# EDGAR Filing Document

**Accession Number:** 0002018846
**File Stem:** 0001410368-26-007057
**Filing Date:** 2026-1
**Character Count:** 189805
**Document Hash:** 535e33ac8cf757ca9e5de389d28de8bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-007057.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001410368-26-007057

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS Active Exchange Traded Funds Trust
- **CENTRAL INDEX KEY:** 0002018846

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23953
- **FILM NUMBER:** 26558581

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-954-5000

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

## Series and Classes Contracts Data

### MFS Active Core Plus Bond ETF (Series ID: S000085666)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000251000 | MFS Active Core Plus Bond ETF | MFSB            |

## Nport-Ex

ECP-Q3

![](img5815a6fd1.gif)

**Quarterly Report**

November 30, 2025

MFS<sup>®</sup> Active Core Plus Bond

ETF

![](imgfe87f30f2.gif)

Principal Listing Exchange: NYSE

------

**Portfolio of Investments**

11/30/25 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 99.4%  | Bonds – 99.4%  | Bonds – 99.4%  |
| Aerospace & Defense – 1.0% | Aerospace & Defense – 1.0% | Aerospace & Defense – 1.0% |
| Boeing Co., 6.528%, 5/01/2034  | $628000 | &nbsp;&nbsp;&nbsp; $698322 |
| Boeing Co., 5.805%, 5/01/2050  | 159000 | &nbsp;&nbsp;&nbsp; 158341 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 330000 | &nbsp;&nbsp;&nbsp; 325942 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 305000 | &nbsp;&nbsp;&nbsp; 312624 |
|  |  | &nbsp;&nbsp;&nbsp; $1495229 |
| Asset-Backed & Securitized – 23.9% | Asset-Backed & Securitized – 23.9% | Asset-Backed & Securitized – 23.9% |
| ACREC 2025-FL3 LLC, "AS", FLR, 5.602% (SOFR - 1mo. + 1.64%), 8/18/2042 (n) | $97500 | &nbsp;&nbsp;&nbsp; $97205 |
| Affirm Master Trust, 2025-2A, "A", 4.67%, 7/15/2033 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100526 |
| Affirm, Inc., 2025-X1, "A", 5.08%, 4/15/2030 (n) | 44292 | &nbsp;&nbsp;&nbsp; 44375 |
| American Credit Acceptance Receivables Trust, 2025-4, "A", 4.42%, 5/14/2029 (n) | 632000 | &nbsp;&nbsp;&nbsp; 632543 |
| AmeriCredit Automobile Receivables Trust, 2025-1, "A2A", 4.22%, 3/19/2029 (n) | 135000 | &nbsp;&nbsp;&nbsp; 135098 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 190431 | &nbsp;&nbsp;&nbsp; 190363 |
| Angel Oak Mortgage Trust, 2025 10, "A1" , 4.96%, 9/25/2070 (n) | 177172 | &nbsp;&nbsp;&nbsp; 176928 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "AS", FLR, 5.773% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250030 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "A", FLR, 5.592% (SOFR - 1mo. + 1.45%), 1/15/2037 (n) | 148853 | &nbsp;&nbsp;&nbsp; 148858 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "C", FLR, 6.442% (SOFR - 30 day + 2.3%), 1/15/2037 (n) | 327000 | &nbsp;&nbsp;&nbsp; 327795 |
| ARDN Mortgage Trust, 2025-ARCP, "C", FLR, 6.308% (SOFR - 1mo. + 2.35%), 6/15/2035 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100219 |
| AREIT 2025-CRE10 Ltd., "AS", FLR, 5.501% (SOFR - 1mo. + 1.5421%), 1/17/2030 (n) | 120332 | &nbsp;&nbsp;&nbsp; 120182 |
| Babson CLO Ltd., 2021-3A, "B1R", FLR, 5.514% (SOFR - 3mo. + 1.63%), 1/18/2035 (n) | 350000 | &nbsp;&nbsp;&nbsp; 350011 |
| Bain Capital Credit CLO Ltd., 2020-4A, "BRR", FLR, 5.486% (SOFR - 3mo. + 1.6%), 10/20/2036 (n) | 803892 | &nbsp;&nbsp;&nbsp; 804413 |
| Bain Capital Credit CLO Ltd., 2022-1A, "CR", FLR, 5.734% (SOFR - 3mo. + 1.85%), 10/18/2038 (n) | 800000 | &nbsp;&nbsp;&nbsp; 800000 |
| Bain Capital Credit CLO Ltd., 2022-3A, "CR", FLR, 5.781% (SOFR - 3mo. + 1.9%), 7/17/2035 (n) | 500000 | &nbsp;&nbsp;&nbsp; 498940 |
| Bank5, 2025-5YR17, "AS", 5.626%, 11/15/2058  | 188139 | &nbsp;&nbsp;&nbsp; 194850 |
| Bardot CLO Ltd., 2019-2A, "BRR", FLR, 5.207% (SOFR - 3mo. + 1.35%), 10/22/2032 (n) | 250000 | &nbsp;&nbsp;&nbsp; 248961 |
| Bardot CLO Ltd., 2019-2A, "CRR", FLR, 5.407% (SOFR - 3mo. + 1.55%), 10/22/2032 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250042 |
| BDS 2021-FL10 Ltd., "AS", FLR, 5.723% ((SOFR - 1mo. + 11.448%) + 1.7645%), 12/16/2036 (n) | 500000 | &nbsp;&nbsp;&nbsp; 500068 |
| BDS 2025-FL14 Ltd., "B", FLR, 5.652% (SOFR - 1mo. + 1.6926%), 10/17/2042 (n) | 134096 | &nbsp;&nbsp;&nbsp; 132538 |
| BDS 2025-FL16 Ltd., "B", FLR, 5.85% (SOFR - 1mo. + 1.85%), 7/19/2043 (n) | 496505 | &nbsp;&nbsp;&nbsp; 496505 |
| Benchmark 2025-V18 Mortgage Trust, "AS", 5.592%, 10/15/2058  | 133186 | &nbsp;&nbsp;&nbsp; 137847 |
| Black Diamond CLO Ltd., 2021-1A, "BR", FLR, 6.057% (SOFR - 3mo. + 2.2%), 11/22/2034 (n) | 400000 | &nbsp;&nbsp;&nbsp; 400194 |
| BMP Commercial Mortgage Trust, 2024-MF23, "B", 5.6% (SOFR - 1mo. + 1.6416%), 6/15/2041 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250000 |
| BSPRT 2024-FL11 Issuer Ltd., "AS", FLR, 6.053% (SOFR - 1mo. + 2.095%), 7/15/2039 (n) | 150000 | &nbsp;&nbsp;&nbsp; 150646 |
| BX Trust, 2025, "A", FLR, 5.338% (SOFR - 1mo. + 1.38%), 8/15/2042 (n) | 450394 | &nbsp;&nbsp;&nbsp; 450394 |
| BX Trust, 2025-BCAT, "C", FLR, 5.858% (SOFR - 1mo. + 1.9%), 8/15/2042 (n) | 95828 | &nbsp;&nbsp;&nbsp; 95828 |
| BXMT 2020-FL2 Ltd., "A", FLR, 5.227% ((SOFR - 1mo. + 0.11448%) + 0.9%), 2/15/2038 (n) | 81934 | &nbsp;&nbsp;&nbsp; 81730 |
| CarMax Select Receivables Trust, 2025-B, "A2", 4.19%, 3/15/2029  | 202000 | &nbsp;&nbsp;&nbsp; 202096 |
| Cathedral Lake VI Ltd., FLR, 5.708% (SOFR - 3mo. + 1.85%), 4/25/2034 (n) | 287716 | &nbsp;&nbsp;&nbsp; 287239 |
| CIFC Funding 2016-IA CR3, Ltd., FLR, 5.569% (SOFR - 3mo. + 1.7%), 10/21/2031 (n) | 250000 | &nbsp;&nbsp;&nbsp; 248411 |
| CIP Commercial Mortgage Trust, 2025-SBAY, "A", FLR, 5.358% (SOFR - 1mo. + 1.4%), 10/15/2037 (n) | 169000 | &nbsp;&nbsp;&nbsp; 169105 |
| Colt Funding LLC, 2025-1, "A1", 5.699%, 1/25/2070 (n) | 85308 | &nbsp;&nbsp;&nbsp; 86272 |
| Colt Funding LLC, 2024-3, "A1", 6.393%, 6/25/2069 (n) | 157160 | &nbsp;&nbsp;&nbsp; 159432 |
| Colt Funding LLC, 2024-6, "A1", 5.39%, 11/25/2069 (n) | 204968 | &nbsp;&nbsp;&nbsp; 205754 |
| Columbia Cent CLO Ltd., 2020-30A-CR2, FLR, 5.503% (SOFR - 3mo. + 1.9%), 1/20/2034 (n) | 387755 | &nbsp;&nbsp;&nbsp; 387834 |
| Columbia Cent CLO Ltd., 2021-31A, FLR, 5.734% (SOFR - 3mo. + 1.85%), 4/20/2034 (n) | 300000 | &nbsp;&nbsp;&nbsp; 297586 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "A4", 5.745%, 8/15/2056  | 250000 | &nbsp;&nbsp;&nbsp; 266031 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "AS", 6.385%, 8/15/2056  | 500000 | &nbsp;&nbsp;&nbsp; 539808 |
| Commercial Mortgage Pass-Through Certificates, 2024-CBM, "B", 6.511%, 12/10/2041 (n) | 200000 | &nbsp;&nbsp;&nbsp; 205291 |
| Dryden Senior Loan Fund, 2016-43A, "CR3", FLR, 5.634% (SOFR - 3mo. + 1.75%), 4/20/2034 (n) | 250000 | &nbsp;&nbsp;&nbsp; 248094 |
| Dryden Senior Loan Fund, 2020-86A, "CR2", FLR, 5.781% (SOFR - 3mo. + 1.9%), 7/17/2034 (n) | 999128 | &nbsp;&nbsp;&nbsp; 999741 |
| Dwight 2025-FL1 Issuer LLC, "A", FLR, 5.624% (SOFR - 1mo. + 1.662%), 6/18/2042 (n) | 206500 | &nbsp;&nbsp;&nbsp; 206982 |
| ELM Trust, 2024-ELM, "C15", 6.395%, 6/10/2039 (n) | 1100000 | &nbsp;&nbsp;&nbsp; 1106858 |
| ELM Trust, 2024-ELM, "D10", 6.847%, 6/10/2039 (n) | 221000 | &nbsp;&nbsp;&nbsp; 221590 |
| Elmwood CLO Ltd., 2022-2A, "CR", FLR, 5.707% (SOFR - 3mo. + 1.85%), 4/22/2035 (n) | 500000 | &nbsp;&nbsp;&nbsp; 500103 |
| Enterprise Fleet Financing 2025-4 LLC, "A2", 4.05%, 8/20/2028 (n) | 176000 | &nbsp;&nbsp;&nbsp; 176226 |
| Exeter Automobile Receivables Trust, 2025-1A, "A", 4.7%, 9/15/2027  | 23170 | &nbsp;&nbsp;&nbsp; 23177 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| General Motors Co., FLR, 4.692% (SOFR - 1mo. + 0.55%), 11/15/2029 (n) | $250000 | &nbsp;&nbsp;&nbsp; $250010 |
| GLS Auto Select Receivables Trust, 2025-2A, "A2", 4.75%, 3/15/2028 (n) | 23464 | &nbsp;&nbsp;&nbsp; 23505 |
| GoldenTree Loan Management CLO Ltd., 2023-17A, "CR", FLR, 5.684% (SOFR - 3mo. + 1.8%), 1/20/2039 (n) | 600000 | &nbsp;&nbsp;&nbsp; 599629 |
| Greystone Commercial Real Estate Notes, 2025-FL4, "B", FLR, 6.547% (SOFR - 1mo. + 2.5887%), 1/15/2043 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100197 |
| Harbor Park CLO Ltd., 2018-1A, "DR2", FLR, 6.384% (SOFR - 3mo. + 2.5%), 1/20/2031 (n) | 486979 | &nbsp;&nbsp;&nbsp; 487164 |
| Hyundai Auto Lease Securitization Trust, 2025-B, "A2A", 4.58%, 9/15/2027 (n) | 93780 | &nbsp;&nbsp;&nbsp; 94046 |
| ILPT Commercial Mortgage Trust, 2025-LPF2, "A", 5.468%, 7/13/2042 (n) | 109000 | &nbsp;&nbsp;&nbsp; 111629 |
| LoanCore 2025-CRE8 Ltd., "B", FLR, 5.8% (SOFR - 1mo. + 1.8412%), 8/17/2042 (n) | 147000 | &nbsp;&nbsp;&nbsp; 145994 |
| LoanCore 2025-CRE9 Ltd., "AS", FLR, 5.663% (SOFR - 1mo. + 1.7%), 8/18/2042 (n) | 489000 | &nbsp;&nbsp;&nbsp; 489161 |
| LRECS 2025-CRE1 LLC, "B", FLR, 6% (SOFR - 1mo. + 2%), 8/19/2043 (n) | 687327 | &nbsp;&nbsp;&nbsp; 687327 |
| Madison Park Funding Ltd., 2021-48A, "B", FLR, 5.596% ((SOFR - 3mo. + 26.161%) + 1.45%), 4/19/2033 (n) | 250000 | &nbsp;&nbsp;&nbsp; 249875 |
| Magnetite CLO Ltd., 2019-21A, "BR", 5.496% ((SOFR - 3mo. + 26.161%) + 1.35%), 4/20/2034 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250074 |
| Marble Point CLO, 2021-2A, "CR", FLR, 5.907% (SOFR - 3mo. + 2.05%), 7/25/2034 (n) | 394872 | &nbsp;&nbsp;&nbsp; 395528 |
| MF1 2022-FL8 Ltd., "A", FLR, 5.309% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 162336 | &nbsp;&nbsp;&nbsp; 162336 |
| MF1 2024-FL14 LLC, "AS", FLR, 6.198% (SOFR - 1mo. + 2.24%), 3/19/2039 (n) | 100000 | &nbsp;&nbsp;&nbsp; 100216 |
| MF1 2024-FL14 LLC, "C", FLR, 7.247% (SOFR - 1mo. + 3.289%), 3/19/2039 (n) | 150000 | &nbsp;&nbsp;&nbsp; 150329 |
| MF1 2024-FL16 LLC, "C", FLR, 6.504% (SOFR - 1mo. + 2.542%), 11/18/2039 (n) | 350000 | &nbsp;&nbsp;&nbsp; 351099 |
| MF1 2025-FL17 LLC, "A", FLR, 5.282% (SOFR - 1mo. + 1.32%), 2/18/2040 (n) | 500000 | &nbsp;&nbsp;&nbsp; 500102 |
| MF1 2025-FL17 LLC, "B", FLR, 5.754% (SOFR - 1mo. + 1.792%), 2/18/2040 (n) | 500000 | &nbsp;&nbsp;&nbsp; 500320 |
| MF1 2025-FL17 LLC, "C", FLR, 6.054% (SOFR - 1mo. + 2.092%), 2/18/2040 (n) | 888889 | &nbsp;&nbsp;&nbsp; 889456 |
| MF1 2025-FL19 LLC, "A", FLR, 5.534% (SOFR - 1mo. + 1.572%), 2/18/2040 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250085 |
| MF1 2025-FL19 LLC, "AS", FLR, 6.303% (SOFR - 1mo. + 2.3414%), 5/18/2042 (n) | 572121 | &nbsp;&nbsp;&nbsp; 573194 |
| MF1 2025-FL19 LLC, "B", FLR, 5.954% (SOFR - 1mo. + 1.9917%), 5/18/2042 (n) | 715568 | &nbsp;&nbsp;&nbsp; 716910 |
| MF1 Multi-Family Housing Mortgage Loan Trust, 2025-FL20, "C", FLR, 6.112% (SOFR - 1mo. + 2.15%), 2/18/2043 (n) | 1404267 | &nbsp;&nbsp;&nbsp; 1409951 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A1", 6.152%, 12/25/2068 (n) | 143725 | &nbsp;&nbsp;&nbsp; 144853 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM6, "A1", 5.152%, 7/25/2070 (n) | 205712 | &nbsp;&nbsp;&nbsp; 206331 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM9, "A1", 5.016%, 9/25/2070 (n) | 422505 | &nbsp;&nbsp;&nbsp; 423783 |
| New Residential Mortgage Loan Trust, 2025-NQM2, "A1", 5.566%, 4/25/2065 (n) | 87516 | &nbsp;&nbsp;&nbsp; 88391 |
| New Residential Mortgage Loan Trust, 2025-NQM4, "A1", 5.35%, 7/25/2065 (n) | 336204 | &nbsp;&nbsp;&nbsp; 338615 |
| New Residential Mortgage Loan Trust, 2025-NQM6, "A1", 5.085%, 10/25/2065 (n) | 1500000 | &nbsp;&nbsp;&nbsp; 1501041 |
| OBX Trust, 2024-NQM6, "A1", 6.447%, 2/25/2064 (n) | 157976 | &nbsp;&nbsp;&nbsp; 160585 |
| OBX Trust, 2025-NQM1, "A1", 5.547%, 12/25/2064 (n) | 85607 | &nbsp;&nbsp;&nbsp; 86235 |
| OBX Trust, 2025-NQM13, "A1", 5.441%, 5/25/2065 (n) | 88988 | &nbsp;&nbsp;&nbsp; 89566 |
| OBX Trust, 2025-NQM14, "A1", 5.162%, 7/25/2065 (n) | 93608 | &nbsp;&nbsp;&nbsp; 94363 |
| OBX Trust, 2025-NQM15, "A1B", 5.143%, 7/27/2065 (n) | 95896 | &nbsp;&nbsp;&nbsp; 96430 |
| OBX Trust, 2025-NQM16, "A1", 4.905%, 8/25/2065 (n) | 302621 | &nbsp;&nbsp;&nbsp; 302598 |
| OBX Trust, 2025-NQM20, "A1", 5.021%, 10/25/2065 (n) | 194504 | &nbsp;&nbsp;&nbsp; 195066 |
| Octagon 57 Ltd., 2021-1A, "CR", FLR, 5.741% (SOFR - 3mo. + 1.85%), 10/15/2034 (n) | 750000 | &nbsp;&nbsp;&nbsp; 750298 |
| Palmer Square Loan Funding 2024-1A Ltd., "A1", FLR, 4.954% (SOFR - 3mo. + 1.05%), 10/15/2032 (n) | 198391 | &nbsp;&nbsp;&nbsp; 198333 |
| Palmer Square Loan Funding 2024-1A Ltd., "B", FLR, 5.704% (SOFR - 3mo. + 1.8%), 10/15/2032 (n) | 120000 | &nbsp;&nbsp;&nbsp; 120103 |
| Palmer Square Loan Funding 2025-2A Ltd., "B", FLR, 5.987% (SOFR - 3mo. + 1.7%), 7/15/2033 (n) | 500000 | &nbsp;&nbsp;&nbsp; 499743 |
| Parallel Ltd., 2023-1A, "A2R", FLR, 5.684% (SOFR - 3mo. + 1.8%), 7/20/2036 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250298 |
| PFP III 2025-12 Ltd., "B", FLR, 6% (SOFR - 1mo. + 2.0421%), 12/18/2042 (n) | 100000 | &nbsp;&nbsp;&nbsp; 99814 |
| PMT Loan Trust, 2025-INV10, "A36", FLR, 5.422% (SOFR - 1mo. + 1.35%), 10/01/2056 (n) | 236760 | &nbsp;&nbsp;&nbsp; 236755 |
| PRM Trust, 2025-PRM6, "A", 4.48%, 7/05/2033 (n) | 123326 | &nbsp;&nbsp;&nbsp; 123097 |
| Provident Funding Mortgage Trust, 2025-1, "A", 5.5%, 2/25/2055 (n) | 202927 | &nbsp;&nbsp;&nbsp; 204078 |
| Provident Funding Mortgage Trust, 2025-2, "A4", 5.5%, 6/25/2055 (n) | 157259 | &nbsp;&nbsp;&nbsp; 158341 |
| Provident Funding Mortgage Trust, 2025-5, "A4", 5.5%, 11/25/2055 (n) | 690658 | &nbsp;&nbsp;&nbsp; 694625 |
| Rate Mortgage Trust, 2025-J3, "A27", FLR, 5.748% (SOFR - 1mo. + 1.55%), 11/25/2055 (n) | 649969 | &nbsp;&nbsp;&nbsp; 649850 |
| Santander Drive Auto Receivables Trust, 2025-1, "A3", 4.74%, 1/16/2029  | 95000 | &nbsp;&nbsp;&nbsp; 95245 |
| Shackleton 2019-14A CLO Ltd., "BRR", FLR, 5.434% (SOFR - 3mo. + 1.55%), 7/20/2034 (n) | 270916 | &nbsp;&nbsp;&nbsp; 270903 |
| Shelter Growth CRE Ltd., 2021-FL3, "C", FLR, 6.223% ((SOFR - 1mo. + 0.11448%) + 2.15%), 9/15/2036 (n) | 250000 | &nbsp;&nbsp;&nbsp; 249940 |
| Speak CLO Ltd., 2014-1A, "BR4", FLR, 5.481% (SOFR - 3mo. + 1.6%), 4/17/2034 (n) | 650000 | &nbsp;&nbsp;&nbsp; 649641 |
| Speak CLO Ltd., 2014-1A, "CR4", FLR, 5.831% (SOFR - 3mo. + 1.95%), 4/17/2034 (n) | 250000 | &nbsp;&nbsp;&nbsp; 250053 |
| Stellantis Finance US, Inc., 4.63%, 7/20/2027 (n) | 73840 | &nbsp;&nbsp;&nbsp; 74074 |
| STORE Master Funding LLC, 2025-1A, "A2", 4.98%, 10/20/2055 (n) | 517971 | &nbsp;&nbsp;&nbsp; 523899 |
| Taco Bell Funding LLC, 2025-1A, "A2I", 4.821%, 8/25/2055 (n) | 262427 | &nbsp;&nbsp;&nbsp; 262849 |
| TCW Gem Ltd., 2020-1A, "BR3", FLR, 5.484% (SOFR - 3mo. + 1.6%), 4/20/2034 (n) | 300000 | &nbsp;&nbsp;&nbsp; 297876 |
| TPG Real Estate Finance, 2025-FL7, "B" , FLR, 5.98% (SOFR - 1mo. + 1.95%), 6/18/2043 (n) | 356790 | &nbsp;&nbsp;&nbsp; 357010 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Trinitas CLO Ltd., 2017-6A, "B1R4", FLR, 5.507% (SOFR - 3mo. + 1.65%), 1/25/2034 (n) | $700000 | &nbsp;&nbsp;&nbsp; $700575 |
| Verus Securitization Trust, 2024-3, "A2", 6.642%, 4/25/2069 (n) | 141478 | &nbsp;&nbsp;&nbsp; 143132 |
| Verus Securitization Trust, 2025-9, "A1", 4.935%, 10/27/2070 (n) | 123175 | &nbsp;&nbsp;&nbsp; 123217 |
|  |  | &nbsp;&nbsp;&nbsp; $35904462 |
| Automotive – 1.1% | Automotive – 1.1% | Automotive – 1.1% |
| Ford Motor Credit Co. LLC, 5.73%, 9/05/2030  | $487000 | &nbsp;&nbsp;&nbsp; $495625 |
| Ford Motor Credit Co. LLC, 6.05%, 3/05/2031  | 200000 | &nbsp;&nbsp;&nbsp; 205400 |
| Hyundai Capital America, 5.3%, 1/08/2030 (n) | 246000 | &nbsp;&nbsp;&nbsp; 253689 |
| Hyundai Capital America, 6.375%, 4/08/2030 (n) | 383000 | &nbsp;&nbsp;&nbsp; 410165 |
| LKQ Corp., 6.25%, 6/15/2033  | 298000 | &nbsp;&nbsp;&nbsp; 318909 |
|  |  | &nbsp;&nbsp;&nbsp; $1683788 |
| Brokerage & Asset Managers – 2.1% | Brokerage & Asset Managers – 2.1% | Brokerage & Asset Managers – 2.1% |
| Charles Schwab Corp., 4.914% to 11/14/2035, FLR (SOFR - 1 day + 1.23%) to 11/14/2036  | $584000 | &nbsp;&nbsp;&nbsp; $585058 |
| Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170  | 697000 | &nbsp;&nbsp;&nbsp; 695049 |
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 139000 | &nbsp;&nbsp;&nbsp; 136186 |
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 231000 | &nbsp;&nbsp;&nbsp; 224696 |
| LPL Holdings, Inc., 6%, 5/20/2034  | 192000 | &nbsp;&nbsp;&nbsp; 201439 |
| LPL Holdings, Inc., 5.75%, 6/15/2035  | 236000 | &nbsp;&nbsp;&nbsp; 243887 |
| Nomura Holdings, Inc., 7% to 1/15/2031, FLR (CMT - 5yr. + 3.084%) to 1/15/2174  | 400000 | &nbsp;&nbsp;&nbsp; 410449 |
| Nomura Holdings, Inc. , 5.043%, 6/10/2036  | 600000 | &nbsp;&nbsp;&nbsp; 595288 |
|  |  | &nbsp;&nbsp;&nbsp; $3092052 |
| Building – 1.7% | Building – 1.7% | Building – 1.7% |
| Ferguson Enterprises, Inc., 5%, 10/03/2034  | $789000 | &nbsp;&nbsp;&nbsp; $800482 |
| JH North America Holdings, Inc., 6.125%, 7/31/2032 (n) | 504000 | &nbsp;&nbsp;&nbsp; 516642 |
| Patrick Industries, Inc., 4.75%, 5/01/2029 (n) | 591000 | &nbsp;&nbsp;&nbsp; 585892 |
| Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) | 630000 | &nbsp;&nbsp;&nbsp; 654189 |
|  |  | &nbsp;&nbsp;&nbsp; $2557205 |
| Business Services – 0.5% | Business Services – 0.5% | Business Services – 0.5% |
| Global Payments, Inc., 2.9%, 11/15/2031  | $748000 | &nbsp;&nbsp;&nbsp; $669555 |
| Cable TV – 0.6% | Cable TV – 0.6% | Cable TV – 0.6% |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.5%, 8/15/2030 (n) | $360000 | &nbsp;&nbsp;&nbsp; $336849 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035  | 544000 | &nbsp;&nbsp;&nbsp; 562087 |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.85%, 12/01/2035  | 10000 | &nbsp;&nbsp;&nbsp; 10023 |
|  |  | &nbsp;&nbsp;&nbsp; $908959 |
| Computer Software – 0.2% | Computer Software – 0.2% | Computer Software – 0.2% |
| Oracle Corp., 5.2%, 9/26/2035  | $229000 | &nbsp;&nbsp;&nbsp; $224395 |
| Oracle Corp., 5.95%, 9/26/2055  | 95000 | &nbsp;&nbsp;&nbsp; 89018 |
|  |  | &nbsp;&nbsp;&nbsp; $313413 |
| Conglomerates – 0.9% | Conglomerates – 0.9% | Conglomerates – 0.9% |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.75%, 7/15/2031 (n) | $625000 | &nbsp;&nbsp;&nbsp; $654183 |
| Regal Rexnord Corp., 6.3%, 2/15/2030  | 271000 | &nbsp;&nbsp;&nbsp; 287901 |
| Regal Rexnord Corp., 6.4%, 4/15/2033  | 410000 | &nbsp;&nbsp;&nbsp; 442126 |
|  |  | &nbsp;&nbsp;&nbsp; $1384210 |
| Consumer Services – 0.4% | Consumer Services – 0.4% | Consumer Services – 0.4% |
| CBRE Group, Inc., 5.95%, 8/15/2034  | $614000 | &nbsp;&nbsp;&nbsp; $661519 |
| Electrical Equipment – 0.4% | Electrical Equipment – 0.4% | Electrical Equipment – 0.4% |
| Arrow Electronics, Inc., 5.875%, 4/10/2034  | $589000 | &nbsp;&nbsp;&nbsp; $615807 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Electronics – 0.5% | Electronics – 0.5% | Electronics – 0.5% |
| Broadcom, Inc., 5.2%, 4/15/2032  | $248000 | &nbsp;&nbsp;&nbsp; $259257 |
| Broadcom, Inc., 3.137%, 11/15/2035 (n) | 303000 | &nbsp;&nbsp;&nbsp; 265379 |
| Broadcom, Inc., 4.8%, 2/15/2036  | 259000 | &nbsp;&nbsp;&nbsp; 259609 |
|  |  | &nbsp;&nbsp;&nbsp; $784245 |
| Emerging Market Quasi-Sovereign – 0.4% | Emerging Market Quasi-Sovereign – 0.4% | Emerging Market Quasi-Sovereign – 0.4% |
| OCP S.A. (Kingdom of Morocco), 6.75%, 5/02/2034 (n) | $200000 | &nbsp;&nbsp;&nbsp; $215091 |
| Petroleos Mexicanos, 5.95%, 1/28/2031  | 100000 | &nbsp;&nbsp;&nbsp; 96549 |
| Petroleos Mexicanos, 6.35%, 2/12/2048  | 443000 | &nbsp;&nbsp;&nbsp; 346053 |
|  |  | &nbsp;&nbsp;&nbsp; $657693 |
| Emerging Market Sovereign – 2.7% | Emerging Market Sovereign – 2.7% | Emerging Market Sovereign – 2.7% |
| Commonwealth of Bahamas, 8.95%, 10/15/2032  | $200000 | &nbsp;&nbsp;&nbsp; $222454 |
| Dominican Republic, 4.875%, 9/23/2032  | 200000 | &nbsp;&nbsp;&nbsp; 190530 |
| Republic of Cote d'Ivoire, 7.625%, 1/30/2033  | 800000 | &nbsp;&nbsp;&nbsp; 834093 |
| Republic of Guatemala, 6.6%, 6/13/2036  | 400000 | &nbsp;&nbsp;&nbsp; 427400 |
| Republic of Panama, 6.7%, 1/26/2036  | 150000 | &nbsp;&nbsp;&nbsp; 159090 |
| Republic of Serbia, 6%, 6/12/2034  | 200000 | &nbsp;&nbsp;&nbsp; 207985 |
| Republic of South Africa, 7.1%, 11/19/2036  | 600000 | &nbsp;&nbsp;&nbsp; 645380 |
| Republic of Turkey, 5.95%, 1/15/2031  | 200000 | &nbsp;&nbsp;&nbsp; 201476 |
| United Mexican States, 6%, 5/07/2036  | 200000 | &nbsp;&nbsp;&nbsp; 203680 |
| United Mexican States, 6.875%, 5/13/2037  | 600000 | &nbsp;&nbsp;&nbsp; 644040 |
| United Mexican States, 6.625%, 1/29/2038  | 300000 | &nbsp;&nbsp;&nbsp; 315510 |
|  |  | &nbsp;&nbsp;&nbsp; $4051638 |
| Energy - Independent – 1.7% | Energy - Independent – 1.7% | Energy - Independent – 1.7% |
| EQT Corp., 5%, 1/15/2029  | $328000 | &nbsp;&nbsp;&nbsp; $332519 |
| EQT Corp., 4.75%, 1/15/2031  | 139000 | &nbsp;&nbsp;&nbsp; 139945 |
| Occidental Petroleum Corp., 6.625%, 9/01/2030  | 133000 | &nbsp;&nbsp;&nbsp; 143336 |
| Occidental Petroleum Corp., 5.55%, 10/01/2034  | 278000 | &nbsp;&nbsp;&nbsp; 283131 |
| Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 571000 | &nbsp;&nbsp;&nbsp; 626603 |
| Santos Finance Ltd., 5.75%, 11/13/2035 (n) | 1083000 | &nbsp;&nbsp;&nbsp; 1085856 |
|  |  | &nbsp;&nbsp;&nbsp; $2611390 |
| Energy - Integrated – 0.6% | Energy - Integrated – 0.6% | Energy - Integrated – 0.6% |
| BP Capital Markets PLC, 6.45% to 3/01/2034, FLR ((CMT - 5yr. + 2.153%) + 0.25%) to 3/01/2054, FLR ((CMT - 5yr. + 2.153%) + <br> 1%) to 9/01/2172 <br>| $256000 | &nbsp;&nbsp;&nbsp; $272105 |
| Eni S.p.A., 5.5%, 5/15/2034 (n) | 600000 | &nbsp;&nbsp;&nbsp; 621869 |
|  |  | &nbsp;&nbsp;&nbsp; $893974 |
| Entertainment – 0.4% | Entertainment – 0.4% | Entertainment – 0.4% |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n)  | $530000 | &nbsp;&nbsp;&nbsp; $537897 |
| Financial Institutions – 1.2% | Financial Institutions – 1.2% | Financial Institutions – 1.2% |
| Avolon Holdings Funding Ltd., 4.95%, 10/15/2032 (n) | $710000 | &nbsp;&nbsp;&nbsp; $704296 |
| Macquarie AirFinance Holdings Ltd., 6.4%, 3/26/2029 (n) | 174000 | &nbsp;&nbsp;&nbsp; 182904 |
| SMBC Aviation Capital Finance DAC, 5.55%, 4/03/2034 (n) | 400000 | &nbsp;&nbsp;&nbsp; 415139 |
| SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035 (n) | 518000 | &nbsp;&nbsp;&nbsp; 520671 |
|  |  | &nbsp;&nbsp;&nbsp; $1823010 |
| Food & Beverages – 1.7% | Food & Beverages – 1.7% | Food & Beverages – 1.7% |
| Bacardi Ltd., 5.15%, 5/15/2038 (n) | $147000 | &nbsp;&nbsp;&nbsp; $140519 |
| Constellation Brands, Inc., 4.8%, 5/01/2030  | 62000 | &nbsp;&nbsp;&nbsp; 63124 |
| JBS USA Holding Lux S.à r.l., 5.95%, 4/20/2035 (n) | 681000 | &nbsp;&nbsp;&nbsp; 719844 |
| JBS USA Lux S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/01/2033  | 463000 | &nbsp;&nbsp;&nbsp; 485222 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 593000 | &nbsp;&nbsp;&nbsp; 610074 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 591000 | &nbsp;&nbsp;&nbsp; 600244 |
|  |  | &nbsp;&nbsp;&nbsp; $2619027 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Gaming & Lodging – 0.4% | Gaming & Lodging – 0.4% | Gaming & Lodging – 0.4% |
| Las Vegas Sands Corp., 5.625%, 6/15/2028  | $274000 | &nbsp;&nbsp;&nbsp; $280261 |
| Marriott International, Inc., 2.85%, 4/15/2031  | 278000 | &nbsp;&nbsp;&nbsp; 257875 |
| Marriott International, Inc., 5.25%, 10/15/2035  | 68000 | &nbsp;&nbsp;&nbsp; 69356 |
|  |  | &nbsp;&nbsp;&nbsp; $607492 |
| Industrial – 0.4% | Industrial – 0.4% | Industrial – 0.4% |
| Booz Allen Hamilton, Inc., 5.95%, 4/15/2035  | $523000 | &nbsp;&nbsp;&nbsp; $543613 |
| Insurance – 1.1% | Insurance – 1.1% | Insurance – 1.1% |
| Corebridge Financial, Inc., 5.75%, 1/15/2034  | $661000 | &nbsp;&nbsp;&nbsp; $689725 |
| MetLife, Inc., 6.35% to 3/15/2035, FLR (CMT - 5yr. + 2.078%) to 3/15/2055  | 185000 | &nbsp;&nbsp;&nbsp; 195421 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 646000 | &nbsp;&nbsp;&nbsp; 715544 |
|  |  | &nbsp;&nbsp;&nbsp; $1600690 |
| Insurance - Property & Casualty – 2.6% | Insurance - Property & Casualty – 2.6% | Insurance - Property & Casualty – 2.6% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | $595000 | &nbsp;&nbsp;&nbsp; $587974 |
| Arthur J. Gallagher & Co., 5.45%, 7/15/2034  | 294000 | &nbsp;&nbsp;&nbsp; 305872 |
| Arthur J. Gallagher & Co., 5.15%, 2/15/2035  | 422000 | &nbsp;&nbsp;&nbsp; 428485 |
| Brown & Brown, Inc., 5.65%, 6/11/2034  | 235000 | &nbsp;&nbsp;&nbsp; 243844 |
| Brown & Brown, Inc., 5.55%, 6/23/2035  | 532000 | &nbsp;&nbsp;&nbsp; 546866 |
| Fairfax Financial Holdings Ltd., 6%, 12/07/2033  | 603000 | &nbsp;&nbsp;&nbsp; 641490 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 587000 | &nbsp;&nbsp;&nbsp; 615050 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 582000 | &nbsp;&nbsp;&nbsp; 601798 |
|  |  | &nbsp;&nbsp;&nbsp; $3971379 |
| Interactive Media Services – 0.4% | Interactive Media Services – 0.4% | Interactive Media Services – 0.4% |
| Snap, Inc., 6.875%, 3/01/2033 (n)  | $605000 | &nbsp;&nbsp;&nbsp; $623232 |
| International Market Quasi-Sovereign – 0.2% | International Market Quasi-Sovereign – 0.2% | International Market Quasi-Sovereign – 0.2% |
| Electricite de France S.A., 6.9%, 5/23/2053 (n)  | $200000 | &nbsp;&nbsp;&nbsp; $225220 |
| Machinery & Tools – 0.4% | Machinery & Tools – 0.4% | Machinery & Tools – 0.4% |
| Ashtead Capital, Inc., 5.5%, 8/11/2032 (n) | $200000 | &nbsp;&nbsp;&nbsp; $206808 |
| Ashtead Capital, Inc., 5.8%, 4/15/2034 (n) | 400000 | &nbsp;&nbsp;&nbsp; 421588 |
|  |  | &nbsp;&nbsp;&nbsp; $628396 |
| Major Banks – 6.8% | Major Banks – 6.8% | Major Banks – 6.8% |
| Bank of America Corp., 5.288% to 4/25/2033, FLR (SOFR - 1 day + 1.630%) to 4/25/2034  | $337000 | &nbsp;&nbsp;&nbsp; $351133 |
| Bank of America Corp., 5.744% to 2/12/2035, FLR (SOFR - 1 day + 1.697%) to 2/12/2036  | 490000 | &nbsp;&nbsp;&nbsp; 515021 |
| Bank of America Corp., 3.846% to 3/08/2032, FLR (CMT - 1yr. + 2%) to 3/08/2037  | 247000 | &nbsp;&nbsp;&nbsp; 233553 |
| Bank of America Corp., 6.25% to 7/26/2030, FLR (CMT - 5yr. + 2.351%) to 10/26/2173  | 49000 | &nbsp;&nbsp;&nbsp; 49548 |
| Barclays PLC, 7.437% to 11/02/2032, FLR (CMT - 1yr. + 3.5%) to 11/02/2033  | 400000 | &nbsp;&nbsp;&nbsp; 460367 |
| Capital One Financial Corp., 7.624% to 10/30/2030, FLR (SOFR - 1 day + 3.07%) to 10/30/2031  | 328000 | &nbsp;&nbsp;&nbsp; 371151 |
| Capital One Financial Corp., 6.7%, 11/29/2032  | 245000 | &nbsp;&nbsp;&nbsp; 271484 |
| Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.86%) to 6/08/2034  | 183000 | &nbsp;&nbsp;&nbsp; 198881 |
| Capital One Financial Corp., 6.051% to 2/01/2034, FLR (SOFR - 1 day + 2.26%) to 2/01/2035  | 100000 | &nbsp;&nbsp;&nbsp; 106819 |
| Capital One Financial Corp., 5.197% to 9/11/2035, FLR (SOFR - 1 day + 1.63%) to 9/11/2036  | 141000 | &nbsp;&nbsp;&nbsp; 140751 |
| Citigroup, Inc., 6.875% to 8/15/2030, FLR (CMT - 5yr. + 2.89%) to 11/15/2173  | 868000 | &nbsp;&nbsp;&nbsp; 888429 |
| Deutsche Bank AG, 5.403% to 9/11/2034, FLR (SOFR - 1 day + 2.05%) to 9/11/2035  | 754000 | &nbsp;&nbsp;&nbsp; 772590 |
| Goldman Sachs Group, Inc., 2.65% to 10/21/2031, FLR (SOFR - 1 day + 1.264%) to 10/21/2032  | 439000 | &nbsp;&nbsp;&nbsp; 397825 |
| Goldman Sachs Group, Inc., 3.102% to 2/24/2032, FLR (SOFR - 1 day + 1.41%) to 2/24/2033  | 529000 | &nbsp;&nbsp;&nbsp; 489610 |
| JPMorgan Chase & Co., 4.851% to 7/25/2027, FLR (SOFR - 1 day + 1.99%) to 7/25/2028  | 289000 | &nbsp;&nbsp;&nbsp; 292838 |
| JPMorgan Chase & Co., 5.766%, 4/22/2035  | 602000 | &nbsp;&nbsp;&nbsp; 648100 |
| JPMorgan Chase & Co., 4.946% to 10/22/2034, FLR (SOFR - 1 day + 1.34%) to 10/22/2035  | 523000 | &nbsp;&nbsp;&nbsp; 532852 |
| Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029  | 283000 | &nbsp;&nbsp;&nbsp; 292473 |
| Morgan Stanley, 5.32% to 7/19/2034, FLR (SOFR - 1 day + 1.555%) to 7/19/2035  | 450000 | &nbsp;&nbsp;&nbsp; 467344 |
| Morgan Stanley, 5.664% to 4/17/2035, FLR (SOFR - 1 day + 1.757%) to 4/17/2036  | 207000 | &nbsp;&nbsp;&nbsp; 219749 |
| Morgan Stanley, 5.942% to 2/07/2034, FLR (CMT - 5yr. + 1.8%) to 2/07/2039  | 238000 | &nbsp;&nbsp;&nbsp; 251223 |
| UBS Group AG, 5.699% to 2/08/2034, FLR (CMT - 1yr. + 1.77%) to 2/08/2035 (n) | 600000 | &nbsp;&nbsp;&nbsp; 635468 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Major Banks – continued | Major Banks – continued | Major Banks – continued |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | $400000 | &nbsp;&nbsp;&nbsp; $363169 |
| Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033  | 409000 | &nbsp;&nbsp;&nbsp; 384290 |
| Wells Fargo & Co., 4.892% to 9/15/2035, FLR (SOFR - 1 day + 1.34%) to 9/15/2036  | 654000 | &nbsp;&nbsp;&nbsp; 659620 |
| Wells Fargo & Co., 3.9% to 3/15/2026, FLR (CMT - 1yr. + 3.453%) to 3/15/2071  | 284000 | &nbsp;&nbsp;&nbsp; 282685 |
|  |  | &nbsp;&nbsp;&nbsp; $10276973 |
| Metals & Mining – 1.3% | Metals & Mining – 1.3% | Metals & Mining – 1.3% |
| Anglo American Capital PLC, 5.5%, 5/02/2033 (n) | $450000 | &nbsp;&nbsp;&nbsp; $467882 |
| FMG Resources Ltd., 4.375%, 4/01/2031 (n) | 582000 | &nbsp;&nbsp;&nbsp; 561392 |
| Fortescue Treasury Pty Ltd., 6.125%, 4/15/2032 (n) | 162000 | &nbsp;&nbsp;&nbsp; 169092 |
| Novelis, Inc., 3.875%, 8/15/2031 (n) | 557000 | &nbsp;&nbsp;&nbsp; 508152 |
| Samarco Mineracao S.A., 9% PIK to 12/30/2025, (4% Cash + 5% PIK) to 12/30/2026, (5.5% Cash + 3.5% PIK) to 12/30/2027, <br> 9.25% Cash to 12/30/29, 9.5% Cash to 6/30/2031 (n)(p)<br>| 239838 | &nbsp;&nbsp;&nbsp; 240669 |
|  |  | &nbsp;&nbsp;&nbsp; $1947187 |
| Midstream – 1.9% | Midstream – 1.9% | Midstream – 1.9% |
| DCP Midstream Operating LP, 3.25%, 2/15/2032  | $434000 | &nbsp;&nbsp;&nbsp; $399836 |
| Plains All American Pipeline LP, 5.7%, 9/15/2034  | 238000 | &nbsp;&nbsp;&nbsp; 246787 |
| Plains All American Pipeline LP, 5.6%, 1/15/2036  | 461000 | &nbsp;&nbsp;&nbsp; 468398 |
| Targa Resources Corp., 6.125%, 3/15/2033  | 614000 | &nbsp;&nbsp;&nbsp; 658250 |
| Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032  | 425000 | &nbsp;&nbsp;&nbsp; 405903 |
| Venture Global LNG, Inc., 7%, 1/15/2030 (n) | 725000 | &nbsp;&nbsp;&nbsp; 711221 |
|  |  | &nbsp;&nbsp;&nbsp; $2890395 |
| Mortgage-Backed – 10.3% | Mortgage-Backed – 10.3% |  |
| Fannie Mae, 5.071%, 2/25/2045 (n) | $51769 | &nbsp;&nbsp;&nbsp; $51855 |
| Fannie Mae, 4.772%, 9/25/2052  | 192266 | &nbsp;&nbsp;&nbsp; 188830 |
| Fannie Mae, 3.5%, 10/01/2053  | 724988 | &nbsp;&nbsp;&nbsp; 671771 |
| Fannie Mae, 4%, 12/01/2054  | 672006 | &nbsp;&nbsp;&nbsp; 640228 |
| Fannie Mae, 5.472%, 12/25/2054  | 135666 | &nbsp;&nbsp;&nbsp; 136357 |
| Fannie Mae, 6%, 4/01/2055  | 534683 | &nbsp;&nbsp;&nbsp; 547485 |
| Fannie Mae, UMBS, 2%, 3/01/2052  | 1362436 | &nbsp;&nbsp;&nbsp; 1114541 |
| Fannie Mae, UMBS, 2.5%, 4/01/2052  | 187227 | &nbsp;&nbsp;&nbsp; 160149 |
| Fannie Mae, UMBS, 3%, 6/01/2052 - 8/01/2052  | 660690 | &nbsp;&nbsp;&nbsp; 588049 |
| Fannie Mae, UMBS, 5%, 12/01/2054  | 2241794 | &nbsp;&nbsp;&nbsp; 2239024 |
| Freddie Mac, 2%, 8/01/2052  | 831630 | &nbsp;&nbsp;&nbsp; 678852 |
| Freddie Mac, 5.521%, 2/25/2055  | 241679 | &nbsp;&nbsp;&nbsp; 243320 |
| Freddie Mac, UMBS, 2%, 3/01/2052  | 1592731 | &nbsp;&nbsp;&nbsp; 1303428 |
| Freddie Mac, UMBS, 2.5%, 5/01/2052 - 9/01/2052  | 2548389 | &nbsp;&nbsp;&nbsp; 2179085 |
| Freddie Mac, UMBS, 3%, 5/01/2052  | 1446309 | &nbsp;&nbsp;&nbsp; 1289612 |
| Freddie Mac, UMBS, 5.5%, 8/01/2054 - 10/01/2054  | 1172184 | &nbsp;&nbsp;&nbsp; 1188166 |
| Freddie Mac, UMBS, 6.5%, 9/01/2054 - 11/01/2054  | 253380 | &nbsp;&nbsp;&nbsp; 265087 |
| Freddie Mac, UMBS, 6%, 2/01/2055  | 114900 | &nbsp;&nbsp;&nbsp; 119280 |
| Ginnie Mae, 2%, 4/20/2052  | 360590 | &nbsp;&nbsp;&nbsp; 300491 |
| Ginnie Mae, 2.5%, 4/20/2052  | 516233 | &nbsp;&nbsp;&nbsp; 448207 |
| Ginnie Mae, 4.5%, 1/20/2055  | 632134 | &nbsp;&nbsp;&nbsp; 618652 |
| Ginnie Mae, 5.5%, 4/20/2055  | 243750 | &nbsp;&nbsp;&nbsp; 246302 |
| Ginnie Mae, 5.427%, 6/20/2055  | 90854 | &nbsp;&nbsp;&nbsp; 92685 |
| Ginnie Mae, 5.502%, 6/20/2055  | 98627 | &nbsp;&nbsp;&nbsp; 98582 |
| Ginnie Mae, 2.181%, 3/20/2066 (i) | 329811 | &nbsp;&nbsp;&nbsp; 8597 |
|  |  | &nbsp;&nbsp;&nbsp; $15418635 |
| Natural Gas - Distribution – 0.2% | Natural Gas - Distribution – 0.2% | Natural Gas - Distribution – 0.2% |
| Boston Gas Co., 3.757%, 3/16/2032 (n)  | $270000 | &nbsp;&nbsp;&nbsp; $257073 |
| Network & Telecom – 0.6% | Network & Telecom – 0.6% | Network & Telecom – 0.6% |
| NTT Finance Corp., 5.502%, 7/16/2035 (n)  | $825000 | &nbsp;&nbsp;&nbsp; $862085 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| Other Banks & Diversified Financials – 0.3% | Other Banks & Diversified Financials – 0.3% | Other Banks & Diversified Financials – 0.3% |
| Macquarie Bank Ltd. of London, 6.125% to 3/08/2027, FLR (Swap Rate - 5yr. + 4.332%) to 12/31/2165 (n)  | $445000 | &nbsp;&nbsp;&nbsp; $452124 |
| Precious Metals & Minerals – 0.7% | Precious Metals & Minerals – 0.7% | Precious Metals & Minerals – 0.7% |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | $587000 | &nbsp;&nbsp;&nbsp; $588337 |
| Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | 454000 | &nbsp;&nbsp;&nbsp; 485205 |
|  |  | &nbsp;&nbsp;&nbsp; $1073542 |
| Real Estate - Office – 1.2% | Real Estate - Office – 1.2% | Real Estate - Office – 1.2% |
| Boston Properties LP, REIT, 6.5%, 1/15/2034  | $259000 | &nbsp;&nbsp;&nbsp; $280063 |
| Boston Properties LP, REIT, 5.75%, 1/15/2035  | 788000 | &nbsp;&nbsp;&nbsp; 811356 |
| Highwoods Realty LP, 5.35%, 1/15/2033  | 769000 | &nbsp;&nbsp;&nbsp; 772165 |
|  |  | &nbsp;&nbsp;&nbsp; $1863584 |
| Real Estate - Other – 0.4% | Real Estate - Other – 0.4% | Real Estate - Other – 0.4% |
| First Industrial LP, 5.25%, 1/15/2031  | $639000 | &nbsp;&nbsp;&nbsp; $656767 |
| Real Estate - Retail – 0.8% | Real Estate - Retail – 0.8% | Real Estate - Retail – 0.8% |
| STORE Capital Corp., REIT, 4.5%, 3/15/2028  | $291000 | &nbsp;&nbsp;&nbsp; $291247 |
| STORE Capital Corp., REIT, 4.625%, 3/15/2029  | 278000 | &nbsp;&nbsp;&nbsp; 277090 |
| STORE Capital Corp., REIT, 2.7%, 12/01/2031  | 617000 | &nbsp;&nbsp;&nbsp; 545353 |
|  |  | &nbsp;&nbsp;&nbsp; $1113690 |
| Retailers – 1.0% | Retailers – 1.0% | Retailers – 1.0% |
| Alimentation Couche-Tard, Inc., 5.267%, 2/12/2034 (n) | $270000 | &nbsp;&nbsp;&nbsp; $277716 |
| Alimentation Couche-Tard, Inc., 5.077%, 9/29/2035 (n) | 35000 | &nbsp;&nbsp;&nbsp; 35384 |
| AutoNation, Inc., 5.89%, 3/15/2035  | 699000 | &nbsp;&nbsp;&nbsp; 729188 |
| Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p) | 450000 | &nbsp;&nbsp;&nbsp; 486966 |
|  |  | &nbsp;&nbsp;&nbsp; $1529254 |
| Specialty Chemicals – 0.0% | Specialty Chemicals – 0.0% | Specialty Chemicals – 0.0% |
| International Flavors & Fragrances, Inc., 2.3%, 11/01/2030 (n)  | $13000 | &nbsp;&nbsp;&nbsp; $11725 |
| Specialty Stores – 0.5% | Specialty Stores – 0.5% | Specialty Stores – 0.5% |
| DICK'S Sporting Goods, 3.15%, 1/15/2032  | $876000 | &nbsp;&nbsp;&nbsp; $806900 |
| Telecommunications - Wireless – 1.1% | Telecommunications - Wireless – 1.1% | Telecommunications - Wireless – 1.1% |
| American Tower Corp., 5.4%, 1/31/2035  | $311000 | &nbsp;&nbsp;&nbsp; $322481 |
| Rogers Communications, Inc., 3.8%, 3/15/2032  | 835000 | &nbsp;&nbsp;&nbsp; 789866 |
| T-Mobile USA, Inc., 2.55%, 2/15/2031  | 256000 | &nbsp;&nbsp;&nbsp; 234539 |
| T-Mobile USA, Inc., 4.95%, 11/15/2035  | 70000 | &nbsp;&nbsp;&nbsp; 70375 |
| Vodafone Group PLC, 5.625%, 2/10/2053  | 279000 | &nbsp;&nbsp;&nbsp; 271105 |
|  |  | &nbsp;&nbsp;&nbsp; $1688366 |
| Tobacco – 1.3% | Tobacco – 1.3% | Tobacco – 1.3% |
| B.A.T. Capital Corp., 6.343%, 8/02/2030  | $227000 | &nbsp;&nbsp;&nbsp; $245649 |
| B.A.T. Capital Corp., 4.742%, 3/16/2032  | 252000 | &nbsp;&nbsp;&nbsp; 255376 |
| B.A.T. Capital Corp., 4.625%, 3/22/2033  | 141000 | &nbsp;&nbsp;&nbsp; 140762 |
| Japan Tobacco, Inc., 5.85%, 6/15/2035 (n) | 701000 | &nbsp;&nbsp;&nbsp; 752775 |
| Philip Morris International, Inc., 5.375%, 2/15/2033  | 302000 | &nbsp;&nbsp;&nbsp; 316549 |
| Philip Morris International, Inc., 5.25%, 2/13/2034  | 174000 | &nbsp;&nbsp;&nbsp; 180681 |
| Philip Morris International, Inc., 4.875%, 4/30/2035  | 70000 | &nbsp;&nbsp;&nbsp; 70652 |
|  |  | &nbsp;&nbsp;&nbsp; $1962444 |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Yinson Bergenia Production B.V., 8.498%, 1/31/2045 (n)  | $200000 | &nbsp;&nbsp;&nbsp; $209766 |

---

------

*Portfolio of Investments (unaudited) – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued  | Bonds – continued  | Bonds – continued  |
| U.S. Treasury Obligations – 22.2% | U.S. Treasury Obligations – 22.2% | U.S. Treasury Obligations – 22.2% |
| U.S. Treasury Bonds, 4.5%, 2/15/2044  | $1900000 | &nbsp;&nbsp;&nbsp; $1877289 |
| U.S. Treasury Bonds, 4.625%, 11/15/2044 (f) | 7060000 | &nbsp;&nbsp;&nbsp; 7062758 |
| U.S. Treasury Bonds, 4.875%, 8/15/2045  | 6300000 | &nbsp;&nbsp;&nbsp; 6496875 |
| U.S. Treasury Bonds, 4.25%, 2/15/2054  | 1500000 | &nbsp;&nbsp;&nbsp; 1396816 |
| U.S. Treasury Bonds, 4.5%, 11/15/2054  | 5409000 | &nbsp;&nbsp;&nbsp; 5253491 |
| U.S. Treasury Bonds, 4.75%, 8/15/2055  | 2900000 | &nbsp;&nbsp;&nbsp; 2936250 |
| U.S. Treasury Notes, 3.875%, 7/31/2027  | 600000 | &nbsp;&nbsp;&nbsp; 603211 |
| U.S. Treasury Notes, 4.125%, 10/31/2029  | 3445000 | &nbsp;&nbsp;&nbsp; 3515919 |
| U.S. Treasury Notes, 3.875%, 7/31/2030  | 4180000 | &nbsp;&nbsp;&nbsp; 4229964 |
|  |  | &nbsp;&nbsp;&nbsp; $33372573 |
| Utilities - Electric Power – 1.2% | Utilities - Electric Power – 1.2% | Utilities - Electric Power – 1.2% |
| Colbun S.A., 5.375%, 9/11/2035 (n) | $205000 | &nbsp;&nbsp;&nbsp; $206540 |
| Enel Finance International N.V., 7.5%, 10/14/2032 (n) | 425000 | &nbsp;&nbsp;&nbsp; 491419 |
| Kallpa Generacion S.A., 5.5%, 9/11/2035 (n) | 200000 | &nbsp;&nbsp;&nbsp; 201000 |
| Pacific Gas & Electric Co., 6.95%, 3/15/2034  | 220000 | &nbsp;&nbsp;&nbsp; 246230 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 585000 | &nbsp;&nbsp;&nbsp; 599526 |
|  |  | &nbsp;&nbsp;&nbsp; $1744715 |
| **Total Bonds**  |  | &nbsp;&nbsp; **$149602893** |
| Mutual Funds – 4.0%  | Mutual Funds – 4.0%  | Mutual Funds – 4.0%  |
| Money Market Funds – 4.0% | Money Market Funds – 4.0% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.94% (j)  | 6040463 | &nbsp;&nbsp;&nbsp; $6040463 |
| Other Assets, Less Liabilities – (3.4)% |  | &nbsp;&nbsp;&nbsp; (5106878)<br>|
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$150536478** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been segregated as collateral for open futures
 contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest only security for which the fund receives interest on notional principal
 (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate quoted is the annualized seven-day yield of the fund at period end.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $59,400,664, representing 39.5% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Payment-in-kind (PIK) security for which interest income may be received in additional
 securities and/or cash.

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

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury  |
| FLR | Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate <br> reported may not be the current rate. All reference rates are USD unless otherwise noted.<br>|
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| UMBS | Uniform Mortgage-Backed Security |

---

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

------

*Portfolio of Investments (unaudited) – continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 11/30/25** | **Derivative Contracts at 11/30/25** | **Derivative Contracts at 11/30/25** | **Derivative Contracts at 11/30/25** | **Derivative Contracts at 11/30/25** | **Derivative Contracts at 11/30/25** | **Derivative Contracts at 11/30/25** |
| **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  | **Futures Contracts**  |
| **Description** | **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value/Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  | ***Interest Rate Futures***  |  |  |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp; Long | &nbsp;&nbsp; USD | &nbsp;&nbsp; 89 | $18588484 | March – 2026 | &nbsp;&nbsp; $(7116)<br>|
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp; Short | &nbsp;&nbsp; USD | &nbsp;&nbsp; 28 | 3253687 | March – 2026 | &nbsp;&nbsp; (5361)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $(12477)<br>|

---

At November 30, 2025, the fund had liquid securities with an aggregate value of $102,040 to cover any collateral or margin obligations for certain derivative contracts.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

------

**Supplemental Information**

11/30/25 (unaudited)

The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial

Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.

**(1) Investment Valuations**

Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund's investments to MFS as the fund's adviser, pursuant to the fund's valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the "valuation designee" of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser's fair valuation policy and procedures.

Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are

generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at

issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a

third-party pricing service. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

Under the fund's valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser's fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent's institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund's net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund's net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund's net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net

asset value per share.

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).

------

*Supplemental Information (unaudited) – continued*

Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of November 30, 2025 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $33372573 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $33372573 |
| Non - U.S. Sovereign Debt | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4934551 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4934551 |
| U.S. Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43463454 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43463454 |
| Residential Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22175239 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22175239 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4304217 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4304217 |
| Asset-Backed Securities (including CDOs) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24843641 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24843641 |
| Foreign Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16509218 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16509218 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 6040463 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6040463 |
| Total | &nbsp;&nbsp;&nbsp; $6040463 | &nbsp;&nbsp;&nbsp; $149602893 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $155643356 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts – Liabilities | &nbsp;&nbsp;&nbsp; $(12477)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(12477)<br>|

---

For further information regarding security characteristics, see the Portfolio of Investments.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** MFS Active Exchange Traded Funds Trust

- **b. Investment Company Act file number:** 811-23953

- **c. CIK number of Registrant:** 0002018846

- **d. LEI of Registrant:** 254900BBYRSBROE1WI76

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

  - **Street Address 1:** 111 HUNTINGTON AVENUE

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02199

  - **Telephone number:** 617-954-5000

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

- **a. Name of Series:** MFS Active Core Plus Bond ETF

- **b. EDGAR series identifier (if any):** S000085666

- **c. LEI of Series:** 254900UJDCSVKEHOW313

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**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:** $156973781.57

**Total Liabilities:** $6437303.32

**Net Assets:** $150536478.25

**Delayed Delivery Securities:** $5562458.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -116.24000000 | **1-Year:** -3155.71000000 | **5-Year:** -13474.81000000 | **10-Year:** -16478.20000000 | **30-Year:** -802.70000000

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

- **3-Month:** -72.79000000 | **1-Year:** -2016.98000000 | **5-Year:** -5174.74000000 | **10-Year:** -1719.79000000 | **30-Year:** -65.29000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251000 | 1.29%                | 0.63%                | 0.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $40864.58                | $628562.83                                 |
| Month 2  | $-77461.76               | $222789.86                                 |
| Month 3  | $-28323.72               | $237763.96                                 |

**Designated Index Information**

- **Index Name:** BBG Barc US Aggregate Index

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACREC LLC                                               | Acrec 2025 Fl 3 LLC                                                             | CUSIP: 00112HAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     97500 | PA      | $97205.36     | 0.06%             | 2042-08-18      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| AREIT CRE Trust                                         | AREIT 2025-CRE10 Ltd                                                            | CUSIP: 00193DAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    120332 | PA      | $120182.37    | 0.08%             | 2030-01-17      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Affirm Master Trust                                     | Affirm Master Trust                                                             | CUSIP: 00833BAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100526.24    | 0.07%             | 2033-07-15      | Fixed         | 4.67%                 | Yes           |                  2 | On Loan: No      |
| Affirm Inc                                              | Affirm Asset Securitization Trust 2025-X1                                       | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44292 | PA      | $44374.59     | 0.03%             | 2030-04-15      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD                                | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAU0<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |    270000 | PA      | $277715.62    | 0.18%             | 2034-02-12      | Fixed         | 5.27%                 | Yes           |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD                                | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAX4<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |     35000 | PA      | $35384.20     | 0.02%             | 2035-09-29      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    595000 | PA      | $587974.48    | 0.39%             | 2029-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust            | American Credit Acceptance Receivables Trust 2025-4                             | CUSIP: 024948AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    632000 | PA      | $632543.46    | 0.42%             | 2029-05-14      | Fixed         | 4.42%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                     | American Tower Corp                                                             | CUSIP: 03027XCM0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    311000 | PA      | $322480.40    | 0.21%             | 2035-01-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust                | AmeriCredit Automobile Receivables Trust 2025-1                                 | CUSIP: 03067FAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135000 | PA      | $135097.85    | 0.09%             | 2029-03-19      | Fixed         | 4.22%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-9                                                 | CUSIP: 03466JAA7<br>LEI: 254900O3R79X1AD55F36 | Long             | ABS-MBS          | CORP              | US        |    190431 | PA      | $190363.30    | 0.13%             | 2069-09-25      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                  | Anglo American Capital PLC                                                      | CUSIP: 034863BD1<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    450000 | PA      | $467882.29    | 0.31%             | 2033-05-02      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2025-10                                                | CUSIP: 034940AA4<br>LEI: 254900CFOEUA52TRVZ51 | Long             | ABS-MBS          | CORP              | US        |    177172 | PA      | $176927.83    | 0.12%             | 2070-09-25      | Variable      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd         | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd                          | CUSIP: 03880RAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250029.90    | 0.17%             | 2036-11-15      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd         | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                          | CUSIP: 03880XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    148853 | PA      | $148858.36    | 0.10%             | 2037-01-15      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Collateralized Loan Obligation Ltd         | Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd                          | CUSIP: 03880XAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    327000 | PA      | $327794.51    | 0.22%             | 2037-01-15      | Floating      | 6.44%                 | Yes           |                  2 | On Loan: No      |
| ARDN 2025-ARCP Mortgage Trust                           | ARDN 2025-ARCP Mortgage Trust                                                   | CUSIP: 039961AE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100218.75    | 0.07%             | 2035-06-15      | Floating      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| ARROW ELECTRONICS INC                                   | Arrow Electronics Inc                                                           | CUSIP: 04273WAE1<br>LEI: 549300YNNLBXT8N8R512 | Long             | DBT              | CORP              | US        |    589000 | PA      | $615807.13    | 0.41%             | 2034-04-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                 | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAH2<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    294000 | PA      | $305872.26    | 0.20%             | 2034-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                 | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    422000 | PA      | $428485.22    | 0.28%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                     | Ashtead Capital Inc                                                             | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    400000 | PA      | $421588.60    | 0.28%             | 2034-04-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                     | Ashtead Capital Inc                                                             | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206807.60    | 0.14%             | 2032-08-11      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AUTONATION INC                                          | AutoNation Inc                                                                  | CUSIP: 05329WAT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    699000 | PA      | $729188.03    | 0.48%             | 2035-03-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401ABC4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    710000 | PA      | $704296.52    | 0.47%             | 2032-10-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 054989AA6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    227000 | PA      | $245649.12    | 0.16%             | 2030-08-02      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 054989AF5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    141000 | PA      | $140761.84    | 0.09%             | 2033-03-22      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 05526DBW4<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    252000 | PA      | $255376.05    | 0.17%             | 2032-03-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                 | BDS 2025-FL16 LLC                                                               | CUSIP: 05556XAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    496505 | PA      | $496505.00    | 0.33%             | 2043-07-19      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                  | BP Capital Markets PLC                                                          | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    256000 | PA      | $272105.22    | 0.18%             | 2033-12-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BMP Trust                                               | BMP 2024-MF23                                                                   | CUSIP: 05593JAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $249999.88    | 0.17%             | 2041-06-15      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer, Ltd.                                      | BSPRT 2024-FL11 Issuer LLC                                                      | CUSIP: 05613RAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    150000 | PA      | $150646.47    | 0.10%             | 2039-07-15      | Floating      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital Credit CLO 2020-4 Ltd                                              | CUSIP: 05684KBL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    803892 | PA      | $804412.92    | 0.53%             | 2036-10-20      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital Credit CLO 2022-3 Ltd                                              | CUSIP: 05684NAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $498940.00    | 0.33%             | 2035-07-17      | Floating      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital Credit CLO 2022-1 Ltd                                              | CUSIP: 05684UAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $800000.00    | 0.53%             | 2038-10-18      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    247000 | PA      | $233552.74    | 0.16%             | 2037-03-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GLH0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    337000 | PA      | $351133.37    | 0.23%             | 2034-04-25      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GMQ9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    490000 | PA      | $515020.74    | 0.34%             | 2036-02-12      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     49000 | PA      | $49548.16     | 0.03%             | 2030-07-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Bank5                                                   | BANK5 2025-5YR17                                                                | CUSIP: 06211GAP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    188139 | PA      | $194849.97    | 0.13%             | 2058-11-15      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2023-BNK46                                                                 | CUSIP: 06541DBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $266030.88    | 0.18%             | 2056-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2023-BNK46                                                                 | CUSIP: 06541DBN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $539808.25    | 0.36%             | 2056-08-15      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| BACARDI LTD                                             | Bacardi Ltd                                                                     | CUSIP: 067316AG4<br>LEI: 549300R32WTQNHNN5055 | Long             | DBT              | CORP              | BM        |    147000 | PA      | $140519.17    | 0.09%             | 2038-05-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                    | CUSIP: 06738ECE3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $460366.48    | 0.31%             | 2033-11-02      | Fixed         | 7.44%                 | No            |                  2 | On Loan: No      |
| BARDOT CLO LTD                                          | Bardot CLO Ltd                                                                  | CUSIP: 06744NBS5<br>LEI: 549300KP12IHV6MTDK86 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248961.00    | 0.17%             | 2032-10-22      | Floating      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| BARDOT CLO LTD                                          | Bardot CLO Ltd                                                                  | CUSIP: 06744NBW6<br>LEI: 549300KP12IHV6MTDK86 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250042.25    | 0.17%             | 2032-10-22      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Babson CLO Ltd                                          | Barings Clo Ltd 2021-III                                                        | CUSIP: 06762TAN1<br>LEI: 549300V1VT2NXKFG0H98 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $350010.85    | 0.23%             | 2035-01-18      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| BDS Ltd                                                 | BDS 2025-FL14 LLC                                                               | CUSIP: 072921AE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    134096 | PA      | $132537.54    | 0.09%             | 2042-10-17      | Floating      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| BDS Ltd                                                 | BDS 2021-FL10 Ltd                                                               | CUSIP: 07335YAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500067.50    | 0.33%             | 2036-12-16      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                                 | Beach Acquisition Bidco LLC                                                     | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    450000 | PA      | $486966.15    | 0.32%             | 2033-07-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2025-V18 Mortgage Trust                                               | CUSIP: 08164EAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    133186 | PA      | $137847.31    | 0.09%             | 2058-10-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                   | Black Diamond CLO 2021-1 Ltd                                                    | CUSIP: 09204WAK0<br>LEI: 549300IEWA7GZ3ECTT90 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400193.60    | 0.27%             | 2034-11-22      | Floating      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                   | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    159000 | PA      | $158340.53    | 0.11%             | 2050-05-01      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                           | Boeing Co/The                                                                   | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    628000 | PA      | $698322.49    | 0.46%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                 | Booz Allen Hamilton Inc                                                         | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    523000 | PA      | $543613.16    | 0.36%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BOSTON GAS COMPANY                                      | Boston Gas Co                                                                   | CUSIP: 100743AM5<br>LEI: FN7P4E7K9JOBORDEUX61 | Long             | DBT              | CORP              | US        |    270000 | PA      | $257073.06    | 0.17%             | 2032-03-16      | Fixed         | 3.76%                 | Yes           |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                    | Boston Properties LP                                                            | CUSIP: 10112RBH6<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    259000 | PA      | $280062.84    | 0.19%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                                    | Boston Properties LP                                                            | CUSIP: 10112RBJ2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    788000 | PA      | $811355.65    | 0.54%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    303000 | PA      | $265379.10    | 0.18%             | 2035-11-15      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                    | CUSIP: 11135FCG4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    248000 | PA      | $259257.36    | 0.17%             | 2032-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                    | CUSIP: 11135FCY5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    259000 | PA      | $259608.90    | 0.17%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                       | Brown & Brown Inc                                                               | CUSIP: 115236AG6<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    235000 | PA      | $243843.82    | 0.16%             | 2034-06-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                       | Brown & Brown Inc                                                               | CUSIP: 115236AM3<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    532000 | PA      | $546865.81    | 0.36%             | 2035-06-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2025-BCAT                                          | CUSIP: 12433HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450394 | PA      | $450393.78    | 0.30%             | 2042-08-15      | Floating      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2025-BCAT                                          | CUSIP: 12433HAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95828 | PA      | $95828.45     | 0.06%             | 2042-08-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| BXMT Ltd                                                | BXMT 2020-FL2 LTD                                                               | CUSIP: 12434LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     81934 | PA      | $81730.32     | 0.05%             | 2038-02-15      | Floating      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $336849.26    | 0.22%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CBRE SERVICES INC                                       | CBRE Services Inc                                                               | CUSIP: 12505BAG5<br>LEI: 549300CTE3HOMEUMM603 | Long             | DBT              | CORP              | US        |    614000 | PA      | $661519.07    | 0.44%             | 2034-08-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CIP Commercial Mortgage Trust 2025-SBAY                 | CIP Commercial Mortgage Trust 2025-SBAY                                         | CUSIP: 12576AAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    169000 | PA      | $169105.46    | 0.11%             | 2037-10-15      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2024-CBM Mortgage Trust                                                    | CUSIP: 12674GAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $205291.44    | 0.14%             | 2041-12-10      | Variable      | 6.51%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                | Capital One Financial Corp                                                      | CUSIP: 14040HDA0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    183000 | PA      | $198880.95    | 0.13%             | 2034-06-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                | Capital One Financial Corp                                                      | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    328000 | PA      | $371150.80    | 0.25%             | 2031-10-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                | Capital One Financial Corp                                                      | CUSIP: 14040HDF9<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106819.24    | 0.07%             | 2035-02-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                | Capital One Financial Corp                                                      | CUSIP: 14040HDN2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    141000 | PA      | $140751.25    | 0.09%             | 2036-09-11      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trust                         | Carmax Select Receivables Trust 2025-B                                          | CUSIP: 14320BAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    202000 | PA      | $202095.63    | 0.13%             | 2029-03-15      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| Cathedral Lake LTD                                      | Cathedral Lake VI Ltd                                                           | CUSIP: 14919LAW4<br>LEI: 254900VBMJ6DSB3ZGA63 | Long             | ABS-CBDO         | CORP              | KY        |    287716 | PA      | $287238.97    | 0.19%             | 2034-04-25      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    544000 | PA      | $562087.31    | 0.37%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10022.73     | 0.01%             | 2035-12-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2016-I Ltd                                                         | CUSIP: 17180TBQ4<br>LEI: 54930076OPDXR0U68E20 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248411.25    | 0.17%             | 2031-10-21      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    868000 | PA      | $888429.25    | 0.59%             | 2030-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COLBUN SA                                               | Colbun SA                                                                       | CUSIP: 192714AF0<br>LEI: 5493003VQJLE2QB8IF36 | Long             | DBT              | CORP              | CL        |    205000 | PA      | $206539.55    | 0.14%             | 2035-09-11      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2024-3 Mortgage Loan Trust                                                 | CUSIP: 19688VAA8<br>LEI: 213800YFAHWZN77V6P52 | Long             | ABS-MBS          | CORP              | US        |    157160 | PA      | $159432.24    | 0.11%             | 2069-06-25      | Variable      | 6.39%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2024-6 Mortgage Loan Trust                                                 | CUSIP: 19688XAA4<br>LEI: 213800U2X2TO1PQH1O75 | Long             | ABS-MBS          | CORP              | US        |    204968 | PA      | $205754.29    | 0.14%             | 2069-11-25      | Variable      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2025-1                                                                     | CUSIP: 196920AC6<br>LEI: 21380069FFOP8RZNF423 | Long             | ABS-MBS          | CORP              | US        |     85308 | PA      | $86271.68     | 0.06%             | 2070-01-25      | Variable      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Cent CLO LP                                             | Columbia Cent CLO 30 Ltd                                                        | CUSIP: 19736WBQ2<br>LEI: 549300EPPYTG18BLNK44 | Long             | ABS-CBDO         | CORP              | KY        |    387755 | PA      | $387834.10    | 0.26%             | 2034-01-20      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Cent CLO LP                                             | Columbia Cent CLO 31 Ltd                                                        | CUSIP: 19737LAW3<br>LEI: 5493007YZPNOMQEILE23 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $297585.90    | 0.20%             | 2034-04-20      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 20754TAB8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     51769 | PA      | $51855.24     | 0.03%             | 2045-02-25      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                                | Constellation Brands Inc                                                        | CUSIP: 21036PBS6<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     62000 | PA      | $63123.89     | 0.04%             | 2030-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                | Corebridge Financial Inc                                                        | CUSIP: 21871XAS8<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    661000 | PA      | $689725.31    | 0.46%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                                 | DCP Midstream Operating LP                                                      | CUSIP: 23311VAK3<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    434000 | PA      | $399835.75    | 0.27%             | 2032-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Dwight 2025-FL1 Issuer LLC                              | Dwight 2025-FL1 Issuer LLC                                                      | CUSIP: 233636AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    206500 | PA      | $206982.18    | 0.14%             | 2042-06-18      | Floating      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                        | Deutsche Bank AG/New York NY                                                    | CUSIP: 251526CY3<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    754000 | PA      | $772589.68    | 0.51%             | 2035-09-11      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                                   | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    876000 | PA      | $806899.97    | 0.54%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                | Capital One Financial Corp                                                      | CUSIP: 254709AS7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    245000 | PA      | $271483.69    | 0.18%             | 2032-11-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 43 Senior Loan Fund                                                      | CUSIP: 26245CBU6<br>LEI: 5493002P75UIPU4MC757 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248093.50    | 0.16%             | 2034-04-20      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 86 CLO Ltd                                                               | CUSIP: 26245XBE6<br>LEI: 25490017VKY7XEFZL303 | Long             | ABS-CBDO         | CORP              | KY        |    999128 | PA      | $999741.46    | 0.66%             | 2034-07-17      | Floating      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| ELM Trust 2024                                          | ELM Trust 2024-ELM                                                              | CUSIP: 26860XAJ0<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1106858.39   | 0.74%             | 2039-06-10      | Variable      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| ELM Trust 2024                                          | ELM Trust 2024-ELM                                                              | CUSIP: 26860XBE0<br>LEI: 254900IIXJ23M1M8Y987 | Long             | ABS-MBS          | CORP              | US        |    221000 | PA      | $221589.50    | 0.15%             | 2039-06-10      | Variable      | 6.85%                 | Yes           |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                                | EMRLD Borrower LP / Emerald Co-Issuer Inc                                       | CUSIP: 26873CAB8<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |    625000 | PA      | $654183.13    | 0.43%             | 2031-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ENI SPA                                                 | Eni SpA                                                                         | CUSIP: 26874RAN8<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |    600000 | PA      | $621868.97    | 0.41%             | 2034-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                        | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    328000 | PA      | $332519.13    | 0.22%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                        | CUSIP: 26884LBD0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    139000 | PA      | $139944.47    | 0.09%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                        | CUSIP: 28504DAD5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $225219.45    | 0.15%             | 2053-05-23      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO 15 Ltd                                      | Elmwood CLO 15 Ltd                                                              | CUSIP: 29003JAU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500103.00    | 0.33%             | 2035-04-22      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                   | CUSIP: 29278GBA5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    425000 | PA      | $491419.37    | 0.33%             | 2032-10-14      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                          | Enterprise Fleet Financing 2025-4 LLC                                           | CUSIP: 29373NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    176000 | PA      | $176226.25    | 0.12%             | 2028-08-20      | Fixed         | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust 2025-1                                      | CUSIP: 30167MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23170 | PA      | $23176.86     | 0.02%             | 2027-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                | Fortescue Treasury Pty Ltd                                                      | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    582000 | PA      | $561391.82    | 0.37%             | 2031-04-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                | Fortescue Treasury Pty Ltd                                                      | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    162000 | PA      | $169091.71    | 0.11%             | 2032-04-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                                  | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BN1<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    603000 | PA      | $641489.79    | 0.43%             | 2033-12-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DNR39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    831630 | PA      | $678851.66    | 0.45%             | 2052-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DTZL7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    121101 | PA      | $127093.27    | 0.08%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWDC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1592731 | PA      | $1303428.04   | 0.87%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWDR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    775839 | PA      | $663630.11    | 0.44%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWDS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1446309 | PA      | $1289612.21   | 0.86%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWEF6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    831992 | PA      | $711318.11    | 0.47%             | 2052-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWFB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    940558 | PA      | $804136.59    | 0.53%             | 2052-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWMA8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    976929 | PA      | $990298.42    | 0.66%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DWMS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    195255 | PA      | $197867.86    | 0.13%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BN3C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    192266 | PA      | $188829.66    | 0.13%             | 2052-09-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BT7D9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    135666 | PA      | $136356.95    | 0.09%             | 2054-12-25      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HJ6Z5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    241679 | PA      | $243320.28    | 0.16%             | 2055-02-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140W1EE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    724988 | PA      | $671770.89    | 0.45%             | 2053-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EB82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1362436 | PA      | $1114540.76   | 0.74%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418ECQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    187227 | PA      | $160148.84    | 0.11%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418ED64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    328670 | PA      | $292563.68    | 0.19%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EGG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    332019 | PA      | $295484.68    | 0.20%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418FE29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2241794 | PA      | $2239024.46   | 1.49%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418FEY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    672006 | PA      | $640227.60    | 0.43%             | 2054-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418FJU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    534683 | PA      | $547485.25    | 0.36%             | 2055-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 31427MHC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    114900 | PA      | $119280.06    | 0.08%             | 2055-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 31427NMZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    132279 | PA      | $137993.65    | 0.09%             | 2054-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FERGUSON ENTERPRISES INC                                | Ferguson Enterprises Inc                                                        | CUSIP: 31488VAA5<br>LEI: 2138003JYQMRP3SLX189 | Long             | DBT              | CORP              | US        |    789000 | PA      | $800482.32    | 0.53%             | 2034-10-03      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIRST INDUSTRIAL LP                                     | First Industrial LP                                                             | CUSIP: 32055RAS6<br>LEI: 86MKNB3IKYZZT3E3OV11 | Long             | DBT              | CORP              | US        |    639000 | PA      | $656767.28    | 0.44%             | 2031-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                        | CUSIP: 345397E25<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205399.82    | 0.14%             | 2031-03-05      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                        | CUSIP: 345397H48<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    487000 | PA      | $495625.33    | 0.33%             | 2030-09-05      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                              | CUSIP: 36179W2T4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    360590 | PA      | $300490.55    | 0.20%             | 2052-04-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                              | CUSIP: 36179W2U1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    516233 | PA      | $448206.82    | 0.30%             | 2052-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| General Motors                                          | GMF Floorplan Owner Revolving Trust                                             | CUSIP: 361886DR2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250010.05    | 0.17%             | 2029-11-15      | Floating      | 4.69%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                              | CUSIP: 3618N5ET2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    632134 | PA      | $618651.63    | 0.41%             | 2055-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                              | CUSIP: 3618N5KW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    243750 | PA      | $246302.50    | 0.16%             | 2055-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                     | Global Payments Inc                                                             | CUSIP: 37940XAH5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    748000 | PA      | $669555.21    | 0.44%             | 2031-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                              | GLS Auto Receivables Issuer Trust 2025-2                                        | CUSIP: 37989BAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23464 | PA      | $23505.03     | 0.02%             | 2028-03-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD                  | Goldentree Loan Management US Clo 17 Ltd                                        | CUSIP: 38139FAU4<br>LEI: 549300TS068SCJRDSP12 | Long             | ABS-CBDO         | CORP              | JE        |    600000 | PA      | $599628.60    | 0.40%             | 2039-01-20      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    439000 | PA      | $397824.97    | 0.26%             | 2032-10-21      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    529000 | PA      | $489610.17    | 0.33%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                        | CUSIP: 38376RXP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    329811 | PA      | $8597.53      | 0.01%             | 2066-03-20      | Variable      | 2.18%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                        | CUSIP: 38381NMU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     90854 | PA      | $92685.05     | 0.06%             | 2055-06-20      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                        | CUSIP: 38385G5H8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     98627 | PA      | $98582.25     | 0.07%             | 2055-06-20      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Estate Notes                  | Greystone CRE Notes 2025-FL4 LLC                                                | CUSIP: 39810MAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100196.70    | 0.07%             | 2043-01-15      | Floating      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Harbor Park CLO Ltd                                     | Harbor Park CLO Ltd                                                             | CUSIP: 41154XBC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    486979 | PA      | $487163.57    | 0.32%             | 2031-01-20      | Floating      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| HIGHWOODS REALTY LP                                     | Highwoods Realty LP                                                             | CUSIP: 431282AV4<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |    769000 | PA      | $772165.22    | 0.51%             | 2033-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                   | HUB International Ltd                                                           | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    587000 | PA      | $615049.80    | 0.41%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ABL0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    383000 | PA      | $410164.75    | 0.27%             | 2030-04-08      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ADM6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    246000 | PA      | $253689.02    | 0.17%             | 2030-01-08      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                 | Hyundai Auto Lease Securitization Trust 2025-B                                  | CUSIP: 44935DAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     93780 | PA      | $94046.01     | 0.06%             | 2027-09-15      | Fixed         | 4.58%                 | Yes           |                  2 | On Loan: No      |
| IAMGOLD CORP                                            | IAMGOLD Corp                                                                    | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |    587000 | PA      | $588337.19    | 0.39%             | 2028-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ILPT Commercial Mortgage Trust                          | ILPT Commercial Mortgage Trust 2025-LPF2                                        | CUSIP: 451955AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    109000 | PA      | $111628.86    | 0.07%             | 2042-07-13      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                                | International Flavors & Fragrances Inc                                          | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |     13000 | PA      | $11725.21     | 0.01%             | 2030-11-01      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                                | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                      | CUSIP: 46590XAY2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    463000 | PA      | $485221.69    | 0.32%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    504000 | PA      | $516641.33    | 0.34%             | 2032-07-31      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PDG8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    289000 | PA      | $292837.87    | 0.19%             | 2028-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    602000 | PA      | $648100.14    | 0.43%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    523000 | PA      | $532852.23    | 0.35%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| JAPAN TOBACCO INC                                       | Japan Tobacco Inc                                                               | CUSIP: 471105AE6<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |    701000 | PA      | $752775.36    | 0.50%             | 2035-06-15      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| JBS USA SARL/FOOD/GRP                                   | JBS USA LUX Sarl / JBS USA Food Co / JBS USA Foods Group                        | CUSIP: 472140AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    681000 | PA      | $719844.24    | 0.48%             | 2035-04-20      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| KALLPA GENERACION SA                                    | Kallpa Generacion SA                                                            | CUSIP: 48344FAC4<br>LEI: 549300NG1PWEI5BZG095 | Long             | DBT              | CORP              | PE        |    200000 | PA      | $201000.00    | 0.13%             | 2035-09-11      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| LKQ CORP                                                | LKQ Corp                                                                        | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |    298000 | PA      | $318909.20    | 0.21%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    139000 | PA      | $136185.58    | 0.09%             | 2029-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                | CUSIP: 50212YAF1<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    231000 | PA      | $224696.41    | 0.15%             | 2031-05-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                | CUSIP: 50212YAK0<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    192000 | PA      | $201438.52    | 0.13%             | 2034-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                | CUSIP: 50212YAQ7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    236000 | PA      | $243886.99    | 0.16%             | 2035-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LRECS 2025-CRE1 LLC                                     | LRECS 2025-CRE1 LLC                                                             | CUSIP: 50230AAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    687327 | PA      | $687327.00    | 0.46%             | 2043-08-19      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                            | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    274000 | PA      | $280260.73    | 0.19%             | 2028-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                                   | LoanCore 2025-CRE9 Issuer LLC                                                   | CUSIP: 538912AC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    489000 | PA      | $489161.37    | 0.32%             | 2042-08-18      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| LoanCore Issuer, Ltd.                                   | LoanCore 2025 2025-CRE8 Issuer LLC                                              | CUSIP: 53947FAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    147000 | PA      | $145994.40    | 0.10%             | 2042-08-17      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2022-FL8 Ltd                                                                | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    162336 | PA      | $162335.73    | 0.11%             | 2037-02-19      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2024-FL16                                                                   | CUSIP: 55287EAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    350000 | PA      | $351099.46    | 0.23%             | 2039-11-18      | Floating      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2025-FL17 LLC                                                               | CUSIP: 55287HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $500101.50    | 0.33%             | 2040-02-18      | Floating      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2025-FL17 LLC                                                               | CUSIP: 55287HAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250084.50    | 0.17%             | 2040-02-18      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2025-FL17 LLC                                                               | CUSIP: 55287HAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    500000 | PA      | $500320.50    | 0.33%             | 2040-02-18      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2025-FL17 LLC                                                               | CUSIP: 55287HAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    888889 | PA      | $889456.11    | 0.59%             | 2040-02-18      | Floating      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2025-FL19 LLC                                                               | CUSIP: 55287KAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    715568 | PA      | $716909.62    | 0.48%             | 2042-05-18      | Floating      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2025-FL19 LLC                                                               | CUSIP: 55287KAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    572121 | PA      | $573194.13    | 0.38%             | 2042-05-18      | Floating      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2024-FL14 LLC                                                               | CUSIP: 55416AAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100216.20    | 0.07%             | 2039-03-19      | Floating      | 6.20%                 | Yes           |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2024-FL14 LLC                                                               | CUSIP: 55416AAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    150000 | PA      | $150329.10    | 0.10%             | 2039-03-19      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE BANK LONDON                                   | Macquarie Bank Ltd/London                                                       | CUSIP: 556079AB7<br>LEI: 549300MPRNPO6FWNKN78 | Long             | DBT              | CORP              | AU        |    445000 | PA      | $452123.56    | 0.30%             | 2027-03-08      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD                                | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    174000 | PA      | $182903.92    | 0.12%             | 2029-03-26      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XLVIII Ltd                                                 | CUSIP: 55821UAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249875.00    | 0.17%             | 2033-04-19      | Floating      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXI Ltd                                                               | CUSIP: 55954PAQ7<br>LEI: 5493007R5RBJT1RFJC86 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250073.75    | 0.17%             | 2034-04-20      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Marble Point CLO                                        | Marble Point CLO XXII Ltd                                                       | CUSIP: 56606GAN4<br>LEI: 549300MZC31PBFF01E87 | Long             | ABS-CBDO         | CORP              | KY        |    394872 | PA      | $395528.28    | 0.26%             | 2034-07-25      | Floating      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                  | Marriott International Inc/MD                                                   | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    278000 | PA      | $257875.44    | 0.17%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                                  | Marriott International Inc/MD                                                   | CUSIP: 571903BX0<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     68000 | PA      | $69355.69     | 0.05%             | 2035-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                             | MetLife Inc                                                                     | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    185000 | PA      | $195421.24    | 0.13%             | 2055-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2025-FL20 LLC                                                               | CUSIP: 59319CAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1404267 | PA      | $1409951.47   | 0.94%             | 2043-02-18      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    283000 | PA      | $292473.47    | 0.19%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    238000 | PA      | $251223.13    | 0.17%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    450000 | PA      | $467343.72    | 0.31%             | 2035-07-19      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    207000 | PA      | $219748.61    | 0.15%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM1                        | CUSIP: 61775UAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    143725 | PA      | $144852.50    | 0.10%             | 2068-12-25      | Variable      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM9                        | CUSIP: 61779VAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    422505 | PA      | $423783.46    | 0.28%             | 2070-09-25      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM6                        | CUSIP: 617948AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    205712 | PA      | $206331.49    | 0.14%             | 2070-07-25      | Variable      | 5.15%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                    | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    530000 | PA      | $537897.00    | 0.36%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NTT FINANCE CORP                                        | NTT Finance Corp                                                                | CUSIP: 62954WAV7<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    825000 | PA      | $862085.24    | 0.57%             | 2035-07-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | NEW Residential Mortgage Loan Trust 2025-Nqm2                                   | CUSIP: 64831XAC2<br>LEI: 2138006ZAYPD4ZHQYX81 | Long             | ABS-MBS          | CORP              | US        |     87516 | PA      | $88391.18     | 0.06%             | 2065-04-25      | Variable      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2025-NQM4                                   | CUSIP: 64832FAC0<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |    336204 | PA      | $338614.72    | 0.22%             | 2065-07-25      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | NRZT 2025-NQM6                                                                  | CUSIP: 64832KAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1501041.30   | 1.00%             | 2065-10-25      | Variable      | 5.09%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING                                  | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    585000 | PA      | $599525.55    | 0.40%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                                     | Nomura Holdings Inc                                                             | CUSIP: 65535HCC1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    400000 | PA      | $410448.80    | 0.27%             | 2030-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDINGS INC                                     | Nomura Holdings Inc                                                             | CUSIP: 65535HCE7<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |    600000 | PA      | $595288.00    | 0.40%             | 2036-06-10      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| NORTHERN STAR RESOU                                     | Northern Star Resources Ltd                                                     | CUSIP: 66573RAA6<br>LEI: 254900XFXCRYYZAX6M78 | Long             | DBT              | CORP              | AU        |    454000 | PA      | $485204.80    | 0.32%             | 2033-04-11      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                    | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    557000 | PA      | $508151.88    | 0.34%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                          | CUSIP: 67091TAF2<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    200000 | PA      | $215091.08    | 0.14%             | 2034-05-02      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM6 Trust                                                             | CUSIP: 67118XAA3<br>LEI: 254900LMIQVUH9BFZJ05 | Long             | ABS-MBS          | CORP              | US        |    157976 | PA      | $160585.48    | 0.11%             | 2064-02-25      | Variable      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2025-NQM13 Trust                                                            | CUSIP: 67121UAA4<br>LEI: 254900FPAGVH6E25VL74 | Long             | ABS-MBS          | CORP              | US        |     88988 | PA      | $89565.70     | 0.06%             | 2065-05-25      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2025-NQM15 Trust                                                            | CUSIP: 67122CAB1<br>LEI: 254900Y3YIZHUWMEGC78 | Long             | ABS-MBS          | CORP              | US        |     95896 | PA      | $96429.62     | 0.06%             | 2065-07-27      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2025-NQM16 Trust                                                            | CUSIP: 67122DAC7<br>LEI: 254900WI6P4MRT24JH23 | Long             | ABS-MBS          | CORP              | US        |    302621 | PA      | $302597.65    | 0.20%             | 2065-08-25      | Variable      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2025-NQM20 Trust                                                            | CUSIP: 67126GAC6<br>LEI: 254900Y8CC35WOVR8295 | Long             | ABS-MBS          | CORP              | US        |    194504 | PA      | $195065.78    | 0.13%             | 2065-10-25      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2025-NQM1 Trust                                                             | CUSIP: 673914AC1<br>LEI: 2549007E8KF1RJ2ZV866 | Long             | ABS-MBS          | CORP              | US        |     85607 | PA      | $86234.87     | 0.06%             | 2064-12-25      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2025-NQM14 Trust                                                            | CUSIP: 673924AC0<br>LEI: 254900T4WKE0IYMYAI09 | Long             | ABS-MBS          | CORP              | US        |     93608 | PA      | $94362.68     | 0.06%             | 2065-07-25      | Variable      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                       | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    133000 | PA      | $143336.23    | 0.10%             | 2030-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                       | CUSIP: 674599EL5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    278000 | PA      | $283131.32    | 0.19%             | 2034-10-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Octagon 57 Ltd                                          | Octagon 57 Ltd                                                                  | CUSIP: 67592XAS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $750298.50    | 0.50%             | 2034-10-15      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    229000 | PA      | $224394.86    | 0.15%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     95000 | PA      | $89018.42     | 0.06%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PFP III                                                 | PFP 2025-12 Ltd                                                                 | CUSIP: 69382JAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99813.60     | 0.07%             | 2042-12-18      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PMT Loan Trust                                          | PMT Loan Trust 2025-INV10                                                       | CUSIP: 69383EBK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    236760 | PA      | $236754.53    | 0.16%             | 2056-10-01      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                     | CUSIP: 694308KP1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    220000 | PA      | $246230.46    | 0.16%             | 2034-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-1 Ltd                                           | CUSIP: 69703NAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    198391 | PA      | $198333.25    | 0.13%             | 2032-10-15      | Floating      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-1 Ltd                                           | CUSIP: 69703NAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    120000 | PA      | $120103.32    | 0.08%             | 2032-10-15      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2025-2 Ltd                                           | CUSIP: 69704AAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499743.00    | 0.33%             | 2033-07-15      | Floating      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                           | CUSIP: 698299AW4<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    150000 | PA      | $159090.00    | 0.11%             | 2036-01-26      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                                   | Panther Escrow Issuer LLC                                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    582000 | PA      | $601797.67    | 0.40%             | 2031-06-01      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Parallel Ltd                                            | Parallel 2023-1 Ltd                                                             | CUSIP: 69915NAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250297.50    | 0.17%             | 2036-07-20      | Floating      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                                  | Patrick Industries Inc                                                          | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    591000 | PA      | $585892.22    | 0.39%             | 2029-05-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                                | Performance Food Group Inc                                                      | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    593000 | PA      | $610073.66    | 0.41%             | 2032-09-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                             | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    443000 | PA      | $346052.77    | 0.23%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    100000 | PA      | $96549.49     | 0.06%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                 | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    302000 | PA      | $316548.63    | 0.21%             | 2033-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                 | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    174000 | PA      | $180680.73    | 0.12%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                 | CUSIP: 718172DU0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70652.53     | 0.05%             | 2035-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    238000 | PA      | $246787.09    | 0.16%             | 2034-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                | Plains All American Pipeline LP / PAA Finance Corp                              | CUSIP: 72650RBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    461000 | PA      | $468398.22    | 0.31%             | 2036-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                               | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    591000 | PA      | $600244.42    | 0.40%             | 2034-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| PRM Trust                                               | PRM Trust 2025-PRM6                                                             | CUSIP: 74277DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    123326 | PA      | $123096.71    | 0.08%             | 2033-07-05      | Variable      | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                        | Provident Funding Mortgage Trust 2025-1                                         | CUSIP: 74388NAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    202927 | PA      | $204077.55    | 0.14%             | 2055-02-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                        | Provident Funding Mortgage Trust 2025-5                                         | CUSIP: 74388RAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    690658 | PA      | $694624.76    | 0.46%             | 2055-11-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust                        | Provident Funding Mortgage Trust 2025-2                                         | CUSIP: 74389DAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    157259 | PA      | $158340.89    | 0.11%             | 2055-06-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    630000 | PA      | $654188.85    | 0.43%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Rate Mortgage Trust                                     | Rate Mortgage Trust 2025-J3                                                     | CUSIP: 75410EBC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    649969 | PA      | $649850.06    | 0.43%             | 2055-11-25      | Floating      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                      | Regal Rexnord Corp                                                              | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    271000 | PA      | $287900.45    | 0.19%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                      | Regal Rexnord Corp                                                              | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    410000 | PA      | $442125.91    | 0.29%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                | Rogers Communications Inc                                                       | CUSIP: 775109CH2<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    835000 | PA      | $789866.21    | 0.52%             | 2032-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                            | State Street Institutional U.S. Government Money Market Fund                    | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   6040463 | NS      | $6040462.71   | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SMBC AVIATION CAPITAL FI                                | SMBC Aviation Capital Finance DAC                                               | CUSIP: 78448TAM4<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |    400000 | PA      | $415138.71    | 0.28%             | 2034-04-03      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| SMBC AVIATION CAPITAL FI                                | SMBC Aviation Capital Finance DAC                                               | CUSIP: 78448TAP7<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |    518000 | PA      | $520670.86    | 0.35%             | 2035-11-26      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                                 | Sammons Financial Group Inc                                                     | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |    646000 | PA      | $715543.71    | 0.48%             | 2034-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                                    | Samarco Mineracao SA                                                            | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |    239838 | PA      | $240669.04    | 0.16%             | 2031-06-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                  | Santander Drive Auto Receivables Trust 2025-1                                   | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95000 | PA      | $95245.29     | 0.06%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| SANTOS FINANCE LTD                                      | Santos Finance Ltd                                                              | CUSIP: 803014AB5<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |    571000 | PA      | $626602.84    | 0.42%             | 2033-09-19      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| SANTOS FINANCE LTD                                      | Santos Finance Ltd                                                              | CUSIP: 803014AC3<br>LEI: 213800BKUBSWG53XNS94 | Long             | DBT              | CORP              | AU        |   1083000 | PA      | $1085855.95   | 0.72%             | 2035-11-13      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                                         | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    697000 | PA      | $695049.45    | 0.46%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                                         | CUSIP: 808513CL7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    584000 | PA      | $585058.27    | 0.39%             | 2036-11-14      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Shackleton CLO LTD                                      | Shackleton 2019-XIV Clo Ltd                                                     | CUSIP: 81880XAY8<br>LEI: 549300HOHPZON6E4VH77 | Long             | ABS-CBDO         | CORP              | KY        |    270916 | PA      | $270903.27    | 0.18%             | 2034-07-20      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| Shelter Growth CRE                                      | Shelter Growth CRE Issuer Ltd                                                   | CUSIP: 822866AG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249940.23    | 0.17%             | 2036-09-15      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                    | Signal Peak CLO 1 LTD                                                           | CUSIP: 82666TAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $649641.20    | 0.43%             | 2034-04-17      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                                    | Signal Peak CLO 1 LTD                                                           | CUSIP: 82666TAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250052.50    | 0.17%             | 2034-04-17      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| SNAP INC                                                | Snap Inc                                                                        | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    605000 | PA      | $623231.68    | 0.41%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Stellantis Financial Underwritten Enhanced Lease Trust  | Stellantis Financial Underwritten Enhanced Lease Trust 2025-A                   | CUSIP: 858928AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73840 | PA      | $74074.02     | 0.05%             | 2027-07-20      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                       | Store Capital LLC                                                               | CUSIP: 862121AA8<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    291000 | PA      | $291247.04    | 0.19%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                       | Store Capital LLC                                                               | CUSIP: 862121AB6<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    278000 | PA      | $277090.10    | 0.18%             | 2029-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| STORE CAPITAL LLC                                       | Store Capital LLC                                                               | CUSIP: 862121AD2<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    617000 | PA      | $545352.33    | 0.36%             | 2031-12-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| STORE Master Funding LLC                                | STORE Master Funding LLC                                                        | CUSIP: 86212FAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    517971 | PA      | $523899.34    | 0.35%             | 2055-10-20      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| TCW Ltd                                                 | TCW CLO 2020-1 Ltd                                                              | CUSIP: 87190CBL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $297876.30    | 0.20%             | 2034-04-20      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    256000 | PA      | $234539.21    | 0.16%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ADX0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70375.26     | 0.05%             | 2035-11-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TPG Real Estate Finance                                 | TRTX 2025-FL7 Issuer Ltd                                                        | CUSIP: 87277LAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    356790 | PA      | $357010.28    | 0.24%             | 2043-06-18      | Floating      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                                  | Taco Bell Funding LLC                                                           | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    262427 | PA      | $262848.96    | 0.17%             | 2055-08-25      | Fixed         | 4.82%                 | Yes           |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $405903.18    | 0.27%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                    | Targa Resources Corp                                                            | CUSIP: 87612GAC5<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    614000 | PA      | $658249.68    | 0.44%             | 2033-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                   | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    330000 | PA      | $325942.16    | 0.22%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                   | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    305000 | PA      | $312623.78    | 0.21%             | 2033-05-31      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas CLO VI Ltd                                                             | CUSIP: 89640YBS2<br>LEI: 549300IUAXGLQ814UD95 | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $700574.70    | 0.47%             | 2034-01-25      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                          | CUSIP: 900123DA5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $201475.95    | 0.13%             | 2031-01-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 902613AD0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    400000 | PA      | $363169.00    | 0.24%             | 2031-02-10      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 902613BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    600000 | PA      | $635468.46    | 0.42%             | 2035-02-08      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                           | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $203680.00    | 0.14%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                           | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    600000 | PA      | $644040.00    | 0.43%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                            | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    300000 | PA      | $315510.00    | 0.21%             | 2038-01-29      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1396816.41   | 0.93%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810TZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1900000 | PA      | $1877289.07   | 1.25%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5409000 | PA      | $5253491.25   | 3.49%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7060000 | PA      | $7062757.78   | 4.69%             | 2044-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2900000 | PA      | $2936250.00   | 1.95%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                             | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6300000 | PA      | $6496875.00   | 4.32%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3445000 | PA      | $3515918.56   | 2.34%             | 2029-10-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4180000 | PA      | $4229964.04   | 2.81%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                             | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $603210.94    | 0.40%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                          | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    725000 | PA      | $711221.49    | 0.47%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2025-9                                               | CUSIP: 92490EAA1<br>LEI: 2138002AFCEWDDRL8N22 | Long             | ABS-MBS          | CORP              | US        |    123175 | PA      | $123216.50    | 0.08%             | 2070-10-27      | Variable      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2024-3                                               | CUSIP: 92540MAB1<br>LEI: 2138005NRONUFED1TZ38 | Long             | ABS-MBS          | CORP              | US        |    141478 | PA      | $143131.75    | 0.10%             | 2069-04-25      | Variable      | 6.64%                 | Yes           |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                                      | Vodafone Group PLC                                                              | CUSIP: 92857WBY5<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    279000 | PA      | $271104.94    | 0.18%             | 2053-02-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    284000 | PA      | $282685.17    | 0.19%             | 2026-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    409000 | PA      | $384289.66    | 0.26%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U4B6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    654000 | PA      | $659619.80    | 0.44%             | 2036-09-15      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| YINSON BERGENIA PRODUCTI                                | Yinson Bergenia Production BV                                                   | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $209765.80    | 0.14%             | 2045-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Ivory Coast Government International Bonds              | Ivory Coast Government International Bonds                                      | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    800000 | PA      | $834093.47    | 0.55%             | 2033-01-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Serbia International Bonds                              | Serbia International Bonds                                                      | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    200000 | PA      | $207985.19    | 0.14%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    600000 | PA      | $645379.60    | 0.43%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 2YR NOTE (CBT) MAR26                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        89 | NC      | $-7115.38     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR ULTRA FUT MAR26                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -28 | NC      | $-5361.36     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                                 | Bahamas Government International Bond                                           | CUSIP: 000000000<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |    200000 | PA      | $222454.00    | 0.15%             | 2032-10-15      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                           | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    200000 | PA      | $190530.00    | 0.13%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                       | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    400000 | PA      | $427400.00    | 0.28%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** MFS Active Exchange Traded Funds Trust

**Signature:** James Byrne

**Name of Signer:** James Byrne

**Title:** Assistant Treasurer