# EDGAR Filing Document

**Accession Number:** 0001342947
**File Stem:** 0001003715-25-000664
**Filing Date:** 2025-9
**Character Count:** 209996
**Document Hash:** a7099d790ed4e792d68d4b37881f497b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001003715-25-000664.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001003715-25-000664

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BBH Trust
- **CENTRAL INDEX KEY:** 0001342947

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21829
- **FILM NUMBER:** 251341223

**BUSINESS ADDRESS:**
- **STREET 1:** 140 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** 800-575-1265

**MAIL ADDRESS:**
- **STREET 1:** 140 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

## Series and Classes Contracts Data

### BBH INCOME FUND (Series ID: S000062218)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000201413 | CLASS I SHARES (TICKER BBNIX) | BBNIX           |

## Nport-Ex

**BBH Income Fund**

**Portfolio of Investments**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **Asset Backed Securities (18.0%)** |  |  |  |
| $3031764 | ABPCI Direct Lending Fund ABS I, Ltd. 2020-1A<sup>1</sup> | 12/29/30 | 3.199% | $2988441 |
| 1900800 | ABPCI Direct Lending Fund ABS II LLC 2022-2A<sup>1</sup> | 03/01/32 | 4.987 | 1801657 |
| 2630000 | Adams Outdoor Advertising LP 2023-1<sup>1</sup> | 07/15/53 | 6.967 | 2686505 |
| 3250000 | Aligned Data Centers Issuer LLC 2023-1A<sup>1</sup> | 08/17/48 | 6.000 | 3267116 |
| 4320000 | Alp CFO LP 2024-1A<sup>1,2</sup> | 10/15/36 | 7.371 | 4342464 |
| 4320000 | Alp CFO LP 2024-1A<sup>1,2</sup> | 10/15/36 | 10.036 | 4397328 |
| 1480000 | Ares PBN Finance Co. LLC<sup>1,2</sup> | 10/15/36 | 6.000 | 1407628 |
| 5200000 | Avis Budget Rental Car Funding AESOP LLC 2023-4A<sup>1</sup> | 06/20/29 | 5.490 | 5317779 |
| 6820000 | BHG Owner Loan Trust Series 2025-1CON<sup>1,3</sup> | 08/18/36 | 0.000 | 6804314 |
| 7980000 | BHG Owner Loan Trust Series 2025-1CON<sup>1,3</sup> | 08/18/36 | 0.000 | 7953666 |
| 4165000 | BHG Securitization Trust 2023-A<sup>1</sup> | 04/17/36 | 6.350 | 4205064 |
| 7700000 | Blackrock Rainier CLO VI, Ltd. 2021-6A (3-Month CME Term SOFR + 8.250%) (Cayman Islands)<sup>1,4</sup> | 04/20/37 | 12.575 | 7904480 |
| 3937251 | Business Jet Securities LLC 2024-1A<sup>1</sup> | 05/15/39 | 6.197 | 4009003 |
| 5616875 | Capital Automotive REIT 2024-2A<sup>1</sup> | 05/15/54 | 5.250 | 5555632 |
| 3379563 | CARS-DB7 LP 2023-1A<sup>1</sup> | 09/15/53 | 6.500 | 3406354 |
| 1025375 | CF Hippolyta Issuer LLC 2020-1<sup>1</sup> | 07/15/60 | 2.280 | 789186 |
| 2374427 | CF Hippolyta Issuer LLC 2022-1A<sup>1</sup> | 08/15/62 | 5.970 | 2290047 |
| 7530000 | CFG Investments, Ltd. 2025-1 (Cayman Islands)<sup>1</sup> | 03/25/36 | 6.470 | 7577895 |
| 8990000 | Cogent Ipv4 LLC 2024-1A<sup>1</sup> | 05/25/54 | 7.924 | 9408075 |
| 7960000 | Cogent Ipv4 LLC 2025-1A<sup>1</sup> | 04/25/55 | 6.646 | 8131111 |
| 2330000 | Credit Acceptance Auto Loan Trust 2023-1A<sup>1</sup> | 07/15/33 | 7.710 | 2383484 |
| 5860000 | Credit Acceptance Auto Loan Trust 2024-3A<sup>1</sup> | 11/15/34 | 4.850 | 5851956 |
| 4100000 | CyrusOne Data Centers Issuer I, LLC 2025-1A<sup>1</sup> | 02/20/50 | 5.910 | 4178949 |
| 3070000 | DataBank Issuer 2023-1A<sup>1</sup> | 02/25/53 | 5.116 | 3048007 |
| 2850000 | DigitalBridge Issuer LLC 2021-1A<sup>1</sup> | 09/25/51 | 3.933 | 2796251 |
| 4630000 | Dryden 115 CLO, Ltd. 2024-115A (3-Month CME Term SOFR + 2.000%) (Jersey)<sup>1,4</sup> | 04/18/37 | 6.329 | 4647414 |
| 4413750 | Edgeconnex Data Centers Issuer LLC 2024-1<sup>1</sup> | 07/27/54 | 6.000 | 4424886 |
| 88900 | Elm Trust 2020-3A<sup>1</sup> | 08/20/29 | 2.954 | 88675 |
| 417330 | Elm Trust 2020-4A<sup>1</sup> | 10/20/29 | 2.286 | 416202 |
| 4460000 | Flexential Issuer 2021-1A<sup>1</sup> | 11/27/51 | 3.250 | 4306719 |
| 303121 | FNA LLC 2019-1<sup>1,2,4,5</sup> | 12/10/31 | 3.000 | 302363 |
| 3340000 | Ford Credit Auto Owner Trust 2024-1<sup>1</sup> | 08/15/36 | 4.870 | 3393032 |
| 847420 | Global SC Finance VII Srl 2020-1A (Barbados)<sup>1</sup> | 10/17/40 | 2.170 | 806105 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **Asset Backed Securities (continued)** |  |  |  |
| $808217 | Global SC Finance VII Srl 2020-2A (Barbados)<sup>1</sup> | 11/19/40 | 2.260% | $765669 |
| 2793471 | Golub Capital Partners ABS Funding, Ltd. 2021-1A (Cayman Islands)<sup>1</sup> | 04/20/29 | 2.773 | 2763984 |
| 8300000 | Hertz Vehicle Financing III LLC 2024-2A<sup>1</sup> | 01/27/31 | 5.480 | 8413285 |
| 2980000 | HPEFS Equipment Trust 2023-1A<sup>1</sup> | 04/20/28 | 5.730 | 2981903 |
| 8540000 | LCM, Ltd. 42A (3-Month CME Term SOFR + 1.800%) (Cayman Islands)<sup>1,4</sup> | 01/15/38 | 6.118 | 8557862 |
| 403463 | LIAS Administration Fee Issuer LLC 2018-1A<sup>1</sup> | 07/25/48 | 5.956 | 389685 |
| 4340000 | Madison Park Funding LXVII, Ltd. 2024-67A (3-Month CME Term SOFR + 2.050%) (Cayman Islands)<sup>1,4</sup> | 04/25/37 | 6.368 | 4357908 |
| 3060000 | Madison Park Funding XLVII, Ltd. 2020-47A (3-Month CME Term SOFR + 1.950%) (Cayman Islands)<sup>1,4</sup> | 04/19/37 | 6.275 | 3070657 |
| 2690000 | Mariner Finance issuance Trust 2024-BA<sup>1</sup> | 11/20/38 | 5.330 | 2719549 |
| 1735000 | Mariner Finance issuance Trust 2024-BA<sup>1</sup> | 11/20/38 | 5.730 | 1761703 |
| 522625 | Monroe Capital ABS Funding, Ltd. 2021-1A (Cayman Islands)<sup>1</sup> | 04/22/31 | 2.815 | 515242 |
| 1400053 | Monroe Capital Income Plus ABS Funding LLC 2022-1A<sup>1</sup> | 04/30/32 | 5.150 | 1363272 |
| 4870000 | Monroe Capital Mml CLO XVI, Ltd. 2024-1A (3-Month CME Term SOFR + 2.100%) (Jersey)<sup>1,4</sup> | 07/23/36 | 6.419 | 4891932 |
| 2465000 | Navistar Financial Dealer Note Master Owner Trust II 2023-1<sup>1</sup> | 08/25/28 | 6.180 | 2467392 |
| 2438478 | Neuberger Berman Loan Advisers CLO 40, Ltd. 2021-40A (3-Month CME Term SOFR + 1.322%) (Cayman Islands)<sup>1,4</sup> | 04/16/33 | 5.639 | 2441648 |
| 2450445 | Newtek Small Business Loan Trust 2023-1 (U.S. Prime Rate - 0.500%)<sup>1,4</sup> | 07/25/50 | 7.000 | 2476783 |
| 5440000 | NextGear Floorplan Master Owner Trust 2023-1A<sup>1</sup> | 03/15/28 | 5.740 | 5474468 |
| 5450000 | Niagara Park CLO, Ltd. 2019-1A (3-Month CME Term SOFR + 1.340%) (Cayman Islands)<sup>1,4</sup> | 01/17/38 | 5.662 | 5461539 |
| 4500000 | Octagon 71, Ltd. 2024-1A (3-Month CME Term SOFR + 2.050%) (Cayman Islands)<sup>1,4</sup> | 04/18/37 | 6.379 | 4516484 |
| 4600000 | OnDeck Asset Securitization Trust IV LLC 2024-2A<sup>1</sup> | 10/17/31 | 4.980 | 4566696 |
| 2294626 | OneMain Financial Issuance Trust 2022-S1<sup>1</sup> | 05/14/35 | 4.130 | 2286690 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **Asset Backed Securities (continued)** |  |  |  |
| $6610000 | OneMain Financial Issuance Trust 2023-2A<sup>1</sup> | 09/15/36 | 6.170% | $6790353 |
| 2984939 | Oportun Issuance Trust 2021-C<sup>1</sup> | 10/08/31 | 2.180 | 2915265 |
| 6170000 | Oxford Finance Credit Fund III 2025-A LP<sup>1</sup> | 08/14/34 | 5.878 | 6165333 |
| 10130000 | PFS Financing Corp. 2024-F<sup>1</sup> | 08/15/29 | 4.750 | 10178381 |
| 114290 | ReadyCap Lending Small Business Loan Trust 2019-2 (U.S. Prime Rate - 0.500%)<sup>1,4</sup> | 12/27/44 | 7.000 | 114212 |
| 2465121 | Regional Management Issuance Trust 2022-1<sup>1</sup> | 03/15/32 | 3.070 | 2447769 |
| 5510000 | Regional Management Issuance Trust 2024-1<sup>1</sup> | 07/15/36 | 5.830 | 5606810 |
| 7830000 | Republic Finance Issuance Trust 2024-A<sup>1</sup> | 08/20/32 | 5.910 | 7918971 |
| 5240000 | Retained Vantage Data Centers Issuer LLC 2023-1A<sup>1</sup> | 09/15/48 | 5.000 | 5167593 |
| 1795000 | Sabey Data Center Issuer LLC 2023-1<sup>1</sup> | 04/20/48 | 6.250 | 1798744 |
| 2240000 | Santander Drive Auto Receivables Trust 2023-5 | 02/18/31 | 6.430 | 2321178 |
| 6250000 | Sotheby's Artfi Master Trust 2024-1A<sup>1</sup> | 12/22/31 | 6.430 | 6289126 |
| 1150000 | Stack Infrastructure Issuer LLC 2023-1A<sup>1</sup> | 03/25/48 | 5.900 | 1153384 |
| 3520000 | Stack Infrastructure Issuer LLC 2023-3A<sup>1</sup> | 10/25/48 | 5.900 | 3540047 |
| 885954 | Textainer Marine Containers VII, Ltd. 2020-1A (China)<sup>1</sup> | 08/21/45 | 2.730 | 844560 |
| 4211073 | Thrust Engine Leasing DAC 2021-1A<sup>1</sup> | 07/15/40 | 4.163 | 4050671 |
| 436667 | TierPoint Issuer LLC 2023-1A<sup>1</sup> | 06/25/53 | 6.000 | 436418 |
| 4480000 | Trafigura Securitisation Finance, Plc. 2024-1A (Ireland)<sup>1</sup> | 11/15/27 | 5.980 | 4512055 |
| 3350000 | Vantage Data Centers Issuer LLC 2023-1A<sup>1</sup> | 03/16/48 | 6.316 | 3362709 |
| 3103537 | VC 3 LS LP 2021-B<sup>1</sup> | 10/15/41 | 4.750 | 3031804 |
| 890666 | VCP RRL ABS I, Ltd. 2021-1A<sup>1</sup> | 10/20/31 | 2.152 | 860014 |
| 4830000 | Westlake Automobile Receivables Trust 2023-2A<sup>1</sup> | 03/15/28 | 6.290 | 4861715 |
| 1750131 | Willis Engine Structured Trust VII 2023-A<sup>1</sup> | 10/15/48 | 8.000 | 1800879 |
| 5530000 | Zayo Issuer LLC 2025-1A<sup>1</sup> | 03/20/55 | 5.648 | 5584465 |
| 10290000 | Zayo Issuer LLC 2025-2A<sup>1</sup> | 06/20/55 | 5.953 | 10504194 |
|  | **Total Asset Backed Securities<br> (Cost $302,903,802)** |  |  | **305388789** |
|  | **Commercial Mortgage Backed Securities (7.3%)** |  |  |  |
| 4750000 | Atrium Hotel Portfolio Trust 2024-ATRM<sup>1,4,5</sup> | 11/10/29 | 6.090 | 4781938 |
| 6930000 | BAHA Trust 2024-MAR<sup>1,4,5</sup> | 12/10/41 | 7.069 | 7151479 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest<br> Rate | Value |
|  | **Commercial Mortgage Backed Securities (continued)** |  |  |  |
| $2818071 | BFLD Mortgage Trust 2024-WRHS (1-Month CME Term SOFR + 1.492%)<sup>1,4</sup> | 08/15/26 | 5.834% | $2818071 |
| 4387500 | BX 2024-PALM (1-Month CME Term SOFR + 1.541%)<sup>1,4</sup> | 06/15/37 | 5.883 | 4387500 |
| 4740000 | BX Commercial Mortgage Trust 2022-CSMO (1-Month CME Term SOFR + 3.889%)<sup>1,4</sup> | 06/15/27 | 8.230 | 4790363 |
| 5850000 | BX Commercial Mortgage Trust 2024-GPA2 (1-Month CME Term SOFR + 1.892%)<sup>1,4</sup> | 11/15/41 | 6.234 | 5866453 |
| 349991 | BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.264%) (Cayman Islands)<sup>1,4</sup> | 02/15/38 | 5.608 | 348002 |
| 1250000 | BXMT, Ltd. 2020-FL3 (1-Month CME Term SOFR + 3.164%) (Cayman Islands)<sup>1,4</sup> | 11/15/37 | 7.508 | 1215784 |
| 786000 | CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month CME Term SOFR + 4.114%)<sup>1,4</sup> | 11/15/31 | 8.456 | 551695 |
| 2870000 | Citigroup Commercial Mortgage Trust 2023-PRM3<sup>1,4,5</sup> | 07/10/28 | 6.572 | 2952348 |
| 6550000 | COMM Mortgage Trust 2025-SBX<sup>1,4,5</sup> | 08/10/41 | 5.432 | 6550000 |
| 4590000 | Commercial Mortgage Pass Through Certificate<sup>1</sup> | 07/12/28 | 6.891 | 4772047 |
| 2460000 | DC Commercial Mortgage Trust 2023-DC<sup>1</sup> | 09/12/40 | 6.804 | 2576781 |
| 7330000 | DK Trust 2024-SPBX (1-Month CME Term SOFR + 1.750%)<sup>1,4</sup> | 03/15/34 | 6.092 | 7348325 |
| 7660000 | Freddie Mac Multifamily Structured Pass Through Certificates 2023- K753<sup>1,2,3</sup> | 11/25/60 | 0.000 | 4759924 |
| 26240000 | Freddie Mac Multifamily Structured Pass Through Certificates 2023- K753<sup>1</sup> | 11/25/60 | 0.100 | 103805 |
| 126785030 | Freddie Mac Multifamily Structured Pass Through Certificates 2023- K753<sup>1</sup> | 11/25/60 | 0.100 | 481238 |
| 7660000 | Freddie Mac Multifamily Structured Pass Through Certificates K753<sup>4,5</sup> | 12/25/30 | 5.038 | 1635649 |
| 4965000 | FREMF Mortgage Trust 2024-K516<sup>1,4,5</sup> | 01/25/29 | 5.925 | 4384403 |
| 4675000 | FREMF Mortgage Trust 2024-K522<sup>1,4,5</sup> | 05/25/29 | 5.601 | 4184123 |
| 6570000 | FREMF Mortgage Trust 2024-K757<sup>1,3</sup> | 10/25/61 | 0.000 | 3734512 |
| 25440000 | FREMF Mortgage Trust 2024-K757<sup>1</sup> | 10/25/61 | 0.100 | 116927 |
| 105880000 | FREMF Mortgage Trust 2024-K757<sup>1</sup> | 10/25/61 | 0.100 | 470340 |
| 21546523 | FREMF Mortgage Trust 2025-K170<sup>1,3</sup> | 02/25/63 | 0.000 | 9029980 |
| 79721592 | FREMF Mortgage Trust 2025-K170<sup>1</sup> | 02/25/63 | 0.100 | 511637 |
| 351155886 | FREMF Mortgage Trust 2025-K170<sup>1</sup> | 02/25/63 | 0.100 | 2188298 |
| 7361000 | FREMF Mortgage Trust 2025-K535<sup>1,4,5</sup> | 12/25/29 | 5.306 | 6403623 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest <br> Rate | Value |
|  | **Commercial Mortgage Backed Securities (continued)** |  |  |  |
| $1000000 | Hudsons Bay Simon JV Trust 2015-HB10<sup>1,4,5</sup> | 08/05/34 | 5.629% | $983587 |
| 9760000 | INTOWN Mortgage Trust 2025-STAY (1-Month CME Term SOFR + 1.350%)<sup>1,4</sup> | 03/15/42 | 5.692 | 9760000 |
| 240000 | JPMBB Commercial Mortgage Securities Trust 2014-C24<sup>1,4,5</sup> | 11/15/47 | 4.058 | 182880 |
| 5240000 | MED Commercial Mortgage Trust 2024-MOB (1-Month CME Term SOFR + 1.592%)<sup>1,4</sup> | 05/15/41 | 5.933 | 5218425 |
| 5860000 | MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.896%)<sup>1,4</sup> | 03/15/39 | 6.246 | 5856346 |
| 877424 | Ready Capital Mortgage Financing LLC 2021-FL7 (1-Month CME Term SOFR + 1.314%)<sup>1,4</sup> | 11/25/36 | 5.667 | 873927 |
| 2700000 | SCOTT Trust 2023-SFS<sup>1</sup> | 03/10/40 | 5.910 | 2760447 |
| 2270000 | SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 2.650%)<sup>1,4</sup> | 02/15/39 | 6.992 | 2225137 |
| 1310000 | SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 3.500%)<sup>1,4</sup> | 02/15/39 | 7.842 | 1271159 |
|  | **Total Commercial Mortgage Backed Securities <br> (Cost $122,623,696)** |  |  | **123247153** |
|  | **Corporate Bonds (41.1%)** |  |  |  |
|  | **Aerospace/Defense (0.1%)** |  |  |  |
| 2220000 | BAE Systems, Plc. (United Kingdom)<sup>1</sup> | 04/15/30 | 3.400 | 2116333 |
|  | **Agriculture (0.4%)** |  |  |  |
| 5480000 | Bunge Ltd. Finance Corp. | 09/17/29 | 4.200 | 5403465 |
| 1890000 | Cargill, Inc.<sup>1</sup> | 10/11/32 | 5.125 | 1935029 |
|  |  |  |  | 7338494 |
|  | **Auto Manufacturers (2.0%)** |  |  |  |
| 3835000 | BMW US Capital, LLC<sup>1</sup> | 03/21/30 | 5.050 | 3908054 |
| 3930000 | Ford Motor Credit Co. LLC | 11/05/26 | 5.125 | 3918993 |
| 4830000 | Hyundai Capital America<sup>1</sup> | 06/24/27 | 5.275 | 4871858 |
| 7770000 | Hyundai Capital America<sup>1</sup> | 03/27/30 | 5.150 | 7858341 |
| 9540000 | Volkswagen Group of America Finance LLC<sup>1</sup> | 09/26/26 | 3.200 | 9365799 |
| 3835000 | Volkswagen Group of America Finance LLC<sup>1</sup> | 08/15/27 | 4.850 | 3837694 |
|  |  |  |  | 33760739 |
|  | **Banks (8.0%)** |  |  |  |
| 2790000 | ASB Bank, Ltd. (5-Year CMT Index + 2.250%) (New Zealand)<sup>1,4</sup> | 06/17/32 | 5.284 | 2800937 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest <br> Rate | Value |
|  | **Corporate Bonds (continued)** |  |  |  |
|  | **Banks (continued)** |  |  |  |
| $4600000 | Banco Santander S.A. (1-Year CMT Index + 1.250%) (Spain)<sup>4</sup> | 03/14/28 | 5.552% | $4665027 |
| 1635000 | Bank Leumi Le-Israel BM (Israel)<sup>1</sup> | 07/27/27 | 5.125 | 1640608 |
| 5910000 | Bank of America Corp. (5-Year CMT Index + 2.760%)<sup>4,6</sup> |  | 4.375 | 5768104 |
| 2650000 | Bank of New York Mellon (SOFR + 1.135%)<sup>4</sup> | 04/20/29 | 4.729 | 2677961 |
| 3035000 | Bank of New Zealand (New Zealand)<sup>1</sup> | 02/07/28 | 4.846 | 3069755 |
| 3095000 | Bank of Nova Scotia (Canada) | 03/11/27 | 2.951 | 3024802 |
| 4670000 | BNP Paribas S.A. (SOFR + 1.678%) (France)<sup>1,4</sup> | 05/09/31 | 5.085 | 4715113 |
| 3485000 | Canadian Imperial Bank of Commerce (Canada) | 10/03/28 | 5.986 | 3642473 |
| 7500000 | Citigroup, Inc. (SOFR + 1.143%)<sup>4</sup> | 05/07/28 | 4.643 | 7507620 |
| 2920000 | Comerica Bank (SOFR + 2.610%)<sup>4</sup> | 08/25/33 | 5.332 | 2842700 |
| 6240000 | Fifth Third Bancorp (SOFR + 2.192%)<sup>4</sup> | 10/27/28 | 6.361 | 6490762 |
| 165000 | Fifth Third Bancorp (SOFR + 2.127%)<sup>4</sup> | 07/28/30 | 4.772 | 165676 |
| 2140000 | HSBC Holdings, Plc (SOFR + 3.350%) (United Kingdom)<sup>4</sup> | 11/03/28 | 7.390 | 2263953 |
| 1140000 | HSBC Holdings, Plc (SOFR + 2.387%) (United Kingdom)<sup>4</sup> | 06/04/31 | 2.848 | 1043812 |
| 3285000 | HSBC Holdings, Plc (SOFR + 2.390%) (United Kingdom)<sup>4</sup> | 03/09/34 | 6.254 | 3517591 |
| 6256000 | Huntington Bancshares, Inc. (SOFR + 1.970%)<sup>4</sup> | 08/04/28 | 4.443 | 6238646 |
| 3720000 | JPMorgan Chase & Co. (SOFR + 0.930%)<sup>4</sup> | 07/22/28 | 4.979 | 3755812 |
| 2160000 | Lloyds Banking Group, Plc. (1-Year CMT Index + 1.700%) (United Kingdom)<sup>4</sup> | 03/06/29 | 5.871 | 2226408 |
| 2025000 | Lloyds Banking Group, Plc. (1-Year CMT Index + 3.750%) (United Kingdom)<sup>4</sup> | 11/15/33 | 7.953 | 2319916 |
| 2000000 | Morgan Stanley (SOFR + 1.610%)<sup>4</sup> | 04/20/28 | 4.210 | 1991097 |
| 2055000 | Morgan Stanley (SOFR + 2.560%)<sup>4</sup> | 10/18/33 | 6.342 | 2226879 |
| 2445000 | NatWest Group, Plc (1-Year CMT Index + 2.850%) (United Kingdom)<sup>4</sup> | 11/10/26 | 7.472 | 2462403 |
| 5175000 | NatWest Group, Plc (SOFR + 1.300%) (United Kingdom)<sup>4</sup> | 11/15/28 | 5.639 | 5219187 |
| 1780000 | NatWest Group, Plc (1-Year CMT Index + 2.100%) (United Kingdom)<sup>4</sup> | 03/02/34 | 6.016 | 1881918 |
| 5770000 | PNC Financial Services Group, Inc. (5-Year CMT Index + 2.595%)<sup>4,6</sup> |  | 3.400 | 5559807 |
| 2360000 | Santander Holdings USA, Inc. (SOFR + 2.356%)<sup>4</sup> | 03/09/29 | 6.499 | 2457032 |
| 5115000 | Santander Holdings USA, Inc. (SOFR + 1.878%)<sup>4</sup> | 03/20/31 | 5.741 | 5263111 |
| 3070000 | Skandinaviska Enskilda Banken AB (Sweden)<sup>1</sup> | 03/05/29 | 5.375 | 3155062 |
| 7510000 | State Street Corp. | 02/28/28 | 4.536 | 7561189 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity<br> Date | Interest<br> Rate | Value |
|  | <br>**Corporate Bonds (continued)<br> Banks (continued)** |  |  |  |
| $1620000 | Truist Financial Corp. (SOFR + 2.446%)<sup>4</sup> | 10/30/29 | 7.161% | $1748686 |
| 4445000 | Truist Financial Corp. (SOFR + 1.620%)<sup>4</sup> | 01/24/30 | 5.435 | 4570030 |
| 1525000 | UBS Group AG (1-Year CMT Index + 1.750%) (Switzerland)<sup>1,4</sup> | 05/12/28 | 4.751 | 1530032 |
| 4025000 | UBS Group AG (1-Year CMT Index + 2.200%) (Switzerland)<sup>1,4</sup> | 01/12/34 | 5.959 | 4229682 |
| 6100000 | US Bancorp (5-Year CMT Index + 2.541%)<sup>4,6</sup> |  | 3.700 | 5864247 |
| 1165000 | Wells Fargo & Co. (SOFR + 2.100%)<sup>4</sup> | 06/02/28 | 2.393 | 1121649 |
| 5195000 | 4Wells Fargo & Co. (SOFR + 1.370%)<sup>4</sup> | 04/23/29 | 4.970 | 5255956 |
| 3020000 | Wells Fargo & Co. (SOFR + 1.500%)<sup>4</sup> | 03/02/33 | 3.350 | 2764601 |
|  |  |  |  | 135240244 |
|  | **Beverages (0.2%)** |  |  |  |
| 3170000 | Keurig Dr Pepper, Inc. | 03/15/29 | 5.050 | 3227829 |
|  | **Chemicals (0.4%)** |  |  |  |
| 6570000 | Olin Corp.<sup>1</sup> | 04/01/33 | 6.625 | 6393274 |
|  | **Commercial Services (0.2%)** |  |  |  |
| 3670000 | Avis Budget Car Rental LLC / Avis Budget Finance, Inc.<sup>1</sup> | 01/15/30 | 8.250 | 3776558 |
|  | **Diversified Financial Services (2.4%)** |  |  |  |
| 2338000 | Acadian Asset Management, Inc. | 07/27/26 | 4.800 | 2313022 |
| 4365000 | Ally Financial, Inc. (SOFR + 2.820%)<sup>4</sup> | 01/03/30 | 6.848 | 4601887 |
| 1265000 | American Express Co. | 03/04/27 | 2.550 | 1230455 |
| 5705000 | Bread Financial Holdings, Inc.<sup>1</sup> | 03/15/29 | 9.750 | 6120141 |
| 2345000 | Capital One Financial Corp. | 05/11/27 | 3.650 | 2312418 |
| 1630000 | Capital One Financial Corp. (SOFR + 3.070%)<sup>4</sup> | 10/30/31 | 7.624 | 1835439 |
| 4125000 | Credit Acceptance Corp.<sup>1</sup> | 12/15/28 | 9.250 | 4362534 |
| 2655000 | Credit Opportunities Partners JV LLC | 04/01/26 | 4.250 | 2630205 |
| 2485000 | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance<sup>1</sup> | <br>02/15/26 | 3.875 | 2448411 |
| 2550000 | GCM Grosvenor Diversified Alternatives Issuer LLC<sup>1,2</sup> | 11/15/41 | 6.000 | 2140215 |
| 7300000 | Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc.<sup>1</sup> | 02/01/27 | 6.375 | 7282199 |
| 4620000 | Sculptor Alternative Solutions LLC<sup>1,2</sup> | 05/15/37 | 6.000 | 4149684 |
|  |  |  |  | 41426610 |
|  | **Electric (1.9%)** |  |  |  |
| 4160000 | Alexander Funding Trust II<sup>1</sup> | 07/31/28 | 7.467 | 4419595 |
| 4405000 | Atlantica Sustainable Infrastructure, Ltd. (United Kingdom)<sup>1</sup> | 06/15/28 | 4.125 | 4253845 |
| 5065000 | Edison International (5-Year CMT Index + 4.698%)<sup>4,6</sup> |  | 5.375 | 4816217 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity<br> Date | Interest <br> Rate | Value |
|  | **Corporate Bonds (continued)** |  |  |  |
|  | **Electric (continued)** |  |  |  |
| $3375000 | Florida Power & Light Co. | 05/15/33 | 4.800% | $3369597 |
| 3500000 | Oncor Electric Delivery Co. LLC | 05/15/28 | 4.300 | 3494042 |
| 4420000 | Southern California Edison Co. | 09/06/26 | 4.400 | 4405033 |
| 7675000 | XPLR Infrastructure Operating Partners LP<sup>1</sup> | 03/15/33 | 8.625 | 8129160 |
|  |  |  |  | 32887489 |
|  | **Energy-Alternate Sources (1.1%)** |  |  |  |
| 10055000 | XPLR Infrastructure LP<sup>1,3</sup> | 11/15/25 | 0.000 | 9841834 |
| 8440000 | XPLR Infrastructure LP<sup>1</sup> | 06/15/26 | 2.500 | 8092272 |
|  |  |  |  | 17934106 |
|  | **Food (0.6%)** |  |  |  |
| 5925000 | Mars, Inc.<sup>1</sup> | 03/01/32 | 5.000 | 5979553 |
| 4765000 | Nestle Capital Corp.<sup>1</sup> | 03/12/31 | 4.750 | 4821448 |
|  |  |  |  | 10801001 |
|  | **Gas (0.5%)** |  |  |  |
| 4650000 | Southern California Gas Co. | 09/01/34 | 5.050 | 4652029 |
| 4120000 | Southern California Gas Co. | 06/15/35 | 5.450 | 4199526 |
|  |  |  |  | 8851555 |
|  | **Healthcare-Services (0.6%)** |  |  |  |
| 1080000 | Providence St Joseph Health Obligated Group | 10/01/33 | 5.403 | 1089494 |
| 4210000 | Roche Holdings, Inc.<sup>1</sup> | 03/08/31 | 4.909 | 4286724 |
| 4585000 | Sutter Health | 08/15/32 | 5.213 | 4687641 |
|  |  |  |  | 10063859 |
|  | **Insurance (12.5%)** |  |  |  |
| 7105000 | Aegon, Ltd. (6-Month CME Term SOFR + 3.540%) (Netherlands)<sup>4</sup> | 04/11/48 | 5.500 | 7115650 |
| 2940000 | American Coastal Insurance Corp. | 12/15/27 | 7.250 | 2910600 |
| 4650000 | American National Global Funding<sup>1</sup> | 01/28/30 | 5.550 | 4731571 |
| 5395000 | American National Global Funding<sup>1</sup> | 06/03/30 | 5.250 | 5424969 |
| 2880000 | Ascot Group, Ltd. (Bermuda)<sup>1</sup> | 12/15/30 | 4.250 | 2590287 |
| 3615000 | Ascot Group1, Ltd. (5-Year CMT Index + 2.375%) (Bermuda)<sup>1,4</sup> | 06/15/35 | 6.349 | 3689168 |
| 5510000 | Aspen Insurance Holdings, Ltd. (Bermuda) | 07/01/30 | 5.750 | 5594033 |
| 8205000 | Athene Global Funding<sup>1</sup> | 05/09/28 | 4.830 | 8239317 |
| 4360000 | Athene Global Funding<sup>1</sup> | 01/09/29 | 5.583 | 4480837 |
| 4040000 | Athene Global Funding<sup>1</sup> | 10/08/29 | 4.721 | 4016454 |
| 8565000 | Athene Global Funding<sup>1</sup> | 07/17/30 | 5.033 | 8611888 |
| 8190000 | AXIS Specialty Finance, LLC (5-Year CMT Index + 3.186%)<sup>4</sup> | 01/15/40 | 4.900 | 7879091 |
| 2920000 | Corebridge Financial, Inc. (5-Year CMT Index + 3.846%)<sup>4</sup> | 12/15/52 | 6.875 | 2999048 |
| 3175000 | Corebridge Global Funding<sup>1</sup> | 09/19/28 | 5.900 | 3295558 |
| 3155000 | DaVinciRe Holdings, Ltd. (Bermuda)<sup>1</sup> | 04/15/35 | 5.950 | 3171040 |
| 4210000 | Doctors Co. An Interinsurance Exchange<sup>1</sup> | 01/18/32 | 4.500 | 3702589 |
| 9717000 | Enstar Finance LLC (5-Year CMT Index + 4.006%)<sup>4</sup> | 01/15/42 | 5.500 | 9552006 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest <br>Rate | Value |
|  | **Corporate Bonds (continued)<br> Insurance (continued)** |  |  |  |
| $4460000 | Enstar Group, Ltd. (5-Year CMT Index + 3.186%)<sup>1,4</sup> | 04/01/45 | 7.500% | $4605900 |
| 9030000 | Equitable America Global Funding<sup>1</sup> | 06/09/30 | 4.950 | 9101865 |
| 3965000 | Equitable Financial Life Global Funding<sup>1</sup> | 03/27/30 | 5.000 | 4020442 |
| 5540000 | F&G Annuities & Life, Inc. | 01/13/28 | 7.400 | 5797712 |
| 4110000 | F&G Global Funding<sup>1</sup> | 06/10/27 | 5.875 | 4196814 |
| 4765000 | Fidelis Insurance Holdings, Ltd. (5-Year CMT Index + 6.323%) <br> (United Kingdom)<sup>1,4</sup> | 04/01/41 | 6.625 | 4740506 |
| 6260000 | GA Global Funding Trust<sup>1</sup> | 09/23/27 | 4.400 | 6237114 |
| 3485000 | Global Atlantic Finance Co.<sup>1</sup> | 06/15/33 | 7.950 | 3942877 |
| 1975000 | Global Atlantic Finance Co. (5-Year CMT Index + 3.608%)<sup>1,4</sup> | 10/15/54 | 7.950 | 2063885 |
| 6815000 | Guardian Life Global Funding<sup>1</sup> | 09/26/29 | 4.179 | 6752580 |
| 1690000 | Metropolitan Life Global Funding I<sup>1</sup> | 03/21/29 | 3.300 | 1625336 |
| 5180000 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen <br> (5- Year CMT Index + 3.982%) (Germany)<sup>1,4</sup> | 05/23/42 | 5.875 | 5296550 |
| 8950000 | Mutual of Omaha Cos Global Funding<sup>1</sup> | 06/09/28 | 4.514 | 8943230 |
| 2950000 | Mutual of Omaha Cos Global Funding<sup>1</sup> | 04/01/30 | 5.000 | 2987680 |
| 5090000 | Northwestern Mutual Global Funding<sup>1</sup> | 03/25/27 | 5.070 | 5147091 |
| 7725000 | Pacific Life Global Funding II<sup>1</sup> |  |  |  |
| 3708000 | PartnerRe Finance B LLC (5-Year CMT Index + 3.815%)<sup>4</sup> | 10/01/50 | 4.500 | 3446086 |
| 4365000 | Protective Life Global Funding<sup>1</sup> | 01/12/27 | 4.992 | 4395604 |
| 6115000 | Protective Life Global Funding<sup>1</sup> | 09/13/27 | 4.335 | 6114076 |
| 5720000 | RenaissanceRe Holdings, Ltd. (Bermuda) | 06/05/33 | 5.750 | 5890818 |
| 3460000 | RGA Global Funding<sup>1</sup> | 01/11/31 | 5.500 | 3564598 |
| 3735000 | SiriusPoint, Ltd. (Sweden) | 04/05/29 | 7.000 | 3917795 |
| 1895000 | Stewart Information Services Corp. | 11/15/31 | 3.600 | 1685404 |
| 4830000 | Swiss Re Finance Luxembourg S.A. (5-Year CMT Index + 3.582%) (Luxembourg)<sup>1,4</sup> | 04/02/49 | 5.000 | 4821374 |
| 6280000 | Universal Insurance Holdings, Inc. | 11/30/26 | 5.625 | 6194079 |
|  |  |  |  | 211260848 |
|  | **Investment Companies (4.6%)** |  |  |  |
| 11550000 | Ares Capital Corp. | 07/15/26 | 2.150 | 11275113 |
| 2172000 | BlackRock TCP Capital Corp. | 05/30/29 | 6.950 | 2242573 |
| 4320000 | Blackstone Private Credit Fund | 09/26/27 | 4.950 | 4303744 |
| 5990000 | Blue Owl Credit Income Corp. | 03/15/30 | 5.800 | 6001104 |
| 2585000 | Blue Owl Technology Finance Corp.<sup>1</sup> | 03/15/28 | 6.100 | 2599934 |
| 1635000 | CION Investment Corp. | 02/11/26 | 4.500 | 1610054 |
| 5725000 | Fairfax India Holdings Corp. (Canada)<sup>1</sup> | 02/26/28 | 5.000 | 5361835 |
| 2330000 | Gladstone Capital Corp. | 01/31/26 | 5.125 | 2317814 |
| 3940000 | Golub Capital Private Credit Fund | 09/12/29 | 5.800 | 3950722 |
| 11340000 | HA Sustainable Infrastructure Capital, Inc. | 07/01/34 | 6.375 | 11236235 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br> Amount |  | Maturity <br> Date | Interest<br> Rate | Value |
|  | **Corporate Bonds (continued) <br> Investment Companies (continued)** |  |  |  |
| $2065000 | HAT Holdings I LLC / HAT Holdings II LLC<sup>1</sup> | 06/15/26 | 3.375% | $2025621 |
| 2300000 | HAT Holdings I LLC / HAT Holdings II LLC<sup>1</sup> | 09/15/30 | 3.750 | 2090406 |
| 2960000 | MidCap Financial Investment Corp. | 07/16/26 | 4.500 | 2896484 |
| 2095000 | OFS Capital Corp. | 02/10/26 | 4.750 | 2066373 |
| 7360000 | PennantPark Floating Rate Capital, Ltd. | 04/01/26 | 4.250 | 7255005 |
| 3025000 | Saratoga Investment Corp. | 02/28/26 | 4.375 | 2979227 |
| 3050000 | Silver Point Specialty Credit Fund, L.P.<sup>1,2</sup> | 11/04/26 | 4.000 | 2921900 |
| 1775000 | Stellus Capital Investment Corp. | 03/30/26 | 4.875 | 1751798 |
| 3165000 | Trinity Capital, Inc. | 12/15/26 | 4.250 | 3036415 |
|  |  |  |  | 77922357 |
|  | **Machinery-Diversified (1.0%)** |  |  |  |
| 2275000 | CNH Industrial Capital LLC | 04/10/28 | 4.550 | 2278480 |
| 2450000 | CNH Industrial Capital LLC | 01/12/29 | 5.500 | 2520340 |
| 7140000 | John Deere Capital Corp. (SOFR + 0.500%)<sup>4</sup> | 03/06/28 | 4.847 | 7155848 |
| 4710000 | John Deere Capital Corp | 03/07/31 | 4.900 | 4793932 |
|  |  |  |  | 16748600 |
|  | **Media (0.3%)** |  |  |  |
| 5110000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>1</sup> | 03/01/31 | 7.375 | 5253335 |
| **6100000** | **Miscellaneous Manufacturers (0.4%)**<br> Axon Enterprise, Inc.<sup>1</sup> | 03/15/30 | 6.125 | 6229938 |
|  | **Oil & Gas (0.6%)** |  |  |  |
| 4480000 | Sunoco LP<sup>1</sup> | 05/01/29 | 7.000 | 4637105 |
| 5040000 | Woodside Finance, Ltd. (Australia) | 05/19/30 | 5.400 | 5110719 |
|  |  |  |  | 9747824 |
|  | **Pharmaceuticals (0.3%)** |  |  |  |
| 730000 | Bausch Health Cos., Inc. (Canada)<sup>1</sup> | 06/01/28 | 4.875 | 646050 |
| 3770000 | Eli Lilly & Co. | 02/12/30 | 4.750 | 3840841 |
|  |  |  |  | 4486891 |
|  | **Pipelines (0.1%)** |  |  |  |
| 2430000 | Harvest Midstream I LP<sup>1</sup> | 09/01/28 | 7.500 | 2459576 |
|  | **Real Estate Investment Trusts (1.6%)** |  |  |  |
| 3340000 | American Tower Trust #1<sup>1</sup> | 03/15/53 | 5.490 | 3385918 |
| 4140000 | Arbor Realty SR, Inc.<sup>1</sup> | 10/15/27 | 8.500 | 4098181 |
| 2375000 | Arbor Realty Trust, Inc. | 04/30/26 | 5.000 | 2345521 |
| 1970000 | Arbor Realty Trust, Inc.<sup>1</sup> | 03/15/27 | 4.500 | 1838759 |
| 5075000 | EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman / TRS / EF Cayman Non-MTM (Multinational)<sup>1</sup> | 04/01/27 | 5.875 | 4833861 |
| 2750000 | Rexford Industrial Realty LP | 06/15/28 | 5.000 | 2771261 |
| 2000000 | SBA Tower Trust<sup>1</sup> | 11/15/52 | 6.599 | 2050601 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest <br>Rate | Value |
|  | **Corporate Bonds (continued)**<br> **Real Estate Investment Trusts (continued)** |  |  |  |
| $1945000 | Scentre Group Trust 1 / Scentre Group Trust 2 (Australia)<sup>1</sup> | 01/28/26 | 3.625% | $1934209 |
| 1345000 | Scentre Group Trust 2 (5-Year CMT Index + 4.685%) (Australia)<sup>1,4</sup> | 09/24/80 | 5.125 | 1322542 |
| 2065000 | Starwood Property Trust, Inc.<sup>1</sup> | 01/15/27 | 4.375 | 2029713 |
|  |  |  |  | 26610566 |
|  | **Retail (0.5%)** |  |  |  |
| 1143000 | Macy's Retail Holdings LLC<sup>1</sup> | 03/15/30 | 5.875 | 1128500 |
| 4145000 | Macy's Retail Holdings LLC<sup>1</sup> | 08/01/33 | 7.375 | 4160789 |
| 3450000 | Nordstrom, Inc. | 04/01/30 | 4.375 | 3128177 |
|  |  |  |  | 8417466 |
|  | **Semiconductors (0.4%)** |  |  |  |
| 5575000 | ams-OSRAM AG (Austria)1 | 03/30/29 | 12.250 | 5987524 |
|  | **Software (0.4%)** |  |  |  |
| 4195000 | CoreWeave, Inc.<sup>1</sup> | 06/01/30 | 9.250 | 4216189 |
| 1730000 | CoreWeave, Inc.<sup>1</sup> | 02/01/31 | 9.000 | 1722624 |
|  |  |  |  | 5938813 |
|  | **Total Corporate Bonds <br> (Cost $690,240,290)** |  |  | **694881829** |
|  | **Loan Participations and Assignments (11.4%)** |  |  |  |
| 3313196 | AAdvantage Loyality IP, Ltd. (3-Month CME Term SOFR + 2.250%) (Cayman Islands)<sup>4</sup> | 04/20/28 | 6.575 | 3296630 |
| 1955100 | AAdvantage Loyality IP, Ltd. (3-Month CME Term SOFR + 3.250%) (Cayman Islands)<sup>4</sup> | 05/28/32 | 7.575 | 1967319 |
| 5047350 | A-AG US GSI Bidco, Inc. (3-Month CME Term SOFR + 5.000%)<sup>4</sup> | 10/31/31 | 9.296 | 5028422 |
| 2059776 | AL NGPL Holdings LLC (3-Month CME Term SOFR + 2.500%)<sup>4</sup> | 04/13/28 | 6.779 | 2063896 |
| 2941498 | Allen Media LLC (3-Month CME Term SOFR + 5.500%)<sup>4</sup> | 02/10/27 | 9.946 | 1757545 |
| 5577785 | Allspring Buyer LLC (3-Month CME Term SOFR + 3.000%)<sup>4</sup> | 11/01/30 | 7.313 | 5589219 |
| 4530252 | Athenahealth Group, Inc. (1-Month CME Term SOFR + 2.750%)<sup>4</sup> | 02/15/29 | 7.106 | 4523592 |
| 1761329 | Axalta Coating Systems US Holdings, Inc. Term B7 (3-Month CME Term SOFR + 1.750%)<sup>4</sup> | 12/20/29 | 6.046 | 1765732 |
| 2634110 | BCP Renaissance Parent LLC Term B6 (3-Month CME Term SOFR + 3.000%)<sup>4</sup> | 10/31/28 | 7.296 | 2637877 |
| 337683 | Buckeye Partners LP Term B5 (1-Month CME Term SOFR + 1.750%)<sup>4</sup> | 11/01/26 | 6.106 | 337963 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest <br>Rate | Value |
|  | **Loan Participations and Assignments (continued)** |  |  |  |
| $3575754 | Central Parent LLC (3-Month CME Term SOFR + 3.250%)<sup>4</sup> | 07/06/29 | 7.546% | $2905300 |
| 5651313 | Charter Communications Operating LLC Term B4 (3-Month CME Term SOFR + 2.000%)<sup>4</sup> | 12/07/30 | 6.291 | 5640011 |
| 5480000 | Clearwater Analytics LLC (6-Month CME Term SOFR + 2.250%)<sup>4</sup> | 04/21/32 | 6.460 | 5483452 |
| 11310233 | Connect Finco S.a.r.l. (1-Month CME Term SOFR + 4.500%) (Luxembourg)<sup>4</sup> | 09/27/29 | 8.856 | 11078713 |
| 3012381 | Delos Aircraft Designated Activity Co. (3-Month CME Term SOFR + 1.750%) (Ireland)<sup>4</sup> | 10/31/27 | 6.046 | 3019912 |
| 5485419 | Eagle Broadband Investments LLC (3-Month CME Term SOFR + 3.000%)<sup>4</sup> | 11/12/27 | 7.557 | 5442578 |
| 7766336 | Eastern Power LLC (1-Month CME Term SOFR + 5.250%)<sup>4</sup> | 04/03/28 | 9.606 | 7790644 |
| 1370909 | Elanco Animal Health, Inc. (1-Month CME Term SOFR + 1.750%)<sup>4</sup> | 08/01/27 | 6.179 | 1369387 |
| 3290138 | EMRLD Borrower LP (1-Month CME Term SOFR + 2.500%)<sup>4</sup> | 08/04/31 | 6.856 | 3290368 |
| 7303076 | Geon Performance Solutions LLC (Fka. Echo US Holdings LLC) <br> (3-Month CME Term SOFR + 4.250%)<sup>4</sup> | 08/18/28 | 8.807 | 6594678 |
| 1546114 | Global Medical Response, Inc. (3-Month CME Term SOFR + 4.750%)<sup>4</sup> | 10/31/28 | 9.079 | 1546841 |
| 3460000 | Gloves Buyer, Inc. (1-Month CME Term SOFR + 4.000%)<sup>4</sup> | 05/21/32 | 8.356 | 3384745 |
| 6045635 | Great Outdoors Group LLC Term B3 (1-Month CME Term SOFR + 3.250%)<sup>4</sup> | 01/23/32 | 7.606 | 6044124 |
| 2613450 | Hilcorp Energy I LP (1-Month CME Term SOFR + 2.000%)<sup>4</sup> | 02/11/30 | 6.343 | 2615907 |
| 2652179 | ILPEA Parent, Inc. (1-Month CME Term SOFR + 4.000%)<sup>4</sup> | 06/22/28 | 8.360 | 2643905 |
| 3649610 | Iqvia, Inc. Term B5 (3-Month CME Term SOFR + 1.750%)<sup>4</sup> | 01/02/31 | 6.046 | 3667858 |
| 5496154 | Iridium Communications, Inc. Term B4 (1-Month CME Term SOFR + 2.250%)<sup>4</sup> | 09/20/30 | 6.606 | 5463782 |
| 1783103 | Jazz Pharmaceuticals, Inc. Term B2 (1-Month CME Term SOFR + 2.250%)<sup>4</sup> | 05/05/28 | 6.606 | 1788952 |
| 5170358 | LendingTree, Inc. Term B (1-Month CME Term SOFR + 4.000%)<sup>4</sup> | 09/15/28 | 8.470 | 5170358 |
| 817004 | Lumen Technologies, Inc. Term A (1-Month CME Term SOFR + 6.000%)<sup>4</sup> | 06/01/28 | 10.356 | 834022 |
| 7167211 | Medline Borrower LP (1-Month CME Term SOFR + 2.000%)<sup>4</sup> | 10/23/30 | 6.356 | 7171727 |
| 5821013 | Midcontinent Communications (1-Month CME Term SOFR + 1.500%)<sup>4</sup> | 08/18/31 | 6.851 | 5816181 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest <br>Rate | Value |
|  | **Loan Participations and Assignments (continued)** |  |  |  |
| $2962723 | MIP V Waste LLC Term B1 (6-Month CME Term SOFR + 3.000%)<sup>4</sup> | 12/08/28 | 7.197% | $2970130 |
| 685076 | MPH Acquisition Holdings LLC (3-Month CME Term SOFR + 3.750%)<sup>4</sup> | 12/31/30 | 8.058 | 680966 |
| 5678845 | MPH Acquisition Holdings LLC (3-Month CME Term SOFR + 4.600%)<sup>4</sup> | 12/31/30 | 9.170 | 5069562 |
| 4455000 | Nexstar Media, Inc. Term B5 (1-Month CME Term SOFR + 2.500%)<sup>4</sup> | 06/28/32 | 6.856 | 4459455 |
| 8551201 | OCM System One Buyer CTB LLC (3-Month CME Term SOFR + 3.750%)<sup>4</sup> | 03/02/28 | 8.046 | 8583268 |
| 6626788 | Priority Holdings, LLC (1-Month CME Term SOFR + 3.750%)<sup>4</sup> | 07/30/32 | 8.106 | 6626788 |
| 9353000 | Rockpoint Gas Storage Partners LP (3-Month CME Term SOFR + 3.000%)<sup>4</sup> | 09/18/31 | 7.296 | 9372922 |
| 582281 | SkyMiles IP, Ltd. (3-Month CME Term SOFR + 3.750%) (Cayman Islands)<sup>4</sup> | 10/20/27 | 8.075 | 584465 |
| 4728193 | Sotera Health Holdings LLC (3-Month CME Term SOFR + 3.250%)<sup>4</sup> | 05/30/31 | 7.546 | 4737082 |
| 1764988 | Starwood Property Mortgage, LLC (1-Month CME Term SOFR + 1.750%)<sup>4</sup> | 11/18/27 | 6.106 | 1762781 |
| 7175000 | Stonepeak Nile Parent LLC (3-Month CME Term SOFR + 2.750%)<sup>4</sup> | 04/09/32 | 7.079 | 7187556 |
| 3032400 | Terex Corp. (3-Month CME Term SOFR + 2.000%)<sup>4</sup> | 10/08/31 | 6.308 | 3035250 |
| 3724206 | Tidal Waste & Recycling Holdings LLC (3-Month CME Term SOFR + 3.000%)<sup>4</sup> | 10/24/31 | 7.296 | 3745173 |
| 4367281 | United AirLines, Inc. Term B (1-Month CME Term SOFR + 2.000%)<sup>4</sup> | 02/22/31 | 6.351 | 4378199 |
| 1898000 | Whirlpool Corp. (1-Month CME Term SOFR + 1.250%)<sup>2,4</sup> | 09/30/25 | 5.706 | 1898000 |
|  | **Total Loan Participations and Assignments<br> (Cost $194,979,565)** |  |  | **192823237** |
|  | **Municipal Bonds (0.1%)** |  |  |  |
| 1645000 | Indiana Finance Authority, Revenue Bonds | 03/01/51 | 3.313 | 1094362 |
|  | **Total Municipal Bonds<br> (Cost $1,645,000)** |  |  | **1094362** |
|  | **Preferred Securities (2.0%)** |  |  |  |
| 79000 | Apollo Global Management, Inc. (5-Year CMT Index + 3.226%)<sup>4</sup> | 09/15/53 | 7.625 | 2103770 |
| 215000 | CION Investment Corp. | 12/30/29 | 7.500 | 5330989 |
| 99600 | Crescent Capital BDC, Inc. | 05/25/26 | 5.000 | 2475707 |
| 178600 | Eagle Point Credit Co., Inc. | 01/31/29 | 5.375 | 4163166 |
| 66200 | Ellington Financial, Inc. (5-Year CMT Index + 5.130%)<sup>4,6</sup> |  | 8.625 | 1660296 |
| 132600 | Gladstone Investment Corp. | 11/01/28 | 4.875 | 3090906 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount |  | Maturity <br> Date | Interest <br> Rate | Value |
|  | **Preferred Securities (continued)** |  |  |  |
| $93600 | Horizon Technology Finance Corp. | 03/30/26 | 4.875% | $2325960 |
| 177000 | OFS Capital Corp. | 07/31/28 | 7.500 | 4442700 |
| 130800 | Oxford Lane Capital Corp. | 01/31/27 | 5.000 | 3162221 |
| 175000 | Trinity Capital, Inc. | 03/30/29 | 7.875 | 4413500 |
|  | **Total Preferred Securities<br> (Cost $33,725,836)** |  |  | **33169215** |
|  | **Residential Mortgage Backed Securities (0.0%)** |  |  |  |
| 265795 | RMF Proprietary Issuance Trust 2019-1<sup>1,4,5</sup> | 10/25/63 | 2.750 | 252593 |
|  | **Total Residential Mortgage Backed Securities <br> (Cost $263,995)** |  |  | **252593** |
|  | **U.S. Treasury Bills (2.8%)** |  |  |  |
| 4600000 | U.S. Treasury Bill<sup>7,8,9</sup> | 10/09/25 | 4.107 | 4562506 |
| 19275000 | U.S. Treasury Bill<sup>7</sup> | 08/05/25 | 4.202 | 19266005 |
| 19275000 | U.S. Treasury Bill<sup>7</sup> | 08/19/25 | 4.261 | 19234023 |
| 4550000 | U.S. Treasury Bill<sup>7,9</sup> | 01/08/26 | 4.221 | 4466230 |
|  | **Total U.S. Treasury Bills <br> (Cost $47,530,883)** |  |  | **47528764** |
|  | **U.S. Treasury Bonds and Notes (16.6%)** |  |  |  |
| 74300000 | U.S. Treasury Bond | 02/15/39 | 3.500 | 66449160 |
| 3900000 | U.S. Treasury Bond | 08/15/41 | 1.750 | 2568059 |
| 107500000 | U.S. Treasury Bond | 02/15/43 | 3.875 | 95192090 |
| 43865000 | U.S. Treasury Bond | 08/15/50 | 1.375 | 21322502 |
| 1250000 | U.S. Treasury Bond | 05/15/52 | 2.875 | 866797 |
| 30870000 | U.S. Treasury Bond | 02/15/53 | 3.625 | 24839497 |
| 10515000 | U.S. Treasury Bond | 05/15/53 | 3.625 | 8451842 |
| 30000000 | U.S. Treasury Note | 07/31/31 | 4.125 | 30104297 |
| 3000000 | U.S. Treasury Note<sup>9</sup> | 05/15/33 | 3.375 | 2834648 |
| 30100000 | U.S. Treasury Note | 08/15/34 | 3.875 | 29119399 |
|  | **Total U.S. Treasury Bonds and Notes<br> (Cost $293,684,816)** |  |  | **281748291** |
| **Total Investments (Cost $1,687,597,883)<sup>10</sup>** | **Total Investments (Cost $1,687,597,883)<sup>10</sup>** |  | **99.3%** | $**1680134233** |
| **Cash and Other Assets in Excess of Liabilities** | **Cash and Other Assets in Excess of Liabilities** |  | **0.7%** | **12526319** |
| **Net Assets** | **Net Assets** |  | **100.0%** | $**1692660552** |

---

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at July 31, 2025 was $787,677,088 or 46.5% of net assets.

<sup>2</sup> Security that used significant unobservable inputs to determine fair value.

<sup>3</sup> Security issued with zero coupon. Income is recognized through accretion of discount.

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**All investments in the United States, except as noted.**

<sup>4</sup> Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the July 31, 2025 coupon or interest rate.

<sup>5</sup> This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end.

<sup>6</sup> Security is perpetual in nature and has no stated maturity date.

<sup>7</sup> Coupon represents a yield to maturity.

<sup>8</sup> Coupon represents a weighted average yield.

<sup>9</sup> All or a portion of this security is held at the broker as collateral for open futures contracts.

<sup>10</sup> The aggregate cost of investments and derivatives for federal income tax purposes is $1,687,597,883, the aggregate gross unrealized appreciation is $26,568,466 and the aggregate gross unrealized depreciation is $26,019,044, resulting in net unrealized appreciation of $549,422.

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| ABS | Asset-Backed Security. |
| CFO | Collateralized Fund Obligation. |
| CLO | Collateralized Loan Obligation. |
| CME | Chicago Mercantile Exchange. |
| CMT | Constant Maturity Treasury. |
| REIT | Real Estate Investment Trust. |
| SOFR | Secured Overnight Financing Rate. |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**Financial Futures Contracts**

The following futures contracts were open at July 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Market<br> Value** | **Unrealized<br> Gain/<br> (Loss)** |
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Long Bond | 360 | September 2025 | $40069688 | $41107500 | $1037812 |
| U.S. Treasury 10-Year Notes | 1580 | September 2025 | 173262704 | 175478750 | 2216046 |
| U.S. Treasury 10-Year Ultra Bond | 1350 | September 2025 | 149796613 | 152655469 | 2858856 |
| U.S. Ultra Bond | 545 | September 2025 | 62034954 | 63935312 | 1900358 |
|  |  |  |  |  | $8013072 |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

**Fair Value Measurements**

BBH Income Fund (the "Fund") is required to disclose information regarding the fair value measurements of the Fund's assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure requirement established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including, for example, the risk inherent in a particular valuation technique used to measure fair value, including the model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund's own considerations about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Authoritative guidance establishes three levels of the fair value hierarchy as follows:

— Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities.

— Level 2 – significant other observable inputs (including quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.).

— Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of assets and liabilities).

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires judgment by the investment adviser. The investment adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the investment adviser's perceived risk of that instrument.

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

Financial assets within Level 1 are based on quoted market prices in active markets. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, U.S. Treasury notes and bonds, and certain non-U.S. sovereign obligations and over-the-counter derivatives. As Level 2 financial assets include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Financial assets classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 financial assets include private equity and certain corporate debt securities.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon the actual sale of those investments.

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments, at value** | **Unadjusted<br> Quoted Prices <br> in Active Markets <br>for Identical<br> Investments**<br> **(Level 1)** | **Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)** | **Significant <br>Unobservable <br>Inputs <br>(Level 3)** | **Balance as of <br>July 31, <br> 2025** |
| Asset Backed Securities | $– | $294939006 | $10449783 | $305388789 |
| Commercial Mortgage Backed Securities |  | 118487229 | 4759924 | 123247153 |
| Corporate Bonds |  | 685670030 | 9211799 | 694881829 |
| Loan Participations and Assignments |  | 190925237 | 1898000 | 192823237 |
| Municipal Bonds |  | 1094362 |  | 1094362 |
| Preferred Securities | 33169215 |  |  | 33169215 |
| Residential Mortgage Backed Securities |  | 252593 |  | 252593 |
| U.S. Treasury Bills |  | 47528764 |  | 47528764 |
| U.S. Treasury Bonds and Notes | – | 281748291 | – | 281748291 |
| &nbsp;&nbsp;&nbsp;**Total Investments, at value** | $**33169215** | $**1620645512** | $**26319506** | $**1680134233** |
| **Other Financial Instruments, at value** |  |  |  |  |
| Financial Futures Contracts | $8013072 | $– | $– | $8013072 |
| &nbsp;&nbsp;&nbsp;**Other Financial Instruments, at value** | $**8013072** | $**–** | $**–** | $**8013072** |

---

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period ended July 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Asset <br>Backed <br>Securities** | **Commercial <br>Mortgage <br>Backed <br>Securities** | **Corporate <br>Bonds** | **Loan <br>Participations <br>and <br>Assignments** | **Total** |
| Balance as of October 31, 2024 | $14428279 | $4082780 | $8964135 | $– | $27475194 |
| Purchases |  |  |  |  |  |
| Sales/Paydowns | (1818550) |  |  |  | (1818550) |
| Realized gains/(losses) |  |  |  |  |  |
| Change in unrealized appreciation/(depreciation) | 871858 | 591739 | 247664 |  | 1711261 |
| Amortization |  | 85405 |  |  | 85405 |
| Transfer from Level 3 | (3031804) |  |  |  | (3031804) |
| Transfer to Level 3 | – | – | – | 1898000 | 1898000 |
| Balance as of July 31, 2025 | $10449783 | $4759924 | $9211799 | $1898000 | $26319506 |

---

Fund investments classified as Level 3 were either single broker quoted or fair valued using a market approach or an income approach with valuation inputs such as a discounted cash flow model or market price information adjusted for changes in an appropriate index. As of July 31, 2025, $18,637,682 of value of the Level 3 assets in the Fund was based on single quotes from brokers.

**BBH Income Fund**

**Portfolio of Investments (continued)**

**July 31, 2025 (unaudited)**

Portfolio holdings are shown as of the date indicated. Since market conditions fluctuate suddenly and frequently, the portfolio holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not constitute recommendations that others buy, sell, or hold any of the securities listed.

**For more complete information on the Fund, call 1-800-575-1265 for a prospectus or visit www.bbhfunds.com. You should consider the Fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the Fund's prospectus, which you should read carefully before investing.**

The BBH Funds are managed by a separately identifiable department within Brown Brothers Harriman & Co. Shares of the Fund are distributed by ALPS Distributors, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BBH Trust

- **b. Investment Company Act file number:** 811-21829

- **c. CIK number of Registrant:** 0001342947

- **d. LEI of Registrant:** 5493002QM4WBFYUZ3Y95

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

  - **Street Address 1:** 140 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10005-1108

  - **Telephone number:** 800-575-1265

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

- **a. Name of Series:** BBH Income Fund

- **b. EDGAR series identifier (if any):** S000062218

- **c. LEI of Series:** 549300ZKXJXVR6XM1291

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $1756537155.56

**Total Liabilities:** $65038052.49

**Net Assets:** $1691499103.07

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2582.00000000 | **1-Year:** -66281.00000000 | **5-Year:** -145332.00000000 | **10-Year:** -32093.00000000 | **30-Year:** -552.00000000

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

- **3-Month:** -3233.00000000 | **1-Year:** -32885.00000000 | **5-Year:** -70520.00000000 | **10-Year:** -36872.00000000 | **30-Year:** -44887.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000201413 | -0.34%               | 1.83%                | -0.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $130250.01               | $-4168781.91                               |
| Month 2  | $6536.90                 | $14220912.96                               |
| Month 3  | $311536.40               | $-6125567.94                               |

**Designated Index Information**

- **Index Name:** Bloomberg US Aggregate Bond Index

- **Index Identifier:** LBUSTRUU Index

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VDC 2023-1A A 6.316% 03/15/28  | VANTAGE DATA CENTERS ISSUER LLC SER 2023-1A CL A2 REGD 144A P/P 6.31600000                           | CUSIP: 92212KAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3350000 | PA      | $3362708.56   | 0.20%             | 2048-03-16      | Fixed         | 6.32%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROU 4.85% 08/15/27 | VOLKSWAGEN GROUP AMERICA REGD 144A P/P 4.85000000                                                    | CUSIP: 928668CL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3835000 | PA      | $3837694.09   | 0.23%             | 2027-08-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH HEALTH  4.875% 06/01/28 | BAUSCH HEALTH COS INC REGD 144A P/P 4.87500000                                                       | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    730000 | PA      | $646050.00    | 0.04%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| T/L ILPEA PARENT 0% 06/22/28   | T/L ILPEA PARENT INC REGD 0.00000000                                                                 | CUSIP: 45236FAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2664863 | PA      | $2656548.47   | 0.16%             | 2028-06-22      | Variable      | 8.36%                 | No            |                  2 | On Loan: No      |
| ENSTAR FINANCE LL V/R 01/15/42 | ENSTAR FINANCE LLC REGD V/R 5.50000000                                                               | CUSIP: 29360AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9717000 | PA      | $9552006.31   | 0.56%             | 2042-01-15      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT  5.8% 03/15/30 | BLUE OWL CREDIT INCOME REGD SER WI 5.80000000                                                        | CUSIP: 09581CAD3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   5990000 | PA      | $6001103.84   | 0.35%             | 2030-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DBRG 2021-1A  3.933% 09/25/26  | DIGITALBRIDGE ISSUER LLC SER 2021-1A CL A2 REGD 144A P/P 3.93300000                                  | CUSIP: 25402JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2850000 | PA      | $2796251.00   | 0.17%             | 2051-09-25      | Fixed         | 3.93%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2025-K535  V/R 12/25/29  | FREMF 2025-K535 MORTGAGE TRUST SER 2025-K535 CL C V/R REGD 144A P/P 5.48304400                       | CUSIP: 30340EAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7361000 | PA      | $6403623.19   | 0.38%             | 2029-12-25      | Variable      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| T/L PROTECTIVE IND 0% 01/17/32 | T/L PROTECTIVE INDUSTRIAL PRODUCTS INC 0.00000000                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3460000 | PA      | $3384745.00   | 0.20%             | 2032-01-17      | Variable      | 8.36%                 | No            |                  2 | On Loan: No      |
| AXIS SPECIALTY FI V/R 01/15/40 | AXIS SPECIALTY FINANCE REGD V/R 4.90000000                                                           | CUSIP: 05463HAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8190000 | PA      | $7879091.14   | 0.47%             | 2040-01-15      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| THRST 2021-1A 4.163% 07/15/27  | THRUST ENGINE LEASING 2021 DAC SER 2021-1A CL A REGD 144A P/P 4.16300000                             | CUSIP: 88603UAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4211073 | PA      | $4050670.90   | 0.24%             | 2040-07-15      | Fixed         | 4.16%                 | Yes           |                  2 | On Loan: No      |
| US TREAS BDS 1.75% 08/15/41    | UNITED STATES TREASURY BOND 1.75000000                                                               | CUSIP: 912810TA6<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   3900000 | PA      | $2568058.58   | 0.15%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| GLADSTONE CAPI 5.125% 01/31/26 | GLADSTONE CAPITAL CORP REGD 5.12500000                                                               | CUSIP: 376535AC4<br>LEI: 549300AWMOT9JR1SIJ74 | Long             | DBT              | CORP              | US        |   2330000 | PA      | $2317814.10   | 0.14%             | 2026-01-31      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| T/L OCM SYSTEM 0% 03/02/2028   | T/L OCM SYSTEM ONE BUYER CTB   LLC REGD ZCP TERM LOAN 0.00000000                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   8551201 | PA      | $8583267.80   | 0.51%             | 2028-03-02      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| BXMT 2020-FL2 A V/R 07/15/22   | BXMT 2020-FL2 LTD SER 2020-FL2 CL A V/R REGD 144A P/P 5.60761000                                     | CUSIP: 12434LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    349991 | PA      | $348001.78    | 0.02%             | 2038-02-15      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| T/L A-AG US GSI 0% 10/08/29    | T/L A-AG US GSI BIDCO INC      REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5047350 | PA      | $5028422.44   | 0.30%             | 2029-10-08      | Variable      | 9.30%                 | No            |                  2 | On Loan: No      |
| MED 2024-MOB A V/R 05/15/29    | MED COMMERCIAL MORTGAGE TRUST 2024-MOB SER 2024-MOB CL A V/R REGD 144A P/P 5.93345000                | CUSIP: 55287BAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5240000 | PA      | $5218424.82   | 0.31%             | 2041-05-15      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| RMIT 2022-1 A 3.07% 05/15/26   | REGIONAL MANAGEMENT ISSUANCE TRUST 2022-1 SER 2022-1 CL A REGD 144A P/P 3.07000000                   | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2465121 | PA      | $2447769.47   | 0.14%             | 2032-03-15      | Fixed         | 3.07%                 | Yes           |                  2 | On Loan: No      |
| NATWEST GROUP PLC V/R 11/15/28 | NATWEST GROUP PLC REGD V/R 5.63890600                                                                | CUSIP: 639057AR9<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   5175000 | PA      | $5219186.79   | 0.31%             | 2028-11-15      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| MARS INC 5% 03/01/32           | MARS INC REGD 144A P/P 5.00000000                                                                    | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   5925000 | PA      | $5979552.48   | 0.35%             | 2032-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CAUTO 2023-1A A 6.5% 09/15/28  | CARS-DB7 LP SER 2023-1A CL A2 REGD 144A P/P 6.50000000                                               | CUSIP: 12510HAT7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3379562 | PA      | $3406353.98   | 0.20%             | 2053-09-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 04/23/29 | WELLS FARGO & COMPANY REGD V/R 4.97000000                                                            | CUSIP: 95000U3T8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   5195000 | PA      | $5255956.21   | 0.31%             | 2029-04-23      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| US TREAS BDS 3.625% 02/15/53   | UNITED STATES TREASURY BOND 3.62500000                                                               | CUSIP: 912810TN8<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  30870000 | PA      | $24839497.34  | 1.47%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| STATE STREET C 4.536% 02/28/28 | STATE STREET CORP REGD 4.53600000                                                                    | CUSIP: 857477CU5<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   7510000 | PA      | $7561188.99   | 0.45%             | 2028-02-28      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| ALP 2024-1A A 7.371% 10/15/36  | ALP CFO 2024 LP SER 2024-1A CL A REGD 144A P/P 7.37100000                                            | CUSIP: 00165VAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4320000 | PA      | $4342464.00   | 0.26%             | 2036-10-15      | Fixed         | 7.37%                 | Yes           |                  3 | On Loan: No      |
| T/L LUMEN TECHNO 0% 06/01/28   | T/L LUMEN TECHNOLOGIES INC     REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    817004 | PA      | $834022.02    | 0.05%             | 2028-06-01      | Variable      | 10.36%                | No            |                  2 | On Loan: No      |
| SCOTT 2023-SF 5.909% 03/10/28  | SCOTT TRUST 2023-SFS SER 2023-SFS CL A REGD 144A P/P 5.90975000                                      | CUSIP: 810064AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2700000 | PA      | $2760446.79   | 0.16%             | 2040-03-10      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| ATHENE GLOBAL  5.583% 01/09/29 | ATHENE GLOBAL FUNDING REGD 144A P/P 5.58300000                                                       | CUSIP: 04685A3Q2<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   4360000 | PA      | $4480836.88   | 0.26%             | 2029-01-09      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| F/C US 10YR NOTE (CBT)SEP25    | FUTURE CONTRACT ON           US 10YR NOTE (CBT)SEP25 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      1580 | NC      | $175478750.00 | 10.37%            |  |  |  | No            |                  1 | On Loan: No      |
| FREMF 2024-K757 0.1% 08/25/31  | FREMF 2024-K757 MORTGAGE TRUST SER 2024-K757 CL X2A REGD 144A P/P 0.10000000                         | CUSIP: 30339MAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        | 105880000 | PA      | $470340.14    | 0.03%             | 2061-10-25      | Variable      | 0.10%                 | Yes           |                  2 | On Loan: No      |
| HAT HOLDINGS I  3.75% 09/15/30 | HAT HOLDINGS I LLC/HAT REGD 144A P/P 3.75000000                                                      | CUSIP: 418751AD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2090406.06   | 0.12%             | 2030-09-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 08/19/25         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                           | CUSIP: 912797QK6<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  19275000 | PA      | $19234023.27  | 1.14%             | 2025-08-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| T/L CLEARWATER ANA 0% 02/07/32 | T/L CLEARWATER ANALYTICS LLC   REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5480000 | PA      | $5483452.40   | 0.32%             | 2032-02-07      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| XPLR INFRASTRUCTU ZCP 11/15/25 | XPLR INFRASTRUCTURE LP REGD ZCP 144A P/P CONVERTIBLE 0.00000000                                      | CUSIP: 65341BAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10055000 | PA      | $9841834.00   | 0.58%             | 2025-11-15      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| SIDC 2023-3A A2 5.9% 10/25/28  | STACK INFRASTRUCTURE ISSUER LLC SER 2023-3A CL A2 REGD 144A P/P 5.90000000                           | CUSIP: 85236KAK8<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-CBDO         | CORP              | US        |   3520000 | PA      | $3540046.75   | 0.21%             | 2048-10-25      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| T/L IRIDIUM COMMU 0% 09/20/30  | T/L IRIDIUM COMMUNICATIONS INC REGD 0.00000000                                                       | CUSIP: 46269KAT1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5496154 | PA      | $5463781.74   | 0.32%             | 2030-09-20      | Variable      | 6.61%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER &  4.8% 05/15/33 | FLORIDA POWER & LIGHT CO REGD 4.80000000                                                             | CUSIP: 341081GQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3375000 | PA      | $3369596.56   | 0.20%             | 2033-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| RPIT 2019-1 A V/R 10/25/24     | RMF PROPRIETARY ISSUANCE TRUST 2019-1 SER 2019-1 CL A V/R REGD 144A P/P 2.75000000                   | CUSIP: 74968RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    265795 | PA      | $252592.72    | 0.01%             | 2063-10-25      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| US TREAS NTS 4.125% 07/31/31   | UNITED STATES TREASURY NOTE 4.12500000                                                               | CUSIP: 91282CLD1<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  30000000 | PA      | $30104296.80  | 1.78%             | 2031-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| T/L ALLEN MEDIA 0% 02/10/2027  | T/L ALLEN MEDIA LLC AKA ENTERT REGD 0.00000000                                                       | CUSIP: 01771JAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2941498 | PA      | $1757545.29   | 0.10%             | 2027-02-10      | Variable      | 9.95%                 | No            |                  2 | On Loan: No      |
| FREMF 2025-K170 0.1% 04/25/35  | FREMF 2025-K170 MORTGAGE TRUST SER 2025-K170 CL X2B REGD 144A P/P 0.10000000                         | CUSIP: 356920AQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  79721592 | PA      | $511637.23    | 0.03%             | 2063-02-25      | Variable      | 0.10%                 | Yes           |                  2 | On Loan: No      |
| ABDLF 2022-2A 4.986% 03/01/32  | ABPCI DIRECT LENDING FUND ABS II LLC SER 2022-2A CL B REGD 144A P/P 4.98650000                       | CUSIP: 00090NAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1900800 | PA      | $1801657.34   | 0.11%             | 2032-03-01      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN EXPRES 2.55% 03/04/27 | AMERICAN EXPRESS CO REGD 2.55000000                                                                  | CUSIP: 025816CS6<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1265000 | PA      | $1230455.35   | 0.07%             | 2027-03-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| JPMBB 2014-C24 D V/R 10/15/24  | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUS SER 2014-C24 CL D V/R REGD 144A P/P 4.05791600             | CUSIP: 46643GAY6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    240000 | PA      | $182879.86    | 0.01%             | 2047-11-15      | Variable      | 4.06%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R 05/12/28      | UBS GROUP AG REGD V/R 144A P/P 4.75100000                                                            | CUSIP: 902613AP3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1525000 | PA      | $1530031.52   | 0.09%             | 2028-05-12      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| ZAYO 2025-2A  5.953% 06/20/30  | ZAYO ISSUER LLC SER 2025-2A CL A2 REGD 144A P/P 5.95300000                                           | CUSIP: 98919WAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10290000 | PA      | $10504193.55  | 0.62%             | 2055-06-20      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| MUTUAL OF OMAHA GL 5% 04/01/30 | MUTUAL OF OMAHA GLOBAL REGD 144A P/P 5.00000000                                                      | CUSIP: 62829D2F6<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |   2950000 | PA      | $2987679.85   | 0.18%             | 2030-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN NATION 5.55% 01/28/30 | AMERICAN NATIONAL GF REGD 144A P/P MTN 5.55000000                                                    | CUSIP: 02771D2A1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4650000 | PA      | $4731570.58   | 0.28%             | 2030-01-28      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL ATLANTIC 7.95% 06/15/33 | GLOBAL ATLANTIC FIN CO REGD 144A P/P 7.95000000                                                      | CUSIP: 37959GAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3485000 | PA      | $3942877.11   | 0.23%             | 2033-06-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| SORT 2020-1 B1 2.28% 07/15/25  | CF HIPPOLYTA ISSUER LLC SER 2020-1 CL B1 REGD 144A P/P 2.28000000                                    | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1025375 | PA      | $789186.24    | 0.05%             | 2060-07-15      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| GCPAF 2021-1A 2.773% 04/20/29  | GOLUB CAPITAL PARTNERS ABS FUNDING 2021-1 LTD SER 2021-1A CL A2 REGD 144A P/P 2.77300000             | CUSIP: 38178HAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2793471 | PA      | $2763984.40   | 0.16%             | 2029-04-20      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| MIDCAP FINANCIAL 4.5% 07/16/26 | MIDCAP FINANCIAL INVEST REGD 4.50000000                                                              | CUSIP: 03761UAH9<br>LEI: 5493005P14I7WFB3FW47 | Long             | DBT              | CORP              | US        |   2960000 | PA      | $2896483.82   | 0.17%             | 2026-07-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVI V/R /PERP/ | PNC FINANCIAL SERVICES REGD V/R /PERP/ SER T 3.40000000                                              | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   5770000 | PA      | $5559806.86   | 0.33%             | 2173-12-15      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| RCMT 2021-FL7 A V/R 09/25/26   | READY CAPITAL MORTGAGE FINANCING 20 SER 2021-FL7 CL A V/R REGD 144A P/P 5.66671000                   | CUSIP: 75575WAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    877424 | PA      | $873927.20    | 0.05%             | 2036-11-25      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| WLAKE 2023-2A  6.29% 03/15/28  | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2023-2 SER 2023-2A CL C REGD 144A P/P 6.29000000               | CUSIP: 959926AF3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4830000 | PA      | $4861714.75   | 0.29%             | 2028-03-15      | Fixed         | 6.29%                 | Yes           |                  2 | On Loan: No      |
| T/L AL NGPL HOLD 0% 04/13/28   | T/L AL NGPL HOLDINGS LLC 0.00000000                                                                  | CUSIP: 01021AAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2059776 | PA      | $2063895.55   | 0.12%             | 2028-04-13      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| FREMF 2024-K516  V/R 01/25/29  | FREMF 2024-K516 MORTGAGE TRUST SER 2024-K516 CL C V/R REGD 144A P/P 6.12209500                       | CUSIP: 30335EAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4965000 | PA      | $4384402.83   | 0.26%             | 2029-01-25      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| COREBRIDGE FINANC V/R 12/15/52 | COREBRIDGE FINANCIAL INC REGD V/R SER WI 6.87500000                                                  | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   2920000 | PA      | $2999047.64   | 0.18%             | 2052-12-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| T/L EMRLD BORROWER 0% 08/04/31 | T/L EMRLD BORROWER LP REGD 0.00000000                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3290138 | PA      | $3290367.81   | 0.19%             | 2031-08-04      | Variable      | 6.86%                 | No            |                  2 | On Loan: No      |
| EQUITABLE FINANCIA 5% 03/27/30 | EQUITABLE FINANCIAL LIFE REGD 144A P/P 5.00000000                                                    | CUSIP: 29449WAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3965000 | PA      | $4020442.16   | 0.24%             | 2030-03-27      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| T/L UNITED AIR LI 0% 02/22/31  | T/L UNITED AIR LINES  INC      REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4367281 | PA      | $4378198.97   | 0.26%             | 2031-02-22      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| MUTUAL OF OMAH 4.514% 06/09/28 | MUTUAL OF OMAHA GLOBAL REGD 144A P/P 4.51400000                                                      | CUSIP: 62829D2G4<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |   8950000 | PA      | $8943230.04   | 0.53%             | 2028-06-09      | Fixed         | 4.51%                 | Yes           |                  2 | On Loan: No      |
| T/L GREAT OUTDOO 0% 01/23/32   | T/L GREAT OUTDOORS GROUP  LLC  REGD 0.00000000                                                       | CUSIP: 07014QAP6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6045635 | PA      | $6044123.55   | 0.36%             | 2032-01-23      | Variable      | 7.61%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 3.375% 05/15/33   | UNITED STATES TREASURY NOTE 3.37500000                                                               | CUSIP: 91282CHC8<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   3000000 | PA      | $2834648.43   | 0.17%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| COML MTG PASS V/R 07/12/28     | COML MTG PASS THRU CTF CL A    144A VARIABLE 6.89100000                                              | CUSIP: 228925AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4590000 | PA      | $4772047.20   | 0.28%             | 2028-07-12      | Variable      | 6.89%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA COR V/R /PERP/ | BANK OF AMERICA CORP REGD V/R /PERP/ SER RR 4.37500000                                               | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5910000 | PA      | $5768103.86   | 0.34%             | 2174-04-27      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO 4.75% 02/12/30  | ELI LILLY & CO REGD 4.75000000                                                                       | CUSIP: 532457CV8<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |   3770000 | PA      | $3840840.75   | 0.23%             | 2030-02-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDI 5.5% 01/11/31 | RGA GLOBAL FUNDING REGD 144A P/P 5.50000000                                                          | CUSIP: 76209PAD5<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |   3460000 | PA      | $3564598.26   | 0.21%             | 2031-01-11      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| T/L AXALTA COATIN ZCP 12/20/29 | T/L AXALTA COATING SYSTEMS US H REGD ZCP TERM LOAN 0.00000000                                        | CUSIP: 90347BAP3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1761329 | PA      | $1765732.39   | 0.10%             | 2029-12-20      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| BOLT 2025-1CON B 0% 08/18/36   | BHG OWNER LOAN TRUST SERIES 2025-1CON SER 2025-1CON CL B REGD 144A P/P 0.00000000                    | CUSIP: 08860KAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7980000 | PA      | $7953666.00   | 0.47%             | 2036-08-18      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITA 5.275% 06/24/27 | HYUNDAI CAPITAL AMERICA REGD 144A P/P 5.27500000                                                     | CUSIP: 44891ADB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4830000 | PA      | $4871858.52   | 0.29%             | 2027-06-24      | Fixed         | 5.28%                 | Yes           |                  2 | On Loan: No      |
| BLKMM 2021-6A ER V/R 04/20/37  | BLACKROCK RAINIER CLO VI LTD SER 2021-6A CL ER V/R REGD 144A P/P 12.57549000                         | CUSIP: 09261MBC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7700000 | PA      | $7904479.66   | 0.47%             | 2037-04-20      | Variable      | 12.58%                | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 01/08/26         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                           | CUSIP: 912797RH2<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   4550000 | PA      | $4466229.45   | 0.26%             | 2026-01-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| T/L ATHENAHEAL 0% 02/15/29     | T/L ATHENAHEALTH INC REGD 0.00000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4530252 | PA      | $4523592.49   | 0.27%             | 2029-02-15      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF  5.05% 09/01/34 | SOUTHERN CALIF GAS CO REGD 5.05000000                                                                | CUSIP: 842434DB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4650000 | PA      | $4652028.84   | 0.28%             | 2034-09-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| HBCT 2015-HB10 C V/R 08/05/25  | HUDSONS BAY SIMON JV TRUST 2015-HBS SER 2015-HB10 CL C10 V/R REGD 144A P/P 5.44700000                | CUSIP: 44422PBY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $983587.40    | 0.06%             | 2034-08-05      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| APOLLO GLOBAL V/R 09/15/53     | APOLLO GLOBAL MANAGEMENT      /PREFERRED/ 0.00000000                                                 | CUSIP: 03769M205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     79000 | NS      | $2103770.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT ACCEPTAN 9.25% 12/15/28 | CREDIT ACCEPTANC REGD 144A P/P 9.25000000                                                            | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4125000 | PA      | $4362534.00   | 0.26%             | 2028-12-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| GOLUB CAPITAL CA 5.8% 09/12/29 | GOLUB CAPITAL CAP FND REGD SER WI 5.80000000                                                         | CUSIP: 38179RAB1<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |   3940000 | PA      | $3950721.88   | 0.23%             | 2029-09-12      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| OFS CAPITAL COR 4.75% 02/10/26 | OFS CAPITAL CORP REGD 4.75000000                                                                     | CUSIP: 67103BAA8<br>LEI: 549300XTK3HSWPDBJD13 | Long             | DBT              | CORP              | US        |   2095000 | PA      | $2066373.31   | 0.12%             | 2026-02-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GCM GROSVENOR DIV  6% 11/15/31 | GCM GROSVENOR DIV LLC REGD 144A P/P 6.00000000                                                       | CUSIP: 36831FAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2550000 | PA      | $2140215.00   | 0.13%             | 2031-11-15      | Fixed         | 6.00%                 | Yes           |                  3 | On Loan: No      |
| ROCHE HOLDINGS 4.909% 03/08/31 | ROCHE HOLDINGS INC REGD 144A P/P 4.90900000                                                          | CUSIP: 771196CK6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4210000 | PA      | $4286724.18   | 0.25%             | 2031-03-08      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| SUTTER HEALTH 5.213% 08/15/32  | SUTTER HEALTH REGD SER 2025 5.21300000                                                               | CUSIP: 86944BAP8<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |   4585000 | PA      | $4687641.28   | 0.28%             | 2032-08-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| T/L SOTERA HEAL 0% 05/30/31    | T/L SOTERA HEALTH HOLDINGS     LLC REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4728193 | PA      | $4737081.88   | 0.28%             | 2031-05-30      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| MDCP 2020-4A  2.286% 01/20/27  | ELM 2020-4 TRUST SER 2020-4A CL A2 REGD 144A P/P 2.28600000                                          | CUSIP: 28924AAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    417330 | PA      | $416202.08    | 0.02%             | 2029-10-20      | Fixed         | 2.29%                 | Yes           |                  2 | On Loan: No      |
| ATHENE GLOBAL F 4.83% 05/09/28 | ATHENE GLOBAL FUNDING REGD 144A P/P 4.83000000                                                       | CUSIP: 04685A4N8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   8205000 | PA      | $8239316.51   | 0.49%             | 2028-05-09      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| ARBOR REALTY TRU 4.5% 03/15/27 | ARBOR REALTY TRUST INC REGD 144A P/P SER QIB 4.50000000                                              | CUSIP: 038923AQ1<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1838758.95   | 0.11%             | 2027-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| DRSLF 2024-115A  V/R 04/18/37  | DRYDEN 115 CLO LTD SER 2024-115A CL B V/R REGD 144A P/P 6.32900000                                   | CUSIP: 26248DAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   4630000 | PA      | $4647413.89   | 0.27%             | 2037-04-18      | Variable      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| T/L HILCORP ENE 0.00% 02/06/30 | T/L HILCORP ENERGY I LP 0% 0.00000000                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2613450 | PA      | $2615906.64   | 0.15%             | 2030-02-06      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| AEGON LTD V/R 04/11/48         | AEGON LTD REGD V/R 5.50000000                                                                        | CUSIP: 007924AJ2<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | DBT              | CORP              | BM        |   7105000 | PA      | $7115650.40   | 0.42%             | 2048-04-11      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| SIDC 2023-1A A2 5.9% 03/25/28  | STACK INFRASTRUCTURE ISSUER LLC SER 2023-1A CL A2 REGD 144A P/P 5.90000000                           | CUSIP: 85236KAF9<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-CBDO         | CORP              | US        |   1150000 | PA      | $1153383.53   | 0.07%             | 2048-03-25      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| DAVINCIRE HOLDI 5.95% 04/15/35 | DAVINCIRE HOLDINGS LTD REGD 144A P/P 5.95000000                                                      | CUSIP: 23879AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3155000 | PA      | $3171039.52   | 0.19%             | 2035-04-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 10/18/33    | MORGAN STANLEY REGD V/R 6.34200000                                                                   | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2055000 | PA      | $2226879.46   | 0.13%             | 2033-10-18      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| CGCC 2014-FL2 D V/R 11/15/31   | CG-CCRE COMMERCIAL MORTGAGE TRUST 2014-FL2 SER 2014-FL2 CL D V/R REGD 144A P/P 8.45642000            | CUSIP: 12528PAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    786000 | PA      | $551694.81    | 0.03%             | 2031-11-15      | Variable      | 8.46%                 | Yes           |                  2 | On Loan: No      |
| EQUITABLE AMERI 4.95% 06/09/30 | EQUITABLE AMERICA GLOBAL REGD 144A P/P 4.95000000                                                    | CUSIP: 29446Q2B8<br>LEI: 98450066CCBIACF06694 | Long             | DBT              | CORP              | US        |   9030000 | PA      | $9101865.26   | 0.54%             | 2030-06-09      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| BLACKSTONE PRIV 4.95% 09/26/27 | BLACKSTONE PRIVATE CRE REGD SER WI 4.95000000                                                        | CUSIP: 09261HBR7<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   4320000 | PA      | $4303743.97   | 0.25%             | 2027-09-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BX 2024-PALM A V/R 06/15/26    | BX 2024-PALM SER 2024-PALM CL A V/R REGD 144A P/P 5.88294000                                         | CUSIP: 05612UAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4387500 | PA      | $4387500.00   | 0.26%             | 2037-06-15      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/ 7.375% 03/01/31 | CCO HLDGS LLC/CAP CORP REGD 144A P/P 7.37500000                                                      | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5110000 | PA      | $5253335.50   | 0.31%             | 2031-03-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| BAE SYSTEMS PLC 3.4% 04/15/30  | BAE SYSTEMS PLC REGD 144A P/P 3.40000000                                                             | CUSIP: 05523RAD9<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |   2220000 | PA      | $2116332.77   | 0.13%             | 2030-04-15      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| SOUTHERN CAL EDI 4.4% 09/06/26 | SOUTHERN CAL EDISON REGD 4.40000000                                                                  | CUSIP: 842400JF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4420000 | PA      | $4405032.91   | 0.26%             | 2026-09-06      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CGNT 2024-1A  7.924% 05/25/29  | COGENT IPV4 LLC SER 2024-1A CL A2 REGD 144A P/P 7.92400000                                           | CUSIP: 19240JAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8990000 | PA      | $9408074.56   | 0.56%             | 2054-05-25      | Fixed         | 7.92%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE &  V/R 07/22/28 | JPMORGAN CHASE & CO REGD V/R 4.97900000                                                              | CUSIP: 46647PEL6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3720000 | PA      | $3755811.62   | 0.22%             | 2028-07-22      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| OPTN 2021-C A 2.18% 10/08/31   | OPORTUN ISSUANCE TRUST 2021-C SER 2021-C CL A REGD 144A P/P 2.18000000                               | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2984939 | PA      | $2915265.21   | 0.17%             | 2031-10-08      | Fixed         | 2.18%                 | Yes           |                  2 | On Loan: No      |
| ALEXANDER FUND 7.467% 07/31/28 | ALEXANDER FUND TRUST II REGD 144A P/P 7.46700000                                                     | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4160000 | PA      | $4419595.23   | 0.26%             | 2028-07-31      | Fixed         | 7.47%                 | Yes           |                  2 | On Loan: No      |
| BX 2022-CSMO C V/R 06/15/27    | BX COMMERCIAL MORTGAGE TRUST 2022-CSMO SER 2022-CSMO CL C V/R REGD 144A P/P 8.23044000               | CUSIP: 05610MAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4740000 | PA      | $4790362.50   | 0.28%             | 2027-06-15      | Variable      | 8.23%                 | Yes           |                  2 | On Loan: No      |
| MDPK 2020-47A BR V/R 04/19/37  | MADISON PARK FUNDING XLVII LTD SER 2020-47A CL BR V/R REGD 144A P/P 6.27549000                       | CUSIP: 55820FAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3060000 | PA      | $3070656.76   | 0.18%             | 2037-04-19      | Variable      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| US TREAS NTS 3.875% 08/15/34   | UNITED STATES TREASURY NOTE 3.87500000                                                               | CUSIP: 91282CLF6<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  30100000 | PA      | $29119398.59  | 1.72%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCO V/R 10/27/28 | FIFTH THIRD BANCORP REGD V/R 6.36100000                                                              | CUSIP: 316773DJ6<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   6240000 | PA      | $6490761.76   | 0.38%             | 2028-10-27      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK  V/R 04/20/29 | BANK OF NEW YORK MELLON REGD V/R SER . 4.72900000                                                    | CUSIP: 06405LAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2650000 | PA      | $2677961.08   | 0.16%             | 2029-04-20      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| BX 2024-GPA2 B V/R 11/15/26    | BX COMMERCIAL MORTGAGE TRUST 2024-GPA2 SER 2024-GPA2 CL B V/R REGD 144A P/P 6.23379000               | CUSIP: 12433DAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5850000 | PA      | $5866453.13   | 0.35%             | 2041-11-15      | Variable      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| STELLUS CAPITA 4.875% 03/30/26 | STELLUS CAPITAL INVESTME REGD 4.87500000                                                             | CUSIP: 858568AB4<br>LEI: 5493001DZV6QC1KUSC43 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1751798.11   | 0.10%             | 2026-03-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIF 4.335% 09/13/27 | PROTECTIVE LIFE GLOBAL REGD 144A P/P 4.33500000                                                      | CUSIP: 74368CBZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6115000 | PA      | $6114075.72   | 0.36%             | 2027-09-13      | Fixed         | 4.33%                 | Yes           |                  2 | On Loan: No      |
| WOODSIDE FINANCE 5.4% 05/19/30 | WOODSIDE FINANCE LTD REGD 5.40000000                                                                 | CUSIP: 980236AT0<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   5040000 | PA      | $5110719.16   | 0.30%             | 2030-05-19      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 03/06/29 | LLOYDS BANKING GROUP PLC REGD V/R 5.87100000                                                         | CUSIP: 539439AX7<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2160000 | PA      | $2226408.36   | 0.13%             | 2029-03-06      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| EDGE 2024-1 A2 6% 07/25/29     | EDGECONNEX DATA CENTERS ISSUER LLC SER 2024-1 CL A2 REGD 144A P/P 6.00000000                         | CUSIP: 28000XAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4413750 | PA      | $4424886.45   | 0.26%             | 2054-07-27      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SWISS RE FINANCE  V/R 04/02/49 | SWISS RE FINANCE LUX REGD V/R 144A P/P 5.00000000                                                    | CUSIP: 87089NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   4830000 | PA      | $4821373.62   | 0.29%             | 2049-04-02      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| US TREAS BDS 3.5% 02/15/39     | UNITED STATES TREASURY BOND 3.50000000                                                               | CUSIP: 912810QA9<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  74300000 | PA      | $66449160.34  | 3.93%             | 2039-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VDCR 2023-1A A2A 5% 09/15/28   | RETAINED VANTAGE DATA CENTERS ISSUER LLC SER 2023-1A CL A2A REGD 144A P/P 5.00000000                 | CUSIP: 76134KAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5240000 | PA      | $5167592.63   | 0.31%             | 2048-09-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AXON ENTERPRIS 6.125% 03/15/30 | AXON ENTERPRISE INC REGD 144A P/P 6.12500000                                                         | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |   6100000 | PA      | $6229938.42   | 0.37%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| CAALT 2023-1A  7.71% 11/16/26  | CREDIT ACCEPTANCE AUTO LOAN TRUST 2023-1 SER 2023-1A CL C REGD 144A P/P 7.71000000                   | CUSIP: 224927AE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2330000 | PA      | $2383484.45   | 0.14%             | 2033-07-15      | Fixed         | 7.71%                 | Yes           |                  2 | On Loan: No      |
| MTN 2022-LPFL B V/R 03/15/27   | MTN COMMERCIAL MORTGAGE TRUST 2022-LPFL SER 2022-LPFL CL B V/R REGD 144A P/P 6.24560000              | CUSIP: 62475WAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5860000 | PA      | $5856345.70   | 0.35%             | 2039-03-15      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| F/C US ULTRA BOND CBT SEP25    | FUTURE CONTRACT ON           US ULTRA BOND CBT SEP25 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       545 | NC      | $63935312.50  | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SCENTRE GROUP TRU V/R 09/24/80 | SCENTRE GROUP TRUST 2 REGD V/R 144A P/P 5.12500000                                                   | CUSIP: 76025LAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   1345000 | PA      | $1322541.73   | 0.08%             | 2080-09-24      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| WESTF 2023-A A 8% 10/15/29     | WILLIS ENGINE STRUCTURED TRUST VII SER 2023-A CL A REGD 144A P/P 8.00000000                          | CUSIP: 97064YAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1750131 | PA      | $1800878.86   | 0.11%             | 2048-10-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CFG 2025-1 A 6.47% 03/25/29    | CFG INVESTMENTS LTD SER 2025-1 CL A REGD 144A P/P 6.47000000                                         | CUSIP: 12528GAM4<br>LEI: 549300C3OD89QRWQ1Y92 | Long             | ABS-CBDO         | CORP              | KY        |   7530000 | PA      | $7577895.32   | 0.45%             | 2036-03-25      | Fixed         | 6.47%                 | Yes           |                  2 | On Loan: No      |
| MACY'S RETAIL  5.875% 03/15/30 | MACY'S RETAIL HLDGS LLC REGD 144A P/P 5.87500000                                                     | CUSIP: 55617LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1143000 | PA      | $1128500.24   | 0.07%             | 2030-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ENSTAR GROUP LTD V/R 04/01/45  | ENSTAR GROUP LTD REGD V/R 144A P/P 7.50000000                                                        | CUSIP: 29359UAD1<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |   4460000 | PA      | $4605899.98   | 0.27%             | 2045-04-01      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BMW US CAPITAL  5.05% 03/21/30 | BMW US CAPITAL LLC REGD 144A P/P 5.05000000                                                          | CUSIP: 05565ECY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3835000 | PA      | $3908053.95   | 0.23%             | 2030-03-21      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| T/L PRIORITY HOL 0% 05/16/31   | T/L PRIORITY HOLDINGS LLC      REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |   6626788 | PA      | $6626787.73   | 0.39%             | 2031-05-16      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MUNICH RE V/R 05/23/42         | MUNICH RE REGD V/R 144A P/P 5.87500000                                                               | CUSIP: 62582PAA8<br>LEI: 529900MUF4C20K50JS49 | Long             | DBT              | CORP              | DE        |   5180000 | PA      | $5296550.00   | 0.31%             | 2042-05-23      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MET LIFE GLOB FU 3.3% 03/21/29 | MET LIFE GLOB FUNDING I REGD 144A P/P MTN 3.30000000                                                 | CUSIP: 59217GEZ8<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1625336.16   | 0.10%             | 2029-03-21      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| CAUTO 2024-2A  5.25% 05/15/29  | CAPITAL AUTOMOTIVE REIT SER 2024-2A CL A2 REGD 144A P/P 5.25000000                                   | CUSIP: 12510HAX8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5616875 | PA      | $5555631.97   | 0.33%             | 2054-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CION INVESTMENT 7.5% 12/30/29  | CION INVESTMENT CORP          /PREFERRED/ 0.00000000                                                 | CUSIP: 17259U303<br>LEI: 549300XN70JLF94XKX80 | Long             | EP               | CORP              | US        |    215000 | NS      | $5330989.50   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| RCLT 2019-2 A V/R 12/27/44     | READYCAP LENDING SMALL BUSINESS LOAN TRUST 2 SER 2019-2 CL A V/R REGD 144A P/P 7.00000000            | CUSIP: 75576QAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    114290 | PA      | $114212.13    | 0.01%             | 2044-12-27      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| COREWEAVE INC 9% 02/01/31      | COREWEAVE INC REGD 144A P/P 9.00000000                                                               | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   1730000 | PA      | $1722623.94   | 0.10%             | 2031-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER HOLDING V/R 03/20/31 | SANTANDER HOLDINGS USA REGD V/R 5.74100000                                                           | CUSIP: 80282KBQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5115000 | PA      | $5263111.37   | 0.31%             | 2031-03-20      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| SIRIUSPOINT LTD 7% 04/05/29    | SIRIUSPOINT LTD REGD 7.00000000                                                                      | CUSIP: 82969BAA0<br>LEI: 549300OGXFI85N3YZZ51 | Long             | DBT              | CORP              | BM        |   3735000 | PA      | $3917795.34   | 0.23%             | 2029-04-05      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG V/R 01/12/34      | UBS GROUP AG REGD V/R 144A P/P 5.95900000                                                            | CUSIP: 902613AV0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   4025000 | PA      | $4229681.67   | 0.25%             | 2034-01-12      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| CGCMT 2023-PRM3  V/R 07/10/28  | CITIGROUP COMMERCIAL MORTGAGE TRUST 2023-PRM3 SER 2023-PRM3 CL B V/R REGD 144A P/P 6.35973000        | CUSIP: 17331LAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2870000 | PA      | $2952347.76   | 0.17%             | 2028-07-10      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| CAALT 2024-3A  4.85% 01/17/28  | CREDIT ACCEPTANCE AUTO LOAN TRUST 2024-3 SER 2024-3A CL B REGD 144A P/P 4.85000000                   | CUSIP: 22535LAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5860000 | PA      | $5851955.98   | 0.35%             | 2034-11-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| T/L STONEPEAK 0% 02/04/2032    | T/L STONEPEAK NILE PARENT LLC  REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7175000 | PA      | $7187556.25   | 0.42%             | 2032-02-04      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| LCM 42A B V/R 01/15/38         | LCM 42 LTD SER 42A CL B V/R REGD 144A P/P 6.11755000                                                 | CUSIP: 52113AAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8540000 | PA      | $8557862.26   | 0.51%             | 2038-01-15      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| SPGN 2022-TFLM D V/R 02/25/27  | SPGN 2022-TFLM MORTGAGE TRUST SER 2022-TFLM CL D V/R REGD 144A P/P 7.84194000                        | CUSIP: 78473HAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1310000 | PA      | $1271159.16   | 0.08%             | 2039-02-15      | Variable      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| F&G ANNUITIES &  7.4% 01/13/28 | F&G ANNUITIES & LIFE INC REGD SER WI 7.40000000                                                      | CUSIP: 30190AAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5540000 | PA      | $5797712.43   | 0.34%             | 2028-01-13      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| SDCP 2023-1 A2 6.25% 04/20/28  | SABEY DATA CENTER ISSUER LLC SER 2023-1 CL A2 REGD 144A P/P 6.25000000                               | CUSIP: 78520EAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1795000 | PA      | $1798744.01   | 0.11%             | 2048-04-20      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CRESCENT CAP BDC 5% 5/25/26/   | CRESCENT CAP BDC INC          /PREFERRED/ 0.00000000                                                 | CUSIP: 225655208<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     99600 | NS      | $2475707.40   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SCULTOR ALTERN SOL 6% 05/15/29 | SCULTOR ALTERN SOLUTIONS REGD 144A P/P 6.00000000                                                    | CUSIP: 811243AE4<br>LEI: 549300MT2IHVJVYVLW85 | Long             | DBT              | CORP              | US        |   4620000 | PA      | $4149684.00   | 0.25%             | 2029-05-15      | Fixed         | 6.00%                 | Yes           |                  3 | On Loan: No      |
| OLIN CORP 6.625% 04/01/33      | OLIN CORP REGD 144A P/P 6.62500000                                                                   | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |   6570000 | PA      | $6393274.23   | 0.38%             | 2033-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| NESTLE CAPITAL  4.75% 03/12/31 | NESTLE CAPITAL CORP REGD 144A P/P 4.75000000                                                         | CUSIP: 64105MAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4765000 | PA      | $4821448.33   | 0.29%             | 2031-03-12      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| ALLY FINANCIAL IN V/R 01/03/30 | ALLY FINANCIAL INC REGD V/R 6.84800000                                                               | CUSIP: 02005NBU3<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   4365000 | PA      | $4601887.33   | 0.27%             | 2030-01-03      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC V/R 03/02/34 | NATWEST GROUP PLC REGD V/R 6.01600000                                                                | CUSIP: 639057AH1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1780000 | PA      | $1881917.71   | 0.11%             | 2034-03-02      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPE 4.375% 01/15/27 | STARWOOD PROPERTY TRUST REGD 144A P/P 4.37500000                                                     | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   2065000 | PA      | $2029713.11   | 0.12%             | 2027-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| TOWN 2025-STAY A V/R 03/15/27  | INTOWN 2025-STAY MORTGAGE TRUST SER 2025-STAY CL A V/R REGD 144A P/P 5.69200000                      | CUSIP: 46117WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   9760000 | PA      | $9760000.00   | 0.58%             | 2042-03-15      | Variable      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| OMFIT 2022-S1  4.13% 08/14/26  | ONEMAIN FINANCIAL ISSUANCE TRUST 2022-S1 SER 2022-S1 CL A REGD 144A P/P 4.13000000                   | CUSIP: 68267HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2294626 | PA      | $2286689.81   | 0.14%             | 2035-05-14      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| T/L DELOS AIRCRAFT 0% 10/31/27 | T/L DELOS AIRCRAFT DESIGNATED  ACTIVITY COMPANY REGD 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | IE        |   4518571 | PA      | $4529867.86   | 0.27%             | 2027-10-31      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL  V/R 01/24/30 | TRUIST FINANCIAL CORP REGD V/R MTN 5.43500000                                                        | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   4445000 | PA      | $4570030.03   | 0.27%             | 2030-01-24      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDING V/R 03/09/29 | SANTANDER HOLDINGS USA REGD V/R 6.49900000                                                           | CUSIP: 80282KBF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2360000 | PA      | $2457032.39   | 0.15%             | 2029-03-09      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| T/L CONNECT FINCO 0% 09/27/29  | T/L CONNECT FINCO SARL 0% 0.00000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  11310233 | PA      | $11078712.60  | 0.65%             | 2029-09-27      | Variable      | 8.86%                 | No            |                  2 | On Loan: No      |
| SCENTRE GROUP  3.625% 01/28/26 | SCENTRE GROUP TRUST 1/2 REGD 144A P/P 3.62500000                                                     | CUSIP: 80622GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   1945000 | PA      | $1934208.61   | 0.11%             | 2026-01-28      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FIN 3.65% 05/11/27 | CAPITAL ONE FINANCIAL CO REGD 3.65000000                                                             | CUSIP: 14040HCE3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2345000 | PA      | $2312417.63   | 0.14%             | 2027-05-11      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| RMIT 2024-1 A 5.83% 06/15/28   | REGIONAL MANAGEMENT ISSUANCE TRUST 2024-1 SER 2024-1 CL A REGD 144A P/P 5.83000000                   | CUSIP: 758983AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5510000 | PA      | $5606810.15   | 0.33%             | 2036-07-15      | Fixed         | 5.83%                 | Yes           |                  2 | On Loan: No      |
| STRAT CREDIT OP 4.25% 04/01/26 | STRAT CREDIT OPP PARTNRS REGD P/P 4.25000000                                                         | CUSIP: 86275#AA1<br>LEI: 5493003CSKFS2RY0JR63 | Long             | DBT              | CORP              | US        |   2655000 | PA      | $2630204.96   | 0.16%             | 2026-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN COASTA 7.25% 12/15/27 | AMERICAN COASTAL INSURAN REGD 7.25000000                                                             | CUSIP: 910710AA0<br>LEI: 5299002P9105LJQA8G51 | Long             | DBT              | CORP              | US        |   2940000 | PA      | $2910600.00   | 0.17%             | 2027-12-15      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| MDPK 2024-67A B V/R 04/25/37   | MADISON PARK FUNDING LXVII LTD SER 2024-67A CL B V/R REGD 144A P/P 6.36846000                        | CUSIP: 55821YAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4340000 | PA      | $4357908.14   | 0.26%             | 2037-04-25      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| OFS CAPITAL CORP 7.5% 07/31/28 | OFS CAPITAL CORP /PREFERRED/ 0.00000000                                                              | CUSIP: 67103B803<br>LEI: 549300XTK3HSWPDBJD13 | Long             | EP               | CORP              | US        |    177000 | NS      | $4442700.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MDCP 2020-3A  2.954% 11/20/26  | ELM 2020-3 TRUST SER 2020-3A CL A2 REGD 144A P/P 2.95400000                                          | CUSIP: 289338AB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     88900 | PA      | $88674.83     | 0.01%             | 2029-08-20      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| FHMS K753 X3 V/R 12/25/30      | FREDDIE MAC MULTIFAMILY STRUCTURED PASS THROUGH CERTIFI SER K753 CL X3 V/R 5.03756400                | CUSIP: 3137HB2P8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7660000 | PA      | $1635648.99   | 0.10%             | 2030-12-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| XPLR INFRASTRUCT 2.5% 06/15/26 | XPLR INFRASTRUCTURE LP REGD 144A P/P CONVERTIBLE 2.50000000                                          | CUSIP: 65341BAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8440000 | PA      | $8092272.00   | 0.48%             | 2026-06-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 04/20/28    | MORGAN STANLEY REGD V/R 4.21000000                                                                   | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1991097.46   | 0.12%             | 2028-04-20      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 03/09/34 | HSBC HOLDINGS PLC REGD V/R 6.25400000                                                                | CUSIP: 404280DV8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   3285000 | PA      | $3517591.01   | 0.21%             | 2034-03-09      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I 3.375% 06/15/26 | HAT HOLDINGS I LLC/HAT REGD 144A P/P 3.37500000                                                      | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2065000 | PA      | $2025620.45   | 0.12%             | 2026-06-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| SUNOCO LP 7% 05/01/29          | SUNOCO LP REGD 144A P/P 7.00000000                                                                   | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   4480000 | PA      | $4637104.64   | 0.27%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| T/L GEON PERFORMANC 0% 8/18/28 | T/L GEON PERFORMANCE           SOLUTIONS LLC REGD 0.00000000                                         | CUSIP: 37254YAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7303076 | PA      | $6594677.91   | 0.39%             | 2028-08-18      | Variable      | 8.81%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC V/R 05/07/28     | CITIGROUP INC REGD V/R 4.64300000                                                                    | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7507619.93   | 0.44%             | 2028-05-07      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| STEWART INFORMAT 3.6% 11/15/31 | STEWART INFORMATION SERV REGD 3.60000000                                                             | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |   1895000 | PA      | $1685404.32   | 0.10%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| T/L AADVANTAGE LO ZCP 05/28/32 | T/L AADVANTAGE LOYALTY IP REGD ZCP TERM LOAN 0.00000000                                              | CUSIP: 02376CBT1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1955100 | PA      | $1967319.38   | 0.12%             | 2032-05-07      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| EF HOLD/EF KY/ 5.875% 04/01/27 | EF HOLD/EF KY/ELL KY/TRS REGD 144A P/P SER QIB 5.87500000                                            | CUSIP: 26845AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   5075000 | PA      | $4833860.97   | 0.29%             | 2027-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS V/R 05/09/31       | BNP PARIBAS REGD V/R 144A P/P 5.08500000                                                             | CUSIP: 09659W3D4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   4670000 | PA      | $4715113.46   | 0.28%             | 2031-05-09      | Variable      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| OXFORD FIN LLC 6.375% 02/01/27 | OXFORD FIN LLC/CO-ISS II REGD 144A P/P 6.37500000                                                    | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7300000 | PA      | $7282198.95   | 0.43%             | 2027-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ONDK 2024-2A A 4.98% 10/18/27  | ONDECK ASSET SECURITIZATION TRUST IV LLC SER 2024-2A CL A REGD 144A P/P 4.98000000                   | CUSIP: 67108SAD0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4600000 | PA      | $4566696.00   | 0.27%             | 2031-10-17      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| SDART 2023-5 C 6.43% 12/15/27  | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2023-5 SER 2023-5 CL C REGD 6.43000000                        | CUSIP: 80286PAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2240000 | PA      | $2321177.82   | 0.14%             | 2031-02-18      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| ASB BANK LIMITED V/R 06/17/32  | ASB BANK LIMITED REGD V/R 144A P/P 5.28400000                                                        | CUSIP: 04342JAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | NZ        |   2790000 | PA      | $2800936.69   | 0.17%             | 2032-06-17      | Variable      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| CYRUS 2025-1A  5.91% 02/20/30  | CYRUSONE DATA CENTERS ISSUER I LLC SER 2025-1A CL A2 REGD 144A P/P 5.91000000                        | CUSIP: 23284BAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4100000 | PA      | $4178949.19   | 0.25%             | 2050-02-20      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| OXFINF 2025-A 5.878% 06/14/31  | OXFORD FINANCE CREDIT FUND III 2025-A LP SER 2025-A CL A2 REGD 144A P/P 5.87800000                   | CUSIP: 69145VAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6170000 | PA      | $6165333.01   | 0.36%             | 2034-08-14      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 11/03/28 | HSBC HOLDINGS PLC REGD V/R 7.39000000                                                                | CUSIP: 404280DR7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   2140000 | PA      | $2263953.51   | 0.13%             | 2028-11-03      | Variable      | 7.39%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST O 8.625% 03/15/33 | XPLR INFRAST OPERATING REGD 144A P/P 8.62500000                                                      | CUSIP: 98380MAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7675000 | PA      | $8129160.45   | 0.48%             | 2033-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| BANK OF NOVA S 2.951% 03/11/27 | BANK OF NOVA SCOTIA REGD SER FXD 2.95100000                                                          | CUSIP: 06418BAE8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   3095000 | PA      | $3024802.12   | 0.18%             | 2027-03-11      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| T/L MIP V WASTE 0% 12/08/28    | T/L MIP V WASTE LLC REGD 0.00000000                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2962723 | PA      | $2970129.50   | 0.18%             | 2028-12-08      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| FREMF 2025-K170 0.1% 02/25/35  | FREMF 2025-K170 MORTGAGE TRUST SER 2025-K170 CL X2A REGD 144A P/P 0.10000000                         | CUSIP: 356920AN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        | 351155886 | PA      | $2188298.13   | 0.13%             | 2063-02-25      | Variable      | 0.10%                 | Yes           |                  2 | On Loan: No      |
| ADMSO 2023-1  6.967% 07/15/28  | ADAMS OUTDOOR ADVERTISING LP SER 2023-1 CL A2 REGD 144A P/P 6.96700000                               | CUSIP: 006346AW0<br>LEI: 549300BTFXNHDCUHER30 | Long             | ABS-CBDO         | CORP              | US        |   2630000 | PA      | $2686505.29   | 0.16%             | 2053-07-15      | Fixed         | 6.97%                 | Yes           |                  2 | On Loan: No      |
| BJETS 2024-1A 6.197% 05/15/30  | BUSINESS JET SECURITIES 2024-1 LLC SER 2024-1A CL A REGD 144A P/P 6.19700000                         | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3937251 | PA      | $4009002.77   | 0.24%             | 2039-05-15      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL /PFD/      | ELLINGTON FINANCIAL           /PREFERRED/ 0.00000000                                                 | CUSIP: 28852N406<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |     66200 | NS      | $1660296.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L MPH ACQUIS 0% 12/31/30     | T/L MPH ACQUISITION HOLDINGS   LLC REGD 0.00000000                                                   | CUSIP: 55328HAQ4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5678845 | PA      | $5069561.71   | 0.30%             | 2030-12-31      | Variable      | 9.17%                 | No            |                  2 | On Loan: No      |
| T/L MEGA BROADB 0% 11/12/2027  | T/L MEGA BROADBAND INVESTMENTS LLC REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5485419 | PA      | $5442577.79   | 0.32%             | 2027-11-12      | Variable      | 7.56%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC F V/R 10/15/54 | GLOBAL ATLANTIC FIN CO REGD V/R 144A P/P 7.95000000                                                  | CUSIP: 37959GAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1975000 | PA      | $2063884.88   | 0.12%             | 2054-10-15      | Variable      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| T/L ALLSPRING BUY ZCP 11/01/30 | T/L ALLSPRING BUYER LLC REGD ZCP TERM LOAN 0.00000000                                                | CUSIP: 98922AAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5577785 | PA      | $5589219.15   | 0.33%             | 2030-11-01      | Variable      | 7.31%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPE 5.05% 03/15/29 | KEURIG DR PEPPER INC REGD 5.05000000                                                                 | CUSIP: 49271VAT7<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   3170000 | PA      | $3227828.53   | 0.19%             | 2029-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| PENNANTPARK FLO 4.25% 04/01/26 | PENNANTPARK FLOATING RAT REGD 4.25000000                                                             | CUSIP: 70806AAA4<br>LEI: 529900BH3IP6381K4L72 | Long             | DBT              | CORP              | US        |   7360000 | PA      | $7255004.45   | 0.43%             | 2026-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AESOP 2023-4A  5.49% 06/20/28  | AVIS BUDGET RENTAL CAR FUNDING AESOP LLC SER 2023-4A CL A REGD 144A P/P 5.49000000                   | CUSIP: 05377RGY4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5200000 | PA      | $5317778.96   | 0.31%             | 2029-06-20      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| AVIS BUDGET CAR 8.25% 01/15/30 | AVIS BUDGET CAR/FINANCE REGD 144A P/P 8.25000000                                                     | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3670000 | PA      | $3776558.45   | 0.22%             | 2030-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| SILVER POINT SPEC 4% 11/4/26   | SILVER POINT SPECIALTY CREDIT FUND LP SERIES 2021A SNR NOTE /RESTRICTED/ 4% DUE 11/4/2026 4.00000000 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   3050000 | PA      | $2921900.00   | 0.17%             | 2026-11-04      | Fixed         | 4.00%                 | No            |                  3 | On Loan: No      |
| ACADIAN ASSET MA 4.8% 07/27/26 | ACADIAN ASSET MANAGEMENT REGD 4.80000000                                                             | CUSIP: 10948WAA1<br>LEI: 5493004FTLQNQTBOP608 | Long             | DBT              | CORP              | US        |   2338000 | PA      | $2313021.51   | 0.14%             | 2026-07-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NFMOT 2023-1A  5.74% 03/15/26  | NEXTGEAR FLOORPLAN MASTER OWNER TRUST SER 2023-1A CL A2 REGD 144A P/P 5.74000000                     | CUSIP: 65345GAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5440000 | PA      | $5474467.84   | 0.32%             | 2028-03-15      | Fixed         | 5.74%                 | Yes           |                  2 | On Loan: No      |
| T/L ELANCO ANIMAL 0% 8/1/27    | T/L ELANCO ANIMAL HEALTH       INCORPORATED REGD 0.00000000                                          | CUSIP: 28414BAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1370909 | PA      | $1369387.10   | 0.08%             | 2027-08-01      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| SPGN 2022-TFLM C V/R 02/25/27  | SPGN 2022-TFLM MORTGAGE TRUST SER 2022-TFLM CL C V/R REGD 144A P/P 6.99194000                        | CUSIP: 78473HAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2270000 | PA      | $2225136.63   | 0.13%             | 2039-02-15      | Variable      | 6.99%                 | Yes           |                  2 | On Loan: No      |
| ASCOT GROUP LTD V/R 06/15/35   | ASCOT GROUP LTD REGD V/R 144A P/P 6.34900000                                                         | CUSIP: 04365XAB4<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |   3615000 | PA      | $3689168.09   | 0.22%             | 2035-06-15      | Variable      | 6.35%                 | Yes           |                  2 | On Loan: No      |
| BANK LEUMI LE- 5.125% 07/27/27 | BANK LEUMI LE-ISRAEL REGD P/P 5.12500000                                                             | CUSIP: M1R786AY4<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | DBT              | CORP              | IL        |   1635000 | PA      | $1640608.05   | 0.10%             | 2027-07-27      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| OMFIT 2023-2A  6.17% 02/14/28  | ONEMAIN FINANCIAL ISSUANCE TRUST 2023-2 SER 2023-2A CL B REGD 144A P/P 6.17000000                    | CUSIP: 68269HAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6610000 | PA      | $6790353.19   | 0.40%             | 2036-09-15      | Fixed         | 6.17%                 | Yes           |                  2 | On Loan: No      |
| HA SUSTAINABLE 6.375% 07/01/34 | HA SUSTAINABLE INF CAP REGD SER WI 6.37500000                                                        | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |  11340000 | PA      | $11236235.14  | 0.66%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FREMF 2025-K170  ZCP 04/25/35  | FREMF 2025-K170 MORTGAGE TRUST SER 2025-K170 CL D ZCP REGD 144A P/P 0.00000000                       | CUSIP: 356920AS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  21546523 | PA      | $9029979.73   | 0.53%             | 2063-02-25      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| T/L TPF II POWER 0% 10/02/2025 | T/L TPF II POWER LLC TL B 0.00000000                                                                 | CUSIP: 87264NAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7766336 | PA      | $7790644.25   | 0.46%             | 2025-10-02      | Variable      | 9.61%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUN 5.875% 06/10/27 | F&G GLOBAL FUNDING REGD 144A P/P MTN 5.87500000                                                      | CUSIP: 30321L2G6<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   4110000 | PA      | $4196814.21   | 0.25%             | 2027-06-10      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 11/15/33 | LLOYDS BANKING GROUP PLC REGD V/R 7.95300000                                                         | CUSIP: 539439AW9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2025000 | PA      | $2319915.90   | 0.14%             | 2033-11-15      | Variable      | 7.95%                 | No            |                  2 | On Loan: No      |
| HPEFS 2023-1A  5.73% 09/20/25  | HPEFS EQUIPMENT TRUST 2023-1 SER 2023-1A CL B REGD 144A P/P 5.73000000                               | CUSIP: 40443DAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2980000 | PA      | $2981903.33   | 0.18%             | 2028-04-20      | Fixed         | 5.73%                 | Yes           |                  2 | On Loan: No      |
| T/L ROCKPOINT 0% 09/18/31      | T/L ROCKPOINT GAS STORAGE      PARTNERS LP   REGD 0.00000000                                         | CUSIP: 77381HAC3<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   9353000 | PA      | $9372921.89   | 0.55%             | 2031-09-18      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF  5.45% 06/15/35 | SOUTHERN CALIF GAS CO REGD 5.45000000                                                                | CUSIP: 842434DC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4120000 | PA      | $4199526.30   | 0.25%             | 2035-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 06/02/28 | WELLS FARGO & COMPANY REGD V/R MTN 2.39300000                                                        | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1121648.54   | 0.07%             | 2028-06-02      | Variable      | 2.39%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL  5.033% 07/17/30 | ATHENE GLOBAL FUNDING REGD 144A P/P 5.03300000                                                       | CUSIP: 04685A4R9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   8565000 | PA      | $8611888.49   | 0.51%             | 2030-07-17      | Fixed         | 5.03%                 | Yes           |                  2 | On Loan: No      |
| ASCOT GROUP LTD 4.25% 12/15/30 | ASCOT GROUP LTD REGD 144A P/P 4.25000000                                                             | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |   2880000 | PA      | $2590286.63   | 0.15%             | 2030-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ONCOR ELECTRIC D 4.3% 05/15/28 | ONCOR ELECTRIC DELIVERY REGD 4.30000000                                                              | CUSIP: 68233JCQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3494041.53   | 0.21%             | 2028-05-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPIT 4.9% 03/07/31 | JOHN DEERE CAPITAL CORP REGD MTN 4.90000000                                                          | CUSIP: 24422EXN4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4710000 | PA      | $4793931.54   | 0.28%             | 2031-03-07      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE H 5.75% 06/05/33 | RENAISSANCERE HOLDINGS L REGD 5.75000000                                                             | CUSIP: 75968NAE1<br>LEI: EK6GB9U3U58PDI411C94 | Long             | DBT              | CORP              | BM        |   5720000 | PA      | $5890817.50   | 0.35%             | 2033-06-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| T/L NEXSTAR MEDI 0% 06/24/2032 | T/L NEXSTAR MEDIA INC REGD 0.00000000                                                                | CUSIP: 65336RBB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4455000 | PA      | $4459455.00   | 0.26%             | 2032-06-24      | Variable      | 6.86%                 | No            |                  2 | On Loan: No      |
| T/L BCP RENAISSANC 0% 10/31/28 | T/L BCP RENAISSANCE PARENT     L.L.C. 0% 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2634110 | PA      | $2637877.08   | 0.16%             | 2028-10-31      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPER 5.986% 10/03/28 | CANADIAN IMPERIAL BANK REGD 5.98600000                                                               | CUSIP: 13607LWV1<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   3485000 | PA      | $3642473.28   | 0.22%             | 2028-10-03      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| T/L BUCKEYE PARTNE 0% 11/01/26 | T/L BUCKEYE PARTNERS L.P. 0% 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    337683 | PA      | $337963.11    | 0.02%             | 2026-11-01      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| FORDR 2024-1 A S/UP 02/15/29   | FORD CREDIT AUTO OWNER TRUST 2024-REV1 SER 2024-1 CL A S/UP REGD 144A P/P 4.87000000                 | CUSIP: 34533BAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3340000 | PA      | $3393031.52   | 0.20%             | 2036-08-15      | Variable      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| F/C US 10YR ULTRA FUT SEP25    | FUTURE CONTRACT ON           US 10YR ULTRA FUT SEP25 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      1350 | NC      | $152655468.75 | 9.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIANA ST FIN 3.313% 03/01/51 | INDIANA ST FIN AUTH REVENUE REGD B/E 3.31300000                                                      | CUSIP: 45506EDG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1094361.91   | 0.06%             | 2051-03-01      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| PARTNERRE FINANCE V/R 10/01/50 | PARTNERRE FINANCE B LLC REGD V/R 4.50000000                                                          | CUSIP: 70213BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3708000 | PA      | $3446086.16   | 0.20%             | 2050-10-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC 4.375% 04/01/30  | NORDSTROM INC REGD 4.37500000                                                                        | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |   3450000 | PA      | $3128176.41   | 0.18%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NAVMT 2023-1 A 6.18% 08/25/25  | NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II SER 2023-1 CL A REGD 144A P/P 6.18000000        | CUSIP: 63938PBU2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2465000 | PA      | $2467392.04   | 0.15%             | 2028-08-25      | Fixed         | 6.18%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2023-K753  ZCP 12/25/30  | FREDDIE MAC MULTIFAMILY STRUCTURED PASS SER 2023-K753 CL D ZCP REGD 144A P/P 0.00000000              | CUSIP: 30333UAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7660000 | PA      | $4759924.00   | 0.28%             | 2060-11-25      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| T/L CENTRAL PAREN ZCP 07/06/29 | T/L CENTRAL PARENT LLC REGD    ZCP TERM LOAN 0.00000000                                              | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3575754 | PA      | $2905300.27   | 0.17%             | 2029-07-06      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| US TREAS BDS 3.625% 05/15/53   | UNITED STATES TREASURY BOND 3.62500000                                                               | CUSIP: 912810TR9<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  10515000 | PA      | $8451841.97   | 0.50%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TRINITY CAPITAL 7.875% 3/30/29 | TRINITY CAPITAL INC/MD        /PREFERRED/ 0.00000000                                                 | CUSIP: 896442605<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EP               | CORP              | US        |    175000 | NS      | $4413500.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COM V/R 03/02/33 | WELLS FARGO & COMPANY REGD V/R MTN 3.35000000                                                        | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3020000 | PA      | $2764600.74   | 0.16%             | 2033-03-02      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC V/R 11/10/26 | NATWEST GROUP PLC REGD V/R 7.47200000                                                                | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   2445000 | PA      | $2462403.46   | 0.15%             | 2026-11-10      | Variable      | 7.47%                 | No            |                  2 | On Loan: No      |
| MFIT 2024-BA B 5.33% 01/20/31  | MARINER FINANCE ISSUANCE TRUST 2024-B SER 2024-BA CL B REGD 144A P/P 5.33000000                      | CUSIP: 56847GAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2690000 | PA      | $2719548.84   | 0.16%             | 2038-11-20      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 08/05/25         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                           | CUSIP: 912797QH3<br>LEI: N/A                  | Long             | STIV             | UST               | US        |  19275000 | PA      | $19266005.00  | 1.14%             | 2025-08-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TRFIG 2024-1A  5.98% 05/15/27  | TRAFIGURA SECURITISATION FINANCE PLC SER 2024-1A CL A2 REGD 144A P/P 5.98000000                      | CUSIP: 892725AX0<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-CBDO         | CORP              | IE        |   4480000 | PA      | $4512055.30   | 0.27%             | 2027-11-15      | Fixed         | 5.98%                 | Yes           |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL 5% 06/15/28 | REXFORD INDUSTRIAL REALT REGD 5.00000000                                                             | CUSIP: 76169XAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2771260.80   | 0.16%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BHG 2023-A B 6.35% 01/17/28    | BHG SECURITIZATION TRUST 2023-A SER 2023-A CL B REGD 144A P/P 6.35000000                             | CUSIP: 08860FAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4165000 | PA      | $4205064.38   | 0.25%             | 2036-04-17      | Fixed         | 6.35%                 | Yes           |                  2 | On Loan: No      |
| T/L IQVIA INC 00.00% 01/02/31  | T/L IQVIA INC 0.00000000                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3649610 | PA      | $3667858.29   | 0.22%             | 2031-01-02      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| VCRRL 2021-1A 2.152% 10/20/31  | VCP RRL ABS I LTD SER 2021-1A CL A REGD 144A P/P 2.15200000                                          | CUSIP: 92243RAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    890666 | PA      | $860014.29    | 0.05%             | 2031-10-20      | Fixed         | 2.15%                 | Yes           |                  2 | On Loan: No      |
| F/C US LONG BOND(CBT) SEP25    | FUTURE CONTRACT ON           US LONG BOND(CBT) SEP25 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       360 | NC      | $41107500.00  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DK 2024-SPBX B V/R 03/15/26    | DK TRUST 2024-SPBX SER 2024-SPBX CL B V/R REGD 144A P/P 6.09194000                                   | CUSIP: 23346LAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7330000 | PA      | $7348325.00   | 0.43%             | 2034-03-15      | Variable      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL 5.15% 03/27/30 | HYUNDAI CAPITAL AMERICA REGD 144A P/P 5.15000000                                                     | CUSIP: 44891ADQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7770000 | PA      | $7858340.78   | 0.46%             | 2030-03-27      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| MFIT 2024-BA C 5.73% 03/20/31  | MARINER FINANCE ISSUANCE TRUST 2024-B SER 2024-BA CL C REGD 144A P/P 5.73000000                      | CUSIP: 56847GAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1735000 | PA      | $1761703.39   | 0.10%             | 2038-11-20      | Fixed         | 5.73%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN NATION 5.25% 06/03/30 | AMERICAN NATIONAL GF REGD 144A P/P MTN 5.25000000                                                    | CUSIP: 02771D2B9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5395000 | PA      | $5424969.23   | 0.32%             | 2030-06-03      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON BANCSH V/R 08/04/28 | HUNTINGTON BANCSHARES REGD V/R 4.44300000                                                            | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   6256000 | PA      | $6238645.86   | 0.37%             | 2028-08-04      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| T/L DELTA AIR 0% 10/20/2027    | T/L DELTA AIR LINES INC REGD 0.00000000                                                              | CUSIP: 24736CBS2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    582281 | PA      | $584465.03    | 0.03%             | 2027-10-20      | Variable      | 8.08%                 | No            |                  2 | On Loan: No      |
| ZAYO 2025-1A  5.648% 03/20/30  | ZAYO ISSUER LLC SER 2025-1A CL A2 REGD 144A P/P 5.64800000                                           | CUSIP: 98919WAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5530000 | PA      | $5584464.97   | 0.33%             | 2055-03-20      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| FIDELIS INSUR HLD V/R 04/01/41 | FIDELIS INSUR HLD LTD REGD V/R 144A P/P 6.62500000                                                   | CUSIP: 31575FAB2<br>LEI: 549300CDMGCAGJQ7DX03 | Long             | DBT              | CORP              | BM        |   4765000 | PA      | $4740506.14   | 0.28%             | 2041-04-01      | Variable      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| ALP 2024-1A  10.036% 10/15/36  | ALP CFO 2024 LP SER 2024-1A CL B REGD 144A P/P 10.03600000                                           | CUSIP: 00165VAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4320000 | PA      | $4397328.00   | 0.26%             | 2036-10-15      | Fixed         | 10.04%                | Yes           |                  3 | On Loan: No      |
| US TREAS BDS 2.875% 05/15/52   | UNITED STATES TREASURY BOND 2.87500000                                                               | CUSIP: 912810TG3<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   1250000 | PA      | $866796.88    | 0.05%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| FREMF 2023-K753 0.1% 12/25/30  | FREDDIE MAC MULTIFAMILY STRUCTURED P SER 2023-K753 CL X2B REGD 144A P/P 0.10000000                   | CUSIP: 30333UAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  26240000 | PA      | $103805.44    | 0.01%             | 2060-11-25      | Variable      | 0.10%                 | Yes           |                  2 | On Loan: No      |
| DC 2023-DC B 6.804% 09/10/28   | DC COMMERCIAL MORTGAGE TRUST 2023-DC SER 2023-DC CL B REGD 144A P/P 6.80430000                       | CUSIP: 24023AAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2460000 | PA      | $2576780.87   | 0.15%             | 2040-09-12      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| T/L MEDLINE BORR 0% 10/23/28   | T/L MEDLINE BORROWER LP REGD 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7167211 | PA      | $7171726.68   | 0.42%             | 2028-10-23      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREAS BDS 3.875% 02/15/43   | UNITED STATES TREASURY BOND 3.87500000                                                               | CUSIP: 912810TQ1<br>LEI: N/A                  | Long             | DBT              | UST               | US        | 107500000 | PA      | $95192089.58  | 5.63%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATION 5.75% 10/01/29 | AMERICAN NATIONAL GROUP REGD 5.75000000                                                              | CUSIP: 025676AN7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    242000 | PA      | $246895.57    | 0.01%             | 2029-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIF 4.992% 01/12/27 | PROTECTIVE LIFE GLOBAL REGD 144A P/P 4.99200000                                                      | CUSIP: 74368CBX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4365000 | PA      | $4395604.06   | 0.26%             | 2027-01-12      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| TPDC 2023-1A A2 6% 06/25/26    | TIERPOINT ISSUER LLC SER 2023-1A CL A2 REGD 144A P/P 6.00000000                                      | CUSIP: 88651CAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    436667 | PA      | $436418.29    | 0.03%             | 2053-06-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AHPT 2024-ATRM B V/R 11/10/24  | ATRIUM HOTEL PORTFOLIO TRUST 2024-ATRM SER 2024-ATRM CL B V/R REGD 144A P/P 5.89379000               | CUSIP: 04963XAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4750000 | PA      | $4781938.05   | 0.28%             | 2029-11-10      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| HARVEST MIDSTREA 7.5% 09/01/28 | HARVEST MIDSTREAM I LP REGD 144A P/P 7.50000000                                                      | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |   2430000 | PA      | $2459575.53   | 0.15%             | 2028-09-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| NIAPK 2019-1A A1 V/R 01/17/38  | NIAGARA PARK CLO LTD SER 2019-1A CL A1RR V/R REGD 144A P/P 5.66240000                                | CUSIP: 65357LAT2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5450000 | PA      | $5461538.74   | 0.32%             | 2038-01-17      | Variable      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| CNH INDUSTRIAL  4.55% 04/10/28 | CNH INDUSTRIAL CAP LLC REGD 4.55000000                                                               | CUSIP: 12592BAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2275000 | PA      | $2278480.00   | 0.13%             | 2028-04-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINAN V/R 10/30/31 | CAPITAL ONE FINANCIAL CO REGD V/R SER . 7.62400000                                                   | CUSIP: 14040HDC6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1835438.89   | 0.11%             | 2031-10-30      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| SARATOGA INVES 4.375% 02/28/26 | SARATOGA INVESTMENT CORP REGD 4.37500000                                                             | CUSIP: 80349AAD1<br>LEI: 54930023WJCWPAGSWE41 | Long             | DBT              | CORP              | US        |   3025000 | PA      | $2979227.03   | 0.18%             | 2026-02-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW ZE 4.846% 02/07/28 | BANK OF NEW ZEALAND REGD 144A P/P 4.84600000                                                         | CUSIP: 06407EAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | NZ        |   3035000 | PA      | $3069755.27   | 0.18%             | 2028-02-07      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| SEACO 2020-1A  2.17% 03/18/30  | GLOBAL SC FINANCE VII SRL SER 2020-1A CL A REGD 144A P/P 2.17000000                                  | CUSIP: 37959PAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BB        |    847420 | PA      | $806105.48    | 0.05%             | 2040-10-17      | Fixed         | 2.17%                 | Yes           |                  2 | On Loan: No      |
| HORIZON TECHNOLOGY FINAN /PFD/ | HORIZON TECHNOLOGY FINAN      /PREFERRED/ 0.00000000                                                 | CUSIP: 44045A409<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     93600 | NS      | $2325960.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MCAF 2021-1A  2.815% 04/22/31  | MONROE CAPITAL ABS FUNDING 2021-1 LTD SER 2021-1A CL A2 REGD 144A P/P 2.81500000                     | CUSIP: 610331AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    522625 | PA      | $515242.29    | 0.03%             | 2031-04-22      | Fixed         | 2.81%                 | Yes           |                  2 | On Loan: No      |
| TMCL 2020-1A A 2.73% 05/21/29  | TEXTAINER MARINE CONTAINERS VII LTD SER 2020-1A CL A REGD 144A P/P 2.73000000                        | CUSIP: 88315LAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |    885954 | PA      | $844559.73    | 0.05%             | 2045-08-21      | Fixed         | 2.73%                 | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 10/09/25         | UNITED STATES TREASURY BILL ZCP 0.00000000                                                           | CUSIP: 912797QE0<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   4600000 | PA      | $4562506.04   | 0.27%             | 2025-10-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| T/L TIDAL WASTE & 0% 10/24/31  | T/L TIDAL WASTE & RECYCLING    HOLDINGS LLC REGD TERM LOAN 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3724206 | PA      | $3745173.43   | 0.22%             | 2031-10-24      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| GUARDIAN LIFE  4.179% 09/26/29 | GUARDIAN LIFE GLOB FUND REGD 144A P/P MTN 4.17900000                                                 | CUSIP: 40139LBJ1<br>LEI: 635400NHILJ5JEKILC36 | Long             | DBT              | CORP              | US        |   6815000 | PA      | $6752580.12   | 0.40%             | 2029-09-26      | Fixed         | 4.18%                 | Yes           |                  2 | On Loan: No      |
| ARBOR REALTY TRUST 5% 04/30/26 | ARBOR REALTY TRUST INC REGD 5.00000000                                                               | CUSIP: 038923AW8<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2345521.19   | 0.14%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONA V/R /PERP/ | EDISON INTERNATIONAL REGD V/R /PERP/ SER A 5.37500000                                                | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   5065000 | PA      | $4816217.03   | 0.28%             | 2173-09-15      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| BLACKROCK TCP C 6.95% 05/30/29 | BLACKROCK TCP CAP CORP REGD 6.95000000                                                               | CUSIP: 09259EAC2<br>LEI: 549300JU1XG1HF56J989 | Long             | DBT              | CORP              | US        |   2172000 | PA      | $2242573.41   | 0.13%             | 2029-05-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ARES PBN FIN 6% 9/15/36        | ARES PBN FIN CO LLC REGD   144A 6.00000000                                                           | CUSIP: 04019VAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1407628.00   | 0.08%             | 2036-10-15      | Fixed         | 6.00%                 | Yes           |                  3 | On Loan: No      |
| AMS-OSRAM AG 12.25% 03/30/29   | AMS-OSRAM AG REGD 144A P/P 12.25000000                                                               | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |   5575000 | PA      | $5987524.52   | 0.35%             | 2029-03-30      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| BANCO SANTANDER S V/R 03/14/28 | BANCO SANTANDER SA REGD V/R SER * 5.55200000                                                         | CUSIP: 05964HBA2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   4600000 | PA      | $4665027.12   | 0.28%             | 2028-03-14      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR  8.5% 10/15/27 | ARBOR REALTY SR INC REGD 144A P/P SER QIB 8.50000000                                                 | CUSIP: 03881NAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4140000 | PA      | $4098180.78   | 0.24%             | 2027-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| FLX 2021-1A A2 3.25% 11/25/26  | FLEXENTIAL ISSUER 2021-1 SER 2021-1A CL A2 REGD 144A P/P 3.25000000                                  | CUSIP: 33938MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4460000 | PA      | $4306718.72   | 0.25%             | 2051-11-27      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| T/L STARWOOD PR 0% 11/18/27    | T/L STARWOOD PROPERTY          MORTGAGE  L L C  REGD 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1764988 | PA      | $1762781.34   | 0.10%             | 2027-11-18      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| T/L TEREX CORPOR 0% 10/08/31   | T/L TEREX CORPORATION 0.00000000                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3032400 | PA      | $3035250.46   | 0.18%             | 2031-10-08      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| SORT 2022-1A A 5.97% 02/15/27  | CF HIPPOLYTA ISSUER LLC SER 2022-1A CL A1 REGD 144A P/P 5.97000000                                   | CUSIP: 12530MAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2374427 | PA      | $2290047.23   | 0.14%             | 2062-08-15      | Fixed         | 5.97%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN TOWER  5.49% 03/15/28 | AMERICAN TOWER TRUST I REGD 144A P/P 5.49000000                                                      | CUSIP: 03027WAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3340000 | PA      | $3385918.32   | 0.20%             | 2028-03-15      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| HERTZ 2024-2A  5.48% 01/25/30  | HERTZ VEHICLE FINANCING III LLC SER 2024-2A CL A REGD 144A P/P 5.48000000                            | CUSIP: 42806MCL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8300000 | PA      | $8413285.04   | 0.50%             | 2031-01-27      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 06/04/31 | HSBC HOLDINGS PLC REGD V/R 2.84800000                                                                | CUSIP: 404280CH0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1140000 | PA      | $1043812.34   | 0.06%             | 2031-06-04      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| OXFORD LANE CAPITAL 5% 1/31/27 | OXFORD LANE CAPITAL CORP      /PREFERRED/ 0.00000000                                                 | CUSIP: 691543888<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    130800 | NS      | $3162220.80   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BFLD 2024-WRHS A V/R 08/15/26  | BFLD 2024-WRHS MORTGAGE TRUST SER 2024-WRHS CL A V/R REGD 144A P/P 5.83404000                        | CUSIP: 05555HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2818071 | PA      | $2818071.01   | 0.17%             | 2026-08-15      | Variable      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| FAIRFAX INDIA HOLD 5% 02/26/28 | FAIRFAX INDIA HOLDINGS REGD 144A P/P 5.00000000                                                      | CUSIP: 303897AA0<br>LEI: 549300K2JHXU7AX7CV78 | Long             | DBT              | CORP              | CA        |   5725000 | PA      | $5361834.63   | 0.32%             | 2028-02-26      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BUNGE LTD FINANC 4.2% 09/17/29 | BUNGE LTD FINANCE CORP REGD 4.20000000                                                               | CUSIP: 120568BE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5480000 | PA      | $5403465.55   | 0.32%             | 2029-09-17      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL  4.721% 10/08/29 | ATHENE GLOBAL FUNDING REGD 144A P/P 4.72100000                                                       | CUSIP: 04685A4C2<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   4040000 | PA      | $4016453.51   | 0.24%             | 2029-10-08      | Fixed         | 4.72%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2023-K753 0.1% 10/25/30  | FREDDIE MAC MULTIFAMILY STRUCTURED P SER 2023-K753 CL X2A REGD 144A P/P 0.10000000                   | CUSIP: 30333UAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        | 126785030 | PA      | $481237.94    | 0.03%             | 2060-11-25      | Variable      | 0.10%                 | Yes           |                  2 | On Loan: No      |
| US TREAS BDS 1.375% 08/15/50   | UNITED STATES TREASURY BOND 1.37500000                                                               | CUSIP: 912810SP4<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  43865000 | PA      | $21322502.34  | 1.26%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| NWSB 2023-1 A V/R 07/25/50     | NEWTEK SMALL BUSINESS LOAN TRUST 2023-1 SER 2023-1 CL A V/R REGD 144A P/P 7.00000000                 | CUSIP: 65254RAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2450445 | PA      | $2476783.11   | 0.15%             | 2050-07-25      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| T/L MIDCONTINENT 0% 08/17/26   | T/L MIDCONTINENT               COMMUNICATIONS REGD 0.00000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5821012 | PA      | $5816181.06   | 0.34%             | 2031-08-16      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| MCMML 2024-1A B V/R 07/23/36   | MONROE CAPITAL MML CLO XVI LTD SER 2024-1A CL B V/R REGD 144A P/P 6.41899000                         | CUSIP: 61034CAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4870000 | PA      | $4891931.56   | 0.29%             | 2036-07-23      | Variable      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| ARES CAPITAL CO 2.15% 07/15/26 | ARES CAPITAL CORP REGD 2.15000000                                                                    | CUSIP: 04010LBA0<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |  11550000 | PA      | $11275113.23  | 0.67%             | 2026-07-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| T/L CHARTER COMMUN 0% 12/07/30 | T/L CHARTER COMMUNICATIONS     OPERATING LLC REGD 0.00000000                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5651313 | PA      | $5640010.51   | 0.33%             | 2030-12-07      | Variable      | 6.29%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MU 5.07% 03/25/27 | NORTHWESTERN MUTUAL GLBL REGD 144A P/P 5.07000000                                                    | CUSIP: 66815L2R9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5090000 | PA      | $5147090.81   | 0.30%             | 2027-03-25      | Fixed         | 5.07%                 | Yes           |                  2 | On Loan: No      |
| ATLANTICA SUST 4.125% 06/15/28 | ATLANTICA SUSTAIN INFRA REGD 144A P/P 4.12500000                                                     | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |   4405000 | PA      | $4253845.51   | 0.25%             | 2028-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| OCT71 2024-1A B V/R 04/18/37   | OCTAGON 71 LTD SER 2024-1A CL B V/R REGD 144A P/P 6.37900000                                         | CUSIP: 67579CAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4500000 | PA      | $4516483.50   | 0.27%             | 2037-04-18      | Variable      | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2024-K757 0.1% 08/25/31  | FREMF 2024-K757 MORTGAGE TRUST SER 2024-K757 CL X2B REGD 144A P/P 0.10000000                         | CUSIP: 30339MAS9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  25440000 | PA      | $116927.33    | 0.01%             | 2061-10-25      | Variable      | 0.10%                 | Yes           |                  2 | On Loan: No      |
| MACY'S RETAIL  7.375% 08/01/33 | MACY'S RETAIL HLDGS LLC REGD 144A P/P 7.37500000                                                     | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4145000 | PA      | $4160788.93   | 0.25%             | 2033-08-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2024-K757  V/R 08/25/31  | FREMF 2024-K757 MORTGAGE TRUST SER 2024-K757 CL D V/R REGD 144A P/P 0.00000000                       | CUSIP: 30339MAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6570000 | PA      | $3734511.52   | 0.22%             | 2031-08-25      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| T/L GLOBAL MEDI 0% 10/31/28    | T/L GLOBAL MEDICAL RESPONSE    INC REGD 0.00000000                                                   | CUSIP: 00169QAG4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1546114 | PA      | $1546841.00   | 0.09%             | 2028-10-31      | Variable      | 9.08%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP 3.2% 09/26/26 | VOLKSWAGEN GROUP AMERICA REGD 144A P/P 3.20000000                                                    | CUSIP: 928668BB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9540000 | PA      | $9365799.03   | 0.55%             | 2026-09-26      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| T/L MPH ACQUISIT 0% 12/31/30   | T/L MPH ACQUISITION HOLDINGS   LLC REGD 0.00000000                                                   | CUSIP: 55328HAP6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    685076 | PA      | $680965.56    | 0.04%             | 2030-12-31      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB  5.9% 09/19/28 | COREBRIDGE GLOB FUNDING REGD 144A P/P 5.90000000                                                     | CUSIP: 00138CAV0<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   3175000 | PA      | $3295557.67   | 0.19%             | 2028-09-19      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2024-K522  V/R 05/25/29  | FREMF 2024-K522 MORTGAGE TRUST SER 2024-K522 CL C V/R REGD 144A P/P 5.78774200                       | CUSIP: 30336LAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4675000 | PA      | $4184123.13   | 0.25%             | 2029-05-25      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| DOCTORS CO INTER 4.5% 01/18/32 | DOCTORS CO INTERINSURANC REGD 144A P/P 4.50000000                                                    | CUSIP: 256141AB8<br>LEI: MKYKR1GWDRIJRLI1S211 | Long             | DBT              | CORP              | US        |   4210000 | PA      | $3702589.03   | 0.22%             | 2032-01-18      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| BXMT 2020-FL3 C V/R 11/15/37   | BXMT 2020-FL3 LTD SER 2020-FL3 CL C V/R REGD 144A P/P 7.50761000                                     | CUSIP: 05608XAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1215784.25   | 0.07%             | 2037-11-15      | Variable      | 7.51%                 | Yes           |                  2 | On Loan: No      |
| BOLT 2025-1CON C 0% 08/18/36   | BHG OWNER LOAN TRUST SERIES 2025-1CON SER 2025-1CON CL C REGD 144A P/P 0.00000000                    | CUSIP: 08860KAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6820000 | PA      | $6804314.00   | 0.40%             | 2036-08-18      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| US BANCORP V/R /PERP/          | US BANCORP REGD V/R /PERP/ 3.70000000                                                                | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   6100000 | PA      | $5864246.59   | 0.35%             | 2174-01-15      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| VC 3 LS 2021 LP 4.75% 10/15/41 | VC 3 LS 2021 LP CLASS B 4.75000000                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-CBDO         | CORP              | US        |   3494793 | PA      | $3414015.71   | 0.20%             | 2041-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COMM 2025-SBX A V/R 08/10/28   | COMM 2025-SBX MORTGAGE TRUST SER 2025-SBX CL A V/R REGD 144A P/P 0.00000000                          | CUSIP: 20047UAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6550000 | PA      | $6550000.00   | 0.39%             | 2041-08-10      | Variable      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| GLADSTONE 4.875% 11/01/28/     | GLADSTONE INVESTMENT COR      /PREFERRED/ 0.00000000                                                 | CUSIP: 376546883<br>LEI: 549300HFFTVIBC98Z362 | Long             | EP               | CORP              | US        |    132600 | NS      | $3090906.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CRE 5.125% 11/05/26 | FORD MOTOR CREDIT CO LLC REGD 5.12500000                                                             | CUSIP: 345397F81<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3930000 | PA      | $3918992.54   | 0.23%             | 2026-11-05      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REPS 2024-A A 5.91% 06/21/27   | REPUBLIC FINANCE ISSUANCE TRUST 2024-A SER 2024-A CL A REGD 144A P/P 5.91000000                      | CUSIP: 76041RAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7830000 | PA      | $7918970.72   | 0.47%             | 2032-08-20      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| CION INVESTMENT  4.5% 02/11/26 | CION INVESTMENT CORP REGD 4.50000000                                                                 | CUSIP: 17259UAA3<br>LEI: 549300XN70JLF94XKX80 | Long             | DBT              | CORP              | US        |   1635000 | PA      | $1610054.20   | 0.10%             | 2026-02-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CGNT 2025-1A  6.646% 04/25/30  | COGENT IPV4 LLC SER 2025-1A CL A2 REGD 144A P/P 6.64600000                                           | CUSIP: 19240JAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   7960000 | PA      | $8131111.34   | 0.48%             | 2055-04-25      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| TRUIST FINANCIAL  V/R 10/30/29 | TRUIST FINANCIAL CORP REGD V/R MTN 7.16100000                                                        | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1748685.62   | 0.10%             | 2029-10-30      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| TRINITY CAPITAL 4.25% 12/15/26 | TRINITY CAPITAL INC/MD REGD 4.25000000                                                               | CUSIP: 896442AH3<br>LEI: 549300YGT4SBRQYDVU48 | Long             | DBT              | CORP              | US        |   3165000 | PA      | $3036414.98   | 0.18%             | 2026-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PFSFC 2024-F A 4.75% 08/15/27  | PFS FINANCING CORP SER 2024-F CL A REGD 144A P/P 4.75000000                                          | CUSIP: 69335PFP5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10130000 | PA      | $10178380.88  | 0.60%             | 2029-08-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| ABDLF 2020-1A 3.199% 10/20/27  | ABPCI DIRECT LENDING FUND ABS I LTD SER 2020-1A CL A REGD 144A P/P 3.19900000                        | CUSIP: 00090TAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3031764 | PA      | $2988441.25   | 0.18%             | 2030-12-29      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| T/L WHIRLPOOL COR 0% 09/23/25  | T/L WHIRLPOOL CORPORATION      REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1898000 | PA      | $1898000.00   | 0.11%             | 2025-09-23      | Variable      | 5.71%                 | No            |                  3 | On Loan: No      |
| DRAWBRIDGE SPE 3.875% 02/15/26 | DRAWBRIDGE SPEC OPPOR FU REGD 144A P/P 3.87500000                                                    | CUSIP: 26150TAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2485000 | PA      | $2448410.56   | 0.14%             | 2026-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| GA GLOBAL FUNDIN 4.4% 09/23/27 | GA GLOBAL FUNDING TRUST REGD 144A P/P 4.40000000                                                     | CUSIP: 36143L2N4<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |   6260000 | PA      | $6237113.63   | 0.37%             | 2027-09-23      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| CARGILL INC 5.125% 10/11/32    | CARGILL INC REGD 144A P/P 5.12500000                                                                 | CUSIP: 141781BZ6<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |   1890000 | PA      | $1935028.95   | 0.11%             | 2032-10-11      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| COREWEAVE INC 9.25% 06/01/30   | COREWEAVE INC REGD 144A P/P 9.25000000                                                               | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   4195000 | PA      | $4216188.61   | 0.25%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| CNH INDUSTRIAL C 5.5% 01/12/29 | CNH INDUSTRIAL CAP LLC REGD 5.50000000                                                               | CUSIP: 12592BAR5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2450000 | PA      | $2520340.41   | 0.15%             | 2029-01-12      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| T/L AADVANTAGE LO 0% 04/20/28  | T/L AADVANTAGE LOYALTY IP LTD. REGD 0.00000000                                                       | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   3313196 | PA      | $3296630.27   | 0.19%             | 2028-04-20      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| COMERICA BANK V/R 08/25/33     | COMERICA BANK REGD V/R 5.33200000                                                                    | CUSIP: 200339EX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2920000 | PA      | $2842699.98   | 0.17%             | 2033-08-25      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCO V/R 07/28/30 | FIFTH THIRD BANCORP REGD V/R 4.77200000                                                              | CUSIP: 316773DG2<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    165000 | PA      | $165675.70    | 0.01%             | 2030-07-28      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| T/L JAZZ PHARM 0% 05/05/28     | T/L JAZZ PHARMACEUTICALS       PUBLIC LIMITED COMPANY         REGD /TERM LOAN 0.00000000             | CUSIP: G5080AAJ1<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |   1783103 | PA      | $1788951.80   | 0.11%             | 2028-05-05      | Variable      | 6.61%                 | No            |                  2 | On Loan: No      |
| BAHA 2024-MAR B V/R 12/10/29   | BAHA TRUST 2024-MAR SER 2024-MAR CL B V/R REGD 144A P/P 6.84137000                                   | CUSIP: 05493XAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6930000 | PA      | $7151478.64   | 0.42%             | 2041-12-10      | Variable      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| SKANDINAVISKA  5.375% 03/05/29 | SKANDINAVISKA ENSKILDA REGD 144A P/P 5.37500000                                                      | CUSIP: 830505BB8<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |   3070000 | PA      | $3155062.03   | 0.19%             | 2029-03-05      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| ASPEN INSURANCE 5.75% 07/01/30 | ASPEN INSURANCE HLDG LTD REGD 5.75000000                                                             | CUSIP: 04530DAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   5510000 | PA      | $5594033.01   | 0.33%             | 2030-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITA V/R 03/06/28 | JOHN DEERE CAPITAL CORP REGD V/R 4.84682900                                                          | CUSIP: 24422EYA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7140000 | PA      | $7155848.44   | 0.42%             | 2028-03-06      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| ADC 2023-1A A2 6% 08/15/28     | ALIGNED DATA CENTERS ISSUER LLC SER 2023-1A CL A2 REGD 144A P/P 6.00000000                           | CUSIP: 01627AAD0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3250000 | PA      | $3267116.13   | 0.19%             | 2048-08-17      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| COLO 2023-1A  5.116% 02/25/28  | DATABANK ISSUER SER 2023-1A CL A2 REGD 144A P/P 5.11600000                                           | CUSIP: 23802WAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3070000 | PA      | $3048006.52   | 0.18%             | 2053-02-25      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| LAFI 2018-1A A 5.956% 07/25/28 | LIAS ADMINISTRATION FEE ISSUER LLC SER 2018-1A CL A REGD 144A P/P 5.95600000                         | CUSIP: 53000LAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    403463 | PA      | $389685.24    | 0.02%             | 2048-07-25      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| MCIP 2022-1A B 5.15% 04/30/32  | MONROE CAPITAL INCOME PLUS ABS FUNDING LLC SER 2022-1A CL B REGD 144A P/P 5.15000000                 | CUSIP: 61033MAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1400053 | PA      | $1363272.15   | 0.08%             | 2032-04-30      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| T/L LENDINGTREE  I 0% 09/15/28 | T/L LENDINGTREE  INC REGD 0.00000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5170358 | PA      | $5170358.39   | 0.31%             | 2028-09-15      | Variable      | 8.47%                 | No            |                  2 | On Loan: No      |
| FNH 2019-1 A V/R 12/10/31      | FNA 2019-1 LLC SER 2019-1 CL A V/R REGD 144A P/P 3.00000000                                          | CUSIP: 30312PAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    303121 | PA      | $302363.31    | 0.02%             | 2031-12-10      | Variable      | 3.00%                 | Yes           |                  3 | On Loan: No      |
| EAGLE POINT 5.375% 01/31/29    | EAGLE POINT CREDIT CO         /PREFERRED/ 0.00000000                                                 | CUSIP: 269809885<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    178600 | NS      | $4163166.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFIC LIFE GF 4.45% 05/01/28 | PACIFIC LIFE GF II REGD 144A P/P 4.45000000                                                          | CUSIP: 69448TAC5<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |   7725000 | PA      | $7767325.89   | 0.46%             | 2028-05-01      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| SBA TOWER TRUS 6.599% 01/15/28 | SBA TOWER TRUST REGD 144A P/P 6.59900000                                                             | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2050601.40   | 0.12%             | 2028-01-15      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| UNIVERSAL INSU 5.625% 11/30/26 | UNIVERSAL INSURANCE HLDS REGD SER WI 5.62500000                                                      | CUSIP: 91359VAC1<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | DBT              | CORP              | US        |   6280000 | PA      | $6194079.36   | 0.37%             | 2026-11-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL 9.75% 03/15/29 | BREAD FINANCIAL HLDGS REGD 144A P/P 9.75000000                                                       | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |   5705000 | PA      | $6120141.44   | 0.36%             | 2029-03-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| SEACO 2020-2A  2.26% 03/17/30  | GLOBAL SC FINANCE VII SRL SER 2020-2A CL A REGD 144A P/P 2.26000000                                  | CUSIP: 37959PAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BB        |    808217 | PA      | $765669.00    | 0.05%             | 2040-11-19      | Fixed         | 2.26%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL TECHNOL 6.1% 03/15/28 | BLUE OWL TECHNOLOGY FINA REGD 144A P/P 6.10000000                                                    | CUSIP: 095924AA4<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |   2585000 | PA      | $2599934.04   | 0.15%             | 2028-03-15      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| NEUB 2021-40A A V/R 04/16/33   | NEUBERGER BERMAN LOAN ADVISERS CLO 4 SER 2021-40A CL A V/R REGD 144A P/P 5.63938000                  | CUSIP: 64134JAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2438478 | PA      | $2441647.50   | 0.14%             | 2033-04-16      | Variable      | 5.64%                 | Yes           |                  2 | On Loan: No      |
| ARTFI 2024-1A  6.43% 03/22/27  | SOTHEBY'S ARTFI MASTER TRUST SER 2024-1A CL A1 REGD 144A P/P 6.43000000                              | CUSIP: 83589CAA6<br>LEI: 9845002FA850DM72BA31 | Long             | ABS-CBDO         | CORP              | US        |   6250000 | PA      | $6289125.63   | 0.37%             | 2031-12-22      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| PROV ST JOSEPH 5.403% 10/01/33 | PROV ST JOSEPH HLTH OBL REGD 5.40300000                                                              | CUSIP: 743820AC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1089493.85   | 0.06%             | 2033-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** BBH Trust

**Signature:** Charles Schreiber

**Name of Signer:** Charles Schreiber

**Title:** Treasurer