# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-26-004643
**Filing Date:** 2026-3
**Character Count:** 107640
**Document Hash:** 114cc3543aa25ecf6e168bb6cbd2fe4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-004643.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000910472-26-004643

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 26817015

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Westwood Alternative Income Fund (Series ID: S000072839)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229465 | Westwood Alternative Income Fund Ultra Shares         | WMNUX           |
| C000229466 | Westwood Alternative Income Fund Institutional Shares | WMNIX           |
| C000229467 | Westwood Alternative Income Fund A Class Shares       | WMNAX           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **CONVERTIBLE BONDS - 90.7%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Communications - 5.2%** | **Communications - 5.2%** | **Communications - 5.2%** |  |  |
| DoorDash, Inc., 144A | 0.000% | 05/15/30 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1000500 |
| Liberty Media Corporation - <br> Liberty Formula One, 144A | 2.250% | 08/15/27 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1753500 |
| Trip.com Group Ltd., 144A | 0.750% | 06/15/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2265000 |
| Uber Technologies, Inc. \* | 0.875% | 12/01/28 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2562061 |
|  |  |  |  | &nbsp;&nbsp;7581061 |
| **Consumer Discretionary - 10.6%** | **Consumer Discretionary - 10.6%** | **Consumer Discretionary - 10.6%** |  |  |
| Alibaba Group Holding Ltd. | 0.500% | 06/01/31 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;3503977 |
| Cheesecake Factory, Inc. (The), 144A | 2.000% | 03/15/30 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2106000 |
| Cloudflare, Inc., 144A | 0.000% | 06/15/30 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2632750 |
| Etsy, Inc., 144A | 1.000% | 06/15/30 | &nbsp;&nbsp;200000 | &nbsp;&nbsp;198839 |
| JD.com, Inc. | 0.250% | 06/01/29 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2512500 |
| Live Nation Entertainment, Inc. \* | 3.125% | 01/15/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2943200 |
| Meritage Homes Corporation | 1.750% | 05/15/28 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1522133 |
|  |  |  |  | &nbsp;&nbsp;15419399 |
| **Consumer Staples - 1.5%** | **Consumer Staples - 1.5%** | **Consumer Staples - 1.5%** |  |  |
| Chef's Warehouse, Inc. (The) | 2.375% | 12/15/28 | &nbsp;&nbsp;1470000 | &nbsp;&nbsp;2257479 |
| **Energy - 4.9%** | **Energy - 4.9%** | **Energy - 4.9%** |  |  |
| CMS Energy Corporation \* | 3.375% | 05/01/28 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;2428875 |
| Northern Oil & Gas, Inc. | 3.625% | 04/15/29 | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;2933785 |
| Solaris Energy Infrastructure, Inc. | 0.250% | 10/01/31 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1845750 |
|  |  |  |  | &nbsp;&nbsp;7208410 |
| **Financials - 3.4%** | **Financials - 3.4%** | **Financials - 3.4%** |  |  |
| Blackstone Mortgage Trust, Inc. | 5.500% | 03/15/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;985500 |
| Core Scientific, Inc., 144A | 3.000% | 09/01/29 | &nbsp;&nbsp;700000 | &nbsp;&nbsp;1287125 |
| PennyMac Corporation | 5.500% | 03/15/26 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;496750 |
| Redwood Trust, Inc. | 7.750% | 06/15/27 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1515000 |
| WisdomTree, Inc. | 3.250% | 08/15/29 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;734681 |
|  |  |  |  | &nbsp;&nbsp;5019056 |
| **Health Care - 11.9%** | **Health Care - 11.9%** | **Health Care - 11.9%** |  |  |
| Alnylam Pharmaceuticals, Inc. | 1.000% | 09/15/27 | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;2737428 |
| Dexcom, Inc. | 0.375% | 05/15/28 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1399500 |
| Halozyme Therapeutics, Inc., 144A | 0.000% | 02/15/31 | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;1952250 |
| Ionis Pharmaceuticals, Inc. \* | 1.750% | 06/15/28 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;3279534 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CONVERTIBLE BONDS - 90.7% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Health Care - 11.9% (Continued)** | **Health Care - 11.9% (Continued)** | **Health Care - 11.9% (Continued)** |  |  |
| Lantheus Holdings, Inc., 144A | 2.625% | 12/15/27 | &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$1143000 |
| Ligand Pharmaceuticals, Inc., 144A | 0.750% | 10/01/30 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2385309 |
| Merit Medical Systems, Inc., 144A | 3.000% | 02/01/29 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1733250 |
| Mirion Technologies, Inc., 144A | 0.250% | 06/01/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1290000 |
| Zoetis, Inc., 144A | 0.250% | 06/15/29 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1533750 |
|  |  |  |  | &nbsp;&nbsp;17454021 |
| **Industrials - 15.7%** | **Industrials - 15.7%** | **Industrials - 15.7%** |  |  |
| Advanced Energy Industries, Inc., 144A | 2.500% | 09/15/28 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;4372875 |
| AeroVironment, Inc. | 0.000% | 07/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1176000 |
| BWX Technologies, Inc., 144A | 0.000% | 11/01/30 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2577500 |
| Fluor Corporation | 1.125% | 08/15/29 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;2775600 |
| Granite Construction, Inc. | 3.250% | 06/15/30 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;3328000 |
| Itron, Inc. | 1.375% | 07/15/30 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2125000 |
| OSI Systems, Inc. \* | 2.250% | 08/01/29 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;3675000 |
| Tetra Tech, Inc. \* | 2.250% | 08/15/28 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2897500 |
|  |  |  |  | &nbsp;&nbsp;22927475 |
| **Materials - 3.2%** | **Materials - 3.2%** | **Materials - 3.2%** |  |  |
| B2Gold Corporation, 144A | 2.750% | 02/01/30 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;859776 |
| MP Materials Corporation, 144A | 3.000% | 03/01/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;2847000 |
| Peabody Energy Corporation | 3.250% | 03/01/28 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;976500 |
|  |  |  |  | &nbsp;&nbsp;4683276 |
| **Technology - 31.7%** | **Technology - 31.7%** | **Technology - 31.7%** |  |  |
| Akamai Technologies, Inc., 144A | 0.250% | 05/15/33 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2424641 |
| BlackLine, Inc. \* | 1.000% | 06/01/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;1985600 |
| Check Point Software Technologies Ltd., 144A | 0.000% | 12/15/30 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;1979971 |
| Cipher Mining, Inc., 144A | 0.000% | 10/01/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1271250 |
| Datadog, Inc. | 0.000% | 12/01/29 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2458750 |
| DigitalOcean Holdings, Inc., 144A | 0.000% | 08/15/30 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;3164001 |
| Dropbox, Inc. | 0.000% | 03/01/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;989500 |
| Five9, Inc. | 1.000% | 03/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;901000 |
| Global Payments, Inc. | 1.500% | 03/01/31 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;2211250 |
| Microchip Technology, Inc. | 0.750% | 06/01/30 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1541687 |
| MKS Instruments, Inc. \* | 1.250% | 06/01/30 | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;3700274 |
| Nebius Group N.V., 144A | 1.000% | 09/15/30 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;498500 |
| Nutanix, Inc. | 0.250% | 10/01/27 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2058000 |
| Seagate HDD Cayman | 3.500% | 06/01/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;4959500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **CONVERTIBLE BONDS - 90.7% (Continued)** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Technology - 31.7% (Continued)** | **Technology - 31.7% (Continued)** | **Technology - 31.7% (Continued)** |  |  |
| Shift4 Payments, Inc. \* | 0.500% | 08/01/27 | &nbsp;&nbsp;$2800000 | &nbsp;&nbsp;$2689400 |
| Snowflake, Inc. | 0.000% | 10/01/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2814000 |
| Synaptics, Inc. | 0.750% | 12/01/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1129013 |
| Tempus AI, Inc., 144A | 0.750% | 07/15/30 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;541753 |
| Veeco Instruments, Inc. | 2.875% | 06/01/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1294500 |
| Vishay Intertechnology, Inc. | 2.250% | 09/15/30 | &nbsp;&nbsp;500000 | &nbsp;&nbsp;503750 |
| Western Digital Corporation | 3.000% | 11/15/28 | &nbsp;&nbsp;800000 | &nbsp;&nbsp;5314324 |
| Wix.com Ltd., 144A | 0.000% | 09/15/30 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;881000 |
| Zscaler, Inc., 144A \* | 0.000% | 07/15/28 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;929653 |
|  |  |  |  | &nbsp;&nbsp;46241317 |
| **Utilities - 2.6%** | **Utilities - 2.6%** | **Utilities - 2.6%** |  |  |
| Evergy, Inc. | 4.500% | 12/15/27 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1270000 |
| Ormat Technologies, Inc. | 2.500% | 07/15/27 | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;2579675 |
|  |  |  |  | &nbsp;&nbsp;3849675 |
| **Total Convertible Bonds** (Cost $109,161,415) | **Total Convertible Bonds** (Cost $109,161,415) | **Total Convertible Bonds** (Cost $109,161,415) | **Total Convertible Bonds** (Cost $109,161,415) | &nbsp;&nbsp;$132641169 |
| **CORPORATE BONDS - 6.5%** | **Coupon** | **Maturity** | **Par Value** | **Value** |
| **Industrials - 4.6%** | **Industrials - 4.6%** | **Industrials - 4.6%** |  |  |
| Centrus Energy Corporation, 144A \* | 0.000% | 08/15/32 | &nbsp;&nbsp;$1300000 | &nbsp;&nbsp;$1876550 |
| GEO Group, Inc. | 8.625% | 04/15/29 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1568599 |
| Parsons Corporation \* | 2.625% | 03/01/29 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3210849 |
|  |  |  |  | &nbsp;&nbsp;6655998 |
| **Materials - 0.4%** | **Materials - 0.4%** | **Materials - 0.4%** |  |  |
| Celanese US Holdings, LLC | 6.850% | 11/15/28 | &nbsp;&nbsp;571000 | &nbsp;&nbsp;599390 |
| **Real Estate - 1.5%** | **Real Estate - 1.5%** | **Real Estate - 1.5%** |  |  |
| Iron Mountain, Inc., 144A | 7.000% | 02/15/29 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1027516 |
| Service Properties Trust, 144A | 8.625% | 11/15/31 | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;1155410 |
|  |  |  |  | &nbsp;&nbsp;2182926 |
| **Total Corporate Bonds** (Cost $9,024,622) | **Total Corporate Bonds** (Cost $9,024,622) | **Total Corporate Bonds** (Cost $9,024,622) | **Total Corporate Bonds** (Cost $9,024,622) | &nbsp;&nbsp;$9438314 |

---

---

| | | |
|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 0.3%** | **Shares** | **Value** |
| **Industrials - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace & Defense - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>(a)(b)</sup> (Cost $182,324) | &nbsp;&nbsp;4000 | &nbsp;&nbsp;$412040 |
| **MONEY MARKET FUNDS - 2.1%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class U, 3.63% <sup>(c)</sup> <br> (Cost $3,003,637) | &nbsp;&nbsp;3003637 | &nbsp;&nbsp;$3003637 |
| **Investments at Value - 99.6%** (Cost $121,371,998) | **Investments at Value - 99.6%** (Cost $121,371,998) | &nbsp;&nbsp;$145495160 |
| **Other Assets in Excess of Liabilities - 0.4%** | **Other Assets in Excess of Liabilities - 0.4%** | &nbsp;&nbsp;567280 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$146062440 |

---

---

| | |
|:---|:---|
| 144A | - Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $47,688,669 as of January 31, 2026, representing 32.6% of net assets. |
| N.V. | - Naamloze Vennootschap |

---

\* All or a part of this security has been pledged as collateral for derivative instruments held by the Fund. The total value of these securities as of January 31, 2026 was $27,358,253.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security covers a written call option. The total value of these securities as of January 31, 2026 was $412,040.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of January 31, 2026.

---

| |
|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF TOTAL RETURN SWAP AGREEMENTS** |
| **January 31, 2026 (Unaudited)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **A list of open OTC swap agreements as of January 31, 2026, is as follows:** | **A list of open OTC swap agreements as of January 31, 2026, is as follows:** | **A list of open OTC swap agreements as of January 31, 2026, is as follows:** | **A list of open OTC swap agreements as of January 31, 2026, is as follows:** | **A list of open OTC swap agreements as of January 31, 2026, is as follows:** | **A list of open OTC swap agreements as of January 31, 2026, is as follows:** | **A list of open OTC swap agreements as of January 31, 2026, is as follows:** |
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Number of Shares** | **Reference Entity** | **Notional Amount** | **Interest Rate Receivable <sup>(a)</sup>** | **Termination Date** | **Counterparty** | **Net Unrealized Appreciation / (Depreciation)** |
| **Short Positions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14600) | Advanced Energy Industries, Inc. | $(3774823) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | $51864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2098) | AeroVironment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(794240) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14200) | Akamai Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1299726) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16700) | Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2854531) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5700) | Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2047782) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117600) | B2Gold Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(544488) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15800) | BlackLine, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828394) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5700) | BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1215525) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4300) | Centrus Energy Corporation - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1316230) | 3.12% OBFR 3.63% minus 51bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3900) | Check Point Software Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735306) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14900) | Cheesecake Factory, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(884350) | 2.86% OBFR 3.63% minus 77bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26400) | Chef's Warehouse, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1704120) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47800) | Cipher Mining, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(837456) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5000) | Cloudflare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(920700) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12300) | CMS Energy Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(876744) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45700) | Core Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(826256) | 3.22% OBFR 3.63% minus 41bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6500) | Datadog, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(785590) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1300) | DexCom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90012) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39000) | DigitalOcean Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2062320) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2100) | DoorDash, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441231) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11400) | Dropbox, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302214) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1300) | Etsy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82719) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13100) | Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(992718) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1300) | Five9, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24713) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31400) | Fluor Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1364016) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5900) | Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442441) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20600) | Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2492188) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14600) | Halozyme Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1048572) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28000) | Ionis Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2161880) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9200) | Itron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(928372) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22500) | JD.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(661725) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21890 |

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---

| |
|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF TOTAL RETURN SWAP AGREEMENTS (Continued)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements (Continued)** | **Total Return Swap Agreements (Continued)** | **Total Return Swap Agreements (Continued)** | **Total Return Swap Agreements (Continued)** | **Total Return Swap Agreements (Continued)** | **Total Return Swap Agreements (Continued)** | **Total Return Swap Agreements (Continued)** |
| **Number of Shares** | **Reference Entity** | **Notional Amount** | **Interest Rate Receivable <sup>(a)</sup>** | **Termination Date** | **Counterparty** | **Net Unrealized Appreciation / (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5000) | Lantheus Holdings, Inc. | $(327100) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | $(7023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13200) | Liberty Media Corporation - Liberty Formula One | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1188300) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7000) | Ligand Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1372560) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14400) | Live Nation Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2098512) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10700) | Merit Medical Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(859745) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4600) | Meritage Homes Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359950) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2400) | Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178680) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31700) | Mirion Technologies, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(855900) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10900) | MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2260791) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41800) | MP Materials Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2788060) | 2.85% OBFR 3.63% minus 78bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2200) | Nebius Group N.V. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228547) | 2.16% OBFR 3.63% minus 47bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33100) | Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(746736) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14600) | Nutanix, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(710582) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13600) | Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1576376) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10500) | OSI Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3052721) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13400) | Parsons Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(967748) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23400) | Peabody Energy Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(843804) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11925) | Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3844216) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1011963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4800) | Shift4 Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316368) | 1.61% OBFR 3.63% minus 02bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10200) | Snowflake, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2118948) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20200) | Solaris Energy Infrastructure, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1119080) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6400) | Synaptics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(579456) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3600) | Tempus AI, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248112) | 2.42% OBFR 3.63% minus 21bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35000) | Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1300950) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21100) | Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1293430) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20500) | Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1729790) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22300) | Veeco Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(760207) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7200) | Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131238) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20600) | Western Digital Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4575259) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27800) | WisdomTree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(395316) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2300) | Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192671) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5600) | Zoetis, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(701568) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600) | Zscaler, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126348) | 3.28% OBFR 3.63% minus 35bp | 05/18/2026 | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6553 |
| **Total Short Positions** |  |  |  |  |  | $(59372) |
|  |  |  | Total swap agreements at value (assets) | Total swap agreements at value (assets) | Total swap agreements at value (assets) | $2638022 |
|  |  |  | Total swap agreements at value (liabilities) | Total swap agreements at value (liabilities) | Total swap agreements at value (liabilities) | (2697394) |
|  |  |  | Net swap agreements at value | Net swap agreements at value | Net swap agreements at value | $(59372) |

---

OFBR - Overnight Bank Funding Rate

OTC - Over the Counter

<sup>(a)</sup> Payment frequency is monthly.

The average monthly notional value for swap contracts for the three months ended January 31, 2026 was $69,857,222.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** |
| **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** | **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** | **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** | **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** | **SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |  |  |
| **WRITTEN OPTION CONTRACTS** | **Strike Price** | **Contracts** | **Notional Value** | **Value of Options** |
| **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc., 05/15/26 (Premiums $32,489) | &nbsp;&nbsp;$140 .00 | 40 | $412040 | &nbsp;&nbsp;&nbsp;&nbsp;$29200 |
| The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $441,367. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $441,367. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $441,367. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $441,367. | The average monthly notional value of written option contracts during the three months ended January 31, 2026 was $441,367. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | **WESTWOOD ALTERNATIVE INCOME FUND** | |
| **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | **SCHEDULE OF FUTURES CONTRACTS** | |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | |
| **FUTURES CONTRACTS** | **Contracts** | **Expiration** <br> **Date** | **Notional Value** | <br>**Value/Unrealized Appreciation (Depreciation)** |
| **Interest Rate Futures** | **Interest Rate Futures** | **Interest Rate Futures** | **Interest Rate Futures** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5-Year U.S. Treasury Note Future | 57 | 3/31/2026 | &nbsp;&nbsp;$6208992 | &nbsp;&nbsp;$(30896) |
| <br> The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $6,232,000. | <br> The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $6,232,000. | <br> The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $6,232,000. | <br> The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $6,232,000. | <br> The average monthly notional value of futures contracts during the three months ended January 31, 2026 was $6,232,000. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Ultimus Managers Trust

- **b. Investment Company Act file number:** 811-22680

- **c. CIK number of Registrant:** 0001545440

- **d. LEI of Registrant:** 549300FU214TAR7BFY91

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

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

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

- **a. Name of Series:** WESTWOOD ALTERNATIVE INCOME FUND

- **b. EDGAR series identifier (if any):** S000072839

- **c. LEI of Series:** 549300ODTU016FPTQP22

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $221611294.65

**Total Liabilities:** $75548854.86

**Net Assets:** $146062439.79

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 619.86913954 | **5-Year:** 1665.76511993 | **10-Year:** 32.96449166 | **30-Year:** 0.00000000

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

- **3-Month:** 44.13129327 | **1-Year:** 834.65884061 | **5-Year:** 1272.78786002 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229465 | -0.13%               | 0.38%                | 1.18%                |
| Class ID C000229466 | -0.04%               | 0.27%                | 1.18%                |
| Class ID C000229467 | -0.05%               | 0.36%                | 1.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2851970.64              | $-3207650.51                               |
| Month 2  | $62675.89                | $-2566120.34                               |
| Month 3  | $-73459.10               | $7948974.10                                |

**Designated Index Information**

- **Index Name:** WESTWOOD ALT INCOME DRP

- **Index Identifier:** WESTWOOD ALT INCOME DRP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Advanced Energy Industries, Inc.                | Advanced Energy Industries Inc 2.500%, Due 09/15/28             | CUSIP: 007973AE0<br>LEI: 549300756XI3QLFT2U27 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $4372875.00   | 2.99%             | 2028-09-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| AeroVironment, Inc.                             | AeroVironment Inc 0.0%, Due 7/15/2030                           | CUSIP: 008073AA6<br>LEI: 529900PGHVI29YLZ6221 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1176000.00   | 0.81%             | 2030-07-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Akamai Technologies, Inc.                       | Akamai Technologies Inc 0.25% Due 05/15/2033                    | CUSIP: 00971TAP6<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2424640.56   | 1.66%             | 2033-05-15      | Fixed         | 0.25%                 | Yes           | 2                  | On Loan: No      |
| Alibaba Group Holding Ltd.                      | Alibaba Group Holding Ltd 0.50% Due 06/01/2031                  | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |   2000000 | PA      | $3503978.30   | 2.40%             | 2031-06-01      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| Alnylam Pharmaceuticals Inc.                    | Alnylam Pharmaceuticals, Inc. 1.000%, Due 09/15/2027            | CUSIP: 02043QAB3<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2737427.95   | 1.87%             | 2027-09-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| BWX Technologies Inc.                           | BWX Technologies Inc 0.0%, Due 11/01/2030                       | CUSIP: 05605HAD2<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2577500.00   | 1.76%             | 2030-11-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Blackline Inc                                   | BlackLine Inc 1.00% Due 06/01/2029                              | CUSIP: 09239BAF6<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1985600.00   | 1.36%             | 2029-06-01      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| Blackstone Mortgage Trust, Inc                  | Blackstone Mortgage Trust Inc 5.5%, Due 03/15/2027              | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985500.00    | 0.67%             | 2027-03-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| B2Gold Corp.                                    | B2Gold Corp 2.75%, Due 02/01/2030                               | CUSIP: 11777QAC4<br>LEI: 549300F7OK456M5NLM05 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $859776.00    | 0.59%             | 2030-02-01      | Fixed         | 2.75%                 | Yes           | 2                  | On Loan: No      |
| CMS Energy Corporation                          | CMS Energy Corp 3.375%, Due 5/1/2028                            | CUSIP: 125896BX7<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2428875.00   | 1.66%             | 2028-05-01      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| Celanese US Holdings Llc                        | Celanese US Holdings LLC 6.350%, due 11/15/28                   | CUSIP: 15089QAW4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    571000 | PA      | $599390.12    | 0.41%             | 2028-11-15      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| Centrus Energy Corp.                            | Centrus Energy Corp 0%, Due 8/15/2032                           | CUSIP: 15643UAF1<br>LEI: 549300G6VDK9G8276661 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1876550.00   | 1.28%             | 2032-08-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Check Point Software Technologies Ltd.          | Check Point Software Technologies Ltd 0%, Due 12/15/2030        | CUSIP: 162775AA8<br>LEI: 2549003ZVBH73EPNS513 | Long             | DBT              | CORP              | IL        |   2000000 | PA      | $1979970.88   | 1.36%             | 2030-12-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Cheesecake Factory Inc                          | Cheesecake Factory Inc/The 2.0% Due 03/15/2030                  | CUSIP: 163072AB7<br>LEI: 529900872XMLK10SY247 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2106000.00   | 1.44%             | 2030-03-15      | Fixed         | 2.00%                 | Yes           | 2                  | On Loan: No      |
| Chefs Warehouse Inc.                            | Chefs' Warehouse Inc/The 2.375% Due 12/15/2028                  | CUSIP: 163086AE1<br>LEI: 549300JYEDC8C547E980 | Long             | DBT              | CORP              | US        |   1470000 | PA      | $2257479.00   | 1.55%             | 2028-12-15      | Fixed         | 2.38%                 | No            | 2                  | On Loan: No      |
| Cipher Mining Inc                               | Cipher Mining Inc 0.0%, Due 10/01/2031                          | CUSIP: 17253JAB2<br>LEI: 254900QABG5HCQZ28A17 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1271250.00   | 0.87%             | 2031-10-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Cloudflare Inc                                  | Cloudflare Inc 0%, Due 06/15/2030                               | CUSIP: 18915MAE7<br>LEI: 5493007DY18BGNLDWU14 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2632749.60   | 1.80%             | 2030-06-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Core Scientific Inc                             | Core Scientific Inc 3.0%, Due 09/01/2029                        | CUSIP: 21874AAC0<br>LEI: 5299003RGB2LAZ65RK73 | Long             | DBT              | CORP              | US        |    700000 | PA      | $1287125.00   | 0.88%             | 2029-09-01      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| Datadog Inc                                     | Datadog Inc 0%, Due 12/01/2029                                  | CUSIP: 23804LAD5<br>LEI: 549300F6JNO0KRPO1K63 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2458750.00   | 1.68%             | 2029-12-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| DexCom Inc                                      | Dexcom, Inc. 0.375%, Due 05/15/28                               | CUSIP: 252131AM9<br>LEI: 549300YSK3QDSFR5EU59 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1399500.00   | 0.96%             | 2028-05-15      | Fixed         | 0.38%                 | No            | 2                  | On Loan: No      |
| DigitalOcean Holdings Inc                       | DigitalOcean Holdings Inc 0%, Due 08/15/2030                    | CUSIP: 25402DAC6<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $3164000.00   | 2.17%             | 2030-08-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| DoorDash Inc                                    | DoorDash Inc 0% Due 05/15/2030                                  | CUSIP: 25809KAA3<br>LEI: 549300NUQ43FGGSK5051 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000500.00   | 0.68%             | 2030-05-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Dropbox Inc                                     | Dropbox Inc. 0.000%, Due 03/01/28                               | CUSIP: 26210CAD6<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989500.00    | 0.68%             | 2028-03-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Etsy Inc                                        | Etsy Inc 1% Due 06/15/2030                                      | CUSIP: 29786AAP1<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198838.75    | 0.14%             | 2030-06-15      | Fixed         | 1.00%                 | Yes           | 2                  | On Loan: No      |
| Evergy Inc                                      | Evergy Inc 4.5%, Due 12/15/2027                                 | CUSIP: 30034WAD8<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1270000.00   | 0.87%             | 2027-12-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| First American Funds Inc.                       | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND - CLASS U            | CUSIP: 31846V211<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   3003637 | PA      | $3003636.51   | 2.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Five9 Inc.                                      | Five9 Inc 1.0% Due 3/15/2029                                    | CUSIP: 338307AF8<br>LEI: 254900MXP6EWY0SFFR59 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $901000.00    | 0.62%             | 2029-03-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| Fluor Corporation                               | Fluor Corporation 1.125%, Due 08/15/29                          | CUSIP: 343412AJ1<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2775600.00   | 1.90%             | 2029-08-15      | Fixed         | 1.12%                 | No            | 2                  | On Loan: No      |
| GEO Group Inc                                   | GEO Group Inc/The 8.625% Due 04/15/2029                         | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1568599.14   | 1.07%             | 2029-04-15      | Fixed         | 8.62%                 | No            | 2                  | On Loan: No      |
| Global Payments Inc                             | Global Payments Inc 1.5% Due 3/1/2031                           | CUSIP: 37940XAU6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2211250.00   | 1.51%             | 2031-03-01      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| Granite Construction Inc                        | Granite Construction Inc 3.25% Due 06/15/2030                   | CUSIP: 387328AF4<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $3328000.00   | 2.28%             | 2030-06-15      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Halozyme Therapeutics Inc                       | Halozyme Therapeutics Inc 0%, Due 02/15/2031                    | CUSIP: 40637HAG4<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1952250.00   | 1.34%             | 2031-02-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Ionis Pharmaceuticals, Inc.                     | Ionis Pharmaceuticals Inc 1.75%, Due 06/15/28                   | CUSIP: 462222AF7<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $3279533.20   | 2.25%             | 2028-06-15      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| Iron Mountain Inc.                              | Iron Mountain, Inc. 7.000%, Due 02/15/29                        | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1027516.00   | 0.70%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| Itron, Inc.                                     | Itron Inc 1.375% Due 07/15/2030                                 | CUSIP: 465741AQ9<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2125000.00   | 1.45%             | 2030-07-15      | Fixed         | 1.38%                 | No            | 2                  | On Loan: No      |
| JD.com Inc.                                     | JD.com Inc 0.25% Due 06/01/2029                                 | CUSIP: 47215PAJ5<br>LEI: 549300HVTWB0GJZ16V92 | Long             | DBT              | CORP              | KY        |   2500000 | PA      | $2512500.00   | 1.72%             | 2029-06-01      | Fixed         | 0.25%                 | No            | 2                  | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.       | Kratos Defense & Security Solutions, Inc.                       | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      4000 | NS      | $412040.00    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Lantheus Holdings Inc                           | Lantheus Holdings Inc 2.625%, Due 12/15/27                      | CUSIP: 516544AB9<br>LEI: 5299005HUB5IOJGO7S39 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1143000.00   | 0.78%             | 2027-12-15      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| Liberty Media Corp Del                          | Liberty Media Corp - Liberty Formula One 2.250%, Due 08/15/2027 | CUSIP: 531229AQ5<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1753500.00   | 1.20%             | 2027-08-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| Ligand Pharmaceuticals Incorporated             | Ligand Pharmaceuticals Inc 0.75%, Due 10/01/2030                | CUSIP: 53220KAG3<br>LEI: 5493008K7TB0IKP37H79 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2385309.36   | 1.63%             | 2030-10-01      | Fixed         | 0.75%                 | Yes           | 2                  | On Loan: No      |
| Live Nation Entertainment, Inc.                 | Live Nation Entertainment Inc 3.125%, Due 01/15/29              | CUSIP: 538034BA6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2943200.00   | 2.02%             | 2029-01-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| MKS Inc.                                        | MKS Inc 1.25% Due 06/01/2030                                    | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $3700274.25   | 2.53%             | 2030-06-01      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| MP Materials Corp                               | MP Materials Corp 3.000%, Due 03/01/30                          | CUSIP: 553368AC5<br>LEI: 89450063PHPS61USMT84 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $2847000.00   | 1.95%             | 2030-03-01      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| Merit Medical Systems Inc.                      | Merit Medical Systems, Inc. 3.000%, Due 02/01/29                | CUSIP: 589889AA2<br>LEI: 549300OYTY138SP2CE83 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1733250.00   | 1.19%             | 2029-02-01      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| Meritage Homes Corp                             | Meritage Homes Corp 1.25% Due 05/15/2028                        | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1522132.83   | 1.04%             | 2028-05-15      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| Microchip Technology Incorporated               | Microchip Technology Inc 0.75% Due 06/01/2030                   | CUSIP: 595017BG8<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1541687.19   | 1.06%             | 2030-06-01      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| Mirion Technologies Inc                         | Mirion Technologies Inc 0.25% Due 06/01/2030                    | CUSIP: 60471AAA9<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1290000.00   | 0.88%             | 2030-06-01      | Fixed         | 0.25%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas Swap Gain Loss                      | BNP Paribas Swap Gain Loss                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |     58223 | PA      | $58223.12     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Nebius Group N.V.                               | Nebius Group NV 1.0%, Due 09/15/2030                            | CUSIP: 63954QAE6<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $498500.00    | 0.34%             | 2030-09-15      | Fixed         | 1.00%                 | Yes           | 2                  | On Loan: No      |
| Northern Oil And Gas, Inc.                      | Northern Oil and Gas Inc 3.625%, Due 04/15/29                   | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2933784.71   | 2.01%             | 2029-04-15      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| Nutanix Inc                                     | Nutanix Inc 0.25% Due 10/01/2027                                | CUSIP: 67059NAH1<br>LEI: 549300X7J6E8TKVIXW09 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2058000.00   | 1.41%             | 2027-10-01      | Fixed         | 0.25%                 | No            | 2                  | On Loan: No      |
| OSI System Inc.                                 | OSI Systems Inc 2.25%, Due 08/01/2029                           | CUSIP: 671044AF2<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $3675000.00   | 2.52%             | 2029-08-01      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| Ormat Technologies Inc.                         | Ormat Technologies, Inc. 2.500%, Due 07/15/2027                 | CUSIP: 686688AB8<br>LEI: 5493000TSHHWY24VHM09 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $2579675.00   | 1.77%             | 2027-07-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Parsons Corporation                             | Parsons Corp 2.625% Due 03/01/2029                              | CUSIP: 70202LAD4<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3210848.52   | 2.20%             | 2029-03-01      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| Peabody Energy Corp.                            | Peabody Energy Corp 3.25%, Due 03/01/2028                       | CUSIP: 704551AD2<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | DBT              | CORP              | US        |    500000 | PA      | $976500.00    | 0.67%             | 2028-03-01      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Pennymac Corporation                            | Pennymac Corporation 5.5%, Due 03/15/2026                       | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496750.00    | 0.34%             | 2026-03-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Redwood Trust Inc                               | Redwood Trust Inc 7.75% Due 06/15/2027                          | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1515000.00   | 1.04%             | 2027-06-15      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| Seagate HDD Cayman                              | Seagate HDD Cayman 3.5% Due 6/1/2028                            | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $4959500.00   | 3.40%             | 2028-06-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Service Properties Trust                        | Service Properties Trust 8.625% Due 11/15/2031                  | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1155410.30   | 0.79%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| Shift4 Payments Inc                             | Shift4 Payments, Inc. 0.500%, Due 08/01/27                      | CUSIP: 82452JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2689400.00   | 1.84%             | 2027-08-01      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| Snowflake Inc                                   | Snowflake Inc 0.0%, Due 10/01/2030                              | CUSIP: 833445AD1<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2814000.00   | 1.93%             | 2029-10-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Solaris Energy Infrastructure Inc               | Solaris Energy Infrastructure Inc 0.25%, Due 10/01/2031         | CUSIP: 83419XAB4<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1845750.00   | 1.26%             | 2031-10-01      | Fixed         | 0.25%                 | No            | 2                  | On Loan: No      |
| Synaptics Incorporated                          | Synaptics Inc 0.75%, Due 12/01/2031                             | CUSIP: 87157DAJ8<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1129012.89   | 0.77%             | 2031-12-01      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| Tempus AI Inc.                                  | Tempus AI Inc 0.75%, Due 07/15/2030                             | CUSIP: 88023BAD5<br>LEI: 2549009LA0KWRAGQBX50 | Long             | DBT              | CORP              | US        |    500000 | PA      | $541753.46    | 0.37%             | 2030-07-15      | Fixed         | 0.75%                 | Yes           | 2                  | On Loan: No      |
| Tetra Tech Inc                                  | Tetra Tech, Inc. 2.250%, Due 08/15/2028                         | CUSIP: 88162GAB9<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2897500.00   | 1.98%             | 2028-08-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| Trip.com Group Ltd.                             | Trip.com Group Ltd 0.75% Due 06/15/2029                         | CUSIP: 89677QAB3<br>LEI: 2549004RMYDSRQL4KW41 | Long             | DBT              | CORP              | KY        |   2000000 | PA      | $2265000.00   | 1.55%             | 2029-06-15      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| Uber Technologies Inc                           | Uber Technologies Inc 0.875%, Due 12/01/2028                    | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2562061.38   | 1.75%             | 2028-12-01      | Fixed         | 0.88%                 | No            | 2                  | On Loan: No      |
| Veeco Instruments Inc.                          | Veeco Instruments Inc 2.875%, Due 06/01/2029                    | CUSIP: 922417AJ9<br>LEI: 5493004201F72ADDZW04 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1294500.00   | 0.89%             | 2029-06-01      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| Vishay Intertechnology, Inc.                    | Vishay Intertechnology Inc 2.250%, Due 09/15/30                 | CUSIP: 928298AR9<br>LEI: 5493009O8F3QQJTCQR75 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503750.00    | 0.34%             | 2030-09-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| Wix.com Limited                                 | Wix.com Ltd 0.0%, Due 09/15/2030                                | CUSIP: 92940WAE9<br>LEI: 5493008P6N29Q1AG9464 | Long             | DBT              | CORP              | IL        |   1000000 | PA      | $881000.00    | 0.60%             | 2030-09-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Western Digital Corp.                           | Western Digital Corp 3.0%, Due 11/15/2028                       | CUSIP: 958102AT2<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |    800000 | PA      | $5314324.18   | 3.64%             | 2028-11-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| WisdomTree, Inc.                                | WisdomTree Inc 3.25%, Due 8/15/2029                             | CUSIP: 97717PAH7<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |    500000 | PA      | $734681.40    | 0.50%             | 2029-08-15      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Zoetis Inc.                                     | Zoetis Inc 0.25%, Due 6/15/2029                                 | CUSIP: 98978VAY9<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1533750.00   | 1.05%             | 2029-06-15      | Fixed         | 0.25%                 | Yes           | 2                  | On Loan: No      |
| Zscaler Inc                                     | Zscaler Inc 0%, Due 07/15/2028                                  | CUSIP: 98980GAC6<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $929653.36    | 0.64%             | 2028-07-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Chicago Board of Trade                          | CBOT 5 Year US Treasury Note 2026-03-31                         | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DE               | CORP              | US        |        57 | NS      | $-30895.82    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                | Kratos Defense & Security Solutions, Inc. 05/15/2026 140 Call   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -40 | NS      | $-29200.00    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT | MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |     71250 | PA      | $71250.00     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| BNP Paribas                                     | Advanced Energy Industries Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14600 | NC      | $51863.69     | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Akamai Technologies, Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14200 | NC      | $-77908.45    | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Alnylam Pharmaceuticals, Inc.                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -5700 | NC      | $123928.01    | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | AeroVironment Inc                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -2098 | NC      | $211335.97    | 0.14%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Alibaba Group Holding Ltd                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -16700 | NC      | $27042.10     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | BlackLine Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -15800 | NC      | $95376.12     | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | B2Gold Corp                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |   -117600 | NC      | $-30957.95    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Peabody Energy Corp                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -23400 | NC      | $19950.65     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | BWX Tech Inc                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -5700 | NC      | $46346.78     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | The Cheesecake Factory Inc.                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14900 | NC      | $21285.89     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | The Chefs' Warehouse Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -26400 | NC      | $46045.34     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Check Point SW                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -3900 | NC      | $36289.37     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Cipher Mining Inc                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -47800 | NC      | $75789.38     | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | CMS Energy Corp                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -12300 | NC      | $-1304.32     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Core Scientific Inc.                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -45700 | NC      | $5295.99      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | DoorDash Inc                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -2100 | NC      | $12172.47     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Dropbox Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -11400 | NC      | $12250.39     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Datadog Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -6500 | NC      | $-53844.30    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Digital Ocean Holdings Inc                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -39000 | NC      | $-89422.24    | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Dexcom, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -1300 | NC      | $-4808.73     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Etsy, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -1300 | NC      | $13991.66     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Evergy Inc                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -13100 | NC      | $-10997.16    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Five9 Inc                                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -1300 | NC      | $1791.03      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Fluor Corp                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -31400 | NC      | $-84360.66    | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Shift4 Payments Inc                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4800 | NC      | $33304.09     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Liberty Media Corporation                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -13200 | NC      | $41209.89     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Global Payments Inc                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -5900 | NC      | $19820.23     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Granite Construction Inc                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20600 | NC      | $8578.70      | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Halozyme Therapeutics, Inc.                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14600 | NC      | $3135.31      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Ionis Pharmaceuticals Inc                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -28000 | NC      | $-149727.05   | -0.10%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Itron, Inc.                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -9200 | NC      | $18189.94     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | JD.com Inc                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -22500 | NC      | $21890.11     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Centrus Energy                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4300 | NC      | $121451.99    | 0.08%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Ligand Pharmaceuticals, Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -7000 | NC      | $29861.81     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Lantheus Holdings Inc                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -5000 | NC      | $-7022.90     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Live Nation Entertainment, Inc.                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14400 | NC      | $7092.57      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Microchip Tech                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -2400 | NC      | $-3267.42     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Mirion Technologies                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -31700 | NC      | $69720.28     | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | MKS Instruments Inc                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -10900 | NC      | $-302094.17   | -0.21%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Merit Medical Systems Inc                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -10700 | NC      | $-6664.12     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | MP Materials Corporation                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -41800 | NC      | $335007.29    | 0.23%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Meritage Homes Corp                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4600 | NC      | $40728.98     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Nebius Group NV                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -2200 | NC      | $41348.51     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Cloudflare Inc.                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -5000 | NC      | $35655.20     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Northern Oil and Gas, Inc.                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -33100 | NC      | $-79674.96    | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Nutanix Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14600 | NC      | $137602.56    | 0.09%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Ormat Technologies, Inc.                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -13600 | NC      | $-120508.95   | -0.08%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | OSI Systems Inc                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -10500 | NC      | $430803.95    | 0.29%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Parsons Corp                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -13400 | NC      | $30355.38     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Solaris Energy                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20200 | NC      | $5874.09      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Snowflake Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -10200 | NC      | $156604.34    | 0.11%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Seagate Technology Holdings                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -11925 | NC      | $-1011963.30  | -0.69%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Synaptics Inc                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -6400 | NC      | $52237.09     | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Trip.com Group Ltd                                              | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -21100 | NC      | $409.41       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Tempus AI Inc                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -3600 | NC      | $33027.01     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Tetra Tech Inc                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -35000 | NC      | $-15131.40    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | UBER TECHNOLOGIES                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20500 | NC      | $91287.80     | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Veeco Instruments                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -22300 | NC      | $64886.71     | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Vishay Intertechnology, Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -7200 | NC      | $-13683.16    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Western Digital Corp.                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20600 | NC      | $-572805.36   | -0.39%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Wix.com                                                         | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -2300 | NC      | $-6779.97     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Wisdomtree, Inc.                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -27800 | NC      | $-54467.47    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Zscaler Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |      -600 | NC      | $6553.12      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Zoetis Inc                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -5600 | NC      | $631.21       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-01-31

**Name of Applicant:** Westwood Alternative Income Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** Treasurer