# EDGAR Filing Document

**Accession Number:** 0001496608
**File Stem:** 0001410368-25-018027
**Filing Date:** 2025-10
**Character Count:** 293721
**Document Hash:** 65ec29d94bc776c2c8ce4ce91baf7aac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-018027.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001410368-25-018027

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB Active ETFs, Inc.
- **CENTRAL INDEX KEY:** 0001496608

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23799
- **FILM NUMBER:** 251419640

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ALLIANCEBERNSTEIN L.P.
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-969-1000

**MAIL ADDRESS:**
- **STREET 1:** C/O ALLIANCEBERNSTEIN L.P.
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AllianceBernstein Active ETFs, Inc.
- **DATE OF NAME CHANGE:** 20100714

## Series and Classes Contracts Data

### AB Short Duration Income ETF (Series ID: S000083865)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000247935 | AB Short Duration Income ETF | SDFI            |

## Nport-Ex

**AB Active ETFs, Inc.** 

**AB Short Duration Income ETF** 

**Portfolio of Investments** 

**August 31, 2025 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **CORPORATES - INVESTMENT GRADE – 36.5%** |  |  |  |
|  **Industrial – 21.0%** |  |  |  |
|  **Basic – 0.4%** |  |  |  |
|  Georgia-Pacific LLC <br>0.95%, 05/15/2026<sup>(a)</sup> | U.S.$| 9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8791 |
|  Glencore Funding LLC<br>1.625%, 09/01/2025<sup>(a)</sup> |  | 32 | 32000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%, 04/01/2030<sup>(a)</sup> |  | 72 | 73950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338%, 04/04/2027<sup>(a)</sup> |  | 373 | 378659 |
|  |  |  | 493400 |
|  **Capital Goods – 3.1%** |  |  |  |
|  BAE Systems PLC <br>5.00%, 03/26/2027<sup>(a)</sup> |  | 374 | 378267 |
|  Boeing Co. (The)<br>2.196%, 02/04/2026 |  | 426 | 421761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/2028 |  | 272 | 265532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.259%, 05/01/2027 |  | 104 | 106980 |
|  Northrop Grumman Corp.<br>3.20%, 02/01/2027 |  | 377 | 372322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2028 |  | 184 | 180653 |
|  Parker-Hannifin Corp.<br>3.25%, 06/14/2029 |  | 66 | 63980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/2027 |  | 486 | 487784 |
|  Regal Rexnord Corp. <br>6.05%, 02/15/2026 |  | 377 | 378614 |
|  Republic Services, Inc. <br>4.875%, 04/01/2029 |  | 348 | 356930 |
|  RTX Corp.<br>3.50%, 03/15/2027 |  | 202 | 200210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/08/2026 |  | 421 | 427980 |
|  Westinghouse Air Brake Technologies Corp. <br>3.45%, 11/15/2026 |  | 444 | 439724 |
|  |  |  | 4080737 |
|  **Communications - Media – 0.3%** |  |  |  |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc.<br>5.875%, 08/15/2027<sup>(a)</sup> |  | 83 | 82596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(a)</sup> |  | 124 | 123075 |
|  Pinewood Finco PLC <br>3.25%, 09/30/2025<sup>(a)</sup> | GBP | 118 | 158626 |
|  |  |  | 364297 |
|  **Communications - Telecommunications – 1.5%** |  |  |  |
|  AT&T, Inc.<br>3.80%, 02/15/2027 | U.S.$| 393 | 390984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2027 |  | 486 | 486301 |
|  Rogers Communications, Inc. <br>3.20%, 03/15/2027 |  | 629 | 618961 |
|  T-Mobile USA, Inc. <br>3.75%, 04/15/2027 |  | 417 | 414227 |
|  |  |  | 1910473 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Automotive – 1.1%** |  |  |  |
|  American Honda Finance Corp. <br>2.00%, 03/24/2028 | U.S.$| 107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101449 |
|  Ford Motor Credit Co. LLC<br>3.815%, 11/02/2027 |  | 219 | 213174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.303%, 09/06/2029 |  | 200 | 198524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/08/2029 |  | 383 | 387286 |
|  Hyundai Capital America<br>1.30%, 01/08/2026<sup>(a)</sup> |  | 61 | 60308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/24/2027<sup>(a)</sup> |  | 35 | 34969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/26/2029<sup>(a)</sup> |  | 38 | 38022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/27/2030<sup>(a)</sup> |  | 100 | 102141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/08/2027<sup>(a)</sup> |  | 25 | 25276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/19/2027<sup>(a)</sup> |  | 322 | 326411 |
|  |  |  | 1487560 |
|  **Consumer Cyclical - Entertainment – 0.4%** |  |  |  |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 07/15/2027<sup>(a)</sup> |  | 436 | 439575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> |  | 31 | 31123 |
|  |  |  | 470698 |
|  **Consumer Cyclical - Other – 0.9%** |  |  |  |
|  CK Hutchison International 24 Ltd. <br>5.375%, 04/26/2029<sup>(a)</sup> |  | 447 | 463606 |
|  Flutter Treasury DAC <br>5.875%, 06/04/2031<sup>(a)</sup> |  | 200 | 203808 |
|  JH North America Holdings, Inc.<br>5.875%, 01/31/2031<sup>(a)</sup> |  | 4 | 4043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 07/31/2032<sup>(a)</sup> |  | 17 | 17271 |
|  Las Vegas Sands Corp.<br>3.50%, 08/18/2026 |  | 424 | 419909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/2028 |  | 112 | 114579 |
|  |  |  | 1223216 |
|  **Consumer Cyclical - Restaurants – 0.4%** |  |  |  |
|  McDonald's Corp.<br>3.50%, 03/01/2027 |  | 211 | 209194 |
|  Series G<br>5.00%, 05/17/2029 |  | 255 | 262737 |
|  Starbucks Corp. <br>4.75%, 02/15/2026 |  | 52 | 52067 |
|  |  |  | 523998 |
|  **Consumer Non-Cyclical – 6.5%** |  |  |  |
|  Altria Group, Inc. <br>3.40%, 05/06/2030 |  | 466 | 446507 |
|  Amgen, Inc.<br>2.20%, 02/21/2027 |  | 485 | 472041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/02/2027 |  | 125 | 122663 |
|  BAT Capital Corp.<br>3.557%, 08/15/2027 |  | 124 | 122358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/2027 |  | 299 | 300779 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  BAT International Finance PLC <br>1.668%, 03/25/2026 | U.S.$| 431 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424259 |
|  Cargill, Inc. <br>4.875%, 10/10/2025<sup>(a)</sup> |  | 403 | 403109 |
|  CVS Health Corp.<br>2.875%, 06/01/2026 |  | 401 | 396312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2026 |  | 107 | 105669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/01/2027 |  | 283 | 280252 |
|  DH Europe Finance II SARL <br>2.60%, 11/15/2029 |  | 490 | 461163 |
|  Gilead Sciences, Inc. <br>1.20%, 10/01/2027 |  | 521 | 492517 |
|  HCA, Inc.<br>3.125%, 03/15/2027 |  | 362 | 356219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2026 |  | 263 | 263452 |
|  Imperial Brands Finance PLC <br>3.50%, 07/26/2026<sup>(a)</sup> |  | 376 | 372691 |
|  IQVIA, Inc. <br>6.25%, 02/01/2029 |  | 453 | 477371 |
|  Kraft Heinz Foods Co.<br>3.00%, 06/01/2026 |  | 381 | 376828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/15/2027 |  | 214 | 212603 |
|  Molson Coors Beverage Co. <br>3.00%, 07/15/2026 |  | 393 | 388480 |
|  Philip Morris International, Inc.<br>2.75%, 02/25/2026 |  | 65 | 64474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2029 |  | 49 | 47558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/01/2027 |  | 126 | 126809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/13/2026 |  | 131 | 131189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/15/2028 |  | 43 | 43772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/13/2029 |  | 272 | 277709 |
|  Royalty Pharma PLC <br>1.20%, 09/02/2025 |  | 426 | 426000 |
|  Shire Acquisitions Investments Ireland DAC <br>3.20%, 09/23/2026 |  | 486 | 480878 |
|  Takeda Pharmaceutical Co., Ltd. <br>2.05%, 03/31/2030 |  | 503 | 456005 |
|  |  |  | 8529667 |
|  **Energy – 2.4%** |  |  |  |
|  Continental Resources, Inc./OK<br>2.268%, 11/15/2026<sup>(a)</sup> |  | 29 | 28214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028 |  | 295 | 293186 |
|  Hess Midstream Operations LP <br>5.875%, 03/01/2028<sup>(a)</sup> |  | 25 | 25436 |
|  MPLX LP <br>4.125%, 03/01/2027 |  | 618 | 616455 |
|  Targa Resources Corp.<br>4.90%, 09/15/2030 |  | 57 | 57865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/2027 |  | 442 | 449147 |
|  Var Energi ASA<br>5.875%, 05/22/2030<sup>(a)</sup> |  | 200 | 207342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(a)</sup> |  | 446 | 473273 |
|  Williams Cos., Inc. (The) <br>3.75%, 06/15/2027 |  | 454 | 450277 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Woodside Finance Ltd.<br>4.50%, 03/04/2029<sup>(a)</sup> | U.S.$| 290 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/19/2030 |  | 174 |  | 178778 |
|  |  |  |  | 3069176 |
|  **Other Industrial – 0.1%** | **Other Industrial – 0.1%** | **Other Industrial – 0.1%** | **Other Industrial – 0.1%** | **Other Industrial – 0.1%** |
|  RB Global Holdings, Inc. <br>6.75%, 03/15/2028<sup>(a)</sup> |  | 187 |  | 191383 |
|  **Services – 0.7%** |  |  |  |  |
|  Amazon.com, Inc. <br>1.20%, 06/03/2027 |  | 96 |  | 91834 |
|  Expedia Group, Inc. <br>3.80%, 02/15/2028 |  | 364 |  | 360455 |
|  S&P Global, Inc. <br>2.45%, 03/01/2027 |  | 481 |  | 469923 |
|  |  |  |  | 922212 |
|  **Technology – 3.2%** | **Technology – 3.2%** | **Technology – 3.2%** | **Technology – 3.2%** | **Technology – 3.2%** |
|  Analog Devices, Inc. <br>3.50%, 12/05/2026 |  | 486 |  | 483113 |
|  Broadcom, Inc.<br>4.15%, 02/15/2028 |  | 143 |  | 143114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/12/2027 |  | 443 |  | 450004 |
|  Fiserv, Inc.<br>3.20%, 07/01/2026 |  | 416 |  | 412181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/2027 |  | 253 |  | 256251 |
|  Honeywell International, Inc. <br>2.50%, 11/01/2026 |  | 95 |  | 93267 |
|  International Business Machines Corp.<br>1.70%, 05/15/2027 |  | 164 |  | 157789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/2026 |  | 158 |  | 156927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/2029 |  | 304 |  | 297911 |
|  Oracle Corp.<br>1.65%, 03/25/2026 |  | 166 |  | 163435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/2026 |  | 68 |  | 67083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/2027 |  | 430 |  | 420893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 |  | 187 |  | 183350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/06/2028 |  | 15 |  | 15126 |
|  VMware LLC <br>1.40%, 08/15/2026 |  | 442 |  | 429757 |
|  Workday, Inc. <br>3.50%, 04/01/2027 |  | 405 |  | 401015 |
|  |  |  |  | 4131216 |
|  **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** |
|  AS Mileage Plan IP Ltd. <br>5.021%, 10/20/2029<sup>(a)</sup> |  | 43 |  | 43021 |
|  |  |  |  | 27441054 |
|  **Financial Institutions – 14.4%** |  |  |  |  |
|  **Banking – 12.9%** |  |  |  |  |
|  Ally Financial, Inc. <br>5.737%, 05/15/2029 |  | 370 |  | 379598 |
|  American Express Co. <br>6.338%, 10/30/2026 |  | 398 |  | 399166 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Banco Bilbao Vizcaya Argentaria SA <br>6.138%, 09/14/2028 | U.S.$| 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206928 |
|  Banco Santander SA<br>1.722%, 09/14/2027  |  | 400 | 389008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/2027 |  | 400 | 400180 |
|  Barclays PLC<br>4.837%, 09/10/2028  |  | 401 | 405022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/2026 |  | 111 | 111367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.325%, 11/02/2026 |  | 234 | 235006 |
|  CaixaBank SA <br>6.208%, 01/18/2029<sup>(a)</sup> |  | 343 | 357245 |
|  Capital One Financial Corp.<br>1.878%, 11/02/2027  |  | 643 | 624822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/2025 |  | 286 | 285671 |
|  Citigroup, Inc.<br>1.122%, 01/28/2027  |  | 23 | 22687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.462%, 06/09/2027 |  | 424 | 414511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%, 01/10/2028 |  | 86 | 85504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658%, 05/24/2028 |  | 185 | 186092 |
|  Series VAR<br>3.07%, 02/24/2028  |  | 421 | 413498 |
|  Credit Agricole SA <br>5.23%, 01/09/2029<sup>(a)</sup> |  | 275 | 279881 |
|  Danske Bank A/S <br>4.298%, 04/01/2028<sup>(a)</sup> |  | 451 | 451081 |
|  Deutsche Bank AG/New York NY<br>2.129%, 11/24/2026  |  | 529 | 525990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%, 01/07/2028 |  | 385 | 376080 |
|  DNB Bank ASA <br>1.605%, 03/30/2028<sup>(a)</sup> |  | 465 | 446395 |
|  Goldman Sachs Bank USA/New York NY <br>5.283%, 03/18/2027 |  | 241 | 242087 |
|  Goldman Sachs Group, Inc. (The) <br>1.431%, 03/09/2027 |  | 267 | 262853 |
|  HSBC Holdings PLC<br>2.251%, 11/22/2027  |  | 203 | 197994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.583%, 06/19/2029 |  | 214 | 215370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.597%, 05/17/2028 |  | 506 | 516484 |
|  JPMorgan Chase & Co.<br>1.04%, 02/04/2027  |  | 268 | 264208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.045%, 11/19/2026 |  | 260 | 258092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/2027 |  | 72 | 69941 |
|  Lloyds Banking Group PLC<br>1.627%, 05/11/2027  |  | 395 | 387625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/2027 |  | 283 | 281441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.985%, 08/07/2027 |  | 175 | 177482 |
|  Macquarie Group Ltd. <br>1.34%, 01/12/2027<sup>(a)</sup> |  | 432 | 427209 |
|  Mitsubishi UFJ Financial Group, Inc.<br>1.538%, 07/20/2027  |  | 440 | 429290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.341%, 01/19/2028 |  | 487 | 474265 |
|  Morgan Stanley<br>3.95%, 04/23/2027  |  | 587 | 584910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.652%, 04/13/2028 |  | 12 | 12258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.138%, 10/16/2026 |  | 235 | 235425 |
|  Nationwide Building Society <br>2.972%, 02/16/2028<sup>(a)</sup> |  | 454 | 445070 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  NatWest Group PLC <br>1.642%, 06/14/2027 | U.S.$| 416 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407206 |
|  Santander UK Group Holdings PLC<br>2.469%, 01/11/2028 |  | 200 |  | 194890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.833%, 11/21/2026 |  | 369 |  | 370723 |
|  Societe Generale SA<br>5.249%, 05/22/2029<sup>(a)</sup> |  | 200 |  | 203120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%, 01/19/2028<sup>(a)</sup> |  | 443 |  | 448631 |
|  Standard Chartered PLC <br>5.545%, 01/21/2029<sup>(a)</sup> |  | 236 |  | 241938 |
|  Synchrony Financial<br>3.95%, 12/01/2027 |  | 65 |  | 64103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.019%, 07/29/2029 |  | 348 |  | 350272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/02/2033 |  | 179 |  | 188689 |
|  Toronto-Dominion Bank (The) <br>2.80%, 03/10/2027 |  | 418 |  | 410200 |
|  Truist Financial Corp. <br>5.90%, 10/28/2026 |  | 72 |  | 72132 |
|  UBS Group AG<br>1.494%, 08/10/2027<sup>(a)</sup> |  | 226 |  | 220036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.703%, 08/05/2027<sup>(a)</sup> |  | 367 |  | 368101 |
|  UniCredit SpA <br>1.982%, 06/03/2027<sup>(a)</sup> |  | 404 |  | 396566 |
|  Westpac New Zealand Ltd. <br>5.195%, 02/28/2029<sup>(a)</sup> |  | 449 |  | 462268 |
|  |  |  |  | 16876611 |
|  **Finance – 0.1%** | **Finance – 0.1%** | **Finance – 0.1%** | **Finance – 0.1%** | **Finance – 0.1%** |
|  Aviation Capital Group LLC <br>4.75%, 04/14/2027<sup>(a)</sup> |  | 155 |  | 155751 |
|  **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** | **Insurance – 0.2%** |
|  Centene Corp. <br>3.00%, 10/15/2030 |  | 306 |  | 270559 |
|  **REITs – 1.2%** | **REITs – 1.2%** | **REITs – 1.2%** | **REITs – 1.2%** | **REITs – 1.2%** |
|  Digital Realty Trust LP <br>3.60%, 07/01/2029 |  | 132 |  | 128775 |
|  GLP Capital LP/GLP Financing II, Inc. <br>5.375%, 04/15/2026 |  | 406 |  | 407242 |
|  Newmark Group, Inc. <br>7.50%, 01/12/2029 |  | 260 |  | 278393 |
|  Omega Healthcare Investors, Inc. <br>5.20%, 07/01/2030 |  | 84 |  | 85205 |
|  Simon Property Group LP <br>1.75%, 02/01/2028 |  | 347 |  | 329220 |
|  VICI Properties LP/VICI Note Co., Inc. <br>4.25%, 12/01/2026<sup>(a)</sup> |  | 371 |  | 369349 |
|  |  |  |  | 1598184 |
|  |  |  |  | 18901105 |
|  **Utility – 1.1%** | **Utility – 1.1%** | **Utility – 1.1%** | **Utility – 1.1%** | **Utility – 1.1%** |
|  **Electric – 1.1%** | **Electric – 1.1%** | **Electric – 1.1%** | **Electric – 1.1%** | **Electric – 1.1%** |
|  DTE Energy Co. <br>5.10%, 03/01/2029 |  | 145 |  | 148693 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Enel Finance International NV <br>2.125%, 07/12/2028<sup>(a) (b)</sup> | U.S.$| 474 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446176 |
|  Niagara Mohawk Power Corp. <br>4.647%, 10/03/2030<sup>(a)</sup> |  | 304 | 305326 |
|  Vistra Operations Co. LLC<br>3.70%, 01/30/2027<sup>(a)</sup> |  | 483 | 478344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 12/30/2026<sup>(a)</sup> |  | 10 | 10077 |
|  |  |  | 1388616 |
|  Total Corporates - Investment Grade <br>(cost $47,239,334) |  |  | 47730775 |
|  **GOVERNMENTS - TREASURIES – 28.2%** |  |  |  |
|  **United States – 28.2%** |  |  |  |
|  U.S. Treasury Bonds <br>4.75%, 02/15/2045 |  | 145 | 142842 |
|  U.S. Treasury Notes<br>3.75%, 04/30/2027 |  | 1171 | 1172189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/31/2027 |  | 1800 | 1805836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/31/2027 |  | 272 | 273116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/2028 |  | 589 | 593164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/31/2030 |  | 3498 | 3525328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029 |  | 1445 | 1462837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/2029 |  | 2591 | 2624804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 |  | 2375 | 2407656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/31/2027 |  | 1303 | 1309362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/28/2027 |  | 4039 | 4061877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/2029 |  | 1158 | 1177451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 |  | 1190 | 1214544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 |  | 3813 | 3895005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2030 |  | 2220 | 2271858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/31/2028 |  | 1036 | 1058867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/2028 |  | 970 | 992583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/31/2029 |  | 900 | 925383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/30/2028 |  | 3835 | 3948852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/30/2029 |  | 1060 | 1096023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/2028 |  | 950 | 985699 |
|  Total Governments - Treasuries <br>(cost $36,362,984) |  |  | 36945276 |
|  **ASSET-BACKED SECURITIES – 15.6%** |  |  |  |
|  **Other ABS - Fixed Rate – 9.0%** |  |  |  |
|  Affirm Asset Securitization<br>Trust Series 2023-B, Class 1A<br>6.82%, 09/15/2028<sup>(a)</sup> |  | 350 | 350284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A<br>6.82%, 09/15/2028<sup>(a)</sup> |  | 150 | 150122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X2, Class A<br>5.22%, 12/17/2029<sup>(a)</sup> |  | 36 | 35583 |
|  Avant Loans Funding<br>Trust Series 2024-REV1, Class A<br>5.92%, 10/15/2033<sup>(a)</sup> |  | 255 | 257993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-REV1, Class A 5.<br>12%, 05/15/2034<sup>(a)</sup> |  | 250 | 251222 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  BHG Securitization Trust<br>Series 2023-A, Class A<br>5.55%, 04/17/2036<sup>(a)</sup> | U.S.$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A<br>6.92%, 12/17/2036<sup>(a)</sup> |  | 110 | 115608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2CON, Class A<br>4.84%, 09/17/2036<sup>(a)</sup> |  | 300 | 302463 |
|  Castlelake Aircraft Structured Trust <br>Series 2025-2A, Class A <br>5.465%, 08/15/2050<sup>(a)</sup> |  | 600 | 605247 |
|  Cherry Securitization Trust<br>Series 2024-1A, Class A<br>5.70%, 04/15/2032<sup>(a)</sup> |  | 600 | 605278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>6.13%, 11/15/2032<sup>(a)</sup> |  | 400 | 406284 |
|  Dailypay Securitization Trust <br>Series 2025-1A, Class A <br>5.63%, 06/26/2028<sup>(a)</sup> |  | 600 | 603780 |
|  Dext ABS LLC <br>Series 2023-1, Class A2 <br>5.99%, 03/15/2032<sup>(a)</sup> |  | 59 | 59604 |
|  Equify ABS LLC <br>Series 2024-1A, Class A <br>5.43%, 04/18/2033<sup>(a)</sup> |  | 87 | 86984 |
|  Granite Park Equipment Leasing LLC <br>Series 2023-1A, Class A3 <br>6.46%, 09/20/2032<sup>(a)</sup> |  | 116 | 117683 |
|  Lendmark Funding Trust<br>Series 2024-1A, Class A<br>5.53%, 06/21/2032<sup>(a)</sup> |  | 300 | 304266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>4.94%, 09/20/2034<sup>(a)</sup> |  | 300 | 303807 |
|  Mariner Finance Issuance Trust <br>Series 2023-AA, Class A <br>6.70%, 10/22/2035<sup>(a)</sup> |  | 500 | 503653 |
|  Onemain Financial Issuance Trust <br>Series 2025-1A, Class A <br>4.82%, 07/14/2038<sup>(a)</sup> |  | 420 | 426184 |
|  Oportun Funding Trust <br>Series 2024-3, Class A <br>5.26%, 08/15/2029<sup>(a)</sup> |  | 64 | 64457 |
|  Oportun Issuance Trust<br>Series 2025-B, Class A<br>4.88%, 05/09/2033<sup>(a)</sup> |  | 600 | 603671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C, Class A<br>4.49%, 07/08/2033<sup>(a)</sup> |  | 600 | 601801 |
|  OWN Equipment Fund II LLC <br>Series 2025-1M, Class A <br>5.48%, 09/26/2033<sup>(a)</sup> |  | 586 | 592223 |
|  Pagaya AI Debt Grantor Trust <br>Series 2024-10, Class A <br>5.183%, 06/15/2032<sup>(a)</sup> |  | 62 | 62239 |
|  Pagaya AI Debt Trust<br>Series 2024-1, Class A<br>6.66%, 07/15/2031<sup>(a)</sup> |  | 56 | 56048 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Series 2024-2, Class A**<br> 6.319%, 08/15/2031<sup>(a)</sup> | U.S.$| 60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A<br>6.258%, 10/15/2031<sup>(a)</sup> |  | 51 | 51485 |
|  Pagaya Point of Sale Holdings Grantor Trust <br>Series 2025-1, Class A <br>5.715%, 01/20/2034<sup>(a)</sup> |  | 292 | 294967 |
|  Purchasing Power Funding LLC <br>Series 2024-A, Class A <br>5.89%, 08/15/2028<sup>(a)</sup> |  | 550 | 552507 |
|  Reach ABS Trust <br>Series 2025-2A, Class A <br>4.93%, 08/18/2032<sup>(a)</sup> |  | 400 | 401480 |
|  Regional Management Issuance Trust<br>Series 2024-2, Class A<br>5.11%, 12/15/2033<sup>(a)</sup> |  | 220 | 221580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A<br>4.99%, 04/17/2034<sup>(a)</sup> |  | 585 | 588539 |
|  Republic Finance Issuance Trust<br>Series 2024-A, Class A<br>5.91%, 08/20/2032<sup>(a)</sup> |  | 250 | 252959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A<br>5.42%, 11/20/2037<sup>(a)</sup> |  | 150 | 152956 |
|  Sotheby's Artfi Master Trust <br>Series 2024-1A, Class A1 <br>6.43%, 12/22/2031<sup>(a)</sup> |  | 550 | 553881 |
|  Sunbit Asset Securitization Trust <br>Series 2025-1, Class A <br>5.36%, 07/15/2030<sup>(a)</sup> |  | 300 | 301584 |
|  Theorem Funding Trust<br>Series 2022-3A<br>7.60%, 04/15/2029<sup>(a)</sup> |  | 3 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A<br>7.58%, 04/15/2029<sup>(a)</sup> |  | 7 | 7270 |
|  Upstart Securitization Trust<br>Series 2023-3, Class A<br>6.90%, 10/20/2033<sup>(a)</sup> |  | 31 | 30726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A<br>5.33%, 11/20/2034<sup>(a)</sup> |  | 77 | 76999 |
|  Verdant Receivables 2023-1 LLC <br>Series 2023-1A, Class A2 <br>6.24%, 01/13/2031<sup>(a)</sup> |  | 250 | 254145 |
|  VFI ABS LLC <br>Series 2025-1A, Class A <br>4.78%, 06/24/2030<sup>(a)</sup> |  | 441 | 442062 |
|  |  |  | 11741688 |
|  **Autos - Fixed Rate – 4.7%** |  |  |  |
|  ACM Auto Trust<br>Series 2025-1A, Class A<br>5.38%, 06/20/2029<sup>(a)</sup> |  | 65 | 65513 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Series 2025-2A, Class A**<br> 5.55%, 06/20/2028<sup>(a)</sup> | U.S.$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A<br>5.01%, 01/22/2030<sup>(a)</sup> |  | 920 | 920918 |
|  Credit Acceptance Auto Loan Trust <br>Series 2025-1A, Class A <br>5.02%, 03/15/2035<sup>(a)</sup> |  | 250 | 253175 |
|  FHF Trust <br>Series 2023-1A, Class A2 <br>6.57%, 06/15/2028<sup>(a)</sup> |  | 52 | 52219 |
|  FinBe USA Trust <br>Series 2025-1A, Class A <br>5.70%, 12/15/2028<sup>(a)</sup> |  | 529 | 530543 |
|  Hertz Vehicle Financing III LLC<br>Series 2024-1A, Class A<br>5.44%, 01/25/2029<sup>(a)</sup> |  | 154 | 156773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>4.91%, 09/25/2029<sup>(a)</sup> |  | 250 | 252902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A<br>5.06%, 12/26/2029<sup>(a)</sup> |  | 600 | 609835 |
|  Lendbuzz Securitization Trust<br>Series 2023-1A, Class A2<br>6.92%, 08/15/2028<sup>(a)</sup> |  | 58 | 59194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A2<br>7.09%, 10/16/2028<sup>(a)</sup> |  | 75 | 76088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class A2<br>7.50%, 12/15/2028<sup>(a)</sup> |  | 71 | 72688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A2, Class 24-1A<br>6.19%, 08/15/2029<sup>(a)</sup> |  | 119 | 120099 |
|  Lobel Automobile Receivables Trust <br>Series 2025-1, Class A <br>5.06%, 11/15/2027<sup>(a)</sup> |  | 148 | 148406 |
|  Merchants Fleet Funding LLC <br>Series 2023-1A, Class A <br>7.21%, 05/20/2036<sup>(a)</sup> |  | 241 | 243028 |
|  Research-Driven Pagaya Motor Asset Trust<br>Series 2023-3A, Class A<br>7.13%, 01/26/2032<sup>(a)</sup> |  | 208 | 208790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class A<br>7.54%, 03/25/2032<sup>(a)</sup> |  | 263 | 264417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A<br>5.281%, 03/25/2033<sup>(a)</sup> |  | 337 | 339103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A<br>5.044%, 06/27/2033<sup>(a)</sup> |  | 354 | 355361 |
|  Research-Driven Pagaya Motor Trust <br>Series 2024-1A, Class A <br>7.09%, 06/25/2032<sup>(a)</sup> |  | 55 | 55296 |
|  SAFCO Auto Receivables Trust <br>Series 2025-1A, Class A <br>5.46%, 09/10/2029<sup>(a)</sup> |  | 215 | 215252 |
|  Tricolor Auto Securitization Trust<br>Series 2024-1A, Class A<br>6.61%, 10/15/2027<sup>(c)</sup> |  | 25 | 24784 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Series 2025-1A, Class A**<br> 4.94%, 02/15/2029<sup>(c)</sup> | U.S.$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A<br>5.12%, 01/16/2029<sup>(c)</sup> |  | 547 | 548172 |
|  |  |  | 6143611 |
|  **Credit Cards - Fixed Rate – 1.2%** |  |  |  |
|  Brex Commercial Charge Card Master Trust <br>Series 2024-1, Class A1 <br>6.05%, 07/15/2027<sup>(a)</sup> |  | 325 | 327286 |
|  Continental Finance Credit Card ABS Master Trust <br>Series 2024-A, Class A <br>5.78%, 12/15/2032<sup>(a)</sup> |  | 250 | 254481 |
|  Mission Lane Credit Card Master Trust<br>Series 2025-A, Class A<br>5.80%, 05/15/2030<sup>(a)</sup> |  | 600 | 609018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A<br>5.06%, 09/15/2031<sup>(a)</sup> |  | 371 | 373241 |
|  |  |  | 1564026 |
|  **Other ABS - Floating Rate – 0.7%** |  |  |  |
|  Capital Street Master Trust <br>Series 2024-1, Class A <br>5.693% (CME Term SOFR + 1.35%),<br>10/16/2028<sup>(a) (d)</sup> |  | 62 | 62072 |
|  Gracie Point International Funding LLC <br>Series 2025-1A, Class A <br>5.70% (CME Term SOFR + 1.50%),<br>08/15/2028<sup>(a) (d) (e)</sup> |  | 650 | 650000 |
|  Pagaya AI Debt <br>Series 2024-S1, Class ABC <br>7.289%, 09/15/2031<sup>(a) (e)</sup> |  | 143 | 143724 |
|  Pagaya AI Debt Grantor Trust <br>Series 2025-1, Class A <br>5.103%, 07/15/2032<sup>(a)</sup> |  | 115 | 115585 |
|  |  |  | 971381 |
|  Total Asset-Backed Securities <br>(cost $20,284,201) |  |  | 20420706 |
|  **CORPORATES - NON-INVESTMENT GRADE – 8.6%** |  |  |  |
|  **Industrial – 7.5%** |  |  |  |
|  **Basic – 0.4%** |  |  |  |
|  Arsenal AIC Parent LLC <br>8.00%, 10/01/2030<sup>(a)</sup> |  | 38 | 40292 |
|  ASP Unifrax Holdings, Inc. <br>7.10% (7.10% Cash or 5.85% Cash and<br>1.25% PIK), 09/30/2029<sup>(a) (f)</sup> |  | 9 | 4498 |
|  Graphic Packaging International LLC <br>3.50%, 03/15/2028<sup>(a)</sup> |  | 125 | 120513 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **INEOS Finance PLC** <br> 6.375%, 04/15/2029<sup>(a)</sup> | EUR | 101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118258 |
|  INEOS Quattro Finance 2 PLC <br>8.50%, 03/15/2029<sup>(a)</sup> |  | 222 | 259201 |
|  Sealed Air Corp./Sealed Air Corp. US <br>6.125%, 02/01/2028<sup>(a)</sup> | U.S.$| 27 | 27363 |
|  |  |  | 570125 |
|  **Capital Goods – 0.8%** |  |  |  |
|  Axon Enterprise, Inc.<br>6.125%, 03/15/2030<sup>(a)</sup>  |  | 85 | 87562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033<sup>(a)</sup> |  | 66 | 68256 |
|  Ball Corp. <br>6.00%, 06/15/2029 |  | 300 | 307410 |
|  Bombardier, Inc. <br>8.75%, 11/15/2030<sup>(a)</sup> |  | 190 | 205111 |
|  Clean Harbors, Inc. <br>4.875%, 07/15/2027<sup>(a)</sup> |  | 89 | 88612 |
|  Esab Corp. <br>6.25%, 04/15/2029<sup>(a)</sup> |  | 26 | 26735 |
|  GFL Environmental, Inc. <br>6.75%, 01/15/2031<sup>(a)</sup> |  | 19 | 19854 |
|  LSB Industries, Inc. <br>6.25%, 10/15/2028<sup>(a) (b)</sup> |  | 147 | 146055 |
|  Quikrete Holdings, Inc. <br>6.375%, 03/01/2032<sup>(a)</sup> |  | 47 | 48468 |
|  Trinity Industries, Inc. <br>7.75%, 07/15/2028<sup>(a)</sup> |  | 22 | 22789 |
|  |  |  | 1020852 |
|  **Communications - Media – 0.8%** |  |  |  |
|  Banijay Entertainment SAS <br>7.00%, 05/01/2029<sup>(a)</sup> | EUR | 170 | 207048 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. <br>4.50%, 08/15/2030<sup>(a)</sup> | U.S.$| 26 | 24598 |
|  Discovery Communications LLC <br>4.125%, 05/15/2029 |  | 303 | 287320 |
|  DISH DBS Corp.<br>5.25%, 12/01/2026<sup>(a)</sup>  |  | 67 | 64999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> |  | 32 | 30093 |
|  McGraw-Hill Education, Inc. <br>5.75%, 08/01/2028<sup>(a)</sup> |  | 26 | 26133 |
|  Neptune Bidco US, Inc. <br>9.29%, 04/15/2029<sup>(a)</sup> |  | 91 | 90563 |
|  Univision Communications, Inc. <br>8.00%, 08/15/2028<sup>(a)</sup> |  | 262 | 271867 |
|  |  |  | 1002621 |
|  **Consumer Cyclical - Automotive – 0.2%** |  |  |  |
|  Goodyear Tire & Rubber Co. (The) <br>6.625%, 07/15/2030 |  | 30 | 30511 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Tenneco, Inc.** <br> 8.00%, 11/17/2028<sup>(a)</sup> | U.S.$| 51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51013 |
|  ZF North America Capital, Inc. <br>6.75%, 04/23/2030<sup>(a)</sup> |  | 160 | 155752 |
|  |  |  | 237276 |
|  **Consumer Cyclical - Entertainment – 0.2%** |  |  |  |
|  Lindblad Expeditions LLC <br>7.00%, 09/15/2030<sup>(a)</sup> |  | 15 | 15357 |
|  Viking Ocean Cruises Ship VII Ltd. <br>5.625%, 02/15/2029<sup>(a)</sup> |  | 14 | 13997 |
|  VOC Escrow Ltd. <br>5.00%, 02/15/2028<sup>(a)</sup> |  | 263 | 261575 |
|  |  |  | 290929 |
|  **Consumer Cyclical - Other – 1.1%** |  |  |  |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC <br>6.25%, 09/15/2027<sup>(a)</sup> |  | 86 | 85745 |
|  Churchill Downs, Inc. <br>4.75%, 01/15/2028<sup>(a)</sup> |  | 97 | 96047 |
|  Cirsa Finance International SARL <br>6.50%, 03/15/2029<sup>(a)</sup> | EUR | 100 | 121938 |
|  Hilton Domestic Operating Co., Inc.<br>5.875%, 04/01/2029<sup>(a)</sup> | U.S.$| 415 | 422939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/2032<sup>(a)</sup> |  | 77 | 79232 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<br>4.875%, 07/01/2031<sup>(a)</sup> |  | 9 | 8378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> |  | 45 | 43526 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. <br>6.625%, 02/01/2033<sup>(a)</sup> |  | 36 | 36429 |
|  Shea Homes LP/Shea Homes Funding Corp. <br>4.75%, 02/15/2028 |  | 11 | 10860 |
|  Standard Industries, Inc./NY <br>4.75%, 01/15/2028<sup>(a)</sup> |  | 109 | 107999 |
|  Taylor Morrison Communities, Inc. <br>5.875%, 06/15/2027<sup>(a)</sup> |  | 64 | 64532 |
|  Thor Industries, Inc. <br>4.00%, 10/15/2029<sup>(a)</sup> |  | 182 | 172296 |
|  Travel & Leisure Co. <br>6.625%, 07/31/2026<sup>(a)</sup> |  | 117 | 118048 |
|  |  |  | 1367969 |
|  **Consumer Cyclical - Restaurants – 0.0%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc.<br>3.875%, 01/15/2028<sup>(a)</sup> |  | 17 | 16554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028<sup>(a)</sup> |  | 35 | 34425 |
|  |  |  | 50979 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Retailers – 0.2%** |  |  |  |
|  Advance Auto Parts, Inc. <br>7.00%, 08/01/2030<sup>(a)</sup> | U.S.$| 219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224718 |
|  **Consumer Non-Cyclical – 1.2%** |  |  |  |
|  Acadia Healthcare Co., Inc. <br>7.375%, 03/15/2033<sup>(a)</sup> |  | 68 | 70872 |
|  AdaptHealth LLC <br>5.125%, 03/01/2030<sup>(a)</sup> |  | 263 | 250802 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<br>3.50%, 03/15/2029<sup>(a)</sup> |  | 40 | 38053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2028<sup>(a)</sup> |  | 114 | 116159 |
|  Amneal Pharmaceuticals LLC <br>6.875%, 08/01/2032<sup>(a)</sup> |  | 30 | 30859 |
|  Bausch & Lomb Corp. <br>8.375%, 10/01/2028<sup>(a)</sup> |  | 57 | 59480 |
|  DaVita, Inc. <br>4.625%, 06/01/2030<sup>(a)</sup> |  | 311 | 299397 |
|  Elanco Animal Health, Inc. <br>6.65%, 08/28/2028<sup>(b)</sup> |  | 6 | 6252 |
|  Embecta Corp. <br>5.00%, 02/15/2030<sup>(a)</sup> |  | 29 | 27223 |
|  LifePoint Health, Inc. <br>9.875%, 08/15/2030<sup>(a)</sup> |  | 203 | 219851 |
|  Medline Borrower LP <br>3.875%, 04/01/2029<sup>(a)</sup> |  | 26 | 24983 |
|  MPH Acquisition Holdings LLC<br>5.75%, 12/31/2030<sup>(a)</sup> |  | 5 | 4415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (6.00% Cash and 0.75% PIK), 03/31/2031<sup>(a) (b) (f)</sup> |  | 43 | 34925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50% (6.50% Cash and 5.00% PIK), 12/31/2030<sup>(a) (b) (f)</sup> |  | 8 | 8048 |
|  Newell Brands, Inc.<br>6.375%, 09/15/2027 |  | 15 | 15186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/01/2028<sup>(a)</sup> |  | 52 | 54962 |
|  Post Holdings, Inc. <br>6.25%, 02/15/2032<sup>(a)</sup> |  | 26 | 26714 |
|  US Foods, Inc. <br>4.75%, 02/15/2029<sup>(a)</sup> |  | 273 | 269003 |
|  |  |  | 1557184 |
|  **Energy – 1.6%** |  |  |  |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp. <br>7.00%, 07/15/2029<sup>(a)</sup> |  | 73 | 75974 |
|  Buckeye Partners LP <br>6.875%, 07/01/2029<sup>(a)</sup> |  | 23 | 23892 |
|  CITGO Petroleum Corp. <br>8.375%, 01/15/2029<sup>(a)</sup> |  | 186 | 194429 |
|  Civitas Resources, Inc. <br>8.375%, 07/01/2028<sup>(a)</sup> |  | 168 | 174397 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Hilcorp Energy I LP/Hilcorp Finance Co. <br>6.25%, 11/01/2028<sup>(a)</sup> | U.S.$| 73 | $| 73404 |
|  Nabors Industries, Inc. <br>7.375%, 05/15/2027<sup>(a)</sup> |  | 11 |  | 11183 |
|  NFE Financing LLC <br>12.00%, 11/15/2029<sup>(a)</sup> |  | 256 |  | 94173 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. <br>8.125%, 02/15/2029<sup>(a)</sup> |  | 105 |  | 107186 |
|  NuStar Logistics LP <br>5.625%, 04/28/2027 |  | 312 |  | 313813 |
|  Summit Midstream Holdings LLC <br>8.625%, 10/31/2029<sup>(a)</sup> |  | 258 |  | 257536 |
|  Sunoco LP <br>7.00%, 05/01/2029<sup>(a)</sup> |  | 251 |  | 260950 |
|  Sunoco LP/Sunoco Finance Corp. <br>7.00%, 09/15/2028<sup>(a)</sup> |  | 104 |  | 107435 |
|  Venture Global LNG, Inc.<br>9.50%, 02/01/2029<sup>(a)</sup> |  | 98 |  | 107886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/2032<sup>(a)</sup> |  | 303 |  | 329952 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132210 |
|  **Other Industrial – 0.2%** | **Other Industrial – 0.2%** | **Other Industrial – 0.2%** | **Other Industrial – 0.2%** | **Other Industrial – 0.2%** |
|  Velocity Vehicle Group LLC <br>8.00%, 06/01/2029<sup>(a)</sup> |  | 253 |  | 256509 |
|  **Services – 0.5%** | **Services – 0.5%** | **Services – 0.5%** | **Services – 0.5%** | **Services – 0.5%** |
|  Allied Universal Holdco LLC <br>7.875%, 02/15/2031<sup>(a)</sup> |  | 260 |  | 273101 |
|  ANGI Group LLC <br>3.875%, 08/15/2028<sup>(a)</sup> |  | 127 |  | 119637 |
|  Garda World Security Corp.<br>6.00%, 06/01/2029<sup>(a)</sup> |  | 51 |  | 50590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2028<sup>(a)</sup> |  | 48 |  | 49414 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. <br>3.375%, 08/31/2027<sup>(a)</sup> |  | 23 |  | 22320 |
|  Raven Acquisition Holdings LLC <br>6.875%, 11/15/2031<sup>(a)</sup> |  | 32 |  | 32669 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <br>5.50%, 05/15/2033<sup>(a)</sup> | EUR | 112 |  | 136282 |
|  |  |  |  | 684013 |
|  **Technology – 0.1%** | **Technology – 0.1%** | **Technology – 0.1%** | **Technology – 0.1%** | **Technology – 0.1%** |
|  Diebold Nixdorf, Inc. <br>7.75%, 03/31/2030<sup>(a)</sup> | U.S.$| 17 |  | 18028 |
|  Gen Digital, Inc. <br>6.75%, 09/30/2027<sup>(a)</sup> |  | 42 |  | 42744 |
|  Virtusa Corp. <br>7.125%, 12/15/2028<sup>(a)</sup> |  | 10 |  | 9790 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Western Digital Corp.** <br> 4.75%, 02/15/2026 | U.S.$| 33 | $| 32932 |
|  |  |  |  | 103494 |
|  **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** | **Transportation - Airlines – 0.0%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. <br>5.75%, 04/20/2029<sup>(a)</sup> |  | 44 |  | 44256 |
|  **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** |
|  Hertz Corp. (The) <br>12.625%, 07/15/2029<sup>(a)</sup> |  | 143 |  | 148224 |
|  Loxam SAS <br>4.50%, 02/15/2027<sup>(a)</sup> | EUR | 100 |  | 118106 |
|  |  |  |  | 266330 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9809465 |
|  **Financial Institutions – 0.9%** |  |  |  |  |
|  **Banking – 0.2%** |  |  |  |  |
|  Bread Financial Holdings, Inc. <br>9.75%, 03/15/2029<sup>(a)</sup> | U.S.$| 223 |  | 238278 |
|  **Brokerage – 0.1%** |  |  |  |  |
|  Jane Street Group/JSG Finance, Inc. <br>6.75%, 05/01/2033<sup>(a)</sup> |  | 121 |  | 125195 |
|  **Finance – 0.5%** |  |  |  |  |
|  Enova International, Inc. <br>9.125%, 08/01/2029<sup>(a)</sup> |  | 120 |  | 126528 |
|  GGAM Finance Ltd.<br>7.75%, 05/15/2026<sup>(a)</sup> |  | 51 |  | 51288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/15/2027<sup>(a)</sup> |  | 12 |  | 12318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/2028<sup>(a)</sup> |  | 77 |  | 81744 |
|  Navient Corp. <br>6.75%, 06/15/2026 |  | 259 |  | 261958 |
|  SLM Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/02/2026 |  | 23 |  | 22539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/31/2030 |  | 57 |  | 59547 |
|  |  |  |  | 615922 |
|  **Insurance – 0.0%** |  |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc. <br>7.50%, 11/06/2030<sup>(a)</sup> |  | 61 |  | 63296 |
|  **REITs – 0.1%** |  |  |  |  |
|  Iron Mountain, Inc. <br>5.00%, 07/15/2028<sup>(a)</sup> |  | 76 |  | 75519 |
|  |  |  |  | 1118210 |
|  **Utility – 0.2%** |  |  |  |  |
|  **Electric – 0.2%** |  |  |  |  |
|  NRG Energy, Inc. <br>5.75%, 07/15/2029<sup>(a)</sup> |  | 272 |  | 272811 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Total Corporates - Non-Investment Grade <br>(cost $11,072,583) |  |  | $11200486 |
|  **MORTGAGE PASS- THROUGHS – 6.7%** |  |  |  |
|  **Agency Fixed Rate 30-Year – 6.7%** |  |  |  |
|  Federal Home Loan Mortgage Corp.<br>Series 2024<br>5.50%, 11/01/2054 | U.S.$| 920 | 925222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2055 |  | 177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181386 |
|  Federal National Mortgage Association<br>Series 2024<br>5.50%, 10/01/2054 |  | 922 | 927538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2054 |  | 868 | 887707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2054 |  | 864 | 883052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2054 |  | 872 | 891165 |
|  Government National Mortgage Association<br>Series 2023<br>5.50%, 05/20/2053 |  | 826 | 836350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/2055 |  | 178 | 179258 |
|  Uniform Mortgage-Backed Security<br>Series 2025<br>4.00%, 09/01/2055, TBA |  | 653 | 609637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2055, TBA |  | 635 | 610803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2055, TBA |  | 620 | 610988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2055, TBA |  | 1213 | 1219960 |
|  Total Mortgage Pass-Throughs <br>(cost $8,643,789) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8763066 |
|  **COLLATERALIZED LOAN OBLIGATIONS – 4.9%** |  |  |  |
|  **CLO - Floating Rate – 4.9%** |  |  |  |
|  AGL CLO 44 Ltd. <br>Series 2025-44A, Class A <br>5.354% (CME Term SOFR 3 Month + 1.15%),<br>10/22/2037<sup>(a) (d)</sup> |  | 250 | 250000 |
|  Allegro CLO XI Ltd. <br>Series 2019-2A, Class A1AR <br>5.575% (CME Term SOFR 3 Month + 1.25%),<br>01/19/2033<sup>(a) (d)</sup> |  | 203 | 202847 |
|  Apidos CLO XXX <br>Series XXXA, Class A1AR <br>5.409% (CME Term SOFR 3 Month + 1.08%),<br>10/18/2031<sup>(a) (d)</sup> |  | 122 | 121758 |
|  Apidos Loan Fund Ltd. <br>Series 2024-1A, Class A1 <br>5.588% (CME Term SOFR 3 Month + 1.27%),<br>04/25/2035<sup>(a) (d)</sup> |  | 250 | 249950 |
|  Bain Capital Credit CLO <br>Series 2019-1A, Class AR2 <br>5.555% (CME Term SOFR 3 Month + 1.23%),<br>04/19/2034<sup>(a) (d)</sup> |  | 100 | 100184 |
|  Bain Capital Credit CLO Ltd.<br>Series 2021-4A, Class A1R<br>5.525% (CME Term SOFR 3 Month + 1.20%),<br>10/20/2034<sup>(a) (d)</sup> |  | 350 | 350358 |

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---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Series 2021-6A, Class A1R**<br> 5.415% (CME Term SOFR 3 Month + 1.09%),<br>10/21/2034<sup>(a) (d)</sup>  | U.S.$| 300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300507 |
|  Buttermilk Park CLO Ltd. <br>Series 2018-1A, Class A1R <br>5.398% (CME Term SOFR 3 Month + 1.08%),<br>10/15/2031<sup>(a) (d)</sup> |  | 158 | 158372 |
|  Carbone CLO Ltd. <br>Series 2017-1A, Class A1 <br>5.727% (CME Term SOFR 3 Month + 1.40%),<br>01/20/2031<sup>(a) (d)</sup> |  | 278 | 278651 |
|  Carlyle Global Market Strategies CLO Ltd. <br>Series 2015-5A, Class A1R3 <br>5.425% (CME Term SOFR 3 Month + 1.10%),<br>01/20/2032<sup>(a) (d)</sup> |  | 163 | 162988 |
|  Dryden 113 CLO Ltd. <br>Series 2022-113A, Class AR2 <br>5.568% (CME Term SOFR 3 Month + 1.25%),<br>10/15/2037<sup>(a) (d)</sup> |  | 250 | 250111 |
|  Goldentree Loan Management US CLO 8 Ltd. <br>Series 2020-8A, Class ARR <br>5.475% (CME Term SOFR 3 Month + 1.15%),<br>10/20/2034<sup>(a) (d)</sup> |  | 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450599 |
|  Invesco CLO Ltd. <br>Series 2021-2A, Class AR <br>5.315% (CME Term SOFR 3 Month + 1.10%),<br>07/15/2034<sup>(a) (d)</sup> |  | 650 | 650000 |
|  KKR CLO 21 Ltd. <br>Series 21, Class A <br>5.579% (CME Term SOFR 3 Month + 1.26%),<br>04/15/2031<sup>(a) (d)</sup> |  | 126 | 125826 |
|  PPM CLO 5 Ltd. <br>Series 2021-5A, Class A <br>5.791% (CME Term SOFR 3 Month + 1.46%),<br>10/18/2034<sup>(a) (d)</sup> |  | 500 | 500543 |
|  Rad CLO 14 Ltd. <br>Series 2021-14A, Class A <br>5.749% (CME Term SOFR 3 Month + 1.43%),<br>01/15/2035<sup>(a) (d)</sup> |  | 550 | 550246 |
|  Regatta XIX Funding Ltd. <br>Series 2022-1A, Class A1 <br>5.645% (CME Term SOFR 3 Month + 1.32%),<br>04/20/2035<sup>(a) (d)</sup> |  | 470 | 470920 |
|  Regatta XVI Funding Ltd. <br>Series 2019-2A, Class A1R <br>5.518% (CME Term SOFR 3 Month + 1.20%),<br>01/15/2033<sup>(a) (d)</sup> |  | 232 | 232493 |
|  Regatta XXIII Funding Ltd. <br>Series 2021-4A, Class A1 <br>5.737% (CME Term SOFR 3 Month + 1.41%),<br>01/20/2035<sup>(a) (d)</sup> |  | 530 | 529996 |

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------

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| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **VERDE CLO Ltd.** <br> Series 2019-1A, Class ARR <br>5.428% (CME Term SOFR 3 Month + 1.11%),<br>04/15/2032<sup>(a) (d)</sup> | U.S.$| 162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162384 |
|  Voya CLO Ltd.<br>Series 2018-1A, Class A1<br>5.537% (CME Term SOFR 3 Month + 1.21%),<br>04/19/2031<sup>(a) (d)</sup>  |  | 156 | 155915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1R2<br>5.518% (CME Term SOFR 3 Month + 1.20%),<br>10/15/2031<sup>(a) (d)</sup> |  | 122 | 122335 |
|  Total Collateralized Loan Obligations <br>(cost $6,360,785) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376983 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.0%** |  |  |  |
|  **Non-Agency Fixed Rate CMBS – 1.0%** |  |  |  |
|  BANK<br>Series 2020-BN28, Class XA<br>1.875%, 03/15/2063<sup>(g)</sup> |  | 2003 | 141564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class XA<br>1.406%, 11/15/2053<sup>(g)</sup> |  | 951 | 51431 |
|  Barclays Commercial Mortgage Trust <br>Series 2019-C3, Class XA <br>1.468%, 05/15/2052<sup>(g)</sup> |  | 932 | 35338 |
|  BBCMS Mortgage Trust <br>Series 2017-C1, Class XA <br>1.61%, 02/15/2050<sup>(g)</sup> |  | 1151 | 16029 |
|  CD Mortgage Trust <br>Series 2016-CD1, Class XA <br>1.473%, 08/10/2049<sup>(g)</sup> |  | 1414 | 5888 |
|  CFCRE Commercial Mortgage Trust<br>Series 2016-C4, Class XA<br>1.693%, 05/10/2058<sup>(g)</sup> |  | 55 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8, Class XA<br>1.631%, 06/15/2050<sup>(g)</sup>  |  | 259 | 4477 |
|  Citigroup Commercial Mortgage Trust<br>Series 2016-GC36, Class A5<br>3.616%, 02/10/2049 |  | 165 | 163629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P7, Class XA<br>1.226%, 04/14/2050<sup>(g)</sup>  |  | 770 | 8678 |
|  Commercial Mortgage Trust<br>Series 2014-CR16, Class D<br>4.936%, 04/10/2047<sup>(a)</sup> |  | 100 | 84521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class XA<br>1.042%, 02/10/2049<sup>(g)</sup> |  | 1812 | 123 |
|  GS Mortgage Securities Trust<br>Series 2013-GC13, Class D<br>4.006%, 07/10/2046<sup>(a)</sup> |  | 100 | 72502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3, Class XA<br>1.304%, 10/10/2049<sup>(g)</sup> |  | 1163 | 7033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS5, Class XA<br>0.969%, 03/10/2050<sup>(g)</sup> |  | 1386 | 12010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7, Class XA<br>1.169%, 08/10/2050<sup>(g)</sup> |  | 3082 | 46080 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Series 2019-GC39, Class XA**<br> 1.238%, 05/10/2052<sup>(g)</sup> | U.S.$| 3560 | $122169 |
|  JP Morgan Chase Commercial Mortgage Securities Trust<br>Series 2012-LC9, Class G<br>3.713%, 12/15/2047<sup>(a)</sup> |  | 100 | 58017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC11, Class B<br>3.499%, 04/15/2046 |  | 54 | 51260 |
|  JPMBB Commercial Mortgage Securities Trust <br>Series 2013-C14, Class D <br>4.172%, 08/15/2046<sup>(a)</sup> |  | 75 | 57198 |
|  UBS Commercial Mortgage Trust<br>Series 2017-C1, Class XA<br>1.617%, 06/15/2050<sup>(g)</sup> |  | 876 | 15012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C2, Class XA<br>1.203%, 08/15/2050<sup>(g)</sup> |  | 1879 | 27744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class XA<br>1.05%, 12/15/2051<sup>(g)</sup> |  | 741 | 17072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C15, Class XA<br>1.046%, 12/15/2051<sup>(g)</sup> |  | 557 | 13095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XA<br>1.109%, 12/15/2052<sup>(g)</sup> |  | 1187 | 35746 |
|  UBS-Barclays Commercial Mortgage Trust <br>Series 2013-C6, Class D <br>4.06%, 04/10/2046<sup>(a)</sup> |  | 69 | 63151 |
|  Wells Fargo Commercial Mortgage Trust<br>Series 2016-LC24, Class XA<br>1.747%, 10/15/2049<sup>(g)</sup> |  | 723 | 7440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class XA<br>1.101%, 01/15/2052<sup>(g)</sup> |  | 729 | 17493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class XA<br>1.71%, 08/15/2052<sup>(g)</sup> |  | 825 | 39784 |
|  WFRBS Commercial Mortgage Trust<br>Series 2011-C4, Class D<br>5.15%, 06/15/2044<sup>(a)</sup> |  | 38 | 36449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-C4, Class E<br>5.15%, 06/15/2044<sup>(a)</sup> |  | 25 | 23558 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234639 |
|  **Non-Agency Floating Rate CMBS – 0.0%** |  |  |  |
|  Starwood Retail Property Trust <br>Series 2014-STAR, Class A <br>7.50% (PRIME 1 Month + 0.00%), 11/15/2027<sup>(a) (d)</sup> |  | 76 | 46229 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $1,402,428) |  |  | 1280868 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2%** |  |  |  |
|  **Risk Share Floating Rate – 0.2%** |  |  |  |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes <br>Series 2021-DNA6, Class M2 <br>5.848% (CME Term SOFR + 1.50%), 10/25/2041<sup>(a) (d)</sup> | U.S.$| 132 | $132020 |
|  Federal National Mortgage Association Connecticut Avenue Securities <br>Series 2016-C04, Class 1B <br>14.713% (CME Term SOFR + 10.36%), 01/25/2029<sup>(d)</sup> |  | 117 | 125004 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257024 |
|  **Agency Fixed Rate – 0.0%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS <br>Series 4913, Class IO <br>6.00%, 04/15/2041<sup>(g)</sup> |  | 50 | 9938 |
|  Federal National Mortgage Association REMICS<br>Series 2016-26, Class IO<br>5.00%, 05/25/2046<sup>(g)</sup> |  | 100 | 13891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-31, Class IO<br>5.00%, 06/25/2046<sup>(g)</sup> |  | 136 | 18123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-64, Class BI<br>5.00%, 09/25/2046<sup>(g)</sup> |  | 16 | 2143 |
|  |  |  | 44095 |
|  **Agency Floating Rate – 0.0%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS <br>Series 4372, Class JS <br>1.643% (5.99% - CME Term SOFR), 08/15/2044<sup>(d) (h)</sup> |  | 66 | 7279 |
|  Federal National Mortgage Association REMICS<br>Series 2012-17, Class ES<br>2.087% (6.44% - CME Term SOFR), 03/25/2041<sup>(d) (h)</sup> |  | 19 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-17, Class SE<br>1.487% (5.84% - CME Term SOFR), 03/25/2042<sup>(d) (h)</sup> |  | 50 | 5884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-25, Class SA<br>1.587% (5.94% - CME Term SOFR), 06/25/2049<sup>(d) (h)</sup> |  | 32 | 3665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-42, Class SQ<br>1.587% (5.94% - CME Term SOFR), 08/25/2049<sup>(d) (h)</sup> |  | 29 | 3309 |
|  |  |  | 20457 |
|  Total Collateralized Mortgage Obligations <br>(cost $318,044) |  |  | 321576 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **BANK LOANS – 0.2%** |  |  |  |
|  **Industrial – 0.1%** |  |  |  |
|  **Capital Goods – 0.0%** |  |  |  |
|  Chariot Buyer LLC <br>7.666% (CME Term SOFR 1 Month + 3.25%), 11/03/2028<sup>(i)</sup> | U.S.$| 10 | $9646 |
|  **Communications - Media – 0.1%** |  |  |  |
|  DIRECTV Financing LLC <br>9.820% (CME Term SOFR 3 Month + 5.25%), 08/02/2029<sup>(i)</sup> |  | 21 | 20527 |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. <br>9.580% (CME Term SOFR 3 Month + 5.50%), 02/17/2031<sup>(i)</sup> |  | 85 | 82231 |
|  Radiate Holdco, LLC<br>1.500% (PIK Interest 12 + 1.50%), 09/25/2029<sup>(i)</sup> |  | 42 | 33787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.931% (CME Term SOFR 1 Month + 3.50%), 09/25/2029<sup>(i)</sup> |  | 42 | 33787 |
|  |  |  | 170332 |
|  **Technology – 0.0%** |  |  |  |
|  Loyalty Ventures, Inc. <br>14.000% (PRIME 3 Month + 5.50%), 11/03/2027<sup>(e) (i) (j) (k) (l)</sup> |  | 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 |
|  |  |  | 180521 |
|  **Financial Institutions – 0.1%** |  |  |  |
|  **Banking – 0.0%** |  |  |  |
|  Orbit Private Holdings I Ltd. <br>7.916% (CME Term SOFR 6 Month + 3.75%), 12/11/2028<sup>(i)</sup> |  | 29 | 29057 |
|  **Financial Services – 0.1%** |  |  |  |
|  Colossus Acquireco LLC <br>6.050% (CME Term SOFR 3 Month + 1.75%), 07/30/2032<sup>(i)</sup> |  | 100 | 99357 |
|  |  |  | 128414 |
|  Total Bank Loans <br>(cost $395,897) |  |  | 308935 |
|  **EMERGING MARKETS - CORPORATE BONDS – 0.2%** |  |  |  |
|  **Industrial – 0.2%** |  |  |  |
|  **Basic – 0.2%** |  |  |  |
|  Sasol Financing USA LLC <br>8.75%, 05/03/2029<sup>(a)</sup> <br>(cost $194,827) |  | 200 | 201550 |

---

------

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **COMMON STOCKS – 0.0%** |  |  |
|  **Energy – 0.0%** |  |  |
|  **Oil, Gas & Consumable Fuels – 0.0%** |  |  |
|  New Fortress Energy, Inc.<sup>(j) (k)</sup> <br>(cost $19,137) | 2218 | $5456 |
|  **SHORT-TERM INVESTMENTS – 0.5%** |  |  |
|  **Investment Companies – 0.5%** |  |  |
|  AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.14%<sup>(m) (n) (o)</sup> <br>(cost $640,173) | 640173 | 640173 |
|  **Total Investments – 102.6% <br>(cost $132,934,182)<sup>(p)</sup>** |  | 134195850 |
|  Other assets less liabilities – (2.6)% |  | (3433886) |
|  **Net Assets – 100.0%** |  | $**130761964** |

---

**FUTURES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br>of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
| U.S. T-Note 5 Yr (CBT) Futures | 70 | December 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7662813 | $39922 |
| U.S. T-Note 10 Yr (CBT) Futures | 32 | December 2025 | 3600000 | 14742 |
| **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
| U.S. 10 Yr Ultra Futures | 20 | December 2025 | 2288125 | (6609) |
| U.S. Long Bond (CBT) Futures | 8 | December 2025 | 914000 | (453) |
| U.S. T-Note 2 Yr (CBT) Futures | 5 | December 2025 | 1042695 | (547) |
| U.S. Ultra Bond (CBT) Futures | 1 | December 2025 | 116563 | 140 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47195 |

---

**FORWARD CURRENCY EXCHANGE CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| State Street Bank & Trust Co. | EUR | 559 | USD | 659 | 09/10/2025 | $4314 |
| State Street Bank & Trust Co. | EUR | 227 | USD | 264 | 09/10/2025 | (1299) |
| State Street Bank & Trust Co. | GBP | 101 | USD | 136 | 09/19/2025 | (275) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 |

---

------

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>August 31,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp; iTraxx Australia Series 43, 5 Year Index, 06/20/2030\* | (1.00)% | Quarterly | 0.67% | USD | 2720 | $(44222) | $(28393) | $(15829) |
| **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 44, 5 Year Index, 06/20/2030\* | 5.00 | Quarterly | 3.21 | USD | 3690 | 302775 | 121148 | 181627 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDX-NAIG Series 44, 5 Year Index, 06/20/2030\* | 1.00 | Quarterly | 0.51 | USD | 1516 | 35780 | 27649 | 8131 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173929 |

---

*\** *Termination date* 

*(a)* *Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At August 31, 2025, the aggregate market value of these securities amounted to $48,275,510 or 36.9% of net assets.* 

*(b)* *Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at August 31, 2025.* 

*(c)* *Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.52% of net assets as of August 31, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:* 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Acquisition<br>Date** | | **Cost** | | **Market<br>Value** | **Percentage<br>of<br>Net Assets** | **Percentage<br>of<br>Net Assets** |
|  *Tricolor Auto Securitization Trust Series 2024-1A, Class A<br>6.61%, 10/15/2027* | | *01/25/2024* | | $*24707* | | $*24784* | | *0.02 %* |
|  *Tricolor Auto Securitization Trust Series 2025-1A, Class A<br>4.94%, 02/15/2029* | | *03/11/2025* | | *105005* | | *105329* | | *0.08 %* |
|  *Tricolor Auto Securitization Trust Series 2025-2A, Class A <br>5.12%, 01/16/2029* | | *06/10/2025* | | *546522* | | *548172* | | *0.42 %* |

---

*(d)* *Floating Rate Security. Stated interest/floor/ceiling rate was in effect at August 31, 2025.* 

*(e)* *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* 

*(f)* *Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at August 31, 2025.* 

*(g)* *IO - Interest Only.* 

*(h)* *Inverse interest only security.* 

*(i)* *The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at August 31, 2025.* 

*(j)* *Non-income producing security.* 

*(k)* *Fair valued by the Adviser.* 

------

*(l)* *Defaulted.* 

*(m)* *To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.* 

*(n)* *The rate shown represents the 7-day yield as of period end.* 

*(o)* *Affiliated investments.* 

*(p)* *As of August 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,926,521 and gross unrealized depreciation of investments was $(440,989), resulting in net unrealized appreciation of $1,485,532.* 

*Currency Abbreviations:* 

*EUR – Euro* 

*GBP – Great British Pound* 

*USD – United States Dollar* 

*Glossary:* 

*ABS – Asset-Backed Securities* 

*CBT – Chicago Board of Trade* 

*CDX-NAHY – North American High Yield Credit Default Swap Index* 

*CDX-NAIG – North American Investment Grade Credit Default Swap Index* 

*CLO – Collateralized Loan Obligations* 

*CMBS – Commercial Mortgage-Backed Securities* 

*CME – Chicago Mercantile Exchange* 

*PRIME – US Bank Prime Loan Rate* 

*REIT – Real Estate Investment Trust* 

*REMICs – Real Estate Mortgage Investment Conduits* 

*SOFR – Secured Overnight Financing Rate* 

*TBA – To Be Announced* 

------

**AB Active ETFs, Inc.** 

**AB Short Duration Income ETF** 

**August 31, 2025 (unaudited)** 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of
investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

------

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management's proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| Corporates - Investment Grade | $— | $47730775 | $— | $47730775 |
| Governments - Treasuries |  | 36945276 |  | 36945276 |
| Asset-Backed Securities |  | 19626982 | 793724 | 20420706 |
| Corporates - Non-Investment Grade |  | 11200486 |  | 11200486 |
| Mortgage Pass-Throughs |  | 8763066 |  | 8763066 |
| Collateralized Loan Obligations |  | 6376983 |  | 6376983 |
| Commercial Mortgage-Backed Securities |  | 1280868 |  | 1280868 |
| Collateralized Mortgage Obligations |  | 321576 |  | 321576 |
| Bank Loans |  | 308392 | 543 | 308935 |
| Emerging Markets - Corporate Bonds |  | 201550 |  | 201550 |
| Common Stocks | 5456 |  |  | 5456 |
| Short-Term Investments | 640173 |  |  | 640173 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132755954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134195850 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Futures | 54804 |  |  | 54804 |
| Forward Currency Exchange Contracts |  | 4314 |  | 4314 |
| Centrally Cleared Credit Default Swaps |  | 338555 |  | 338555 |
| **Liabilities:** |  |  |  |  |
| Futures | (7609) |  |  | (7609) |
| Forward Currency Exchange Contracts |  | (1574) |  | (1574) |
| Centrally Cleared Credit Default Swaps |  | (44222) |  | (44222) |
| **Total** | $**692824** | $**133053027** | $**794267** | $**134540118** |

---

*<sup>(a)</sup>* *Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.* 

A summary of the Fund's transactions in AB mutual funds for the nine months ended August 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>11/30/2024<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>08/31/2025<br>(000)** | **Dividend<br>Income<br>(000)** |
| AB Government Money Market Portfolio | $494 | $23762 | $23616 | $640 | $34 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** AB Active ETFs, Inc.

- **b. Investment Company Act file number:** 811-23799

- **c. CIK number of Registrant:** 0001496608

- **d. LEI of Registrant:** 2549006ZG5WBMZRI5P66

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

  - **Street Address 1:** ALLIANCEBERNSTEIN LP

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10001

  - **Telephone number:** 212-969-1000

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

- **a. Name of Series:** AB Short Duration Income ETF

- **b. EDGAR series identifier (if any):** S000083865

- **c. LEI of Series:** 254900HEBI7K3SSDET62

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $135500371.79

**Total Liabilities:** $4739327.32

**Net Assets:** $130761044.47

**Delayed Delivery Securities:** $1550000.00

**Cash Not Reported:** $77575.03

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -405.37000000 | **1-Year:** -5772.81000000 | **5-Year:** -3480.35000000 | **10-Year:** -18.27000000 | **30-Year:** 0.00000000

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

- **3-Month:** -163.89000000 | **1-Year:** -1537.90000000 | **5-Year:** -2408.62000000 | **10-Year:** -175.55000000 | **30-Year:** -48.54000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000247935 | 0.94%                | 0.03%                | 1.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $21404.29                | $541304.33                                 |
| Month 2  | $5633.58                 | $-424382.23                                |
| Month 3  | $68056.79                | $681396.27                                 |

**Designated Index Information**

- **Index Name:** 65% Bloomberg 1-5 Year US Government/Credit Index + 35% US Corporate High Yield Index

- **Index Identifier:** SecuritiesPortfolio

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                                                              | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    121000 | PA      | $125195.07    | 0.10%             | 2033-04-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2375000 | PA      | $2407656.25   | 1.84%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                             | Oracle Corp                                                                                                      | CUSIP: 68389XBU8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    430000 | PA      | $420892.60    | 0.32%             | 2027-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                                | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc                                        | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $43525.80     | 0.03%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                                                         | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     73000 | PA      | $73403.69     | 0.06%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                         | Republic Finance Issuance Trust 2024-B                                                                           | CUSIP: 76042GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $152955.71    | 0.12%             | 2037-11-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Orbit Private Holdings I Ltd                            | Orbit Private Holdings I Ltd 2025 Incremental Term Loan (First Lien)                                             | CUSIP: 04225VAH5<br>LEI: 254900X6HLK0YPTHHF09 | Long             | LON              | CORP              | US        |     28956 | PA      | $29057.50     | 0.02%             | 2028-12-11      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Cherry Securitization Trust                             | Cherry Securitization Trust 2024-1                                                                               | CUSIP: 164737AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $605278.50    | 0.46%             | 2032-04-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                           | UBS Commercial Mortgage Trust 2018-C15                                                                           | CUSIP: 90278LAZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    556721 | PA      | $13094.92     | 0.01%             | 2051-12-15      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHI                                | Viking Ocean Cruises Ship VII Ltd                                                                                | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     14000 | PA      | $13996.92     | 0.01%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                                 | Allied Universal Holdco LLC                                                                                      | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |    260000 | PA      | $273101.40    | 0.21%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                    | Neptune Bidco US Inc                                                                                             | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     91000 | PA      | $90563.20     | 0.07%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC             | Barclays Commercial Mortgage Trust 2019-C3                                                                       | CUSIP: 05550MAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    931681 | PA      | $35338.37     | 0.03%             | 2052-05-15      | Variable      | 1.31%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                                      | Advance Auto Parts Inc                                                                                           | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    219000 | PA      | $224718.09    | 0.17%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                                                | CUSIP: 3136ATUC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15708 | PA      | $2143.21      | 0.00%             | 2046-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RITCHIE BROS HLDGS INC                                  | Ritchie Bros Holdings Inc                                                                                        | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    187000 | PA      | $191383.28    | 0.15%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                                                         | CUSIP: 345397E58<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    383000 | PA      | $387285.77    | 0.30%             | 2029-03-08      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                   | Truist Financial Corp                                                                                            | CUSIP: 89788MAJ1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     72000 | PA      | $72131.76     | 0.06%             | 2026-10-28      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    303000 | PA      | $329951.85    | 0.25%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                                                               | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $389008.00    | 0.30%             | 2027-09-14      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| Verde CLO Ltd                                           | VERDE CLO Ltd                                                                                                    | CUSIP: 92338BAW5<br>LEI: 254900DT3DF8KM5RRZ79 | Long             | ABS-CBDO         | CORP              | KY        |    162435 | PA      | $162383.57    | 0.12%             | 2032-04-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                           | DTE Energy Co                                                                                                    | CUSIP: 233331BK2<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    145000 | PA      | $148693.15    | 0.11%             | 2029-03-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| VELOCITY VEHICLE GROUP                                  | Velocity Vehicle Group LLC                                                                                       | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    253000 | PA      | $256509.11    | 0.20%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                                                              | CUSIP: 83368RCH3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $203120.00    | 0.16%             | 2029-05-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                      | Tricolor Auto Securitization Trust 2024-1                                                                        | CUSIP: 89616LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24708 | PA      | $24784.03     | 0.02%             | 2027-10-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                                | Summit Midstream Holdings LLC                                                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    258000 | PA      | $257535.60    | 0.20%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                                             | Tenneco Inc                                                                                                      | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |     51000 | PA      | $51012.75     | 0.04%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP                                    | Parker-Hannifin Corp                                                                                             | CUSIP: 701094AN4<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |     66000 | PA      | $63980.40     | 0.05%             | 2029-06-14      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Brex Inc                                                | Brex Commercial Charge Card Master Trust                                                                         | CUSIP: 05601DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $327285.82    | 0.25%             | 2027-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA6                                                                          | CUSIP: 35564KKY4<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | USGSE             | US        |    131558 | PA      | $132019.46    | 0.10%             | 2041-10-25      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                 | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    112000 | PA      | $136282.12    | 0.10%             | 2033-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XXX                                                                                                   | CUSIP: 03768CAN9<br>LEI: 2549001XBZ4DU4T7EC48 | Long             | ABS-CBDO         | CORP              | KY        |    121756 | PA      | $121758.30    | 0.09%             | 2031-10-18      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC                                | Lindblad Expeditions LLC                                                                                         | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15357.45     | 0.01%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                                     | Cirsa Finance International Sarl                                                                                 | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $121937.97    | 0.09%             | 2029-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                                                 | CUSIP: 02209SBJ1<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    466000 | PA      | $446507.22    | 0.34%             | 2030-05-06      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                  | Mitsubishi UFJ Financial Group Inc                                                                               | CUSIP: 606822CC6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    487000 | PA      | $474264.95    | 0.36%             | 2028-01-19      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust              | JPMBB Commercial Mortgage Securities Trust 2013-C14                                                              | CUSIP: 46640LAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75000 | PA      | $57198.00     | 0.04%             | 2046-08-15      | Variable      | 4.04%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                                                              | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    145000 | PA      | $142841.99    | 0.11%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                         | CUSIP: 30711XDB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    116851 | PA      | $125004.17    | 0.10%             | 2029-01-25      | Floating      | 14.71%                | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO, LTD                  | Goldentree Loan Management US Clo 8 Ltd                                                                          | CUSIP: 38136NAY2<br>LEI: 549300LOEERRNVSKVY31 | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $450598.50    | 0.34%             | 2034-10-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                                                          | CUSIP: 44891ADF1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34969.55     | 0.03%             | 2027-09-24      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                         | CFCRE Commercial Mortgage Trust 2017-C8                                                                          | CUSIP: 12532CBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    259435 | PA      | $4476.84      | 0.00%             | 2050-06-15      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust           | BHG Securitization Trust 2023-A                                                                                  | CUSIP: 08860FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     28558 | PA      | $28601.49     | 0.02%             | 2036-04-17      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                                                          | CUSIP: 44891ACX3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    322000 | PA      | $326411.40    | 0.25%             | 2027-03-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                                                | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26714.22     | 0.02%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    272000 | PA      | $273115.62    | 0.21%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                                | SLM Corp                                                                                                         | CUSIP: 78442PGE0<br>LEI: 4K8SLPBF5DXXGPW03H93 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22538.62     | 0.02%             | 2026-11-02      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                     | Buckeye Partners LP                                                                                              | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23891.94     | 0.02%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WESTPAC NEW ZEALAND LTD                                 | Westpac New Zealand Ltd                                                                                          | CUSIP: 96122FAC1<br>LEI: 549300MW73M5PK1PNG73 | Long             | DBT              | CORP              | NZ        |    449000 | PA      | $462267.95    | 0.35%             | 2029-02-28      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                                                 | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    417000 | PA      | $414226.95    | 0.32%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                       | Clean Harbors Inc                                                                                                | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |     89000 | PA      | $88611.96     | 0.07%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2019-C52                                                                   | CUSIP: 95002MAY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    825293 | PA      | $39784.25     | 0.03%             | 2052-08-15      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                     | Axon Enterprise Inc                                                                                              | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     66000 | PA      | $68255.88     | 0.05%             | 2033-03-05      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                                         | AdaptHealth LLC                                                                                                  | CUSIP: 00653VAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    263000 | PA      | $250802.06    | 0.19%             | 2030-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2024-2                                                                        | CUSIP: 75907AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220000 | PA      | $221580.35    | 0.17%             | 2033-12-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                                | Ford Motor Credit Co LLC                                                                                         | CUSIP: 345397YT4<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    219000 | PA      | $213174.60    | 0.16%             | 2027-11-02      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                              | Affirm Asset Securitization Trust 2024-X2                                                                        | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     35554 | PA      | $35583.29     | 0.03%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                  | Standard Chartered PLC                                                                                           | CUSIP: 85325C2D3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    236000 | PA      | $241937.76    | 0.19%             | 2029-01-21      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                              | Fiserv Inc                                                                                                       | CUSIP: 337738BJ6<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    253000 | PA      | $256251.05    | 0.20%             | 2027-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2018-C48                                                                   | CUSIP: 95001RAY5<br>LEI: 549300REQJRID6TODX95 | Long             | ABS-MBS          | CORP              | US        |    728671 | PA      | $17493.29     | 0.01%             | 2052-01-15      | Variable      | 0.93%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                                                  | CUSIP: 126650DH0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    283000 | PA      | $280252.07    | 0.21%             | 2027-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F042699<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    635013 | PA      | $610803.13    | 0.47%             | 2055-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                           | Citigroup Inc                                                                                                    | CUSIP: 172967LD1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     86000 | PA      | $85503.78     | 0.07%             | 2028-01-10      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                                                               | CUSIP: 3137BDA55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     66130 | PA      | $7278.69      | 0.01%             | 2044-08-15      | Floating      | 1.64%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: SS333F0   CDS USD R F  1.00000 IS333F0 CCPCDX / Short: SS333F0   CDS USD P V 03MEVENT IS333G1 CCPCDX       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   1516000 | OU      | $35780.12     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                                       | Expedia Group Inc                                                                                                | CUSIP: 30212PAP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    364000 | PA      | $360454.64    | 0.28%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                                | Brookfield Residential Properties Inc / Brookfield Residential US LLC                                            | CUSIP: 11283YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     86000 | PA      | $85745.44     | 0.07%             | 2027-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                                                     | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    234000 | PA      | $235006.20    | 0.18%             | 2026-11-02      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                     | American Express Co                                                                                              | CUSIP: 025816DL0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    398000 | PA      | $399166.14    | 0.31%             | 2026-10-30      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                                          | Var Energi ASA                                                                                                   | CUSIP: 92212WAF7<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |    200000 | PA      | $207342.00    | 0.16%             | 2030-05-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding                                | Purchasing Power Funding 2024-A LLC                                                                              | CUSIP: 745935AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $552506.68    | 0.42%             | 2028-08-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                                                         | CUSIP: 75513ECH2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    202000 | PA      | $200210.28    | 0.15%             | 2027-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chariot Buyer LLC                                       | Chariot Buyer LLC Initial Term Loan (First Lien)                                                                 | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |      9650 | PA      | $9646.62      | 0.01%             | 2028-11-03      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE                                  | Westinghouse Air Brake Technologies Corp                                                                         | CUSIP: 960386AL4<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | DBT              | CORP              | US        |    444000 | PA      | $439724.28    | 0.34%             | 2026-11-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                             | Oracle Corp                                                                                                      | CUSIP: 68389XBN4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    187000 | PA      | $183349.76    | 0.14%             | 2027-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                                                             | CUSIP: 378272AX6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     32000 | PA      | $32000.00     | 0.02%             | 2025-09-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                   | Nabors Industries Inc                                                                                            | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11182.71     | 0.01%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     47000 | PA      | $48467.81     | 0.04%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                                | Graphic Packaging International LLC                                                                              | CUSIP: 38869AAB3<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120512.50    | 0.09%             | 2028-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                          | ACM Auto Trust 2025-2                                                                                            | CUSIP: 00161TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    464622 | PA      | $465726.45    | 0.36%             | 2028-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FinBe USA Trust                                         | FinBe USA Trust 2025-1                                                                                           | CUSIP: 317967AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    529314 | PA      | $530542.63    | 0.41%             | 2028-12-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos Loan Fund 2024-1 Ltd                                                                                      | CUSIP: 037986AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249950.00    | 0.19%             | 2035-04-25      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CLC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2591000 | PA      | $2624804.44   | 2.01%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                | Capital One Financial Corp                                                                                       | CUSIP: 14040HCH6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    643000 | PA      | $624822.39    | 0.48%             | 2027-11-02      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                                                  | CUSIP: 718172BT5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64473.50     | 0.05%             | 2026-02-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                         | Gen Digital Inc                                                                                                  | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     42000 | PA      | $42743.82     | 0.03%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                                                        | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    251000 | PA      | $260949.64    | 0.20%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp                                         | McDonald's Corp                                                                                                  | CUSIP: 58013MFB5<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    211000 | PA      | $209193.84    | 0.16%             | 2027-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP                                    | Parker-Hannifin Corp                                                                                             | CUSIP: 701094AR5<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |    486000 | PA      | $487783.62    | 0.37%             | 2027-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                                   | McGraw-Hill Education Inc                                                                                        | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26132.60     | 0.02%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2020-BNK28                                                                                                  | CUSIP: 06540YAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2003285 | PA      | $141563.92    | 0.11%             | 2063-03-15      | Variable      | 1.76%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                                                               | CUSIP: 3618N5KW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    177855 | PA      | $179257.54    | 0.14%             | 2055-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                            | CaixaBank SA                                                                                                     | CUSIP: 12803RAA2<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    343000 | PA      | $357244.79    | 0.27%             | 2029-01-18      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                        | GGAM Finance Ltd                                                                                                 | CUSIP: 36170JAB2<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     51000 | PA      | $51288.15     | 0.04%             | 2026-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: BS33435   CDS USD R V 03MEVENT IS33446 CCPITRAXX / Short: BS33435   CDS USD P F  1.00000 IS33435 CCPITRAXX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   2720000 | OU      | $-44221.47    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                         | McDonald's Corp                                                                                                  | CUSIP: 58013MFX7<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    255000 | PA      | $262736.70    | 0.20%             | 2029-05-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                                    | Taylor Morrison Communities Inc                                                                                  | CUSIP: 87724RAA0<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     64000 | PA      | $64531.84     | 0.05%             | 2027-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                   | Mission Lane Credit Card Master Trust                                                                            | CUSIP: 60510MBU1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    371000 | PA      | $373240.47    | 0.29%             | 2031-09-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                 | Imperial Brands Finance PLC                                                                                      | CUSIP: 45262BAB9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    376000 | PA      | $372691.20    | 0.29%             | 2026-07-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                                                    | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $30092.48     | 0.02%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                                                             | CUSIP: 517834AE7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    424000 | PA      | $419908.40    | 0.32%             | 2026-08-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP                                                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     26000 | PA      | $24982.62     | 0.02%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                                                    | CUSIP: 29278GAN8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    474000 | PA      | $446176.20    | 0.34%             | 2028-07-12      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                     | Gilead Sciences Inc                                                                                              | CUSIP: 375558BX0<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    521000 | PA      | $492516.93    | 0.38%             | 2027-10-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Issuance Trust 2025-B                                                                                    | CUSIP: 68378QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $603670.56    | 0.46%             | 2033-05-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                    | Garda World Security Corp                                                                                        | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     48000 | PA      | $49413.60     | 0.04%             | 2028-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                | Lloyds Banking Group PLC                                                                                         | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    175000 | PA      | $177481.50    | 0.14%             | 2027-08-07      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Verdant Receivables LLC                                 | Verdant Receivables 2023-1 LLC                                                                                   | CUSIP: 92339GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249846 | PA      | $254144.93    | 0.19%             | 2031-01-13      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                                                               | CUSIP: 3137FNJF8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     50092 | PA      | $9938.16      | 0.01%             | 2041-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2024-1                                                                                    | CUSIP: 52603DAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $304265.85    | 0.23%             | 2032-06-21      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                         | Danske Bank A/S                                                                                                  | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    451000 | PA      | $451081.18    | 0.34%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 113 CLO Ltd                                                                                               | CUSIP: 26253EAZ1<br>LEI: 254900XN9Y85HJGYJ219 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250111.25    | 0.19%             | 2037-10-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| Dext ABS                                                | Dext ABS 2023-1 LLC                                                                                              | CUSIP: 25216BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     59329 | PA      | $59604.03     | 0.05%             | 2032-03-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                                          | Starbucks Corp                                                                                                   | CUSIP: 855244BE8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52067.60     | 0.04%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                                | International Business Machines Corp                                                                             | CUSIP: 459200KA8<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    304000 | PA      | $297910.88    | 0.23%             | 2029-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                  | CUSIP: 31418E7B0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    868108 | PA      | $887707.37    | 0.68%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                     | Citigroup Commercial Mortgage Trust 2016-GC36                                                                    | CUSIP: 17324TAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165000 | PA      | $163628.90    | 0.13%             | 2049-02-10      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Issuance Trust 2025-C                                                                                    | CUSIP: 68378RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $601800.54    | 0.46%             | 2033-07-08      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                   | Directv Financing LLC / Directv Financing Co-Obligor Inc                                                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    124000 | PA      | $123074.96    | 0.09%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                 | GLP Capital LP / GLP Financing II Inc                                                                            | CUSIP: 361841AH2<br>LEI: N/A                  | Long             | DBT              |  | US        |    406000 | PA      | $407242.36    | 0.31%             | 2026-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: SS33AY8   CDS USD R F  5.00000 IS33AY8 CCPCDX / Short: SS33AY8   CDS USD P V 03MEVENT IS33AZ9 CCPCDX       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   3690000 | OU      | $302774.86    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle Global Market Strategies CLO 2015-5 Ltd                                                                  | CUSIP: 14312JBG6<br>LEI: 5493007AYUHLOG0AMH17 | Long             | ABS-CBDO         | CORP              | KY        |    162696 | PA      | $162987.43    | 0.12%             | 2032-01-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                          | Mariner Finance Issuance Trust 2023-A                                                                            | CUSIP: 56847FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $503652.95    | 0.39%             | 2035-10-22      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                              | Affirm Asset Securitization Trust 2023-B                                                                         | CUSIP: 00792FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $150121.91    | 0.11%             | 2028-09-15      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                         | CFCRE Commercial Mortgage Trust 2016-C4                                                                          | CUSIP: 12531YAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     55019 | PA      | $147.75       | 0.00%             | 2058-05-10      | Variable      | 1.57%                 | No            |                  2 | On Loan: No      |
| MOLSON COORS BEVERAGE                                   | Molson Coors Beverage Co                                                                                         | CUSIP: 60871RAG5<br>LEI: 54930073LBBH6ZCBE225 | Long             | DBT              | CORP              | US        |    393000 | PA      | $388480.50    | 0.30%             | 2026-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                      | Tricolor Auto Securitization Trust                                                                               | CUSIP: 89617QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    546541 | PA      | $548171.82    | 0.42%             | 2029-01-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                   | Directv Financing LLC / Directv Financing Co-Obligor Inc                                                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     83000 | PA      | $82595.79     | 0.06%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US LONG BOND(CBT) DEC25                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -9 | NC      | $-515.63      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                                                    | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22686.74     | 0.02%             | 2027-01-28      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                      | Banco Santander SA                                                                                               | CUSIP: 05964HAB1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400180.00    | 0.31%             | 2027-04-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Trust 2019-GC39                                                                           | CUSIP: 36260JAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3560468 | PA      | $122168.56    | 0.09%             | 2052-05-10      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F040693<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    653192 | PA      | $609637.35    | 0.47%             | 2055-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD GBP                                                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-275.09      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                       | Newell Brands Inc                                                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     52000 | PA      | $54961.92     | 0.04%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                                                      | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     31000 | PA      | $31122.76     | 0.02%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4039000 | PA      | $4061877.14   | 3.11%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Asset Trust 2023-4                                                                  | CUSIP: 76089HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    337251 | PA      | $339102.72    | 0.26%             | 2033-03-25      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Western Digital Corp                                    | Western Digital Corp                                                                                             | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |     33000 | PA      | $32932.35     | 0.03%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3110000 | PA      | $3134296.88   | 2.40%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                      | Bausch + Lomb Corp                                                                                               | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |     57000 | PA      | $59479.50     | 0.05%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-567.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp                                   | Northrop Grumman Corp                                                                                            | CUSIP: 666807BK7<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    377000 | PA      | $372321.43    | 0.28%             | 2027-02-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Carbone CLO, LTD                                        | Carbone Clo Ltd                                                                                                  | CUSIP: 141312AA6<br>LEI: 5493005I53NEC017LN87 | Long             | ABS-CBDO         | CORP              | KY        |    278366 | PA      | $278651.29    | 0.21%             | 2031-01-20      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                           | Lendbuzz Securitization Trust 2024-1                                                                             | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    119000 | PA      | $120099.19    | 0.09%             | 2029-08-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                                | Santander UK Group Holdings PLC                                                                                  | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    369000 | PA      | $370723.23    | 0.28%             | 2026-11-21      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                                  | Sunoco LP / Sunoco Finance Corp                                                                                  | CUSIP: 86765KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    104000 | PA      | $107435.12    | 0.08%             | 2028-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                                | MPH Acquisition Holdings LLC                                                                                     | CUSIP: 553283AF9<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |      7908 | PA      | $8048.45      | 0.01%             | 2030-12-31      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Trust 2024-1                                                                        | CUSIP: 76088YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54757 | PA      | $55295.55     | 0.04%             | 2032-06-25      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| Woodside Finance Ltd                                    | Woodside Finance Ltd                                                                                             | CUSIP: 980236AQ6<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |    290000 | PA      | $289202.50    | 0.22%             | 2029-03-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                                     | Churchill Downs Inc                                                                                              | CUSIP: 171484AE8<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     97000 | PA      | $96046.49     | 0.07%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                                                     | CUSIP: 06738ECT0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    401000 | PA      | $405022.03    | 0.31%             | 2028-09-10      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                  | CUSIP: 31418FCH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    871756 | PA      | $891165.08    | 0.68%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Capital Street Master Trust                             | Capital Street Master Trust                                                                                      | CUSIP: 14051LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     62098 | PA      | $62072.22     | 0.05%             | 2028-10-16      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                               | Esab Corp                                                                                                        | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26735.54     | 0.02%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                           | Boeing Co/The                                                                                                    | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    104000 | PA      | $106979.60    | 0.08%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F052698<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1212853 | PA      | $1219959.59   | 0.93%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                                    | Garda World Security Corp                                                                                        | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     51000 | PA      | $50590.47     | 0.04%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                     | Reach ABS Trust 2025-2                                                                                           | CUSIP: 75525QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400356 | PA      | $401479.61    | 0.31%             | 2032-08-18      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                                                | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     76000 | PA      | $75519.68     | 0.06%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                                                              | CUSIP: 83368RBV3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    443000 | PA      | $448630.53    | 0.34%             | 2028-01-19      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                                                    | CUSIP: 172967NS6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    185000 | PA      | $186091.50    | 0.14%             | 2028-05-24      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                            | US Foods Inc                                                                                                     | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    273000 | PA      | $269003.28    | 0.21%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                                                | CUSIP: 3136A4F79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18916 | PA      | $320.37       | 0.00%             | 2041-03-25      | Floating      | 2.09%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                     | Synchrony Financial                                                                                              | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    179000 | PA      | $188689.27    | 0.14%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                      | Credit Agricole SA                                                                                               | CUSIP: 22535WAP2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    275000 | PA      | $279881.25    | 0.21%             | 2029-01-09      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Mission Lane Credit Card Master Trust                   | Mission Lane Credit Card Master Trust                                                                            | CUSIP: 60510MBK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $609018.12    | 0.47%             | 2030-05-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1800000 | PA      | $1805835.94   | 1.38%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                                    | BAT International Finance PLC                                                                                    | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    431000 | PA      | $424259.16    | 0.32%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                                                | CUSIP: 3136B5WA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29094 | PA      | $3308.93      | 0.00%             | 2049-08-25      | Floating      | 1.59%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC                                  | Trinity Industries Inc                                                                                           | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22789.58     | 0.02%             | 2028-07-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                                    | CITGO Petroleum Corp                                                                                             | CUSIP: 17302XAN6<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    186000 | PA      | $194429.52    | 0.15%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                | Hess Midstream Operations LP                                                                                     | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25436.25     | 0.02%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                           | Lendbuzz Securitization Trust 2023-2                                                                             | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     74831 | PA      | $76088.29     | 0.06%             | 2028-10-16      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                                     | NuStar Logistics LP                                                                                              | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    312000 | PA      | $313812.72    | 0.24%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DH EUROPE FINANCE II                                    | DH Europe Finance II Sarl                                                                                        | CUSIP: 23291KAH8<br>LEI: 222100KDGL314CKTZ511 | Long             | DBT              | CORP              | LU        |    490000 | PA      | $461163.50    | 0.35%             | 2029-11-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                   | Continental Resources Inc/OK                                                                                     | CUSIP: 212015AS0<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    295000 | PA      | $293185.75    | 0.22%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                | 1011778 BC ULC / New Red Finance Inc                                                                             | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     17000 | PA      | $16554.09     | 0.01%             | 2028-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                        | BAT Capital Corp                                                                                                 | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    124000 | PA      | $122358.24    | 0.09%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Cherry Securitization Trust                             | Cherry Securitization Trust 2025-1                                                                               | CUSIP: 16473RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $406284.32    | 0.31%             | 2032-11-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                                                          | CUSIP: 44891ADG9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     38000 | PA      | $38021.66     | 0.03%             | 2029-09-26      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                                                             | CUSIP: 96949LAD7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    454000 | PA      | $450277.20    | 0.34%             | 2027-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Grantor Trust                            | Pagaya AI Debt Grantor Trust 2024-S1                                                                             | CUSIP: 694963AE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    142566 | PA      | $143724.03    | 0.11%             | 2031-09-15      | Variable      | 7.29%                 | No            |                  3 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                                                     | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    367000 | PA      | $368101.00    | 0.28%             | 2027-08-05      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                               | Ball Corp                                                                                                        | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    300000 | PA      | $307410.00    | 0.24%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                                                         | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10077.40     | 0.01%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC             | BBCMS MORTGAGE TRUST 2017-C1                                                                                     | CUSIP: 07332VBJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1150742 | PA      | $16028.58     | 0.01%             | 2050-02-15      | Variable      | 1.45%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2024-3                                                                                      | CUSIP: 69547XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51160 | PA      | $51485.17     | 0.04%             | 2031-10-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| ANGI GROUP LLC                                          | ANGI Group LLC                                                                                                   | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    127000 | PA      | $119636.54    | 0.09%             | 2028-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                                                    | CUSIP: 097023DB8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    272000 | PA      | $265531.84    | 0.20%             | 2028-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CKD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1190000 | PA      | $1214543.75   | 0.93%             | 2029-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                                                   | CUSIP: 61747YFP5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12258.00     | 0.01%             | 2028-04-13      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                                | Sealed Air Corp/Sealed Air Corp US                                                                               | CUSIP: 812127AA6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27362.34     | 0.02%             | 2028-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                                                             | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    112000 | PA      | $114579.36    | 0.09%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EquipmentShare                                          | OWN Equipment Fund II LLC                                                                                        | CUSIP: 690912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    586200 | PA      | $592222.68    | 0.45%             | 2033-09-26      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2024-2                                                                                      | CUSIP: 694961AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60163 | PA      | $60587.74     | 0.05%             | 2031-08-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Trust 2017-GS5                                                                            | CUSIP: 36252HAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1385918 | PA      | $12010.08     | 0.01%             | 2050-03-10      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                                                          | CUSIP: 55336VAK6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    618000 | PA      | $616455.00    | 0.47%             | 2027-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                                  | Arsenal AIC Parent LLC                                                                                           | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     38000 | PA      | $40292.16     | 0.03%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                     | Axon Enterprise Inc                                                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87561.90     | 0.07%             | 2030-03-05      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ASP UNIFRAX HOLDINGS INC                                | ASP Unifrax Holdings Inc                                                                                         | CUSIP: 00218LAH4<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |      9084 | PA      | $4498.12      | 0.00%             | 2029-09-30      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust 2023-3                                                                              | CUSIP: 91684MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30551 | PA      | $30726.29     | 0.02%             | 2033-10-20      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                  | American Honda Finance Corp                                                                                      | CUSIP: 02665WDW8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    107000 | PA      | $101448.84    | 0.08%             | 2028-03-24      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                                            | CUSIP: 01309QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    114000 | PA      | $116159.16    | 0.09%             | 2028-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                                                  | CUSIP: 718172CY3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    131000 | PA      | $131188.64    | 0.10%             | 2026-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                                | Banco Bilbao Vizcaya Argentaria SA                                                                               | CUSIP: 05946KAL5<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $206928.00    | 0.16%             | 2028-09-14      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| DIRECTV Financing, LLC                                  | DIRECTV Financing, LLC 2025 Incremental Term B Loan                                                              | CUSIP: 25460HAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     84600 | PA      | $82231.21     | 0.06%             | 2031-02-17      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| NEWMARK GROUP INC                                       | Newmark Group Inc                                                                                                | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              |  | US        |    260000 | PA      | $278392.40    | 0.21%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                                                   | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    272000 | PA      | $272810.56    | 0.21%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                                                          | CUSIP: 44891ACT2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25275.75     | 0.02%             | 2027-01-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                 | Honeywell International Inc                                                                                      | CUSIP: 438516BL9<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93267.20     | 0.07%             | 2026-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NFE FINANCING LLC                                       | NFE Financing LLC                                                                                                | CUSIP: 62909BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255717 | PA      | $94172.90     | 0.07%             | 2029-11-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US ULTRA BOND CBT DEC25                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -1 | NC      | $140.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                                                     | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    262000 | PA      | $271866.92    | 0.21%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                        | GGAM Finance Ltd                                                                                                 | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     77000 | PA      | $81743.97     | 0.06%             | 2028-05-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                                                | CUSIP: 3136AR4Q8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     99894 | PA      | $13890.54     | 0.01%             | 2046-05-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                | Rogers Communications Inc                                                                                        | CUSIP: 775109CG4<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    629000 | PA      | $618961.16    | 0.47%             | 2027-03-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Sotheby's Artfi Master Trust 2024-A                     | Sotheby's Artfi Master Trust                                                                                     | CUSIP: 83589CAA6<br>LEI: 9845002FA850DM72BA31 | Long             | ABS-O            | CORP              | US        |    550000 | PA      | $553881.13    | 0.42%             | 2031-12-22      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                                                         | CUSIP: 75513ECT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    421000 | PA      | $427980.18    | 0.33%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC11                                                   | CUSIP: 46639YAV9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54432 | PA      | $51259.58     | 0.04%             | 2046-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TAKEDA PHARMACEUTICAL                                   | Takeda Pharmaceutical Co Ltd                                                                                     | CUSIP: 874060AX4<br>LEI: 549300ZLMVP4X0OGR454 | Long             | DBT              | CORP              | JP        |    503000 | PA      | $456004.71    | 0.35%             | 2030-03-31      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                                                  | CUSIP: 718172DM8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    126000 | PA      | $126808.92    | 0.10%             | 2027-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                               | Amgen Inc                                                                                                        | CUSIP: 031162CT5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    485000 | PA      | $472040.80    | 0.36%             | 2027-02-21      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                                                     | CUSIP: 11135FCA7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    143000 | PA      | $143114.40    | 0.11%             | 2028-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                               | IQVIA Inc                                                                                                        | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    453000 | PA      | $477371.40    | 0.37%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CJW2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1445000 | PA      | $1462836.72   | 1.12%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                                                    | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     67000 | PA      | $64999.38     | 0.05%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital Credit CLO 2021-4 Ltd                                                                               | CUSIP: 05685AAQ1<br>LEI: 254900YJBP8866ZPO033 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $350357.70    | 0.27%             | 2034-10-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                                | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc                                        | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      9000 | PA      | $8377.56      | 0.01%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DailyPay Securitization Trust                           | DailyPay Securitization Trust 2025-1                                                                             | CUSIP: 233824AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $603779.58    | 0.46%             | 2028-06-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CMY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1171000 | PA      | $1172189.29   | 0.90%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CKX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3812500 | PA      | $3895004.86   | 2.98%             | 2029-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                        | BAT Capital Corp                                                                                                 | CUSIP: 05526DBP9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    299000 | PA      | $300779.05    | 0.23%             | 2027-04-02      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                          | LSB Industries Inc                                                                                               | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |    147000 | PA      | $146054.79    | 0.11%             | 2028-10-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Allegro CLO Ltd                                         | Allegro CLO XI Ltd                                                                                               | CUSIP: 01750HAQ5<br>LEI: 2549008FHFGEJOVBP855 | Long             | ABS-CBDO         | CORP              | KY        |    202628 | PA      | $202846.41    | 0.16%             | 2033-01-19      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                          | Amazon.com Inc                                                                                                   | CUSIP: 023135BR6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     96000 | PA      | $91834.56     | 0.07%             | 2027-06-03      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Equify ABS, LLC                                         | Equify ABS 2024-1 LLC                                                                                            | CUSIP: 29445TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86755 | PA      | $86984.35     | 0.07%             | 2033-04-18      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                            | Upstart Securitization Trust                                                                                     | CUSIP: 91684NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     76786 | PA      | $76999.02     | 0.06%             | 2034-11-20      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                           | Lendbuzz Securitization Trust 2023-3                                                                             | CUSIP: 525931AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71154 | PA      | $72687.84     | 0.06%             | 2028-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                           | UBS Commercial Mortgage Trust 2019-C18                                                                           | CUSIP: 90278PBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1187132 | PA      | $35746.44     | 0.03%             | 2052-12-15      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2018-3 Ltd                                                                                              | CUSIP: 92917KAQ7<br>LEI: 54930068MLVF3BECCK93 | Long             | ABS-CBDO         | CORP              | KY        |    122158 | PA      | $122335.39    | 0.09%             | 2031-10-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                                                          | CUSIP: 44891ABS5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     61000 | PA      | $60307.65     | 0.05%             | 2026-01-08      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                                                          | CUSIP: 404119CH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    362000 | PA      | $356218.86    | 0.27%             | 2027-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SHEA HOMES LP/FNDG CP                                   | Shea Homes LP / Shea Homes Funding Corp                                                                          | CUSIP: 82088KAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $10860.08     | 0.01%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                | Standard Industries Inc/NY                                                                                       | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    109000 | PA      | $107999.38    | 0.08%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                       | Newell Brands Inc                                                                                                | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15186.00     | 0.01%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     98000 | PA      | $107886.24    | 0.08%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CJN2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    970000 | PA      | $992582.81    | 0.76%             | 2028-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Asset Trust 2023-3                                                                  | CUSIP: 76089RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    208466 | PA      | $208790.24    | 0.16%             | 2032-01-26      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                | Acadia Healthcare Co Inc                                                                                         | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     68000 | PA      | $70871.64     | 0.05%             | 2033-03-05      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                                                                            | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     19000 | PA      | $19854.24     | 0.02%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                | JH North America Holdings Inc                                                                                    | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     17000 | PA      | $17270.98     | 0.01%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Lobel Automobile Receivables Trust                      | Lobel Automobile Receivables Trust 2025-1                                                                        | CUSIP: 53948RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    148165 | PA      | $148406.31    | 0.11%             | 2027-11-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                                | International Business Machines Corp                                                                             | CUSIP: 459200JZ5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    158000 | PA      | $156927.18    | 0.12%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| VIRTUSA CORP                                            | Virtusa Corp                                                                                                     | CUSIP: 92837TAA0<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9790.50      | 0.01%             | 2028-12-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                                                          | CUSIP: 44891ADQ7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102141.00    | 0.08%             | 2030-03-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| VFI ABS LLC                                             | VFI ABS 2025-1 LLC                                                                                               | CUSIP: 91824UAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    441000 | PA      | $442061.75    | 0.34%             | 2030-06-24      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                                | Omega Healthcare Investors Inc                                                                                   | CUSIP: 681936BP4<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |     84000 | PA      | $85205.40     | 0.07%             | 2030-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SAFCO Auto Receivables Trust                            | SAFCO Auto Receivables Trust 2025-1                                                                              | CUSIP: 785923AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    214716 | PA      | $215252.47    | 0.16%             | 2029-09-10      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                                                    | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    426000 | PA      | $421761.30    | 0.32%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2025-1                                                                                    | CUSIP: 52604QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $303807.27    | 0.23%             | 2034-09-20      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                | JH North America Holdings Inc                                                                                    | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4042.80      | 0.00%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                                   | Banijay Entertainment SAS                                                                                        | CUSIP: 000000000<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |    170000 | PA      | $207047.81    | 0.16%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                              | VMware LLC                                                                                                       | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    442000 | PA      | $429756.60    | 0.33%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                    | LifePoint Health Inc                                                                                             | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    203000 | PA      | $219851.03    | 0.17%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                        | Deutsche Bank AG/New York NY                                                                                     | CUSIP: 251526CE7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    529000 | PA      | $525989.99    | 0.40%             | 2026-11-24      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                            | CUSIP: 01F050692<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    619531 | PA      | $610988.23    | 0.47%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                                                  | CUSIP: 718172CZ0<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43772.28     | 0.03%             | 2028-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                             | Hertz Vehicle Financing III LLC                                                                                  | CUSIP: 42806MCK3<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    154000 | PA      | $156773.46    | 0.12%             | 2029-01-25      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $4314.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                | American Airlines Inc/AAdvantage Loyalty IP Ltd                                                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     44000 | PA      | $44256.08     | 0.03%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                                     | Georgia-Pacific LLC                                                                                              | CUSIP: 37331NAN1<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8791.38      | 0.01%             | 2026-05-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                              | Affirm Asset Securitization Trust 2023-B                                                                         | CUSIP: 00792FAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $350284.45    | 0.27%             | 2028-09-15      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                         | Republic Finance Issuance Trust 2024-A                                                                           | CUSIP: 76041RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252959.35    | 0.19%             | 2032-08-20      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                             | Hertz Vehicle Financing III LLC                                                                                  | CUSIP: 42806MCT4<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $252901.70    | 0.19%             | 2029-09-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                            | CD 2016-CD1 Mortgage Trust                                                                                       | CUSIP: 12514MBD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1414017 | PA      | $5887.68      | 0.00%             | 2049-08-10      | Variable      | 1.33%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP                                 | Simon Property Group LP                                                                                          | CUSIP: 828807DL8<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |    347000 | PA      | $329219.72    | 0.25%             | 2028-02-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 5YR NOTE (CBT) DEC25                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        73 | NC      | $42054.69     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                                                 | CUSIP: 31426KNJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    177327 | PA      | $181385.98    | 0.14%             | 2055-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOXAM SAS                                               | Loxam SAS                                                                                                        | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $118105.76    | 0.09%             | 2027-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                   | Continental Resources Inc/OK                                                                                     | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     29000 | PA      | $28214.10     | 0.02%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                     | Citigroup Commercial Mortgage Trust 2017-P7                                                                      | CUSIP: 17325HBU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    770337 | PA      | $8677.54      | 0.01%             | 2050-04-14      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                        | Deutsche Bank AG/New York NY                                                                                     | CUSIP: 25160PAH0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    385000 | PA      | $376079.55    | 0.29%             | 2028-01-07      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                        | Onemain Financial Issuance Trust 2025-1                                                                          | CUSIP: 68270DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    420000 | PA      | $426183.53    | 0.33%             | 2038-07-14      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                                                         | CUSIP: 345397G23<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198524.00    | 0.15%             | 2029-09-06      | Fixed         | 5.30%                 | No            |                  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        |     26000 | PA      | $24598.34     | 0.02%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                   | KKR CLO 21 Ltd                                                                                                   | CUSIP: 48252KAA7<br>LEI: 5493008X0MRR4A6VYF15 | Long             | ABS-CBDO         | CORP              | KY        |    125785 | PA      | $125825.85    | 0.10%             | 2031-04-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                | Lloyds Banking Group PLC                                                                                         | CUSIP: 53944YAD5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    283000 | PA      | $281440.67    | 0.22%             | 2027-01-11      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                 | HCA Inc                                                                                                          | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    263000 | PA      | $263452.36    | 0.20%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                                 | INEOS Quattro Finance 2 Plc                                                                                      | CUSIP: 000000000<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    222000 | PA      | $259201.30    | 0.20%             | 2029-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Buttermilk Park CLO Ltd                                 | Buttermilk Park CLO Ltd                                                                                          | CUSIP: 124166AQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    158380 | PA      | $158372.28    | 0.12%             | 2031-10-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                          | S&P Global Inc                                                                                                   | CUSIP: 78409VBH6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    481000 | PA      | $469922.57    | 0.36%             | 2027-03-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                                                | CUSIP: 3136ASJX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    135958 | PA      | $18123.35     | 0.01%             | 2046-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                   | NGL Energy Operating LLC / NGL Energy Finance Corp                                                               | CUSIP: 62922LAC2<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107186.10    | 0.08%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                 | Sasol Financing USA LLC                                                                                          | CUSIP: 000000000<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201550.00    | 0.15%             | 2029-05-03      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Co                                    | Kraft Heinz Foods Co                                                                                             | CUSIP: 50077LAD8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    381000 | PA      | $376828.05    | 0.29%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                                            | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $38053.20     | 0.03%             | 2029-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2014-CCRE16 Mortgage Trust                                                                                  | CUSIP: 12591VAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $84521.00     | 0.06%             | 2047-04-10      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| Regatta XIX Funding Ltd                                 | Regatta XIX Funding Ltd                                                                                          | CUSIP: 75888EAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $470920.26    | 0.36%             | 2035-04-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Granite Park Equipment Leasing LLC                      | Granite Park Equipment Leasing 2023-1 LLC                                                                        | CUSIP: 387422AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115911 | PA      | $117683.12    | 0.09%             | 2032-09-20      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1036200 | PA      | $1058866.88   | 0.81%             | 2028-08-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                  | VICI Properties LP / VICI Note Co Inc                                                                            | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              |  | US        |    371000 | PA      | $369349.05    | 0.28%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RADIATE HOLDCO LLC                                      | Radiate Holdco LLC 2025 FLFO Term Loan                                                                           | CUSIP: 75025KAK4<br>LEI: 5493000GQJ5RDX9DNJ71 | Long             | LON              | CORP              | US        |     83082 | PA      | $67573.34     | 0.05%             | 2029-09-25      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                | Lloyds Banking Group PLC                                                                                         | CUSIP: 53944YAP8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    395000 | PA      | $387625.35    | 0.30%             | 2027-05-11      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                                   | Bread Financial Holdings Inc                                                                                     | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |    223000 | PA      | $238277.73    | 0.18%             | 2029-03-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                                   | Theorem Funding Trust 2023-1                                                                                     | CUSIP: 88338QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7256 | PA      | $7269.90      | 0.01%             | 2029-04-15      | Fixed         | 7.58%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2020-BNK29                                                                                                  | CUSIP: 06541TBL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    951332 | PA      | $51431.48     | 0.04%             | 2053-11-15      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                                                      | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    436000 | PA      | $439575.20    | 0.34%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                | Capital One Financial Corp                                                                                       | CUSIP: 14040HBJ3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    286000 | PA      | $285671.10    | 0.22%             | 2025-10-29      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                                     | Macquarie Group Ltd                                                                                              | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    432000 | PA      | $427209.12    | 0.33%             | 2027-01-12      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                                          | Hertz Corp/The                                                                                                   | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    143000 | PA      | $148223.79    | 0.11%             | 2029-07-15      | Fixed         | 12.62%                | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                                | Discovery Communications LLC                                                                                     | CUSIP: 25470DCA5<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    303000 | PA      | $287319.75    | 0.22%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                                                      | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    166000 | PA      | $163435.30    | 0.12%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| CARGILL INC                                             | Cargill Inc                                                                                                      | CUSIP: 141781BY9<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |    403000 | PA      | $403108.81    | 0.31%             | 2025-10-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC                                | FHF Trust 2023-1                                                                                                 | CUSIP: 30331GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51783 | PA      | $52219.08     | 0.04%             | 2028-06-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Invesco CLO LTD                                         | Invesco CLO 2021-2 Ltd                                                                                           | CUSIP: 46149MAL0<br>LEI: 54930008KRIBK4JIR608 | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $650000.00    | 0.50%             | 2034-07-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Trust 2017-GS7                                                                            | CUSIP: 36254CAX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3082494 | PA      | $46079.90     | 0.04%             | 2050-08-10      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                                   | Theorem Funding Trust 2022-3                                                                                     | CUSIP: 882925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2873 | PA      | $2875.32      | 0.00%             | 2029-04-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                              | Fiserv Inc                                                                                                       | CUSIP: 337738AT5<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    416000 | PA      | $412181.12    | 0.32%             | 2026-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Asset Trust 2025-1                                                                  | CUSIP: 76089YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    353991 | PA      | $355361.34    | 0.27%             | 2033-06-27      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                                                | CUSIP: 3136B4ZB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31591 | PA      | $3665.05      | 0.00%             | 2049-06-25      | Floating      | 1.59%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES                                         | Thor Industries Inc                                                                                              | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |    182000 | PA      | $172295.76    | 0.13%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CJF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $985699.21    | 0.75%             | 2028-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                            | Centene Corp                                                                                                     | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    306000 | PA      | $270559.08    | 0.21%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                                  | Goldman Sachs Bank USA/New York NY                                                                               | CUSIP: 38151LAF7<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    241000 | PA      | $242086.91    | 0.19%             | 2027-03-18      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                           | UBS Commercial Mortgage Trust 2018-C14                                                                           | CUSIP: 90278KBB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    740973 | PA      | $17071.73     | 0.01%             | 2051-12-15      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Avant Loans Funding Trust                               | Avant Loans Funding Trust 2024-REV1                                                                              | CUSIP: 05352UAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    255000 | PA      | $257992.60    | 0.20%             | 2033-10-15      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| WOODSIDE FINANCE LTD                                    | Woodside Finance Ltd                                                                                             | CUSIP: 980236AT0<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |    174000 | PA      | $178778.04    | 0.14%             | 2030-05-19      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                     | Synchrony Financial                                                                                              | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    348000 | PA      | $350272.44    | 0.27%             | 2029-07-29      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3835000 | PA      | $3948851.56   | 3.02%             | 2028-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    589000 | PA      | $593164.41    | 0.45%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                                                                | CUSIP: 3136A4F53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50185 | PA      | $5883.60      | 0.00%             | 2042-03-25      | Floating      | 1.49%                 | No            |                  2 | On Loan: No      |
| Avant Loans Funding Trust                               | Avant Loans Funding Trust 2025-REV1                                                                              | CUSIP: 05352BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $251222.28    | 0.19%             | 2034-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                                                     | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    226000 | PA      | $220035.86    | 0.17%             | 2027-08-10      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     72000 | PA      | $69940.80     | 0.05%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                       | HSBC Holdings PLC                                                                                                | CUSIP: 404280BT5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    214000 | PA      | $215369.60    | 0.16%             | 2029-06-19      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                                     | Travel + Leisure Co                                                                                              | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    117000 | PA      | $118048.32    | 0.09%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DIRECTV Financing, LLC                                  | DIRECTV Financing, LLC 2024 Refinancing Term B Loan                                                              | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     20695 | PA      | $20527.10     | 0.02%             | 2029-08-02      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                      | Tricolor Auto Securitization Trust 2025-1                                                                        | CUSIP: 89617CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105007 | PA      | $105328.55    | 0.08%             | 2029-02-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                              | DaVita Inc                                                                                                       | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    311000 | PA      | $299396.59    | 0.23%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                | AT&T Inc                                                                                                         | CUSIP: 00206RDQ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    486000 | PA      | $486301.32    | 0.37%             | 2027-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust                | Castlelake Aircraft Structured Trust 2025-2                                                                      | CUSIP: 14855XAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $605246.58    | 0.46%             | 2050-08-15      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP                                      | Regal Rexnord Corp                                                                                               | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    377000 | PA      | $378613.56    | 0.29%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                                                   | CUSIP: 61747YEX9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    235000 | PA      | $235425.35    | 0.18%             | 2026-10-16      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN                                | Raven Acquisition Holdings LLC                                                                                   | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $32669.12     | 0.02%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC                                 | NEW FORTRESS ENERGY INC                                                                                          | CUSIP: 000000000<br>LEI: 254900EICTYTCHA5X705 | Long             | EC               | CORP              | US        |      2218 | NS      | $5456.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR NOTE (CBT)DEC25                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        29 | NC      | $14539.06     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PBW5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    268000 | PA      | $264207.80    | 0.20%             | 2027-02-04      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                                                             | CUSIP: 378272BR8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    373000 | PA      | $378658.41    | 0.29%             | 2027-04-04      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9                                                    | CUSIP: 46639EAR2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $58017.00     | 0.04%             | 2047-12-15      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                             | Merchants Fleet Funding LLC                                                                                      | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |    241378 | PA      | $243027.82    | 0.19%             | 2036-05-20      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC                                 | Enova International Inc                                                                                          | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    120000 | PA      | $126528.00    | 0.10%             | 2029-08-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                           | UniCredit SpA                                                                                                    | CUSIP: 904678AW9<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    404000 | PA      | $396566.40    | 0.30%             | 2027-06-03      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP                                 | Digital Realty Trust LP                                                                                          | CUSIP: 25389JAU0<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              |  | US        |    132000 | PA      | $128775.24    | 0.10%             | 2029-07-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                                | International Business Machines Corp                                                                             | CUSIP: 459200KH3<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    164000 | PA      | $157789.32    | 0.12%             | 2027-05-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Regatta XVI Funding Ltd.                                | Regatta XVI Funding Ltd                                                                                          | CUSIP: 75888TAL9<br>LEI: 254900XPJFGKL5R4O429 | Long             | ABS-CBDO         | CORP              | KY        |    232148 | PA      | $232493.06    | 0.18%             | 2033-01-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Trust 2016-GS3                                                                            | CUSIP: 36251PAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1162800 | PA      | $7033.08      | 0.01%             | 2049-10-10      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Grantor Trust 2024-10                                                                             | CUSIP: 69544MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     61970 | PA      | $62239.50     | 0.05%             | 2032-06-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Asset Trust 2023-4                                                                  | CUSIP: 76088UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    262817 | PA      | $264416.65    | 0.20%             | 2032-03-25      | Fixed         | 7.54%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                                                    | CUSIP: 172967NG2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    421000 | PA      | $413497.78    | 0.32%             | 2028-02-24      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Alliance Bernstein                                      | AB Fixed Income Shares, Inc. - Government Money Market Portfolio                                                 | CUSIP: 018616748<br>LEI: 5493006YWHO7MNK2U579 | Long             | STIV             | RF                | US        |    640173 | NS      | $640172.95    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2220000 | PA      | $2271857.80   | 1.74%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                    | Flutter Treasury DAC                                                                                             | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $203808.00    | 0.16%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 2YR NOTE (CBT) DEC25                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -5 | NC      | $-546.88      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                                | Prime Security Services Borrower LLC / Prime Finance Inc                                                         | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $22319.89     | 0.02%             | 2027-08-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital Credit CLO 2021-6 Ltd                                                                               | CUSIP: 05684PAL0<br>LEI: 254900YXN9JEMKU5DF45 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300507.30    | 0.23%             | 2034-10-21      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP                                            | Embecta Corp                                                                                                     | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |     29000 | PA      | $27223.46     | 0.02%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                     | Synchrony Financial                                                                                              | CUSIP: 87165BAM5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64103.00     | 0.05%             | 2027-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                  | Acrisure LLC / Acrisure Finance Inc                                                                              | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     61000 | PA      | $63296.04     | 0.05%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | Rad CLO 14 Ltd                                                                                                   | CUSIP: 75009RAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $550246.40    | 0.42%             | 2035-01-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| WORKDAY INC                                             | Workday Inc                                                                                                      | CUSIP: 98138HAG6<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |    405000 | PA      | $401014.80    | 0.31%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                                                         | CUSIP: 92840VAG7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    483000 | PA      | $478343.88    | 0.37%             | 2027-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                        | WFRBS Commercial Mortgage Trust 2011-C4                                                                          | CUSIP: 92936CAY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25000 | PA      | $23557.50     | 0.02%             | 2044-06-15      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                  | CUSIP: 31418FBP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    863820 | PA      | $883052.40    | 0.68%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                                | MPH Acquisition Holdings LLC                                                                                     | CUSIP: 553283AE2<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |     43404 | PA      | $34925.46     | 0.03%             | 2031-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PINEWOOD FINCO PLC                                      | Pinewood Finco PLC                                                                                               | CUSIP: 000000000<br>LEI: 984500EF3F7CA63ND769 | Long             | DBT              | CORP              | GB        |    118000 | PA      | $158626.79    | 0.12%             | 2025-09-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                | 1011778 BC ULC / New Red Finance Inc                                                                             | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     35000 | PA      | $34424.95     | 0.03%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                                      | Royalty Pharma PLC                                                                                               | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    426000 | PA      | $426000.00    | 0.33%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                           | UBS Commercial Mortgage Trust 2017-C1                                                                            | CUSIP: 90276EAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    876032 | PA      | $15012.48     | 0.01%             | 2050-06-15      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                                                  | CUSIP: 126650DF4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    107000 | PA      | $105668.92    | 0.08%             | 2026-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                            | Barclays PLC                                                                                                     | CUSIP: 06738EAP0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    111000 | PA      | $111367.41    | 0.09%             | 2026-05-12      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Starwood Retail Property Trust                          | Starwood Retail Property Trust 2014-STAR                                                                         | CUSIP: 85571XAA5<br>LEI: 5493007115G809OI4R97 | Long             | ABS-MBS          | CORP              | US        |     76498 | PA      | $46229.27     | 0.04%             | 2027-11-15      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                | Amneal Pharmaceuticals LLC                                                                                       | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30858.60     | 0.02%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                                | Santander UK Group Holdings PLC                                                                                  | CUSIP: 80281LAR6<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $194890.00    | 0.15%             | 2028-01-11      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                                                | CUSIP: 404280CX5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    203000 | PA      | $197994.02    | 0.15%             | 2027-11-22      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                         | CVS Health Corp                                                                                                  | CUSIP: 126650CU2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    401000 | PA      | $396312.31    | 0.30%             | 2026-06-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| UBS-Barclays Commercial Mortgage Trust                  | UBS-Barclays Commercial Mortgage Trust 2013-C6                                                                   | CUSIP: 90349GAS4<br>LEI: 549300G1IXWLFE766Q13 | Long             | ABS-MBS          | CORP              | US        |     68549 | PA      | $63151.20     | 0.05%             | 2046-04-10      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                        | GGAM Finance Ltd                                                                                                 | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     12000 | PA      | $12318.60     | 0.01%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NIAGARA MOHAWK POWER                                    | Niagara Mohawk Power Corp                                                                                        | CUSIP: 653522DT6<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |    304000 | PA      | $305325.44    | 0.23%             | 2030-10-03      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC                                | Elanco Animal Health Inc                                                                                         | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6252.18      | 0.00%             | 2028-08-28      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                | Hilton Domestic Operating Co Inc                                                                                 | CUSIP: 432833AP6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    415000 | PA      | $422938.95    | 0.32%             | 2029-03-22      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                                | MPH Acquisition Holdings LLC                                                                                     | CUSIP: 553283AG7<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |      5041 | PA      | $4414.81      | 0.00%             | 2030-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                                   | Republic Services Inc                                                                                            | CUSIP: 760759BB5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    348000 | PA      | $356929.68    | 0.27%             | 2029-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                             | Oracle Corp                                                                                                      | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     68000 | PA      | $67082.68     | 0.05%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                    | Targa Resources Corp                                                                                             | CUSIP: 87612GAP6<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     57000 | PA      | $57865.26     | 0.04%             | 2030-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                | Blue Racer Midstream LLC / Blue Racer Finance Corp                                                               | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     73000 | PA      | $75974.02     | 0.06%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                                  | Goodyear Tire & Rubber Co/The                                                                                    | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30511.50     | 0.02%             | 2030-05-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                                                      | CUSIP: 68389XCM5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15126.30     | 0.01%             | 2028-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1303000 | PA      | $1309362.30   | 1.00%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $925382.81    | 0.71%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                  | Aviation Capital Group LLC                                                                                       | CUSIP: 05369AAR2<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    155000 | PA      | $155750.20    | 0.12%             | 2027-04-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                                                             | CUSIP: 378272BZ0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     72000 | PA      | $73949.76     | 0.06%             | 2030-04-01      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                   | Toronto-Dominion Bank/The                                                                                        | CUSIP: 89114TZT2<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    418000 | PA      | $410200.12    | 0.31%             | 2027-03-10      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| PPM Clo, Ltd.                                           | PPM CLO 5 Ltd                                                                                                    | CUSIP: 69356TAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500543.00    | 0.38%             | 2034-10-18      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                          | Morgan Stanley                                                                                                   | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    587000 | PA      | $584910.28    | 0.45%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Pagaya Point of Sale Holdings Grantor Trust             | Pagaya Point of Sale Holdings Grantor Trust 2025-1                                                               | CUSIP: 694952AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    292000 | PA      | $294966.69    | 0.23%             | 2034-01-20      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                                                  | CUSIP: 718172CJ6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     49000 | PA      | $47557.93     | 0.04%             | 2029-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                  | CUSIP: 31418FDB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    921902 | PA      | $927538.10    | 0.71%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VOC Escrow Ltd                                          | VOC Escrow Ltd                                                                                                   | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    263000 | PA      | $261574.54    | 0.20%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1158000 | PA      | $1177450.78   | 0.90%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                                                  | CUSIP: 718172DG1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    272000 | PA      | $277709.28    | 0.21%             | 2029-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                                         | BAE Systems PLC                                                                                                  | CUSIP: 05523RAH0<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    374000 | PA      | $378267.34    | 0.29%             | 2027-03-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC                                     | Oportun Funding Trust 2024-3                                                                                     | CUSIP: 68377NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64416 | PA      | $64456.72     | 0.05%             | 2029-08-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                                                         | CUSIP: 00206RHW5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    393000 | PA      | $390983.91    | 0.30%             | 2027-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                                                 | CUSIP: 3132DWMY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    919599 | PA      | $925221.44    | 0.71%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 44 Ltd                                                                                                   | CUSIP: 00121RAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250000.00    | 0.19%             | 2037-10-22      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2016-LC24                                                                  | CUSIP: 95000HBJ0<br>LEI: 5493007OD9MH69ES1S63 | Long             | ABS-MBS          | CORP              | US        |    722831 | PA      | $7439.81      | 0.01%             | 2049-10-15      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| SHIRE ACQ INV IRELAND DA                                | Shire Acquisitions Investments Ireland DAC                                                                       | CUSIP: 82481LAD1<br>LEI: 549300XK5HGW68R8K327 | Long             | DBT              | CORP              | IE        |    486000 | PA      | $480877.56    | 0.37%             | 2026-09-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                          | ACM Auto Trust 2025-1                                                                                            | CUSIP: 00161EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65413 | PA      | $65512.86     | 0.05%             | 2029-06-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust           | BHG Securitization Trust 2023-B                                                                                  | CUSIP: 08862GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110391 | PA      | $115608.52    | 0.09%             | 2036-12-17      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| Sunbit Asset Securitization Trust                       | Sunbit Asset Securitization Trust 2025-1                                                                         | CUSIP: 86709SAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $301583.94    | 0.23%             | 2030-07-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                    | Targa Resources Corp                                                                                             | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    442000 | PA      | $449147.14    | 0.34%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                                   | Civitas Resources Inc                                                                                            | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    168000 | PA      | $174397.44    | 0.13%             | 2028-06-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Grantor Trust 2025-1                                                                              | CUSIP: 69544NAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115087 | PA      | $115584.96    | 0.09%             | 2032-07-15      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                                                      | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    267000 | PA      | $262853.49    | 0.20%             | 2027-03-09      | Fixed         | 1.43%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                       | INEOS Finance PLC                                                                                                | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    101000 | PA      | $118258.30    | 0.09%             | 2029-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                                                         | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-731.42      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                      | Regional Management Issuance Trust 2025-1                                                                        | CUSIP: 75908AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    585000 | PA      | $588538.96    | 0.45%             | 2034-04-17      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| COLOSSUS ACQUIRECO LLC                                  | Colossus Acquireco LLC Term Loan B                                                                               | CUSIP: 19682LAB4<br>LEI: 2549009FT92RXWA46910 | Long             | LON              | CORP              | US        |    100000 | PA      | $99357.00     | 0.08%             | 2032-07-30      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                                                | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    506000 | PA      | $516484.32    | 0.39%             | 2028-05-17      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp                                   | Northrop Grumman Corp                                                                                            | CUSIP: 666807BN1<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    184000 | PA      | $180653.04    | 0.14%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Credit Card ABS Master Trust | Continental Finance Credit Card ABS Master Trust                                                                 | CUSIP: 66981PAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $254481.20    | 0.19%             | 2032-12-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Navient Corp                                            | Navient Corp                                                                                                     | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    259000 | PA      | $261957.78    | 0.20%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                                          | Var Energi ASA                                                                                                   | CUSIP: 92212WAD2<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |    446000 | PA      | $473272.90    | 0.36%             | 2028-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                             | Hertz Vehicle Financing III LLC                                                                                  | CUSIP: 42806MDB2<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $609834.96    | 0.47%             | 2029-12-26      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR ULTRA FUT DEC25                                                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -20 | NC      | $-6609.37     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                       | Credit Acceptance Auto Loan Trust 2025-1                                                                         | CUSIP: 22536KAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $253174.88    | 0.19%             | 2035-03-15      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                                          | ACM Auto Trust 2025-3                                                                                            | CUSIP: 00161UAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    920000 | PA      | $920918.16    | 0.70%             | 2030-01-22      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                | Hilton Domestic Operating Co Inc                                                                                 | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     77000 | PA      | $79232.23     | 0.06%             | 2032-03-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                  | Mitsubishi UFJ Financial Group Inc                                                                               | CUSIP: 606822BY9<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    440000 | PA      | $429290.40    | 0.33%             | 2027-07-20      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                                     | Diebold Nixdorf Inc                                                                                              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     17000 | PA      | $18027.65     | 0.01%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Regatta XXIII Funding Ltd                               | Regatta XXIII Funding Ltd                                                                                        | CUSIP: 75889FAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    530000 | PA      | $529996.29    | 0.41%             | 2035-01-20      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                                | SLM Corp                                                                                                         | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     57000 | PA      | $59546.76     | 0.05%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                                                              | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    260000 | PA      | $258091.60    | 0.20%             | 2026-11-19      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| Gracie Point International Funding                      | Gracie Point International Funding 2025-1 LLC                                                                    | CUSIP: 38411WAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    650000 | PA      | $650000.00    | 0.50%             | 2028-08-15      | Floating      | 5.70%                 | No            |                  3 | On Loan: No      |
| NATWEST GROUP PLC                                       | NatWest Group PLC                                                                                                | CUSIP: 639057AC2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    416000 | PA      | $407205.76    | 0.31%             | 2027-06-14      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust           | BHG Securitization Trust 2025-2CON                                                                               | CUSIP: 05494LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $302463.45    | 0.23%             | 2036-09-17      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                                 | Nationwide Building Society                                                                                      | CUSIP: 63861VAF4<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    454000 | PA      | $445069.82    | 0.34%             | 2028-02-16      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2016-DC2 Mortgage Trust                                                                                     | CUSIP: 12594CBG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1812047 | PA      | $122.49       | 0.00%             | 2049-02-10      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                        | WFRBS Commercial Mortgage Trust 2011-C4                                                                          | CUSIP: 92936CAW9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     37674 | PA      | $36449.41     | 0.03%             | 2044-06-15      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                            | DNB Bank ASA                                                                                                     | CUSIP: 25601B2B0<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |    465000 | PA      | $446395.35    | 0.34%             | 2028-03-30      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                      | Ally Financial Inc                                                                                               | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    370000 | PA      | $379597.80    | 0.29%             | 2029-05-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                                                     | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    443000 | PA      | $450003.83    | 0.34%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CK HUTCHISON INTL 24                                    | CK Hutchison International 24 Ltd                                                                                | CUSIP: 17887UAA3<br>LEI: 254900GAYV1MAUETUO84 | Long             | DBT              | CORP              | KY        |    447000 | PA      | $463606.05    | 0.35%             | 2029-04-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                                                    | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    424000 | PA      | $414510.88    | 0.32%             | 2027-06-09      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                           | UBS Commercial Mortgage Trust 2017-C2                                                                            | CUSIP: 90276CAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1879087 | PA      | $27744.15     | 0.02%             | 2050-08-15      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| Amgen Inc                                               | Amgen Inc                                                                                                        | CUSIP: 031162CQ1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122662.50    | 0.09%             | 2027-11-02      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                                                     | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    160000 | PA      | $155752.00    | 0.12%             | 2030-04-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2018-1 Ltd                                                                                              | CUSIP: 92917AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    155889 | PA      | $155915.18    | 0.12%             | 2031-04-19      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Trust 2013-GC13                                                                           | CUSIP: 36198EBB0<br>LEI: 549300WF5YRKNHB1FX69 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $72502.34     | 0.06%             | 2046-07-10      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Loyalty Ventures Inc.                                   | Loyalty Ventures Inc. Term B Loan                                                                                | CUSIP: 54912FAD2<br>LEI: 549300Q3YKVWNY6JIJ44 | Long             | LON              | CORP              | US        |     72366 | PA      | $542.74       | 0.00%             | 2027-11-03      | Floating      | 14.00%                | No            |                  3 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital Credit CLO 2019-1                                                                                   | CUSIP: 05683VBA1<br>LEI: 549300B0VI605XM3L529 | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $100183.50    | 0.08%             | 2034-04-19      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| AS MILEAGE PLAN IP LTD                                  | AS Mileage Plan IP Ltd                                                                                           | CUSIP: 00218QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     43000 | PA      | $43020.64     | 0.03%             | 2029-10-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Ginnie Mae II Pool                                                                                               | CUSIP: 36179X2L9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    825775 | PA      | $836350.21    | 0.64%             | 2053-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                                    | Kraft Heinz Foods Co                                                                                             | CUSIP: 50077LBC9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    214000 | PA      | $212602.58    | 0.16%             | 2027-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2024-1                                                                                      | CUSIP: 69548AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55639 | PA      | $56047.99     | 0.04%             | 2031-07-15      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                           | Lendbuzz Securitization Trust 2023-1                                                                             | CUSIP: 52608LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58353 | PA      | $59193.81     | 0.05%             | 2028-08-15      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $205110.70    | 0.16%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                                       | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp                                                  | CUSIP: 76883NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     36000 | PA      | $36429.48     | 0.03%             | 2033-01-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                              | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1060000 | PA      | $1096023.43   | 0.84%             | 2029-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Analog Devices Inc                                      | Analog Devices Inc                                                                                               | CUSIP: 032654AN5<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    486000 | PA      | $483113.16    | 0.37%             | 2026-12-05      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** AB Active ETFs, Inc.

**Signature:** Stephen Woetzel

**Name of Signer:** Stephen Woetzel

**Title:** Controller