;&nbsp; Homeward Opportunities Fund I Trust 2025-RRTL2 A1, 5.2370%, 9/25/40<sup>ž,</sup><sup>Ç</sup> <br>| &nbsp;&nbsp; 107000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107310 |
| &nbsp;&nbsp;&nbsp; Lex Commercial Loan Master Trust 2024-BBG A, 5.0361%, 10/13/33<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Funding Pty Ltd 2024-1A A, 30 Day Australian Bank Bill Rate + 1.2000%, <br> 4.7462%, 5/25/32<sup>‡</sup> <br>| &nbsp;&nbsp; 242349 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; METRO Finance Trust 2024-1 A, 30 Day Australian Bank Bill Rate + 1.2500%, <br> 4.7900%, 9/17/30<sup>‡</sup> <br>| &nbsp;&nbsp; 335580 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Now Trust 2024-1 A, 30 Day Australian Bank Bill Rate + 1.4000%, 4.9425%, <br> 6/14/32<sup>‡</sup> <br>| &nbsp;&nbsp; 220288 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Now Trust 2025-1 A, 30 Day Australian Bank Bill Rate + 1.1500%, 4.6925%, <br> 2/14/34<sup>‡</sup> <br>| &nbsp;&nbsp; 403239 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRTH PARK Mortgage Trust 2024-PARK A, CME Term SOFR 1 Month + <br> 1.6413%, 5.7915%, 3/15/41<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 600000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRTH PARK Mortgage Trust 2025-PARK B, CME Term SOFR 1 Month + <br> 1.6429%, 5.7929%, 10/15/40<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498716 |
| &nbsp;&nbsp;&nbsp; Oasis Securitization 2025-1A A, 6.3550%, 8/15/39<sup>ž</sup> <br>| &nbsp;&nbsp; 750000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plenti PL-Green ABS Trust 2025-1 D, 30 Day Australian Bank Bill Rate + <br> 1.8000%, 5.3500%, 11/11/36<sup>‡</sup> <br>| &nbsp;&nbsp; 500000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331128 |
| &nbsp;&nbsp;&nbsp; RCKT Trust 2025-1A D, 5.4200%, 7/25/34<sup>ž</sup> <br>| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250923 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC 2024-1A A2I, 6.0280%, 7/30/54<sup>ž</sup> <br>| &nbsp;&nbsp; 267975 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271416 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC 2024-3A A2I, 5.2460%, 7/30/54<sup>ž</sup> <br>| &nbsp;&nbsp; 227282 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226382 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC 2018-1A A2II, 4.9400%, 11/25/48<sup>ž</sup> <br>| &nbsp;&nbsp; 507289 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509961 |
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC 2021-1A A2II, 2.2940%, 8/25/51<sup>ž</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 67793 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62541 |
| &nbsp;&nbsp;&nbsp; The Huntington National Bank 2024-1 B1, 6.1530%, 5/20/32<sup>ž</sup> <br>| &nbsp;&nbsp; 127111 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Huntington National Bank 2024-2 C, US 30 Day Average SOFR + 2.6000%, <br> 6.9888%, 10/20/32<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 393312 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Huntington National Bank 2025-1 C, US 30 Day Average SOFR + 2.2500%, <br> 6.6388%, 3/21/33<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 202088 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UK Logistics 2024-1A B, SONIA Interest Rate Benchmark + 2.5500%, 6.7755%, <br> 5/17/34<sup>ž,</sup><sup>‡</sup> <br>| &nbsp;&nbsp; 330000 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445396 |
| &nbsp;&nbsp;&nbsp; Wingspire Equipment Finance LLC 2024-1A D, 6.3100%, 9/20/32<sup>ž</sup> <br>| &nbsp;&nbsp; 400000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406432 |
| Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $13,318,013) |  |  | &nbsp;&nbsp; 13450341 |
| Corporate Bonds – 70.3% |  |  |  |
| Banking – 13.2% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd, 90 Day Australian Bank Bill Rate + <br> 1.5200%, 5.5450%, 1/15/35<sup>‡</sup> <br>| 1500000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 1015466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian Central Credit Union Ltd, 90 Day Australian Bank Bill Rate + 2.4000%, <br> 5.9600%, 9/16/31<sup>‡</sup> <br>| &nbsp;&nbsp; 200000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, 90 Day Australian Bank Bill Rate + 1.3200%, <br> 5.1143%, 8/20/31<sup>‡</sup> <br>| 1500000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, 90 Day Australian Bank Bill Rate + 1.6800%, <br> 5.3875%, 3/6/30<sup>‡</sup> <br>| &nbsp;&nbsp; 130000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Bank Ltd, 90 Day Australian Bank Bill Rate + 1.5500%, 5.1075%, <br> 6/17/31<sup>‡</sup> <br>| 1700000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 1129045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macquarie Bank Ltd, 90 Day Australian Bank Bill Rate + 1.9500%, 5.5125%, <br> 3/1/34<sup>‡</sup> <br>| &nbsp;&nbsp; 290000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd, 90 Day Australian Bank Bill Rate + 2.0200%, <br> 5.8276%, 11/18/31<sup>‡</sup> <br>| 2300000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 1540984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newcastle Greater Mutual Group Ltd, 90 Day Australian Bank Bill Rate + <br> 1.2500%, 5.2022%, 1/21/30<sup>‡</sup> <br>| &nbsp;&nbsp; 240000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teachers Mutual Bank Ltd, 90 Day Australian Bank Bill Rate + 1.3000%, <br> 4.8468%, 6/21/27<sup>‡</sup> <br>| &nbsp;&nbsp; 370000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp, 90 Day Australian Bank Bill Rate + 1.8800%, 6.0077%, <br> 4/3/34<sup>‡</sup> <br>| 1200000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp, 90 Day Australian Bank Bill Rate + 1.5200%, 5.3510%, <br> 2/12/35<sup>‡</sup> <br>| &nbsp;&nbsp; 500000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335486 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6652574 |
| Brokerage – 2.5% |  |  |  |
| &nbsp;&nbsp;&nbsp; Citadel Securities Global Holdings LLC, 5.5000%, 6/18/30<sup>ž</sup> <br>| &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513179 |
| &nbsp;&nbsp;&nbsp; Jane Street Group / JSG Finance Inc, 4.5000%, 11/15/29<sup>ž</sup> <br>| &nbsp;&nbsp; 446000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435399 |
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc, 5.7000%, 5/20/27 | &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254713 |
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc, 4.9000%, 4/3/28 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45487 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1248778 |

---

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| | | | |
|:---|:---|:---|:---|
|  | *Principal or Notional* <br> *Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Capital Goods – 6.8% |  |  |  |
| &nbsp;&nbsp;&nbsp; Boeing Co/The, 2.1960%, 2/4/26 | $540000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $535910 |
| &nbsp;&nbsp;&nbsp; Boeing Co/The, 6.2590%, 5/1/27 | &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257229 |
| &nbsp;&nbsp;&nbsp; CNH Industrial Capital Australia Pty Ltd, 5.4000%, 5/17/27 | &nbsp;&nbsp; 800000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536925 |
| &nbsp;&nbsp;&nbsp; CNH Industrial Capital Australia Pty Ltd, 4.7000%, 6/20/28 | &nbsp;&nbsp; 400000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264030 |
| &nbsp;&nbsp;&nbsp; ESAB Corp, 6.2500%, 4/15/29<sup>ž</sup> <br>| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256826 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp, 6.0500%, 2/15/26 | &nbsp;&nbsp; 950000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954599 |
| &nbsp;&nbsp;&nbsp; Trinity Industries Inc, 7.7500%, 7/15/28<sup>ž</sup> <br>| &nbsp;&nbsp; 477000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493408 |
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp, 4.1250%, 11/15/28<sup>ž</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 95000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92766 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3391693 |
| Consumer Cyclical – 11.3% |  |  |  |
| &nbsp;&nbsp;&nbsp; Allison Transmission Inc, 4.7500%, 10/1/27<sup>ž</sup> <br>| &nbsp;&nbsp; 187000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185725 |
| &nbsp;&nbsp;&nbsp; Carnival Corp, 5.1250%, 5/1/29<sup>ž</sup> <br>| &nbsp;&nbsp; 667000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667000 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co LLC, 5.9180%, 3/20/28 | &nbsp;&nbsp; 200000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203425 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co LLC, 5.8000%, 3/5/27 | &nbsp;&nbsp; 375000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378794 |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co LLC, 7.3500%, 11/4/27 | &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521495 |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co Inc, 5.1500%, 8/15/26 | &nbsp;&nbsp; 110000 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148468 |
| &nbsp;&nbsp;&nbsp; Gildan Activewear Inc, 4.7000%, 10/7/30<sup>ž</sup> <br>| &nbsp;&nbsp; 198000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197701 |
| &nbsp;&nbsp;&nbsp; GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29 | &nbsp;&nbsp; 150000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152743 |
| &nbsp;&nbsp;&nbsp; KB Home, 6.8750%, 6/15/27 | &nbsp;&nbsp; 123000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125566 |
| &nbsp;&nbsp;&nbsp; LGI Homes Inc, 8.7500%, 12/15/28<sup>ž</sup> <br>| &nbsp;&nbsp; 115000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120729 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment Inc, 6.5000%, 5/15/27<sup>ž</sup> <br>| &nbsp;&nbsp; 188000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189739 |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc, 6.3750%, 8/1/30<sup>ž</sup> <br>| &nbsp;&nbsp; 233000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236959 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd, 5.5000%, 8/31/26<sup>ž</sup> <br>| &nbsp;&nbsp; 256000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257068 |
| &nbsp;&nbsp;&nbsp; Stellantis Financial Services US Corp, 4.9500%, 9/15/28<sup>ž</sup> <br>| &nbsp;&nbsp; 294000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293923 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities Inc, 5.7500%, 1/15/28<sup>ž</sup> <br>| &nbsp;&nbsp; 126000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127758 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP, 4.7500%, 4/1/28 | &nbsp;&nbsp; 350000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353649 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP / Vici Note Co Inc, 4.5000%, 9/1/26<sup>ž</sup> <br>| &nbsp;&nbsp; 150000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149995 |
| &nbsp;&nbsp;&nbsp; Volkswagen Financial Services NV, 6.5000%, 9/18/27 | 1000000 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1386441 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5697178 |
| Consumer Non-Cyclical – 3.4% |  |  |  |
| &nbsp;&nbsp;&nbsp; Solventum Corp, 5.4000%, 3/1/29 | &nbsp;&nbsp; 107000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110423 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26 | &nbsp;&nbsp; 275000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270111 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, 6.7500%, 3/1/28 | &nbsp;&nbsp; 490000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508631 |
| &nbsp;&nbsp;&nbsp; Universal Health Services Inc, 1.6500%, 9/1/26 | &nbsp;&nbsp; 825000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805490 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1694655 |
| Electric – 3.2% |  |  |  |
| &nbsp;&nbsp;&nbsp; Calpine Corp, 4.5000%, 2/15/28<sup>ž</sup> <br>| &nbsp;&nbsp; 267000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265873 |
| &nbsp;&nbsp;&nbsp; Calpine Corp, 5.1250%, 3/15/28<sup>ž</sup> <br>| &nbsp;&nbsp; 185000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185094 |
| &nbsp;&nbsp;&nbsp; Liberty Utilities Co, 5.5770%, 1/31/29<sup>ž</sup> <br>| &nbsp;&nbsp; 605000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623840 |
| &nbsp;&nbsp;&nbsp; NRG Energy Inc, 2.4500%, 12/2/27<sup>ž</sup> <br>| &nbsp;&nbsp; 553000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530103 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1604910 |
| Energy – 5.2% |  |  |  |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Inc, 4.6250%, 10/15/28 | &nbsp;&nbsp; 375000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373828 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Company LLC, 6.0550%, 8/15/26<sup>ž</sup> <br>| &nbsp;&nbsp; 125000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126683 |
| &nbsp;&nbsp;&nbsp; DT Midstream Inc, 4.1250%, 6/15/29<sup>ž</sup> <br>| &nbsp;&nbsp; 130000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126836 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP, 5.8750%, 3/1/28<sup>ž</sup> <br>| &nbsp;&nbsp; 344000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350667 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP, 5.1250%, 6/15/28<sup>ž</sup> <br>| &nbsp;&nbsp; 383000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382567 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP, 6.5000%, 6/1/29<sup>ž</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 89000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91789 |
| &nbsp;&nbsp;&nbsp; ITT Holdings LLC, 6.5000%, 8/1/29<sup>ž</sup> <br>| &nbsp;&nbsp; 260000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255615 |
| &nbsp;&nbsp;&nbsp; Repsol E&P Capital Markets US LLC, 4.8050%, 9/16/28<sup>ž</sup> <br>| &nbsp;&nbsp; 200000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200866 |
| &nbsp;&nbsp;&nbsp; Sunoco LP, 5.6250%, 3/15/31<sup>ž</sup> <br>| &nbsp;&nbsp; 193000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191576 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 6.0000%, 3/1/27<sup>ž</sup> <br>| &nbsp;&nbsp; 369000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368913 |
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, 4.9000%, 8/1/30 | &nbsp;&nbsp; 128000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128955 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2598295 |
| Finance Companies – 10.6% |  |  |  |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp, 5.1000%, 1/15/31 | &nbsp;&nbsp; 245000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243233 |
| &nbsp;&nbsp;&nbsp; Ares Strategic Income Fund, 4.8500%, 1/15/29<sup>ž</sup> <br>| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avanti Finance Ltd, 90 Day Australian Bank Bill Rate + 4.8500%, 8.4302%, <br> 9/14/28<sup>‡</sup> <br>| &nbsp;&nbsp; 400000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268097 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, 1.9500%, 9/20/26<sup>ž</sup> <br>| &nbsp;&nbsp; 200000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195435 |
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, 3.2500%, 3/15/27 | &nbsp;&nbsp; 290000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284463 |
| &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp, 6.5000%, 10/23/27 | &nbsp;&nbsp; 728000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488891 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd, 5.8750%, 3/15/30<sup>ž</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 16000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Judo Bank Pty Ltd, 90 Day Australian Bank Bill Rate + 3.3500%, 7.0400%, <br> 10/23/34<sup>‡</sup> <br>| &nbsp;&nbsp; 240000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165839 |
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd, 5.2000%, 3/27/28<sup>ž</sup> <br>| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254260 |
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd, 8.1250%, 3/30/29<sup>ž</sup> <br>| &nbsp;&nbsp; 260000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270664 |
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd, 5.1500%, 3/17/30<sup>ž</sup> <br>| &nbsp;&nbsp; 260000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263635 |
| &nbsp;&nbsp;&nbsp; MSD Investment Corp, 6.2500%, 5/31/30<sup>ž</sup> <br>| &nbsp;&nbsp; 401000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406115 |

---

------

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| | | | |
|:---|:---|:---|:---|
|  | *Principal or Notional* <br> *Amounts*<br>|  | *Value* |
| Corporate Bonds – (continued) |  |  |  |
| Finance Companies – (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; North Haven Private Income Fund LLC, 5.1250%, 9/25/28<sup>ž</sup> <br>| $500000 |  | &nbsp;&nbsp;&nbsp;&nbsp; $497417 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp, 7.1250%, 3/15/26 | &nbsp;&nbsp; 195000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196762 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp, 3.5000%, 1/15/27 | &nbsp;&nbsp; 321000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313721 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp, 6.1250%, 5/15/30 | &nbsp;&nbsp; 145000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146839 |
| &nbsp;&nbsp;&nbsp; Rocket Cos Inc, 6.1250%, 8/1/30<sup>ž</sup> <br>| &nbsp;&nbsp; 242000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248369 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc, 2.8750%, 10/15/26<sup>ž</sup> <br>| &nbsp;&nbsp; 815000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798316 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5305661 |
| Financial Institutions – 3.8% |  |  |  |
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co LP, 6.0500%, 1/15/28<sup>ž</sup> <br>| &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511452 |
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co LP, 6.2500%, 1/15/30<sup>ž</sup> <br>| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257052 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd, 7.7500%, 5/15/26<sup>ž</sup> <br>| &nbsp;&nbsp; 300000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300748 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd, 8.0000%, 6/15/28<sup>ž</sup> <br>| &nbsp;&nbsp; 260000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Financial Pty Ltd, 90 Day Australian Bank Bill Rate + 3.8000%, 7.3600%, <br> 3/16/28<sup>‡</sup> <br>| &nbsp;&nbsp; 800000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558437 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1902887 |
| Government Sponsored – 0.6% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permanent TSB Group Holdings PLC, EURIBOR ICE SWAP Rate + 3.5000%, <br> 6.6250%, 7/2/29<sup>‡</sup> <br>| &nbsp;&nbsp; 230000 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295267 |
| Industrial – 1.4% |  |  |  |
| &nbsp;&nbsp;&nbsp; Downer Group Finance Pty Ltd, 3.7000%, 4/29/26 | 1100000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724090 |
| Insurance – 2.3% |  |  |  |
| &nbsp;&nbsp;&nbsp; F&G Global Funding, 4.6500%, 9/8/28<sup>ž</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 93000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93329 |
| &nbsp;&nbsp;&nbsp; SBL Holdings Inc, 5.9000%, 9/26/28<sup>ž</sup> <br>| &nbsp;&nbsp; 167000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd, 90 Day Australian Bank Bill Rate + 2.3000%, 5.8625%, <br> 6/1/37<sup>‡</sup> <br>| &nbsp;&nbsp; 850000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd, 90 Day Australian Bank Bill Rate + 2.6500%, 6.2125%, <br> 12/1/38<sup>‡</sup> <br>| &nbsp;&nbsp; 500000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342448 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1175238 |
| Professional Services – 1.0% |  |  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Inc, 3.8750%, 9/1/28<sup>ž</sup> <br>| &nbsp;&nbsp; 526000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515737 |
| Real Estate Investment Trusts (REITs) – 0.5% |  |  |  |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust Inc, 5.2500%, 10/15/28<sup>ž</sup> <br>| &nbsp;&nbsp; 232000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232067 |
| Technology – 2.8% |  |  |  |
| &nbsp;&nbsp;&nbsp; Block Inc, 5.6250%, 8/15/30<sup>ž</sup> <br>| &nbsp;&nbsp; 146000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147924 |
| &nbsp;&nbsp;&nbsp; CoreWeave Inc, 9.0000%, 2/1/31<sup>ž</sup> <br>| &nbsp;&nbsp; 183000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187553 |
| &nbsp;&nbsp;&nbsp; CrowdStrike Holdings Inc, 3.0000%, 2/15/29 | &nbsp;&nbsp; 182000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173420 |
| &nbsp;&nbsp;&nbsp; Gartner Inc, 4.5000%, 7/1/28<sup>ž</sup> <br>| &nbsp;&nbsp; 280000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277714 |
| &nbsp;&nbsp;&nbsp; MSCI Inc, 4.0000%, 11/15/29<sup>ž</sup> <br>| &nbsp;&nbsp; 615000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600855 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1387466 |
| Transportation – 1.7% |  |  |  |
| &nbsp;&nbsp;&nbsp; American Airlines Inc / AAdvantage Loyalty IP Ltd, 5.5000%, 4/20/26<sup>ž</sup> <br>| &nbsp;&nbsp; 100000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100044 |
| &nbsp;&nbsp;&nbsp; American Airlines Inc / AAdvantage Loyalty IP Ltd, 5.7500%, 4/20/29<sup>ž</sup> <br>| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250956 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc, 4.9500%, 7/10/28 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71862 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc / SkyMiles IP Ltd, 4.7500%, 10/20/28<sup>ž</sup> <br>| &nbsp;&nbsp; 324000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325826 |
| &nbsp;&nbsp;&nbsp; United Airlines Inc, 4.6250%, 4/15/29<sup>ž</sup> <br>| &nbsp;&nbsp; 100000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98469 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847157 |
| Total Corporate Bonds (cost $35,097,734) |  |  | &nbsp;&nbsp; 35273653 |
| Commercial Paper – 5.9% |  |  |  |
| &nbsp;&nbsp;&nbsp; Air Lease Corp, 0%, 10/1/25<sup>±</sup><sup>,◊</sup> <br>| &nbsp;&nbsp; 300000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299962 |
| &nbsp;&nbsp;&nbsp; AutoNation Inc, 0%, 10/1/25<sup>±</sup><sup>,◊</sup> <br>| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249969 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, 0%, 10/1/25<sup>±</sup><sup>,◊</sup> <br>| &nbsp;&nbsp; 750000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749913 |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, 0%, 10/2/25<sup>±</sup><sup>,◊</sup> <br>| &nbsp;&nbsp; 650000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649922 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, 0%, 10/1/25<sup>±</sup><sup>,◊</sup> <br>| &nbsp;&nbsp; 750000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749911 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp, 0%, 10/1/25<sup>±</sup><sup>,◊</sup> <br>| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249968 |
| Total Commercial Paper (cost $2,949,689) |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2949645 |
| OTC Purchased Credit Default Swaptions – Puts – Buy Protection – 0%<br> Counterparty/Reference Asset |  |  |  |
| Goldman Sachs & Co LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX.NA.44, Credit Default Swap, maturing <br>6/20/30, fixed rate 1.0000%, payment frequency: Quarterly, <br>Notional amount $9,900,000, premiums paid $25,690, unrealized depreciation <br>$(15250), exercise price $62.50, expires 1/21/26<sup>\*</sup> <br>| 9900000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10441 |

---

------

---

| | | |
|:---|:---|:---|
|  | *Principal or Notional* <br> *Amounts*<br>| *Value* |
| OTC Purchased Credit Default Swaptions – Puts – Buy Protection – (continued) |  |  |
| Citibank, National Association: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX.NA.IG.45, Credit Default Swap, maturing <br>12/20/30, fixed rate 1.0000%, payment frequency: Quarterly, <br>Notional amount $4,450,000, premiums paid $3,894, unrealized depreciation <br>$(789), exercise price $60.00, expires 11/19/25<sup>\*</sup> <br>| $4450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3104 |
| Total OTC Purchased Credit Default Swaptions – Puts – Buy Protection (premiums <br> paid $29,584, unrealized depreciation $(16039))<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13545 |
| Total Investments (total cost $51,395,020) – 103.0% |  | &nbsp;&nbsp; 51687184 |
| Liabilities, net of Cash, Receivables and Other Assets – (3.0)% |  | &nbsp;&nbsp; (1481491) |
| Net Assets – 100% |  | $50205693 |

---

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

---

| | | |
|:---|:---|:---|
| ***Summary of Investments by Country - (Long Positions) (unaudited)*** |  |  |
| *Country* | *Value* | &nbsp;&nbsp; *% of* <br>*Investment* <br>*Securities*<br>|
| United States | $35102277 | &nbsp;&nbsp;&nbsp;&nbsp; 67.9<br> %<br>|
| Australia | 11544479 | &nbsp;&nbsp;&nbsp;&nbsp;22.3 |
| Germany | 1386441 | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| United Kingdom | 1321168 | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Ireland | 887413 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Israel | 778742 | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| New Zealand | 268097 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Spain | 200866 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Canada | 197701 | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Total | $51687184 | &nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** | ***Schedule of Forward Foreign Currency Exchange Contracts*** |
| *Counterparty/* <br>*Foreign Currency*<br>| *Settlement* <br>*Date*<br>| &nbsp;&nbsp; *Foreign Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *USD Currency* <br>*Amount (Sold)/* <br>*Purchased*<br>| &nbsp;&nbsp; *Market Value and* <br>*Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>|
| Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: | Bank of America, National Association: |
| &nbsp;&nbsp;&nbsp; Australian Dollar | 10/10/25 | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp; $100105 | &nbsp;&nbsp;&nbsp; $868 |
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| &nbsp;&nbsp;&nbsp; Australian Dollar | 10/10/25 | &nbsp;&nbsp;&nbsp; (10622000) | &nbsp;&nbsp;&nbsp; 6928922 | &nbsp;&nbsp;&nbsp; (98415) |
| Goldman Sachs & Co. LLC: | Goldman Sachs & Co. LLC: | Goldman Sachs & Co. LLC: | Goldman Sachs & Co. LLC: | Goldman Sachs & Co. LLC: |
| &nbsp;&nbsp;&nbsp; Australian Dollar | 10/10/25 | &nbsp;&nbsp;&nbsp; 2060000 | &nbsp;&nbsp;&nbsp; (1348773) | &nbsp;&nbsp;&nbsp; 14089 |
| HSBC Securities (USA), Inc.: | HSBC Securities (USA), Inc.: | HSBC Securities (USA), Inc.: | HSBC Securities (USA), Inc.: | HSBC Securities (USA), Inc.: |
| &nbsp;&nbsp;&nbsp; Australian Dollar | 10/10/25 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; (132508) | &nbsp;&nbsp;&nbsp;&nbsp;(191) |
| &nbsp;&nbsp;&nbsp; Australian Dollar | 10/10/25 | &nbsp;&nbsp;&nbsp; (10618000) | &nbsp;&nbsp;&nbsp; 6927714 | &nbsp;&nbsp;&nbsp; (96976) |
| &nbsp;&nbsp;&nbsp; British Pound | 10/10/25 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; (134918) | &nbsp;&nbsp;&nbsp;&nbsp;(442) |
| &nbsp;&nbsp;&nbsp; New Zealand Dollar | 10/10/25 | &nbsp;&nbsp;&nbsp; (42000) | &nbsp;&nbsp;&nbsp; 25205 | &nbsp;&nbsp;&nbsp; 858 |
|  |  |  |  | &nbsp;&nbsp;&nbsp; (96751) |
| JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: | JPMorgan Chase Bank, National Association: |
| &nbsp;&nbsp;&nbsp; British Pound | 10/10/25 | &nbsp;&nbsp;&nbsp; (1569000) | &nbsp;&nbsp;&nbsp; 2126670 | &nbsp;&nbsp;&nbsp; 16729 |
| Morgan Stanley & Co. International PLC: | Morgan Stanley & Co. International PLC: | Morgan Stanley & Co. International PLC: | Morgan Stanley & Co. International PLC: | Morgan Stanley & Co. International PLC: |
| &nbsp;&nbsp;&nbsp; Australian Dollar | 10/10/25 | &nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; (123543) | &nbsp;&nbsp;&nbsp; 2157 |
| &nbsp;&nbsp;&nbsp; Euro | 10/10/25 | &nbsp;&nbsp;&nbsp; (275000) | &nbsp;&nbsp;&nbsp; 323532 | &nbsp;&nbsp;&nbsp; 531 |
|  |  |  |  | &nbsp;&nbsp;&nbsp; 2688 |
| UBS: | UBS: | UBS: | UBS: | UBS: |
| &nbsp;&nbsp;&nbsp; Australian Dollar | 10/10/25 | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; (83357) | &nbsp;&nbsp;&nbsp;&nbsp;(660) |
| Total |  |  |  | &nbsp;&nbsp;&nbsp; $(161452) |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** | ***Schedule of Futures*** |
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount*<br>| &nbsp;&nbsp; *Value and* <br>*Unrealized* <br>*Appreciation/(Depreciation)*<br>|
| *Futures Long:* |  |  |  |  |
| 3-Month SOFR | 10 | &nbsp;&nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp;&nbsp; $2412625 | &nbsp;&nbsp;&nbsp; $(1678) |
| *Futures Short:* |  |  |  |  |
| 2 Year US Treasury Note | 20 | &nbsp;&nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp;&nbsp; (4167969) | &nbsp;&nbsp;&nbsp; 8517 |
| 3-Month SOFR | 10 | &nbsp;&nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp;&nbsp; (2420500) | &nbsp;&nbsp;&nbsp; 1803 |
| 3-Year Australian Bond | 9 | &nbsp;&nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp; (636074) | &nbsp;&nbsp;&nbsp; 2270 |
| 5 Year US Treasury Note | 14 | &nbsp;&nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp;&nbsp; (1528734) | &nbsp;&nbsp;&nbsp; 219 |
| Euro-Schatz | 3 | &nbsp;&nbsp;&nbsp; 12/10/25 | &nbsp;&nbsp;&nbsp; (376332) | &nbsp;&nbsp;&nbsp; 17 |
| Total - Futures Short |  |  |  | &nbsp;&nbsp;&nbsp; 12826 |
| Total |  |  |  | &nbsp;&nbsp;&nbsp; $11148 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** | ***Schedule of Centrally Cleared Interest Rate Swaps*** |
| *Payments made* <br>*by Fund*<br>| *Payments received* <br>*by Fund*<br>| *Payment* <br>*Frequency*<br>| *Maturity* <br>*Date*<br>| *Notional* <br>*Amount*<br>|  | *Premiums* <br>*Paid/* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>| *Value* |
| NDBB3M | 5.12% Fixed Rate | Quarterly | &nbsp;&nbsp; 4/22/26 | &nbsp;&nbsp; 1930000 | &nbsp;&nbsp; NZD | &nbsp;&nbsp; $- | $33703 | $33703 |
| NDBB3M | 3.56% Fixed Rate | Quarterly | &nbsp;&nbsp; 10/21/26 | &nbsp;&nbsp; 1735000 | &nbsp;&nbsp; NZD | &nbsp;&nbsp; - | 19920 | 19920 |
| NDBB3M | 3.45% Fixed Rate | Quarterly | &nbsp;&nbsp; 2/17/27 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp; NZD | &nbsp;&nbsp; - | 16722 | 16722 |
| NDBB3M | 3.03% Fixed Rate | Quarterly | &nbsp;&nbsp; 8/8/27 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; NZD | &nbsp;&nbsp; - | 5289 | 5289 |
| NDBB3M | 2.923% Fixed Rate | Quarterly | &nbsp;&nbsp; 8/25/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; NZD | &nbsp;&nbsp; - | 1517 | 1517 |
| USD SOFR | 3.4775% Fixed Rate | Annually | &nbsp;&nbsp; 8/27/27 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; - | (1377) | (1377) |
| Total  |  |  |  |  |  | &nbsp;&nbsp; $- | $75774 | $75774 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** | ***Schedule of OTC Written Credit Default Swaptions*** |
| *Counterparty/* <br>*Reference Asset*<br>| *Description* | *Exercise* <br>*Price*<br>|  | *Expiration* <br>*Date*<br>| *Notional* <br>*Amount*<br>| *Premiums* <br>*Received*<br>| *Unrealized* <br>*Appreciation/* <br>*(Depreciation)*<br>| *Swaptions* <br>*Written,* <br>*at Value*<br>|
| *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* | *Written Put Swaptions - Sell Protection:* |
| *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* | *Goldman Sachs & Co LLC:* |
| CDX.NA.44 | Credit Default Swap, <br>S&P Credit Rating: <br>NR, maturing <br>06/20/2030, fixed rate <br>1%, payment <br>frequency: Quarterly<br>| 72.50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1/21/26 | &nbsp;&nbsp; $(4950000) | &nbsp;&nbsp; $(9702) | $6271 | $(3431) |
| *Citibank, National Association:* | *Citibank, National Association:* | *Citibank, National Association:* | *Citibank, National Association:* | *Citibank, National Association:* | *Citibank, National Association:* | *Citibank, National Association:* | *Citibank, National Association:* | *Citibank, National Association:* |
| CDX.NA.IG.45 | Credit Default Swap, <br>S&P Credit Rating: <br>NR, maturing <br>12/20/2030, fixed rate <br>1%, payment <br>frequency: Quarterly<br>| 70.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 11/19/25 | &nbsp;&nbsp; (4450000) | &nbsp;&nbsp; (1891) | 329 | (1562) |
| Total OTC Written Credit Default Swaptions | Total OTC Written Credit Default Swaptions | Total OTC Written Credit Default Swaptions |  |  |  | &nbsp;&nbsp; $(11593) | $6600 | $(4993) |

---

------

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

---

| | |
|:---|:---|
| **Average Ending Monthly Value of Derivative Instruments During the Period Ended September 30, 2025** | **Average Ending Monthly Value of Derivative Instruments During the Period Ended September 30, 2025** |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased - in USD | $791051 |
| Average amounts sold - in USD | 16836202 |
| Futures contracts: |  |
| Average notional amount of contracts - long | 3837141 |
| Average notional amount of contracts - short | 6114376 |
| Interest rate swaps: |  |
| Average notional amount - pay fixed rate/receive floating rate | 1300000 |
| Average notional amount - receive fixed rate/pay floating rate | 8169200 |
| Swaptions: |  |
| Average value of swaption contracts purchased | 13401 |
| Average value of swaption contracts written | 4592 |

---

------

**Notes to Schedule of Investments (unaudited)** 

---

| | |
|:---|:---|
| EURIBOR | Euro Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| OTC | Over-the-Counter |
| PLC | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |

---

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

---

| | |
|:---|:---|
| ž | &nbsp;&nbsp; Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended September 30, <br> 2025 is $27,093,790, which represents 54.0% of net assets.<br>|
| ± | &nbsp;&nbsp; Securities sold under Section 4(2) of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale <br> and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be <br> liquid under guidelines established by the Board of Trustees. The total value of 4(2) securities as of the period ended September 30, 2025 <br> is $2,949,645, which represents 5.9% of net assets.<br>|
| \* | Non-income producing security. |
| ‡ | &nbsp;&nbsp; Variable or floating rate security. Rate shown is the current rate as of September 30, 2025. Certain variable rate securities are not based <br> on a published reference rate and spread; they are determined by the issuer or agent and current market conditions. Reference rate is as <br> of reset date and may vary by security, which may not indicate a reference rate and/or spread in their description.<br>|
| Ç | &nbsp;&nbsp; Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the <br> current rate.<br>|
| ◊ | Zero coupon bond. |

---

------

The following is a summary of the inputs that were used to value the Fund's investments in securities and other financial

instruments as of September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** | **Valuation Inputs Summary** |
|  | ***Level 1 -*** <br>***Quoted Prices***<br>| &nbsp;&nbsp; ***Level 2 -*** <br>***Other Significant*** <br>***Observable Inputs***<br>| &nbsp;&nbsp; ***Level 3 -*** <br>***Significant*** <br>***Unobservable Inputs***<br>|
| **Assets** |  |  |  |
| **Investments In Securities:** |  |  |  |
| *Asset-Backed/Commercial Mortgage-Backed Securities* | $- | &nbsp;&nbsp;&nbsp; $13450341 | &nbsp;&nbsp;&nbsp; $- |
| *Corporate Bonds* | - | &nbsp;&nbsp;&nbsp; 35273653 | &nbsp;&nbsp;&nbsp; - |
| *Commercial Paper* | - | &nbsp;&nbsp;&nbsp; 2949645 | &nbsp;&nbsp;&nbsp; - |
| *OTC Purchased Credit Default Swaptions – Puts – Buy Protection* | - | &nbsp;&nbsp;&nbsp; 13545 | &nbsp;&nbsp;&nbsp; - |
| Total Investments in Securities | $- | &nbsp;&nbsp;&nbsp; $51687184 | &nbsp;&nbsp;&nbsp; $- |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | - | &nbsp;&nbsp;&nbsp; 35232 | &nbsp;&nbsp;&nbsp; - |
| *Futures Contracts* | 12826 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| *Centrally Cleared Swaps* | - | &nbsp;&nbsp;&nbsp; 77151 | &nbsp;&nbsp;&nbsp; - |
| **Total Assets** | $12826 | &nbsp;&nbsp;&nbsp; $51799567 | &nbsp;&nbsp;&nbsp; $- |
| **Liabilities** |  |  |  |
| **Other Financial Instruments**<sup>(a)</sup>**:** |  |  |  |
| *Forward Foreign Currency Exchange Contracts* | $- | &nbsp;&nbsp;&nbsp; $196684 | &nbsp;&nbsp;&nbsp; $- |
| *Futures Contracts* | 1678 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| *OTC Swaptions Written, at Value* | - | &nbsp;&nbsp;&nbsp; 4993 | &nbsp;&nbsp;&nbsp; - |
| *Centrally Cleared Swaps* | - | &nbsp;&nbsp;&nbsp; 1377 | &nbsp;&nbsp;&nbsp; - |
| **Total Liabilities** | $1678 | &nbsp;&nbsp;&nbsp; $203054 | &nbsp;&nbsp;&nbsp; $- |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other financial instruments may include forward foreign currency exchange contracts,
 futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and centrally
 cleared swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the
 contract's value from trade date. Written options, written swaptions, and OTC swaps are reported at their market value at measurement date.

------

**Investment Valuation**

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the "Valuation Procedures"). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange ("NYSE"). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to "odd-lot" fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that

operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

**Valuation Inputs Summary**

FASB ASC 820, *Fair Value Measurements and Disclosures* ("ASC 820"), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default

rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund's Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps,

investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

------

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of September 30, 2025 to fair value the Fund's investments in securities and other financial instruments is included in the "Valuation Inputs Summary" in the Notes to Schedule of Investments.

------

For additional information on the Fund, please refer to the Fund's most recent semiannual or annual financial

statements.

125-25-70254 11-25

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** JANUS INVESTMENT FUND

- **b. Investment Company Act file number:** 811-01879

- **c. CIK number of Registrant:** 0000277751

- **d. LEI of Registrant:** W6UYDZFUOFJ4HQQ32382

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

  - **Street Address 1:** 151 Detroit Street

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80206

  - **Telephone number:** 303-333-3863

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

- **a. Name of Series:** Janus Henderson Absolute Return Income Opportunities Fund

- **b. EDGAR series identifier (if any):** S000044287

- **c. LEI of Series:** 549300OI3127F0HFWY79

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $51688337.35

**Total Liabilities:** $1482637.27

**Net Assets:** $50205700.08

**Delayed Delivery Securities:** $928742.08

**Cash Not Reported:** $939576.04

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -165.069173120045 | **1-Year:** -3278.836424323123 | **5-Year:** -5113.773921453370 | **10-Year:** -1673.841606286618 | **30-Year:** -101.010305824873

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

- **3-Month:** -24.150189801282 | **1-Year:** -1012.032815115333 | **5-Year:** -1252.752682253223 | **10-Year:** -210.342462690838 | **30-Year:** -18.181996786035

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000137972 | 0.49%                | 1.30%                | 0.48%                |
| Class ID C000137973 | 0.43%                | 1.14%                | 0.43%                |
| Class ID C000137974 | 0.40%                | 1.31%                | 0.50%                |
| Class ID C000137975 | 0.51%                | 1.20%                | 0.61%                |
| Class ID C000137976 | 0.52%                | 1.21%                | 0.62%                |
| Class ID C000137977 | 0.48%                | 1.17%                | 0.58%                |
| Class ID C000137978 | 0.39%                | 1.31%                | 0.49%                |
| Class ID C000151361 | 0.46%                | 1.15%                | 0.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $40795.00                | $-406758.00                                |
| Month 2  | $316985.00               | $418428.00                                 |
| Month 3  | $-78357.00               | $255462.00                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                               | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Air Lease Corporation                                              | Air Lease Corporation 0% CP 01/10/2025             | CUSIP: 00913WX18<br>LEI: 5493004NW4M4P8TMMK63 | Long             | STIV             | CORP              | US        |    300000 | PA      | $299962.44    | 0.60%             | 2025-10-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                             | ABCLN 2024-B C                                     | CUSIP: 02007G4D2<br>LEI: 549300C04BJ0G297NC13 | Long             | ABS-O            | CORP              | US        |    164521 | PA      | $165536.96    | 0.33%             | 2032-09-15      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                             | ABCLN 2024-A B                                     | CUSIP: 02007GZ55<br>LEI: 549300C04BJ0G297NC13 | Long             | ABS-O            | CORP              | US        |    135354 | PA      | $137696.46    | 0.27%             | 2032-05-17      | Fixed         | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Atlas Warehouse Lending Co. LP                                     | ATWALD 6.05 01/15/28                               | CUSIP: 049463AD4<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511452.03    | 1.02%             | 2028-01-15      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Atlas Warehouse Lending Co. LP                                     | ATWALD 6.25 01/15/30                               | CUSIP: 049463AE2<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257051.76    | 0.51%             | 2030-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| AutoNation, Inc.                                                   | AutoNation, Inc. 0% CP 01/10/2025                  | CUSIP: 05330LX16<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    250000 | PA      | $249968.75    | 0.50%             | 2025-10-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                         | ACGCAP 1.95 09/20/26 144A                          | CUSIP: 05369AAL5<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195435.22    | 0.39%             | 2026-09-20      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| AVIATION CAP GROUP LLC                                             | AVIATION CAP GROUP LLC 0% CP 01/10/2025            | CUSIP: 05369BX12<br>LEI: 549300ODEK8HY3445C77 | Long             | STIV             | CORP              | US        |    750000 | PA      | $749912.48    | 1.49%             | 2025-10-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                              | CAS 2025-R03 2M2                                   | CUSIP: 20754VAC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     57000 | PA      | $57897.15     | 0.12%             | 2045-03-27      | Variable      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| BPR TRUST 2024-PMDW                                                | BPR 2024-PMDW D                                    | CUSIP: 05592VAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    457000 | PA      | $449417.65    | 0.90%             | 2041-11-05      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| BX Trust 2025-Roic                                                 | BX 2025-ROIC D                                     | CUSIP: 05593VAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    498058 | PA      | $496024.43    | 0.99%             | 2030-03-15      | Variable      | 6.14%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                              | CAS 2025-R04 1M2                                   | CUSIP: 20755TAC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    112200 | PA      | $112288.46    | 0.22%             | 2045-05-25      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Crowdstrike Holdings Inc                                           | CRWD 3 02/15/29                                    | CUSIP: 22788CAA3<br>LEI: 549300YBY08K9KM4HX32 | Long             | DBT              | CORP              | US        |    182000 | PA      | $173420.37    | 0.35%             | 2029-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund IVB LP                             | BVCLN 2024-CAR1 C                                  | CUSIP: 07336QAC6<br>LEI: 549300PYZPV2K342TZ72 | Long             | ABS-O            | CORP              | US        |    278083 | PA      | $279140.93    | 0.56%             | 2031-12-26      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                     | BCRED 3.25 03/15/27                                | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    290000 | PA      | $284463.48    | 0.57%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                              | DNKN 2021-1A A2I                                   | CUSIP: 233046AN1<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    120312 | PA      | $116965.34    | 0.23%             | 2051-11-20      | Fixed         | 2.04%                 | Yes           |                  2 | On Loan: No      |
| DB Master Finance LLC                                              | DNKN 2021-1A A2II                                  | CUSIP: 233046AQ4<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |     48125 | PA      | $45399.42     | 0.09%             | 2051-11-20      | Fixed         | 2.49%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2023-HQA2 M1A                                | CUSIP: 35564K2F5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    146778 | PA      | $147164.01    | 0.29%             | 2043-06-25      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2023-HQA3 M1                                 | CUSIP: 35564K3G2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     51771 | PA      | $51985.70     | 0.10%             | 2043-11-25      | Variable      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| The Boeing Company                                                 | BA 2.196 02/04/26                                  | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    540000 | PA      | $535910.23    | 1.07%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Inc                                            | BAH 3.875 09/01/28 144A                            | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    526000 | PA      | $515737.26    | 1.03%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2022-HQA3 M1A                                | CUSIP: 35564KE39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     76115 | PA      | $77431.08     | 0.15%             | 2042-08-25      | Variable      | 6.66%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2022-DNA6 M1A                                | CUSIP: 35564KH36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     29861 | PA      | $30025.39     | 0.06%             | 2042-09-25      | Variable      | 6.51%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2021-DNA7 M1                                 | CUSIP: 35564KMA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6749 | PA      | $6743.98      | 0.01%             | 2041-11-25      | Variable      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2023-DNA2 M1A                                | CUSIP: 35564KT58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     35974 | PA      | $36474.01     | 0.07%             | 2043-04-27      | Variable      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| BX COML MTG TR 2024-AIRC                                           | BX 2024-AIRC C                                     | CUSIP: 12433CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    491502 | PA      | $492715.87    | 0.98%             | 2039-08-15      | Variable      | 6.74%                 | Yes           |                  2 | On Loan: No      |
| Solventum Corp.                                                    | SOLV 5.4 03/01/29                                  | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    107000 | PA      | $110422.96    | 0.22%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2023-HQA1 M1A                                | CUSIP: 35564KX79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     66599 | PA      | $67133.69     | 0.13%             | 2043-05-25      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2024-DNA1 M1                                 | CUSIP: 35564NAX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79469 | PA      | $79566.80     | 0.16%             | 2044-02-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Block Inc                                                          | XYZ 5.625 08/15/30 144A                            | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    146000 | PA      | $147923.99    | 0.29%             | 2030-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                      | STWD 5.25 10/15/28 144A                            | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    232000 | PA      | $232067.19    | 0.46%             | 2028-10-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2024-HQA1 M1                                 | CUSIP: 35564NBX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     34762 | PA      | $34771.82     | 0.07%             | 2044-03-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2024-HQA2 M2                                 | CUSIP: 35564NEC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    155000 | PA      | $155717.51    | 0.31%             | 2044-08-25      | Variable      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2024-DNA3 M2                                 | CUSIP: 35564NFA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    385462 | PA      | $385764.22    | 0.77%             | 2044-10-25      | Variable      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2025-HQA1 M2                                 | CUSIP: 35564NHA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     93136 | PA      | $93194.18     | 0.19%             | 2045-02-27      | Variable      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Financial Services US Corp.                             | STLA 4.95 09/15/28 144A                            | CUSIP: 85855FAA1<br>LEI: 5493000KNKFDOC1BOW59 | Long             | DBT              | CORP              | US        |    294000 | PA      | $293922.46    | 0.59%             | 2028-09-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                 | SUBWAY 2024-1A A2I                                 | CUSIP: 864300AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    267975 | PA      | $271415.58    | 0.54%             | 2054-07-30      | Fixed         | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                      | STACR 2025-DNA2 M2                                 | CUSIP: 35564NJA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    175912 | PA      | $175956.16    | 0.35%             | 2045-05-25      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Ggam Finance Ltd.                                                  | GGAMFI 8 06/15/28 144A                             | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    260000 | PA      | $275198.04    | 0.55%             | 2028-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                 | SUBWAY 2024-3A A2I                                 | CUSIP: 864300AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    227282 | PA      | $226381.93    | 0.45%             | 2054-07-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                          | SUN 5.625 03/15/31 144A                            | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    193000 | PA      | $191576.24    | 0.38%             | 2031-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Ggam Finance Ltd.                                                  | GGAMFI 7.75 05/15/26 144A                          | CUSIP: 36170JAB2<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $300748.67    | 0.60%             | 2026-05-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Ggam Finance Ltd.                                                  | GGAMFI 5.875 03/15/30 144A                         | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     16000 | PA      | $16199.94     | 0.03%             | 2030-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Taco Bell Funding Llc                                              | BELL 2018-1A A2II                                  | CUSIP: 87342RAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    507289 | PA      | $509960.69    | 1.02%             | 2048-11-25      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Taco Bell Funding Llc                                              | BELL 2021-1A A2II                                  | CUSIP: 87342RAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67792 | PA      | $62540.84     | 0.12%             | 2051-08-25      | Fixed         | 2.29%                 | Yes           |                  2 | On Loan: No      |
| Skymiles IP Ltd. & Delta Air Lines Inc.                            | DAL 4.75 10/20/28 144A                             | CUSIP: 830867AB3<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | N/A       |    324000 | PA      | $325825.86    | 0.65%             | 2028-10-20      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Company Inc                               | GM 5.15 08/15/26 EMTN                              | CUSIP: U37047AY0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    110000 | PA      | $148468.32    | 0.30%             | 2026-08-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Tallgrass Energy Partners, LP and Tallgrass Energy Finance Corp.   | TEP 6 03/01/27 144A                                | CUSIP: 87470LAG6<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |    369000 | PA      | $368913.40    | 0.73%             | 2027-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Taylor Morrison Communities Inc                                    | TMHC 5.75 01/15/28 144A                            | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    126000 | PA      | $127757.83    | 0.25%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Trinity Industries, Inc.                                           | TRN 7.75 07/15/28 144A                             | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    477000 | PA      | $493407.85    | 0.98%             | 2028-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                       | OCINCC 6.5 10/23/27 MTN                            | CUSIP: U0942DAC3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    728000 | PA      | $488890.54    | 0.97%             | 2027-10-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.                         | ANZ V5.545 01/15/35 MTN                            | CUSIP: Q0R2AEPH4<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   1500000 | PA      | $1015465.83   | 2.02%             | 2035-01-15      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Suncorp Group Ltd.                                                 | SUNAU F 06/01/37 MTN                               | CUSIP: Q88040AS1<br>LEI: 549300BVOKRTHDIWVT46 | Long             | DBT              | CORP              | AU        |    850000 | PA      | $571764.61    | 1.14%             | 2037-06-01      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| Suncorp Group Ltd.                                                 | SUNAU F 12/01/38 MTN                               | CUSIP: Q88040AT9<br>LEI: 549300BVOKRTHDIWVT46 | Long             | DBT              | CORP              | AU        |    500000 | PA      | $342447.68    | 0.68%             | 2038-12-01      | Variable      | 6.21%                 | No            |                  2 | On Loan: No      |
| Avanti Finance Ltd.                                                | AVAFIN F 09/14/28 MTN                              | CUSIP: Q12030AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | NZ        |    400000 | PA      | $268097.27    | 0.53%             | 2028-09-14      | Variable      | 8.43%                 | No            |                  2 | On Loan: No      |
| Teachers Mutual Bank Ltd.                                          | TEACHM F 06/21/27 MTN                              | CUSIP: Q8T663UT3<br>LEI: 549300II25ZWSHX8W615 | Long             | DBT              | CORP              | AU        |    370000 | PA      | $247196.97    | 0.49%             | 2027-06-21      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                   | TEVA 3.15 10/01/26                                 | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    275000 | PA      | $270111.19    | 0.54%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                   | TEVA 6.75 03/01/28                                 | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    490000 | PA      | $508631.27    | 1.01%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2024-R04                       | CAS 2024-R04 1M2                                   | CUSIP: 20753GAC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    203137 | PA      | $203382.80    | 0.41%             | 2044-05-25      | Variable      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                              | CAS 2022-R05 2M1                                   | CUSIP: 20754DAA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16306 | PA      | $16340.70     | 0.03%             | 2042-04-25      | Variable      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                              | CAS 2023-R06 1M1                                   | CUSIP: 20754EAA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     87459 | PA      | $87777.97     | 0.17%             | 2043-07-27      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                              | CAS 2024-R02 1M1                                   | CUSIP: 20754GAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25341 | PA      | $25340.38     | 0.05%             | 2044-02-25      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                              | CAS 2021-R02 2M2                                   | CUSIP: 20754KAB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    512943 | PA      | $519045.23    | 1.03%             | 2041-11-25      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                              | CAS 2022-R01 1M1                                   | CUSIP: 20754LAA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     44819 | PA      | $44784.85     | 0.09%             | 2041-12-25      | Variable      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST                                | CAS 2023-R04 1M1                                   | CUSIP: 20754QAA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    124438 | PA      | $126960.16    | 0.25%             | 2043-05-25      | Variable      | 6.66%                 | Yes           |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST                                | CAS 2021-R01 1M2                                   | CUSIP: 20754RAB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     93069 | PA      | $93254.51     | 0.19%             | 2041-10-25      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2025-R03                       | CAS 2025-R02 1M2                                   | CUSIP: 20754TAD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     59000 | PA      | $59066.53     | 0.12%             | 2045-02-27      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                              | CAS 2022-R08 1M1                                   | CUSIP: 20755DAA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49762 | PA      | $51029.55     | 0.10%             | 2042-07-25      | Variable      | 6.91%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                              | CAS 2025-R01 1M2                                   | CUSIP: 20755JAC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $499594.18    | 1.00%             | 2045-01-25      | Variable      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                              | CAS 2025-R01 1B1                                   | CUSIP: 20755JAG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    172795 | PA      | $172074.76    | 0.34%             | 2045-01-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                              | CAS 2024-R03 2M2                                   | CUSIP: 207941AB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    804000 | PA      | $810032.57    | 1.61%             | 2044-03-25      | Variable      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| DT Midstream Inc                                                   | DTMINC 4.125 06/15/29 144A                         | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $126836.34    | 0.25%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Delta Air Lines Inc.                                               | DAL 4.95 07/10/28                                  | CUSIP: 247361A24<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71861.66     | 0.14%             | 2028-07-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                 | Energy Transfer LP 0% CP 01/10/2025                | CUSIP: 29277EX17<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | STIV             | CORP              | US        |    750000 | PA      | $749911.35    | 1.49%             | 2025-10-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ESAB Corp.                                                         | ESAB 6.25 04/15/29 144A                            | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256825.75    | 0.51%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| F&G Global Funding                                                 | FG 4.65 09/08/28 144A                              | CUSIP: 30321L2K7<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |     93000 | PA      | $93329.25     | 0.19%             | 2028-09-08      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2023-K511 MORTGAGE TRUST                                     | FREMF 2023-K511 C                                  | CUSIP: 30334FAG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    125000 | PA      | $116642.65    | 0.23%             | 2028-11-25      | Variable      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                      | F 7.35 11/04/27                                    | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    500000 | PA      | $521494.42    | 1.04%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                      | F 5.8 03/05/27                                     | CUSIP: 345397D83<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    375000 | PA      | $378793.61    | 0.75%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                      | F 5.918 03/20/28                                   | CUSIP: 345397G72<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203425.41    | 0.41%             | 2028-03-20      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                        | GLPI 5.3 01/15/29                                  | CUSIP: 361841AL3<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152743.20    | 0.30%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Gartner Inc.                                                       | IT 4.5 07/01/28 144A                               | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    280000 | PA      | $277713.60    | 0.55%             | 2028-07-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Downer Group Finance Pty Ltd.                                      | DOWAU 3.7 04/29/26 MTN                             | CUSIP: Q32591AJ0<br>LEI: 254900M70GW10DR6AH41 | Long             | DBT              | CORP              | AU        |   1100000 | PA      | $724089.78    | 1.44%             | 2026-04-29      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Heritage and People's Choice Ltd.                                  | PFBKAU F 09/16/31 MTN                              | CUSIP: Q0R889NY0<br>LEI: 549300L09D57A4VEVO78 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $132775.91    | 0.26%             | 2031-09-16      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc.                                             | GILCN 4.7 10/07/30 144A                            | CUSIP: 375916AF0<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |    198000 | PA      | $197701.25    | 0.39%             | 2030-10-07      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| Cheniere Energy Inc                                                | LNG 4.625 10/15/28                                 | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    375000 | PA      | $373827.61    | 0.74%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Holding Co. LLC                                 | CPGX 6.055 08/15/26 144A                           | CUSIP: 19828AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $126683.33    | 0.25%             | 2026-08-15      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| CoreWeave Inc.                                                     | CRWV 9 02/01/31 144A                               | CUSIP: 21873SAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    183000 | PA      | $187552.86    | 0.37%             | 2031-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                       | HESM 6.5 06/01/29 144A                             | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     89000 | PA      | $91788.82     | 0.18%             | 2029-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CNH Industrial Capital Australia Pty. Limited                      | CNHI 5.4 05/17/27 MTN                              | CUSIP: Q2575EAD4<br>LEI: 2617001JAII1WD34PJ72 | Long             | DBT              | CORP              | AU        |    800000 | PA      | $536924.83    | 1.07%             | 2027-05-17      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital Australia Pty. Limited                      | CNHI 4.7 06/20/28 MTN                              | CUSIP: Q2575EAG7<br>LEI: 2617001JAII1WD34PJ72 | Long             | DBT              | CORP              | AU        |    400000 | PA      | $264030.38    | 0.53%             | 2028-06-20      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                     | CBAAU F 08/20/31                                   | CUSIP: Q2692UQW7<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |   1500000 | PA      | $996613.13    | 1.99%             | 2031-08-20      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| Credabl ABS 2024-1 Trust                                           | CRDABL 2024-1 A                                    | CUSIP: Q0288FAA9<br>LEI: 98450080CAUBC36D6580 | Long             | ABS-O            | CORP              | AU        |    378266 | PA      | $251588.01    | 0.50%             | 2045-05-11      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Credabl ABS 2024-1 Trust                                           | CRDABL 2024-1 C                                    | CUSIP: Q0288FAF8<br>LEI: 98450080CAUBC36D6580 | Long             | ABS-O            | CORP              | AU        |    651160 | PA      | $433879.65    | 0.86%             | 2045-05-11      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd/ American Airlines Inc                   | AAL 5.5 04/20/26 144A                              | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    100000 | PA      | $100044.10    | 0.20%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd/ American Airlines Inc                   | AAL 5.75 04/20/29 144A                             | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    250000 | PA      | $250956.34    | 0.50%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission Inc.                                          | ALSN 4.75 10/01/27 144A                            | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    187000 | PA      | $185724.45    | 0.37%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Ares Capital Corp.                                                 | ARCC 5.1 01/15/31                                  | CUSIP: 04010LBL6<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    245000 | PA      | $243232.87    | 0.48%             | 2031-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Huntington National Bank of Ohio                                   | HACLN 2024-1 B1                                    | CUSIP: 44644NAA7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | ABS-O            | CORP              | US        |    127111 | PA      | $128794.86    | 0.26%             | 2032-05-20      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Huntington National Bank of Ohio                                   | HACLN 2024-2 C                                     | CUSIP: 44644NAJ8<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | ABS-O            | CORP              | US        |    393312 | PA      | $397772.91    | 0.79%             | 2032-10-20      | Variable      | 6.99%                 | Yes           |                  2 | On Loan: No      |
| Targa Resources Corp.                                              | Targa Resources Corp. 0% CP 01/10/2025             | CUSIP: 87613EX18<br>LEI: 5493003QENHHS261UR94 | Long             | STIV             | CORP              | US        |    250000 | PA      | $249967.95    | 0.50%             | 2025-10-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Ares Strategic Income Fund                                         | ARESSI 4.85 01/15/29 144A                          | CUSIP: 04020EAP2<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247405.27    | 0.49%             | 2029-01-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                       | HESM 5.875 03/01/28 144A                           | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    344000 | PA      | $350666.74    | 0.70%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                       | HESM 5.125 06/15/28 144A                           | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    383000 | PA      | $382567.32    | 0.76%             | 2028-06-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Homeward Opportunities Fund I Trust                                | HOF 2025-RRTL2 A1                                  | CUSIP: 437923AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    107000 | PA      | $107310.41    | 0.21%             | 2040-09-25      | Variable      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                | Swap/22/04/2026/P:NZD/BBR/3M /R:NZD 5.12000        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |   1930000 | OU      | $15249.27     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Swap/21/10/2026/P:NZD/BBR/3M /R:NZD 3.56000        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |   1735000 | OU      | $10479.63     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Swap/17/02/2027/P:NZD/BBR/3M /R:NZD 3.45000        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |   2350000 | OU      | $16088.15     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Swap/08/08/2027/P:NZD/BBR/3M /R:NZD 3.03000        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |   1300000 | OU      | $5422.86      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Swap/25/08/2027/P:NZD/BBR/3M /R:NZD 2.92300        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |    500000 | OU      | $1544.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Swap/27/08/2027/P:USD 3.47750 /R:USD/SOFR/1D       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |   2600000 | OU      | $-3483.17     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | European Option Expiring on 19/11/2025 to Buy Prot | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  -4450000 | OU      | $-1562.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Huntington National Bank of Ohio                                   | HACLN 2025-1 C                                     | CUSIP: 446438SZ7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | ABS-O            | CORP              | US        |    202088 | PA      | $203511.68    | 0.41%             | 2033-03-21      | Variable      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| ITT Holdings LLC                                                   | INTMAT 6.5 08/01/29 144A                           | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    260000 | PA      | $255615.00    | 0.51%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                           | JANEST 4.5 11/15/29 144A                           | CUSIP: 47077WAA6<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    446000 | PA      | $435398.62    | 0.87%             | 2029-11-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| KB Home                                                            | KBH 6.875 06/15/27                                 | CUSIP: 48666KAX7<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |    123000 | PA      | $125565.90    | 0.25%             | 2027-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LGI Homes Inc                                                      | LGIH 8.75 12/15/28 144A                            | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    115000 | PA      | $120729.30    | 0.24%             | 2028-12-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                  | LPLA 5.7 05/20/27                                  | CUSIP: 50212YAJ3<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254713.34    | 0.51%             | 2027-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                  | LPLA 4.9 04/03/28                                  | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45486.50     | 0.09%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LEX 2024-BBG MORTGAGE TRUST                                        | LEX 2024-BBG A                                     | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251650.46    | 0.50%             | 2033-10-13      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Liberty Utilities Co. (Delaware)                                   | AQNCN 5.577 01/31/29 144A                          | CUSIP: 531542AA6<br>LEI: 549300UN1FEYPC5BKW09 | Long             | DBT              | CORP              | US        |    605000 | PA      | $623839.76    | 1.24%             | 2029-01-31      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                    | LYV 6.5 05/15/27 144A                              | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    188000 | PA      | $189739.17    | 0.38%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Millrose Properties Inc.                                           | MRP 6.375 08/01/30 144A                            | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233000 | PA      | $236958.67    | 0.47%             | 2030-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                          | RRX 6.05 02/15/26                                  | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    950000 | PA      | $954598.54    | 1.90%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| N/A                                                                | European Option Expiring on 21/01/2026 to Buy Prot | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   9900000 | OU      | $10440.84     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc.               | RKT 2.875 10/15/26 144A                            | CUSIP: 77313LAA1<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |    815000 | PA      | $798316.24    | 1.59%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Group                                              | RCL 5.5 08/31/26 144A                              | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    256000 | PA      | $257068.29    | 0.51%             | 2026-08-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SBL Holdings Inc.                                                  | SECBEN 5.9 09/26/28 144A                           | CUSIP: 78397DAE8<br>LEI: 635400MJW3QDSBJRKQ59 | Long             | DBT              | CORP              | US        |    167000 | PA      | $167696.70    | 0.33%             | 2028-09-26      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| United Air Lines, Inc.                                             | UAL 4.625 04/15/29 144A                            | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98468.88     | 0.20%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                | European Option Expiring on 21/01/2026 to Buy Prot | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  -4950000 | OU      | $-3431.04     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | European Option Expiring on 19/11/2025 to Buy Prot | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   4450000 | OU      | $3104.63      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Health Services, Inc.                                    | UHS 1.65 09/01/26                                  | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    825000 | PA      | $805490.01    | 1.60%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                                | MQGAU F 06/17/31                                   | CUSIP: Q5700DJS5<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   1700000 | PA      | $1129045.06   | 2.25%             | 2031-06-17      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| Liberty Financial Proprietary Limited                              | LBRFI F 03/16/28 MTN                               | CUSIP: Q5S40CAS5<br>LEI: 549300S75HDUIPWTQC07 | Long             | DBT              | CORP              | AU        |    800000 | PA      | $558436.75    | 1.11%             | 2028-03-16      | Variable      | 7.36%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd.                                                | MQGAU F 03/01/34                                   | CUSIP: Q5700D5U5<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    290000 | PA      | $195857.24    | 0.39%             | 2034-03-01      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                           | LLOYDS F 03/06/30 MTN                              | CUSIP: G55365HP1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    130000 | PA      | $87213.31     | 0.17%             | 2030-03-06      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| Liberty Series 2024-1 Auto                                         | LBRTY 2024-1A A                                    | CUSIP: Q5S468AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | AU        |    242349 | PA      | $161160.25    | 0.32%             | 2032-05-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Judo Bank Pty Ltd.                                                 | JUDOCA F 10/23/34 MTN                              | CUSIP: Q5135RGX1<br>LEI: 984500684463DE39F645 | Long             | DBT              | CORP              | AU        |    240000 | PA      | $165838.65    | 0.33%             | 2034-10-23      | Variable      | 7.04%                 | No            |                  2 | On Loan: No      |
| Metro Finance 2024-1 Trust                                         | METR 2024-1 A                                      | CUSIP: Q744G8AA8<br>LEI: 98450081EAB75B8D9515 | Long             | ABS-O            | CORP              | AU        |    335580 | PA      | $223344.26    | 0.44%             | 2030-09-17      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd                                  | MCAIRH 8.125 03/30/29 144A                         | CUSIP: 55609NAB4<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $270664.27    | 0.54%             | 2029-03-30      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd                                  | MCAIRH 5.15 03/17/30 144A                          | CUSIP: 55609NAE8<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $263634.70    | 0.53%             | 2030-03-17      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd                                  | MCAIRH 5.2 03/27/28 144A                           | CUSIP: 55609NAF5<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $254259.87    | 0.51%             | 2028-03-27      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| UK Logistics 2024-1 Designated Activity Co.                        | UKLOG 2024-1A B                                    | CUSIP: BCC3FL0F8<br>LEI: 635400H22JMICKOJRJ36 | Long             | ABS-O            | CORP              | IE        |    330000 | PA      | $445395.56    | 0.89%             | 2034-05-17      | Floating      | 6.78%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                | FGBS Dec 2025                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -3 | NC      | $16.54        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | US T-NOTE 5YR                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -14 | NC      | $218.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | Three-Month SOFR Futures,Mar-2026,ETH              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        10 | NC      | $-1678.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | Three-Month SOFR Futures,Dec-2027,ETH              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -10 | NC      | $1803.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | ASX 3 Year Treasury Bond Futures                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -9 | NC      | $2270.47      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| The Boeing Company                                                 | BA 6.259 05/01/27                                  | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257229.42    | 0.51%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Calpine Corporation                                                | CPN 4.5 02/15/28 144A                              | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    267000 | PA      | $265873.63    | 0.53%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corporation                                                | CPN 5.125 03/15/28 144A                            | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    185000 | PA      | $185094.35    | 0.37%             | 2028-03-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Citadel Securities Global Holdings LLC                             | CITSEC 5.5 06/18/30                                | CUSIP: 17289RAA4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513179.04    | 1.02%             | 2030-06-18      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| OASIS SECURITISATION 21-2A                                         | OASIS 2025-1A A                                    | CUSIP: 53161AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $754180.05    | 1.50%             | 2039-08-15      | Fixed         | 6.36%                 | Yes           |                  2 | On Loan: No      |
| MSCI Inc.                                                          | MSCI 4 11/15/29 144A                               | CUSIP: 55354GAH3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    615000 | PA      | $600854.80    | 1.20%             | 2029-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Msd Investment Corp                                                | MSINTM 6.25 05/31/30 144A                          | CUSIP: 55354LAA7<br>LEI: 549300K4HV7AOWFSAO65 | Long             | DBT              | CORP              | US        |    401000 | PA      | $406114.60    | 0.81%             | 2030-05-31      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                   | NRG 2.45 12/02/27 144A                             | CUSIP: 629377CP5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    553000 | PA      | $530102.68    | 1.06%             | 2027-12-02      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| North Haven Private Income Fund LLC                                | NHPIFS 5.125 09/25/28 144A                         | CUSIP: 65960NAC4<br>LEI: 2549002BFPESF1EH2765 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497416.83    | 0.99%             | 2028-09-25      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| NRTH COMMERCIAL MORTGAGE TRUST 2025-PARK                           | NRTH 2025-PARK B                                   | CUSIP: 669985AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $498715.83    | 0.99%             | 2040-10-15      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| NRTH 2024-PARK MORTGAGE TRUST                                      | NRTH 2024-PARK A                                   | CUSIP: 67021HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $599430.91    | 1.19%             | 2041-03-15      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Corporation                                      | OMF 3.5 01/15/27                                   | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    321000 | PA      | $313720.56    | 0.62%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                      | OMF 6.125 05/15/30                                 | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    145000 | PA      | $146839.33    | 0.29%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST 2025-CES1                                      | RCKTL 2025-1A D                                    | CUSIP: 74939RAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250923.17    | 0.50%             | 2034-07-25      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Repsol E&p Capital Markets US LLC                                  | REPSEP 4.805 09/16/28 144A                         | CUSIP: 76026AAA5<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200865.75    | 0.40%             | 2028-09-16      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Rocket Companies Inc                                               | RKT 6.125 08/01/30 144A                            | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    242000 | PA      | $248369.44    | 0.49%             | 2030-08-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Corporation                                      | OMF 7.125 03/15/26                                 | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    195000 | PA      | $196762.41    | 0.39%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Vertiv Group Corp.                                                 | VRT 4.125 11/15/28 144A                            | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |     95000 | PA      | $92765.55     | 0.18%             | 2028-11-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Vici Properties Inc                                                | VICI 4.5 09/01/26 144A                             | CUSIP: 92564RAH8<br>LEI: 254900RKH6RY9KCJQH63 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149994.76    | 0.30%             | 2026-09-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| VICI Properties LP                                                 | VICI 4.75 04/01/28                                 | CUSIP: 925650AJ2<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    350000 | PA      | $353649.21    | 0.70%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Viper Energy Partners LLC                                          | VNOM 4.9 08/01/30                                  | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    128000 | PA      | $128954.44    | 0.26%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| WINGSPIRE EQUIPMENT FINANCE                                        | WEF 2024-1A D                                      | CUSIP: 97415AAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $406432.05    | 0.81%             | 2032-09-20      | Fixed         | 6.31%                 | Yes           |                  2 | On Loan: No      |
| Westpac Banking Corp.                                              | WSTP V5.351 02/12/35 MTN                           | CUSIP: Q97424ZF7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    500000 | PA      | $335485.41    | 0.67%             | 2035-02-12      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                       | NAB F 11/18/31 mTN                                 | CUSIP: Q6530XNZ4<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   2300000 | PA      | $1542517.79   | 3.07%             | 2031-11-18      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                              | WSTP F 04/03/34 MTN                                | CUSIP: Q97424JL2<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   1200000 | PA      | $812293.28    | 1.62%             | 2034-04-03      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| Perpetual Corporate Trust Ltd. As Trustee For The Now Trust 2024-1 | NOW 2024-1 A                                       | CUSIP: Q744FVAA8<br>LEI: 984500FIA838FE059486 | Long             | ABS-O            | CORP              | AU        |    220288 | PA      | $146712.00    | 0.29%             | 2032-06-14      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Newcastle Greater Mutual Group Ltd.                                | NEWCAP F 01/21/30 MTN                              | CUSIP: Q66348AA3<br>LEI: 261700JSQJSBGJLHAK44 | Long             | DBT              | CORP              | AU        |    240000 | PA      | $159643.85    | 0.32%             | 2030-01-21      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Now Trust 2025-1                                                   | NOW 2025-1 A                                       | CUSIP: Q744H5AA3<br>LEI: 984500B0D6BFDDCCDB63 | Long             | ABS-O            | CORP              | AU        |    403239 | PA      | $267772.99    | 0.53%             | 2034-02-14      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| Plenti PL & Green ABS Trust 2025-1                                 | PLENG 2025-1 D                                     | CUSIP: Q744HAAJ3<br>LEI: 984500D9A9AS52805130 | Long             | ABS-O            | CORP              | AU        |    500000 | PA      | $331128.45    | 0.66%             | 2036-11-11      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Permanent TSB Group Holdings PLC                                   | PTSB V6.625 06/30/29                               | CUSIP: G7015DAH5<br>LEI: 635400DTNHVYGZODKQ93 | Long             | DBT              | CORP              | IE        |    230000 | PA      | $295267.17    | 0.59%             | 2029-07-02      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Volkswagen Financial Services N.V.                                 | VW 6.5 09/18/27 EMTN                               | CUSIP: D2553KD54<br>LEI: 529900ZTQC8D1TW6BL41 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $1386441.32   | 2.76%             | 2027-09-18      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                | Sell AUD / Buy USD                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-96976.20    | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Sell EUR / Buy USD                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $530.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Sell NZD / Buy USD                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $858.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Sell AUD / Buy USD                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-98414.80    | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Sell GBP / Buy USD                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $16729.16     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Sell USD / Buy AUD                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $2157.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Sell USD / Buy AUD                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-190.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Sell AUD / Buy USD                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $867.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Sell USD / Buy AUD                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-659.56      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Sell USD / Buy GBP                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-441.62      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | Sell USD / Buy AUD                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $14088.72     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | US T-NOTE 2YR                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -20 | NC      | $8516.77      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-14

**Name of Applicant:** JANUS INVESTMENT FUND

**Signature:** JESPER NERGAARD

**Name of Signer:** JESPER NERGAARD

**Title:** VP, CFO, TREASURER, AND PRINCIPAL ACCOUNTING OFFICER