# EDGAR Filing Document

**Accession Number:** 0001710607
**File Stem:** 0001145549-25-048382
**Filing Date:** 2025-7
**Character Count:** 220026
**Document Hash:** 09bad48614b53d6e9d26d0253d9d94a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-048382.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001145549-25-048382

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY ETF TRUST
- **CENTRAL INDEX KEY:** 0001710607

**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:** 811-23305
- **FILM NUMBER:** 251153179

**BUSINESS ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111
- **BUSINESS PHONE:** (816) 531-5575

**MAIL ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Century ETF Trust
- **DATE OF NAME CHANGE:** 20170628

## Series and Classes Contracts Data

### American Century Short Duration Strategic Income ETF (Series ID: S000077487)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000237948 | American Century Short Duration Strategic Income ETF | SDSI            |

## Nport-Ex

**American Century Investments**<sup>®</sup>

**Quarterly Portfolio Holdings**

**American Century**<sup>®</sup> **Short Duration Strategic Income ETF(SDSI)**

**May 31, 2025**

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| |
|:---|
| **<u>Short Duration Strategic Income ETF - Schedule of Investments</u>** |
| **MAY 31, 2025 (UNAUDITED)** |

---

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| | | |
|:---|:---|:---|
| | **Principal<br>Amount ($)/Shares** | **Value ($)** |
| **CORPORATE BONDS — 41.6%** | | |
| **Aerospace and Defense — 1.1%** | | |
| Boeing Co., 2.20%, 2/4/26 | 270000 | 265269 |
| Boeing Co., 6.30%, 5/1/29 | 199000 | 209365 |
| Spirit AeroSystems, Inc., 4.60%, 6/15/28 | 95000 | 92700 |
| TransDigm, Inc., 4.875%, 5/1/29 | 160000 | 155027 |
| TransDigm, Inc., 4.625%, 1/15/29 | 160000 | 155078 |
|  |  | 877439 |
| **Air Freight and Logistics — 0.4%** |  |  |
| GXO Logistics, Inc., 1.65%, 7/15/26 | 290000 | 279309 |
| **Automobiles — 1.5%** |  |  |
| Ford Motor Credit Co. LLC, 5.125%, 11/5/26 | 300000 | 297425 |
| General Motors Financial Co., Inc., 5.40%, 4/6/26 | 260000 | 260816 |
| Nissan Motor Acceptance Co. LLC, 6.95%, 9/15/26<sup>(1)</sup> | 195000 | 197539 |
| Volkswagen Group of America Finance LLC, 4.90%, 8/14/26<sup>(1)</sup> | 400000 | 400192 |
|  |  | 1155972 |
| **Banks — 9.3%** |  |  |
| Banco de Credito del Peru SA, VRN, 3.125%, 7/1/30<sup>(1)</sup> | 420000 | 418705 |
| Bank of Nova Scotia, VRN, 3.625%, 10/27/81 | 200000 | 185247 |
| Citibank NA, 4.58%, 5/29/27 | 250000 | 250437 |
| Citigroup, Inc., VRN, 4.64%, 5/7/28 | 195000 | 194731 |
| Comerica, Inc., VRN, 5.98%, 1/30/30 | 170000 | 172829 |
| Credit Agricole SA, VRN, 5.22%, 5/27/31<sup>(1)</sup> | 250000 | 252283 |
| Danske Bank AS, VRN, 6.26%, 9/22/26<sup>(1)</sup> | 400000 | 401536 |
| Freedom Mortgage Corp., 12.00%, 10/1/28<sup>(1)</sup> | 235000 | 252294 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/1/29<sup>(1)</sup> | 101000 | 104216 |
| Goldman Sachs Bank USA, VRN, 5.41%, 5/21/27 | 300000 | 302170 |
| HSBC Holdings PLC, VRN, 7.39%, 11/3/28 | 450000 | 475960 |
| HSBC USA, Inc., 4.65%, 6/3/28<sup>(2)</sup> | 319000 | 319942 |
| JPMorgan Chase & Co., VRN, 4.51%, 10/22/28 | 131000 | 130753 |
| Morgan Stanley Bank NA, VRN, 5.02%, 1/12/29 | 435000 | 439491 |
| National Bank of Canada, VRN, 5.60%, 7/2/27 | 250000 | 252378 |
| Planet Financial Group LLC, 10.50%, 12/15/29<sup>(1)</sup> | 75000 | 73964 |
| PNC Bank NA, 4.05%, 7/26/28 | 205000 | 202058 |
| PNC Financial Services Group, Inc., VRN, 5.10%, 7/23/27 | 365000 | 367245 |
| Royal Bank of Canada, VRN, 4.97%, 1/24/29 | 285000 | 287909 |
| Toronto-Dominion Bank, VRN, 8.125%, 10/31/82 | 400000 | 419932 |
| Truist Bank, VRN, 4.67%, 5/20/27 | 250000 | 250230 |
| Truist Bank, VRN, 4.63%, 9/17/29 | 250000 | 244955 |
| U.S. Bancorp, VRN, 5.73%, 10/21/26 | 195000 | 195754 |
| U.S. Bank NA, VRN, 4.51%, 10/22/27 | 250000 | 249784 |
| UniCredit SpA, VRN, 5.86%, 6/19/32<sup>(1)</sup> | 200000 | 200543 |
| Wells Fargo & Co., VRN, 4.90%, 1/24/28 | 310000 | 311277 |
| Wells Fargo & Co., VRN, 4.97%, 4/23/29 | 160000 | 161223 |
|  |  | 7117846 |
| **Building Products — 0.3%** |  |  |
| Standard Industries, Inc., 5.00%, 2/15/27<sup>(1)</sup> | 260000 | 258392 |
| **Capital Markets — 4.7%** |  |  |
| Ares Capital Corp., 3.25%, 7/15/25 | 200000 | 199563 |
| Ares Strategic Income Fund, 5.70%, 3/15/28 | 170000 | 170322 |

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| | | |
|:---|:---|:---|
| Bain Capital Specialty Finance, Inc., 5.95%, 3/15/30 | 96000 | 94683 |
| Blackstone Private Credit Fund, 7.05%, 9/29/25 | 200000 | 201285 |
| Blackstone Private Credit Fund, 7.30%, 11/27/28 | 79000 | 83692 |
| Blackstone Private Credit Fund, 5.95%, 7/16/29 | 55000 | 55525 |
| Blue Owl Capital Corp., 3.75%, 7/22/25 | 200000 | 199525 |
| Blue Owl Capital Corp., 3.40%, 7/15/26 | 200000 | 195694 |
| Blue Owl Capital Corp., 2.875%, 6/11/28 | 240000 | 221486 |
| Blue Owl Credit Income Corp., 7.75%, 1/15/29 | 185000 | 195641 |
| Blue Owl Technology Finance Corp., 6.10%, 3/15/28<sup>(1)</sup> | 176000 | 174569 |
| Coinbase Global, Inc., 3.375%, 10/1/28<sup>(1)</sup> | 150000 | 139602 |
| Deutsche Bank AG, VRN, 7.15%, 7/13/27 | 210000 | 215038 |
| Fortitude Group Holdings LLC, 6.25%, 4/1/30<sup>(1)</sup> | 105000 | 106378 |
| Goldman Sachs Group, Inc., VRN, 4.94%, 4/23/28 | 110000 | 110590 |
| Goldman Sachs Group, Inc., VRN, 5.73%, 4/25/30 | 175000 | 180915 |
| Golub Capital BDC, Inc., 7.05%, 12/5/28 | 71000 | 74232 |
| HPS Corporate Lending Fund, 5.45%, 1/14/28 | 205000 | 205029 |
| Morgan Stanley, VRN, 4.99%, 4/12/29 | 105000 | 106007 |
| Northern Trust Corp., VRN, 3.375%, 5/8/32 | 448000 | 433106 |
| Nuveen Churchill Direct Lending Corp., 6.65%, 3/15/30<sup>(3)</sup> | 120000 | 122229 |
| State Street Corp., VRN, 4.54%, 4/24/28 | 137000 | 137356 |
|  |  | 3622467 |
| **Chemicals — 0.2%** |  |  |
| Braskem Netherlands Finance BV, 4.50%, 1/31/30<sup>(1)</sup> | 200000 | 164161 |
| Celanese U.S. Holdings LLC, 6.42%, 7/15/27 | 25000 | 25648 |
|  |  | 189809 |
| **Commercial Services and Supplies — 0.2%** |  |  |
| Deluxe Corp., 8.125%, 9/15/29<sup>(1)</sup> | 135000 | 136646 |
| **Construction and Engineering — 0.3%** |  |  |
| Mexico City Airport Trust, 3.875%, 4/30/28<sup>(1)</sup> | 272000 | 258400 |
| **Consumer Finance — 1.0%** |  |  |
| American Express Co., VRN, 4.73%, 4/25/29 | 150000 | 150868 |
| Avolon Holdings Funding Ltd., 6.375%, 5/4/28<sup>(1)</sup> | 228000 | 236092 |
| Bread Financial Holdings, Inc., VRN, 8.375%, 6/15/35<sup>(1)(3)</sup> | 154000 | 149669 |
| OneMain Finance Corp., 7.125%, 3/15/26 | 192000 | 194734 |
|  |  | 731363 |
| **Consumer Staples Distribution & Retail — 0.3%** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.625%, 1/15/27<sup>(1)</sup> | 200000 | 198179 |
| **Containers and Packaging — 0.1%** |  |  |
| Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26 | 63000 | 63000 |
| **Diversified REITs — 1.9%** |  |  |
| GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/26 | 220000 | 219653 |
| Highwoods Realty LP, 4.20%, 4/15/29 | 125000 | 120070 |
| Kilroy Realty LP, 4.25%, 8/15/29 | 320000 | 302548 |
| MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 2/15/32<sup>(1)</sup> | 103000 | 105655 |
| Piedmont Operating Partnership LP, 9.25%, 7/20/28 | 93000 | 102727 |
| Piedmont Operating Partnership LP, 6.875%, 7/15/29 | 20000 | 20711 |
| Piedmont Operating Partnership LP, 3.15%, 8/15/30 | 10000 | 8818 |
| Trust Fibra Uno, 4.87%, 1/15/30<sup>(1)</sup> | 400000 | 374400 |
| Vornado Realty LP, 2.15%, 6/1/26 | 183000 | 176993 |
|  |  | 1431575 |
| **Diversified Telecommunication Services — 0.8%** |  |  |
| AT&T, Inc., 7.30%, 8/15/26 | 45000 | 45918 |
| Frontier Communications Holdings LLC, 8.625%, 3/15/31<sup>(1)</sup> | 370000 | 394162 |
| Sprint Capital Corp., 6.875%, 11/15/28 | 145000 | 155151 |
|  |  | 595231 |

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| | | |
|:---|:---|:---|
| **Electric Utilities — 0.8%** | | |
| Emera, Inc., Series 16-A, VRN, 6.75%, 6/15/76 | 208000 | 209542 |
| Evergy Kansas Central, Inc., 4.70%, 3/13/28 | 68000 | 68426 |
| Pinnacle West Capital Corp., 5.15%, 5/15/30 | 136000 | 137600 |
| Southern Co., Series B, VRN, 4.00%, 1/15/51 | 200000 | 198518 |
|  |  | 614086 |
| **Electrical Equipment — 0.4%** |  |  |
| Regal Rexnord Corp., 6.05%, 2/15/26 | 325000 | 326754 |
| **Energy Equipment and Services — 0.0%** |  |  |
| Constellation Oil Services Holding SA, 9.375%, 11/7/29<sup>(1)</sup> | 20000 | 19975 |
| **Entertainment — 0.2%** |  |  |
| Warnermedia Holdings, Inc., 3.76%, 3/15/27 | 139000 | 134777 |
| **Financial Services — 1.2%** |  |  |
| Atlas Warehouse Lending Co. LP, 6.05%, 1/15/28<sup>(1)</sup> | 310000 | 311969 |
| Essent Group Ltd., 6.25%, 7/1/29 | 155000 | 159862 |
| Nationwide Building Society, VRN, 4.125%, 10/18/32<sup>(1)</sup> | 250000 | 242417 |
| NMI Holdings, Inc., 6.00%, 8/15/29 | 230000 | 233720 |
|  |  | 947968 |
| **Food Products — 0.1%** |  |  |
| Mars, Inc., 4.60%, 3/1/28<sup>(1)</sup> | 82000 | 82405 |
| **Gas Utilities — 0.1%** |  |  |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, 6/1/30<sup>(1)</sup> | 39000 | 39418 |
| Excelerate Energy LP, 8.00%, 5/15/30<sup>(1)</sup> | 27000 | 27972 |
|  |  | 67390 |
| **Ground Transportation — 0.6%** |  |  |
| Ashtead Capital, Inc., 4.375%, 8/15/27<sup>(1)</sup> | 200000 | 198729 |
| Herc Holdings Escrow, Inc., 7.00%, 6/15/30<sup>(1)</sup> | 280000 | 288638 |
|  |  | 487367 |
| **Health Care Equipment and Supplies — 0.2%** |  |  |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29<sup>(1)</sup> | 183000 | 186443 |
| **Health Care Providers and Services — 0.4%** |  |  |
| Tenet Healthcare Corp., 6.25%, 2/1/27 | 180000 | 180241 |
| Universal Health Services, Inc., 1.65%, 9/1/26 | 165000 | 158695 |
|  |  | 338936 |
| **Hotel & Resort REITs — 0.4%** |  |  |
| Service Properties Trust, 5.25%, 2/15/26 | 170000 | 168584 |
| Service Properties Trust, 8.375%, 6/15/29 | 175000 | 177424 |
|  |  | 346008 |
| **Hotels, Restaurants and Leisure — 0.7%** |  |  |
| Hyatt Hotels Corp., 5.75%, 1/30/27 | 266000 | 270622 |
| Hyatt Hotels Corp., 5.05%, 3/30/28 | 40000 | 40209 |
| International Game Technology PLC, 4.125%, 4/15/26<sup>(1)</sup> | 200000 | 198643 |
|  |  | 509474 |
| **Household Durables — 0.2%** |  |  |
| Taylor Morrison Communities, Inc., 5.75%, 1/15/28<sup>(1)</sup> | 54000 | 54353 |
| TopBuild Corp., 3.625%, 3/15/29<sup>(1)</sup> | 120000 | 112434 |
|  |  | 166787 |
| **Independent Power and Renewable Electricity Producers — 0.3%** |  |  |
| Greenko Wind Projects Mauritius Ltd., 7.25%, 9/27/28<sup>(1)</sup> | 200000 | 198644 |
| **Insurance — 2.2%** |  |  |
| American International Group, Inc., 4.85%, 5/7/30 | 88000 | 88392 |
| Athene Global Funding, 5.68%, 2/23/26<sup>(1)</sup> | 235000 | 236560 |
| Athene Global Funding, 5.62%, 5/8/26<sup>(1)</sup> | 215000 | 216910 |
| Athene Global Funding, 5.35%, 7/9/27<sup>(1)</sup> | 333000 | 337741 |
| F&G Annuities & Life, Inc., 6.50%, 6/4/29 | 320000 | 327292 |

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| | | |
|:---|:---|:---|
| GA Global Funding Trust, 2.25%, 1/6/27<sup>(1)</sup> | 150000 | 144143 |
| GA Global Funding Trust, 4.40%, 9/23/27<sup>(1)</sup> | 200000 | 198297 |
| Global Atlantic Fin Co., 4.40%, 10/15/29<sup>(1)</sup> | 165000 | 158621 |
|  |  | 1707956 |
| **IT Services — 0.5%** |  |  |
| Genpact Luxembourg SARL/Genpact USA, Inc., 6.00%, 6/4/29 | 165000 | 170162 |
| Kyndryl Holdings, Inc., 2.70%, 10/15/28 | 227000 | 213041 |
|  |  | 383203 |
| **Leisure Products — 0.3%** |  |  |
| Mattel, Inc., 5.875%, 12/15/27<sup>(1)</sup> | 260000 | 261106 |
| **Life Sciences Tools and Services — 0.8%** |  |  |
| Illumina, Inc., 5.80%, 12/12/25 | 440000 | 441538 |
| Illumina, Inc., 4.65%, 9/9/26 | 207000 | 206821 |
|  |  | 648359 |
| **Media — 1.5%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27<sup>(1)</sup> | 230000 | 227771 |
| Lamar Media Corp., 3.75%, 2/15/28 | 130000 | 125861 |
| Nexstar Media, Inc., 5.625%, 7/15/27<sup>(1)</sup> | 180000 | 179393 |
| Sirius XM Radio LLC, 3.125%, 9/1/26<sup>(1)</sup> | 365000 | 356841 |
| TEGNA, Inc., 4.75%, 3/15/26<sup>(1)</sup> | 205000 | 203883 |
| Warner Media LLC, 3.80%, 2/15/27 | 86000 | 82846 |
|  |  | 1176595 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** |  |  |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 2/1/27<sup>(1)</sup> | 171000 | 167402 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 7/15/31<sup>(1)</sup> | 115000 | 119333 |
|  |  | 286735 |
| **Multi-Utilities — 0.2%** |  |  |
| Consumers Energy Co., 4.50%, 1/15/31 | 120000 | 119229 |
| **Oil, Gas and Consumable Fuels — 3.1%** |  |  |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 7/15/29<sup>(1)</sup> | 105000 | 108563 |
| Enbridge, Inc., VRN, 6.00%, 1/15/77 | 310000 | 306652 |
| Encino Acquisition Partners Holdings LLC, 8.50%, 5/1/28<sup>(1)</sup> | 180000 | 184747 |
| Energy Transfer LP, 5.625%, 5/1/27<sup>(1)</sup> | 330000 | 330018 |
| Expand Energy Corp., 6.75%, 4/15/29<sup>(1)</sup> | 210000 | 212597 |
| Geopark Ltd., 8.75%, 1/31/30<sup>(1)</sup> | 200000 | 158860 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(1)</sup> | 200000 | 140163 |
| Petroleos Mexicanos, 4.50%, 1/23/26 | 164000 | 160973 |
| Petroleos Mexicanos, 6.49%, 1/23/27 | 164000 | 161018 |
| Petroleos Mexicanos, 6.50%, 3/13/27 | 340000 | 333769 |
| Petroleos Mexicanos, 5.35%, 2/12/28 | 98000 | 92173 |
| SM Energy Co., 6.75%, 9/15/26 | 195000 | 194839 |
|  |  | 2384372 |
| **Passenger Airlines — 1.9%** |  |  |
| Air Canada, 3.875%, 8/15/26<sup>(1)</sup> | 390000 | 385324 |
| American Airlines, Series 2017-2, Class B, 3.70%, 4/15/27 | 55529 | 55096 |
| American Airlines Pass-Through Trust, Class A, 3.70%, 4/1/28 | 6909 | 6757 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> | 374399 | 373993 |
| Delta Air Lines, Inc., 3.75%, 10/28/29 | 207000 | 194669 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/25<sup>(1)</sup> | 14750 | 14696 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27<sup>(1)</sup> | 392362 | 393508 |
|  |  | 1424043 |
| **Professional Services — 0.1%** |  |  |
| Paychex, Inc., 5.10%, 4/15/30 | 91000 | 92221 |
| **Real Estate Management and Development — 0.1%** |  |  |
| First Industrial LP, 5.25%, 1/15/31 | 78000 | 78105 |

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| | | |
|:---|:---|:---|
| **Retail REITs — 0.1%** | | |
| NNN REIT, Inc., 3.50%, 10/15/27 | 63000 | 61510 |
| **Semiconductors and Semiconductor Equipment — 0.9%** |  |  |
| Broadcom Corp./Broadcom Cayman Finance Ltd., 3.875%, 1/15/27 | 195000 | 193441 |
| Broadcom, Inc., 4.80%, 4/15/28 | 220000 | 222589 |
| Intel Corp., 4.875%, 2/10/26 | 140000 | 140100 |
| ON Semiconductor Corp., 3.875%, 9/1/28<sup>(1)</sup> | 177000 | 169202 |
|  |  | 725332 |
| **Software — 0.5%** |  |  |
| AppLovin Corp., 5.125%, 12/1/29 | 240000 | 241687 |
| Synopsys, Inc., 4.65%, 4/1/28 | 105000 | 105659 |
|  |  | 347346 |
| **Specialized REITs — 0.2%** |  |  |
| EPR Properties, 4.50%, 6/1/27 | 120000 | 118753 |
| **Technology Hardware, Storage and Peripherals — 0.6%** |  |  |
| Apple, Inc., 4.20%, 5/12/30 | 131000 | 130669 |
| Dell International LLC/EMC Corp., 4.75%, 4/1/28 | 171000 | 171822 |
| Hewlett Packard Enterprise Co., 4.40%, 9/25/27 | 159000 | 158827 |
|  |  | 461318 |
| **Trading Companies and Distributors — 0.5%** |  |  |
| Aircastle Ltd., 6.50%, 7/18/28<sup>(1)</sup> | 90000 | 93297 |
| Aircastle Ltd., 5.95%, 2/15/29<sup>(1)</sup> | 190000 | 195005 |
| Herc Holdings, Inc., 5.50%, 7/15/27<sup>(1)</sup> | 32000 | 31787 |
| QXO Building Products, Inc., 6.75%, 4/30/32<sup>(1)</sup> | 53000 | 54476 |
|  |  | 374565 |
| **TOTAL CORPORATE BONDS**<br>(Cost $31,900,876) |  | **31993390** |
| **U.S. TREASURY SECURITIES — 20.3%** |  |  |
| U.S. Treasury Notes, 4.625%, 6/15/27<sup>(4)</sup> | 400000 | 405641 |
| U.S. Treasury Notes, 4.25%, 1/15/28 | 1320000 | 1332246 |
| U.S. Treasury Notes, 3.75%, 5/15/28 | 12300000 | 12263965 |
| U.S. Treasury Notes, 4.125%, 3/31/29 | 1600000 | 1612281 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $15,533,764) |  | **15614133** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 14.0%** |  |  |
| **Private Sponsor Collateralized Mortgage Obligations — 13.8%** |  |  |
| Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65<sup>(1)</sup> | 43603 | 41866 |
| BRAVO Trust, Series 2025-SR1, Class A1, SEQ, 3.00%, 3/25/45<sup>(1)</sup> | 294213 | 281117 |
| Chase Home Lending Mortgage Trust, Series 2024-2, Class A6A, SEQ, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 177848 | 178202 |
| Chase Home Lending Mortgage Trust, Series 2024-3, Class A4, SEQ, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 152555 | 153753 |
| Chase Home Lending Mortgage Trust, Series 2024-7, Class A4, VRN, 6.00%, 6/25/55<sup>(1)</sup> | 346477 | 348691 |
| Chase Home Lending Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 8/25/55<sup>(1)</sup> | 96966 | 96599 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55<sup>(1)</sup> | 160795 | 160448 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 9/25/55<sup>(1)</sup> | 64330 | 64176 |
| Chase Home Lending Mortgage Trust, Series 2025-2, Class A4, VRN, 6.00%, 12/25/55<sup>(1)</sup> | 311336 | 313196 |
| Chase Home Lending Mortgage Trust, Series 2025-5, Class A4A, VRN, 5.50%, 4/25/56<sup>(1)</sup> | 286000 | 284790 |
| Citigroup Mortgage Loan Trust, Series 2024-1, Class A7A, VRN, 6.00%, 7/25/54<sup>(1)</sup> | 137674 | 138901 |
| Citigroup Mortgage Loan Trust, Series 2024-CMI1, Class A11, VRN, 5.50%, 6/25/54<sup>(1)</sup> | 258530 | 257729 |
| Citigroup Mortgage Loan Trust, Series 2024-CMI1, Class A5, VRN, 5.50%, 6/25/54<sup>(1)</sup> | 214118 | 213292 |
| Citigroup Mortgage Loan Trust, Series 2025-2, Class A10, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 414336 | 417312 |
| Credit Suisse Mortgage Trust, Series 2022-NQM4, Class A1, SEQ, VRN, 4.82%, 6/25/67<sup>(1)</sup> | 155513 | 154926 |
| Ellington Financial Mortgage Trust, Series 2020-1, Class A1, VRN, 2.01%, 5/25/65<sup>(1)</sup> | 22308 | 22055 |
| GCAT Trust, Series 2024-INV3, Class A6, SEQ, VRN, 5.50%, 9/25/54<sup>(1)</sup> | 201718 | 201822 |
| GS Mortgage-Backed Securities Trust, Series 2024-PJ7, Class A7, SEQ, VRN, 5.50%, 11/25/54<sup>(1)</sup> | 183001 | 182245 |
| GS Mortgage-Backed Securities Trust, Series 2025-PJ5, Class A5, VRN, 5.50%, 10/25/55<sup>(1)</sup> | 213000 | 212071 |

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| | | |
|:---|:---|:---|
| JP Morgan Mortgage Trust, Series 2023-6, Class A4, SEQ, VRN, 6.00%, 12/26/53<sup>(1)</sup> | 196117 | 197217 |
| JP Morgan Mortgage Trust, Series 2023-8, Class A4, SEQ, VRN, 6.00%, 2/25/54<sup>(1)</sup> | 345478 | 347357 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A4, VRN, 5.50%, 3/25/55<sup>(1)</sup> | 133215 | 132691 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A6, SEQ, VRN, 5.50%, 3/25/55<sup>(1)</sup> | 192922 | 192253 |
| JP Morgan Mortgage Trust, Series 2024-11, Class A4, VRN, 6.00%, 4/25/55<sup>(1)</sup> | 279267 | 280780 |
| JP Morgan Mortgage Trust, Series 2024-11, Class A6, SEQ, VRN, 6.00%, 4/25/55<sup>(1)</sup> | 267833 | 268843 |
| JP Morgan Mortgage Trust, Series 2024-5, Class A6, SEQ, VRN, 6.00%, 11/25/54<sup>(1)</sup> | 89451 | 89503 |
| JP Morgan Mortgage Trust, Series 2024-6, Class A6, SEQ, VRN, 6.00%, 12/25/54<sup>(1)</sup> | 62838 | 62951 |
| JP Morgan Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 1/25/55<sup>(1)</sup> | 147653 | 147591 |
| JP Morgan Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 2/25/55<sup>(1)</sup> | 114518 | 114096 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A4, SEQ, VRN, 6.00%, 4/25/55<sup>(1)</sup> | 150086 | 151106 |
| JP Morgan Mortgage Trust, Series 2025-CCM2, Class A4, SEQ, VRN, 6.00%, 9/25/55<sup>(1)</sup> | 441118 | 443670 |
| MFA Trust, Series 2023-NQM3, Class A1, SEQ, 6.62%, 7/25/68<sup>(1)</sup> | 148912 | 150021 |
| MFA Trust, Series 2024-NQM1, Class A2, SEQ, 6.83%, 3/25/69<sup>(1)</sup> | 89975 | 90998 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class A2, VRN, 6.00%, 7/25/54<sup>(1)</sup> | 91954 | 92117 |
| OBX Trust, Series 2022-NQM9, Class A2, 6.45%, 9/25/62<sup>(1)</sup> | 161068 | 161064 |
| OBX Trust, Series 2024-J1, Class A5, SEQ, VRN, 5.50%, 9/25/54<sup>(1)</sup> | 89314 | 89047 |
| OBX Trust, Series 2024-NQM11, Class A3, 6.23%, 6/25/64<sup>(1)</sup> | 200797 | 201623 |
| OBX Trust, Series 2024-NQM7, Class A1, 6.24%, 3/25/64<sup>(1)</sup> | 293465 | 295930 |
| OBX Trust, Series 2025-J1, Class A4, SEQ, VRN, 6.00%, 5/25/55<sup>(1)</sup> | 375000 | 377410 |
| Provident Funding Mortgage Trust, Series 2024-1, Class A2, VRN, 5.50%, 12/25/54<sup>(1)</sup> | 247111 | 246188 |
| Rate Mortgage Trust, Series 2024-J3, Class A8, SEQ, VRN, 5.50%, 10/25/54<sup>(1)</sup> | 313621 | 312697 |
| Sequoia Mortgage Trust, Series 2024-10, Class A11, VRN, 5.50%, 11/25/54<sup>(1)</sup> | 234391 | 233578 |
| Sequoia Mortgage Trust, Series 2024-10, Class A5, SEQ, VRN, 5.50%, 11/25/54<sup>(1)</sup> | 78966 | 78659 |
| Sequoia Mortgage Trust, Series 2024-4, Class A4, VRN, 6.00%, 5/25/54<sup>(1)</sup> | 245196 | 246441 |
| Sequoia Mortgage Trust, Series 2024-8, Class A11, SEQ, VRN, 5.50%, 9/25/54<sup>(1)</sup> | 149349 | 148756 |
| Sequoia Mortgage Trust, Series 2024-8, Class A5, SEQ, VRN, 5.50%, 9/25/54<sup>(1)</sup> | 186427 | 185666 |
| Sequoia Mortgage Trust, Series 2024-9, Class A5, SEQ, VRN, 5.50%, 10/25/54<sup>(1)</sup> | 117025 | 116979 |
| Sequoia Mortgage Trust, Series 2025-5, Class A5, SEQ, VRN, 5.50%, 6/25/55<sup>(1)</sup> | 415000 | 412299 |
| Triangle Re Ltd., Series 2023-1, Class M1A, VRN, 7.72%, (30-day average SOFR plus 3.40%), 11/25/33<sup>(1)</sup> | 52206 | 52840 |
| Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64<sup>(1)</sup> | 37538 | 34728 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.22%, 6/25/69<sup>(1)</sup> | 122210 | 123225 |
| Verus Securitization Trust, Series 2024-5, Class A1, 6.19%, 6/25/69<sup>(1)</sup> | 268161 | 270400 |
| Verus Securitization Trust, Series 2024-9, Class A3, 5.89%, 11/25/69<sup>(1)</sup> | 283324 | 283969 |
| Verus Securitization Trust, Series 2025-4, Class A3, 5.75%, 5/25/70<sup>(1)</sup> | 150000 | 150105 |
| Vista Point Securitization Trust, Series 2020-2, Class A1, VRN, 1.48%, 4/25/65<sup>(1)</sup> | 52654 | 50518 |
|  |  | 10556507 |
| **U.S. Government Agency Collateralized Mortgage Obligations — 0.2%** |  |  |
| FHLMC, Series 2022-DNA5, Class M1A, VRN, 7.27%, (30-day average SOFR plus 2.95%), 6/25/42<sup>(1)</sup> | 46255 | 47324 |
| FHLMC, Series 2022-DNA6, Class M1A, VRN, 6.47%, (30-day average SOFR plus 2.15%), 9/25/42<sup>(1)</sup> | 34195 | 34520 |
| FNMA, Series 2017-C02, Class 2ED3, VRN, 5.79%, (30-day average SOFR plus 1.46%), 9/25/29 | 314 | 314 |
| FNMA, Series 2024-R01, Class 1M1, VRN, 5.37%, (30-day average SOFR plus 1.05%), 1/25/44<sup>(1)</sup> | 92446 | 92515 |
|  |  | 174673 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $10,697,750) |  | **10731180** |
| **CONVERTIBLE PREFERRED SECURITIES — 6.3%** |  |  |
| **Banks — 5.8%** |  |  |
| Australia & New Zealand Banking Group Ltd., 6.75%<sup>(1)</sup> | 200000 | 201823 |
| Banco Bilbao Vizcaya Argentaria SA, 6.125% | 200000 | 192931 |
| Banco Santander SA, 4.75% | 200000 | 192064 |
| Barclays PLC, 6.125% | 410000 | 409620 |
| BNP Paribas SA, 4.625%<sup>(1)</sup> | 200000 | 192225 |
| Credit Agricole SA, 8.125%<sup>(1)</sup> | 400000 | 405868 |
| Danske Bank AS, 4.375% | 200000 | 196702 |
| HSBC Holdings PLC, 6.00% | 200000 | 199233 |

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---

| | | |
|:---|:---|:---|
| HSBC Holdings PLC, 7.05%<sup>(2)</sup> | 200000 | 200518 |
| ING Groep NV, 5.75% | 200000 | 198933 |
| Intesa Sanpaolo SpA, 7.70%<sup>(1)(3)</sup> | 400000 | 402243 |
| Lloyds Banking Group PLC, 7.50% | 200000 | 200930 |
| Macquarie Bank Ltd., 6.125%<sup>(1)</sup> | 220000 | 219651 |
| NatWest Group PLC, 8.00% | 200000 | 200852 |
| Nordea Bank Abp, 6.625%<sup>(1)(3)</sup> | 200000 | 201013 |
| Skandinaviska Enskilda Banken AB, 6.875% | 200000 | 204000 |
| Societe Generale SA, 4.75%<sup>(1)</sup> | 400000 | 392817 |
| Standard Chartered PLC, 6.00%<sup>(1)</sup> | 200000 | 200206 |
|  |  | 4411629 |
| **Capital Markets — 0.5%** |  |  |
| Deutsche Bank AG, 6.00% | 200000 | 199341 |
| UBS Group AG, 5.125% | 200000 | 198571 |
|  |  | 397912 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $4,780,496) |  | **4809541** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.1%** |  |  |
| Bank, Series 2018-BN15, Class D, 3.00%, 11/15/61<sup>(1)</sup> | 23000 | 18832 |
| Bank, Series 2019-BN17, Class D, 3.00%, 4/15/52<sup>(1)</sup> | 35000 | 29228 |
| Benchmark Mortgage Trust, Series 2018-B5, Class B, 4.57%, 7/15/51 | 104014 | 96540 |
| Benchmark Mortgage Trust, Series 2018-B5, Class D, VRN, 3.10%, 7/15/51<sup>(1)</sup> | 100000 | 77136 |
| Benchmark Mortgage Trust, Series 2019-B13, Class D, 2.50%, 8/15/57<sup>(1)</sup> | 23000 | 12897 |
| Benchmark Mortgage Trust, Series 2020-B16, Class D, 2.50%, 2/15/53<sup>(1)</sup> | 68000 | 50156 |
| BX Commercial Mortgage Trust, Series 2021-VINO, Class A, VRN, 5.10%, (1-month SOFR plus 0.77%), 5/15/38<sup>(1)</sup> | 25223 | 25221 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, VRN, 6.44%, (1-month SOFR plus 2.11%), 6/15/27<sup>(1)</sup> | 200000 | 200903 |
| BX Trust, Series 2018-GW, Class B, VRN, 5.65%, (1-month SOFR plus 1.32%), 5/15/35<sup>(1)</sup> | 100000 | 99757 |
| BX Trust, Series 2021-ARIA, Class A, VRN, 5.34%, (1-month SOFR plus 1.01%), 10/15/36<sup>(1)</sup> | 200000 | 199091 |
| Credit Suisse Mortgage Trust, Series 2021-BHAR, Class A, VRN, 5.59%, (1-month SOFR plus 1.26%), 11/15/38<sup>(1)</sup> | 150000 | 149334 |
| Credit Suisse Mortgage Trust, Series 2021-BHAR, Class B, VRN, 5.94%, (1-month SOFR plus 1.61%), 11/15/38<sup>(1)</sup> | 200000 | 199458 |
| ELP Commercial Mortgage Trust, Series 2021-ELP, Class B, VRN, 5.56%, (1-month SOFR plus 1.23%), 11/15/38<sup>(1)</sup> | 224738 | 224081 |
| Extended Stay America Trust, Series 2021-ESH, Class D, VRN, 6.69%, (1-month SOFR plus 2.36%), 7/15/38<sup>(1)</sup> | 315644 | 316007 |
| Extended Stay America Trust, Series 2021-ESH, Class E, VRN, 7.29%, (1-month SOFR plus 2.96%), 7/15/38<sup>(1)</sup> | 85773 | 85894 |
| Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 5.84%, (1-month SOFR plus 1.51%), 3/15/38<sup>(1)</sup> | 112000 | 111075 |
| Morgan Stanley Capital I Trust, Series 2018-H3, Class D, 3.00%, 7/15/51<sup>(1)</sup> | 22000 | 18255 |
| Morgan Stanley Capital I Trust, Series 2018-L1, Class D, 3.00%, 10/15/51<sup>(1)</sup> | 39000 | 31570 |
| ONNI Commerical Mortgage Trust, Series 2024-APT, Class A, SEQ, VRN, 5.57%, 7/15/39<sup>(1)</sup> | 200000 | 203077 |
| SCG Mortgage Trust, Series 2024-MSP, Class B, VRN, 6.77%, (1-month SOFR plus 2.44%), 4/15/41<sup>(1)</sup> | 261000 | 260969 |
| SHR Trust, Series 2024-LXRY, Class B, VRN, 6.78%, (1-month SOFR plus 2.45%), 10/15/41<sup>(1)</sup> | 247000 | 247416 |
| SMRT Commercial Mortgage Trust, Series 2022-MINI, Class B, VRN, 5.68%, (1-month SOFR plus 1.35%), 1/15/39<sup>(1)</sup> | 225000 | 222923 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, VRN, 5.77%, (1-month SOFR plus 1.44%), 2/15/42<sup>(1)</sup> | 246000 | 244265 |
| THPT Mortgage Trust, Series 2023-THL, Class B, VRN, 7.67%, 12/10/34<sup>(1)</sup> | 300000 | 302947 |
| UBS Commercial Mortgage Trust, Series 2018-C14, Class B, VRN, 5.10%, 12/15/51 | 220000 | 213282 |
| UBS Commercial Mortgage Trust, Series 2018-C15, Class D, VRN, 5.14%, 12/15/51<sup>(1)</sup> | 19000 | 17021 |
| WB Commercial Mortgage Trust, Series 2024-HQ, Class A, SEQ, VRN, 5.94%, 3/15/40<sup>(1)</sup> | 209000 | 209775 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-C41, Class D, VRN, 2.60%, 11/15/50<sup>(1)</sup> | 20000 | 16621 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $3,855,329) |  | **3883731** |
| **ASSET-BACKED SECURITIES — 4.5%** |  |  |
| Affirm Asset Securitization Trust, Series 2024-X1, Class A, SEQ, 6.27%, 5/15/29<sup>(1)</sup> | 11721 | 11734 |
| Aligned Data Centers Issuer LLC, Series 2022-1A, Class A2, SEQ, 6.35%, 10/15/47<sup>(1)</sup> | 250000 | 250881 |
| BHG Securitization Trust, Series 2025-1CON, Class B, 5.26%, 4/17/36<sup>(1)</sup> | 256000 | 256657 |
| CARS-DB5 LP, Series 2021-1A, Class A3, SEQ, 1.92%, 8/15/51<sup>(1)</sup> | 247031 | 235564 |
| College Avenue Student Loans LLC, Series 2019-A, Class C, 4.46%, 12/28/48<sup>(1)</sup> | 347788 | 338093 |
| Diamond Issuer LLC, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51<sup>(1)</sup> | 165000 | 154926 |

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| | | |
|:---|:---|:---|
| Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51<sup>(1)</sup> | 100000 | 95733 |
| GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, VRN, 5.92%, (30-day average SOFR plus 1.60%), 8/25/54<sup>(1)</sup> | 205534 | 205688 |
| Hilton Grand Vacations Trust, Series 2019-AA, Class A, SEQ, 2.34%, 7/25/33<sup>(1)</sup> | 292021 | 286208 |
| Hilton Grand Vacations Trust, Series 2024-2A, Class D, 6.91%, 3/25/38<sup>(1)</sup> | 68948 | 70312 |
| Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, SEQ, 5.76%, 12/22/64<sup>(1)</sup> | 261625 | 258324 |
| MVW LLC, Series 2020-1A, Class C, 4.21%, 10/20/37<sup>(1)</sup> | 49711 | 48939 |
| Nelnet Student Loan Trust, Series 2019-5, Class A, SEQ, 2.53%, 10/25/67<sup>(1)</sup> | 48028 | 43561 |
| New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61<sup>(1)</sup> | 200000 | 182368 |
| PK Alift Loan Funding 3 LP, Series 2024-1, Class A1, SEQ, 5.84%, 9/15/39<sup>(1)</sup> | 170632 | 172283 |
| RCKT Mortgage Trust, Series 2024-CES1, Class A1A, VRN, 6.03%, 2/25/44<sup>(1)</sup> | 201776 | 202783 |
| RCKT Mortgage Trust, Series 2024-CES3, Class A1A, VRN, 6.59%, 5/25/44<sup>(1)</sup> | 77684 | 78744 |
| Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C, 3.51%, 7/20/37<sup>(1)</sup> | 56130 | 55683 |
| Towd Point Mortgage Trust, Series 2024-CES3, Class A1, VRN, 6.29%, 5/25/64<sup>(1)</sup> | 215057 | 217573 |
| Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.68%, 5/25/54<sup>(1)</sup> | 292027 | 295489 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $3,398,739) |  | **3461543** |
| **PREFERRED SECURITIES — 4.3%** |  |  |
| **Banks — 2.2%** |  |  |
| Bank of Nova Scotia, 4.90% | 106000 | 106197 |
| Citigroup, Inc., 3.875% | 190000 | 186614 |
| Citigroup, Inc., 4.00% | 146000 | 144871 |
| Citizens Financial Group, Inc., 5.65% | 240000 | 240031 |
| Comerica, Inc., 5.625% | 160000 | 160108 |
| Fifth Third Bancorp, 4.50% | 230000 | 228975 |
| M&T Bank Corp., 5.125%<sup>(3)</sup> | 18000 | 17789 |
| Regions Financial Corp., 5.75% | 385000 | 385649 |
| Wells Fargo & Co., 5.875% | 200000 | 200024 |
|  |  | 1670258 |
| **Capital Markets — 0.4%** |  |  |
| Charles Schwab Corp., 4.00% | 162000 | 160298 |
| Charles Schwab Corp., 5.375% | 25000 | 25000 |
| Goldman Sachs Group, Inc., 7.38% | 76000 | 76531 |
|  |  | 261829 |
| **Consumer Finance — 0.6%** |  |  |
| Ally Financial, Inc., 4.70% | 302000 | 286266 |
| American Express Co., 3.55% | 210000 | 203606 |
|  |  | 489872 |
| **Electric Utilities — 0.2%** |  |  |
| Edison International, 5.375% | 185000 | 176101 |
| **Multi-Utilities — 0.2%** |  |  |
| Sempra, 4.875% | 145000 | 144437 |
| **Oil, Gas and Consumable Fuels — 0.5%** |  |  |
| Energy Transfer LP, 6.50% | 385000 | 384993 |
| **Trading Companies and Distributors — 0.2%** |  |  |
| Aircastle Ltd., 5.25%<sup>(1)</sup> | 170000 | 169239 |
| **TOTAL PREFERRED SECURITIES**<br>(Cost $3,267,891) |  | **3296729** |
| **COLLATERALIZED LOAN OBLIGATIONS — 2.9%** |  |  |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 5.79%, (1-month SOFR plus 1.46%), 11/15/36<sup>(1)</sup> | 65569 | 65588 |
| BSPRT Issuer Ltd., Series 2023-FL10, Class A, VRN, 6.59%, (1-month SOFR plus 2.26%), 9/15/35<sup>(1)</sup> | 99949 | 100100 |
| BXMT Ltd., Series 2021-FL4, Class AS, VRN, 5.74%, (1-month SOFR plus 1.41%), 5/15/38<sup>(1)</sup> | 250000 | 243339 |
| CBAM Ltd., Series 2019-11RA, Class C, VRN, 6.78%, (3-month SOFR plus 2.51%), 1/20/35<sup>(1)</sup> | 100000 | 100105 |
| Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 6.29%, (3-month SOFR plus 1.96%), 11/15/28<sup>(1)</sup> | 75000 | 75240 |
| Elmwood CLO 24 Ltd., Series 2023-3A, Class CR, VRN, 6.03%, (3-month SOFR plus 1.75%), 1/17/38<sup>(1)</sup> | 250000 | 250266 |

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---

| | | |
|:---|:---|:---|
| HGI CRE CLO Ltd., Series 2021-FL1, Class AS, VRN, 5.84%, (1-month SOFR plus 1.51%), 6/16/36<sup>(1)</sup> | 125000 | 124623 |
| KKR CLO 10 Ltd., Series 10, Class BR, VRN, 6.26%, (3-month SOFR plus 1.96%), 9/15/29<sup>(1)</sup> | 133515 | 133768 |
| PFP Ltd., Series 2022-9, Class A, VRN, 6.60%, (1-month SOFR plus 2.27%), 8/19/35<sup>(1)</sup> | 62961 | 63146 |
| Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class A, VRN, 6.70%, (1-month SOFR plus 2.37%), 10/25/39<sup>(1)</sup> | 32975 | 32997 |
| Reese Park CLO Ltd., Series 2020-1A, Class CRR, VRN, 6.16%, (3-month SOFR plus 1.90%), 1/15/38<sup>(1)</sup> | 250000 | 250711 |
| Sixth Street CLO VIII Ltd., Series 2017-8A, Class BR2, VRN, 6.07%, (3-month SOFR plus 1.80%), 10/20/34<sup>(1)</sup> | 325000 | 325248 |
| Stewart Park CLO Ltd., Series 2015-1A, Class CR, VRN, 6.32%, (3-month SOFR plus 2.06%), 1/15/30<sup>(1)</sup> | 75000 | 75210 |
| Trimaran CAVU Ltd., Series 2019-1A, Class CR, VRN, 6.22%, (3-month SOFR plus 1.95%), 1/20/37<sup>(1)</sup> | 300000 | 300531 |
| TRTX Issuer Ltd., Series 2021-FL4, Class A, VRN, 5.64%, (1-month SOFR plus 1.31%), 3/15/38<sup>(1)</sup> | 68083 | 67877 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $2,180,461) |  | **2208749** |
| **BANK LOAN OBLIGATIONS**<sup>(5)</sup> **— 0.6%** |  |  |
| **Air Freight and Logistics — 0.3%** |  |  |
| Rand Parent LLC, 2025 Term Loan B, 7.30%, (3-month SOFR plus 3.00%), 3/18/30 | 251370 | 247097 |
| **Passenger Airlines — 0.2%** |  |  |
| American Airlines, Inc., 2024 1st Lien Term Loan B, 6.50%, (6-month SOFR plus 2.25%), 2/15/28 | 132300 | 130829 |
| **Pharmaceuticals — 0.1%** |  |  |
| Elanco Animal Health, Inc., Term Loan B, 6.17%, (1-month SOFR plus 1.75%), 8/1/27 | 101187 | 101185 |
| **TOTAL BANK LOAN OBLIGATIONS**<br>(Cost $483,799) |  | **479111** |
| **SHORT-TERM INVESTMENTS — 0.6%** |  |  |
| **Money Market Funds — 0.6%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(6)</sup><br>(Cost $458,655) | 458655 | **458655** |
| **TOTAL INVESTMENT SECURITIES — 100.2%**<br>(Cost $76,557,760) |  | **76936762** |
| **OTHER ASSETS AND LIABILITIES — (0.2)%** |  | **(116002)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**76820760** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS PURCHASED** | | | | |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)^** |
| U.S. Treasury 2-Year Notes | 115 | September 2025 | $23855312 | $37418 |
| U.S. Treasury 5-Year Notes | 14 | September 2025 | 1514625 | 7475 |
| U.S. Treasury 10-Year Ultra Notes | 2 | September 2025 | 225094 | 621 |
|  |  |  | $25595031 | $45514 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS SOLD** | | | | |
| **Reference Entity** | **Contracts** | **Expiration Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)^** |
| U.S. Treasury 10-Year Notes | 7 | September 2025 | $775250 | $(2147) |
| U.S. Treasury Long Bonds | 1 | September 2025 | 112781 | (650) |
|  |  |  | $888031 | $(2797) |

---

^Amount represents value and unrealized appreciation (depreciation).

------

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| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| SEQ | – | Sequential Payer |
| SOFR | – | Secured Overnight Financing Rate |
| VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security's offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |

---

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $34,974,006, which represented 45.5% of total net assets.

(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $443,309. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(4)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $359,715.

(5)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.

(6)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $458,655.

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**SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS**

**1. Investment Valuations**

The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, bank loan obligations, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred securities and convertible preferred securities with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment's primary exchange but before the fund's NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

**2. Fair Value Measurements**

The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

• Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

• Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

• Level 3 valuation inputs consist of unobservable data (including a fund's own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

------

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.

---

| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Corporate Bonds |  | $31993390 |  |
| U.S. Treasury Securities |  | 15614133 |  |
| Collateralized Mortgage Obligations |  | 10731180 |  |
| Convertible Preferred Securities |  | 4809541 |  |
| Commercial Mortgage-Backed Securities |  | 3883731 |  |
| Asset-Backed Securities |  | 3461543 |  |
| Preferred Securities |  | 3296729 |  |
| Collateralized Loan Obligations |  | 2208749 |  |
| Bank Loan Obligations |  | 479111 |  |
| Short-Term Investments | $458655 |  |  |
|  | $458655 | $76478107 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $45514 |  |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $2797 |  |  |

---

*This schedule of investments provides information about the fund's portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund's most recent annual or semiannual shareholder report.*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** American Century ETF Trust

- **b. Investment Company Act file number:** 811-23305

- **c. CIK number of Registrant:** 0001710607

- **d. LEI of Registrant:** 5493006IKK34YJD98183

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

  - **Street Address 1:** 4500 Main St

  - **City:** Kansas City

  - **State:** MO

  - **Foreign country:** US

  - **Zip / Postal Code:** 64111

  - **Telephone number:** 816-531-5575

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

- **a. Name of Series:** American Century Short Duration Strategic Income ETF

- **b. EDGAR series identifier (if any):** S000077487

- **c. LEI of Series:** 549300ORQDHWNQN1V176

**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:** $78142225.36

**Total Liabilities:** $1311241.05

**Net Assets:** $76830984.31

**Cash Not Reported:** $388112.83

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 218.000000000000 | **1-Year:** 2226.000000000000 | **5-Year:** 3227.000000000000 | **10-Year:** 1137.000000000000 | **30-Year:** 3218.000000000000

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

- **3-Month:** 25.000000000000 | **1-Year:** 610.000000000000 | **5-Year:** 880.000000000000 | **10-Year:** 121.000000000000 | **30-Year:** 764.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237948 | 0.16%                | 0.59%                | 0.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $40447.73                | $-247266.27                                |
| Month 2  | $21203.65                | $-89824.52                                 |
| Month 3  | $-46149.65               | $43403.13                                  |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AppLovin Corp                                                                                                                 | AppLovin Corp 5.13 12/01/2029                                                             | CUSIP: 03831WAB4<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    240000 | PA      | $241686.94    | 0.31%             | 2029-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Trust Inc                                                                                                        | Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd 5.79                               | CUSIP: 03880RAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     65569 | PA      | $65587.75     | 0.09%             | 2036-11-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp                                                                                                             | Ares Capital Corp 3.25 07/15/2025                                                         | CUSIP: 04010LAY9<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199563.50    | 0.26%             | 2025-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Ares Strategic Income Fund                                                                                                    | Ares Strategic Income Fund 5.70 03/15/2028                                                | CUSIP: 04020EAG2<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170321.97    | 0.22%             | 2028-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2018-L1                                                                                        | Morgan Stanley Capital I Trust 2018-L1 3.00                                               | CUSIP: 61691QAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     39000 | PA      | $31570.00     | 0.04%             | 2051-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                                | Morgan Stanley 4.99 04/12/2029                                                            | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    105000 | PA      | $106006.61    | 0.14%             | 2029-04-12      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2018-H3                                                                                        | Morgan Stanley Capital I Trust 2018-H3 3.00                                               | CUSIP: 61767YAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22000 | PA      | $18254.65     | 0.02%             | 2051-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2024-3                                                                         | Morgan Stanley Residential Mortgage Loan Trust 2024-3 6.00                                | CUSIP: 61776QAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     91953 | PA      | $92117.02     | 0.12%             | 2054-07-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NMI Holdings Inc                                                                                                              | NMI Holdings Inc 6.00 08/15/2029                                                          | CUSIP: 629209AC1<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233720.31    | 0.30%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| National Bank Canada                                                                                                          | National Bank of Canada 5.60 07/02/2027                                                   | CUSIP: 63307A3A1<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $252378.05    | 0.33%             | 2027-07-02      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| NNN REIT Inc                                                                                                                  | NNN REIT Inc 3.50 10/15/2027                                                              | CUSIP: 637417AK2<br>LEI: 5493008JKH5SOTI0JS97 | Long             | DBT              | CORP              | US        |     63000 | PA      | $61510.40     | 0.08%             | 2027-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                                                                                                   | Nationwide Building Society 4.13 10/18/2032                                               | CUSIP: 63859WAF6<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $242416.60    | 0.32%             | 2032-10-18      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust 2019-5                                                                                              | Nelnet Student Loan Trust 2019-5 2.53                                                     | CUSIP: 64034EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48028 | PA      | $43560.59     | 0.06%             | 2067-10-25      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| New Economy Assets - Phase 1 Sponsor LLC                                                                                      | New Economy Assets - Phase 1 Sponsor LLC 2.41                                             | CUSIP: 643821AB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $182367.84    | 0.24%             | 2061-10-20      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| Constellation Oil Services Holding SA                                                                                         | Constellation Oil Services Holding SA 9.38 11/07/2029                                     | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     20000 | PA      | $19975.00     | 0.03%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc                                                                                                             | Nexstar Media Inc 5.63 07/15/2027                                                         | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179392.73    | 0.23%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                                                                                | Nissan Motor Acceptance Co LLC 6.95 09/15/2026                                            | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    195000 | PA      | $197539.27    | 0.26%             | 2026-09-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                                                                                               | Nordea Bank Abp (pfd) 6.63% 09/26/2173 Perpetual                                          | CUSIP: 65559CAA9<br>LEI: 529900ODI3047E2LIV03 | Long             | EP               | CORP              | FI        |    200000 | NS      | $201013.00    | 0.26%             |  |  |  | No            |                  2 | On Loan: —       |
| Northern Trust Corp                                                                                                           | Northern Trust Corp 3.38 05/08/2032                                                       | CUSIP: 665859AS3<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |    448000 | PA      | $433106.18    | 0.56%             | 2032-05-08      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Nuveen Churchill Direct Lending Corp                                                                                          | Nuveen Churchill Direct Lending Corp 6.65 03/15/2030                                      | CUSIP: 67090SAA6<br>LEI: 254900X3ULEP6XX7HG39 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122229.52    | 0.16%             | 2030-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: —       |
| OBX 2022-NQM9 Trust                                                                                                           | OBX 2022-NQM9 Trust 6.45                                                                  | CUSIP: 67118LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    161068 | PA      | $161064.17    | 0.21%             | 2062-09-25      | Variable      | 6.45%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM11 Trust                                                                                                          | OBX 2024-NQM11 Trust 6.23                                                                 | CUSIP: 67119EAC0<br>LEI: 254900F5LT8CA1U6PK21 | Long             | ABS-MBS          | CORP              | US        |    200797 | PA      | $201622.57    | 0.26%             | 2064-06-25      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM7 Trust                                                                                                           | OBX 2024-NQM7 Trust 6.24                                                                  | CUSIP: 67119FAA1<br>LEI: 254900FVMB3WTXJGGR91 | Long             | ABS-MBS          | CORP              | US        |    293465 | PA      | $295930.42    | 0.39%             | 2064-03-25      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| Benchmark 2018-B5 Mortgage Trust                                                                                              | Benchmark 2018-B5 Mortgage Trust 4.57                                                     | CUSIP: 08160BAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    104014 | PA      | $96539.55     | 0.13%             | 2051-07-15      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Benchmark 2018-B5 Mortgage Trust                                                                                              | Benchmark 2018-B5 Mortgage Trust 3.10                                                     | CUSIP: 08160BAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $77136.27     | 0.10%             | 2051-07-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Benchmark 2020-B16 Mortgage Trust                                                                                             | Benchmark 2020-B16 Mortgage Trust 2.50                                                    | CUSIP: 08161NAW7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     68000 | PA      | $50156.08     | 0.07%             | 2053-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Benchmark 2019-B13 Mortgage Trust                                                                                             | Benchmark 2019-B13 Mortgage Trust 2.50                                                    | CUSIP: 08162DAR9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23000 | PA      | $12897.24     | 0.02%             | 2057-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BHG Securitization Trust 2025-1CON                                                                                            | BHG Securitization Trust 2025-1CON 5.26                                                   | CUSIP: 08860AAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    256000 | PA      | $256657.02    | 0.33%             | 2036-04-17      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                                                                | Blackstone Private Credit Fund 7.05 09/29/2025                                            | CUSIP: 09261HBA4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201284.94    | 0.26%             | 2025-09-29      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                                                                | Blackstone Private Credit Fund 7.30 11/27/2028                                            | CUSIP: 09261HBC0<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     79000 | PA      | $83691.64     | 0.11%             | 2028-11-27      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                                                                | Blackstone Private Credit Fund 5.95 07/16/2029                                            | CUSIP: 09261HBN6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55524.68     | 0.07%             | 2029-07-16      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Blue Racer Midstream LLC / Blue Racer Finance Corp                                                                            | Blue Racer Midstream LLC / Blue Racer Finance Corp 7.00 07/15/2029                        | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $108563.39    | 0.14%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Blue Owl Technology Finance Corp                                                                                              | Blue Owl Technology Finance Corp 6.10 03/15/2028                                          | CUSIP: 095924AA4<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    176000 | PA      | $174568.78    | 0.23%             | 2028-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Boeing Co/The                                                                                                                 | Boeing Co/The 2.20 02/04/2026                                                             | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    270000 | PA      | $265268.91    | 0.35%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Boeing Co/The                                                                                                                 | Boeing Co/The 6.30 05/01/2029                                                             | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    199000 | PA      | $209365.55    | 0.27%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                                                                                | Braskem Netherlands Finance BV 4.50 01/31/2030                                            | CUSIP: 10554TAD7<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $164160.76    | 0.21%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Trust 2025-SR1                                                                                                          | BRAVO Trust 2025-SR1 3.00                                                                 | CUSIP: 10567UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    294213 | PA      | $281116.95    | 0.37%             | 2045-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Corp / Broadcom Cayman Finance Ltd                                                                                   | Broadcom Corp / Broadcom Cayman Finance Ltd 3.88 01/15/2027                               | CUSIP: 11134LAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $193441.23    | 0.25%             | 2027-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                                                                  | Broadcom Inc 4.80 04/15/2028                                                              | CUSIP: 11135FCE9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    220000 | PA      | $222588.89    | 0.29%             | 2028-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BX Trust 2018-GW                                                                                                              | BX Trust 2018-GW 5.65                                                                     | CUSIP: 12433UAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99756.66     | 0.13%             | 2035-05-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp                                                                                  | CCO Holdings LLC / CCO Holdings Capital Corp 5.13 05/01/2027                              | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $227770.96    | 0.30%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CARS-DB5 LP                                                                                                                   | CARS-DB5 LP 1.92                                                                          | CUSIP: 12510HAM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    247031 | PA      | $235564.40    | 0.31%             | 2051-08-15      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans 2019-A LLC                                                                                          | College Ave Student Loans 2019-A LLC 4.46                                                 | CUSIP: 19421UAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    347788 | PA      | $338093.04    | 0.44%             | 2048-12-28      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Comerica Inc                                                                                                                  | Comerica Inc (pfd) 5.63% 10/01/2173 Perpetual                                             | CUSIP: 200340AU1<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EP               | CORP              | US        |    160000 | NS      | $160108.42    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Comerica Inc                                                                                                                  | Comerica Inc 5.98 01/30/2030                                                              | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |    170000 | PA      | $172828.50    | 0.22%             | 2030-01-30      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2024-R01                                                                                  | Connecticut Avenue Securities Trust 2024-R01 5.37                                         | CUSIP: 20753UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     92446 | PA      | $92515.19     | 0.12%             | 2044-01-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust 2024-2                                                                                           | Hilton Grand Vacations Trust 2024-2 6.91                                                  | CUSIP: 43283JAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     68948 | PA      | $70312.40     | 0.09%             | 2038-03-25      | Fixed         | 6.91%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust 2019-A                                                                                           | Hilton Grand Vacations Trust 2019-A 2.34                                                  | CUSIP: 43284HAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    292021 | PA      | $286207.94    | 0.37%             | 2033-07-25      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                                                                                      | Service Properties Trust 5.25 02/15/2026                                                  | CUSIP: 44106MAV4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168584.27    | 0.22%             | 2026-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corp                                                                                                             | Hyatt Hotels Corp 5.75 01/30/2027                                                         | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    266000 | PA      | $270621.59    | 0.35%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corp                                                                                                             | Hyatt Hotels Corp 5.05 03/30/2028                                                         | CUSIP: 448579AU6<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40208.99     | 0.05%             | 2028-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Illumina Inc                                                                                                                  | Illumina Inc 5.80 12/12/2025                                                              | CUSIP: 452327AN9<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    440000 | PA      | $441537.80    | 0.57%             | 2025-12-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Illumina Inc                                                                                                                  | Illumina Inc 4.65 09/09/2026                                                              | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    207000 | PA      | $206821.48    | 0.27%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                                                                                                  | ING Groep NV (pfd) 5.75% 11/16/2173 Perpetual                                             | CUSIP: 456837AR4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EP               | CORP              | NL        |    200000 | NS      | $198932.70    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Intel Corp                                                                                                                    | Intel Corp 4.88 02/10/2026                                                                | CUSIP: 458140CD0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140099.89    | 0.18%             | 2026-02-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| International Game Technology PLC                                                                                             | International Game Technology PLC 4.13 04/15/2026                                         | CUSIP: 460599AF0<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198643.20    | 0.26%             | 2026-04-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                                                                           | Intesa Sanpaolo SpA (pfd) 7.70% 03/17/2174 Perpetual                                      | CUSIP: 46115HAU1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EP               | CORP              | IT        |    400000 | NS      | $402242.74    | 0.52%             |  |  |  | No            |                  2 | On Loan: —       |
| JP Morgan Mortgage Trust 2024-9                                                                                               | JP Morgan Mortgage Trust 2024-9 5.50                                                      | CUSIP: 46593DAK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114518 | PA      | $114096.03    | 0.15%             | 2055-02-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust 2023-6                                                                                             | J.P. Morgan Mortgage Trust 2023-6 6.00                                                    | CUSIP: 465989AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    196117 | PA      | $197217.17    | 0.26%             | 2053-12-26      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                                                                                           | JPMorgan Chase & Co 4.51 10/22/2028                                                       | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    131000 | PA      | $130752.48    | 0.17%             | 2028-10-22      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust 2023-8                                                                                             | J.P. Morgan Mortgage Trust 2023-8 6.00                                                    | CUSIP: 46657CAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    345478 | PA      | $347357.14    | 0.45%             | 2054-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust Series 2024-6                                                                                        | JP Morgan Mortgage Trust Series 2024-6 6.00                                               | CUSIP: 46657YAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     62838 | PA      | $62951.10     | 0.08%             | 2054-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust Series 2024-8                                                                                        | JP Morgan Mortgage Trust Series 2024-8 5.50                                               | CUSIP: 46658GAK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    147653 | PA      | $147590.58    | 0.19%             | 2055-01-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust 2024-10                                                                                            | J.P. Morgan Mortgage Trust 2024-10 5.50                                                   | CUSIP: 46658LAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    133215 | PA      | $132690.74    | 0.17%             | 2055-03-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust 2024-10                                                                                            | J.P. Morgan Mortgage Trust 2024-10 5.50                                                   | CUSIP: 46658LAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    192922 | PA      | $192252.67    | 0.25%             | 2055-03-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PK Alift Loan Funding 3 LP                                                                                                    | PK Alift Loan Funding 3 LP 5.84                                                           | CUSIP: 69291VAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170632 | PA      | $172283.02    | 0.22%             | 2039-09-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc/The                                                                                          | PNC Financial Services Group Inc/The 5.10 07/23/2027                                      | CUSIP: 693475BY0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    365000 | PA      | $367245.20    | 0.48%             | 2027-07-23      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2024-10                                                                                                | Sequoia Mortgage Trust 2024-10 5.50                                                       | CUSIP: 81749QAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    234391 | PA      | $233578.20    | 0.30%             | 2054-11-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                                                                                      | Service Properties Trust 8.38 06/15/2029                                                  | CUSIP: 81761LAD4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177423.75    | 0.23%             | 2029-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Sierra Timeshare 2020-2 Receivables Funding LLC                                                                               | Sierra Timeshare 2020-2 Receivables Funding LLC 3.51                                      | CUSIP: 826525AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     56130 | PA      | $55682.88     | 0.07%             | 2037-07-20      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                                                                                           | Sirius XM Radio LLC 3.13 09/01/2026                                                       | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    365000 | PA      | $356841.25    | 0.46%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO VIII Ltd                                                                                                     | SIXST 2017-8A BR2 0.00                                                                    | CUSIP: 83012VAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    325000 | PA      | $325248.40    | 0.42%             | 2034-10-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc / SkyMiles IP Ltd                                                                                         | Delta Air Lines Inc / SkyMiles IP Ltd 4.50 10/20/2025                                     | CUSIP: 830867AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14750 | PA      | $14695.39     | 0.02%             | 2025-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                                                                           | Societe Generale SA (pfd) 4.75% 11/26/2173 Perpetual                                      | CUSIP: 83370RAB4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EP               | CORP              | FR        |    400000 | NS      | $392816.64    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Co/The                                                                                                               | Southern Co/The 4.00 01/15/2051                                                           | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198517.69    | 0.26%             | 2051-01-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp                                                                                                          | OneMain Finance Corp 7.13 03/15/2026                                                      | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    192000 | PA      | $194733.89    | 0.25%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Spirit AeroSystems Inc                                                                                                        | Spirit AeroSystems Inc 4.60 06/15/2028                                                    | CUSIP: 85205TAK6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     95000 | PA      | $92699.90     | 0.12%             | 2028-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corp                                                                                                           | Sprint Capital Corp 6.88 11/15/2028                                                       | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    145000 | PA      | $155150.68    | 0.20%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                                                                        | Standard Chartered PLC (pfd) 6.00% 01/26/2174 Perpetual                                   | CUSIP: 853254BT6<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EP               | CORP              | GB        |    200000 | NS      | $200205.92    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Industries Inc/NY                                                                                                    | Standard Industries Inc/NY 5.00 02/15/2027                                                | CUSIP: 853496AC1<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    260000 | PA      | $258391.67    | 0.34%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Corp                                                                                                             | State Street Corp 4.54 04/24/2028                                                         | CUSIP: 857477DA8<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    137000 | PA      | $137355.97    | 0.18%             | 2028-04-24      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Stewart Park CLO                                                                                                              | Stewart Park CLO Ltd 6.32                                                                 | CUSIP: 860444AS7<br>LEI: 549300FC1IHOM4H6GL63 | Long             | ABS-CBDO         | CORP              | US        |     75000 | PA      | $75209.59     | 0.10%             | 2030-01-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                                                                  | Synopsys Inc 4.65 04/01/2028                                                              | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105658.78    | 0.14%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| THPT 2023-THL Mortgage Trust                                                                                                  | THPT 2023-THL Mortgage Trust 7.67                                                         | CUSIP: 87252LAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $302946.54    | 0.39%             | 2034-12-10      | Variable      | 7.67%                 | No            |                  2 | On Loan: No      |
| TRTX 2021-FL4 Issuer Ltd                                                                                                      | TRTX 2021-FL4 Issuer Ltd 5.64                                                             | CUSIP: 87276WAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     68083 | PA      | $67877.23     | 0.09%             | 2038-03-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Taylor Morrison Communities Inc                                                                                               | Taylor Morrison Communities Inc 5.75 01/15/2028                                           | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     54000 | PA      | $54353.16     | 0.07%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEGNA Inc                                                                                                                     | TEGNA Inc 4.75 03/15/2026                                                                 | CUSIP: 87901JAF2<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    205000 | PA      | $203883.06    | 0.27%             | 2026-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp                                                                                                         | Tenet Healthcare Corp 6.25 02/01/2027                                                     | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    180000 | PA      | $180240.48    | 0.23%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Warner Media LLC                                                                                                              | Warner Media LLC 3.80 02/15/2027                                                          | CUSIP: 887317BB0<br>LEI: 5493004RSX004WU3UT62 | Long             | DBT              | CORP              | US        |     86000 | PA      | $82845.49     | 0.11%             | 2027-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| TopBuild Corp                                                                                                                 | TopBuild Corp 3.63 03/15/2029                                                             | CUSIP: 89055FAB9<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |    120000 | PA      | $112434.06    | 0.15%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank/The                                                                                                     | Toronto-Dominion Bank/The 8.13 10/31/2082                                                 | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $419932.40    | 0.55%             | 2082-10-31      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust 2024-CES3                                                                                           | Towd Point Mortgage Trust 2024-CES3 6.29                                                  | CUSIP: 89183EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215057 | PA      | $217572.79    | 0.28%             | 2064-05-25      | Variable      | 6.29%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                                                                                                 | TransDigm Inc 4.63 01/15/2029                                                             | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    160000 | PA      | $155077.55    | 0.20%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                                                                                                 | TransDigm Inc 4.88 05/01/2029                                                             | CUSIP: 893647BQ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    160000 | PA      | $155027.46    | 0.20%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Triangle Re 2023-1 Ltd                                                                                                        | Triangle Re 2023-1 Ltd 7.72                                                               | CUSIP: 89589AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     52206 | PA      | $52839.97     | 0.07%             | 2033-11-25      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU LLC                                                                                                             | Trimaran Cavu 2019-1 Ltd 6.22                                                             | CUSIP: 89624CDL3<br>LEI: 549300IGMQ24BLOIU872 | Long             | ABS-CBDO         | CORP              | US        |    300000 | PA      | $300531.24    | 0.39%             | 2037-01-20      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Truist Bank                                                                                                                   | Truist Bank 4.67 05/20/2027                                                               | CUSIP: 89788JAE9<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250229.68    | 0.33%             | 2027-05-20      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| Trust Fibra Uno                                                                                                               | Trust Fibra Uno 4.87 01/15/2030                                                           | CUSIP: 898339AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    400000 | PA      | $374399.72    | 0.49%             | 2030-01-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust 2018-C14                                                                                        | UBS Commercial Mortgage Trust 2018-C14 5.10                                               | CUSIP: 90278KBE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220000 | PA      | $213281.97    | 0.28%             | 2051-12-15      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust 2018-C15                                                                                        | UBS Commercial Mortgage Trust 2018-C15 5.14                                               | CUSIP: 90278LAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19000 | PA      | $17021.18     | 0.02%             | 2051-12-15      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| US Bank NA/Cincinnati OH                                                                                                      | US Bank NA/Cincinnati OH 4.51 10/22/2027                                                  | CUSIP: 90331HPP2<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249783.84    | 0.33%             | 2027-10-22      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                                                                                 | UniCredit SpA 5.86 06/19/2032                                                             | CUSIP: 904678AF6<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $200543.08    | 0.26%             | 2032-06-19      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| US Bancorp                                                                                                                    | US Bancorp 5.73 10/21/2026                                                                | CUSIP: 91159HJH4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    195000 | PA      | $195753.54    | 0.25%             | 2026-10-21      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| U.S. TREASURY                                                                                                                 | United States Treasury Note/Bond 4.25 03/31/2029                                          | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1612281.25   | 2.10%             | 2029-03-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| U.S. TREASURY                                                                                                                 | United States Treasury Note/Bond 4.63 06/15/2027                                          | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $405640.62    | 0.53%             | 2027-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| U.S. TREASURY                                                                                                                 | United States Treasury Note/Bond 4.25 01/15/2028                                          | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1513916.01   | 1.97%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| U.S. TREASURY                                                                                                                 | United States Treasury Note/Bond 3.75 05/15/2028                                          | CUSIP: 91282CND9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12300000 | PA      | $12263964.81  | 15.96%            | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Universal Health Services Inc                                                                                                 | Universal Health Services Inc 1.65 09/01/2026                                             | CUSIP: 913903AZ3<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    165000 | PA      | $158695.24    | 0.21%             | 2026-09-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2021-R2                                                                                            | Verus Securitization Trust 2021-R2 1.23                                                   | CUSIP: 92538DAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     37538 | PA      | $34727.66     | 0.05%             | 2064-02-25      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2024-4                                                                                             | Verus Securitization Trust 2024-4 6.22                                                    | CUSIP: 92540GAA6<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-MBS          | CORP              | US        |    122210 | PA      | $123224.97    | 0.16%             | 2069-06-25      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2024-5                                                                                             | Verus Securitization Trust 2024-5 6.19                                                    | CUSIP: 92540HAA4<br>LEI: 213800YE6HC7EZSFHW30 | Long             | ABS-MBS          | CORP              | US        |    268161 | PA      | $270399.66    | 0.35%             | 2069-06-25      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp                                                                                                            | Expand Energy Corp 6.75 04/15/2029                                                        | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    210000 | PA      | $212597.07    | 0.28%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust 2020-2                                                                                       | Vista Point Securitization Trust 2020-2 1.48                                              | CUSIP: 92838TAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     52654 | PA      | $50517.53     | 0.07%             | 2065-04-25      | Variable      | 1.48%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust 2024-CES1                                                                                    | Vista Point Securitization Trust 2024-CES1 6.68                                           | CUSIP: 92839HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    292027 | PA      | $295489.01    | 0.38%             | 2054-05-25      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                                                                                       | Volkswagen Group of America Finance LLC 4.90 08/14/2026                                   | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400192.51    | 0.52%             | 2026-08-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Vornado Realty LP                                                                                                             | Vornado Realty LP 2.15 06/01/2026                                                         | CUSIP: 929043AK3<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |    183000 | PA      | $176993.03    | 0.23%             | 2026-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| WB Commercial Mortgage Trust 2024-HQ                                                                                          | WB Commercial Mortgage Trust 2024-HQ 5.94                                                 | CUSIP: 92943PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    209000 | PA      | $209774.85    | 0.27%             | 2040-03-15      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co                                                                                                              | Wells Fargo & Co (pfd) 5.88% 06/15/2173 Perpetual                                         | CUSIP: 949746RN3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |    200000 | NS      | $200023.75    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo & Co                                                                                                              | Wells Fargo & Co 4.90 01/24/2028                                                          | CUSIP: 95000U3R2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    310000 | PA      | $311277.17    | 0.41%             | 2028-01-24      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co                                                                                                              | Wells Fargo & Co 4.97 04/23/2029                                                          | CUSIP: 95000U3T8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    160000 | PA      | $161222.64    | 0.21%             | 2029-04-23      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2017-C41                                                                                | Wells Fargo Commercial Mortgage Trust 2017-C41 2.60                                       | CUSIP: 95001AAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     20000 | PA      | $16621.53     | 0.02%             | 2050-11-15      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                                  | UBS Group AG (pfd) 5.13% 07/29/2173 Perpetual                                             | CUSIP: H42097BR7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EP               | CORP              | CH        |    200000 | NS      | $198571.30    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                                                               | Danske Bank A/S (pfd) 4.38% 11/18/2173 Perpetual                                          | CUSIP: K2227DL59<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EP               | CORP              | DK        |    200000 | NS      | $196702.25    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                                                                                              | Skandinaviska Enskilda Banken AB (pfd) 6.88% 12/30/2173 Perpetual                         | CUSIP: W8T54FK56<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EP               | CORP              | SE        |    200000 | NS      | $204000.00    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| PNC Bank NA                                                                                                                   | PNC Bank NA 4.05 07/26/2028                                                               | CUSIP: 69349LAR9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    205000 | PA      | $202058.33    | 0.26%             | 2028-07-26      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Paychex Inc                                                                                                                   | Paychex Inc 5.10 04/15/2030                                                               | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |     91000 | PA      | $92220.80     | 0.12%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                                                                           | Petroleos Mexicanos 4.50 01/23/2026                                                       | CUSIP: 71654QBW1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    164000 | PA      | $160973.36    | 0.21%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                                                                           | Petroleos Mexicanos 6.50 03/13/2027                                                       | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    340000 | PA      | $333768.41    | 0.43%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                                                                           | Petroleos Mexicanos 5.35 02/12/2028                                                       | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     98000 | PA      | $92172.75     | 0.12%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                                                                           | Petroleos Mexicanos 6.49 01/23/2027                                                       | CUSIP: 71654QDB5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    164000 | PA      | $161018.10    | 0.21%             | 2027-01-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| Piedmont Operating Partnership LP                                                                                             | Piedmont Operating Partnership LP 3.15 08/15/2030                                         | CUSIP: 720198AE0<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8817.93      | 0.01%             | 2030-08-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Piedmont Operating Partnership LP                                                                                             | Piedmont Operating Partnership LP 9.25 07/20/2028                                         | CUSIP: 720198AG5<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              | CORP              | US        |     93000 | PA      | $102726.75    | 0.13%             | 2028-07-20      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Piedmont Operating Partnership LP                                                                                             | Piedmont Operating Partnership LP 6.88 07/15/2029                                         | CUSIP: 720198AJ9<br>LEI: 549300WKGDPAS39FBD10 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20710.83     | 0.03%             | 2029-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Pinnacle West Capital Corp                                                                                                    | Pinnacle West Capital Corp 5.15 05/15/2030                                                | CUSIP: 723484AN1<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |    136000 | PA      | $137600.47    | 0.18%             | 2030-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Planet Financial Group LLC                                                                                                    | Planet Financial Group LLC 10.50 12/15/2029                                               | CUSIP: 72702AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $73963.46     | 0.10%             | 2029-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Trust 2024-1                                                                                       | Provident Funding Mortgage Trust 2024-1 5.50                                              | CUSIP: 74389BAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    247111 | PA      | $246188.23    | 0.32%             | 2054-12-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| QXO Building Products Inc                                                                                                     | QXO Building Products Inc 6.75 04/30/2032                                                 | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     53000 | PA      | $54476.04     | 0.07%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust 2024-CES1                                                                                                 | RCKT Mortgage Trust 2024-CES1 6.03                                                        | CUSIP: 749424AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    201776 | PA      | $202782.99    | 0.26%             | 2044-02-25      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2024-8                                                                                                 | Sequoia Mortgage Trust 2024-8 5.50                                                        | CUSIP: 81749NAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    186427 | PA      | $185666.52    | 0.24%             | 2054-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2024-8                                                                                                 | Sequoia Mortgage Trust 2024-8 5.50                                                        | CUSIP: 81749NAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    149349 | PA      | $148756.33    | 0.19%             | 2054-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2024-9                                                                                                 | Sequoia Mortgage Trust 2024-9 5.50                                                        | CUSIP: 81749PAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    117025 | PA      | $116978.85    | 0.15%             | 2054-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2024-10                                                                                                | Sequoia Mortgage Trust 2024-10 5.50                                                       | CUSIP: 81749QAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     78966 | PA      | $78658.90     | 0.10%             | 2054-11-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| RCKT Mortgage Trust 2024-CES3                                                                                                 | RCKT Mortgage Trust 2024-CES3 6.59                                                        | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     77684 | PA      | $78743.67     | 0.10%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Rand Parent LLC                                                                                                               | RAND PARENT LLC 2025 TERM LOAN B                                                          | CUSIP: 75223LAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    251370 | PA      | $247096.71    | 0.32%             | 2030-03-18      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| RATE Mortgage Trust 2024-J3                                                                                                   | RATE Mortgage Trust 2024-J3 5.50                                                          | CUSIP: 75409UAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    313621 | PA      | $312696.91    | 0.41%             | 2054-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Ready Capital Corp                                                                                                            | Ready Capital Mortgage Financing 2023-FL11 LLC 6.70                                       | CUSIP: 75575RAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     32975 | PA      | $32996.96     | 0.04%             | 2039-10-25      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| REESE PARK CLO LTD                                                                                                            | REESE PARK CLO LTD 6.16                                                                   | CUSIP: 758465BQ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250711.53    | 0.33%             | 2038-01-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp                                                                                                            | Regal Rexnord Corp 6.05 02/15/2026                                                        | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    325000 | PA      | $326754.06    | 0.43%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corp                                                                                                        | Regions Financial Corp (pfd) 5.75% 09/15/2173 Perpetual                                   | CUSIP: 7591EPAR1<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EP               | CORP              | US        |    385000 | NS      | $385648.57    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                                                             | NatWest Group PLC (pfd) 8.00% 09/30/2173 Perpetual                                        | CUSIP: 780099CK1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EP               | CORP              | GB        |    200000 | NS      | $200852.20    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                                                          | Royal Bank of Canada 4.97 01/24/2029                                                      | CUSIP: 78017DAA6<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    285000 | PA      | $287909.45    | 0.37%             | 2029-01-24      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| SHR Trust 2024-LXRY                                                                                                           | SHR Trust 2024-LXRY 6.78                                                                  | CUSIP: 784234AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    247000 | PA      | $247416.49    | 0.32%             | 2041-10-15      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| SCG 2024-MSP Mortgage Trust                                                                                                   | SCG 2024-MSP Mortgage Trust 6.77                                                          | CUSIP: 78436EAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    261000 | PA      | $260968.73    | 0.34%             | 2041-04-15      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| SM Energy Co                                                                                                                  | SM Energy Co 6.75 09/15/2026                                                              | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    195000 | PA      | $194839.16    | 0.25%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SMRT 2022-MINI                                                                                                                | SMRT 2022-MINI 5.68                                                                       | CUSIP: 78457JAG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $222923.21    | 0.29%             | 2039-01-15      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust 2025-DATA                                                                                      | SWCH Commercial Mortgage Trust 2025-DATA 5.77                                             | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    246000 | PA      | $244265.50    | 0.32%             | 2042-02-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The                                                                                                       | Charles Schwab Corp/The (pfd) 5.38% 09/01/2173 Perpetual                                  | CUSIP: 808513BD6<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |     25000 | NS      | $25000.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The                                                                                                       | Charles Schwab Corp/The (pfd) 4.00% 06/01/2174 Perpetual                                  | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    162000 | NS      | $160298.54    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Sempra                                                                                                                        | Sempra (pfd) 4.88% 10/15/2173 Perpetual                                                   | CUSIP: 816851BK4<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |    145000 | NS      | $144437.11    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2024-4                                                                                                 | Sequoia Mortgage Trust 2024-4 6.00                                                        | CUSIP: 81743BAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245196 | PA      | $246440.91    | 0.32%             | 2054-05-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust 2025-5                                                                                                 | Sequoia Mortgage Trust 2025-5 5.50                                                        | CUSIP: 81743GAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    415000 | PA      | $412298.81    | 0.54%             | 2055-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                                                      | AT&T Inc 7.30 08/15/2026                                                                  | CUSIP: 00206RGJ5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45918.11     | 0.06%             | 2026-08-15      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc/AAdvantage Loyalty IP Ltd                                                                               | American Airlines Inc/AAdvantage Loyalty IP Ltd 5.50 04/20/2026                           | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    374399 | PA      | $373993.09    | 0.49%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust 2024-X1                                                                                     | Affirm Asset Securitization Trust 2024-X1 6.27                                            | CUSIP: 00834XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     11721 | PA      | $11733.85     | 0.02%             | 2029-05-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Air Canada                                                                                                                    | Air Canada 3.88 08/15/2026                                                                | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |    390000 | PA      | $385324.25    | 0.50%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd                                                                                                                 | Aircastle Ltd (pfd) 5.25% 09/15/2173 Perpetual                                            | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | EP               | CORP              | US        |    170000 | NS      | $169238.76    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| GLP Capital LP / GLP Financing II Inc                                                                                         | GLP Capital LP / GLP Financing II Inc 5.38 04/15/2026                                     | CUSIP: 361841AH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $219653.17    | 0.29%             | 2026-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GXO Logistics Inc                                                                                                             | GXO Logistics Inc 1.65 07/15/2026                                                         | CUSIP: 36262GAB7<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |    290000 | PA      | $279309.36    | 0.36%             | 2026-07-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust 2024-HE1                                                                                  | GS Mortgage-Backed Securities Trust 2024-HE1 5.92                                         | CUSIP: 36270AAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    205534 | PA      | $205687.55    | 0.27%             | 2054-08-25      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust 2025-PJ5                                                                                  | GS Mortgage-Backed Securities Trust 2025-PJ5 5.50                                         | CUSIP: 36272DAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    213000 | PA      | $212070.89    | 0.28%             | 2055-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust 2024-PJ7                                                                                  | GS Mortgage-Backed Securities Trust 2024-PJ7 5.50                                         | CUSIP: 362949AM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183000 | PA      | $182244.93    | 0.24%             | 2054-11-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| GCAT 2024-INV3 Trust                                                                                                          | GCAT 2024-INV3 Trust 5.50                                                                 | CUSIP: 36830FAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    201718 | PA      | $201821.93    | 0.26%             | 2054-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co Inc                                                                                               | General Motors Financial Co Inc 5.40 04/06/2026                                           | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | CA        |    260000 | PA      | $260815.73    | 0.34%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Genpact Luxembourg SARL/Genpact USA Inc                                                                                       | Genpact Luxembourg SARL/Genpact USA Inc 6.00 06/04/2029                                   | CUSIP: 37190AAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    165000 | PA      | $170161.79    | 0.22%             | 2029-06-04      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Geopark Ltd                                                                                                                   | Geopark Ltd 8.75 01/31/2030                                                               | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | CO        |    200000 | PA      | $158860.00    | 0.21%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Global Atlantic Fin Co                                                                                                        | Global Atlantic Fin Co 4.40 10/15/2029                                                    | CUSIP: 37959GAA5<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    165000 | PA      | $158621.09    | 0.21%             | 2029-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group Inc/The                                                                                                   | Goldman Sachs Group Inc/The 5.73 04/25/2030                                               | CUSIP: 38141GA87<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    175000 | PA      | $180914.69    | 0.24%             | 2030-04-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group Inc/The                                                                                                   | Goldman Sachs Group Inc/The 4.94 04/23/2028                                               | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110589.91    | 0.14%             | 2028-04-23      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group Inc/The                                                                                                   | Goldman Sachs Group Inc/The (pfd) 7.38% 02/10/2174 Perpetual                              | CUSIP: 38148BAE8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |     76000 | NS      | $76530.56     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA/New York NY                                                                                            | Goldman Sachs Bank USA/New York NY 5.41 05/21/2027                                        | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302170.31    | 0.39%             | 2027-05-21      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Golub Capital BDC Inc                                                                                                         | Golub Capital BDC Inc 7.05 12/05/2028                                                     | CUSIP: 38173MAD4<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |     71000 | PA      | $74232.50     | 0.10%             | 2028-12-05      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Gran Tierra Energy Inc                                                                                                        | Gran Tierra Energy Inc 9.50 10/15/2029                                                    | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $140163.26    | 0.18%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Greenko Wind Projects Mauritius Ltd                                                                                           | Greenko Wind Projects Mauritius Ltd 7.25 09/27/2028                                       | CUSIP: 39531JAB0<br>LEI: 254900MSUXE1FF83DP82 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $198644.42    | 0.26%             | 2028-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                                             | HSBC Holdings PLC (pfd) 6.00% 11/22/2173 Perpetual                                        | CUSIP: 404280BL2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EP               | CORP              | GB        |    200000 | NS      | $199232.96    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                                             | HSBC Holdings PLC 7.39 11/03/2028                                                         | CUSIP: 404280DR7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    450000 | PA      | $475960.18    | 0.62%             | 2028-11-03      | Variable      | 7.39%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                                             | HSBC Holdings PLC (pfd) 7.05% 12/05/2173 Perpetual                                        | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EP               | CORP              | GB        |    200000 | NS      | $200518.10    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC USA Inc                                                                                                                  | HSBC USA Inc 4.65 06/03/2028                                                              | CUSIP: 40428HR95<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |    319000 | PA      | $319941.99    | 0.42%             | 2028-06-03      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HPS Corporate Lending Fund                                                                                                    | HPS Corporate Lending Fund 5.45 01/14/2028                                                | CUSIP: 40440VAH8<br>LEI: 549300ZS7IHUA6FKFV61 | Long             | DBT              | CORP              | US        |    205000 | PA      | $205028.57    | 0.27%             | 2028-01-14      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HGI CRE CLO Ltd                                                                                                               | HGI CRE CLO 2021-FL1 Ltd 5.84                                                             | CUSIP: 40441LAC0<br>LEI: 549300VYJ293N0KO2L78 | Long             | ABS-CBDO         | CORP              | US        |    125000 | PA      | $124622.54    | 0.16%             | 2036-06-16      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Escrow Inc                                                                                                      | Herc Holdings Escrow Inc 7.00 06/15/2030                                                  | CUSIP: 42703NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $288638.17    | 0.38%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                                                             | Herc Holdings Inc 5.50 07/15/2027                                                         | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     32000 | PA      | $31787.17     | 0.04%             | 2027-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co                                                                                                 | Hewlett Packard Enterprise Co 4.40 09/25/2027                                             | CUSIP: 42824CBS7<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    159000 | PA      | $158827.14    | 0.21%             | 2027-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Highwoods Realty LP                                                                                                           | Highwoods Realty LP 4.20 04/15/2029                                                       | CUSIP: 431282AR3<br>LEI: JUJNVZX73BIYHLR58F51 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120069.91    | 0.16%             | 2029-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust 2024-INV1                                                                                            | JP Morgan Mortgage Trust 2024-INV1 6.00                                                   | CUSIP: 46658PAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150086 | PA      | $151105.72    | 0.20%             | 2055-04-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust Series 2024-5                                                                                        | JP Morgan Mortgage Trust Series 2024-5 6.00                                               | CUSIP: 46658RAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89451 | PA      | $89503.28     | 0.12%             | 2054-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust 2024-11                                                                                              | JP Morgan Mortgage Trust 2024-11 6.00                                                     | CUSIP: 46659AAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    279267 | PA      | $280779.88    | 0.37%             | 2055-04-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust 2024-11                                                                                              | JP Morgan Mortgage Trust 2024-11 6.00                                                     | CUSIP: 46659AAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    267833 | PA      | $268842.96    | 0.35%             | 2055-04-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust Series 2025-CCM2                                                                                     | JP Morgan Mortgage Trust Series 2025-CCM2 6.00                                            | CUSIP: 46659EAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    441118 | PA      | $443670.41    | 0.58%             | 2055-09-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| KKR CLO Trust                                                                                                                 | KKR CLO 10 Ltd 6.26                                                                       | CUSIP: 48250GAS9<br>LEI: 549300N7FISC1W1QKR21 | Long             | ABS-CBDO         | CORP              | US        |    133515 | PA      | $133767.60    | 0.17%             | 2029-09-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Kilroy Realty LP                                                                                                              | Kilroy Realty LP 4.25 08/15/2029                                                          | CUSIP: 49427RAK8<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |    320000 | PA      | $302548.71    | 0.39%             | 2029-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Kyndryl Holdings Inc                                                                                                          | Kyndryl Holdings Inc 2.70 10/15/2028                                                      | CUSIP: 50155QAK6<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    227000 | PA      | $213041.27    | 0.28%             | 2028-10-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp                                                            | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 5.25 10/01/2025        | CUSIP: 505742AG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $294815.68    | 0.38%             | 2025-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp                                                            | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.25 02/01/2027        | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    171000 | PA      | $167402.31    | 0.22%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Lamar Media Corp                                                                                                              | Lamar Media Corp 3.75 02/15/2028                                                          | CUSIP: 513075BR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $125861.37    | 0.16%             | 2028-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Life 2021-BMR Mortgage Trust                                                                                                  | Life 2021-BMR Mortgage Trust 5.84                                                         | CUSIP: 53218CAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    112000 | PA      | $111074.82    | 0.14%             | 2038-03-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                                                                      | Lloyds Banking Group PLC (pfd) 7.50% 12/27/2173 Perpetual                                 | CUSIP: 539439AU3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EP               | CORP              | GB        |    200000 | NS      | $200930.60    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Lyra Music Assets Delaware LP                                                                                                 | Lyra Music Assets Delaware LP 5.76                                                        | CUSIP: 552339AA1<br>LEI: 9845007N9EAB0C048A12 | Long             | ABS-MBS          | CORP              | US        |    261625 | PA      | $258324.17    | 0.34%             | 2064-12-22      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corp                                                                                                                 | M&T Bank Corp (pfd) 5.13% 05/01/2174 Perpetual                                            | CUSIP: 55261FAH7<br>LEI: 549300WYXDDBYRASEG81 | Long             | EP               | CORP              | US        |     18000 | NS      | $17789.43     | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| MFA 2023-NQM3 Trust                                                                                                           | MFA 2023-NQM3 Trust 6.62                                                                  | CUSIP: 55286MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    148912 | PA      | $150021.44    | 0.20%             | 2068-07-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| MFA 2024-NQM1 Trust                                                                                                           | MFA 2024-NQM1 Trust 6.83                                                                  | CUSIP: 55286VAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89975 | PA      | $90997.82     | 0.12%             | 2069-03-25      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corp                                                                               | MPT Operating Partnership LP / MPT Finance Corp 8.50 02/15/2032                           | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    103000 | PA      | $105655.24    | 0.14%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                                                                                                                | MVW 2020-1 LLC 4.21                                                                       | CUSIP: 55400EAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     49711 | PA      | $48939.23     | 0.06%             | 2037-10-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Macquarie Bank Ltd/London                                                                                                     | Macquarie Bank Ltd/London (pfd) 6.13% 09/08/2173 Perpetual                                | CUSIP: 556079AB7<br>LEI: 549300MPRNPO6FWNKN78 | Long             | EP               | CORP              | GB        |    220000 | NS      | $219650.66    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Magallanes Inc                                                                                                                | Warnermedia Holdings Inc 3.76 03/15/2027                                                  | CUSIP: 55903VBA0<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    139000 | PA      | $134777.09    | 0.18%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Mars Inc                                                                                                                      | Mars Inc 4.60 03/01/2028                                                                  | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     82000 | PA      | $82405.10     | 0.11%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Mattel Inc                                                                                                                    | Mattel Inc 5.88 12/15/2027                                                                | CUSIP: 577081BD3<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |    260000 | PA      | $261106.30    | 0.34%             | 2027-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP/Medline Co-Issuer Inc                                                                                     | Medline Borrower LP/Medline Co-Issuer Inc 6.25 04/01/2029                                 | CUSIP: 58506DAA6<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    183000 | PA      | $186442.93    | 0.24%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Mexico City Airport Trust                                                                                                     | Mexico City Airport Trust 3.88 04/30/2028                                                 | CUSIP: 59284MAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    272000 | PA      | $258400.00    | 0.34%             | 2028-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd                                                     | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd 6.50 06/20/2027 | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    392363 | PA      | $393508.35    | 0.51%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                                                                                                        | Morgan Stanley Bank NA 5.02 01/12/2029                                                    | CUSIP: 61690DK72<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    435000 | PA      | $439490.45    | 0.57%             | 2029-01-12      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| OBX 2024-J1 Trust                                                                                                             | OBX 2024-J1 Trust 5.50                                                                    | CUSIP: 67119QAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89314 | PA      | $89047.12     | 0.12%             | 2054-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| OBX 2025-J1 Trust                                                                                                             | OBX 2025-J1 Trust 6.00                                                                    | CUSIP: 673923AD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $377409.56    | 0.49%             | 2055-05-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp                                                                                                         | ON Semiconductor Corp 3.88 09/01/2028                                                     | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |    177000 | PA      | $169202.02    | 0.22%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ONNI Commerical Mortgage Trust 2024-APT                                                                                       | ONNI Commerical Mortgage Trust 2024-APT 5.57                                              | CUSIP: 682939AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $203076.76    | 0.26%             | 2039-07-15      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp                                                                                                   | Blue Owl Credit Income Corp 7.75 01/15/2029                                               | CUSIP: 69120VAW1<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    185000 | PA      | $195641.39    | 0.25%             | 2029-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Blue Owl Capital Corp                                                                                                         | Blue Owl Capital Corp 3.75 07/22/2025                                                     | CUSIP: 69121KAC8<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199524.81    | 0.26%             | 2025-07-22      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Blue Owl Capital Corp                                                                                                         | Blue Owl Capital Corp 3.40 07/15/2026                                                     | CUSIP: 69121KAE4<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195693.96    | 0.25%             | 2026-07-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Blue Owl Capital Corp                                                                                                         | Blue Owl Capital Corp 2.88 06/11/2028                                                     | CUSIP: 69121KAG9<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |    240000 | PA      | $221485.75    | 0.29%             | 2028-06-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PFP III Ltd                                                                                                                   | PFP 2022-9 Ltd 6.60                                                                       | CUSIP: 69291QAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     62961 | PA      | $63146.49     | 0.08%             | 2035-08-19      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| CBOT 5 Year US Treasury Note                                                                                                  | US 5YR NOTE (CBT) Sep25                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | UST               | US        |        14 | NC      | $7474.90      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOT 10 Year US Treasury Note                                                                                                 | US 10YR NOTE (CBT)Sep25                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | UST               | US        |        -7 | NC      | $-2146.46     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CBOT US Long Bond Future                                                                                                      | US LONG BOND(CBT) Sep25                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | UST               | US        |        -1 | NC      | $-650.39      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CBOT 10 Year Ultra US Treasury Note                                                                                           | US 10yr Ultra Fut Sep25                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | UST               | US        |         2 | NC      | $621.10       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOT 2 Year US Treasury Note                                                                                                  | US 2YR NOTE (CBT) Sep25                                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | UST               | US        |       114 | NC      | $37380.66     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                                                                                                                  | Enbridge Inc 6.00 01/15/2077                                                              | CUSIP: 29250NAN5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    310000 | PA      | $306652.16    | 0.40%             | 2077-01-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC                                                                                      | Encino Acquisition Partners Holdings LLC 8.50 05/01/2028                                  | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184746.58    | 0.24%             | 2028-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                                                            | Energy Transfer LP (pfd) 6.50% 11/15/2173 Perpetual                                       | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |    385000 | NS      | $384992.49    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Essent Group Ltd                                                                                                              | Essent Group Ltd 6.25 07/01/2029                                                          | CUSIP: 29669JAA7<br>LEI: 254900QUO860OUT6ZF83 | Long             | DBT              | CORP              | US        |    155000 | PA      | $159861.76    | 0.21%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd                                                                                                                 | Aircastle Ltd 6.50 07/18/2028                                                             | CUSIP: 00928QAX9<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93296.72     | 0.12%             | 2028-07-18      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd                                                                                                                 | Aircastle Ltd 5.95 02/15/2029                                                             | CUSIP: 00928QAY7<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | US        |    190000 | PA      | $195004.91    | 0.25%             | 2029-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                                                         | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.63 01/15/2027     | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $198178.72    | 0.26%             | 2027-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Aligned Data Centers Issuer LLC                                                                                               | Aligned Data Centers Issuer LLC 6.35                                                      | CUSIP: 01627AAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $250881.00    | 0.33%             | 2047-10-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Bread Financial Holdings Inc                                                                                                  | Bread Financial Holdings Inc 8.38 06/15/2035                                              | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |    154000 | PA      | $149668.84    | 0.19%             | 2035-06-15      | Variable      | 8.38%                 | No            |                  2 | On Loan: —       |
| Ally Financial Inc                                                                                                            | Ally Financial Inc (pfd) 4.70% 08/15/2173 Perpetual                                       | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EP               | CORP              | US        |    302000 | NS      | $286266.19    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                                                                                         | AMERICAN AIRLINES INC 2024 1ST LIEN TERM LOAN B                                           | CUSIP: 02376CBR5<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | US        |    132300 | PA      | $130829.49    | 0.17%             | 2028-02-15      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| American Airlines 2014-1 Class A Pass Through Trust                                                                           | American Airlines 2014-1 Class A Pass Through Trust 3.70 04/01/2028                       | CUSIP: 02377AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      6909 | PA      | $6757.01      | 0.01%             | 2028-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| American Airlines 2017-2 Class B                                                                                              | American Airlines 2017-2 Class B 3.70 04/15/2027                                          | CUSIP: 02377DAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55529 | PA      | $55095.48     | 0.07%             | 2027-04-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| American Express Co                                                                                                           | American Express Co (pfd) 3.55% 09/15/2173 Perpetual                                      | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | EP               | CORP              | US        |    210000 | NS      | $203606.24    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| American Express Co                                                                                                           | American Express Co 4.73 04/25/2029                                                       | CUSIP: 025816ED7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150867.68    | 0.20%             | 2029-04-25      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| American International Group Inc                                                                                              | American International Group Inc 4.85 05/07/2030                                          | CUSIP: 026874DW4<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |     88000 | PA      | $88392.00     | 0.12%             | 2030-05-07      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP / AmeriGas Finance Corp                                                                                  | AmeriGas Partners LP / AmeriGas Finance Corp 9.50 06/01/2030                              | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     39000 | PA      | $39418.18     | 0.05%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust 2020-5                                                                                               | Angel Oak Mortgage Trust 2020-5 1.58                                                      | CUSIP: 03464WAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     43603 | PA      | $41866.19     | 0.05%             | 2065-05-25      | Variable      | 1.58%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                                                                                                     | Apple Inc 4.20 05/12/2030                                                                 | CUSIP: 037833EZ9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    131000 | PA      | $130668.88    | 0.17%             | 2030-05-12      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc                                                                                                           | Ashtead Capital Inc 4.38 08/15/2027                                                       | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198728.34    | 0.26%             | 2027-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING FABN                                                                                                    | Athene Global Funding 5.68 02/23/2026                                                     | CUSIP: 04685A3S8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    235000 | PA      | $236560.07    | 0.31%             | 2026-02-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING FABN                                                                                                    | Athene Global Funding 5.62 05/08/2026                                                     | CUSIP: 04685A3V1<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    215000 | PA      | $216910.33    | 0.28%             | 2026-05-08      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                                                                                         | Athene Global Funding 5.35 07/09/2027                                                     | CUSIP: 04685A3X7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    333000 | PA      | $337741.41    | 0.44%             | 2027-07-09      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Atlas Warehouse Lending Co LP                                                                                                 | Atlas Warehouse Lending Co LP 6.05 01/15/2028                                             | CUSIP: 049463AD4<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    310000 | PA      | $311969.34    | 0.41%             | 2028-01-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd/United Kingdom                                                                      | Australia & New Zealand Banking Group Ltd/United Kingdom (pfd) 6.75% 12/15/2173 Perpetual | CUSIP: 05254HAA2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | EP               | CORP              | GB        |    200000 | NS      | $201822.80    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd                                                                                                   | Avolon Holdings Funding Ltd 6.38 05/04/2028                                               | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | IE        |    228000 | PA      | $236092.16    | 0.31%             | 2028-05-04      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                                                                | BNP Paribas SA (pfd) 4.63% 07/12/2173 Perpetual                                           | CUSIP: 05565AB28<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EP               | CORP              | FR        |    200000 | NS      | $192225.10    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust 2021-VINO                                                                                        | BX Commercial Mortgage Trust 2021-VINO 5.10                                               | CUSIP: 05608KAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25223 | PA      | $25221.50     | 0.03%             | 2038-05-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| BX Trust 2021-ARIA                                                                                                            | BX Trust 2021-ARIA 5.34                                                                   | CUSIP: 05608RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $199090.82    | 0.26%             | 2036-10-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust Inc                                                                                                 | BXMT 2021-FL4 Ltd 5.74                                                                    | CUSIP: 05609GAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $243338.58    | 0.32%             | 2038-05-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust 2022-CSMO                                                                                        | BX Commercial Mortgage Trust 2022-CSMO 6.44                                               | CUSIP: 05610MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $200902.68    | 0.26%             | 2027-06-15      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| BSPRT 2017-FL1 Co-Issuer LLC                                                                                                  | BSPRT 2023-FL10 Issuer Ltd 6.59                                                           | CUSIP: 05610VAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     99949 | PA      | $100099.69    | 0.13%             | 2035-09-15      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Bain Capital Specialty Finance Inc                                                                                            | Bain Capital Specialty Finance Inc 5.95 03/15/2030                                        | CUSIP: 05684BAD9<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |     96000 | PA      | $94683.26     | 0.12%             | 2030-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                                                                            | Banco Bilbao Vizcaya Argentaria SA (pfd) 6.13% 02/16/2174 Perpetual                       | CUSIP: 05946KAF8<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EP               | CORP              | ES        |    200000 | NS      | $192930.81    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                                                            | Banco Santander SA (pfd) 4.75% 08/12/2173 Perpetual                                       | CUSIP: 05971KAH2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EP               | CORP              | ES        |    200000 | NS      | $192064.10    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco de Credito del Peru S.A.                                                                                                | Banco de Credito del Peru S.A. 3.13 07/01/2030                                            | CUSIP: 05971U2C0<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |    420000 | PA      | $418704.93    | 0.54%             | 2030-07-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| BANK 2018-BNK15                                                                                                               | BANK 2018-BNK15 3.00                                                                      | CUSIP: 06036FAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     23000 | PA      | $18831.60     | 0.02%             | 2061-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia/The                                                                                                       | Bank of Nova Scotia/The 3.63 10/27/2081                                                   | CUSIP: 0641598N9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $185247.36    | 0.24%             | 2081-10-27      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia/The                                                                                                       | Bank of Nova Scotia/The (pfd) 4.90% 09/04/2173 Perpetual                                  | CUSIP: 064159VJ2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EP               | CORP              | CA        |    106000 | NS      | $106196.64    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK 2019-BNK17                                                                                                               | BANK 2019-BNK17 3.00                                                                      | CUSIP: 065403AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     35000 | PA      | $29228.48     | 0.04%             | 2052-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                                                                  | Barclays PLC (pfd) 6.13% 12/15/2173 Perpetual                                             | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EP               | CORP              | GB        |    410000 | NS      | $409620.59    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Truist Bank                                                                                                                   | Truist Bank 4.63 09/17/2029                                                               | CUSIP: 07330MAC1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244954.89    | 0.32%             | 2029-09-17      | Variable      | 4.63%                 | No            |                  2 | On Loan: No      |
| CBAM Ltd                                                                                                                      | CBAM 2019-11R Ltd 6.78                                                                    | CUSIP: 12510TAD6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100105.28    | 0.13%             | 2035-01-20      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-BHAR                                                                                                                | CSMC 2021-BHAR 5.59                                                                       | CUSIP: 12659VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $149334.00    | 0.19%             | 2038-11-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-BHAR                                                                                                                | CSMC 2021-BHAR 5.94                                                                       | CUSIP: 12659VAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $199458.44    | 0.26%             | 2038-11-15      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| CSMC 2022-NQM4 Trust                                                                                                          | CSMC 2022-NQM4 Trust 4.82                                                                 | CUSIP: 12665EAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155513 | PA      | $154925.98    | 0.20%             | 2067-06-25      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                                                                      | Celanese US Holdings LLC 6.42 07/15/2027                                                  | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25648.13     | 0.03%             | 2027-07-15      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Trust Series 2024-3                                                                               | Chase Home Lending Mortgage Trust Series 2024-3 6.00                                      | CUSIP: 16159HAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    152555 | PA      | $153752.60    | 0.20%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Tr                                                                                                | Chase Home Lending Mortgage Trust Series 2024-7 6.00                                      | CUSIP: 16159TAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    346477 | PA      | $348691.32    | 0.45%             | 2055-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Trust Series 2025-2                                                                               | Chase Home Lending Mortgage Trust Series 2025-2 6.00                                      | CUSIP: 16159VAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    311336 | PA      | $313196.40    | 0.41%             | 2055-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Trust 2024-8                                                                                      | Chase Home Lending Mortgage Trust 2024-8 5.50                                             | CUSIP: 16159XAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96966 | PA      | $96599.23     | 0.13%             | 2055-08-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Trust 2024-9                                                                                      | Chase Home Lending Mortgage Trust 2024-9 5.50                                             | CUSIP: 16160QAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160795 | PA      | $160448.41    | 0.21%             | 2055-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Trust 2024-9                                                                                      | Chase Home Lending Mortgage Trust 2024-9 5.50                                             | CUSIP: 16160QAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     64330 | PA      | $64175.67     | 0.08%             | 2055-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Trust Series 2024-2                                                                               | Chase Home Lending Mortgage Trust Series 2024-2 6.00                                      | CUSIP: 161929AJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    177848 | PA      | $178202.52    | 0.23%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Chase Home Lending Mortgage Trust 2025-5                                                                                      | Chase Home Lending Mortgage Trust 2025-5 5.50                                             | CUSIP: 161935AE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    286000 | PA      | $284790.07    | 0.37%             | 2056-04-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust 2025-2                                                                                          | Citigroup Mortgage Loan Trust 2025-2 6.00                                                 | CUSIP: 17292BAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    414336 | PA      | $417311.64    | 0.54%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                                                                                 | Citigroup Inc (pfd) 4.00% 03/10/2174 Perpetual                                            | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    146000 | NS      | $144870.72    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                                                                                 | Citigroup Inc (pfd) 3.88% 05/18/2174 Perpetual                                            | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    190000 | NS      | $186614.25    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                                                                                 | Citigroup Inc 4.64 05/07/2028                                                             | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    195000 | PA      | $194731.42    | 0.25%             | 2028-05-07      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                                                                                   | Citibank NA 4.58 05/29/2027                                                               | CUSIP: 17325FBN7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250437.22    | 0.33%             | 2027-05-29      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust 2024-1                                                                                          | Citigroup Mortgage Loan Trust 2024-1 6.00                                                 | CUSIP: 17332CBP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    137674 | PA      | $138901.18    | 0.18%             | 2054-07-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust 2024-CMI1                                                                                       | Citigroup Mortgage Loan Trust 2024-CMI1 5.50                                              | CUSIP: 17332DAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    214118 | PA      | $213292.32    | 0.28%             | 2054-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust 2024-CMI1                                                                                       | Citigroup Mortgage Loan Trust 2024-CMI1 5.50                                              | CUSIP: 17332DAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    258529 | PA      | $257729.00    | 0.34%             | 2054-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                                                                                                  | Citizens Financial Group Inc (pfd) 5.65% 10/06/2173 Perpetual                             | CUSIP: 174610AU9<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |    240000 | NS      | $240030.53    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Coinbase Global Inc                                                                                                           | Coinbase Global Inc 3.38 10/01/2028                                                       | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139602.00    | 0.18%             | 2028-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Consumers Energy Co                                                                                                           | Consumers Energy Co 4.50 01/15/2031                                                       | CUSIP: 210518DY9<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119229.19    | 0.16%             | 2031-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                                                                                            | Credit Agricole SA (pfd) 8.13% 03/23/2174 Perpetual                                       | CUSIP: 225313AJ4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EP               | CORP              | FR        |    400000 | NS      | $405868.00    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                                                                                            | Credit Agricole SA 5.22 05/27/2031                                                        | CUSIP: 22535WAR8<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $252283.37    | 0.33%             | 2031-05-27      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                                                            | Energy Transfer LP 5.63 05/01/2027                                                        | CUSIP: 226373AQ1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    330000 | PA      | $330017.51    | 0.43%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Crown Americas LLC / Crown Americas Capital Corp VI                                                                           | Crown Americas LLC / Crown Americas Capital Corp VI 4.75 02/01/2026                       | CUSIP: 228187AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     63000 | PA      | $63000.01     | 0.08%             | 2026-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                                                               | Danske Bank A/S 6.26 09/22/2026                                                           | CUSIP: 23636ABE0<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    400000 | PA      | $401535.62    | 0.52%             | 2026-09-22      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp                                                                                             | Dell International LLC / EMC Corp 4.75 04/01/2028                                         | CUSIP: 24703TAL0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    171000 | PA      | $171822.33    | 0.22%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc                                                                                                           | Delta Air Lines Inc 3.75 10/28/2029                                                       | CUSIP: 247361ZT8<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    207000 | PA      | $194669.01    | 0.25%             | 2029-10-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Deluxe Corp                                                                                                                   | Deluxe Corp 8.13 09/15/2029                                                               | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    135000 | PA      | $136646.19    | 0.18%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                                                              | Deutsche Bank AG (pfd) 6.00% 04/30/2174 Perpetual                                         | CUSIP: 251525AX9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EP               | CORP              | DE        |    200000 | NS      | $199340.38    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG/New York NY                                                                                                  | Deutsche Bank AG/New York NY 7.15 07/13/2027                                              | CUSIP: 25160PAN7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | US        |    210000 | PA      | $215037.71    | 0.28%             | 2027-07-13      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| Diamond Issuer LLC                                                                                                            | Diamond Issuer LLC 2.31                                                                   | CUSIP: 25267TAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165000 | PA      | $154926.09    | 0.20%             | 2051-11-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                                                                                       | Dryden 30 Senior Loan Fund 6.29                                                           | CUSIP: 26249BAU5<br>LEI: 549300AS2O1RYPD2ED41 | Long             | ABS-CBDO         | CORP              | US        |     75000 | PA      | $75240.05     | 0.10%             | 2028-11-15      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| ELP Commercial Mortgage Trust 2021-ELP                                                                                        | ELP Commercial Mortgage Trust 2021-ELP 5.56                                               | CUSIP: 26863LAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    224738 | PA      | $224081.04    | 0.29%             | 2038-11-15      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| EPR Properties                                                                                                                | EPR Properties 4.50 06/01/2027                                                            | CUSIP: 26884UAD1<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118753.20    | 0.15%             | 2027-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Edison International                                                                                                          | Edison International (pfd) 5.38% 09/15/2173 Perpetual                                     | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | EP               | CORP              | US        |    185000 | NS      | $176100.85    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Elanco Animal Health Inc                                                                                                      | ELANCO ANIMAL HEALTH INCORPORA TERM LOAN B                                                | CUSIP: 28414BAF3<br>LEI: 549300SHPNDCE059M934 | Long             | LON              | CORP              | US        |    101187 | PA      | $101184.65    | 0.13%             | 2027-08-02      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO Ltd                                                                                                               | Elmwood CLO 24 Ltd 6.03                                                                   | CUSIP: 290020AQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250266.43    | 0.33%             | 2038-01-17      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                                                                                                     | Emera Inc 6.75 06/15/2076                                                                 | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |    208000 | PA      | $209541.70    | 0.27%             | 2076-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Westar Energy Inc                                                                                                             | Evergy Kansas Central Inc 4.70 03/13/2028                                                 | CUSIP: 30036FAE1<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |     68000 | PA      | $68426.42     | 0.09%             | 2028-03-13      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Excelerate Energy LP                                                                                                          | Excelerate Energy LP 0.00 05/15/2030                                                      | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27971.50     | 0.04%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| F&G Annuities & Life Inc                                                                                                      | F&G Annuities & Life Inc 6.50 06/04/2029                                                  | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $327291.47    | 0.43%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust 2021-ESH                                                                                          | Extended Stay America Trust 2021-ESH 6.69                                                 | CUSIP: 30227FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    315644 | PA      | $316006.79    | 0.41%             | 2038-07-15      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust 2021-ESH                                                                                          | Extended Stay America Trust 2021-ESH 7.29                                                 | CUSIP: 30227FAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85773 | PA      | $85894.04     | 0.11%             | 2038-07-15      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae Connecticut Avenue                                                                                                 | Fannie Mae Connecticut Avenue Securities 5.79                                             | CUSIP: 30711XHT4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |       314 | PA      | $314.22       | 0.00%             | 2029-09-25      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust 2020-1                                                                                     | Ellington Financial Mortgage Trust 2020-1 2.01                                            | CUSIP: 31574PAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22308 | PA      | $22054.65     | 0.03%             | 2065-05-25      | Variable      | 2.01%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                                                                                                           | Fifth Third Bancorp (pfd) 4.50% 09/30/2173 Perpetual                                      | CUSIP: 316773DB3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EP               | CORP              | US        |    230000 | NS      | $228975.51    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| First Industrial LP                                                                                                           | First Industrial LP 5.25 01/15/2031                                                       | CUSIP: 32055RAS6<br>LEI: 86MKNB3IKYZZT3E3OV11 | Long             | DBT              | CORP              | US        |     78000 | PA      | $78105.45     | 0.10%             | 2031-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Flexential Issuer 2021-1                                                                                                      | Flexential Issuer 2021-1 3.25                                                             | CUSIP: 33938MAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $95733.41     | 0.12%             | 2051-11-27      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                                                                                                      | Ford Motor Credit Co LLC 5.13 11/05/2026                                                  | CUSIP: 345397F81<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $297424.64    | 0.39%             | 2026-11-05      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fortitude Group Holdings LLC                                                                                                  | Fortitude Group Holdings LLC 6.25 04/01/2030                                              | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |    105000 | PA      | $106378.14    | 0.14%             | 2030-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STACR REMIC Trust 2022-DNA6                                                                                       | Freddie Mac STACR REMIC Trust 2022-DNA6 6.47                                              | CUSIP: 35564KH36<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-MBS          | CORP              | US        |     34195 | PA      | $34519.88     | 0.04%             | 2042-09-25      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STACR REMIC Trust 2022-DNA5                                                                                       | Freddie Mac STACR REMIC Trust 2022-DNA5 7.27                                              | CUSIP: 35564KYN3<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-MBS          | CORP              | US        |     46255 | PA      | $47323.31     | 0.06%             | 2042-06-25      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Corp                                                                                                         | Freedom Mortgage Corp 12.00 10/01/2028                                                    | CUSIP: 35640YAK3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    235000 | PA      | $252294.39    | 0.33%             | 2028-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                                                                 | Freedom Mortgage Holdings LLC 9.25 02/01/2029                                             | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    101000 | PA      | $104215.84    | 0.14%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                                                                                          | Frontier Communications Holdings LLC 8.63 03/15/2031                                      | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $394162.07    | 0.51%             | 2031-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GA Global Funding Trust                                                                                                       | GA Global Funding Trust 2.25 01/06/2027                                                   | CUSIP: 36143L2G9<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144143.11    | 0.19%             | 2027-01-06      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GA Global Funding Trust                                                                                                       | GA Global Funding Trust 4.40 09/23/2027                                                   | CUSIP: 36143L2N4<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198296.91    | 0.26%             | 2027-09-23      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| State Street Navigator Securities Lending Trust - State Street Navigator Securities Lending Government Money Market Portfolio | State Street Navigator Securities Lending Government Money Market Portfolio               | CUSIP: N/A<br>LEI: 5493008BJIBKQ5KTIF74       | Long             | STIV             | RF                | US        |    458688 | NS      | $458687.50    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-25

**Name of Applicant:** American Century ETF Trust

**Signature:** Amy R. Bitter

**Name of Signer:** Amy R. Bitter

**Title:** Assistant Treasurer