# EDGAR Filing Document

**Accession Number:** 0001676326
**File Stem:** 0002071691-25-007389
**Filing Date:** 2025-11
**Character Count:** 102804
**Document Hash:** 5ed93e5e31fe1d1764ab815e47db64ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007389.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007389

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley ETF Trust
- **CENTRAL INDEX KEY:** 0001676326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23820
- **FILM NUMBER:** 251524906

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212.296.1404

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

## Series and Classes Contracts Data

### Calvert Ultra-Short Investment Grade ETF (Series ID: S000077963)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000238680 | Calvert Ultra-Short Investment Grade ETF | CVSB            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Morgan Stanley ETF Trust

- **b. Investment Company Act file number:** 811-23820

- **c. CIK number of Registrant:** 0001676326

- **d. LEI of Registrant:** 549300HASXQLXGOR9H31

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

  - **Street Address 1:** 1585 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-548-7786

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

- **a. Name of Series:** Calvert Ultra-Short Investment Grade ETF

- **b. EDGAR series identifier (if any):** S000077963

- **c. LEI of Series:** 549300RQT9YNL0GPOP12

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

- **a. Date of fiscal year-end:** 2025-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $202182255.92

**Total Liabilities:** $14618745.95

**Net Assets:** $187563509.97

**Delayed Delivery Securities:** $515000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1708.78878800 | **1-Year:** 7146.67425900 | **5-Year:** 2906.75594300 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 5.23801900 | **1-Year:** 62.74181800 | **5-Year:** 0.65084800 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000238680 | 0.30%                | 0.54%                | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11126.93                | $-124508.20                                |
| Month 2  | $2798.81                 | $300191.47                                 |
| Month 3  | $9703.84                 | $2922.25                                   |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NRTH Mortgage Trust                                    | NRTH Mortgage Trust, Series 2024-PARK, Class A                                            | CUSIP: 67021HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    760000 | PA      | $759353.62    | 0.40%             | 2039-03-15      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                             | J.P. Morgan Mortgage Trust, Series 2024-HE1, Class A1                                     | CUSIP: 46658AAA3<br>LEI: 529900PFHUFMSHU0UV97 | Long             | ABS-O            | CORP              | US        |   1205175 | PA      | $1209942.44   | 0.65%             | 2054-08-25      | Floating      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                          | Lendbuzz Securitization Trust, Series 2023-3A, Class A2                                   | CUSIP: 525931AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    429092 | PA      | $437032.42    | 0.23%             | 2028-12-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                              | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1397479.50   | 0.75%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                        | Jefferies Financial Group, Inc.                                                           | CUSIP: 47233WKM0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    905000 | PA      | $906997.07    | 0.48%             | 2026-08-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INTOWN Mortgage Trust                                  | INTOWN Mortgage Trust, Series 2025-STAY, Class B                                          | CUSIP: 46117WAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    865000 | PA      | $864879.68    | 0.46%             | 2042-03-15      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Genpact Luxembourg SARL                                | Genpact Luxembourg SARL                                                                   | CUSIP: 37190AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     69000 | PA      | $68015.35     | 0.04%             | 2026-04-10      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Brookfield Infrastructure Holdings Canada, Inc.        | Brookfield Infrastructure Holdings Canada, Inc.                                           | CUSIP: 11275MX76<br>LEI: 549300GV8LYH0T7DZO77 | Long             | STIV             | CORP              | CA        |   1770000 | PA      | $1768485.59   | 0.94%             | 2025-10-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EPR Properties                                         | EPR Properties                                                                            | CUSIP: 26884UAC3<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   1102000 | PA      | $1104955.30   | 0.59%             | 2026-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ORL Trust                                              | ORL Trust, Series 2024-GLKS, Class A                                                      | CUSIP: 67120DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    637000 | PA      | $638092.58    | 0.34%             | 2039-12-15      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| DLLMT LLC                                              | DLLMT LLC, Series 2024-1A, Class A2                                                       | CUSIP: 23347AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135032 | PA      | $135442.83    | 0.07%             | 2027-02-22      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| Truist Bank                                            | Truist Bank                                                                               | CUSIP: 89788JAF6<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   1223000 | PA      | $1228469.72   | 0.65%             | 2028-07-24      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| Silgan Holdings, Inc.                                  | Silgan Holdings, Inc.                                                                     | CUSIP: 827048AX7<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |    375000 | PA      | $369169.98    | 0.20%             | 2026-04-01      | Fixed         | 1.40%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                    | Intesa Sanpaolo SpA                                                                       | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    610000 | PA      | $612242.96    | 0.33%             | 2025-11-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust                       | OneMain Financial Issuance Trust, Series 2021-1A, Class B                                 | CUSIP: 68269MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    277000 | PA      | $261497.06    | 0.14%             | 2036-06-16      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5370, Class FB                                                       | CUSIP: 3137HBFP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    621382 | PA      | $626021.94    | 0.33%             | 2054-01-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                   | Royal Bank of Canada                                                                      | CUSIP: 78016HZX1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |      2000 | PA      | $2015.19      | 0.00%             | 2027-07-23      | Variable      | 5.07%                 | No            |                  2 | On Loan: —       |
| Tricolor Auto Securitization Trust                     | Tricolor Auto Securitization Trust, Series 2024-3A, Class A                               | CUSIP: 89617AAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250783 | PA      | $228847.10    | 0.12%             | 2028-06-15      | Fixed         | 5.22%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 3990, Class TF                                                       | CUSIP: 3137AL5L9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    208182 | PA      | $206849.05    | 0.11%             | 2042-01-15      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust                                 | Crossroads Asset Trust, Series 2024-A, Class A2                                           | CUSIP: 227927AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    642080 | PA      | $650876.49    | 0.35%             | 2030-08-20      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                       | CUSIP: 83368RBZ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    849000 | PA      | $858501.79    | 0.46%             | 2027-02-19      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Skyworks Solutions, Inc.                               | Skyworks Solutions, Inc.                                                                  | CUSIP: 83088MAK8<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | DBT              | CORP              | US        |    920000 | PA      | $904952.26    | 0.48%             | 2026-06-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2025-A, Class A                                            | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $525819.74    | 0.28%             | 2033-02-08      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| MMP Capital LLC                                        | MMP Capital LLC, Series 2025-A, Class A                                                   | CUSIP: 55317QAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    275435 | PA      | $277685.22    | 0.15%             | 2031-12-15      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                                | BPCE SA                                                                                   | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    450000 | PA      | $451721.48    | 0.24%             | 2027-01-18      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Aviation Capital Group LLC                             | Aviation Capital Group LLC                                                                | CUSIP: 05367AAH6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    956000 | PA      | $956000.00    | 0.51%             | 2025-10-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Prosper Marketplace Issuance Trust                     | Prosper Marketplace Issuance Trust, Series 2024-1A, Class A                               | CUSIP: 74363CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14362 | PA      | $14367.84     | 0.01%             | 2029-08-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Wingspire Equipment Finance LLC                        | Wingspire Equipment Finance LLC, Series 2025-1A, Class A2                                 | CUSIP: 97415CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    305000 | PA      | $305103.70    | 0.16%             | 2033-09-20      | Fixed         | 4.33%                 | Yes           |                  2 | On Loan: No      |
| Octane Receivables Trust                               | Octane Receivables Trust, Series 2023-1A, Class A                                         | CUSIP: 67571BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      7804 | PA      | $7816.79      | 0.00%             | 2029-05-21      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Berry Global, Inc.                                     | Berry Global, Inc.                                                                        | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    371000 | PA      | $367839.44    | 0.20%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                       | CVS Health Corp.                                                                          | CUSIP: 12665JX61<br>LEI: 549300EJG376EN5NQE29 | Long             | STIV             | CORP              | US        |   1075000 | PA      | $1074178.70   | 0.57%             | 2025-10-06      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5483, Class FB                                                       | CUSIP: 3137HHNE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2080326 | PA      | $2091498.94   | 1.12%             | 2054-12-25      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                 | Truist Financial Corp.                                                                    | CUSIP: 89788MAJ1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    275000 | PA      | $275233.01    | 0.15%             | 2026-10-28      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                              | Bank of Nova Scotia (The)                                                                 | CUSIP: 064159HB5<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    951000 | PA      | $951359.60    | 0.51%             | 2025-12-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance DAC                                    | Prodigy Finance DAC, Series 2021-1A, Class D                                              | CUSIP: 742857AA3<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |    159855 | PA      | $164881.04    | 0.09%             | 2051-07-25      | Floating      | 10.17%                | Yes           |                  2 | On Loan: No      |
| DB Master Finance LLC                                  | DB Master Finance LLC, Series 2021-1A, Class A2I                                          | CUSIP: 233046AN1<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    442750 | PA      | $431206.40    | 0.23%             | 2051-11-20      | Fixed         | 2.04%                 | Yes           |                  2 | On Loan: No      |
| Centene Corp.                                          | Centene Corp.                                                                             | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1277662.56   | 0.68%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                              | Chesapeake Funding II LLC, Series 2024-1A, Class A2                                       | CUSIP: 165183DJ0<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    126171 | PA      | $126099.47    | 0.07%             | 2036-05-15      | Floating      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.                  | NextEra Energy Capital Holdings, Inc.                                                     | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1294166.72   | 0.69%             | 2027-09-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LLC                        | Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2                                 | CUSIP: 85236KAE2<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |   1090000 | PA      | $1074845.95   | 0.57%             | 2046-03-26      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                              | Towd Point Mortgage Trust, Series 2025-HE2, Class A1A                                     | CUSIP: 89183PAA4<br>LEI: 254900HCCXAYNB40M417 | Long             | ABS-O            | CORP              | US        |    625000 | PA      | $627439.41    | 0.33%             | 2065-09-25      | Floating      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| JDE Peet's NV                                          | JDE Peet's NV                                                                             | CUSIP: 47216QAB9<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $481288.21    | 0.26%             | 2027-01-15      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                    | Rocket Mortgage LLC                                                                       | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    655000 | PA      | $642115.58    | 0.34%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: —       |
| Air Lease Corp.                                        | Air Lease Corp.                                                                           | CUSIP: 00913WX91<br>LEI: 5493004NW4M4P8TMMK63 | Long             | STIV             | CORP              | US        |   1400000 | PA      | $1398420.38   | 0.75%             | 2025-10-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                       | CUSIP: 9128287B0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11340000 | PA      | $11182014.52  | 5.96%             | 2026-06-30      | Fixed         | 1.88%                 | No            |                  2 | On Loan: —       |
| Hyundai Capital America                                | Hyundai Capital America                                                                   | CUSIP: 44891ABW6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44149.24     | 0.02%             | 2026-06-15      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                                  | Delta Air Lines, Inc.                                                                     | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    449000 | PA      | $451711.63    | 0.24%             | 2028-10-20      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: —       |
| Prodigy Finance DAC                                    | Prodigy Finance DAC, Series 2021-1A, Class B                                              | CUSIP: 742855AB5<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |    491523 | PA      | $497410.15    | 0.27%             | 2051-07-25      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Tesla Lease Electric Vehicle Securitization LLC        | Tesla Lease Electric Vehicle Securitization LLC, Series 2025-A, Class A2                  | CUSIP: 88162VAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    895000 | PA      | $896086.53    | 0.48%             | 2028-06-20      | Fixed         | 4.14%                 | Yes           |                  2 | On Loan: No      |
| Octane Receivables Trust                               | Octane Receivables Trust, Series 2024-3A, Class A2                                        | CUSIP: 67571GAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1446925 | PA      | $1455296.94   | 0.78%             | 2030-05-20      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                        | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GVR2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1329000 | PA      | $1328146.50   | 0.71%             | 2025-10-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                          | Lendbuzz Securitization Trust, Series 2024-1A, Class A2                                   | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73185 | PA      | $73673.36     | 0.04%             | 2029-08-15      | Fixed         | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Reach ABS Trust                                        | Reach ABS Trust, Series 2024-2A, Class A                                                  | CUSIP: 75525HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    348186 | PA      | $350025.32    | 0.19%             | 2031-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                     | Ally Bank Auto Credit-Linked Notes, Series 2024-B, Class B                                | CUSIP: 02007G4C4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    312590 | PA      | $315385.10    | 0.17%             | 2032-09-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| BHG Securitization Trust                               | BHG Securitization Trust, Series 2022-C, Class B                                          | CUSIP: 08860DAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    401090 | PA      | $402392.77    | 0.21%             | 2035-10-17      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                    | Intesa Sanpaolo SpA                                                                       | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   1200000 | PA      | $1202700.72   | 0.64%             | 2026-01-15      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 3136, Class FA                                                       | CUSIP: 31396NGM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    173710 | PA      | $172438.18    | 0.09%             | 2036-04-15      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances, Inc.               | International Flavors & Fragrances, Inc.                                                  | CUSIP: 4595A2X61<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | STIV             | CORP              | US        |   1000000 | PA      | $999292.60    | 0.53%             | 2025-10-06      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                    | Connecticut Avenue Securities Trust, Series 2025-R05, Class 2A1                           | CUSIP: 20753CAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    556675 | PA      | $558468.35    | 0.30%             | 2045-07-25      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Clarus Capital Funding LLC                             | Clarus Capital Funding LLC, Series 2024-1A, Class A2                                      | CUSIP: 18271JAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155869 | PA      | $156474.90    | 0.08%             | 2032-08-20      | Fixed         | 4.71%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2023-101, Class FM                                                           | CUSIP: 38384CBT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    814654 | PA      | $814648.70    | 0.43%             | 2053-07-20      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2025-75, Class FA                                                     | CUSIP: 3136BXHG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    865197 | PA      | $866517.99    | 0.46%             | 2055-09-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5529, Class AF                                                       | CUSIP: 3137HKU51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    895748 | PA      | $896283.98    | 0.48%             | 2055-03-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                             | J.P. Morgan Mortgage Trust, Series 2023-HE2, Class A1                                     | CUSIP: 46657FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    458980 | PA      | $461758.66    | 0.25%             | 2054-03-20      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Bank of New York Mellon (The)                          | Bank of New York Mellon (The)                                                             | CUSIP: 06405LAF8<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |    273000 | PA      | $273858.52    | 0.15%             | 2027-04-20      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                            | Extended Stay America Trust, Series 2025-ESH, Class A                                     | CUSIP: 30227TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    515000 | PA      | $517896.82    | 0.28%             | 2042-10-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                    | Connecticut Avenue Securities Trust, Series 2022-R07, Class 1M1                           | CUSIP: 20754MBZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    230420 | PA      | $236936.51    | 0.13%             | 2042-06-25      | Floating      | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables XII LLC             | Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class A2                      | CUSIP: 03236YAB1<br>LEI: 5493000K1GV1VHEHGY40 | Long             | ABS-O            | CORP              | US        |     78508 | PA      | $79302.77     | 0.04%             | 2029-12-20      | Fixed         | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing LLC, Series 2023-1, Class A2                                   | CUSIP: 29375CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69115 | PA      | $69313.34     | 0.04%             | 2029-01-22      | Fixed         | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                            | Extended Stay America Trust, Series 2021-ESH, Class B                                     | CUSIP: 30227FAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    674621 | PA      | $675273.55    | 0.36%             | 2038-07-15      | Floating      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                          | Lendbuzz Securitization Trust, Series 2024-3A, Class A2                                   | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    179797 | PA      | $179999.67    | 0.10%             | 2029-10-15      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2006-46, Class FG                                                     | CUSIP: 31395D6P9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    153328 | PA      | $152316.77    | 0.08%             | 2036-06-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                           | Barclays plc                                                                              | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1300000 | PA      | $1303022.16   | 0.69%             | 2026-11-02      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                           | UBS Group AG                                                                              | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    473000 | PA      | $461916.75    | 0.25%             | 2027-08-10      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: —       |
| Connecticut Avenue Securities Trust                    | Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1                           | CUSIP: 20754LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35855 | PA      | $35963.42     | 0.02%             | 2041-12-25      | Floating      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                                  | Athene Global Funding                                                                     | CUSIP: 04685A3S8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    247000 | PA      | $248152.63    | 0.13%             | 2026-02-23      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                       | CUSIP: 83368RAZ5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1305000 | PA      | $1296992.15   | 0.69%             | 2026-12-14      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                        | Santander UK Group Holdings plc                                                           | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   1518000 | PA      | $1522548.70   | 0.81%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                | Volkswagen Group of America Finance LLC                                                   | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    400000 | PA      | $401964.70    | 0.21%             | 2026-08-14      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Concentrix Corp.                                       | Concentrix Corp.                                                                          | CUSIP: 20602DAA9<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |    679000 | PA      | $689234.72    | 0.37%             | 2026-08-02      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                          | Enel Finance International NV                                                             | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   1665000 | PA      | $1666474.42   | 0.89%             | 2025-10-14      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                        | Citigroup, Inc.                                                                           | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    900000 | PA      | $890772.51    | 0.47%             | 2027-01-28      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| PNC Bank NA                                            | PNC Bank NA                                                                               | CUSIP: 69353RFY9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    990000 | PA      | $991710.19    | 0.53%             | 2027-05-13      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2024-88, Class FN                                                     | CUSIP: 3136BT6U2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    841274 | PA      | $842670.26    | 0.45%             | 2054-12-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| GNMA                                                   | GNMA, Series 2025-2, Class FB                                                             | CUSIP: 38385BP53<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    915567 | PA      | $917422.88    | 0.49%             | 2054-12-20      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                              | OBX Trust, Series 2025-HE1, Class A1                                                      | CUSIP: 67121CAA4<br>LEI: 2549002GJHC7CO92J583 | Long             | ABS-O            | CORP              | US        |    832545 | PA      | $840684.15    | 0.45%             | 2055-02-25      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                          | Lendbuzz Securitization Trust, Series 2025-2A, Class A2                                   | CUSIP: 52611JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $190604.31    | 0.10%             | 2030-05-15      | Fixed         | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Sonoco Products Co.                                    | Sonoco Products Co.                                                                       | CUSIP: 83549RXA7<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | STIV             | CORP              | US        |    420000 | PA      | $419449.09    | 0.22%             | 2025-10-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes                         | Chase Auto Credit Linked Notes, Series 2025-1, Class B                                    | CUSIP: 46591HCS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    799420 | PA      | $803230.48    | 0.43%             | 2033-02-25      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GA Global Funding Trust                                | GA Global Funding Trust                                                                   | CUSIP: 36143L2G9<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    230000 | PA      | $224409.73    | 0.12%             | 2027-01-06      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                                  | Bank of America Corp.                                                                     | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4585000 | PA      | $4493922.64   | 2.40%             | 2027-07-22      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                           | ING Groep NV                                                                              | CUSIP: 456837BF9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1700000 | PA      | $1729287.57   | 0.92%             | 2027-09-11      | Variable      | 6.08%                 | No            |                  2 | On Loan: —       |
| Goldman Sachs Bank USA                                 | Goldman Sachs Bank USA                                                                    | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105824.51    | 0.06%             | 2027-05-21      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| COPT Defense Properties LP                             | COPT Defense Properties LP                                                                | CUSIP: 22003BAL0<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    935000 | PA      | $925605.15    | 0.49%             | 2026-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: —       |
| United States of America                               | U.S. Treasury Notes                                                                       | CUSIP: 91282CKS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11900000 | PA      | $11979988.35  | 6.39%             | 2026-05-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                           | Barclays plc                                                                              | CUSIP: 06738ECJ2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    450000 | PA      | $459175.12    | 0.24%             | 2027-09-13      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                          | Lendbuzz Securitization Trust, Series 2023-2A, Class A2                                   | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    443789 | PA      | $451124.79    | 0.24%             | 2028-10-16      | Fixed         | 7.09%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                   | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PBW5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2725000 | PA      | $2695243.33   | 1.44%             | 2027-02-04      | Variable      | 1.04%                 | No            |                  2 | On Loan: —       |
| GNMA                                                   | GNMA, Series 2024-146, Class FE                                                           | CUSIP: 38384W3E3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    533367 | PA      | $535825.44    | 0.29%             | 2064-09-20      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                     | Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class B                                | CUSIP: 02007GZ55<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    324850 | PA      | $330518.09    | 0.18%             | 2032-05-17      | Fixed         | 5.83%                 | Yes           |                  2 | On Loan: No      |
| BPR Trust                                              | BPR Trust, Series 2022-SSP, Class A                                                       | CUSIP: 05602HAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $150831.47    | 0.08%             | 2039-05-15      | Floating      | 7.15%                 | Yes           |                  2 | On Loan: No      |
| Wingspire Equipment Finance LLC                        | Wingspire Equipment Finance LLC, Series 2024-1A, Class A2                                 | CUSIP: 97415AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    129220 | PA      | $130019.55    | 0.07%             | 2032-09-20      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| Blue Owl Asset Leasing Trust LLC                       | Blue Owl Asset Leasing Trust LLC, Series 2024-1A, Class A2                                | CUSIP: 095921AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1403641 | PA      | $1409720.14   | 0.75%             | 2029-03-15      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| Air Lease Corp.                                        | Air Lease Corp.                                                                           | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     37000 | PA      | $36240.96     | 0.02%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                          | Lendbuzz Securitization Trust, Series 2023-1A, Class A2                                   | CUSIP: 52608LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    399481 | PA      | $405119.66    | 0.22%             | 2028-08-15      | Fixed         | 6.92%                 | Yes           |                  2 | On Loan: No      |
| HILT Commercial Mortgage Trust                         | HILT Commercial Mortgage Trust, Series 2024-ORL, Class B                                  | CUSIP: 403956AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    505000 | PA      | $506571.76    | 0.27%             | 2037-05-15      | Floating      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-MHC, Class B          | CUSIP: 466330AG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100021.47    | 0.05%             | 2038-04-15      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Brookfield Renewable Partners LP                       | Brookfield Renewable Partners LP                                                          | CUSIP: 11284WX16<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | STIV             | CORP              | BM        |    900000 | PA      | $899894.61    | 0.48%             | 2025-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                       | CUSIP: 91282CLS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4450000 | PA      | $4469642.57   | 2.38%             | 2026-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Trust                       | Newtek Small Business Loan Trust, Series 2023-1, Class A                                  | CUSIP: 65254RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     89015 | PA      | $89689.17     | 0.05%             | 2050-07-25      | Floating      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.                        | Jefferies Financial Group, Inc.                                                           | CUSIP: 47233WKS7<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    995000 | PA      | $997132.63    | 0.53%             | 2026-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| NRG Energy, Inc.                                       | NRG Energy, Inc.                                                                          | CUSIP: 629377CN0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1691126.37   | 0.90%             | 2025-12-02      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Intel Corp.                                            | Intel Corp.                                                                               | CUSIP: 458140CD0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37079.58     | 0.02%             | 2026-02-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Apollo Management Holdings LP                          | Apollo Management Holdings LP                                                             | CUSIP: 03765HAB7<br>LEI: 5493006XQW0V5K38YM64 | Long             | DBT              | CORP              | US        |   1699000 | PA      | $1697782.19   | 0.91%             | 2026-05-27      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| Driven Brands Funding LLC                              | Driven Brands Funding LLC, Series 2020-2A, Class A2                                       | CUSIP: 26209XAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260896 | PA      | $252383.17    | 0.13%             | 2051-01-20      | Fixed         | 3.24%                 | Yes           |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                                  | Delta Air Lines, Inc./SkyMiles IP Ltd.                                                    | CUSIP: 830867AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1008389 | PA      | $1007174.09   | 0.54%             | 2025-10-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| HAT Holdings I LLC                                     | HAT Holdings I LLC                                                                        | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    684000 | PA      | $712410.32    | 0.38%             | 2027-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Tricolor Auto Securitization Trust                     | Tricolor Auto Securitization Trust, Series 2024-2A, Class A                               | CUSIP: 89616PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39491 | PA      | $37957.51     | 0.02%             | 2027-12-15      | Fixed         | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                      | Wells Fargo & Co.                                                                         | CUSIP: 95000U2F9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2145000 | PA      | $2130082.15   | 1.14%             | 2027-06-17      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | U.S. Treasury 2 Year Notes                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -2 | NC      | $-300.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SERVPRO Master Issuer LLC                              | SERVPRO Master Issuer LLC, Series 2019-1A, Class A2                                       | CUSIP: 817743AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    536282 | PA      | $531399.38    | 0.28%             | 2049-10-25      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Theorem Funding Trust                                  | Theorem Funding Trust, Series 2022-3A, Class B                                            | CUSIP: 882925AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    492976 | PA      | $499832.21    | 0.27%             | 2029-04-15      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| Vontier Corp.                                          | Vontier Corp.                                                                             | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   1808000 | PA      | $1783310.66   | 0.95%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2008-3, Class FA                                                      | CUSIP: 31396YHZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    202282 | PA      | $202001.01    | 0.11%             | 2038-02-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                            | Extended Stay America Trust, Series 2021-ESH, Class A                                     | CUSIP: 30227FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    463802 | PA      | $464162.38    | 0.25%             | 2038-07-15      | Floating      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5556, Class FA                                                       | CUSIP: 3137HMBS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    678768 | PA      | $680104.64    | 0.36%             | 2055-07-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                           | BX Commercial Mortgage Trust, Series 2021-VOLT, Class B                                   | CUSIP: 05609VAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    411752 | PA      | $410606.70    | 0.22%             | 2036-09-15      | Floating      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| GA Global Funding Trust                                | GA Global Funding Trust                                                                   | CUSIP: 36143L2A2<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    304000 | PA      | $301574.81    | 0.16%             | 2026-01-15      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Oceanview Mortgage Trust                               | Oceanview Mortgage Trust, Series 2025-3, Class AF1                                        | CUSIP: 67648CAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1447607 | PA      | $1451509.04   | 0.77%             | 2055-05-25      | Floating      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5391, Class HF                                                       | CUSIP: 3137HBUT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    558814 | PA      | $563111.76    | 0.30%             | 2054-03-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                               | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   7251421 | NS      | $7251420.93   | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Credit Co. LLC                              | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397XU2<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    775000 | PA      | $774781.83    | 0.41%             | 2026-01-08      | Fixed         | 4.39%                 | No            |                  2 | On Loan: —       |
| Brookfield Renewable Partners LP                       | Brookfield Renewable Partners LP                                                          | CUSIP: 11284WYQ0<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    480000 | PA      | $476868.67    | 0.25%             | 2025-11-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Smithfield Foods, Inc.                                 | Smithfield Foods, Inc.                                                                    | CUSIP: 832248AZ1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |   1767000 | PA      | $1755619.00   | 0.94%             | 2027-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                           | Avolon Holdings Funding Ltd.                                                              | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $500697.91    | 0.27%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Dollar General Corp.                                   | Dollar General Corp.                                                                      | CUSIP: 256677AE5<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1094231.78   | 0.58%             | 2027-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                               | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  11887462 | NS      | $11887461.70  | 6.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis Financial Services US Corp.                 | Stellantis Financial Services US Corp.                                                    | CUSIP: 85855FAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $399960.83    | 0.21%             | 2028-09-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                      | GLS Auto Select Receivables Trust, Series 2024-1A, Class A2                               | CUSIP: 37988XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     68308 | PA      | $68826.06     | 0.04%             | 2030-03-15      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Lloyds Banking Group plc                               | Lloyds Banking Group plc                                                                  | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    340000 | PA      | $340084.96    | 0.18%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                    | GS Mortgage-Backed Securities Trust, Series 2025-HE1, Class A1                            | CUSIP: 36272NAA2<br>LEI: 254900RIVK2GCJ08H839 | Long             | ABS-MBS          | CORP              | US        |    441027 | PA      | $444739.57    | 0.24%             | 2055-10-25      | Floating      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| Octane Receivables Trust                               | Octane Receivables Trust, Series 2024-RVM1, Class A                                       | CUSIP: 67579FAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    379397 | PA      | $384718.36    | 0.21%             | 2046-01-22      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                              | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349786.85    | 0.19%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Hexcel Corp.                                           | Hexcel Corp.                                                                              | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |    375000 | PA      | $373575.49    | 0.20%             | 2027-02-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: —       |
| J.P. Morgan Mortgage Trust                             | J.P. Morgan Mortgage Trust, Series 2024-HE2, Class A1                                     | CUSIP: 46593HAA6<br>LEI: 529900ELA1S09AZO9Q54 | Long             | ABS-O            | CORP              | US        |    143073 | PA      | $143179.82    | 0.08%             | 2054-10-20      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Berry Global, Inc.                                     | Berry Global, Inc.                                                                        | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1401000 | PA      | $1401233.25   | 0.75%             | 2026-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: —       |
| Stellantis Finance US, Inc.                            | Stellantis Finance US, Inc.                                                               | CUSIP: 85855CAA8<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |    560000 | PA      | $539613.45    | 0.29%             | 2027-01-29      | Fixed         | 1.71%                 | Yes           |                  2 | On Loan: No      |
| Ally Financial, Inc.                                   | Ally Financial, Inc.                                                                      | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1308000 | PA      | $1308809.64   | 0.70%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust             | Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A                       | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    207000 | PA      | $208681.54    | 0.11%             | 2029-07-20      | Fixed         | 6.56%                 | Yes           |                  2 | On Loan: No      |
| Marex Group plc                                        | Marex Group plc                                                                           | CUSIP: 566539AB8<br>LEI: 549300DWX0SVICJAL507 | Long             | DBT              | CORP              | GB        |    590000 | PA      | $598735.27    | 0.32%             | 2028-05-08      | Fixed         | 5.83%                 | No            |                  2 | On Loan: —       |
| Dell International LLC                                 | Dell International LLC                                                                    | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    672000 | PA      | $675909.05    | 0.36%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| LAD Auto Receivables Trust                             | LAD Auto Receivables Trust, Series 2023-3A, Class A3                                      | CUSIP: 50168BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16916 | PA      | $16933.95     | 0.01%             | 2027-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| FHF Issuer Trust                                       | FHF Issuer Trust, Series 2024-2A, Class A2                                                | CUSIP: 30336NAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44879 | PA      | $45312.14     | 0.02%             | 2030-06-15      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                    | U.S. Treasury 5 Year Notes                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -3 | NC      | $1682.55      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oscar US Funding XVI LLC                               | Oscar US Funding XVI LLC, Series 2024-1A, Class A2                                        | CUSIP: 68784GAB9<br>LEI: 3538004TGTV49T7RNL88 | Long             | ABS-O            | CORP              | JP        |     42458 | PA      | $42572.55     | 0.02%             | 2027-02-10      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| TX Trust                                               | TX Trust, Series 2024-HOU, Class A                                                        | CUSIP: 90216DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    510000 | PA      | $509835.37    | 0.27%             | 2039-06-15      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Driven Brands Funding LLC                              | Driven Brands Funding LLC, Series 2019-1A, Class A2                                       | CUSIP: 26208LAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1683109 | PA      | $1682899.24   | 0.90%             | 2049-04-20      | Fixed         | 4.64%                 | Yes           |                  2 | On Loan: No      |
| Aviation Capital Group LLC                             | Aviation Capital Group LLC                                                                | CUSIP: 05369AAL5<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    950000 | PA      | $928643.08    | 0.50%             | 2026-09-20      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| HLTN Commercial Mortgage Trust                         | HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class A                                 | CUSIP: 40424UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    760600 | PA      | $762808.86    | 0.41%             | 2041-06-15      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                         | PEAC Solutions Receivables LLC, Series 2024-1A, Class A2                                  | CUSIP: 69433BAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290455 | PA      | $293081.61    | 0.16%             | 2027-06-21      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                | FHLMC STACR REMIC Trust, Series 2024-DNA1, Class M1                                       | CUSIP: 35564NAX1<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |     78139 | PA      | $78545.46     | 0.04%             | 2044-02-25      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                 | Oportun Issuance Trust, Series 2024-1A, Class B                                           | CUSIP: 68377JAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60817 | PA      | $60837.83     | 0.03%             | 2031-04-08      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Bank of Ireland Group plc                              | Bank of Ireland Group plc                                                                 | CUSIP: 06279JAB5<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |   1816000 | PA      | $1775278.09   | 0.95%             | 2027-09-30      | Variable      | 2.03%                 | Yes           |                  2 | On Loan: No      |
| SHR Trust                                              | SHR Trust, Series 2024-LXRY, Class A                                                      | CUSIP: 784234AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    605000 | PA      | $606803.02    | 0.32%             | 2041-10-15      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                         | PEAC Solutions Receivables LLC, Series 2024-2A, Class A2                                  | CUSIP: 69392BAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180316 | PA      | $180727.64    | 0.10%             | 2027-04-20      | Fixed         | 4.74%                 | Yes           |                  2 | On Loan: No      |
| AES Corp. (The)                                        | AES Corp. (The)                                                                           | CUSIP: 00130HCE3<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    730000 | PA      | $723337.72    | 0.39%             | 2026-01-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                  | DB Master Finance LLC, Series 2017-1A, Class A2II                                         | CUSIP: 233046AF8<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    208125 | PA      | $205979.81    | 0.11%             | 2047-11-20      | Fixed         | 4.03%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5513, Class FA                                                       | CUSIP: 3137HKE42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    370738 | PA      | $370963.24    | 0.20%             | 2055-03-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| RCKT Trust                                             | RCKT Trust, Series 2025-1A, Class A                                                       | CUSIP: 74939RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    371926 | PA      | $372839.61    | 0.20%             | 2034-07-25      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Pagaya Ai Debt Grantor Trust                           | Pagaya Ai Debt Grantor Trust, Series 2024-9, Class A                                      | CUSIP: 69546QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    156164 | PA      | $156642.61    | 0.08%             | 2032-03-15      | Fixed         | 5.07%                 | Yes           |                  2 | On Loan: No      |
| HAT Holdings I LLC                                     | HAT Holdings I LLC                                                                        | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1025117.15   | 0.55%             | 2026-06-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                          | MHC Commercial Mortgage Trust, Series 2021-MHC, Class A                                   | CUSIP: 55316VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67866 | PA      | $67889.55     | 0.04%             | 2038-04-15      | Floating      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| Truist Bank Auto Credit-Linked Notes                   | Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B                              | CUSIP: 897926CB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    754101 | PA      | $755585.07    | 0.40%             | 2033-09-26      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| Air Lease Corp.                                        | Air Lease Corp.                                                                           | CUSIP: 00914AAW2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    350000 | PA      | $352405.71    | 0.19%             | 2026-06-25      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SoFi Consumer Loan Program Trust                       | SoFi Consumer Loan Program Trust, Series 2025-1, Class A                                  | CUSIP: 83406YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    307868 | PA      | $309493.42    | 0.17%             | 2034-02-27      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                         | Enterprise Fleet Financing LLC, Series 2024-2, Class A2                                   | CUSIP: 29375RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    103848 | PA      | $104366.10    | 0.06%             | 2026-12-20      | Fixed         | 5.74%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                           | UBS Group AG                                                                              | CUSIP: 902613AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1450000 | PA      | $1455224.84   | 0.78%             | 2027-01-12      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                    | Societe Generale SA                                                                       | CUSIP: 83368RBV3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    225000 | PA      | $228057.76    | 0.12%             | 2028-01-19      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Citadel LP                                             | Citadel LP                                                                                | CUSIP: 17288XAB0<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    876000 | PA      | $878056.60    | 0.47%             | 2027-01-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                                | Hyundai Capital America                                                                   | CUSIP: 44891ADU8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1764000 | PA      | $1779832.99   | 0.95%             | 2027-06-23      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                        | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GYA6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    719000 | PA      | $709837.39    | 0.38%             | 2027-03-09      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                              | Auxilior Term Funding LLC, Series 2024-1A, Class A2                                       | CUSIP: 05335FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71635 | PA      | $71969.13     | 0.04%             | 2027-03-15      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                   | FNMA, REMIC, Series 2024-33, Class KF                                                     | CUSIP: 3136BSFC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    455804 | PA      | $457554.42    | 0.24%             | 2054-01-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                   | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2025000 | PA      | $2016014.91   | 1.07%             | 2026-11-19      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                                  | Theorem Funding Trust, Series 2022-2A, Class B                                            | CUSIP: 88339FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1216392 | PA      | $1222125.02   | 0.65%             | 2028-12-15      | Fixed         | 9.27%                 | Yes           |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corp.                      | Algonquin Power & Utilities Corp.                                                         | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    390000 | PA      | $392892.63    | 0.21%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital, Inc.            | HA Sustainable Infrastructure Capital, Inc.                                               | CUSIP: 40460JXE2<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | STIV             | CORP              | US        |    900000 | PA      | $898199.28    | 0.48%             | 2025-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Reach Abs Trust                                        | Reach Abs Trust, Series 2024-1A, Class A                                                  | CUSIP: 75526PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22167 | PA      | $22199.92     | 0.01%             | 2031-02-18      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                           | CaixaBank SA                                                                              | CUSIP: 12803RAB0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   1696000 | PA      | $1733162.89   | 0.92%             | 2027-09-13      | Variable      | 6.68%                 | Yes           |                  2 | On Loan: —       |
| National Bank of Canada                                | National Bank of Canada                                                                   | CUSIP: 63307A3G8<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   1465000 | PA      | $1467241.86   | 0.78%             | 2027-03-05      | Variable      | 4.70%                 | No            |                  2 | On Loan: —       |
| Kyndryl Holdings, Inc.                                 | Kyndryl Holdings, Inc.                                                                    | CUSIP: 50155QAJ9<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    990000 | PA      | $967235.34    | 0.52%             | 2026-10-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| Wachovia Corp.                                         | Wachovia Corp.                                                                            | CUSIP: 929771AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    850000 | PA      | $850000.00    | 0.45%             | 2025-10-01      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                                  | Theorem Funding Trust, Series 2023-1A, Class A                                            | CUSIP: 88338QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2200 | PA      | $2202.70      | 0.00%             | 2029-04-15      | Fixed         | 7.58%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5391, Class FA                                                       | CUSIP: 3137HBUG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2090525 | PA      | $2097075.70   | 1.12%             | 2054-03-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| Aon Global Ltd.                                        | Aon Global Ltd.                                                                           | CUSIP: 00185AAK0<br>LEI: VVT2B79I2Z4U3R6BY589 | Long             | DBT              | CORP              | GB        |   2211000 | PA      | $2208108.14   | 1.18%             | 2025-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                     | Banco Santander SA                                                                        | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1800000 | PA      | $1797702.28   | 0.96%             | 2028-03-24      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| Intel Corp.                                            | Intel Corp.                                                                               | CUSIP: 458140AU4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    975000 | PA      | $965147.62    | 0.51%             | 2026-05-19      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                | Volkswagen Group of America Finance LLC                                                   | CUSIP: 928668CV2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200554.21    | 0.11%             | 2027-09-11      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Fortitude Global Funding                               | Fortitude Global Funding                                                                  | CUSIP: 34967GAA2<br>LEI: 635400TKBOGEHNO5RT68 | Long             | DBT              | CORP              | US        |    658000 | PA      | $658768.75    | 0.35%             | 2028-10-06      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Citadel Finance LLC                                    | Citadel Finance LLC                                                                       | CUSIP: 17287HAA8<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $993545.30    | 0.53%             | 2026-03-09      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Octane Receivables Trust                               | Octane Receivables Trust, Series 2024-2A, Class A2                                        | CUSIP: 67578YAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245852 | PA      | $248144.03    | 0.13%             | 2032-07-20      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, Strips, Series 406, Class F12                                                      | CUSIP: 3133Q3GP0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    302835 | PA      | $304677.02    | 0.16%             | 2053-10-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bank NA                                    | Fifth Third Bank NA                                                                       | CUSIP: 31677AAB0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |    625000 | PA      | $623920.85    | 0.33%             | 2026-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Prodigy Finance DAC                                    | Prodigy Finance DAC, Series 2021-1A, Class A                                              | CUSIP: 742855AA7<br>LEI: 635400HTAZNW3LYYMQ40 | Long             | ABS-O            | CORP              | IE        |    392272 | PA      | $392282.63    | 0.21%             | 2051-07-25      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Reach ABS Trust                                        | Reach ABS Trust, Series 2025-1A, Class A                                                  | CUSIP: 75525PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    271165 | PA      | $271977.74    | 0.15%             | 2032-08-16      | Fixed         | 4.96%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                                  | Athene Global Funding                                                                     | CUSIP: 04685A2Z3<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     24000 | PA      | $23558.17     | 0.01%             | 2026-06-29      | Fixed         | 1.61%                 | Yes           |                  2 | On Loan: No      |
| PNC Bank NA                                            | PNC Bank NA                                                                               | CUSIP: 69353RFX1<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1702202.35   | 0.91%             | 2027-01-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| Oportun Funding Trust                                  | Oportun Funding Trust, Series 2024-3, Class A                                             | CUSIP: 68377NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    276102 | PA      | $276351.85    | 0.15%             | 2029-08-15      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| Wendy's Funding LLC                                    | Wendy's Funding LLC, Series 2019-1A, Class A2I                                            | CUSIP: 95058XAG3<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |    465009 | PA      | $462451.21    | 0.25%             | 2049-06-15      | Fixed         | 3.78%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                           | UBS Group AG                                                                              | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    275000 | PA      | $272275.49    | 0.15%             | 2027-02-02      | Variable      | 1.30%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                        | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GXM1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1875000 | PA      | $1863377.68   | 0.99%             | 2026-12-09      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| American National Group, Inc.                          | American National Group, Inc.                                                             | CUSIP: 025676AM9<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |   1305000 | PA      | $1316463.07   | 0.70%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| FHF Issuer Trust                                       | FHF Issuer Trust, Series 2023-2A, Class A2                                                | CUSIP: 30333LAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81059 | PA      | $82081.70     | 0.04%             | 2029-10-15      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| DB Master Finance LLC                                  | DB Master Finance LLC, Series 2019-1A, Class A2II                                         | CUSIP: 233046AK7<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    557420 | PA      | $555604.76    | 0.30%             | 2049-05-20      | Fixed         | 4.02%                 | Yes           |                  2 | On Loan: No      |
| US Bank NA                                             | US Bank NA                                                                                | CUSIP: 90331HPS6<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |    560000 | PA      | $565042.03    | 0.30%             | 2028-05-15      | Variable      | 4.73%                 | No            |                  2 | On Loan: —       |
| Pagaya AI Debt Grantor Trust                           | Pagaya AI Debt Grantor Trust, Series 2025-1, Class A2                                     | CUSIP: 69544NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    706485 | PA      | $713184.14    | 0.38%             | 2032-07-15      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Cajun Global LLC                                       | Cajun Global LLC, Series 2021-1, Class A2                                                 | CUSIP: 12803VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    625625 | PA      | $617590.66    | 0.33%             | 2051-11-20      | Fixed         | 3.93%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                  | FHLMC, REMIC, Series 5410, Class FE                                                       | CUSIP: 3137HCV82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    697433 | PA      | $700819.43    | 0.37%             | 2054-05-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                              | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    925000 | PA      | $932470.17    | 0.50%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Notes                                                                       | CUSIP: 91282CEN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3400000 | PA      | $3353515.61   | 1.79%             | 2027-04-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                 | Truist Financial Corp.                                                                    | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    875000 | PA      | $885281.76    | 0.47%             | 2027-06-08      | Variable      | 6.05%                 | No            |                  2 | On Loan: —       |
| Crossroads Asset Trust                                 | Crossroads Asset Trust, Series 2025-A, Class A2                                           | CUSIP: 22767VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $704821.46    | 0.38%             | 2032-02-20      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Radian Group, Inc.                                     | Radian Group, Inc.                                                                        | CUSIP: 750236AW1<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003104.46   | 0.53%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Swedbank AB                                            | Swedbank AB                                                                               | CUSIP: 87020PAX5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |    200000 | PA      | $203798.68    | 0.11%             | 2026-09-12      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Morgan Stanley ETF Trust

**Signature:** Francis J. Smith

**Name of Signer:** Francis J. Smith

**Title:** Principal Financial Officer