# EDGAR Filing Document

**Accession Number:** 0001479026
**File Stem:** 0001752724-25-173988
**Filing Date:** 2025-7
**Character Count:** 228741
**Document Hash:** 91f81c5326ae7f10c684bac45b8cc1dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-173988.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001752724-25-173988

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goldman Sachs ETF Trust
- **CENTRAL INDEX KEY:** 0001479026

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23013
- **FILM NUMBER:** 251140750

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282-2198
- **BUSINESS PHONE:** (312) 655-4400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282-2198

## Series and Classes Contracts Data

### Goldman Sachs Access Ultra Short Bond ETF (Series ID: S000064104)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000207250 | Goldman Sachs Access Ultra Short Bond ETF | GSST            |

## Nport-Ex

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Foreign

#### Corporate

#### Debt

#### –

#### 23.7%

#### Aerospace

#### &

#### Defense

#### –

#### 0.8%
BAE

Systems

Holdings,

Inc.

(United

Kingdom)

$

7,436,000

3.850 %

12/15/25

(a) $

7,391,910

#### Banks

#### –

#### 17.3%
Banco

Santander

SA

(Spain)

5,000,000

4.250 04/11/27

4,957,581

Bank

of

Montreal

(Canada)

(SOFR

+

0.429%)

2,014,000

4.588 12/11/26

(b) 2,012,798

(SOFRINDX

+

1.160%)

2,983,000

5.507 12/11/26

(b) 3,009,570

Bank

of

Montreal

,

MTN

(Canada)

2,900,000

4.850 07/30/26

2,899,485

Bank

of

Nova

Scotia

(The)

(Canada)

3,853,000

4.750 02/02/26

3,856,404

1,076,000

1.300 09/15/26

1,035,413

Banque

Federative

du

Credit

Mutuel

SA

(France)

(SOFRINDX

+

1.400%)

2,251,000

5.744 07/13/26

(a)(b) 2,272,636

(SOFR

+

1.130%)

2,896,000

5.474 01/23/27

(a)(b) 2,907,325

Barclays

PLC

(United

Kingdom)

(US

Year

CMT

T-Note

+

3.050%)

1,895,000

7.325 11/02/26

(b) 1,913,410

BNP

Paribas

SA

(France)

(SOFR

+

2.074%)

3,107,000

2.219 06/09/26

(a)(b) 3,105,234

BPCE

SA

(France)

(SOFR

+

0.960%)

1,650,000

5.308 09/25/25

(a)(b) 1,652,372

3,133,000

5.100 01/26/26

(a) 3,138,265

Canadian

Imperial

Bank

of

Commerce

(Canada)

(SOFR

+

1.220%)

1,851,000

5.569 10/02/26

(b) 1,864,523

3,078,000

3.450 04/07/27

3,025,423

(SOFR

+

0.940%)

2,877,000

5.290 06/28/27

(b) 2,884,969

Cooperatieve

Rabobank

UA

(Netherlands)

(US

Year

CMT

T-Note

+

0.550%)

5,148,000

1.106 02/24/27

(a)(b) 5,011,470

Credit

Agricole

SA

(France)

(SOFR

+

1.676%)

2,110,000

1.907 06/16/26

(a)(b) 2,107,488

5,817,000

5.589 07/05/26

(a) 5,887,269

(SOFR

+

0.892%)

1,000,000

1.247 01/26/27

(a)(b) 976,863

(SOFR

+

0.870%)

2,500,000

5.217 03/11/27

(a)(b) 2,503,633

Danske

Bank

A/S

(Denmark)

(US

Year

CMT

T-Note

+

1.350%)

2,069,000

1.621 09/11/26

(a)(b) 2,049,492

Deutsche

Bank

AG

(Germany)

(SOFR

+

3.190%)

3,433,000

6.119 07/14/26

(b) 3,436,110

(SOFR

+

1.219%)

4,591,000

5.565 11/16/27

(b) 4,570,344

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Foreign

#### Corporate

#### Debt

#### –
(continued)

#### Banks

#### –
(continued)

DNB

Bank

ASA

(Norway)

(US

Year

CMT

T-Note

+

0.850%)

$

3,750,000

1.127 %

09/16/26

(a)(b) $

3,709,615

HSBC

Holdings

PLC

(United

Kingdom)

(SOFR

+

1.929%)

1,836,000

2.099 06/04/26

(b) 1,836,000

(3M

U.S.

T-Bill

MMY

+

1.609%)

2,123,000

4.292 09/12/26

(b) 2,118,467

ING

Groep

NV

(Netherlands)

(US

Year

CMT

T-Note

+

1.100%)

1,750,000

1.400 07/01/26

(a)(b) 1,744,962

Intesa

Sanpaolo

SpA

(Italy)

3,201,000

7.000 11/21/25

(a) 3,230,949

Macquarie

Bank

Ltd.

(Australia)

(SOFR

+

0.920%)

2,462,000

5.269 07/02/27

(a)(b) 2,473,481

Macquarie

Group

Ltd.

(Australia)

(SOFR

+

1.069%)

3,525,000

1.340 01/12/27

(a)(b) 3,453,405

Mitsubishi

UFJ

Financial

Group,

Inc.

(Japan)

2,566,000

3.850 03/01/26

2,553,541

Mizuho

Financial

Group,

Inc.

(Japan)

1,421,000

2.839 09/13/26

1,391,408

National

Bank

of

Canada

(Canada)

(SOFR

+

0.557%)

3,265,000

4.702 03/05/27

(b) 3,260,525

(SOFRINDX

+

1.030%)

1,000,000

5.379 07/02/27

(b) 1,002,155

NatWest

Group

PLC

(United

Kingdom)

(US

Year

CMT

T-Note

+

2.850%)

2,152,000

7.472 11/10/26

(b) 2,176,634

NatWest

Markets

PLC

(United

Kingdom)

2,937,000

1.600 09/29/26

(a) 2,824,424

(SOFR

+

0.900%)

3,000,000

5.246 05/17/27

(a)(b) 3,000,680

(SOFR

+

0.950%)

2,035,000

5.298 03/21/28

(a)(b) 2,034,414

Royal

Bank

of

Canada

,

GMTN

(Canada)

(SOFRINDX

+

0.720%)

2,950,000

5.063 10/18/27

(b) 2,948,950

Skandinaviska

Enskilda

Banken

AB

(Sweden)

1,532,000

1.200 09/09/26

(a) 1,471,712

(SOFR

+

0.890%)

2,427,000

5.237 03/05/27

(a)(b) 2,439,772

Societe

Generale

SA

(France)

3,207,000

5.250 02/19/27

(a) 3,227,231

(SOFR

+

1.100%)

10,095,000

5.446 02/19/27

(a)(b) 10,096,974

Standard

Chartered

PLC

(United

Kingdom)

(US

Year

CMT

T-Note

+

2.050%)

1,000,000

6.170 01/09/27

(a)(b) 1,008,087

(US

Year

CMT

T-Note

+

1.000%)

4,906,000

1.456 01/14/27

(a)(b) 4,804,903

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Foreign

#### Corporate

#### Debt

#### –
(continued)

#### Banks

#### –
(continued)

Sumitomo

Mitsui

Financial

Group,

Inc.

(Japan)

$

2,872,000

3.784 %

03/09/26

$

2,855,846

2,388,000

2.632 07/14/26

2,340,018

Svenska

Handelsbanken

AB

(Sweden)

(SOFR

+

1.250%)

1,807,000

5.596 06/15/26

(a)(b) 1,823,103

Toronto-Dominion

Bank

(The)

(Canada)

(SOFR

+

0.620%)

1,802,000

4.967 12/17/26

(b) 1,802,486

(SOFR

+

0.820%)

3,142,000

5.166 01/31/28

(b) 3,141,903

Toronto-Dominion

Bank

(The)

,

MTN

(Canada)

(SOFR

+

1.080%)

2,356,000

5.424 07/17/26

(b) 2,370,555

UBS

Group

AG

(Switzerland)

2,208,000

4.125 04/15/26

(a) 2,199,545

(US

Year

CMT

T-Note

+

1.550%)

1,673,000

5.711 01/12/27

(a)(b) 1,681,524

(US

Year

CMT

T-Note

+

1.080%)

2,000,000

1.364 01/30/27

(a)(b) 1,954,964

(SOFRINDX

+

0.980%)

786,000

1.305 02/02/27

(a)(b) 767,986

150,824,296

#### Basic

#### Industry

#### –

#### 0.3%
Nutrien

Ltd.

(Canada)

2,398,000

4.500 03/12/27

2,396,346

#### Consumer

#### Cyclical

#### –

#### 1.3%
BMW U.S.

Capital

LLC

(Germany)

(SOFRINDX

+

0.920%)

4,460,000

5.268 03/21/28

(a)(b) 4,454,055

Mercedes-Benz

Finance

North

America

LLC

(Germany)

2,131,000

4.875 07/31/26

(a) 2,136,791

Volkswagen

Group

of

America

Finance

LLC

(Germany)

1,203,000

5.400 03/20/26

(a) 1,207,568

3,300,000

4.900 08/14/26

(a) 3,299,533

11,097,947

#### Distributors

#### –

#### 1.0%
Daimler

Truck

Finance

North

America

LLC

(Germany)

(SOFR

+

0.960%)

1,070,000

5.308 09/25/27

(a)(b) 1,068,229

(SOFR

+

0.840%)

7,247,000

5.184 01/13/28

(a)(b) 7,224,035

8,292,264

#### Financial

#### Company

#### –

#### 1.4%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

(Ireland)

1,284,000

6.500 07/15/25

1,284,611

2,121,000

4.450 10/01/25

2,118,072

9,136,000

2.450 10/29/26

8,852,079

12,254,762

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Foreign

#### Corporate

#### Debt

#### –
(continued)

#### Insurance

#### –

#### 0.3%
Great-West

Lifeco U.S.

Finance

2020

LP

(Canada)

$

2,179,000

0.904 %

08/12/25

(a) $

2,161,258

#### Metals

#### and

#### Mining

#### –

#### 0.8%
Glencore

Funding

LLC

(Australia)

1,901,000

1.625 09/01/25

(a) 1,885,770

(SOFRINDX

+

0.750%)

4,906,000

5.099 10/01/26

(a)(b) 4,905,576

6,791,346

#### Telecommunications

#### –

#### 0.3%
NBN

Co.

Ltd.

(Australia)

3,106,000

1.450 05/05/26

(a) 3,018,700

#### Wireless

#### –

#### 0.2%
NTT

Finance

Corp.

(Japan)

2,010,000

1.162 04/03/26

(a) 1,954,742

#### TOTAL

#### FOREIGN

#### CORPORATE

#### DEBT

#### (Cost

#### $205,837,390)
206,183,571

a

#### Corporate

#### Obligations

#### –

#### 23.1%

#### Aerospace

#### &

#### Defense

#### –

#### 0.2%
RTX

Corp.

2,083,000

3.950 08/16/25

2,078,903

#### Agriculture

#### –

#### 0.1%
Bunge

Ltd.

Finance

Corp.

1,000,000

3.250 08/15/26

984,780

#### Banks

#### –

#### 8.5%
American

Express

Co.

(SOFRINDX

+

1.350%)

1,116,000

5.695 10/30/26

(b) 1,119,439

(SOFR

+

0.750%)

5,917,000

5.094 04/23/27

(b) 5,917,483

Bank

of

America

NA

(SOFR

+

1.020%)

1,695,000

5.366 08/18/26

(b) 1,704,127

Bank

of

New

York

Mellon

Corp.

(The)

,

MTN

650,000

3.950 11/18/25

647,875

Charles

Schwab

Corp.

(The)

(SOFRINDX

+

0.520%)

1,259,000

4.864 05/13/26

(b) 1,259,070

Citibank

NA

3,542,000

4.929 08/06/26

3,561,584

Citigroup

Global

Markets

Holdings,

Inc.

,

MTN

3,369,000

4.800 12/19/25

3,368,436

Citigroup,

Inc.

(SOFR

+

1.143%)

4,478,000

5.486 05/07/28

(b) 4,487,951

Fifth

Third

Bank

NA

1,659,000

3.850 03/15/26

1,645,402

HSBC

USA,

Inc.

(SOFR

+

0.960%)

7,365,000

5.310 03/04/27

(b) 7,394,801

JPMorgan

Chase

&

Co.

(SOFR

+

0.800%)

6,589,000

1.045 11/19/26

(b) 6,474,991

(3M

U.S.

T-Bill

MMY

+

1.507%)

2,000,000

3.960 01/29/27

(b) 1,991,576

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Corporate

#### Obligations

#### –
(continued)

#### Banks

#### –
(continued)

KeyBank

NA

$

1,295,000

4.150 %

08/08/25

$

1,291,854

Manufacturers

&

Traders

Trust

Co.

11,033,000

4.650 01/27/26

11,018,421

Morgan

Stanley

(SOFR

+

1.669%)

1,606,000

4.679 07/17/26

(b) 1,605,154

(SOFR

+

1.295%)

5,000,000

5.050 01/28/27

(b) 5,009,691

Morgan

Stanley

Bank

NA

(SOFR

+

1.165%)

1,529,000

5.512 10/30/26

(b) 1,541,239

(SOFR

+

0.685%)

1,552,000

5.029 10/15/27

(b) 1,551,697

PNC

Bank

NA

(SOFR

+

0.504%)

3,718,000

4.775 01/15/27

(b) 3,720,247

(SOFR

+

0.500%)

2,657,000

4.844 01/15/27

(b) 2,657,246

PNC

Financial

Services

Group,

Inc.

(The)

(SOFRINDX

+

1.085%)

794,000

4.758 01/26/27

(b) 794,531

State

Street

Corp.

(SOFR

+

0.845%)

1,383,000

5.189 08/03/26

(b) 1,389,411

(SOFR

+

0.640%)

1,299,000

4.984 10/22/27

(b) 1,296,921

Truist

Bank

(SOFR

+

0.590%)

2,157,000

4.671 05/20/27

(b) 2,158,513

U.S.

Bancorp

(SOFR

+

1.430%)

790,000

5.727 10/21/26

(b) 792,900

74,400,560

#### Basic

#### Industry

#### –

#### 0.1%
Dow

Chemical

Co.

(The)

816,000

4.550 11/30/25

814,043

#### Brokerage

#### –

#### 0.7%
Jefferies

Financial

Group,

Inc.

,

MTN

4,073,000

5.000 02/10/26

4,069,778

Nasdaq,

Inc.

1,600,000

5.650 06/28/25

1,599,765

5,669,543

#### Capital

#### Goods

#### –

#### 0.3%
General

Electric

Co.

,

MTN

(3M

U.S.

T-Bill

MMY

+

0.642%)

1,469,000

4.902 05/05/26

(b) 1,470,325

John

Deere

Capital

Corp.

(SOFR

+

0.680%)

1,134,000

5.026 07/15/27

(b) 1,137,082

2,607,407

#### Consumer

#### Cyclical

#### –

#### 2.9%
7-Eleven,

Inc.

2,751,000

0.950 02/10/26

(a) 2,675,313

American

Honda

Finance

Corp.

,

Series

A

(SOFR

+

0.650%)

7,600,000

4.997 05/20/26

(b) 7,603,321

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Corporate

#### Obligations

#### –
(continued)

#### Consumer

#### Cyclical

#### –
(continued)

eBay,

Inc.

$

1,500,000

5.900 %

11/22/25

$

1,507,027

Expedia

Group,

Inc.

921,000

5.000 02/15/26

922,009

General

Motors

Financial

Co.,

Inc.

1,629,000

5.250 03/01/26

1,630,951

4,500,000

5.400 04/06/26

4,512,977

(SOFRINDX

+

1.050%)

2,568,000

5.394 07/15/27

(b) 2,549,285

(SOFRINDX

+

1.170%)

3,500,000

5.528 04/04/28

(b) 3,452,134

24,853,017

#### Consumer

#### Noncyclical

#### –

#### 1.3%
Amgen,

Inc.

9,136,000

5.507 03/02/26

9,137,360

Laboratory

Corp.

of

America

Holdings

2,392,000

1.550 06/01/26

2,323,221

11,460,581

#### Distributors

#### –

#### 1.8%
Hyundai

Capital

America

215,000

5.500 03/30/26

(a) 216,047

1,370,000

5.450 06/24/26

(a) 1,377,421

3,690,000

4.850 03/25/27

(a) 3,686,247

(SOFR

+

1.500%)

3,000,000

5.850 01/08/27

(a)(b) 3,020,846

(SOFR

+

1.030%)

3,327,000

5.379 09/24/27

(a)(b) 3,317,709

(SOFR

+

0.920%)

3,915,000

5.267 01/07/28

(a)(b) 3,896,890

15,515,160

#### Electric

#### –

#### 0.7%
National

Rural

Utilities

Cooperative

Finance

Corp.

,

GMTN

(SOFR

+

0.800%)

3,154,000

5.144 02/05/27

(b) 3,161,740

Southwestern

Electric

Power

Co.

,

Series

K

2,560,000

2.750 10/01/26

2,496,196

5,657,936

#### Energy

#### –

#### 0.4%
ONEOK,

Inc.

1,215,000

4.150 06/01/25

1,215,000

Williams

Cos.,

Inc.

(The)

2,565,000

5.400 03/02/26

2,579,578

3,794,578

#### Financial

#### Company

#### –

#### 0.7%
Air

Lease

Corp.

1,502,000

3.375 07/01/25

1,499,837

1,266,000

1.875 08/15/26

1,224,345

Air

Lease

Corp.

,

MTN

3,538,000

2.875 01/15/26

3,496,148

6,220,330

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Corporate

#### Obligations

#### –
(continued)

#### Food

#### and

#### Beverage

#### –

#### 0.2%
Keurig

Dr

Pepper,

Inc.

(SOFRINDX

+

0.880%)

$

1,908,000

5.226 %

03/15/27

(b) $

1,917,041

#### Healthcare

#### –

#### 0.5%
CVS

Health

Corp.

1,273,000

5.000 02/20/26

1,272,583

GE

HealthCare

Technologies,

Inc.

2,965,000

5.600 11/15/25

2,969,637

UnitedHealth

Group,

Inc.

326,000

3.100 03/15/26

321,912

4,564,132

#### Insurance

#### –

#### 3.0%
Corebridge

Global

Funding

1,061,000

5.350 06/24/26

(a) 1,069,938

(SOFR

+

1.300%)

1,860,000

5.650 09/25/26

(a)(b) 1,872,426

(SOFR

+

0.750%)

3,560,000

5.097 01/07/28

(a)(b) 3,542,025

Equitable

Financial

Life

Global

Funding

1,211,000

1.000 01/09/26

(a) 1,184,486

3,980,000

4.600 04/01/27

(a) 3,977,469

Guardian

Life

Global

Funding

390,000

1.100 06/23/25

(a) 389,173

Jackson

National

Life

Global

Funding

4,584,000

4.900 01/13/27

(a) 4,601,713

(SOFR

+

0.970%)

4,000,000

5.314 01/14/28

(a)(b) 3,999,059

New

York

Life

Global

Funding

(SOFR

+

0.580%)

801,000

4.931 08/28/26

(a)(b) 802,233

Pacific

Life

Global

Funding

II

(SOFRINDX

+

1.050%)

3,765,000

5.395 07/28/26

(a)(b) 3,788,845

Protective

Life

Global

Funding

939,000

1.618 04/15/26

(a) 915,476

26,142,843

#### Revenue

#### –

#### 0.0%
Baylor

Scott

&

White

Holdings

,

Series

2021

290,000

0.827 11/15/25

283,441

PeaceHealth

Obligated

Group

,

Series

2020

21,000

1.375 11/15/25

20,625

304,066

#### Software

#### –

#### 0.4%
Oracle

Corp.

1,250,000

1.650 03/25/26

1,219,952

Take-Two

Interactive

Software,

Inc.

1,729,000

5.000 03/28/26

1,732,745

2,952,697

#### Technology

#### –

#### 1.1%
Dell

International

LLC

/

EMC

Corp.

502,000

6.020 06/15/26

506,648

International

Business

Machines

Corp.

5,000,000

4.000 07/27/25

4,990,787

PayPal

Holdings,

Inc.

(SOFR

+

0.670%)

4,000,000

5.017 03/06/28

(b) 4,000,732

9,498,167

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Corporate

#### Obligations

#### –
(continued)

#### Transportation

#### –

#### 0.1%
ERAC

USA

Finance

LLC

$

1,000,000

3.300 %

12/01/26

(a) $

982,066

#### Wireless

#### –

#### 0.1%
Pacific

Bell

Telephone

Co.

599,000

7.125 03/15/26

607,180

T-Mobile

USA,

Inc.

456,000

5.375 04/15/27

456,079

1,063,259

#### TOTAL

#### CORPORATE

#### OBLIGATIONS

#### (Cost

#### $201,329,327)
201,481,109

a

#### Asset-Backed

#### Securities

#### –

#### 22.3%
Ally

Auto

Receivables

Trust

,

Series

2022-1,

Class

A3

442,014

3.310 11/15/26

441,016

American

Express

Credit

Account

Master

Trust

,

Series

2022-3,

Class

A

2,450,000

3.750 08/15/27

2,445,730

American

Express

Credit

Account

Master

Trust

,

Series

2023-1,

Class

A

6,175,000

4.870 05/15/28

6,201,887

American

Express

Credit

Account

Master

Trust

,

Series

2025-2,

Class

A

2,750,000

4.280 04/15/30

2,750,174

BA

Credit

Card

Trust

,

Series

2022-A1,

Class

A1

3,075,000

3.530 11/15/27

3,074,328

BA

Credit

Card

Trust

,

Series

2022-A2,

Class

A2

2,100,000

5.000 04/15/28

2,104,425

BA

Credit

Card

Trust

,

Series

2023-A2,

Class

A2

6,075,000

4.980 11/15/28

6,132,526

Chase

Auto

Owner

Trust

,

Series

2024-2A,

Class

A2

640,563

5.660 05/26/27

(a) 642,074

Chase

Auto

Owner

Trust

,

Series

2024-5A,

Class

A3

2,000,000

4.180 08/27/29

(a) 1,987,283

Chase

Issuance

Trust

,

Series

2023-A1,

Class

A

3,975,000

5.160 09/15/28

4,012,830

City

of

New

York

NY

,

Series

3,220,000

5.698 03/01/27

3,271,169

City

of

San

Antonio

TX

1,730,000

5.635 02/01/26

1,734,651

Drive

Auto

Receivables

Trust

,

Series

2024-2,

Class

A2

753,616

4.940 12/15/27

753,801

Exeter

Automobile

Receivables

Trust

,

Series

2024-5A,

Class

A2

1,071,668

4.790 04/15/27

1,071,422

Exeter

Automobile

Receivables

Trust

,

Series

2024-5A,

Class

A3

1,825,000

4.450 03/15/28

1,819,996

Exeter

Automobile

Receivables

Trust

,

Series

2025-3A,

Class

A3

1,450,000

4.780 07/16/29

1,452,039

Ford

Credit

Auto

Lease

Trust

,

Series

2024-B,

Class

A3

2,000,000

4.990 12/15/27

2,004,852

Ford

Credit

Auto

Lease

Trust

,

Series

2025-A,

Class

A3

2,925,000

4.720 06/15/28

2,940,584

Ford

Credit

Auto

Owner

Trust

,

Series

2020-2,

Class

A

1,625,000

1.060 04/15/33

(a) 1,603,668

Ford

Credit

Auto

Owner

Trust

,

Series

2022-A,

Class

A3

76,937

1.290 06/15/26

76,839

Ford

Credit

Auto

Owner

Trust

,

Series

2024-C,

Class

A3

2,025,000

4.070 07/15/29

2,013,309

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Asset-Backed

#### Securities

#### –
(continued)

GM

Financial

Automobile

Leasing

Trust

,

Series

2023-2,

Class

A3

$

1,624,943

5.050 %

07/20/26

$

1,625,820

GM

Financial

Automobile

Leasing

Trust

,

Series

2023-3,

Class

A3

2,454,560

5.380 11/20/26

2,458,144

GM

Financial

Automobile

Leasing

Trust

,

Series

2024-3,

Class

A3

2,700,000

4.210 10/20/27

2,694,969

GM

Financial

Consumer

Automobile

Receivables

Trust

,

Series

2022-1,

Class

A3

304,439

1.260 11/16/26

303,591

GM

Financial

Consumer

Automobile

Receivables

Trust

,

Series

2025-1,

Class

A3

2,475,000

4.620 12/17/29

2,484,716

GMF

Floorplan

Owner

Revolving

Trust

,

Series

2023-1,

Class

A1

1,500,000

5.340 06/15/28

(a) 1,511,732

Honda

Auto

Receivables

2023-4

Owner

Trust

,

Series

2023-4,

Class

A2

396,196

5.870 06/22/26

396,724

Hyundai

Auto

Lease

Securitization

Trust

,

Series

2024-B,

Class

A3

2,400,000

5.410 05/17/27

(a) 2,420,156

Hyundai

Auto

Lease

Securitization

Trust

,

Series

2024-C,

Class

A3

4,000,000

4.620 04/17/28

(a) 4,011,556

Hyundai

Auto

Receivables

Trust

,

Series

2022-C,

Class

A3

1,792,353

5.390 06/15/27

1,798,409

Hyundai

Auto

Receivables

Trust

,

Series

2023-A,

Class

A3

1,864,648

4.580 04/15/27

1,864,464

Hyundai

Auto

Receivables

Trust

,

Series

2023-C,

Class

A2A

608,433

5.800 01/15/27

609,056

Hyundai

Auto

Receivables

Trust

,

Series

2024-B,

Class

A3

1,925,000

4.840 03/15/29

1,940,224

M&T

Bank

Auto

Receivables

Trust

,

Series

2025-1A,

Class

A2A

2,925,000

4.630 05/15/28

(a) 2,927,289

Mercedes-Benz

Auto

Lease

Trust

,

Series

2024-B,

Class

A2A

1,124,184

4.570 12/15/26

1,124,222

Nelnet

Student

Loan

Trust

,

Series

2016-1A,

Class

A

(SOFR

+

0.914%)

187,145

5.236 09/25/65

(a)(b) 186,934

New

Jersey

Transportation

Trust

Fund

Authority

,

Series

BB

2,890,000

5.093 06/15/25

2,890,094

Nissan

Auto

Lease

Trust

,

Series

2024-A,

Class

A3

4,000,000

4.910 04/15/27

4,013,039

Rhode

Island

Student

Loan

Authority

,

Series

2012-1,

Class

A1

(SOFR

+

1.014%)

263,584

5.364 07/01/31

(b) 261,717

Santander

Drive

Auto

Receivables

Trust

,

Series

2024-4,

Class

A3

4,125,000

4.850 01/16/29

4,131,798

Santander

Drive

Auto

Receivables

Trust

,

Series

2024-5,

Class

A2

1,850,103

4.880 09/15/27

1,849,701

Santander

Drive

Auto

Receivables

Trust

,

Series

2025-2,

Class

A2

1,975,000

4.710 06/15/28

1,971,622

Toyota

Auto

Receivables

Owner

Trust

,

Series

2022-D,

Class

A3

1,211,242

5.300 09/15/27

1,215,928

Toyota

Auto

Receivables

Owner

Trust

,

Series

2024-C,

Class

A3

2,100,000

4.880 03/15/29

2,116,643

Toyota

Lease

Owner

Trust

,

Series

2024-A,

Class

A3

2,864,374

5.250 04/20/27

(a) 2,874,863

Toyota

Lease

Owner

Trust

,

Series

2024-B,

Class

A3

3,250,000

4.210 09/20/27

(a) 3,241,937

Volkswagen

Auto

Loan

Enhanced

Trust

,

Series

2024-1,

Class

A2A

3,102,443

4.650 11/22/27

3,105,539

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Asset-Backed

#### Securities

#### –
(continued)

World

Omni

Auto

Receivables

Trust

,

Series

2023-C,

Class

A3

$

2,530,000

5.150 %

11/15/28

$

2,539,558

107,105,048

1988

CLO

Ltd.

,

Series

2023-3A,

Class

A1

(3M

U.S.

T-Bill

MMY

+

2.000%)

6,500,000

6.256 10/15/38

(a)(b) 6,519,078

AGL

CLO

Ltd.

,

Series

2021-16A,

Class

AR

(3M

U.S.

T-Bill

MMY

+

0.950%)

2,270,000

5.219 01/20/35

(a)(b) 2,260,203

AGL

CLO

Ltd.

,

Series

2020-5A,

Class

A1RR

(3M

U.S.

T-Bill

MMY

+

0.938%)

4,000,000

5.208 07/20/34

(a)(b) 3,994,848

Apidos

CLO

XXIII

,

Series

2015-23A,

Class

ARR

(3M

U.S.

T-Bill

MMY

+

1.050%)

3,900,000

5.306 04/15/33

(a)(b) 3,894,115

ARES

LII

CLO

Ltd.

,

Series

2019-52A,

Class

A1RR

(3M

U.S.

T-Bill

MMY

+

0.880%)

2,922,696

5.152 04/22/31

(a)(b) 2,918,312

Bain

Capital

Credit

CLO

,

Series

2018-2A,

Class

A1R

(3M

U.S.

T-Bill

MMY

+

1.080%)

455,845

5.349 07/19/31

(a)(b) 455,645

Bryant

Park

Funding

Ltd.

,

Series

2023-21A,

Class

A1

(3M

U.S.

T-Bill

MMY

+

2.050%)

4,200,000

6.319 10/18/36

(a)(b) 4,212,793

CarVal

CLO

II

Ltd.

,

Series

2019-1A,

Class

AR2

(3M

U.S.

T-Bill

MMY

+

1.020%)

2,440,637

5.289 04/20/32

(a)(b) 2,440,888

Cedar

Funding

Ltd.

,

Series

2018-7A,

Class

AR

(3M

U.S.

T-Bill

MMY

+

1.080%)

491,051

5.349 01/20/31

(a)(b) 490,637

CIFC

Falcon

2020

Ltd.

,

Series

2019-FAL,

Class

A

(3M

U.S.

T-Bill

MMY

+

1.262%)

3,593,819

5.531 01/20/33

(a)(b) 3,599,745

CIFC

Funding

Ltd.

,

Series

2017-2A,

Class

AR

(3M

U.S.

T-Bill

MMY

+

1.212%)

200,554

5.481 04/20/30

(a)(b) 200,581

Dryden

Senior

Loan

Fund

,

Series

2016-43A,

Class

AR3

(3M

U.S.

T-Bill

MMY

+

1.070%)

4,000,000

5.339 04/20/34

(a)(b) 3,985,456

Dryden

CLO

Ltd.

,

Series

2020-77A,

Class

AR

(3M

U.S.

T-Bill

MMY

+

1.382%)

6,000,000

5.704 05/20/34

(a)(b) 6,002,970

Dryden

XXVI

Senior

Loan

Fund

,

Series

2013-26A,

Class

AR

(3M

U.S.

T-Bill

MMY

+

1.162%)

75,515

5.418 04/15/29

(a)(b) 75,517

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Asset-Backed

#### Securities

#### –
(continued)

Fort

Greene

Park

CLO

LLC

,

Series

2025-2A,

Class

AR

(3M

U.S.

T-Bill

MMY

+

0.950%)

$

6,000,000

5.222 %

04/22/34

(a)(b) $

5,961,282

Golub

Capital

Partners

CLO

53B

Ltd.

,

Series

2021-53A,

Class

AR

(3M

U.S.

T-Bill

MMY

+

0.980%)

1,500,000

5.291 07/20/34

(a)(b) 1,489,168

Jamestown

CLO

XV

Ltd.

,

Series

2020-15A,

Class

A1R

(3M

U.S.

T-Bill

MMY

+

1.370%)

4,400,000

5.626 07/15/35

(a)(b) 4,400,942

Marathon

CLO

XIII

Ltd.

,

Series

2019-1A,

Class

AAR2

(3M

U.S.

T-Bill

MMY

+

1.200%)

1,765,131

5.456 04/15/32

(a)(b) 1,765,131

Mountain

View

CLO

XVI

Ltd.

,

Series

2022-1A,

Class

A1R

(3M

U.S.

T-Bill

MMY

+

1.460%)

2,325,000

5.716 04/15/34

(a)(b) 2,326,744

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

Series

2022-50A,

Class

AR

(3M

U.S.

T-Bill

MMY

+

1.250%)

3,075,000

5.529 07/23/36

(a)(b) 3,075,593

Trinitas

CLO

VI

Ltd.

,

Series

2017-6A,

Class

ARRR

(3M

U.S.

T-Bill

MMY

+

1.330%)

5,900,000

5.612 01/25/34

(a)(b) 5,900,206

Trysail

CLO

Ltd.

,

Series

2021-1A,

Class

A1

(3M

U.S.

T-Bill

MMY

+

1.582%)

2,527,155

5.851 07/20/32

(a)(b) 2,522,184

Venture

CLO

Ltd.

,

Series

2018-34A,

Class

AR

(3M

U.S.

T-Bill

MMY

+

1.280%)

2,203,047

5.536 10/15/31

(a)(b) 2,203,168

Zais

CLO

Ltd.

,

Series

2019-13A,

Class

A1AR

(3M

U.S.

T-Bill

MMY

+

1.300%)

932,695

5.556 07/15/32

(a)(b) 932,846

71,628,052

Bank

of

America

Auto

Trust

,

Series

2023-2A,

Class

A2

108,324

5.850 08/17/26

(a) 108,373

Barclays

Dryrock

Issuance

Trust

,

Series

2023-2,

Class

A

(SOFR

+

0.900%)

2,050,000

5.232 08/15/28

(b) 2,053,294

Capital

One

Multi-Asset

Execution

Trust

,

Series

2022-A3,

Class

A

3,000,000

4.950 10/15/27

3,003,965

Citibank

Credit

Card

Issuance

Trust

,

Series

2023-A1,

Class

A1

1,300,000

5.230 12/08/27

1,305,153

Discover

Card

Execution

Note

Trust

,

Series

2023-A1,

Class

A

2,925,000

4.310 03/15/28

2,921,802

Exeter

Automobile

Receivables

Trust

,

Series

2025-1A,

Class

A2

916,913

4.700 09/15/27

916,476

Exeter

Automobile

Receivables

Trust

,

Series

2025-1A,

Class

A3

450,000

4.670 08/15/28

450,063

Ford

Credit

Auto

Owner

Trust

,

Series

2023-C,

Class

A2A

332,593

5.680 09/15/26

332,879

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Asset-Backed

#### Securities

#### –
(continued)

Santander

Drive

Auto

Receivables

Trust

,

Series

2025-1,

Class

A2

$

581,310

4.760 %

08/16/27

$

581,443

Santander

Drive

Auto

Receivables

Trust

,

Series

2025-1,

Class

A3

1,575,000

4.740 01/16/29

1,574,797

Toyota

Auto

Receivables

Owner

Trust

,

Series

2023-B,

Class

A3

2,338,533

4.710 02/15/28

2,338,815

15,587,060

#### TOTAL

#### ASSET-BACKED

#### SECURITIES

#### (Cost

#### $194,253,900)
194,320,160

a

#### Mortgage-Backed

#### Securities

#### –

#### 8.8%
a

BBCMS

Mortgage

Trust

,

Series

2018-C2,

Class

ASB

367,334

4.236 12/15/51

364,666

BX

,

Series

2021-MFM1,

Class

A

(1M

U.S.

T-Bill

MMY

+

0.814%)

38,100

5.143 01/15/34

(a)(b) 38,076

BX

Trust

,

Series

2021-ARIA,

Class

A

(1M

U.S.

T-Bill

MMY

+

1.014%)

1,300,000

5.343 10/15/36

(a)(b) 1,294,098

BXHPP

Trust

,

Series

2021-FILM,

Class

A

(1M

U.S.

T-Bill

MMY

+

0.764%)

1,850,000

5.093 08/15/36

(a)(b) 1,767,353

CFCRE

Commercial

Mortgage

Trust

,

Series

2016-C3,

Class

A3

4,145,000

3.865 01/10/48

4,112,678

Citigroup

Commercial

Mortgage

Trust

,

Series

2015-GC33,

Class

A4

3,000,000

3.778 09/10/58

2,964,138

Citigroup

Commercial

Mortgage

Trust

,

Series

2015-P1,

Class

A5

2,161,253

3.717 09/15/48

2,153,988

Citigroup

Commercial

Mortgage

Trust

,

Series

2016-GC37,

Class

A3

2,738,532

3.050 04/10/49

2,726,640

COMM

Mortgage

Trust

,

Series

2016-DC2,

Class

A4

273,054

3.497 02/10/49

271,953

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C3,

Class

A4

1,777,805

3.718 08/15/48

1,769,260

DBJPM

Mortgage

Trust

,

Series

2016-C3,

Class

ASB

81,115

2.756 08/10/49

80,269

Extended

Stay

America

Trust

,

Series

2021-ESH,

Class

A

(1M

U.S.

T-Bill

MMY

+

1.194%)

1,243,705

5.523 07/15/38

(a)(b) 1,243,705

Federal

Home

Loan

Mortgage

Corporation

9,360,787

6.500 06/01/54

9,694,475

FHLMC

REMIC

,

Series

2003-2682,

Class

FB

(SOFR

+

1.014%)

98,598

5.347 10/15/33

(b) 99,128

FHLMC

REMIC

,

Series

2003-2711,

Class

FA

(SOFR

+

1.114%)

98,745

5.447 11/15/33

(b) 99,609

FHLMC

REMIC

,

Series

2005-3033,

Class

FG

(SOFR

+

0.464%)

330,839

4.797 09/15/35

(b) 326,876

FHLMC

REMIC

,

Series

2007-3298,

Class

FC

(SOFR

+

0.534%)

73,402

4.867 04/15/37

(b) 72,265

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Mortgage-Backed

#### Securities

#### –
(continued)

a

FHLMC

REMIC

,

Series

2007-3314,

Class

FC

(SOFR

+

0.514%)

$

16,493

4.847 %

12/15/36

(b) $

16,291

FHLMC

REMIC

,

Series

2007-3316,

Class

FB

(SOFR

+

0.414%)

397,600

4.747 08/15/35

(b) 392,480

FHLMC

REMIC

,

Series

2007-3371,

Class

FA

(SOFR

+

0.714%)

85,130

5.047 09/15/37

(b) 84,553

FHLMC

REMIC

,

Series

2009-3593,

Class

CF

(SOFR

+

0.714%)

895,137

5.047 02/15/36

(b) 892,028

FHLMC

REMIC

,

Series

2012-4040,

Class

FW

(SOFR

+

0.484%)

233,045

4.817 05/15/32

(b) 232,507

FHLMC

REMIC

,

Series

2012-4057,

Class

FE

(SOFR

+

0.564%)

606,178

4.897 06/15/42

(b) 597,047

FHLMC

REMIC

,

Series

2012-4068,

Class

UF

(SOFR

+

0.614%)

146,350

4.947 06/15/42

(b) 144,493

FHLMC

REMIC

,

Series

2012-4098,

Class

MF

(SOFR

+

0.414%)

82,381

4.747 11/15/41

(b) 81,986

FHLMC

REMIC

,

Series

2012-4107,

Class

MF

(SOFR

+

0.514%)

1,274,399

4.847 09/15/42

(b) 1,251,861

FHLMC

REMIC

,

Series

2012-4126,

Class

GF

(SOFR

+

0.514%)

1,782,442

4.847 11/15/42

(b) 1,748,679

FHLMC

REMIC

,

Series

2013-4203,

Class

QF

(SOFR

+

0.364%)

796,816

4.697 05/15/43

(b) 783,297

FHLMC

REMIC

,

Series

2013-4215,

Class

NF

(SOFR

+

0.464%)

577,526

4.797 06/15/43

(b) 562,860

FHLMC

REMIC

,

Series

2013-4248,

Class

FL

(SOFR

+

0.564%)

55,015

4.897 05/15/41

(b) 54,505

FHLMC

REMIC

,

Series

2013-4263,

Class

FB

(SOFR

+

0.514%)

39,783

4.847 11/15/43

(b) 39,272

FHLMC

REMIC

,

Series

2013-4272,

Class

FD

(SOFR

+

0.464%)

40,528

4.797 11/15/43

(b) 40,034

FHLMC

REMIC

,

Series

2018-4787,

Class

ZS

593,746

5.000 07/01/48

587,322

FHLMC

REMIC

,

Series

2018-4818,

Class

FC

(SOFR

+

0.414%)

167,645

4.747 04/15/48

(b) 161,079

FHLMC

REMIC

,

Series

2018-4852,

Class

BF

(SOFR

+

0.514%)

1,111,089

4.847 12/15/48

(b) 1,079,011

FHLMC

REMIC

,

Series

2019-4897,

Class

F

(SOFR

+

0.514%)

854,492

4.847 07/15/49

(b) 838,342

FHLMC

REMIC

,

Series

2019-4903,

Class

F

(SOFR

+

0.564%)

135,649

4.897 09/15/48

(b) 131,324

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Mortgage-Backed

#### Securities

#### –
(continued)

a

FHLMC

REMIC

,

Series

2019-4906,

Class

NF

(SOFR

+

0.514%)

$

1,013,022

4.850 %

03/15/38

(b) $

988,968

FHLMC

REMIC

,

Series

2019-4942,

Class

FA

(SOFR

+

0.614%)

868,987

4.936 01/25/50

(b) 848,880

FHLMC

REMIC

,

Series

2020-5002,

Class

FJ

(SOFR

+

0.514%)

149,113

4.836 07/25/50

(b) 145,601

FHLMC

STRIPS

,

Series

2006-239,

Class

F22

(SOFR

+

0.464%)

123,360

4.797 08/15/36

(b) 121,753

FHLMC

STRIPS

,

Series

2006-239,

Class

F30

(SOFR

+

0.414%)

308,400

4.747 08/15/36

(b) 304,099

FNMA

REMIC

,

Series

2002-53,

Class

FY

(SOFR

+

0.614%)

123,302

4.936 08/25/32

(b) 123,066

FNMA

REMIC

,

Series

2004-54,

Class

FL

(SOFR

+

0.514%)

46,296

4.836 07/25/34

(b) 46,238

FNMA

REMIC

,

Series

2004-54,

Class

FN

(SOFR

+

0.564%)

165,894

4.886 07/25/34

(b) 165,707

FNMA

REMIC

,

Series

2005-120,

Class

FE

(SOFR

+

0.634%)

258,819

4.956 01/25/36

(b) 257,005

FNMA

REMIC

,

Series

2005-87,

Class

FE

(SOFR

+

0.564%)

270,854

4.886 10/25/35

(b) 268,821

FNMA

REMIC

,

Series

2006-110,

Class

AF

(SOFR

+

0.444%)

1,583,090

4.766 11/25/36

(b) 1,562,538

FNMA

REMIC

,

Series

2006-16,

Class

FC

(SOFR

+

0.414%)

54,363

4.736 03/25/36

(b) 53,827

FNMA

REMIC

,

Series

2006-36,

Class

FB

(SOFR

+

0.414%)

33,050

4.736 05/25/36

(b) 32,575

FNMA

REMIC

,

Series

2006-42,

Class

PF

(SOFR

+

0.524%)

56,653

4.846 06/25/36

(b) 56,206

FNMA

REMIC

,

Series

2006-44,

Class

FP

(SOFR

+

0.514%)

630,189

4.836 06/25/36

(b) 624,666

FNMA

REMIC

,

Series

2006-61,

Class

FD

(SOFR

+

0.474%)

120,750

4.796 07/25/36

(b) 119,370

FNMA

REMIC

,

Series

2006-79,

Class

DF

(SOFR

+

0.464%)

252,647

4.786 08/25/36

(b) 250,369

FNMA

REMIC

,

Series

2006-88,

Class

AF

(SOFR

+

0.574%)

271,669

4.896 09/25/36

(b) 268,872

FNMA

REMIC

,

Series

2007-35,

Class

PF

(SOFR

+

0.364%)

46,496

4.686 04/25/37

(b) 45,712

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Mortgage-Backed

#### Securities

#### –
(continued)

a

FNMA

REMIC

,

Series

2007-67,

Class

FB

(SOFR

+

0.434%)

$

117,383

4.756 %

07/25/37

(b) $

115,486

FNMA

REMIC

,

Series

2008-1,

Class

CF

(SOFR

+

0.814%)

38,632

5.136 02/25/38

(b) 38,432

FNMA

REMIC

,

Series

2009-110,

Class

FG

(SOFR

+

0.864%)

122,136

5.186 01/25/40

(b) 122,456

FNMA

REMIC

,

Series

2010-113,

Class

FA

(SOFR

+

0.514%)

93,083

4.836 10/25/40

(b) 92,335

FNMA

REMIC

,

Series

2010-116,

Class

FE

(SOFR

+

0.514%)

120,783

4.836 10/25/40

(b) 119,703

FNMA

REMIC

,

Series

2010-141,

Class

FB

(SOFR

+

0.584%)

75,514

4.906 12/25/40

(b) 74,970

FNMA

REMIC

,

Series

2010-15,

Class

FJ

(SOFR

+

1.044%)

227,496

5.366 06/25/36

(b) 229,076

FNMA

REMIC

,

Series

2010-39,

Class

FE

(SOFR

+

0.884%)

376,480

5.206 06/25/37

(b) 377,255

FNMA

REMIC

,

Series

2010-39,

Class

FG

(SOFR

+

1.034%)

164,113

5.356 03/25/36

(b) 165,200

FNMA

REMIC

,

Series

2010-46,

Class

WF

(SOFR

+

0.864%)

1,250,308

5.186 05/25/40

(b) 1,243,313

FNMA

REMIC

,

Series

2010-49,

Class

FB

(SOFR

+

0.864%)

111,384

5.186 05/25/40

(b) 111,238

FNMA

REMIC

,

Series

2010-59,

Class

FN

(SOFR

+

0.844%)

1,235,496

5.166 06/25/40

(b) 1,229,783

FNMA

REMIC

,

Series

2011-53,

Class

FT

(SOFR

+

0.694%)

105,176

5.016 06/25/41

(b) 104,332

FNMA

REMIC

,

Series

2011-87,

Class

FJ

(SOFR

+

0.664%)

109,544

4.986 09/25/41

(b) 107,761

FNMA

REMIC

,

Series

2012-101,

Class

FC

(SOFR

+

0.614%)

96,396

4.936 09/25/42

(b) 94,424

FNMA

REMIC

,

Series

2012-14,

Class

BF

(SOFR

+

0.714%)

515,830

5.036 03/25/42

(b) 509,269

FNMA

REMIC

,

Series

2012-37,

Class

BF

(SOFR

+

0.614%)

105,235

4.936 12/25/35

(b) 104,467

FNMA

REMIC

,

Series

2013-10,

Class

KF

(SOFR

+

0.414%)

72,137

4.736 02/25/43

(b) 70,893

FNMA

REMIC

,

Series

2013-130,

Class

FB

(SOFR

+

0.564%)

73,375

4.886 01/25/44

(b) 72,507

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Mortgage-Backed

#### Securities

#### –
(continued)

a

FNMA

REMIC

,

Series

2013-19,

Class

DF

(SOFR

+

0.414%)

$

322,349

4.736 %

09/25/41

(b) $

320,814

FNMA

REMIC

,

Series

2013-2,

Class

QF

(SOFR

+

0.614%)

45,231

4.936 02/25/43

(b) 44,777

FNMA

REMIC

,

Series

2014-17,

Class

FE

(SOFR

+

0.664%)

637,352

4.986 04/25/44

(b) 626,436

FNMA

REMIC

,

Series

2014-28,

Class

FD

(SOFR

+

0.564%)

1,168,522

4.886 05/25/44

(b) 1,151,946

FNMA

REMIC

,

Series

2014-47,

Class

AF

(SOFR

+

0.464%)

230,386

4.800 08/25/44

(b) 228,676

FNMA

REMIC

,

Series

2015-27,

Class

KF

(SOFR

+

0.414%)

53,513

4.736 05/25/45

(b) 53,205

FNMA

REMIC

,

Series

2015-87,

Class

BF

(SOFR

+

0.414%)

271,247

4.736 12/25/45

(b) 267,252

FNMA

REMIC

,

Series

2016-49,

Class

EF

(SOFR

+

0.514%)

608,238

4.836 08/25/46

(b) 601,826

FNMA

REMIC

,

Series

2017-16,

Class

FA

(SOFR

+

0.564%)

580,900

4.886 03/25/47

(b) 564,880

FNMA

REMIC

,

Series

2017-91,

Class

GF

(SOFR

+

0.464%)

1,386,454

4.786 11/25/47

(b) 1,341,228

FNMA

REMIC

,

Series

2018-15,

Class

JF

(SOFR

+

0.414%)

769,537

4.736 03/25/48

(b) 741,668

FNMA

REMIC

,

Series

2018-3385,

Class

MA

696,758

4.500 06/01/48

667,108

FNMA

REMIC

,

Series

2019-41,

Class

FM

(SOFR

+

0.564%)

891,440

4.886 08/25/49

(b) 870,626

FNMA

REMIC

,

Series

2019-6,

Class

KF

(SOFR

+

0.564%)

1,447,573

4.886 03/25/49

(b) 1,428,501

Government

National

Mortgage

Association

,

Series

2004-59,

Class

FP

(1M

U.S.

T-Bill

MMY

+

0.414%)

267,544

4.743 08/16/34

(b) 266,662

Government

National

Mortgage

Association

,

Series

2005-4,

Class

FA

(1M

U.S.

T-Bill

MMY

+

0.484%)

212,277

4.813 01/16/35

(b) 211,747

Government

National

Mortgage

Association

,

Series

2007-59,

Class

FA

(1M

U.S.

T-Bill

MMY

+

0.614%)

88,023

4.939 10/20/37

(b) 87,696

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### Mortgage-Backed

#### Securities

#### –
(continued)

a

Government

National

Mortgage

Association

,

Series

2013-99,

Class

PF

(1M

U.S.

T-Bill

MMY

+

0.414%)

$

1,275,640

4.739 %

07/20/43

(b) $

1,256,874

Government

National

Mortgage

Association

,

Series

2019-110,

Class

F

(1M

U.S.

T-Bill

MMY

+

0.564%)

1,394,942

4.889 09/20/49

(b) 1,365,474

Government

National

Mortgage

Association

,

Series

2019-56,

Class

FB

(1M

U.S.

T-Bill

MMY

+

0.564%)

1,581,591

4.889 05/20/49

(b) 1,548,535

Government

National

Mortgage

Association

,

Series

2019-58,

Class

FA

(1M

U.S.

T-Bill

MMY

+

0.514%)

669,791

4.839 05/20/49

(b) 655,508

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2024-OMNI,

Class

A

1,850,000

5.797 10/05/39

(a)(b) 1,870,481

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2016-JP2,

Class

ASB

88,540

2.713 08/15/49

87,867

LCCM

,

Series

2017-LC26,

Class

A4

900,000

3.551 07/12/50

(a) 872,785

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2015-C23,

Class

A4

189,421

3.719 07/15/50

188,631

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2016-C29,

Class

A3

4,241,819

3.058 05/15/49

4,198,138

Morgan

Stanley

Capital

I

,

Series

2017-HR2,

Class

ASB

1,851,298

3.509 12/15/50

1,824,144

Morgan

Stanley

Capital

I

Trust

,

Series

2016-BNK2,

Class

ASB

154,458

2.860 11/15/49

152,577

ONE

PARK

Mortgage

Trust

,

Series

2021-PARK,

Class

A

(1M

U.S.

T-Bill

MMY

+

0.814%)

908,000

5.143 03/15/36

(a)(b) 890,448

STWD

Trust

,

Series

2021-FLWR,

Class

A

(1M

U.S.

T-Bill

MMY

+

0.691%)

1,027,625

5.020 07/15/36

(a)(b) 1,026,982

UBS

Commercial

Mortgage

Trust

,

Series

2017-C2,

Class

ASB

367,598

3.264 08/15/50

363,139

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2015-C31,

Class

ASB

3,177

3.487 11/15/48

3,164

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2016-C32,

Class

A3

923,036

3.294 01/15/59

917,294

#### TOTAL

#### MORTGAGE-BACKED

#### SECURITIES

#### (Cost

#### $77,154,451)
76,762,410

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
a

#### U.S.

#### Treasury

#### Notes

#### –

#### 6.2%
U.S.

Treasury

Notes

$

14,443,800

0.750 %

(c) 04/30/26

$

14,003,716

5,761,400

4.875 (c) 04/30/26

5,795,833

8,490,000

4.125 (c) 02/28/27

8,514,182

26,074,600

3.875 (c) 03/31/27

26,048,118

#### TOTAL

#### U.S.

#### TREASURY

#### NOTES

#### (Cost

#### $54,502,429)
54,361,849

a

#### Certificate

#### of

#### Deposits

#### –

#### 4.4%
Bank

of

Montreal

-

Chicago

Branch

(SOFR

+

0.400%)

2,500,000

4.730 11/07/25

(b) 2,502,475

Bayerische

Landesbank

(SOFR

+

0.390%)

3,489,000

4.720 01/28/26

(b) 3,491,931

Credit

Agricole

Corporate

and

Investment

Bank

(SOFR

+

0.590%)

2,987,000

4.920 08/28/25

(b) 2,990,564

Deutsche

Bank

AG-New

York

Branch

(SOFR

+

0.400%)

3,200,000

4.744 10/10/25

(b) 3,200,031

(SOFR

+

0.390%)

1,103,000

4.720 11/21/25

(b) 1,103,529

Deutsche

Bank

AG-New

York

Branch

1,800,000

4.630 11/06/25

1,800,198

Kookmin

Bank

3,058,000

4.780 12/28/25

3,058,183

Landesbank

5,505,000

4.540 12/16/25

5,506,762

National

Bank

of

Kuwait

2,251,000

4.630 08/28/25

2,251,226

(SOFR

+

0.590%)

4,866,000

4.920 03/26/26

(b) 4,868,238

Natixis

SA

(SOFR

+

0.620%)

4,667,000

4.950 10/29/26

(b) 4,690,217

Toronto-Dominion

Bank

(The)

-

New

York

Branch

3,211,000

4.580 12/17/25

3,212,413

#### TOTAL

#### CERTIFICATE

#### OF

#### DEPOSITS

#### (Cost

#### $38,628,620)
38,675,767

Aaa

a

#### Short-Term

#### Investment

#### –

#### 9.6%

#### Commercial

#### Paper

#### –

#### 9.6%
Abbvie,

Inc.

$

4,424,000

4.751 %

4,362,506

Air

Lease

Corp.

2,663,000

4.931 2,661,615

American

Honda

4,900,000

4.842 4,849,236

B.A.T.

International

Finance

PLC

1,756,000

4.747 1,723,936

BASF

SE

3,430,000

4.840 3,367,951

Bell

Canada,

Inc.

1,370,000

4.774 1,367,795

2,208,000

4.774 2,204,180

BofA

Securities,

Inc.

1,652,000

4.638 1,618,018

Commonspirit

Health

GOLDMAN

SACHS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

#### \*\*End

#### swaps

#### header\*\*

#### Principal

#### Amount

#### Interest

#### Rate

#### Maturity

#### Date

#### Value
Aaa

(continued)

a

(continued)

#### Short-Term

#### Investment

#### -
(continued)

#### Commercial

#### Paper

#### –
(continued)

$

2,112,000

4.968 %

$

2,100,764

3,579,000

4.860 3,549,581

Fidelity

National

Information

Services,

Inc.

875,000

4.672 874,221

First

Abu

Dhabi

Bank

P.J.S.C.

3,980,000

4.725 3,857,217

General

Motors

Financial

Co.,

Inc.

5,111,000

4.595 5,109,058

Intesa

Sanpaolo

SpA

4,000,000

4.844 3,933,040

Macquarie

Bank

Ltd.

1,020,000

4.690 1,020,014

National

Bank

of

Canada,

GMTN

(SOFRINDX

+

0.900%)

2,437,000

5.253 (b) 2,438,802

National

Bank

of

Kuwait

(SOFR

+

0.630%)

5,500,000

4.940 (b) 5,500,040

Northrop

Grumman

Corp.

4,316,000

4.803 4,285,745

Nutrien

Ltd.

2,638,000

4.735 2,633,911

ONEOK,

Inc.

3,699,000

4.730 3,686,313

Oracle

Corp.

3,490,000

4.705 3,479,181

Reckitt

Benckiser

Treasury

Services

PLC

2,726,000

4.750 2,697,786

2,715,000

4.760 2,686,574

Rwe

Aktiengesellschaft

4,277,000

5.014 4,235,171

Standard

Chartered

FRN

2,311,000

4.640 2,311,924

UBS

AG

-

London

Branch

3,782,000

4.647 3,696,073

VW

Credit,

Inc.

1,839,000

4.838 1,832,637

Wells

Fargo

Bank

NA

(SOFR

+

1.070%)

2,122,000

5.415 (b) 2,136,272

#### TOTAL

#### SHORT-TERM

#### INVESTMENT

#### (Cost

#### $84,209,344)
84,219,561

#### Shares

#### Dividend

#### Rate

#### Value
aa

a

#### Investment

#### Company

#### –

#### 1.2%
(d) Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

10,428,698

4.216%

$

10,428,698

(Cost

$10,428,698)

#### TOTAL

#### INVESTMENTS

#### –

#### 99.3%

#### (Cost

#### $866,344,159)
$

866,433,125

#### OTHER

#### ASSETS

#### IN

#### EXCESS

#### OF

#### LIABILITIES

#### –

#### 0.7%
5,925,967

#### NET

#### ASSETS

#### –

#### 100.0%
$

872,359,092

&nbsp;&nbsp;&nbsp;&nbsp;a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a) Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. (b) Variable

rate

security.

Interest

rate

or

distribution

rate

disclosed

is

that

which

is

in

effect

on

May

31,

2025. (c) Interest

rates

represent

either

the

stated

coupon

rate,

annualized

yield

on

date

of

purchase

for

discounted

securities,

or,

for

floating

rate

securities,

the

current

reset

rate,

which

is

based

upon

current

interest

rate

indices.

(d) Represents

an

affiliated

issuer.

Investment

Abbreviations:

BA

—

Banker

Acceptance

Rate

CLO

—

Collateralized

Loan

Obligation

CMT

—

Constant

Maturity

Treasury

Index

FHLMC

—

Federal

Home

Loan

Mortgage

Corp.

FNMA

—

Federal

National

Mortgage

Association

GMTN

—

Global

Medium

Term

Note

LP

—

Limited

Partnership

MMY

—

Money

Market

Yield

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

Secured

Overnight

Financing

Rate

Index

T-Bill

—

Treasury

Bill

Goldman

Sachs

Ultra

Short

Bond

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
Investment

Valuation

—

The

Funds'

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

The

fair

value

of

a

financial

instrument

is

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price).

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

to

valuation

techniques

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements).

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

—

Quoted

prices

in

markets

that

are

not

active

or

financial

instruments

for

which

significant

inputs

are

observable

(including,

but

not

limited

to,

quoted

prices

for

similar

investments,

interest

rates,

foreign

exchange

rates,

volatility

and

credit

spreads),

either

directly

or

indirectly;

Level

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM's

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

("Trustees")

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

a

Fund's

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

the

Advisor

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Act

(the

"Valuation

Designee".)

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds'

portfolio

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

and

Level

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

and

Level

are

as

follows:

Debt

Securities

—

Debt

securities

for

which

market

quotations

are

readily

available

are

valued

daily

on

the

basis

of

quotations

supplied

by

dealers

or

an

independent

pricing

service.

The

pricing

services

may

use

valuation

models

or

matrix

pricing,

which

consider:

(i) yield

or

price

with

respect

to

bonds

that

are

considered

comparable

in

characteristics

such

as

rating,

interest

rate

and

maturity

date

or

(ii) quotations

from

securities

dealers

to

determine

current

value.

With

the

exception

of

treasury

securities

of

G7

countries,

which

are

generally

classified

as

Level

1,

these

investments

are

generally

classified

as

Level

of

the

fair

value

hierarchy.

i. Commercial

Paper

—

Commercial

paper

normally

represents

short-term

unsecured

promissory

notes

issued

in

bearer

form

by

banks

or

bank

holding

companies,

corporations,

finance

companies

and

other

issuers.

Commercial

paper

consists

of

direct

U.S.

dollar-

denominated

obligations

of

domestic

or

foreign

issuers.

Asset-backed

commercial

paper

is

issued

by

a

special

purpose

entity

that

is

organized

to

issue

the

commercial

paper

and

to

purchase

trade

receivables

or

other

financial

assets.

ii. Mortgage-Backed

and

Asset-Backed

Securities

—

Mortgage-backed

securities

represent

direct

or

indirect

participations

in,

or

are

collateralized

by

and

payable

from,

mortgage

loans

secured

by

residential

and/or

commercial

real

estate

property.

Asset-backed

securities

include

securities

whose

principal

and

interest

payments

are

collateralized

by

pools

of

other

assets

or

receivables.

The

value

of

certain

mortgage-backed

and

asset-backed

securities

(including

adjustable

rate

mortgage

loans)

may

be

particularly

sensitive

to

changes

in

prevailing

interest

rates.

The

value

of

these

securities

may

also

fluctuate

in

response

to

the

market's

perception

of

the

creditworthiness

of

the

issuers.

Asset-backed

securities

may

present

credit

risks

that

are

not

presented

by

mortgage-backed

securities

because

they

generally

do

not

have

the

benefit

of

a

security

interest

in

collateral

that

is

comparable

to

mortgage

assets.

Some

asset-backed

securities

may

only

have

a

subordinated

claim

on

collateral.

Goldman

Sachs

Ultra

Short

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Stripped

mortgage-backed

securities

are

usually

structured

with

two

different

classes:

one

that

receives

substantially

all

interest

payments

(interest-only,

or

"IO"

and/or

high

coupon

rate

with

relatively

low

principal

amount,

or

"IOette"),

and

the

other

that

receives

substantially

all

principal

payments

(principal-only,

or

"PO")

from

a

pool

of

mortgage

loans.

Little

to

no

principal

will

be

received

at

the

maturity

of

an

IO;

as

a

result,

periodic

adjustments

are

recorded

to

reduce

the

cost

of

the

security

until

maturity.

These

adjustments

are

included

in

interest

income.

iii. When-Issued

Securities

and

Forward

Commitments

—

When-issued

securities,

including

TBA

("To

Be

Announced")

securities,

are

securities

that

are

authorized

but

not

yet

issued

in

the

market

and

purchased

in

order

to

secure

what

is

considered

to

be

an

advantageous

price

or

yield

to

a

Fund.

A

forward

commitment

involves

entering

into

a

contract

to

purchase

or

sell

securities,

typically

on

an

extended

settlement

basis,

for

a

fixed

price

at

a

future

date.

The

purchase

of

securities

on

a

when-issued

or

forward

commitment

basis

involves

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

declines

before

the

settlement

date.

Conversely,

the

sale

of

securities

on

a

forward

commitment

basis

involves

the

risk

that

the

value

of

the

securities

sold

may

increase

before

the

settlement

date.

Although

a

Fund

will

generally

purchase

securities

on

a

when-issued

or

forward

commitment

basis

with

the

intention

of

acquiring

the

securities

for

its

portfolio,

the

Fund

may

dispose

of

when-issued

securities

or

forward

commitments

prior

to

settlement,

which

may

result

in

a

realized

gain

or

loss.

Money

Market

Funds

—

Investments

in

the

Goldman

Sachs

Financial

Square

Government

Fund

("Underlying

Money

Market

Fund")

are

valued

at

the

NAV

per

share

of

the

Institutional

Share

class

on

the

day

of

valuation.

These

investments

are

generally

classified

as

Level

of

the

fair

value

hierarchy.

For

information

regarding

the

Underlying

Money

Market

Fund's

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Money

Market

Fund's

shareholder

report.

Level

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund's

investments

may

be

determined

under

Valuation

Procedures

approved

by

the

Trustees.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund's

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

investments.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds'

investments

classified

in

the

fair

value

hierarchy

as

of

May

31,

2025:

#### Ultra

#### Short

#### Bond

#### ETF

#### Investment

#### Type

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Assets
Fixed

Income

Asset-Backed

Securities

$

—

$

194,320,160

$

—

Certificate

of

Deposit

—

38,675,767

—

Corporate

Obligations

—

201,481,109

—

Foreign

Corporate

Debt

—

206,183,571

—

Mortgage-Backed

Securities

—

76,762,410

—

U.S.

Treasury

Notes

54,361,849

—

—

Short-Term

Investment

—

84,219,561

—

Investment

Company

10,428,698

—

—

#### Total
$

64,790,547

$

801,642,578

$

—

€

1.00 €

1.00 €

1.00 #### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Ultra

Short

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

The

Funds'

risks

include,

but

are

not

limited

to,

the

following:

Foreign

and

Emerging

Countries

Risk

—

Investing

in

foreign

markets

may

involve

special

risks

and

considerations

not

typically

associated

with

investing

in

the

U.S.

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

or

less

foreign

government

regulation;

less

public

information;

less

stringent

investor

protections;

less

stringent

accounting,

corporate

governance,

financial

reporting

and

disclosure

standards;

and

less

economic,

political

and

social

stability

in

the

countries

in

which

the

Fund

invests.

The

imposition

of

sanctions,

exchange

controls

(including

repatriation

restrictions),

confiscation

of

assets

and

property,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

U.S.

or

other

governments,

or

from

problems

in

registration,

settlement

or

custody,

may

also

result

in

losses.

The

type

and

severity

of

sanctions

and

other

similar

measures,

including

counter

sanctions

and

other

retaliatory

actions,

that

may

be

imposed

could

vary

broadly

in

scope,

and

their

impact

is

impossible

to

predict.

For

example,

the

imposition

of

sanctions

and

other

similar

measures

could,

among

other

things,

cause

a

decline

in

the

value

and/or

liquidity

of

securities

issued

by

the

sanctioned

country

or

companies

located

in

or

economically

tied

to

the

sanctioned

country

and

increase

market

volatility

and

disruption

in

the

sanctioned

country

and

throughout

the

world.

Sanctions

and

other

similar

measures

could

limit

or

prevent

the

Fund

from

buying

and

selling

securities

(in

the

sanctioned

country

and

other

markets),

significantly

delay

or

prevent

the

settlement

of

securities

transactions,

and

significantly

impact

the

Fund's

liquidity

and

performance.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

exchange

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

the

Fund

has

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

Industry

Concentration

Risk

—

In

following

its

methodology,

an

Index

from

time

to

time

may

be

concentrated

to

a

significant

degree

in

securities

of

issuers

located

in

a

single

industry

or

group

of

industries.

To

the

extent

that

an

Index

concentrates

in

the

securities

of

issuers

in

a

particular

industry

or

group

of

industries,

the

Fund

also

will

concentrate

its

investments

to

approximately

the

same

extent.

By

concentrating

its

investments

in

an

industry

or

group

of

industries,

the

applicable

Fund

may

face

more

risks

than

if

it

were

diversified

broadly

over

numerous

industries

or

groups

of

industries.

If

an

Index

is

not

concentrated

in

a

particular

industry

or

group

of

industries,

the

applicable

Fund

will

not

concentrate

in

a

particular

industry

or

group

of

industries.

Interest

Rate

Risk

—

When

interest

rates

increase,

fixed

income

securities

or

instruments

held

by

the

Fund

will

generally

decline

in

value.

Long-term

fixed

income

securities

or

instruments

will

normally

have

more

price

volatility

because

of

this

risk

than

short-term

fixed

income

securities

or

instruments.

A

wide

variety

of

market

factors

can

cause

interest

rates

to

rise,

including

central

bank

monetary

policy,

rising

inflation

and

changes

in

general

economic

conditions.

Changing

interest

rates

may

have

unpredictable

effects

on

the

markets,

may

result

in

heightened

market

volatility

and

may

detract

from

Fund

performance.

In

addition,

changes

in

monetary

policy

may

exacerbate

the

risks

associated

with

changing

interest

rates.

Funds

with

longer

average

portfolio

durations

will

generally

be

more

sensitive

to

changes

in

interest

rates

than

funds

with

a

shorter

average

portfolio

duration.

Fluctuations

in

interest

rates

may

also

affect

the

liquidity

of

fixed

income

securities

and

instruments

held

by

the

Fund.

A

sudden

or

unpredictable

increase

in

interest

rates

may

cause

volatility

in

the

market

and

may

decrease

the

liquidity

of

the

Fund's

investments,

which

would

make

it

harder

for

the

Fund

to

sell

its

investments

at

an

advantageous

time.

Large

Shareholder

Transaction

Risk

—

Certain

shareholders,

including

other

funds

advised

by

the

Investment

Adviser,

may

from

time

to

time

own

a

substantial

amount

of

the

Fund's

Shares.

In

addition,

a

third

party

investor,

the

Investment

Adviser

or

an

affiliate

of

the

Investment

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund's

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Redemptions

by

large

shareholders

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund's

liquidity.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

the

Cboe

BZX

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

Shares.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Ultra

Short

Bond

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Liquidity

Risk

—

The

Fund

may

make

investments

that

are

illiquid

or

that

may

become

less

liquid

in

response

to

market

developments

or

adverse

investor

perceptions.

Illiquid

investments

may

be

more

difficult

to

value.

To

the

extent

a

Fund

engages

in

cash

redemptions,

liquidity

risk

may

also

refer

to

the

risk

that

the

Fund

will

not

be

able

to

pay

redemption

proceeds

within

the

allowable

time

period

or

without

significant

dilution

to

remaining

investors'

interests

because

of

unusual

market

conditions,

declining

prices

of

the

securities

sold,

an

unusually

high

volume

of

redemption

requests,

or

other

reasons.

To

meet

redemption

requests,

the

Fund

may

be

forced

to

sell

investments

at

an

unfavorable

time

and/or

under

unfavorable

conditions.

If

a

Fund

is

forced

to

sell

securities

at

an

unfavorable

time

and/or

under

unfavorable

conditions,

such

sales

may

adversely

affect

the

Fund's

NAV

and

dilute

remaining

investors'

interests.

Liquidity

risk

may

be

the

result

of,

among

other

things,

the

reduced

number

and

capacity

of

traditional

market

participants

to

make

a

market

in

fixed

income

securities

or

the

lack

of

an

active

market.

The

potential

for

liquidity

risk

may

be

magnified

by

a

rising

interest

rate

environment

or

other

circumstances

where

investor

redemptions

from

fixed

income

funds

may

be

higher

than

normal,

potentially

causing

increased

supply

in

the

market

due

to

selling

activity.

These

risks

may

be

more

pronounced

in

connection

with

the

Fund's

investments

in

securities

of

issuers

located

in

emerging

market

countries.

Redemptions

by

large

shareholders

may

have

a

negative

impact

on

the

Fund's

liquidity.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

the

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

the

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

geopolitical

disputes,

acts

of

terrorism,

social

or

political

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

tariffs

and

other

restrictions

on

trade,

sanctions

or

the

spread

of

infectious

illness

or

other

public

health

threats,

or

the

threat

or

potential

of

one

or

more

such

events

and

developments,

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

the

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions

defaults.

Market

Trading

Risk

—

The

Fund

faces

numerous

market

trading

risks,

including

disruptions

to

creations

and

redemptions,

the

existence

of

extreme

market

volatility

or

potential

lack

of

an

active

trading

market

for

Shares.

If

a

shareholder

purchases

Shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

Shares

at

a

time

when

the

market

price

is

at

a

discount

to

the

NAV,

the

shareholder

may

pay

more

for,

or

receive

less

than,

the

underlying

value

of

the

Shares,

respectively.

The

Investment

Adviser

cannot

predict

whether

Shares

will

trade

below,

at

or

above

their

NAV.

Mortgage-Backed

and

Other

Asset-Backed

Securities

Risk

—

Mortgage-related

and

other

asset-backed

securities

are

subject

to

credit/

default,

interest

rate

and

certain

additional

risks,

including

"extension

risk"

(i.e.,

in

periods

of

rising

interest

rates,

issuers

may

pay

principal

later

than

expected)

and

"prepayment

risk"

(i.e.,

in

periods

of

declining

interest

rates,

issuers

may

pay

principal

more

quickly

than

expected,

causing

the

Fund

to

reinvest

proceeds

at

lower

prevailing

interest

rates).

Due

to

these

risks,

asset-backed

securities

may

become

more

volatile

in

certain

interest

rate

environments.

Mortgage-backed

securities

offered

by

non-governmental

issuers

are

subject

to

other

risks

as

well,

including

failures

of

private

insurers

to

meet

their

obligations

and

unexpectedly

high

rates

of

default

on

the

mortgages

backing

the

securities,

particularly

during

periods

of

rising

interest

rates.

Other

asset-backed

securities

are

subject

to

risks

similar

to

those

associated

with

mortgage-backed

securities,

as

well

as

risks

associated

with

the

nature

and

servicing

of

the

assets

backing

the

securities.

Asset-backed

securities

may

not

have

the

benefit

of

a

security

interest

in

collateral

comparable

to

that

of

mortgage

assets,

resulting

in

additional

credit

risk.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Goldman Sachs ETF Trust

- **b. Investment Company Act file number:** 811-23013

- **c. CIK number of Registrant:** 0001479026

- **d. LEI of Registrant:** 549300VEZF7K2ES5WL82

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

  - **Street Address 1:** 200 West Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10282

  - **Telephone number:** 312-655-4400

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

- **a. Name of Series:** Goldman Sachs Ultra Short Bond ETF

- **b. EDGAR series identifier (if any):** S000064104

- **c. LEI of Series:** 549300FKQVF6C8MY6C40

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $874694542.70

**Total Liabilities:** $2364210.40

**Net Assets:** $872330332.30

**Cash Not Reported:** $51529.56

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 4729.64000000 | **1-Year:** 41745.19000000 | **5-Year:** 18017.75000000 | **10-Year:** 17612.91000000 | **30-Year:** 11446.23000000

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

- **3-Month:** 192.82000000 | **1-Year:** 16.62000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000207250 | 0.37%                | 0.33%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $344402.79               | $-546448.09                                |
| Month 2  | $181577.22               | $-640066.15                                |
| Month 3  | $449269.17               | $-670421.62                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31398RNL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1235496 | PA      | $1229782.60   | 0.14%             | 2040-06-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                            | NatWest Markets PLC                                              | CUSIP: 63906YAD0<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |   2937000 | PA      | $2824424.23   | 0.32%             | 2026-09-29      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| INTESA                                         | INTESA FDG 3/10/25                                               | CUSIP: 4611K0X36<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3933040.00   | 0.45%             | 2025-10-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                   | UBS Group AG                                                     | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    786000 | PA      | $767985.82    | 0.09%             | 2027-02-02      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Bank of America Credit Card Tr                 | BA Credit Card Trust                                             | CUSIP: 05522RDF2<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |   2100000 | PA      | $2104425.12   | 0.24%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA                        | National Bank of Canada                                          | CUSIP: 63307A2Z7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1002154.88   | 0.11%             | 2027-07-02      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| KOOKMIN BANK CD 11/28/25                       | KOOKMIN BANK CD 11/28/25                                         | CUSIP: 48668M6D0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3058000 | PA      | $3058183.48   | 0.35%             | 2025-12-28      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                 | CarVal CLO II Ltd                                                | CUSIP: 14686AAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2440637 | PA      | $2440887.96   | 0.28%             | 2032-04-20      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                                    | KeyBank NA/Cleveland OH                                          | CUSIP: 49327M3E2<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1291853.75   | 0.15%             | 2025-08-08      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31398NQH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    120783 | PA      | $119702.86    | 0.01%             | 2040-10-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                        | Hyundai Capital America                                          | CUSIP: 44891ADJ3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   3327000 | PA      | $3317709.32   | 0.38%             | 2027-09-24      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                            | NatWest Markets PLC                                              | CUSIP: 63906YAN8<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |   2035000 | PA      | $2034413.96   | 0.23%             | 2028-03-21      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                 | Bain Capital Credit CLO 2018-2                                   | CUSIP: 05682VAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    455845 | PA      | $455644.89    | 0.05%             | 2031-07-19      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                 | CUSIP: 91282CBW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14443800 | PA      | $14003715.47  | 1.61%             | 2026-04-30      | Fixed         | 0.75%                 | No            |                  1 | On Loan: No      |
| WILLIAMS COMPANIES INC                         | Williams Cos Inc/The                                             | CUSIP: 969457CH1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   2565000 | PA      | $2579578.02   | 0.30%             | 2026-03-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                      | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C29      | CUSIP: 61766EBD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4241819 | PA      | $4198138.42   | 0.48%             | 2049-05-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                           | Glencore Funding LLC                                             | CUSIP: 378272AX6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1901000 | PA      | $1885770.14   | 0.22%             | 2025-09-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                            | Charles Schwab Corp/The                                          | CUSIP: 808513BQ7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   1259000 | PA      | $1259069.89   | 0.14%             | 2026-05-13      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| B A T INTL FIN 10/21/25                        | B A T INTL FIN 10/21/25                                          | CUSIP: 05531MXM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1756000 | PA      | $1723935.44   | 0.20%             | 2025-10-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC BELL TELEPHONE                         | Pacific Bell Telephone Co                                        | CUSIP: 694032AT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    599000 | PA      | $607179.84    | 0.07%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOF                       | Take-Two Interactive Software Inc                                | CUSIP: 874054AJ8<br>LEI: BOMSTHHJK882EWYX3334 | Long             | DBT              | CORP              | US        |   1729000 | PA      | $1732744.77   | 0.20%             | 2026-03-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                             | Bank of America NA                                               | CUSIP: 06428CAB0<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DBT              | CORP              | US        |   1695000 | PA      | $1704126.96   | 0.20%             | 2026-08-18      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitizat                 | Hyundai Auto Lease Securitization Trust 2024-C                   | CUSIP: 448984AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4011556.00   | 0.46%             | 2028-04-17      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                              | CUSIP: 46647PBT2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   6589000 | PA      | $6474990.60   | 0.74%             | 2026-11-19      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                       | Cooperatieve Rabobank UA                                         | CUSIP: 74977RDK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   5148000 | PA      | $5011470.30   | 0.57%             | 2027-02-24      | Fixed         | 1.11%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                   | UBS Group AG                                                     | CUSIP: 902613AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2000000 | PA      | $1954964.50   | 0.22%             | 2027-01-30      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                  | Exeter Automobile Receivables Trust 2024-5                       | CUSIP: 30165BAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1071668 | PA      | $1071421.90   | 0.12%             | 2027-04-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136A45W5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    105235 | PA      | $104467.28    | 0.01%             | 2035-12-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                         | Daimler Truck Finance North America LLC                          | CUSIP: 233853AX8<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1068229.14   | 0.12%             | 2027-09-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                       | National Rural Utilities Cooperative Finance Corp                | CUSIP: 63743HFQ0<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   3154000 | PA      | $3161739.76   | 0.36%             | 2027-02-05      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                               | Deutsche Bank AG/New York NY                                     | CUSIP: 251526CN7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   4591000 | PA      | $4570343.76   | 0.52%             | 2027-11-16      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                          | Toronto-Dominion Bank/The                                        | CUSIP: 89115A2T8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   2356000 | PA      | $2370555.37   | 0.27%             | 2026-07-17      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                         | General Motors Financial Co Inc                                  | CUSIP: 37045XBG0<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1629000 | PA      | $1630951.53   | 0.19%             | 2026-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                               | T-Mobile USA Inc                                                 | CUSIP: 87264AAT2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    456000 | PA      | $456079.36    | 0.05%             | 2027-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                         | Canadian Imperial Bank of Commerce                               | CUSIP: 13607L8D8<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   2877000 | PA      | $2884969.29   | 0.33%             | 2027-06-28      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| STANDARD CHART FRN 11/25                       | STANDARD CHART FRN 11/25                                         | CUSIP: 85325VPQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2311000 | PA      | $2311924.40   | 0.27%             | 2025-11-20      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| TORONTO- 4.58 12/17/2025                       | TORONTO- 4.58 12/17/2025                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3211000 | PA      | $3212412.84   | 0.37%             | 2025-12-17      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                  | CUSIP: 31418CXP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    696758 | PA      | $667108.46    | 0.08%             | 2048-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31394AGS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     46296 | PA      | $46238.26     | 0.01%             | 2034-07-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS 6/2/25                          | GENERAL MOTORS 6/2/25                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5111000 | PA      | $5109057.82   | 0.59%             | 2025-06-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31396KYA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    252647 | PA      | $250369.18    | 0.03%             | 2036-08-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                 | Air Lease Corp                                                   | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   3538000 | PA      | $3496147.65   | 0.40%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BELLCANADA                                     | BELLCANADA                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1367794.30   | 0.16%             | 2025-06-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                   | Barclays PLC                                                     | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1895000 | PA      | $1913410.10   | 0.22%             | 2026-11-02      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                              | HSBC Holdings PLC                                                | CUSIP: 404280BX6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   2123000 | PA      | $2118466.50   | 0.24%             | 2026-09-12      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136ATKM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    608238 | PA      | $601826.19    | 0.07%             | 2046-08-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31396KE99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    271669 | PA      | $268872.45    | 0.03%             | 2036-09-25      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                           | Glencore Funding LLC                                             | CUSIP: 378272BX5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   4906000 | PA      | $4905575.58   | 0.56%             | 2026-10-01      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| BELLCANADA6/13/252                             | BELLCANADA6/13/252                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2208000 | PA      | $2204180.16   | 0.25%             | 2025-06-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus                 | CSAIL 2015-C3 Commercial Mortgage Trust                          | CUSIP: 12635FAT1<br>LEI: 549300ZAGI6FKGY8O078 | Long             | ABS-MBS          | CORP              | US        |   1777805 | PA      | $1769259.92   | 0.20%             | 2048-08-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                               | Deutsche Bank AG/New York NY                                     | CUSIP: 25160PAJ6<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   3433000 | PA      | $3436110.02   | 0.39%             | 2026-07-14      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                  | Exeter Automobile Receivables Trust 2024-5                       | CUSIP: 30165BAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1825000 | PA      | $1819995.85   | 0.21%             | 2028-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31398GMX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    122136 | PA      | $122456.19    | 0.01%             | 2040-01-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                              | State Street Corp                                                | CUSIP: 857477CQ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   1299000 | PA      | $1296921.30   | 0.15%             | 2027-10-22      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                 | Santander Drive Auto Receivables Trust 2025-1                    | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1575000 | PA      | $1574796.35   | 0.18%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/F                 | Ford Credit Auto Owner Trust 2020-REV2                           | CUSIP: 34532JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1625000 | PA      | $1603667.98   | 0.18%             | 2033-04-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                         | Morgan Stanley Bank NA                                           | CUSIP: 61690U7X2<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   1529000 | PA      | $1541238.56   | 0.18%             | 2026-10-30      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| General Motors                                 | GMF Floorplan Owner Revolving Trust                              | CUSIP: 361886CR3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1511732.40   | 0.17%             | 2028-06-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                        | Corebridge Global Funding                                        | CUSIP: 00138CAW8<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1872426.18   | 0.21%             | 2026-09-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE LONDON                         | Credit Agricole SA/London                                        | CUSIP: 22535WAG2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   2110000 | PA      | $2107487.88   | 0.24%             | 2026-06-16      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                         | Bank of New York Mellon Corp/The                                 | CUSIP: 06406HCQ0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    650000 | PA      | $647875.22    | 0.07%             | 2025-11-18      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                 | Santander Drive Auto Receivables Trust 2025-2                    | CUSIP: 80287NAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1975000 | PA      | $1971621.76   | 0.23%             | 2028-06-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136B3P79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1447573 | PA      | $1428501.00   | 0.16%             | 2049-03-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137FN4L1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    135649 | PA      | $131324.19    | 0.02%             | 2048-09-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                        | BPCE SA                                                          | CUSIP: 05611C2A0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   3133000 | PA      | $3138265.35   | 0.36%             | 2026-01-26      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                 | Air Lease Corp                                                   | CUSIP: 00914AAH5<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1502000 | PA      | $1499836.97   | 0.17%             | 2025-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fort Greene Park CLO                           | Fort Greene Park CLO LLC                                         | CUSIP: 18914KAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $5961282.00   | 0.68%             | 2034-04-22      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31398T6X4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     93083 | PA      | $92335.29     | 0.01%             | 2040-10-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                              | Expedia Group Inc                                                | CUSIP: 30212PAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    921000 | PA      | $922008.63    | 0.11%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANDESBANK 12/16/2025                          | LANDESBANK 12/16/2025                                            | CUSIP: 51500XQC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5505000 | PA      | $5506761.60   | 0.63%             | 2025-12-16      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136A0ZP5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    109544 | PA      | $107760.80    | 0.01%             | 2041-09-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136AB4P5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45231 | PA      | $44777.24     | 0.01%             | 2043-02-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                            | Macquarie Group Ltd                                              | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   3525000 | PA      | $3453405.38   | 0.40%             | 2027-01-12      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execut                 | Capital One Multi-Asset Execution Trust                          | CUSIP: 14041NGB1<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3003965.10   | 0.34%             | 2027-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                 | Morgan Stanley Capital I 2017-HR2                                | CUSIP: 61691NAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1851298 | PA      | $1824144.45   | 0.21%             | 2050-12-15      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                 | Santander Drive Auto Receivables Trust 2025-1                    | CUSIP: 80288DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    581310 | PA      | $581442.54    | 0.07%             | 2027-08-16      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                        | Hyundai Capital America                                          | CUSIP: 44891ADN4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   3915000 | PA      | $3896889.52   | 0.45%             | 2028-01-07      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note T                 | Discover Card Execution Note Trust                               | CUSIP: 254683CY9<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |   2925000 | PA      | $2921802.10   | 0.33%             | 2028-03-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                           | Keurig Dr Pepper Inc                                             | CUSIP: 49271VAS9<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   1908000 | PA      | $1917041.04   | 0.22%             | 2027-03-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                  | Citigroup Inc                                                    | CUSIP: 172967PY1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4478000 | PA      | $4487950.92   | 0.51%             | 2028-05-07      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Marathon CLO LTD                               | Marathon CLO XIII Ltd                                            | CUSIP: 56579ABJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1765131 | PA      | $1765130.96   | 0.20%             | 2032-04-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                             | Credit Agricole SA                                               | CUSIP: 22535WAH0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $976862.46    | 0.11%             | 2027-01-26      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136A76U1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     96396 | PA      | $94423.77     | 0.01%             | 2042-09-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust        | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   9136000 | PA      | $8852078.52   | 1.01%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BK CP 10/3/25                        | MACQUARIE BK CP 10/3/25                                          | CUSIP: 55607NXN5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1020014.28   | 0.12%             | 2025-10-03      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31398P5P0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    111384 | PA      | $111237.67    | 0.01%             | 2040-05-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Bank of America Credit Card Tr                 | BA Credit Card Trust                                             | CUSIP: 05522RDH8<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |   6075000 | PA      | $6132526.00   | 0.70%             | 2028-11-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 31394LYU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     98745 | PA      | $99608.58     | 0.01%             | 2033-11-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                            | COMMONSPIRIT HEALTH                                              | CUSIP: 14918GU87<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2112000 | PA      | $2100764.16   | 0.24%             | 2025-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                 | Wells Fargo Commercial Mortgage Trust 2015-C31                   | CUSIP: 94989WAT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      3177 | PA      | $3164.41      | 0.00%             | 2048-11-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                               | Freddie Mac Strips                                               | CUSIP: 3128HVZR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    308400 | PA      | $304098.64    | 0.03%             | 2036-08-15      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                            | Intesa Sanpaolo SpA                                              | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   3201000 | PA      | $3230948.68   | 0.37%             | 2025-11-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                   | CUSIP: 61747YEZ4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5009691.10   | 0.57%             | 2027-01-28      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                            | NatWest Markets PLC                                              | CUSIP: 63906YAK4<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $3000679.59   | 0.34%             | 2027-05-17      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31396VMF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     46496 | PA      | $45711.47     | 0.01%             | 2037-04-25      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner                  | Toyota Auto Receivables 2023-B Owner Trust                       | CUSIP: 891941AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2338533 | PA      | $2338815.24   | 0.27%             | 2028-02-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                         | Standard Chartered PLC                                           | CUSIP: 853254BZ2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   4906000 | PA      | $4804903.58   | 0.55%             | 2027-01-14      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                | Venture 34 CLO Ltd                                               | CUSIP: 92332CAE9<br>LEI: 549300MYRV6PEDBLPL32 | Long             | ABS-CBDO         | CORP              | KY        |   2203047 | PA      | $2203168.09   | 0.25%             | 2031-10-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                               | Bank of Montreal                                                 | CUSIP: 06376CHJ8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   2900000 | PA      | $2899485.34   | 0.33%             | 2026-07-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| American Express Credit Accoun                 | American Express Credit Account Master Trust                     | CUSIP: 02582JKP4<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |   2750000 | PA      | $2750173.53   | 0.32%             | 2030-04-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner                  | Toyota Auto Receivables 2024-C Owner Trust                       | CUSIP: 89237QAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2100000 | PA      | $2116643.34   | 0.24%             | 2029-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                            | Bank of Nova Scotia/The                                          | CUSIP: 06417XAN1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   3853000 | PA      | $3856403.78   | 0.44%             | 2026-02-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ladder Capital Commercial Mort                 | LCCM 2017-LC26                                                   | CUSIP: 50190DAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $872785.35    | 0.10%             | 2050-07-12      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                        | Hyundai Capital America                                          | CUSIP: 44891ADP9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   3690000 | PA      | $3686247.05   | 0.42%             | 2027-03-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                   | Drive Auto Receivables Trust 2024-2                              | CUSIP: 26207AAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    753616 | PA      | $753801.24    | 0.09%             | 2027-12-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                 | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI | CUSIP: 46593JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1850000 | PA      | $1870480.98   | 0.21%             | 2039-10-05      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| ONEOK INC 6/25/25                              | ONEOK INC 6/25/25                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3699000 | PA      | $3686312.43   | 0.42%             | 2025-06-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                 | Morgan Stanley Capital I Trust 2016-BNK2                         | CUSIP: 61690YBS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    154458 | PA      | $152576.98    | 0.02%             | 2049-11-15      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                                    | Nutrien Ltd                                                      | CUSIP: 67077MBE7<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |   2398000 | PA      | $2396345.64   | 0.27%             | 2027-03-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                       | New York Life Global Funding                                     | CUSIP: 64953BBQ0<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    801000 | PA      | $802232.80    | 0.09%             | 2026-08-28      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                              | Mountain View CLO XVI Ltd                                        | CUSIP: 62432UAN1<br>LEI: 549300MWKXOHYV7Z8O91 | Long             | ABS-CBDO         | CORP              | KY        |   2325000 | PA      | $2326743.75   | 0.27%             | 2034-04-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                              | Cedar Funding VII Clo Ltd                                        | CUSIP: 15032FAL0<br>LEI: 549300G87EGFMLOYN341 | Long             | ABS-CBDO         | CORP              | KY        |    491051 | PA      | $490636.82    | 0.06%             | 2031-01-20      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| BX Trust                                       | BX 2021-MFM1                                                     | CUSIP: 05608VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     38100 | PA      | $38075.87     | 0.00%             | 2034-01-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Chase Issuance Trust                           | Chase Issuance Trust                                             | CUSIP: 161571HT4<br>LEI: 5493008SHVCX2Y068L12 | Long             | ABS-O            | CORP              | US        |   3975000 | PA      | $4012830.47   | 0.46%             | 2028-09-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                 | CUSIP: 3142GR7B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9360787 | PA      | $9694475.18   | 1.11%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31394VJV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    258819 | PA      | $257005.16    | 0.03%             | 2036-01-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136AJXT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    637352 | PA      | $626435.75    | 0.07%             | 2044-04-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 31397HJN9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    397600 | PA      | $392479.61    | 0.04%             | 2035-08-15      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Tr                 | World Omni Auto Receivables Trust 2023-C                         | CUSIP: 98164FAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2530000 | PA      | $2539558.34   | 0.29%             | 2028-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust                       | Toyota Lease Owner Trust 2024-B                                  | CUSIP: 891943AD4<br>LEI: 254900R64DFTI1MWY364 | Long             | ABS-O            | CORP              | US        |   3250000 | PA      | $3241937.40   | 0.37%             | 2027-09-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Bryant Park Funding Ltd                        | Bryant Park Funding 2023-21 Ltd                                  | CUSIP: 117650AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4200000 | PA      | $4212793.20   | 0.48%             | 2036-10-18      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136AVZT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    580900 | PA      | $564879.79    | 0.06%             | 2047-03-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Citibank Credit Card Issuance                  | Citibank Credit Card Issuance Trust                              | CUSIP: 17305EGW9<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1305153.33   | 0.15%             | 2027-12-08      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| NATL BANK OF KUWAIT NY                         | National Bank of Kuwait/New York NY                              | CUSIP: 63376FXX3<br>LEI: 549300NB7FE83IH6BW96 | Long             | DBT              | CORP              | KW        |   5500000 | PA      | $5500039.60   | 0.63%             | 2025-12-12      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                           | Mercedes-Benz Finance North America LLC                          | CUSIP: 58769JAT4<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   2131000 | PA      | $2136791.18   | 0.24%             | 2026-07-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                  | Exeter Automobile Receivables Trust 2025-1                       | CUSIP: 30167MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    916913 | PA      | $916475.36    | 0.11%             | 2027-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB                       | Svenska Handelsbanken AB                                         | CUSIP: 86959LAN3<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |   1807000 | PA      | $1823102.90   | 0.21%             | 2026-06-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| AGL CLO 16 LTD                                 | AGL CLO 16 Ltd                                                   | CUSIP: 00120LAE8<br>LEI: 2549009GL17CEZFCKZ48 | Long             | ABS-CBDO         | CORP              | KY        |   2270000 | PA      | $2260202.68   | 0.26%             | 2035-01-20      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                         | General Motors Financial Co Inc                                  | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4512977.24   | 0.52%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31394V5L0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     54363 | PA      | $53827.25     | 0.01%             | 2036-03-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                       | Volkswagen Group of America Finance LLC                          | CUSIP: 928668CE0<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   1203000 | PA      | $1207568.48   | 0.14%             | 2026-03-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31398SXN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75514 | PA      | $74970.40     | 0.01%             | 2040-12-25      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| NORTHROPGRUMMAN7/24/25                         | NORTHROPGRUMMAN7/24/25                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4316000 | PA      | $4285744.84   | 0.49%             | 2025-07-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                      | Amgen Inc                                                        | CUSIP: 031162DN7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   9136000 | PA      | $9137360.17   | 1.05%             | 2026-03-02      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA                         | Skandinaviska Enskilda Banken AB                                 | CUSIP: 830505BA0<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |   2427000 | PA      | $2439771.41   | 0.28%             | 2027-03-05      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                       | International Business Machines Corp                             | CUSIP: 459200KS9<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4990786.95   | 0.57%             | 2025-07-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137FGW76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    167645 | PA      | $161078.89    | 0.02%             | 2048-04-15      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31396WPE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    117383 | PA      | $115486.40    | 0.01%             | 2037-07-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| American Express Credit Accoun                 | American Express Credit Account Master Trust                     | CUSIP: 02582JJZ4<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |   6175000 | PA      | $6201887.19   | 0.71%             | 2028-05-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| NBN CO LTD                                     | NBN Co Ltd                                                       | CUSIP: 62878U2A9<br>LEI: 2549007CRZ2NT7S96A24 | Long             | DBT              | CORP              | AU        |   3106000 | PA      | $3018700.25   | 0.35%             | 2026-05-05      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                               | Deutsche Bank AG/New York NY                                     | CUSIP: 25152XWX4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   3200000 | PA      | $3200030.72   | 0.37%             | 2025-10-10      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                             | Macquarie Bank Ltd                                               | CUSIP: 55608PBU7<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   2462000 | PA      | $2473481.34   | 0.28%             | 2027-07-02      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trus                 | CFCRE Commercial Mortgage Trust 2016-C3                          | CUSIP: 12531WBB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4145000 | PA      | $4112678.12   | 0.47%             | 2048-01-10      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| ERAC USA FINANCE LLC                           | ERAC USA Finance LLC                                             | CUSIP: 26884TAR3<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $982065.95    | 0.11%             | 2026-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                       | Sumitomo Mitsui Financial Group Inc                              | CUSIP: 86562MAC4<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   2872000 | PA      | $2855845.78   | 0.33%             | 2026-03-09      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner                  | Toyota Auto Receivables 2022-D Owner Trust                       | CUSIP: 89239HAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1211242 | PA      | $1215928.15   | 0.14%             | 2027-09-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137FMNT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    854492 | PA      | $838342.30    | 0.10%             | 2049-07-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137FKBB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1111089 | PA      | $1079010.71   | 0.12%             | 2048-12-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP 6/3/25                          | AIR LEASE CORP 6/3/25                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2663000 | PA      | $2661615.24   | 0.31%             | 2025-06-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137B35B0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    577526 | PA      | $562859.54    | 0.06%             | 2043-06-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                            | Bank of Nova Scotia/The                                          | CUSIP: 0641598K5<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1076000 | PA      | $1035413.62   | 0.12%             | 2026-09-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| EBAY INC                                       | eBay Inc                                                         | CUSIP: 278642BC6<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1507026.56   | 0.17%             | 2025-11-22      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL                         | Protective Life Global Funding                                   | CUSIP: 74368CBC7<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |    939000 | PA      | $915476.40    | 0.10%             | 2026-04-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| East West Investment Managemen                 | CIFC Falcon 2020 Ltd                                             | CUSIP: 27580XAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3593819 | PA      | $3599745.16   | 0.41%             | 2033-01-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Auto Lease Trust                 | Mercedes-Benz Auto Lease Trust 2024-B                            | CUSIP: 58769GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1124184 | PA      | $1124222.02   | 0.13%             | 2026-12-15      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                         | CUSIP: 38374KKL6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    212277 | PA      | $211746.55    | 0.02%             | 2035-01-16      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HLT 7/29/25                       | COMMONSPIRIT HLT 7/29/25                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3579000 | PA      | $3549580.62   | 0.41%             | 2025-07-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                         | General Motors Financial Co Inc                                  | CUSIP: 37045XFF8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3452133.79   | 0.40%             | 2028-04-04      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                       | Equitable Financial Life Global Funding                          | CUSIP: 29449WAU1<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   3980000 | PA      | $3977469.12   | 0.46%             | 2027-04-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                       | Sumitomo Mitsui Financial Group Inc                              | CUSIP: 86562MAF7<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   2388000 | PA      | $2340017.68   | 0.27%             | 2026-07-14      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                       | RTX Corp                                                         | CUSIP: 913017DD8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   2083000 | PA      | $2078902.84   | 0.24%             | 2025-08-16      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE 4.63 11/06/2025                       | DEUTSCHE 4.63 11/06/2025                                         | CUSIP: 25158B6Q0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1800198.00   | 0.21%             | 2025-11-06      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                               | Bank of Montreal                                                 | CUSIP: 06368MFW9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   2014000 | PA      | $2012797.80   | 0.23%             | 2026-12-11      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Zais CLO 13, Limited                           | Zais Clo 13 Ltd                                                  | CUSIP: 98876NAW4<br>LEI: 549300GODB02F7ODZK39 | Long             | ABS-CBDO         | CORP              | KY        |    932695 | PA      | $932846.13    | 0.11%             | 2032-07-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                             | Banco Santander SA                                               | CUSIP: 05964HAB1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   5000000 | PA      | $4957581.20   | 0.57%             | 2027-04-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                    | Ally Auto Receivables Trust 2022-1                               | CUSIP: 02008JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    442014 | PA      | $441015.68    | 0.05%             | 2026-11-15      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136AHC40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     73375 | PA      | $72506.87     | 0.01%             | 2044-01-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| NUTRIENLTD6/11/25                              | NUTRIENLTD6/11/25                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2638000 | PA      | $2633911.10   | 0.30%             | 2025-06-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                 | Morgan Stanley                                                   | CUSIP: 61747YET8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1606000 | PA      | $1605153.96   | 0.18%             | 2026-07-17      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                            | JPMorgan Chase & Co                                              | CUSIP: 46647PBA3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1991576.44   | 0.23%             | 2027-01-29      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                           | Royal Bank of Canada                                             | CUSIP: 78017FZR7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2950000 | PA      | $2948949.71   | 0.34%             | 2027-10-18      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                  | Citigroup Commercial Mortgage Trust 2015-P1                      | CUSIP: 17324DAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2161253 | PA      | $2153987.73   | 0.25%             | 2048-09-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| MANUF & TRADERS TRUST CO                       | Manufacturers & Traders Trust Co                                 | CUSIP: 55279HAV2<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |  11033000 | PA      | $11018420.55  | 1.26%             | 2026-01-27      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                  | Exeter Automobile Receivables Trust 2025-1                       | CUSIP: 30167MAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $450063.05    | 0.05%             | 2028-08-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Barclays Dryrock Issuance Trus                 | Barclays Dryrock Issuance Trust                                  | CUSIP: 06742LBB8<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |   2050000 | PA      | $2053294.15   | 0.24%             | 2028-08-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| CP0.09/16/25                                   | CP0.09/16/25                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4424000 | PA      | $4362506.40   | 0.50%             | 2025-09-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136ACLU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    322349 | PA      | $320814.38    | 0.04%             | 2041-09-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                   | Ford Credit Auto Lease Trust 2025-A                              | CUSIP: 345282AD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2925000 | PA      | $2940584.11   | 0.34%             | 2028-06-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                         | General Motors Financial Co Inc                                  | CUSIP: 37045XEW2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2568000 | PA      | $2549284.93   | 0.29%             | 2027-07-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| RWE8/13/25                                     | RWE8/13/25                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4277000 | PA      | $4235170.94   | 0.49%             | 2025-08-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                       | BX Trust 2021-ARIA                                               | CUSIP: 05608RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1294098.44   | 0.15%             | 2036-10-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                 | Golub Capital Partners CLO 53B Ltd                               | CUSIP: 38177YAL6<br>LEI: 254900DPK2EA9C8DGV68 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1489168.50   | 0.17%             | 2034-07-20      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                    | Extended Stay America Trust 2021-ESH                             | CUSIP: 30227FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1243705 | PA      | $1243704.98   | 0.14%             | 2038-07-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31398PU56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    164113 | PA      | $165199.46    | 0.02%             | 2036-03-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasin                 | GM Financial Automobile Leasing Trust 2023-2                     | CUSIP: 362548AD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1624943 | PA      | $1625820.24   | 0.19%             | 2026-07-20      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                         | CUSIP: 38374HYS3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    267544 | PA      | $266661.51    | 0.03%             | 2034-08-16      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137FUAH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    149113 | PA      | $145601.37    | 0.02%             | 2050-07-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund                   | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |  10344536 | NS      | $10344535.61  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust        | CUSIP: 00774MAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1284000 | PA      | $1284611.20   | 0.15%             | 2025-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                               | Trinitas CLO VI Ltd                                              | CUSIP: 89640YBN3<br>LEI: 549300IUAXGLQ814UD95 | Long             | ABS-CBDO         | CORP              | KY        |   5900000 | PA      | $5900206.50   | 0.68%             | 2034-01-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA                        | National Bank of Canada                                          | CUSIP: 63307A2Y0<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   2437000 | PA      | $2438801.84   | 0.28%             | 2027-03-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                         | CUSIP: 38381YXB5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1394942 | PA      | $1365473.52   | 0.16%             | 2049-09-20      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasin                 | GM Financial Automobile Leasing Trust 2024-3                     | CUSIP: 38012QAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2700000 | PA      | $2694968.82   | 0.31%             | 2027-10-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                 | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8490000 | PA      | $8514182.07   | 0.98%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES                         | PNC Financial Services Group Inc/The                             | CUSIP: 693475BL8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    794000 | PA      | $794530.55    | 0.09%             | 2027-01-26      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                         | GE HealthCare Technologies Inc                                   | CUSIP: 36267VAD5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   2965000 | PA      | $2969636.70   | 0.34%             | 2025-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                       | Citigroup Global Markets Holdings Inc/United States              | CUSIP: 17291LZ40<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |   3369000 | PA      | $3368436.40   | 0.39%             | 2025-12-19      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| American Express Credit Accoun                 | American Express Credit Account Master Trust                     | CUSIP: 02582JJV3<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |   2450000 | PA      | $2445730.39   | 0.28%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                         | Mizuho Financial Group Inc                                       | CUSIP: 60687YAG4<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   1421000 | PA      | $1391407.85   | 0.16%             | 2026-09-13      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| NATL BANK OF KUWAIT NY                         | National Bank of Kuwait/New York NY                              | CUSIP: 63376FK41<br>LEI: 549300NB7FE83IH6BW96 | Long             | DBT              | CORP              | KW        |   4866000 | PA      | $4868238.36   | 0.56%             | 2026-03-26      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term                  | GM Financial Consumer Automobile Receivables Trust 2025-1        | CUSIP: 362955AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2475000 | PA      | $2484716.36   | 0.28%             | 2029-12-17      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136A4XW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    515830 | PA      | $509268.88    | 0.06%             | 2042-03-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| AGL CLO 5 Ltd                                  | AGL CLO 5 Ltd                                                    | CUSIP: 00119TAR5<br>LEI: 549300N06ILVP775P131 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3994848.00   | 0.46%             | 2034-07-20      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                               | Bank of Montreal                                                 | CUSIP: 06368LC61<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   2983000 | PA      | $3009570.39   | 0.35%             | 2026-12-11      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137ARHL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    606178 | PA      | $597047.21    | 0.07%             | 2042-06-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136B1HD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    769537 | PA      | $741668.08    | 0.09%             | 2048-03-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                 | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5761400 | PA      | $5795833.35   | 0.66%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  1 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31394FV51<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    270854 | PA      | $268821.37    | 0.03%             | 2035-10-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T                 | Honda Auto Receivables 2023-4 Owner Trust                        | CUSIP: 438123AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    396196 | PA      | $396724.18    | 0.05%             | 2026-06-22      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                              | Jamestown CLO XV Ltd                                             | CUSIP: 47050EAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4400000 | PA      | $4400941.60   | 0.50%             | 2035-07-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                        | Dryden 43 Senior Loan Fund                                       | CUSIP: 26245CBQ5<br>LEI: 5493002P75UIPU4MC757 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3985456.00   | 0.46%             | 2034-04-20      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                      | ONEOK Inc                                                        | CUSIP: 29336UAE7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1215000.00   | 0.14%             | 2025-06-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 31397GX39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     16493 | PA      | $16290.93     | 0.00%             | 2036-12-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                 | Hyundai Auto Receivables Trust 2023-C                            | CUSIP: 44918CAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    608433 | PA      | $609055.84    | 0.07%             | 2027-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| 1988 CLO Ltd.                                  | 1988 CLO 3 Ltd                                                   | CUSIP: 653949AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6500000 | PA      | $6519077.50   | 0.75%             | 2038-10-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                 | Apidos CLO XXIII                                                 | CUSIP: 03765YBG8<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |   3900000 | PA      | $3894114.90   | 0.45%             | 2033-04-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ELEC POWER                        | Southwestern Electric Power Co                                   | CUSIP: 845437BP6<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |   2560000 | PA      | $2496195.89   | 0.29%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BXHPP Trust                                    | BXHPP Trust 2021-FILM                                            | CUSIP: 05609JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1850000 | PA      | $1767353.38   | 0.20%             | 2036-08-15      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                  | UBS Commercial Mortgage Trust 2017-C2                            | CUSIP: 90276CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    367598 | PA      | $363138.97    | 0.04%             | 2050-08-15      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                 | Hyundai Auto Receivables Trust 2023-A                            | CUSIP: 448979AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1864648 | PA      | $1864463.88   | 0.21%             | 2027-04-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                         | Mitsubishi UFJ Financial Group Inc                               | CUSIP: 606822AD6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   2566000 | PA      | $2553541.40   | 0.29%             | 2026-03-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| NATL BANK OF KUWAIT NY                         | National Bank of Kuwait/New York NY                              | CUSIP: 63376FS43<br>LEI: 549300NB7FE83IH6BW96 | Long             | DBT              | CORP              | KW        |   2251000 | PA      | $2251226.23   | 0.26%             | 2025-08-28      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER GROUP                        | RECKITT BENCKISER 8/25                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2715000 | PA      | $2686573.95   | 0.31%             | 2025-08-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE CIB NY                         | Credit Agricole Corporate and Investment Bank/New York           | CUSIP: 22532XXF0<br>LEI: 254900BN8XS34XZDJ223 | Long             | DBT              | CORP              | FR        |   2987000 | PA      | $2990564.36   | 0.34%             | 2025-08-28      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                        | Dryden 77 CLO Ltd                                                | CUSIP: 26252VAS0<br>LEI: 254900XGNUOV0Y3IBA68 | Long             | ABS-CBDO         | CORP              | KY        |   6000000 | PA      | $6002970.00   | 0.69%             | 2034-05-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                         | CUSIP: 38378VQF5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1275640 | PA      | $1256874.02   | 0.14%             | 2043-07-20      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                         | Standard Chartered PLC                                           | CUSIP: 853254CQ1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1008086.74   | 0.12%             | 2027-01-09      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                        | Hyundai Capital America                                          | CUSIP: 44891ACW5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3020846.19   | 0.35%             | 2027-01-08      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                         | American Honda Finance Corp                                      | CUSIP: 02665WGB1<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   7600000 | PA      | $7603320.59   | 0.87%             | 2026-05-20      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                            | General Electric Co                                              | CUSIP: 36962GW75<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |   1469000 | PA      | $1470324.83   | 0.17%             | 2026-05-05      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136AKTA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    230386 | PA      | $228676.38    | 0.03%             | 2044-08-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust                   | Ford Credit Auto Lease Trust 2024-B                              | CUSIP: 345279AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2004851.60   | 0.23%             | 2027-12-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                 | Santander Drive Auto Receivables Trust 2024-5                    | CUSIP: 802920AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1850103 | PA      | $1849701.29   | 0.21%             | 2027-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137ARPN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    146350 | PA      | $144493.11    | 0.02%             | 2042-06-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31396LXF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1583090 | PA      | $1562538.32   | 0.18%             | 2036-11-25      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                   | UBS Group AG                                                     | CUSIP: 902613AU2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1673000 | PA      | $1681523.52   | 0.19%             | 2027-01-12      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                              | State Street Corp                                                | CUSIP: 857477CE1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   1383000 | PA      | $1389410.43   | 0.16%             | 2026-08-03      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31398PU98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    376480 | PA      | $377255.05    | 0.04%             | 2037-06-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| BAYLOR SCOTT & WHITE HOL                       | Baylor Scott & White Holdings                                    | CUSIP: 072863AG8<br>LEI: 549300JQDKSBWYRGGV95 | Long             | DBT              | CORP              | US        |    290000 | PA      | $283441.43    | 0.03%             | 2025-11-15      | Fixed         | 0.83%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                             | BMW US Capital LLC                                               | CUSIP: 05565ECX1<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   4460000 | PA      | $4454054.73   | 0.51%             | 2028-03-21      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                    | STWD Trust 2021-FLWR                                             | CUSIP: 78485GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1027625 | PA      | $1026981.96   | 0.12%             | 2036-07-15      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                            | American Express Co                                              | CUSIP: 025816DM8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1116000 | PA      | $1119439.37   | 0.13%             | 2026-10-30      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137AQ7B8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    233045 | PA      | $232507.42    | 0.03%             | 2032-05-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31398PUZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1250308 | PA      | $1243312.78   | 0.14%             | 2040-05-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                         | CUSIP: 38381VB33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    669791 | PA      | $655507.49    | 0.08%             | 2049-05-20      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                        | Hyundai Capital America                                          | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1377420.51   | 0.16%             | 2026-06-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Chase Auto Owner Trust                         | Chase Auto Owner Trust 2024-2                                    | CUSIP: 16144CAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    640563 | PA      | $642074.28    | 0.07%             | 2027-05-26      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                 | BBCMS Mortgage Trust 2018-C2                                     | CUSIP: 05491UBA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    367334 | PA      | $364666.04    | 0.04%             | 2051-12-15      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                             | Credit Agricole SA                                               | CUSIP: 22534PAE3<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   5817000 | PA      | $5887269.42   | 0.67%             | 2026-07-05      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 31397KNW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     85130 | PA      | $84553.31     | 0.01%             | 2037-09-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                    | City of New York NY                                              | CUSIP: 64966HYK0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3220000 | PA      | $3271169.34   | 0.37%             | 2027-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31397URA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    105176 | PA      | $104332.25    | 0.01%             | 2041-06-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                          | Toronto-Dominion Bank/The                                        | CUSIP: 89115A3F7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   3142000 | PA      | $3141903.41   | 0.36%             | 2028-01-31      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                         | UnitedHealth Group Inc                                           | CUSIP: 91324PCV2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    326000 | PA      | $321912.59    | 0.04%             | 2026-03-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA                         | Skandinaviska Enskilda Banken AB                                 | CUSIP: 83051GAT5<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |   1532000 | PA      | $1471712.31   | 0.17%             | 2026-09-09      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                 | Santander Drive Auto Receivables Trust 2024-4                    | CUSIP: 802919AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4125000 | PA      | $4131797.59   | 0.47%             | 2029-01-16      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                         | Daimler Truck Finance North America LLC                          | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   7247000 | PA      | $7224035.13   | 0.83%             | 2028-01-13      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31395DPR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33050 | PA      | $32574.92     | 0.00%             | 2036-05-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| NATIXIS NY BRANCH                              | Natixis SA/New York NY                                           | CUSIP: 63873Q6M1<br>LEI: 2549003L5ZG5M2ZSE107 | Long             | DBT              | CORP              | US        |   4667000 | PA      | $4690216.60   | 0.54%             | 2026-10-29      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137AVX28<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1782442 | PA      | $1748679.28   | 0.20%             | 2042-11-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                         | CUSIP: 38375LPU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     88023 | PA      | $87695.99     | 0.01%             | 2037-10-20      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| NASDAQ INC                                     | Nasdaq Inc                                                       | CUSIP: 63111XAG6<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1599764.90   | 0.18%             | 2025-06-28      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FINANCE CORP                         | Bunge Ltd Finance Corp                                           | CUSIP: 120568AX8<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $984779.74    | 0.11%             | 2026-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136AYRQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1386454 | PA      | $1341227.84   | 0.15%             | 2047-11-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                 | CUSIP: 3132A5J89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    593746 | PA      | $587321.64    | 0.07%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 31394KHG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     98598 | PA      | $99127.77     | 0.01%             | 2033-10-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                                    | PNC Bank NA                                                      | CUSIP: 69353RFW3<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   2657000 | PA      | $2657246.70   | 0.30%             | 2027-01-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                               | Freddie Mac Strips                                               | CUSIP: 3128HVZG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    123360 | PA      | $121752.90    | 0.01%             | 2036-08-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term                  | GM Financial Consumer Automobile Receivables Trust 2022-1        | CUSIP: 380146AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    304439 | PA      | $303590.77    | 0.03%             | 2026-11-16      | Fixed         | 1.26%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK NA                            | Fifth Third Bank NA                                              | CUSIP: 31677AAB0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   1659000 | PA      | $1645401.77   | 0.19%             | 2026-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                        | Dryden XXVI Senior Loan Fund                                     | CUSIP: 26250UAQ8<br>LEI: 549300ENU7ZZLTPT3E22 | Long             | ABS-CBDO         | CORP              | KY        |     75515 | PA      | $75516.69     | 0.01%             | 2029-04-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                         | Banque Federative du Credit Mutuel SA                            | CUSIP: 06675DCG5<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   2251000 | PA      | $2272635.58   | 0.26%             | 2026-07-13      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced                  | Volkswagen Auto Loan Enhanced Trust 2024-1                       | CUSIP: 92868RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3102443 | PA      | $3105538.73   | 0.36%             | 2027-11-22      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA                       | Volkswagen Group of America Finance LLC                          | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3299533.05   | 0.38%             | 2026-08-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                | Danske Bank A/S                                                  | CUSIP: 23636AAZ4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   2069000 | PA      | $2049491.94   | 0.23%             | 2026-09-11      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                    | Oracle Corp                                                      | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1219952.43   | 0.14%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136B5TK1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    891440 | PA      | $870626.14    | 0.10%             | 2049-08-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                 | Wells Fargo Commercial Mortgage Trust 2016-C32                   | CUSIP: 94989YAY9<br>LEI: 549300VOKB4Z9J8DIM89 | Long             | ABS-MBS          | CORP              | US        |    923036 | PA      | $917294.03    | 0.11%             | 2059-01-15      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137AUGN3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1274399 | PA      | $1251861.00   | 0.14%             | 2042-09-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| GUARDIAN LIFE GLOB FUND                        | Guardian Life Global Funding                                     | CUSIP: 40139LAG8<br>LEI: 635400NHILJ5JEKILC36 | Long             | DBT              | CORP              | US        |    390000 | PA      | $389173.22    | 0.04%             | 2025-06-23      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitizat                 | Hyundai Auto Lease Securitization Trust 2024-B                   | CUSIP: 44934FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400000 | PA      | $2420155.68   | 0.28%             | 2027-05-17      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                 | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  26074600 | PA      | $26048117.85  | 2.99%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  1 | On Loan: No      |
| Hyundai Auto Receivables Trust                 | Hyundai Auto Receivables Trust 2024-B                            | CUSIP: 44934QAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1925000 | PA      | $1940224.25   | 0.22%             | 2029-03-15      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136ACAX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72137 | PA      | $70893.30     | 0.01%             | 2043-02-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                                    | PNC Bank NA                                                      | CUSIP: 69353RFX1<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   3718000 | PA      | $3720246.71   | 0.43%             | 2027-01-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                        | John Deere Capital Corp                                          | CUSIP: 24422EXW4<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   1134000 | PA      | $1137082.26   | 0.13%             | 2027-07-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                             | Pacific Life Global Funding II                                   | CUSIP: 6944PL2V0<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |   3765000 | PA      | $3788844.54   | 0.43%             | 2026-07-28      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL                         | Banque Federative du Credit Mutuel SA                            | CUSIP: 06675DCH3<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   2896000 | PA      | $2907325.18   | 0.33%             | 2027-01-23      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                               | Deutsche Bank AG/New York NY                                     | CUSIP: 25152XXH8<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1103000 | PA      | $1103529.44   | 0.13%             | 2025-11-21      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137B5QC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     39783 | PA      | $39272.29     | 0.00%             | 2043-11-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                         | Morgan Stanley Bank NA                                           | CUSIP: 61690U8F0<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   1552000 | PA      | $1551697.34   | 0.18%             | 2027-10-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                               | Societe Generale SA                                              | CUSIP: 83368RBZ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   3207000 | PA      | $3227230.69   | 0.37%             | 2027-02-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                         | Canadian Imperial Bank of Commerce                               | CUSIP: 13607HR61<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   3078000 | PA      | $3025422.71   | 0.35%             | 2027-04-07      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                    | Truist Bank                                                      | CUSIP: 89788JAE9<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   2157000 | PA      | $2158512.66   | 0.25%             | 2027-05-20      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                         | Canadian Imperial Bank of Commerce                               | CUSIP: 13607LWU3<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1851000 | PA      | $1864522.63   | 0.21%             | 2026-10-02      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                | CVS Health Corp                                                  | CUSIP: 126650DS6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1273000 | PA      | $1272583.11   | 0.15%             | 2026-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                  | Citigroup Commercial Mortgage Trust 2015-GC33                    | CUSIP: 29425AAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2964137.70   | 0.34%             | 2058-09-10      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137B2EA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    796816 | PA      | $783297.05    | 0.09%             | 2043-05-15      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                  | Citigroup Commercial Mortgage Trust 2016-GC37                    | CUSIP: 17290XAS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2738532 | PA      | $2726640.02   | 0.31%             | 2049-04-10      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                    | BNP Paribas SA                                                   | CUSIP: 09659W2L7<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   3107000 | PA      | $3105233.95   | 0.36%             | 2026-06-09      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS HOLDINGS INC                       | BAE Systems Holdings Inc                                         | CUSIP: 05523UAP5<br>LEI: MF62XBVMNYTYMC18DL76 | Long             | DBT              | CORP              | US        |   7436000 | PA      | $7391910.02   | 0.85%             | 2025-12-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                 | Government National Mortgage Association                         | CUSIP: 38381VXC9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1581591 | PA      | $1548534.67   | 0.18%             | 2049-05-20      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 31398KRF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    895137 | PA      | $892027.80    | 0.10%             | 2036-02-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                 | Hyundai Auto Receivables Trust 2022-C                            | CUSIP: 44933DAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1792353 | PA      | $1798408.88   | 0.21%             | 2027-06-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                        | Corebridge Global Funding                                        | CUSIP: 00138CBE7<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   3560000 | PA      | $3542024.35   | 0.41%             | 2028-01-07      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                               | NTT Finance Corp                                                 | CUSIP: 62954WAC9<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   2010000 | PA      | $1954742.00   | 0.22%             | 2026-04-03      | Fixed         | 1.16%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                             | Credit Agricole SA                                               | CUSIP: 22534PAJ2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   2500000 | PA      | $2503632.95   | 0.29%             | 2027-03-11      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER GROUP                        | RECKITT 8/20/25                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2726000 | PA      | $2697785.90   | 0.31%             | 2025-08-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                          | Toronto-Dominion Bank/The                                        | CUSIP: 89115A3B6<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   1802000 | PA      | $1802485.87   | 0.21%             | 2026-12-17      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| M&T Bank Auto Receivables Trus                 | M&T Bank Auto Receivables Trust 2025-1                           | CUSIP: 55287XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2925000 | PA      | $2927288.81   | 0.34%             | 2028-05-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 31397GFX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     73402 | PA      | $72265.03     | 0.01%             | 2037-04-15      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Lease Trust                        | Nissan Auto Lease Trust 2024-A                                   | CUSIP: 65481CAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4013039.20   | 0.46%             | 2027-04-15      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust        | CUSIP: 00774MAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2121000 | PA      | $2118072.00   | 0.24%             | 2025-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| DOW CHEMICAL CO/THE                            | Dow Chemical Co/The                                              | CUSIP: 260543CN1<br>LEI: ZQUIP1CSZO8LXRBSOU78 | Long             | DBT              | CORP              | US        |    816000 | PA      | $814043.28    | 0.09%             | 2025-11-30      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                      | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C23      | CUSIP: 61690QAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    189421 | PA      | $188630.48    | 0.02%             | 2050-07-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| GREAT-WEST LIFECO US FI                        | Great-West Lifeco US Finance 2020 LP                             | CUSIP: 391399AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2179000 | PA      | $2161258.04   | 0.25%             | 2025-08-12      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                        | Dell International LLC / EMC Corp                                | CUSIP: 24703TAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    502000 | PA      | $506648.65    | 0.06%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31395DUX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     56653 | PA      | $56206.20     | 0.01%             | 2036-06-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31396YCY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     38632 | PA      | $38431.60     | 0.00%             | 2038-02-25      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                              | HSBC Holdings PLC                                                | CUSIP: 404280CG2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1836000 | PA      | $1836000.00   | 0.21%             | 2026-06-04      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| VW CREDIT INC. 6/25                            | VW CREDIT INC. 6/25                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1839000 | PA      | $1832637.06   | 0.21%             | 2025-06-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC                            | PayPal Holdings Inc                                              | CUSIP: 70450YAR4<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4000731.72   | 0.46%             | 2028-03-06      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| BASF                                           | BASF SE                                                          | CUSIP: 05526LXH5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3430000 | PA      | $3367951.30   | 0.39%             | 2025-10-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust                       | Toyota Lease Owner Trust 2024-A                                  | CUSIP: 89238GAD3<br>LEI: 254900MVSB4M6HOIRE71 | Long             | ABS-O            | CORP              | US        |   2864374 | PA      | $2874862.61   | 0.33%             | 2027-04-20      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                               | Societe Generale SA                                              | CUSIP: 83368RCA8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  10095000 | PA      | $10096974.28  | 1.16%             | 2027-02-19      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137B6BC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     40528 | PA      | $40034.45     | 0.00%             | 2043-11-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136ANWT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53513 | PA      | $53204.49     | 0.01%             | 2045-05-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING                        | Corebridge Global Funding                                        | CUSIP: 00138CAY4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   1061000 | PA      | $1069938.31   | 0.12%             | 2026-06-24      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                     | US Bancorp                                                       | CUSIP: 91159HJH4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    790000 | PA      | $792899.97    | 0.09%             | 2026-10-21      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST                  | New Jersey Transportation Trust Fund Authority                   | CUSIP: 64613CEY0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2890000 | PA      | $2890093.64   | 0.33%             | 2025-06-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| CP 0.0 2025-12-03                              | CP 0.0 2025-12-03                                                | CUSIP: 90351WZ32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3782000 | PA      | $3696072.96   | 0.42%             | 2025-12-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP 6/24/25                            | ORACLE CORP 6/24/25                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3490000 | PA      | $3479181.00   | 0.40%             | 2025-06-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                       | Neuberger Berman Loan Advisers Clo 50 Ltd                        | CUSIP: 64134VAQ9<br>LEI: 549300UMYON6L2REF246 | Long             | ABS-CBDO         | CORP              | JE        |   3075000 | PA      | $3075593.48   | 0.35%             | 2036-07-23      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| BAYERISCHE LANDESBANK NY                       | Bayerische Landesbank/New York                                   | CUSIP: 0727MDDR3<br>LEI: 549300DJ6F1V4GISFC11 | Long             | DBT              | CORP              | DE        |   3489000 | PA      | $3491930.76   | 0.40%             | 2026-01-28      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137AT6Q0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     82381 | PA      | $81986.33     | 0.01%             | 2041-11-15      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136AJN44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1168522 | PA      | $1151945.61   | 0.13%             | 2044-05-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31395N2P1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    120750 | PA      | $119369.51    | 0.01%             | 2036-07-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| ONE Park Mortgage Trust                        | ONE 2021-PARK Mortgage Trust                                     | CUSIP: 682413AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    908000 | PA      | $890447.83    | 0.10%             | 2036-03-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIAL LIFE                       | Equitable Financial Life Global Funding                          | CUSIP: 29449WAE7<br>LEI: 635400B4JJBON4TCHF02 | Long             | DBT              | CORP              | US        |   1211000 | PA      | $1184485.34   | 0.14%             | 2026-01-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasin                 | GM Financial Automobile Leasing Trust 2023-3                     | CUSIP: 379929AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2454560 | PA      | $2458144.10   | 0.28%             | 2026-11-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                        | Laboratory Corp of America Holdings                              | CUSIP: 50540RAX0<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |   2392000 | PA      | $2323221.10   | 0.27%             | 2026-06-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                              | NatWest Group PLC                                                | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   2152000 | PA      | $2176633.58   | 0.25%             | 2026-11-10      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL CHICAGO                       | Bank of Montreal/Chicago IL                                      | CUSIP: 06370B2F0<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   2500000 | PA      | $2502475.00   | 0.29%             | 2025-11-07      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31398MRG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    227496 | PA      | $229075.63    | 0.03%             | 2036-06-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL                       | Jackson National Life Global Funding                             | CUSIP: 46849CJN2<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3999059.36   | 0.46%             | 2028-01-14      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                        | Hyundai Capital America                                          | CUSIP: 44891ACB1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    215000 | PA      | $216047.35    | 0.02%             | 2026-03-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA                        | National Bank of Canada                                          | CUSIP: 63307A3G8<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   3265000 | PA      | $3260525.35   | 0.37%             | 2027-03-05      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AM.HONDA 2/8/08 4.25%                          | AMERICAN HONDA 8/18/25                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4900000 | PA      | $4849236.00   | 0.56%             | 2025-08-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                        | BPCE SA                                                          | CUSIP: 05571AAN5<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1650000 | PA      | $1652371.73   | 0.19%             | 2025-09-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX                                 | City of San Antonio TX                                           | CUSIP: 79623PQQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1734651.11   | 0.20%             | 2026-02-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137FQVN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    868987 | PA      | $848880.15    | 0.10%             | 2050-01-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| HSBC USA INC                                   | HSBC USA Inc                                                     | CUSIP: 40428HA51<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |   7365000 | PA      | $7394801.29   | 0.85%             | 2027-03-04      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                                   | 7-Eleven Inc                                                     | CUSIP: 817826AC4<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   2751000 | PA      | $2675313.39   | 0.31%             | 2026-02-10      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Trysail CLO Ltd                                | Trysail CLO 2021-1 Ltd                                           | CUSIP: 89855AAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2527155 | PA      | $2522184.37   | 0.29%             | 2032-07-20      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 31396AC93<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    330839 | PA      | $326876.41    | 0.04%             | 2035-09-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31395NCU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    630189 | PA      | $624665.68    | 0.07%             | 2036-06-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| FIRST ABU DHABI CP 2/26                        | FIRST ABU DHABI CP 2/26                                          | CUSIP: 31849MBC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3980000 | PA      | $3857217.00   | 0.44%             | 2026-02-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                      | Nelnet Student Loan Trust 2016-1                                 | CUSIP: 64033UAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    187145 | PA      | $186933.55    | 0.02%             | 2065-09-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                        | Jefferies Financial Group Inc                                    | CUSIP: 47233WHZ5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   4073000 | PA      | $4069778.42   | 0.47%             | 2026-02-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31392EJM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    123302 | PA      | $123066.04    | 0.01%             | 2032-08-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                   | ARES LII CLO Ltd                                                 | CUSIP: 04009AAW0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2922696 | PA      | $2918311.72   | 0.33%             | 2031-04-22      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                            | American Express Co                                              | CUSIP: 025816DS5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   5917000 | PA      | $5917482.89   | 0.68%             | 2027-04-23      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137B4UR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     55015 | PA      | $54505.15     | 0.01%             | 2041-05-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                                   | ING Groep NV                                                     | CUSIP: 456837AU7<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1750000 | PA      | $1744961.56   | 0.20%             | 2026-07-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| BOFA SEC 0 11/13/2025                          | BOFA SEC 0 11/13/2025                                            | CUSIP: 06054NYD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1652000 | PA      | $1618018.36   | 0.19%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chase Auto Owner Trust                         | Chase Auto Owner Trust 2024-5                                    | CUSIP: 16144QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1987283.40   | 0.23%             | 2029-08-27      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                   | DNB Bank ASA                                                     | CUSIP: 23329PAF7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   3750000 | PA      | $3709615.43   | 0.43%             | 2026-09-16      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2016-DC2 Mortgage Trust                                     | CUSIP: 12594CBE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    273054 | PA      | $271953.43    | 0.03%             | 2049-02-10      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA                            | Wells Fargo Bank NA                                              | CUSIP: 94988J6G7<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   2122000 | PA      | $2136272.11   | 0.24%             | 2026-12-11      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                               | CIFC Funding 2017-II Ltd                                         | CUSIP: 12550YAN4<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |    200554 | PA      | $200580.89    | 0.02%             | 2030-04-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables                  | Exeter Automobile Receivables Trust                              | CUSIP: 30166XAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1450000 | PA      | $1452038.70   | 0.17%             | 2029-07-16      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Bank of America Credit Card Tr                 | BA Credit Card Trust                                             | CUSIP: 05522RDE5<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |   3075000 | PA      | $3074327.50   | 0.35%             | 2027-11-15      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO S                           | FIDELITY NATL INFO S                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    875000 | PA      | $874221.25    | 0.10%             | 2025-06-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank Commercial Mortg                 | DBJPM 2016-C3 Mortgage Trust                                     | CUSIP: 23312VAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     81115 | PA      | $80268.92     | 0.01%             | 2049-08-10      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                   | Ford Credit Auto Owner Trust 2023-C                              | CUSIP: 344940AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    332593 | PA      | $332879.07    | 0.04%             | 2026-09-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL                       | Jackson National Life Global Funding                             | CUSIP: 46849LVC2<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   4584000 | PA      | $4601713.03   | 0.53%             | 2027-01-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                   | UBS Group AG                                                     | CUSIP: 90351DAF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2208000 | PA      | $2199545.35   | 0.25%             | 2026-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                    | Citibank NA                                                      | CUSIP: 17325FBJ6<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   3542000 | PA      | $3561584.28   | 0.41%             | 2026-08-06      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 31394AGW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    165894 | PA      | $165706.59    | 0.02%             | 2034-07-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                   | Ford Credit Auto Owner Trust 2022-A                              | CUSIP: 345286AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     76937 | PA      | $76839.17     | 0.01%             | 2026-06-15      | Fixed         | 1.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                               | CUSIP: 3137FNVK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1013022 | PA      | $988967.58    | 0.11%             | 2038-03-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                 | Air Lease Corp                                                   | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1266000 | PA      | $1224344.84   | 0.14%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST STUDENT LOAN A                 | Rhode Island Student Loan Authority                              | CUSIP: 762315MG1<br>LEI: N/A                  | Long             | ABS-O            | MUN               | US        |    263584 | PA      | $261717.29    | 0.03%             | 2031-07-01      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                | CUSIP: 3136AQWE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    271247 | PA      | $267251.88    | 0.03%             | 2045-12-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| PEACEHEALTH OBLIGATED GR                       | PeaceHealth Obligated Group                                      | CUSIP: 70462GAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $20624.71     | 0.00%             | 2025-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust                   | Ford Credit Auto Owner Trust 2024-C                              | CUSIP: 34532UAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2025000 | PA      | $2013308.87   | 0.23%             | 2029-07-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| Bank of America Auto Trust                     | Bank of America Auto Trust 2023-2                                | CUSIP: 06054YAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    108324 | PA      | $108373.33    | 0.01%             | 2026-08-17      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                 | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2    | CUSIP: 46590MAS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88540 | PA      | $87867.36     | 0.01%             | 2049-08-15      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

**Name of Applicant:** Goldman Sachs ETF Trust

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President Assistant Treasurer