# EDGAR Filing Document

**Accession Number:** 0002012326
**File Stem:** 0001410368-25-031110
**Filing Date:** 2025-11
**Character Count:** 160058
**Document Hash:** 580ccc1d3eac9e0ed343e13787288516
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-031110.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001410368-25-031110

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB CarVal Credit Opportunities Fund
- **CENTRAL INDEX KEY:** 0002012326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23939
- **FILM NUMBER:** 251522309

**BUSINESS ADDRESS:**
- **STREET 1:** 1601 UTICA AVENUE SOUTH, SUITE 1000
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55416
- **BUSINESS PHONE:** 952-444-4780

**MAIL ADDRESS:**
- **STREET 1:** 1601 UTICA AVENUE SOUTH, SUITE 1000
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55416

## Nport-Ex

**AB CarVal Credit Opportunities Fund** 

**Consolidated Portfolio of Investments** 

**September 30, 2025 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **ASSET BACKED – 42.6%** |  |  |  |
|  **Bonds – 42.6%** |  |  |  |
|  **Alternative Energy – 0.4%** |  |  |  |
|  Dividend Solar Loans LLC <br>Series 2019-1 <br>5.68%, 08/22/2039<sup>(a)</sup> | U.S.$| 442 | $391514 |
|  Mill City Solar Loan Ltd.<br>Series 2019-1<br>5.92%, 03/20/2043<sup>(a) (b)</sup> |  | 106 | 93669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.14%, 03/20/2043<sup>(a) (b)</sup> |  | 98 | 75786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2GS<br>2.00%, 07/20/2043<sup>(a) (b)</sup> |  | 383 | 267874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.37%, 07/20/2043<sup>(a) (b) (c) (d) (e)</sup> |  | 735 | 323348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1<br>16.22%, 06/20/2047<sup>(a) (b) (c) (d) (e) (f)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 | 284101 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436292 |
|  **Collateralized Loan Obligations – 0.6%** |  |  |  |
|  Nassau Euro CLO I DAC <br>Series 1X, Class C <br>4.675% (EURIBOR 3 Month + 2.70%), 12/15/2034<sup>(a) (g)</sup> | EUR | 1820 | 2151955 |
|  **Commercial Mortgage-Backed Securities – 19.5%** |  |  |  |
|  Ashford Hospitality Trust <br>Series 2018 <br>5.936% (SOFR 1 Month + 1.57%), 04/15/2035<sup>(a) (g)</sup> | U.S.$| 2000 | 1913227 |
|  Atrium Hotel Portfolio Trust <br>Series 2024 <br>9.52%, 11/10/2029<sup>(a)</sup> |  | 3500 | 3593313 |
|  Banc of America Merrill Lynch <br>Series 2025 <br>8.151% (SOFR 1 Month + 4.00%), 02/15/2042<sup>(a) (g)</sup> |  | 2500 | 2504626 |
|  BXSC Commercial Mortgage Trust <br>Series 2022-WSS, Class F <br>9.48% (SOFR 1 Month + 5.33%), 03/15/2035<sup>(a) (g)</sup> |  | 1750 | 1749468 |
|  Commercial Mortgage Trust<br>Series 2024<br>8.192%, 12/10/2041<sup>(a)</sup> |  | 2690 | 2701140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL<br>8.637% (SOFR 1 Month + 4.49%), 06/15/2041<sup>(a) (g)</sup> |  | 1176 | 1181918 |
|  DGWD Trust <br>Series 2025, Class E <br>8.15% (SOFR 1 Month + 4.00%), 08/15/2035<sup>(a) (g)</sup> |  | 2500 | 2502003 |
|  Extended Stay America Trust<br>Series 2021-ESH, Class G<br>9.265% (SOFR 1 Month + 5.11%), 07/15/2038<sup>(a) (g)</sup> |  | 338 | 332606 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Class F<br>8.25% (SOFR 1 Month + 4.10%), 10/15/2042<sup>(a) (c) (d) (g)</sup> | U.S.$| 1200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 |
|  GS Mortgage Securities Trust <br>Series 2024-70P, Class E <br>9.263%, 03/10/2041<sup>(a)</sup> |  | 2509 | 2639369 |
|  HAVN Trust <br>Series 2025, Class E <br>9.082% (SOFR 1 Month + 5.05%), 10/15/2035<sup>(a) (g)</sup> |  | 3500 | 3500656 |
|  HIH Trust <br>Series 2024-61P, Class F <br>9.80% (SOFR 1 Month + 5.44%), 10/15/2041<sup>(a) (g)</sup> |  | 3251 | 3270817 |
|  ILPT Commercial Mortgage Trust <br>Series 2025-LPF2, Class E <br>8.472%, 07/13/2042<sup>(a)</sup> |  | 3500 | 3626329 |
|  IP Mortgage Trust <br>Series 2025-IP, Class F <br>7.969%, 06/10/2042<sup>(a)</sup> |  | 2500 | 2557021 |
|  JPMorgan Chase Commercial Mortgage Securities Trust<br>Series 2021-HTL5, Class E<br>8.143% (SOFR 1 Month + 3.78%), 11/15/2038<sup>(a) (g)</sup> |  | 1608 | 1592793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HTL5, Class F<br>8.893% (SOFR 1 Month + 4.53%), 11/15/2038<sup>(a) (g)</sup> |  | 1305 | 1299462 |
|  MILE Trust <br>Series 2025-STNE, Class E <br>9.05% (SOFR 1 Month + 4.90%), 07/15/2042<sup>(a) (g)</sup> |  | 2500 | 2511764 |
|  MTN Commercial Mortgage Trust <br>Series 2022-LPFL, Class F <br>9.655% (SOFR 1 Month + 5.29%), 03/15/2039<sup>(a) (g)</sup> |  | 2007 | 2014457 |
|  Pembroke Property Finance 3 DAC<br>5.997% (EURIBOR 3 Month + 3.95%), 06/01/2043<sup>(a) (g)</sup> | EUR | 500 | 595625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.957% (EURIBOR 3 Month + 4.91%), 06/01/2043<sup>(a) (g)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953 | 2324242 |
|  PGA Trust<br>Series 2024-RSR2, Class E<br>8.038% (SOFR 1 Month + 3.89%), 06/15/2039<sup>(a) (g)</sup> | U.S.$| 1000 | 1012319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RSR2, Class F<br>8.837% (SOFR 1 Month + 4.69%), 06/15/2039<sup>(a) (g)</sup> |  | 1375 | 1382529 |
|  SCG Mortgage Trust <br>Series 2024-MSP, Class E <br>9.087% (SOFR 1 Month + 4.94%), 04/15/2041<sup>(a) (g)</sup> |  | 3500 | 3517873 |
|  SDAL Trust <br>Series 2025 <br>9.437% (SOFR 1 Month + 5.29%), 04/15/2042<sup>(a) (g)</sup> |  | 2500 | 2516535 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  SMRT Commercial Mortgage Trust<br>Series 2022-MINI, Class E<br>6.851% (SOFR 1 Month + 2.70%), 01/15/2039<sup>(a) (g)</sup> | U.S.$| 1780 | $1753551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MINI, Class F<br>7.501% (SOFR 1 Month + 3.35%), 01/15/2039<sup>(a) (g)</sup> |  | 2000 | 1950260 |
|  SWCH Commercial Mortgage Trust<br>Series 2025<br>7.49% (SOFR 1 Month + 3.34%), 02/15/2042<sup>(a) (g)</sup> |  | 1000 | 990619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.389% (SOFR 1 Month + 4.24%), 02/15/2042<sup>(a) (g)</sup> |  | 2000 | 1991037 |
|  THPT Mortgage Trust <br>Series 2023-THL, Class D <br>9.561%, 12/10/2034<sup>(a)</sup> |  | 1386 | 1400562 |
|  Velocity Commercial Capital Loan Trust<br>Series 2023-2, Class M6<br>10.437%, 05/25/2053<sup>(a) (c) (d)</sup> |  | 1307 | 1241103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class M6<br>10.672%, 08/25/2053<sup>(a) (c) (d)</sup> |  | 1794 | 1697489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class M5<br>10.879%, 01/25/2054<sup>(a) (c) (d)</sup> |  | 883 | 877379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, M4<br>10.732%, 06/25/2054<sup>(a) (c) (d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | 1775750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class M4<br>9.35%, 09/25/2055<sup>(a)</sup> |  | 2 | 1801311 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67519153 |
|  **Consumer Asset-Backed Securities – 9.3%** |  |  |  |
|  Asimi Funding PLC <br>Series 2024-1, Class F <br>10.37% (SONIA + 6.40%), 09/16/2031<sup>(a) (g)</sup> | GBP | 579 | 786799 |
|  BBVA Consumer Auto FTA <br>Series 2024-1 <br>7.663% (EURIBOR 3 Month + 5.40%), 04/21/2037<sup>(a) (g)</sup> | EUR | 345 | 419581 |
|  FCT Eurotruck Lease<br>7.181% (EURIBOR 1 Month + 5.25%), 04/30/2049<sup>(c) (d) (g)</sup> |  | 380 | 445113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.681% (EURIBOR 1 Month + 7.75%), 04/30/2049<sup>(c) (d) (g)</sup> |  | 1790 | 2086840 |
|  Foundation Finance Trust <br>Series 2025-1 <br>8.37%, 04/15/2050<sup>(a)</sup> | U.S.$| 2016 | 1994693 |
|  GoodLeap Home Improvement Solutions Trust<br>Series 2025-1<br>7.83%, 02/20/2049<sup>(a)</sup> |  | 1706 | 1720627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class C<br>8.16%, 06/20/2049<sup>(a)</sup> |  | 1580 | 1605042 |
|  Lendbuzz Auto Receivables Trust <br>Series 2025 <br>8.79%, 08/15/2031<sup>(c) (d) (e)</sup> |  | 950 | 11115359 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Mariner Finance Issuance Trust <br>Series 2025-AA, Class E <br>8.64%, 05/20/2038<sup>(a)</sup> | U.S.$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431 | $1482527 |
|  Republic Finance Issuance Trust <br>Series 2025-A, Class E <br>7.70%, 11/20/2034<sup>(a) (c) (d)</sup> |  | 2448 | 2447931 |
|  SC Germany SA Compartment Consumer<br>Series 2022-1<br>7.377% (EURIBOR 1 Month + 5.50%), 10/14/2036<sup>(a) (g)</sup> | EUR | 631 | 776167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.377% (EURIBOR 1 Month + 8.50%), 10/14/2036<sup>(a) (g)</sup> |  | 561 | 707268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1<br>6.677% (EURIBOR 1 Month + 4.80%), 01/14/2038<sup>(a) (g)</sup> |  | 167 | 196576 |
|  Secucor Finance DAC <br>Series 2025-1, Class E <br>6.399% (EURIBOR 1 Month + 4.50%), 09/20/2036<sup>(a) (g)</sup> |  | 800 | 939241 |
|  Securitization of Catalogue Assets Ltd.<br>9.438% (SONIA + 4.25%), 01/01/2027<sup>(c) (d) (g)</sup> | GBP | 567 | 767286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.158% (SONIA + 6.97%), 01/01/2027<sup>(c) (d) (g)</sup> |  | 986 | 1335884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.188% (SONIA + 11.00%), 01/01/2027<sup>(c) (d) (g)</sup> |  | 540 | 738084 |
|  Stream Innovations Issuer Trust <br>Series 2025-1, Class D <br>8.40%, 09/15/2045<sup>(a)</sup> | U.S.$| 799 | 802445 |
|  Veros Auto Receivables Trust <br>Series 2025-1, Class D <br>8.79%, 05/17/2032<sup>(a)</sup> |  | 1821 | 1910562 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32278025 |
|  **Residential Mortgage-Backed Securities – 12.8%** |  |  |  |
|  CFMT LLC <br>Series 2024 <br>4.00%, 10/25/2054<sup>(a) (c) (d)</sup> |  | 1878 | 1676558 |
|  Clavel Residential 3 DAC <br>Series 2023 <br>5.661% (EURIBOR 3 Month + 3.50%), 01/28/2076<sup>(a) (g)</sup> | EUR | 513 | 602583 |
|  EFMT <br>Series 2024-INV2 <br>7.664%, 10/25/2069<sup>(a) (c) (d)</sup> | U.S.$| 2765 | 2747900 |
|  Jeronimo Funding DAC<br>5.158% (EURIBOR 3 Month + 3.00%), 10/25/2064<sup>(a) (g)</sup> | EUR | 400 | 453222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.658% (EURIBOR 3 Month + 3.50%), 10/25/2064<sup>(a) (g)</sup> |  | 941 | 1051955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.158% (EURIBOR 3 Month + 4.00%), 10/25/2064<sup>(a) (g)</sup> |  | 471 | 514448 |

---

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| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  Kinbane DAC<br>0.00%, 06/24/2078<sup>(a) (c) (d)</sup> | EUR | 164 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%, 06/24/2078<sup>(a) (c) (d)</sup> |  | 710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176601 |
|  Mill City Mortgage Loan Trust<br>Series 2018-4<br>0.00%, 04/25/2066<sup>(a) (b) (c) (d) (e) (f)</sup> | U.S.$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.095%, 04/25/2066<sup>(a) (b) (c) (d)</sup> |  | 703 | 422704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/25/2066<sup>(a) (b)</sup> |  | 427 | 330156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 04/25/2066<sup>(a) (b) (c) (d) (e) (f)</sup> |  | 3715 | 17054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1<br>0.00%, 10/25/2069<sup>(a) (b) (c) (d) (e) (f)</sup> |  | 3601 | 3357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.544%, 10/25/2069<sup>(a) (b) (c) (d)</sup> |  | 858 | 495612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.60%, 10/25/2069<sup>(a) (b) (c) (d) (e) (f)</sup> |  | 3601 | 17359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GS2<br>0.00%, 08/25/2059<sup>(a) (b) (c) (d) (f)</sup> |  | 2976 | 16177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.853%, 08/25/2059<sup>(a) (b) (c) (d)</sup> |  | 652 | 376710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.82%, 08/25/2059<sup>(a) (b) (c) (d) (e) (f)</sup> |  | 3361 | 67024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM1<br>6.073%, 10/25/2067<sup>(a) (b)</sup> |  | 367 | 360273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.073%, 10/25/2067<sup>(a) (b) (c) (d)</sup> |  | 221 | 209400 |
|  Morgan Stanley Residential Mortgage Loan Trust<br>Series 2024<br>7.384%, 10/25/2069<sup>(a) (c) (d)</sup> |  | 1115 | 1101815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPL1, Class B1<br>4.25%, 02/25/2065<sup>(a) (c) (d)</sup> |  | 1650 | 1446666 |
|  New Residential Mortgage Loan Trust<br>Series 2018-2<br>5.232%, 02/25/2058<sup>(a) (c) (d)</sup> |  | 2029 | 1552422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2<br>4.724%, 12/25/2057<sup>(a) (c) (d)</sup> |  | 2600 | 1926086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5<br>4.238%, 08/25/2059<sup>(a) (c) (d)</sup> |  | 2895 | 1865463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6<br>4.328%, 09/25/2059<sup>(a) (c) (d)</sup> |  | 2927 | 2013081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL2<br>3.978%, 02/25/2059<sup>(a) (c) (d)</sup> |  | 2618 | 1393979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>7.507%, 10/25/2063<sup>(a) (c) (d)</sup> |  | 2000 | 1991971 |
|  Pretium Mortgage Credit Partners LLC<br>Series 2025-NPL7, Class A2<br>8.354%, 07/25/2055<sup>(a) (c) (d)</sup> |  | 1235 | 1243663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL8, Class A2<br>7.991%, 08/25/2055<sup>(a) (c) (d)</sup> |  | 778 | 781346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL9, Class A2<br>7.507%, 08/25/2055<sup>(a) (c) (d)</sup> |  | 515 | 516299 |
|  PRP Advisors LLC<br>Series 2023-RCF2<br>4.00%, 11/25/2053<sup>(a)</sup> |  | 1000 | 936186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A2<br>8.326%, 08/25/2028<sup>(a) (c) (d)</sup> |  | 708 | 721444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class A2<br>7.449%, 08/25/2030<sup>(a) (c) (d)</sup> |  | 807 | 803113 |

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| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF3<br>5.25%, 07/25/2055<sup>(a) (c) (d)</sup> | U.S.$| 500 | $463109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF4, Class M2<br>4.50%, 08/25/2055<sup>(a) (c) (d)</sup> |  | 500 | 449939 |
|  Verus Securitization Trust<br>Series 2023-6<br>7.783%, 09/25/2068<sup>(a) (c) (d)</sup> |  | 1890 | 1888282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-8, Class B2<br>8.077%, 12/25/2068<sup>(a) (c) (d)</sup> |  | 398 | 399458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-INV2<br>8.041%, 08/25/2068<sup>(a) (c) (d)</sup> |  | 3139 | 3136529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4<br>7.996%, 06/25/2069<sup>(a) (c) (d)</sup> |  | 2000 | 2008035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6<br>7.344%, 06/25/2070<sup>(a) (c) (d)</sup> |  | 1402 | 1407154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7<br>7.81%, 09/25/2069<sup>(a) (c) (d)</sup> |  | 2264 | 2269685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-8<br>7.611%, 10/25/2069<sup>(a) (c) (d)</sup> |  | 785 | 784448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9<br>7.361%, 11/25/2069<sup>(a) (c) (d)</sup> |  | 2000 | 1989301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1<br>7.351%, 01/25/2070<sup>(a) (c) (d)</sup> |  | 500 | 495697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5, Class B2<br>7.334%, 06/25/2070<sup>(a) (c) (d)</sup> |  | 500 | 495118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class B2<br>7.364%, 07/25/2070<sup>(a) (c) (d)</sup> |  | 571 | 566201 |
|  |  |  | 44185583 |
|  Total Asset Backed <br>(cost $147,015,707) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147571008 |
|  | **Shares** | **Shares** |  |
|  **LOAN PORTFOLIOS – 27.0%** |  |  |  |
|  **Equity Investments – 25.7%** |  |  |  |
|  **Alternative Energy – 0.8%** |  |  |  |
|  Coral Reef SPV S.a.r.l.<sup>(b) (c) (d) (h)</sup> |  | 2133600 | 2740282 |
|  **Commercial Loan Portfolios – 5.2%** |  |  |  |
|  Powis Finance S.a.r.l.<sup>(b) (c) (d) (h)</sup> |  | 10950092 | 13706563 |
|  Silva Property Finance Ltd.<sup>(c) (d)</sup> |  | 3286181 | 4419584 |
|  |  |  | 18126147 |
|  **Commercial Real Estate Loans – 1.1%** |  |  |  |
|  CVI Thompson Holdings LLC<sup>(b) (c) (d) (h)</sup> |  | 3642109 | 3664359 |
|  **Consumer Loan Portfolios – 13.4%** |  |  |  |
|  Asker S.a.r.l.<sup>(b) (c) (d)</sup> |  | 7467456 | 10260528 |
|  Creditable Opportunities Fund II SCS - RAIF<sup>(b) (c) (d)</sup> |  | 2894332 | 3703227 |

---

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| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **Shares** | **U.S. $ Value** |
|  CVI CB Holdings IV LLC<sup>(b) (c) (d) (h)</sup> | U.S.$| 586818 | $671446 |
|  CVI CB Holdings V LLC<sup>(b) (c) (d) (h)</sup> |  | 780807 | 1123274 |
|  CVI CC Investment Trust<sup>(b) (c) (d)</sup> |  | 7866160 | 8010197 |
|  CVI LB Investment Trust II<sup>(b) (c) (d)</sup> |  | 4048920 | 4167590 |
|  CVI MF Acquisition Trust II<sup>(b) (c) (d) (h)</sup> |  | 1261731 | 1341705 |
|  CVI OCT Acquisition Trust<sup>(b) (c) (d) (h)</sup> |  | 8251421 | 9271117 |
|  CVI SBT Acquisition Trust<sup>(b) (c) (d)</sup> |  | 3300694 | 3371662 |
|  Kielder Funding Ltd.<sup>(b) (c) (d)</sup> |  | 2988288 | 4617791 |
|  |  |  | 46538537 |
|  **Residential Loan Portfolios – 5.2%** |  |  |  |
|  Encina Residential Designated Activity Company<sup>(c) (d)</sup> |  | 1 | 24385 |
|  Galindo Holdings S.a r.l.<sup>(b) (c) (d) (h)</sup> |  | 253771 | 64106 |
|  Powis Finance S.a.r.l.<sup>(b) (c) (d)</sup> |  | 1276001 | 1683760 |
|  Recknitz Ventus Lion S.a.r.l.<sup>(b) (c) (d)</sup> |  | 2922401 | 3551470 |
|  Renascentia SPV S.a.r.l.<sup>(b) (c) (d)</sup> |  | 9807020 | 12744514 |
|  |  |  | 18068235 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89137560 |
|  | **Principal**<br>**Amount**<br>**(000)** | **Principal**<br>**Amount**<br>**(000)** |  |
|  **Debt Investments – 1.3%** |  |  |  |
|  **Alternative Energy – 1.3%** |  |  |  |
|  GoldenPeaks Capital <br>14.016% (EURIBOR 3 Month + 12.00%), 05/02/2029<sup>(b) (c) (d) (g)</sup> | EUR | 3885 | 4476706 |
|  Total Loan Portfolios <br>(cost $85,809,988) |  |  | 93614266 |
|  **CORPORATE SECURITIES – 15.8%** |  |  |  |
|  **Bank Debt – 7.4%** |  |  |  |
|  **Auto/Motor Carrier – 1.0%** |  |  |  |
|  Carnaby Inventory II LLC <br>Series 2024 <br>18.300% (SOFR 1 Month + 14.00%), 12/01/2025<sup>(c) (d) (g) (i)</sup> | U.S.$| 1238 | 1195297 |
|  Carnaby Inventory III LLC <br>17.900% (SOFR 1 Month + 13.63%), 12/01/2025<sup>(c) (d) (g) (i)</sup> |  | 2400 | 2314887 |
|  |  |  | 3510184 |
|  **Commercial Services – 0.5%** |  |  |  |
|  United Talent Agency LLC <br>Series 2025 <br>7.506% (SOFR 1 Month + 3.50%), 06/10/2032<sup>(g)</sup> |  | 1733 | 1741162 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Communications – 0.7%** | **Communications – 0.7%** | **Communications – 0.7%** | **Communications – 0.7%** |
|  Vmed O2 U.K. Holdco 4 Ltd. <br>Series 2023 <br>10/15/2031<sup>(j)</sup> | EUR | 2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406627 |
|  **Financial Services – 0.5%** | **Financial Services – 0.5%** | **Financial Services – 0.5%** | **Financial Services – 0.5%** |
|  Nexus Buyer LLC <br>Series 2025 <br>07/31/2031<sup>(j)</sup> | U.S.$| 1599 | 1594162 |
|  **Health Care – 1.3%** | **Health Care – 1.3%** | **Health Care – 1.3%** | **Health Care – 1.3%** |
|  Heartland Dental LLC <br>Series 2025 <br>7.741% (SOFR 1 Month + 3.75%), 08/25/2032<sup>(g)</sup> |  | 1975 | 1970576 |
|  LSCS Holdings, Inc. <br>Series 2025 <br>8.502% (SOFR 3 Month + 4.50%), 03/04/2032<sup>(g)</sup> |  | 1427 | 1402483 |
|  Schoen Klinik SE <br>Series 2025 <br>01/12/2031<sup>(j)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1175882 |
|  |  |  | 4548941 |
|  **Leisure/Entertainment – 2.3%** | **Leisure/Entertainment – 2.3%** | **Leisure/Entertainment – 2.3%** | **Leisure/Entertainment – 2.3%** |
|  Banijay US Holdings Inc <br>Series 2025 <br>03/01/2028<sup>(j)</sup> | U.S.$| 1014 | 1016038 |
|  HRNI Holdings LLC <br>Series 2021 <br>8.356% (SOFR 3 Month + 4.25%), 12/11/2028<sup>(g)</sup> |  | 2745 | 2667026 |
|  Route 66 Development Authority <br>01/24/2031<sup>(j)</sup> |  | 4075 | 4054625 |
|  |  |  | 7737689 |
|  **Packaging & Containers – 0.4%** | **Packaging & Containers – 0.4%** | **Packaging & Containers – 0.4%** | **Packaging & Containers – 0.4%** |
|  Swissport Stratosphere USA LLC <br>Series 2025 <br>7.109% (SOFR 3 Month + 3.25%), 04/25/2031<sup>(g)</sup> |  | 1458 | 1463775 |
|  **Technology – 0.7%** | **Technology – 0.7%** | **Technology – 0.7%** | **Technology – 0.7%** |
|  X Corp. <br>10.847% (SOFR 3 Month + 6.50%), 10/29/2029<sup>(g)</sup> |  | 2509 | 2459368 |
|  |  |  | 25461908 |
|  **Bonds – 7.1%** | **Bonds – 7.1%** | **Bonds – 7.1%** | **Bonds – 7.1%** |
|  **Auto/Motor Carrier – 0.2%** | **Auto/Motor Carrier – 0.2%** | **Auto/Motor Carrier – 0.2%** | **Auto/Motor Carrier – 0.2%** |
|  IHO Verwaltungs GmbH <br>6.375%, 05/15/2029<sup>(a)</sup> |  | 800 | 806333 |
|  **Building/Construction Products – 0.3%** | **Building/Construction Products – 0.3%** | **Building/Construction Products – 0.3%** | **Building/Construction Products – 0.3%** |
|  Century Communities, Inc. <br>6.75%, 06/01/2027 |  | 800 | 800192 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Country Garden Holdings Co. Ltd.<br>3.125%, 10/22/2023<sup>(a) (h) (k)</sup> | U.S.$| 792 | $| 82625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 01/17/2024<sup>(a) (h) (k)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458 |  | 256431 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139248 |
|  **Communications – 0.2%** | **Communications – 0.2%** | **Communications – 0.2%** | **Communications – 0.2%** | **Communications – 0.2%** |
|  Arches Buyer, Inc. <br>4.25%, 06/01/2028<sup>(a)</sup> |  | 800 |  | 784000 |
|  **Consumer – 0.2%** | **Consumer – 0.2%** | **Consumer – 0.2%** | **Consumer – 0.2%** | **Consumer – 0.2%** |
|  Cars.com, Inc. <br>6.375%, 11/01/2028<sup>(a)</sup> |  | 800 |  | 797631 |
|  **Energy – 1.2%** | **Energy – 1.2%** | **Energy – 1.2%** | **Energy – 1.2%** | **Energy – 1.2%** |
|  Archrock Partners LP/Archrock Partners Finance Corp. <br>6.25%, 04/01/2028<sup>(a)</sup> |  | 800 |  | 801173 |
|  Bristow Group, Inc. <br>6.875%, 03/01/2028<sup>(a)</sup> |  | 800 |  | 804748 |
|  Burford Capital Global Finance LLC <br>6.25%, 04/15/2028<sup>(a)</sup> |  | 800 |  | 800051 |
|  SM Energy Co. <br>6.625%, 01/15/2027 |  | 800 |  | 800152 |
|  Venture Global LNG, Inc. <br>8.125%, 06/01/2028<sup>(a)</sup> |  | 800 |  | 828234 |
|  |  |  |  | 4034358 |
|  **Financial Services – 0.9%** | **Financial Services – 0.9%** | **Financial Services – 0.9%** | **Financial Services – 0.9%** | **Financial Services – 0.9%** |
|  ION Trading Technologies SARL <br>5.75%, 05/15/2028<sup>(a)</sup> |  | 800 |  | 784512 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <br>6.375%, 02/01/2027<sup>(a)</sup> |  | 800 |  | 800246 |
|  PRA Group, Inc. <br>8.375%, 02/01/2028<sup>(a)</sup> |  | 800 |  | 818412 |
|  United Wholesale Mortgage LLC <br>5.50%, 04/15/2029<sup>(a)</sup> |  | 800 |  | 789000 |
|  |  |  |  | 3192170 |
|  **General Manufacturing – 0.3%** | **General Manufacturing – 0.3%** | **General Manufacturing – 0.3%** | **General Manufacturing – 0.3%** | **General Manufacturing – 0.3%** |
|  Clydesdale Acquisition Holdings, Inc. <br>8.75%, 04/15/2030<sup>(a)</sup> |  | 800 |  | 822000 |
|  **Health Care – 0.2%** | **Health Care – 0.2%** | **Health Care – 0.2%** | **Health Care – 0.2%** | **Health Care – 0.2%** |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV <br>4.125%, 04/30/2028<sup>(a)</sup> |  | 800 |  | 772843 |
|  **Industrials – 0.2%** | **Industrials – 0.2%** | **Industrials – 0.2%** | **Industrials – 0.2%** | **Industrials – 0.2%** |
|  Global Infrastructure Solutions, Inc. <br>5.625%, 06/01/2029<sup>(a)</sup> |  | 800 |  | 787636 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **U.S. $ Value** |
|  **Leisure/Entertainment – 1.3%** | **Leisure/Entertainment – 1.3%** | **Leisure/Entertainment – 1.3%** | **Leisure/Entertainment – 1.3%** |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. <br>4.625%, 01/15/2029<sup>(a)</sup> | U.S.$| 800 | $761546 |
|  Kedrion SpA <br>6.50%, 09/01/2029<sup>(a)</sup> |  | 800 | 791019 |
|  Paramount Global <br>6.375%, 03/30/2062 |  | 550 | 547938 |
|  PRP Advisors, LLC <br>4.50%, 08/25/2055<sup>(a)</sup> |  | 800 | 799378 |
|  Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. <br>6.625%, 03/01/2030<sup>(a)</sup> |  | 800 | 743272 |
|  Sotheby's <br>7.375%, 10/15/2027<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | 799783 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442936 |
|  **Mining/Metals – 0.2%** | **Mining/Metals – 0.2%** | **Mining/Metals – 0.2%** | **Mining/Metals – 0.2%** |
|  Mineral Resources Ltd. <br>8.00%, 11/01/2027<sup>(a)</sup> |  | 800 | 815343 |
|  **Miscellaneous Industries – 0.5%** | **Miscellaneous Industries – 0.5%** | **Miscellaneous Industries – 0.5%** | **Miscellaneous Industries – 0.5%** |
|  Grand Canyon University <br>5.125%, 10/01/2028 |  | 800 | 787213 |
|  Rogers Communications, Inc. <br>5.25%, 03/15/2082<sup>(a)</sup> |  | 800 | 794496 |
|  |  |  | 1581709 |
|  **Technology – 0.9%** | **Technology – 0.9%** | **Technology – 0.9%** | **Technology – 0.9%** |
|  Amkor Technology, Inc. <br>6.625%, 09/15/2027<sup>(a)</sup> |  | 598 | 599170 |
|  Capstone Borrower, Inc. <br>8.00%, 06/15/2030<sup>(a)</sup> |  | 800 | 837565 |
|  Clarivate Science Holdings Corp. <br>4.875%, 07/01/2029<sup>(a)</sup> |  | 800 | 756168 |
|  Cloud Software Group, Inc. <br>6.50%, 03/31/2029<sup>(a)</sup> |  | 800 | 806976 |
|  |  |  | 2999879 |
|  **Transportation (Non Auto) – 0.5%** | **Transportation (Non Auto) – 0.5%** | **Transportation (Non Auto) – 0.5%** | **Transportation (Non Auto) – 0.5%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. <br>5.75%, 04/20/2029<sup>(a)</sup> |  | 800 | 803000 |
|  Seaspan Corp. <br>5.50%, 08/01/2029<sup>(a)</sup> |  | 800 | 776800 |
|  |  |  | 1579800 |
|  |  |  | 24555886 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **Shares** | **U.S. $ Value** |
|  **Equity Investments – 1.3%** |  |  |  |
|  **Alternative Energy – 0.2%** |  |  |  |
|  Intersect Power LLC<sup>(c) (d) (h)</sup> | U.S.$| 95560 | $616803 |
|  **Financial Services – 1.1%** |  |  |  |
|  CVI SYM Holdings LLC<sup>(b) (c) (d) (h)</sup> |  | 4014380 | 3894518 |
|  |  |  | 4511321 |
|  Total Corporate Securities <br>(cost $54,949,768) |  |  | 54529115 |
|  **SPECIAL OPPORTUNITIES – 7.9%** |  |  |  |
|  **Equity Investments – 7.9%** |  |  |  |
|  **Aviation – 7.9%** |  |  |  |
|  Aergo Capital Ltd.<sup>(b) (c) (d) (h)</sup> <br>(cost $26,231,913) |  | 26231912 | 27212613 |
|  **SHORT-TERM INVESTMENTS – 4.3%** |  |  |  |
|  **Investment Companies – 4.3%** |  |  |  |
|  Northern Institutional Treasury Portfolio, 4.12%<sup>(l)</sup> <br>(cost $14,990,107) |  | 14990107 | 14990107 |
|  **Total Investments – 97.6%** <br>(cost $328,997,483)<sup>(m)</sup> |  |  | 337917109 |
|  Other assets less liabilities – 2.4% |  |  | 8453716 |
|  **Net Assets – 100.0%** |  |  | $**346370825** |

---

**FORWARD CURRENCY EXCHANGE CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| HSBC Bank USA | GBP | 22997 | USD | 31192 | 12/17/2025 | $259161 |
| HSBC Bank USA | GBP | 720 | USD | 965 | 12/17/2025 | (3191) |
| HSBC Bank USA | USD | 2108 | GBP | 1570 | 12/17/2025 | 3855 |
| HSBC Bank USA | USD | 6005 | GBP | 4440 | 12/17/2025 | (32392) |
| HSBC Bank USA | EUR | 5100 | USD | 6080 | 03/18/2026 | 38762 |
| HSBC Bank USA | EUR | 48641 | USD | 57575 | 03/18/2026 | (43001) |
| HSBC Bank USA | USD | 494 | EUR | 420 | 03/18/2026 | 3206 |
| HSBC Bank USA | USD | 2468 | EUR | 2080 | 03/18/2026 | (4613) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221787 |

---

------

**CENTRALLY CLEARED INTEREST RATE SWAPS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | <br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 2002 | 04/21/2026 | 1 Day<br>SOFR | 3.845% | Annual | $9235 | $— | $9235 |
| USD | 1281 | 07/21/2026 | 1 Day<br>SOFR | 4.014% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 |
| USD | 2002 | 04/21/2027 | 1 Day<br>SOFR | 3.537% | Annual | 6717 |  | 6717 |
| USD | 1281 | 07/21/2027 | 1 Day<br>SOFR | 3.668% | Annual | (3585) | 25 | (3610) |
| USD | 15700 | 08/05/2027 | 3.799% | 1 Day<br>SOFR | Annual | 95393 | (5354) | 100747 |
| USD | 12800 | 08/05/2027 | 3.799% | 1 Day<br>SOFR | Annual | 77811 | (4654) | 82465 |
| USD | 45758 | 09/03/2027 | 3.496% | 1 Day<br>SOFR | Annual | 63878 |  | 63878 |
| USD | 11439 | 09/03/2027 | 3.496% | 1 Day<br>SOFR | Annual | 15969 |  | 15969 |
| USD | 2002 | 04/21/2028 | 1 Day<br>SOFR | 3.473% | Annual | (759) |  | (759) |
| USD | 1281 | 07/21/2028 | 1 Day<br>SOFR | 3.582% | Annual | (8841) | 20 | (8861) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9856) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266068 |

---

**CREDIT DEFAULT SWAPS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & <br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Sale Contracts** |  |  |  |  |  |  |  |  |
| Barclay Bank PLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government Bond, 06/20/2029\* | 1.00% | Annual | 7.50% | USD | 705 | $(12555) | $(7628) | $(4927) |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government Bond, 06/20/2029\* | 1.00 | Annual | 7.50 | USD | 1551 | (28698) | (17484) | (11214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government Bond, 12/20/2029\* | 1.00 | Annual | 7.50 | USD | 470 | (8155) | (7407) | (748) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49408) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32519) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16889) |

---

*\** *Termination date* 

*(a)* *Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2025, the aggregate market value of these securities amounted to $152,702,833 or 44.1% of net assets.* 

*(b)* *Affiliated investments.* 

*(c)* *Fair valued by the Adviser.* 

*(d)* *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* 

------

*(e)* *The subordinated notes represented are considered equity positions in the securitized vehicle. The securitized equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to senior debt holders and other expenses. The current estimated yield that is disclosed, calculated using amortized cost, is based on the current projections of this excess cash flow taking into account assumptions which have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions.* 

*(f)* *IO - Interest Only.* 

*(g)* *Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.* 

*(h)* *Non-income producing security.* 

*(i)* *Defaulted.* 

*(j)* *This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon a published reference rate and spread, which was determined at the time of purchase.* 

*(k)* *Defaulted matured security.* 

*(l)* *The rate shown represents the 7-day yield as of period end.* 

*(m)* *As of September 30, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $15,507,113 and gross unrealized depreciation of investments was $(6,116,521), resulting in net unrealized appreciation of $9,390,592.* 

*Currency Abbreviations:* 

*EUR – Euro* 

*GBP – Great British Pound* 

*USD – United States Dollar* 

*Glossary:* 

*CLO – Collateralized Loan Obligations* 

*EURIBOR – Euro Interbank Offered Rate* 

*SOFR – Secured Overnight Financing Rate* 

*SONIA – Sterling Overnight Index Average* 

**COUNTRY BREAKDOWN<sup>1</sup>** 

**September 30, 2025 (unaudited)** 

67.4 % United States

12.3 % Ireland

7.9 % United Kingdom

4.6 % Italy

2.6 % Germany

1.4 % Netherlands

1.3 % Poland

1.0 % Spain

0.8 % France

0.4 % Switzerland

0.2 % Australia

0.1 % China

100.0 % Total Investments

<sup>1</sup> The Fund's country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). 

------

**AB CarVal Credit Opportunities Fund** 

**September 30, 2025 (unaudited)** 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of
investments)

The Fund's investments in corporate securities and derivatives are primarily valued using Level 2 inputs which generally consist of vendor pricing and multiple broker quotes based on the yield, maturity, credit quality and bids or trading activity in the security or similar securities, thereby demonstrating consensus pricing. Corporate securities valued using Level 1 inputs generally represent an immaterial portion of the investment portfolio; however, they would be valued using the readily available market prices. Inputs from Level 3 are also utilized for corporate securities and derivatives, depending on the information available and characteristics of the asset type. Investments in asset backed, loan portfolios, and special opportunities are valued with Level 3 inputs primarily using a discounted cash flow analysis. This analysis takes into consideration risk adjusted rates of return as applied to the cash inflows and outflows anticipated in connection with managing and/or disposing each specific investment. This analysis may include factors such as income streams, local market activity, timing, collateral, payment history, comparative sales values, and other similar factors that have or will influence the exit of the investment. However, certain structured credit and special opportunities investments may be valued using a market approach depending on the availability of broker quotes or other information. Further, certain asset backed investments may be valued using Level 2 inputs depending on the information available. All forward foreign currency contracts held at September 30, 2025 were valued using Level 2 inputs which include forward rates.

The Fund may use Special Purpose Vehicles ("SPVs") or other similar vehicles to facilitate its investments in various strategies. The Fund will provide funding to the SPVs in a form of a loan receivable and/or an equity contribution. The SPVs, in turn purchase and own the underlying investment assets. In these instances, the Fund's loan receivable and/or equity contributions represent the instrument that is fair valued.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

------

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| Asset Backed | $— | $81298581 | $66272427 <sup>(a)</sup> | $147571008 |
| Loan Portfolios |  |  | 93614266 | 93614266 |
| Corporate Securities |  | 46507610 | 8021505 | 54529115 |
| Special Opportunities |  |  | 27212613 | 27212613 |
| Short-Term Investments | 14990107 |  |  | 14990107 |
| Total Investments in Securities | 14990107 | 127806191 | 195120811 <sup>(a)</sup> | 337917109 |
| **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Forward Currency Exchange Contracts |  | 304984 |  | 304984 |
| Centrally Cleared Interest Rate Swaps |  | 269397 |  | 269397 |
| **Liabilities:** |  |  |  |  |
| Forward Currency Exchange Contracts |  | (83197) |  | (83197) |
| Centrally Cleared Interest Rate Swaps |  | (13185) |  | (13185) |
| Credit Default Swaps |  | (49408) |  | (49408) |
| **Total** | $**14990107** | $**128234782** | $**195120811** **<sup>(a)</sup>** | $**338345700** |

---

*<sup>(a)</sup>* *The Fund held securities with zero market value at period end.* 

*<sup>(b)</sup>* *Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards, swaps, options and warrants, which are valued at market value.* 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

---

| | | | |
|:---|:---|:---|:---|
|  | **Asset-Backed** | **Loan Portfolio** | **Corporate<br>Securities** |
| **Balance as of 06/30/2025** | $**59489936** | $**64286799** | $**8134989** |
| Accrued discounts/(premiums) | 15626 |  |  |
| Realized gain (loss) | 447098 | 208567 |  |
| Change in unrealized appreciation/depreciation | (402150) | 2179784 | (174027) |
| Purchases | 12333052 | 54660553 | 107168 |
| Sales/Paydowns | (4004991) | (27721437) | (46625) |
| Transfers into Level 3 |  |  |  |
| Transfers out of Level 3 | (1606144) |  |  |
| **Balance as of 09/30/2025** | $**66272427** | $**93614266** | $**8021505** |
| Net change in unrealized appreciation/depreciation from investments held as of 09/30/2025 | $(224125) | $2872247 | $(174027) |
|  | **Special<br>Opportunities** | **Total** |  |
| **Balance as of 06/30/2025** | $**15956555** | $**147868279** |  |
| Accrued discounts/(premiums) |  | 15626 |  |
| Realized gain (loss) |  | 655665 |  |
| Change in unrealized appreciation/depreciation | 710585 | 2314192 |  |
| Purchases | 11364362 | 78465135 |  |
| Sales/Paydowns | (818889) | (32591942) |  |
| Transfers into Level 3 |  |  |  |
| Transfers out of Level 3 |  | (1606144) |  |
| **Balance as of 09/30/2025** | $**27212613** | $**195120811** |  |
| Net change in unrealized appreciation/depreciation from investments held as of 09/30/2025 | $710585 | $3184680 |  |

---

------

The following presents information about significant unobservable inputs related to the Fund's Level 3 investments at September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
| | **Fair Value at<br>09/30/25** | **Valuation Technique** | **Unobservable Input** | **Input Range/Weighted<br>Average\*\*\*** |
| Asset Backed | $2531952 | Broker Quotes and/or 3rd Party Pricing Services\*\* | N/A | N/A |
|  | $14133213 | Discounted Cash Flow | Discount Rate | 3.50-17.00% / 11.27% |
|  | $44512665 | Market Comparables | Market Spread\* | 170-1,227bps / 457bps |
|  | $5094597 | Market Comparables | Recent Transaction | N/A |
|  | $66272427 |  |  |  |
| Loan Portfolios | $84717975 | Discounted Cash Flow | Discount Rate | 12.50-18.50% / 14.57% |
|  | $4419584 | Market Comparables | Recent Transaction | N/A |
|  | $4476707 | Discounted Cash Flow | Discount Rate | 15.53% |
|  | $93614266 |  |  |  |
| Corporate Securities | $3510184 | Market Comparables | Discount Rate | 5.00% |
|  | $4511321 | Discounted Cash Flow | Discount Rate | 13.65-20.00% / 14.22% |
|  | 8021505 |  |  |  |
| Special Opportunities | $27212613 | Discounted Cash Flow | Discount Rate | 7.48-20.01% / 14.45% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195120811 |  |  |  |

---

*\** *The Market Spreads are compared to related U.S. Treasuries and used to calculate the fair value.* 

*\*\** *The valuation is based on non-binding broker quotes or market comparables where quantitative inputs are not observable. Broker quotes or market comparables have been reviewed and substantiated by the Adviser and may be adjusted for timing or other market events, if necessary.* 

*\*\*\** *Represents the range of discount rates or spreads that are utilized as an input by the Adviser for purposes of generating a fair value. Weighted average excludes investments that have been marked to zero fair market value, when applicable.* 

*Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in Discount Rate, Recent Transaction, and Market Spread in isolation would be expected to result in a significantly higher (lower) fair value measurement.* 

------

A summary of the Fund's transactions in affiliated entities by the Adviser for the three months ended September 30, 2025 is as follows.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Market Value<br>06/30/2025<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appr./**<br> **(Depr.)<br>(000)** | **Market Value<br>09/30/2025<br>(000)** | **Income<br>(000)** |
| Aergo Capital Ltd. | $15958 | $11364 | $820 | $0 | $710 | $27212 | $1 |
| Asker S.a.r.l. | 0 | 10401 | 140 | 0 | 0 | 10261 | 0 |
| Coral Reef SPV S.a.r.l. | 2380 | 320 | 30 | 0 | 70 | 2740 | 0 |
| Creditable Opportunities Fund II SCS - RAIF | 3483 | 388 | 263 | 0 | 95 | 3703 | 18 |
| CVI CB Holdings IV LLC | 665 | 0 | 113 | (3) | 123 | 672 | 75 |
| CVI CB Holdings V LLC | 1249 | 0 | 91 | 0 | (35) | 1123 | 78 |
| CVI CC Investment Trust | 0 | 8614 | 604 | 0 | 0 | 8010 | 4 |
| CVI LB Investment Trust II | 2628 | 6945 | 5436 | 0 | 31 | 4168 | 123 |
| CVI MF Acquisition Trust II | 1230 | 738 | 635 | 0 | 9 | 1342 | 35 |
| CVI OCT Acquisition Trust | 4316 | 9767 | 8481 | 0 | 339 | 5941 | 115 |
| CVI OCT Acquisition Trust | 3592 | 0 | 503 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | 3330 | 79 |
| CVI SBT Acquisition Trust | 2310 | 7306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6280 | 0 | 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372 | 167 |
| CVI SYM Holdings LLC | 3900 | 108 | 25 | 0 | (88) | 3895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 |
| CVI Thompson Holdings LLC | 3672 | 0 | 0 | 0 | (8) | 3664 | 125 |
| GoldenPeaks Capital, ,<br>14.016%, 05/02/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4084 | 405 | 0 | 0 | (12) | 4477 | 163 |
| Kielder Funding Ltd. | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618 | 0 | 0 | 0 | 4618 | 10 |
| Galindo Holdings S.a.r.l. | 91 | 0 | 30 | 0 | 3 | 64 | 0 |
| Mill City Mortgage Loan Trust,<br>Series 2018-4,<br>3.095%, 04/25/2066 | 333 | 0 | 0 | 0 | 90 | 423 | 6 |
| Mill City Mortgage Loan Trust,<br>Series 2018-4,<br>3.250%, 04/25/2066 | 319 | 0 | 0 | 0 | 11 | 330 | 3 |
| Mill City Mortgage Loan Trust,<br>Series 2018-4,<br>10.660%, 04/25/2066 | 17 | 0 | 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | 0 | 17 | 0 |
| Mill City Mortgage Loan Trust,<br>Series 2019-1,<br>3.544%, 10/25/2069 | 434 | 0 | 0 | 0 | 62 | 496 | 8 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Market Value<br>06/30/2025<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appr./**<br> **(Depr.)<br>(000)** | **Market Value<br>09/30/2025<br>(000)** | **Income<br>(000)** |
| Mill City Mortgage Loan Trust,<br> Series 2019-1,<br> 12.780%, 10/25/2069 | $16 | $0 | $0 | $0 | $4 | $20 | $0 |
| Mill City Mortgage Loan Trust,<br> Series 2019-GS2,<br> 0.080%, 08/25/2059 | 15 | 0 | 0 | 0 | 1 | 16 | 1 |
| Mill City Mortgage Loan Trust,<br> Series 2019-GS2,<br> 3.853%, 08/25/2059 | 366 | 0 | 0 | 0 | 10 | 376 | 6 |
| Mill City Mortgage Loan Trust,<br> Series 2019-GS2,<br> 12.260%, 08/25/2059 | 56 | 0 | 0 | 0 | 11 | 67 | 0 |
| Mill City Mortgage Loan Trust,<br> Series 2023-NQM1,<br> 6.073%, 10/25/2067 | 564 | 0 | 0 | 0 | 5 | 569 | 9 |
| Mill City Solar Loan Ltd.,<br> Series 2019-1,<br> 5.920%, 03/20/2043 | 95 | 0 | 0 | 0 | (1) | 94 | 2 |
| Mill City Solar Loan Ltd.,<br> Series 2019-1,<br> 7.140%, 03/20/2043 | 74 | 0 | 0 | 0 | 2 | 76 | 2 |
| Mill City Solar Loan Ltd.,<br> Series 2019-2GS,<br> 2.000%, 07/20/2043 | 272 | 0 | 0 | 0 | (4) | 268 | 2 |
| Mill City Solar Loan Ltd.,<br> Series 2019-2GS,<br> 11.160%, 07/20/2043 | 370 | 0 | 0 | 0 | (47) | 323 | 0 |
| Mill City Solar Loan Ltd.,<br> Series 2020-1,<br> 9.680%, 06/20/2047 | 351 | 0 | 0 | 0 | (67) | 284 | 0 |
| Powis Finance S.a.r.l. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 | 926 | 0 | 522 | 15391 | 44 |
| Recknitz Ventus Lion S.a.r.l. | 3442 | 0 | 0 | 0 | 109 | 3551 | 0 |
| Renascentia SPV S.a.r.l. | 12402 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | 0 | 513 | 12745 | 14 |
| Total |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** AB CarVal Credit Opportunities Fund

- **b. Investment Company Act file number:** 811-23939

- **c. CIK number of Registrant:** 0002012326

- **d. LEI of Registrant:** 254900V0R3INW1YLHG61

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

  - **Street Address 1:** 1601 Utica Avenue South

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55416

  - **Telephone number:** 952-444-4780

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

- **a. Name of Series:** AB CarVal Credit Opportunities Fund

- **c. LEI of Series:** 254900V0R3INW1YLHG61

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

- **a. Date of fiscal year-end:** 2026-06-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $353623833.63

**Total Liabilities:** $7808306.30

**Net Assets:** $345815527.33

**Amount of Assets Invested in Other Investment Companies:** $28633442.26

**Cash Not Reported:** $5268964.76

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 286.21000000 | **5-Year:** 641.15000000 | **10-Year:** -3234.12000000 | **30-Year:** -1564.30000000

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

- **3-Month:** -79.05000000 | **1-Year:** -10957.97000000 | **5-Year:** -41085.44000000 | **10-Year:** -24442.90000000 | **30-Year:** -21933.51000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.80%                | 2.04%                | 0.69%                |
| Class ID N/A | 0.80%                | 2.08%                | 0.79%                |
| Class ID N/A | 0.80%                | 2.00%                | 0.69%                |
| Class ID N/A | 0.70%                | 2.04%                | 0.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $500966.07               | $-3746327.33                               |
| Month 2  | $229645.27               | $3202620.19                                |
| Month 3  | $-3678700.61             | $700243.39                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mill City Solar Loan Ltd.                      | Mill City Solar Loan 2019-1 Ltd                                    | CUSIP: 59982WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     98072 | PA      | $75785.41     | 0.02%             | 2043-03-20      | Fixed         | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 19252649 S                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        | -12800000 | OU      | $82465.20     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| KIELDER FUNDING LIMITED                        | KIELDER FUNDING LIMITED                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |   2988288 | NS      | $4617790.63   | 1.34%             |  |  |  | No            |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                             | CUSIP: 59981TBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    146910 | PA      | $60340.52     | 0.02%             | 2059-08-25      | Variable      | 3.85%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                               | CUSIP: 59981AAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    213634 | PA      | $85023.92     | 0.02%             | 2069-10-25      | Variable      | 3.54%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-7047.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CVI LB INVESTMENT TRUST II                     | CVI LB INVESTMENT TRUST II                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3593793 | NS      | $3699123.07   | 1.07%             |  |  |  | No            |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2024-4                                  | CUSIP: 92540GAF5<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2008034.66   | 0.58%             | 2069-06-25      | Variable      | 8.00%                 | Yes           |                  3 | On Loan: No      |
| ION TRADING TECHNOLOGIES                       | ION Trading Technologies Sarl                                      | CUSIP: 46205YAA9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    800000 | PA      | $784511.44    | 0.23%             | 2028-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Secucor Finance                                | Secucor Finance 2013-1 DAC                                         | CUSIP: 000000000<br>LEI: 2138001E8BAK3OXZGG87 | Long             | ABS-O            | CORP              | IE        |    800000 | PA      | $939240.53    | 0.27%             | 2036-09-20      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC           | Pret 2025-NPL7 LLC                                                 | CUSIP: 740934AB0<br>LEI: 2549001J36X6SUZ41Q96 | Long             | ABS-MBS          | CORP              | US        |   1234800 | PA      | $1243663.44   | 0.36%             | 2055-07-25      | Variable      | 8.35%                 | Yes           |                  3 | On Loan: No      |
| Mill City Solar Loan 2020-1 Ltd.               | Mill City Solar Loan 2020-1 Ltd                                    | CUSIP: 59982XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1189304 | PA      | $284101.34    | 0.08%             | 2047-06-20      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2024-CBM Mortgage Trust                                       | CUSIP: 12674GAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2690000 | PA      | $2701139.83   | 0.78%             | 2041-12-10      | Variable      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                               | CUSIP: 59980YAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3715491 | PA      | $17054.37     | 0.00%             | 2066-04-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2023-INV2                               | CUSIP: 92540BAF6<br>LEI: 213800D3C9UXVQ7TZF09 | Long             | ABS-MBS          | CORP              | US        |   3139200 | PA      | $3136528.70   | 0.91%             | 2068-08-25      | Variable      | 8.04%                 | Yes           |                  3 | On Loan: No      |
| IHO Verwaltungs GmbH                           | IHO Verwaltungs GmbH                                               | CUSIP: 44963BAD0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    800000 | PA      | $806333.52    | 0.23%             | 2029-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2018-2                         | CUSIP: 64828CEN5<br>LEI: 549300U1MV4J7YQZG974 | Long             | ABS-MBS          | CORP              | US        |   2028567 | PA      | $1552422.11   | 0.45%             | 2058-02-25      | Variable      | 5.23%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2023-NQM1                            | CUSIP: 59980DAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220680 | PA      | $209400.38    | 0.06%             | 2067-10-25      | Variable      | 6.07%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-147.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2024-7                                  | CUSIP: 924925AH3<br>LEI: 213800HQOHEFNJCQYJ07 | Long             | ABS-MBS          | CORP              | US        |   2263800 | PA      | $2269685.22   | 0.66%             | 2069-09-25      | Variable      | 7.81%                 | Yes           |                  3 | On Loan: No      |
| INTERSECT POWER, LLC                           | INTERSECT POWER PREFERRED UNITS                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17338 | NS      | $128319.72    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| ILPT Commercial Mortgage Trust                 | ILPT Commercial Mortgage Trust 2025-LPF2                           | CUSIP: 451955AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3626329.35   | 1.05%             | 2042-07-13      | Variable      | 8.47%                 | Yes           |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 29 - SAS MSN 3335                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    449538 | NS      | $489721.24    | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2023-2                      | CUSIP: 92260AAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1306988 | PA      | $1241103.24   | 0.36%             | 2053-05-25      | Variable      | 10.44%                | Yes           |                  3 | On Loan: No      |
| POWIS FINANCE S A R L                          | POWIS FINANCE S A R L                                              | CUSIP: 000000000<br>LEI: 254900GEAKVYRH6JJX45 | Long             | EC               | CORP              | LU        |         1 | NS      | $24384.76     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Jeronimo Funding                               | Jeronimo Funding DAC                                               | CUSIP: 000000000<br>LEI: 635400IPDM5WJSCHSY93 | Long             | ABS-MBS          | CORP              | IE        |    400000 | PA      | $453221.78    | 0.13%             | 2064-10-25      | Floating      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20886144 L                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   1281000 | OU      | $287.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2019-5                         | CUSIP: 64830MFJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2894971 | PA      | $1865463.29   | 0.54%             | 2059-08-25      | Variable      | 4.24%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $1106.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 16 - ALBASTAR MSN 27992                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    753880 | NS      | $766153.85    | 0.22%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI SBT ACQUISITION TRUST                      | CVI SBT ACQUISITION TRUST                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3300694 | NS      | $3371661.79   | 0.97%             |  |  |  | No            |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2023-3                      | CUSIP: 92258WAU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1793576 | PA      | $1697488.45   | 0.49%             | 2053-08-25      | Variable      | 10.67%                | Yes           |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2019-RPL2                      | CUSIP: 64830HAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2617939 | PA      | $1393979.40   | 0.40%             | 2059-02-25      | Variable      | 3.98%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $-665.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 33 - IBERIA                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    883264 | NS      | $1004646.93   | 0.29%             |  |  |  | No            |                  3 | On Loan: No      |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                             | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    800000 | PA      | $828234.08    | 0.24%             | 2028-06-01      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 21 - BAMBOO                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1727461 | NS      | $1538592.67   | 0.44%             |  |  |  | No            |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                             | CUSIP: 59981TBB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    149000 | PA      | $84126.13     | 0.02%             | 2059-08-25      | Variable      | 3.85%                 | Yes           |                  3 | On Loan: No      |
| Coral Reef SPV S.r.l.                          | Coral Reef SPV S.r.l.                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |   2133600 | NS      | $2740282.31   | 0.79%             |  |  |  | No            |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2024-2                      | CUSIP: 92259QAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1735073 | PA      | $1775750.05   | 0.51%             | 2054-06-25      | Variable      | 10.73%                | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2025-1                                  | CUSIP: 92540TAF7<br>LEI: 213800JOKZMXZECMAB50 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $495697.23    | 0.14%             | 2070-01-25      | Variable      | 7.35%                 | Yes           |                  3 | On Loan: No      |
| CVI CB Holdings IV, LLC                        | CVI CB Holdings IV, LLC                                            | CUSIP: 000000000<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |    586817 | NS      | $569700.13    | 0.16%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 42 - EMIRATES                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    591466 | NS      | $845084.55    | 0.24%             |  |  |  | No            |                  3 | On Loan: No      |
| Mill City Solar Loan 2019-2 Ltd.               | Mill City Solar Loan 2019-2 Ltd                                    | CUSIP: 59982VAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    735300 | PA      | $323348.20    | 0.09%             | 2043-07-20      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| EUROTRUCK LSE 49ABS                            | EUROTRUCK LSE 49ABS                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | FR        |    380000 | PA      | $445113.13    | 0.13%             | 2049-04-30      | Variable      | 7.18%                 | No            |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2023-NQM1                      | CUSIP: 64831HAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1991970.98   | 0.58%             | 2063-10-25      | Variable      | 7.51%                 | Yes           |                  3 | On Loan: No      |
| Carnaby Inventory II LLC                       | Carnaby Inventory II Loan Facility                                 | CUSIP: 000000000<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |   1238250 | PA      | $1195296.69   | 0.35%             | 2025-12-01      | Floating      | 13.87%                | No            |                  3 | On Loan: No      |
| Mariner Finance Issuance Trust                 | Mariner Finance Issuance Trust 2025-A                              | CUSIP: 567920AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1431000 | PA      | $1482527.45   | 0.43%             | 2038-05-20      | Fixed         | 8.64%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-3503.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $986.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                             | CUSIP: 59981TBF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2975526 | PA      | $16177.28     | 0.00%             | 2059-08-25      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| GALINDO HOLDINGS SARL                          | GALINDO HOLDINGS S.A R.L.                                          | CUSIP: 000000000<br>LEI: 549300U4LIZV0REEQQ46 | Long             | EC               | CORP              | ES        |    253771 | NS      | $64105.70     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Jeronimo Funding                               | Jeronimo Funding DAC                                               | CUSIP: 000000000<br>LEI: 635400IPDM5WJSCHSY93 | Long             | ABS-MBS          | CORP              | IE        |    941000 | PA      | $1051954.88   | 0.30%             | 2064-10-25      | Floating      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| LSCS HOLDINGS INC                              | LSCS Holdings Inc 2025 Term Loan                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1426854 | PA      | $1402482.86   | 0.41%             | 2032-03-04      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                         | Clydesdale Acquisition Holdings Inc                                | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    800000 | PA      | $822000.00    | 0.24%             | 2030-04-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| AerCap Holdings NV                             | AERGO CAPITAL - 61 - WIZZ AIR A320-200 MSN 6662                    | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | IE        |    618570 | NS      | $725098.27    | 0.21%             |  |  |  | No            |                  3 | On Loan: No      |
| Finco Utilitas BV                              | Finco Utilitas BV EUR Term Loan B                                  | CUSIP: 000000000<br>LEI: 699400OA31YDOOASVM61 | Long             | LON              | CORP              | BE        |         0 | PA      | $0.00         | 0.00%             | 2030-09-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| X Corp.                                        | X Corp Term Loan                                                   | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2509200 | PA      | $2459367.68   | 0.71%             | 2029-10-26      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-641.26      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                            | Medline Borrower LP 2024 USD Add-on Term Loan B                    | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2028-10-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HEARTLAND DENTAL LLC                           | Heartland Dental LLC 2025 Term Loan                                | CUSIP: 42236WAX5<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |   1979962 | PA      | $1975527.19   | 0.57%             | 2032-08-25      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| CREDITABLE OPPORTUNITIES FD II                 | CREDITABLE OPPORTUNITIES FD II                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |   2894332 | NS      | $3703227.12   | 1.07%             |  |  |  | No            |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-8167.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | REPUBLIC OF POLAND (5y) DEFAULT-12/20/2029-BCAPUS                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | PL        |   -470000 | OU      | $-747.61      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust             | EFMT 2024-INV2                                                     | CUSIP: 26844LAF5<br>LEI: 254900QTMZ2ZHRYMFA85 | Long             | ABS-MBS          | CORP              | US        |   2765000 | PA      | $2747900.47   | 0.79%             | 2069-10-25      | Variable      | 7.66%                 | Yes           |                  3 | On Loan: No      |
| SCG Hotel Issuer Inc                           | SCG 2024-MSP Mortgage Trust                                        | CUSIP: 78436EAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3517873.10   | 1.02%             | 2041-04-15      | Floating      | 9.09%                 | Yes           |                  2 | On Loan: No      |
| Aergo Captial Limited                          | AERGO CAPITAL - 63 - WIZZ AIR A320-200 MSN 5660                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    686879 | NS      | $762654.35    | 0.22%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 19375788 S                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        | -45757651 | OU      | $63877.68     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CVI CB Holdings V, LLC                         | CVI CB Holdings V, LLC                                             | CUSIP: 000000000<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |         1 | NS      | $513075.19    | 0.15%             |  |  |  | No            |                  3 | On Loan: No      |
| PARAMOUNT GLOBAL                               | Paramount Global                                                   | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    550000 | PA      | $547937.50    | 0.16%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                 | SWCH Commercial Mortgage Trust 2025-DATA                           | CUSIP: 78489CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1991037.40   | 0.58%             | 2042-02-15      | Floating      | 8.39%                 | Yes           |                  2 | On Loan: No      |
| Kinbane 2025-RPL1 DAC                          | KINBN 2025-1XZ2 0% 06-24-2078                                      | CUSIP: 000000000<br>LEI: 635400SKSJELSOJMVK25 | Long             | ABS-MBS          | CORP              | IE        |    164000 | PA      | $0.01         | 0.00%             | 2078-06-24      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2024-8                                  | CUSIP: 92540PAF5<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |    785000 | PA      | $784448.16    | 0.23%             | 2069-10-25      | Variable      | 7.61%                 | Yes           |                  3 | On Loan: No      |
| CVI CB Holdings V, LLC                         | CVI CB Holdings V, LLC                                             | CUSIP: 000000000<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |    780806 | NS      | $610199.23    | 0.18%             |  |  |  | No            |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $-1446.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POWIS FINANCE S.A R.L.                         | POWIS FINANCE S.A R.L.                                             | CUSIP: 000000000<br>LEI: 254900GEAKVYRH6JJX45 | Long             | EC               | CORP              | LU        |   8779087 | NS      | $10994761.71  | 3.18%             |  |  |  | No            |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2023-NQM1                            | CUSIP: 59980DAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    241362 | PA      | $235240.09    | 0.07%             | 2067-10-25      | Variable      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                 | CFMT 2024-R1 LLC                                                   | CUSIP: 12530YAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1878228 | PA      | $1676557.98   | 0.48%             | 2054-10-25      | Variable      | 4.00%                 | Yes           |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 66 - EASYJET A320-200 x1 MSN 4157                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   5016000 | NS      | $5016000.00   | 1.45%             |  |  |  | No            |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $3883.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                       | United Wholesale Mortgage LLC                                      | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    800000 | PA      | $789000.00    | 0.23%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT SAS                      | Banijay Entertainment SAS 2025 USD Term Loan B3                    | CUSIP: 000000000<br>LEI: 5493008PW5N0VVCH7279 | Long             | LON              | CORP              | US        |   1014132 | PA      | $1016038.24   | 0.29%             | 2028-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 62 - IBERIA A320-200 MSN 5692                      | CUSIP: 000000000<br>LEI: 5299009ZXQ8NIIJ8OL30 | Long             | EC               | CORP              | IE        |    449767 | NS      | $510414.28    | 0.15%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | REPUBLIC OF POLAND (5y) DEFAULT-06/20/2029-BCAPUS                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | PL        |   -705000 | OU      | $-4927.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20886120 L                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   1281000 | OU      | $-8861.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $3590.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-8661.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                          | Mineral Resources Ltd                                              | CUSIP: 603051AC7<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    800000 | PA      | $815342.56    | 0.24%             | 2027-11-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                    | Extended Stay America Trust 2021-ESH                               | CUSIP: 30227FAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    338154 | PA      | $332606.44    | 0.10%             | 2038-07-15      | Floating      | 9.26%                 | Yes           |                  2 | On Loan: No      |
| Jeronimo Funding                               | Jeronimo Funding DAC                                               | CUSIP: 000000000<br>LEI: 635400IPDM5WJSCHSY93 | Long             | ABS-MBS          | CORP              | IE        |    471000 | PA      | $514447.69    | 0.15%             | 2064-10-25      | Floating      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $1007.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                               | CUSIP: 59981AAM8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    216601 | PA      | $150859.44    | 0.04%             | 2069-10-25      | Variable      | 3.54%                 | Yes           |                  3 | On Loan: No      |
| VERUS 2024 6 B2 VAR 07/25/2069                 | VERUS 2024 6 B2 VAR 07/25/2069                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1402000 | PA      | $1407154.12   | 0.41%             | 2069-07-25      | Variable      | 7.92%                 | Yes           |                  3 | On Loan: No      |
| MILE Trust                                     | MILE Trust 2025-STNE                                               | CUSIP: 59918AAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2511764.25   | 0.73%             | 2042-07-15      | Floating      | 9.05%                 | Yes           |                  2 | On Loan: No      |
| PRP Advisors, LLC                              | PRPM 2025-7 LLC                                                    | CUSIP: 69382YAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    807000 | PA      | $803113.48    | 0.23%             | 2030-08-25      | Variable      | 7.45%                 | Yes           |                  3 | On Loan: No      |
| Inspired FinCo Holdings Limited                | Inspired FinCo Holdings Limited 2023 EUR Term Loan B               | CUSIP: 000000000<br>LEI: 21380079CKTODVMD9183 | Long             | LON              | CORP              | GB        |         0 | PA      | $0.00         | 0.00%             | 2028-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $76.97        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2023-6                                  | CUSIP: 92539XAF1<br>LEI: 984500915DDB7T2ACA27 | Long             | ABS-MBS          | CORP              | US        |   1890000 | PA      | $1888281.69   | 0.55%             | 2068-09-25      | Variable      | 7.78%                 | Yes           |                  3 | On Loan: No      |
| COUNTRY GARDEN HLDGS                           | Country Garden Holdings Co Ltd                                     | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |    792000 | PA      | $82625.40     | 0.02%             | 2025-10-22      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 UK Holdco 4 Limited                    | VMED O2 UK Holdco 4 Limited 2023 EUR Term Loan Z                   | CUSIP: 000000000<br>LEI: 213800ZRKYXK2SHQOW75 | Long             | LON              | CORP              | GB        |   2045105 | PA      | $2406627.33   | 0.70%             | 2031-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CARS.COM INC                                   | Cars.com Inc                                                       | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |    800000 | PA      | $797631.52    | 0.23%             | 2028-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| SMRT                                           | SMRT 2022-MINI                                                     | CUSIP: 78457JAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1950259.80   | 0.56%             | 2039-01-15      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5           | CUSIP: 61777QAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1115200 | PA      | $1101814.88   | 0.32%             | 2069-10-25      | Variable      | 7.38%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-627.84      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERSECT POWER, LLC                           | INTERSECT POWER COMMON UNITS                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53937 | NS      | $375687.39    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2019-2                         | CUSIP: 64830DCF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2600367 | PA      | $1926085.75   | 0.56%             | 2057-12-25      | Variable      | 4.72%                 | Yes           |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 64 - TRANSAVIA B737-800 x1 MSN 39397               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   1029332 | NS      | $1080067.77   | 0.31%             |  |  |  | No            |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-3008.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                           | Country Garden Holdings Co Ltd                                     | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   2458000 | PA      | $256430.85    | 0.07%             | 2025-01-17      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| NEXUS BUYER LLC                                | NEXUS Buyer LLC 2025 Term Loan B                                   | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |   1602752 | PA      | $1598168.44   | 0.46%             | 2031-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $1538.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20460719 L                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   2002000 | OU      | $9235.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                            | SC Germany SA Compartment Consumer 2022-1                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    561060 | PA      | $707268.00    | 0.20%             | 2036-10-14      | Floating      | 10.38%                | Yes           |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 31 - Q400 x20                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    583864 | NS      | $335365.99    | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| UNITED TALENT AGENCY LLC                       | United Talent Agency LLC 2025 Term Loan B                          | CUSIP: 91301QAN7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1732500 | PA      | $1741162.50   | 0.50%             | 2032-06-10      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| OXFORD FIN LLC/CO-ISS II                       | Oxford Finance LLC / Oxford Finance Co-Issuer II Inc               | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $800246.40    | 0.23%             | 2027-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2024-WCL1 MORTGAGE TRUST                                      | CUSIP: 20047DAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1176000 | PA      | $1181918.34   | 0.34%             | 2041-06-15      | Floating      | 8.64%                 | Yes           |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 20 - AFRIJET MSN 1285                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    163514 | NS      | $202670.64    | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| ROUTE 66 DEVELOPMENT AUTHORITY                 | Route 66 Development Authority Term Loan                           | CUSIP: 77929HAB4<br>LEI: 2549001S3OC1V69A1Q52 | Long             | LON              | CORP              | US        |   4075000 | PA      | $4054625.00   | 1.17%             | 2030-10-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 11 - QATAR                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     51905 | NS      | $69421.68     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| MTN Commercial Mortgage Trust 2022-LPFL        | MTN Commercial Mortgage Trust 2022-LPFL                            | CUSIP: 62475WAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2006881 | PA      | $2014457.38   | 0.58%             | 2039-03-15      | Floating      | 9.45%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2025-6                                  | CUSIP: 92540YAF6<br>LEI: 213800KZO2G8SSFFDH61 | Long             | ABS-MBS          | CORP              | US        |    571429 | PA      | $566200.90    | 0.16%             | 2070-07-25      | Variable      | 7.36%                 | Yes           |                  3 | On Loan: No      |
| Kinbane 2025-RPL1 DAC                          | KINBN 2025-RPL1 RFN 0% 06-24-2078                                  | CUSIP: 000000000<br>LEI: 635400SKSJELSOJMVK25 | Long             | ABS-MBS          | CORP              | IE        |    171000 | PA      | $176600.88    | 0.05%             | 2078-06-24      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2025-4                      | CUSIP: 92262JAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1820000 | PA      | $1805138.68   | 0.52%             | 2055-09-25      | Variable      | 9.35%                 | Yes           |                  2 | On Loan: No      |
| PRP Advisors, LLC                              | PRPM 2023-RCF2 LLC                                                 | CUSIP: 69380RAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $936186.10    | 0.27%             | 2053-11-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| KEDRION SPA                                    | Kedrion SpA                                                        | CUSIP: 49272YAB9<br>LEI: 81560047FA58E1BEDF67 | Long             | DBT              | CORP              | IT        |    800000 | PA      | $791018.64    | 0.23%             | 2029-09-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                   | Veros Auto Receivables Trust 2025-1                                | CUSIP: 92511BAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1821000 | PA      | $1910562.24   | 0.55%             | 2032-05-17      | Fixed         | 8.79%                 | Yes           |                  2 | On Loan: No      |
| GRAND CANYON UNIVERSITY                        | Grand Canyon University                                            | CUSIP: 38528UAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $787213.04    | 0.23%             | 2028-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BBVA Consumo FTA                               | Bbva Consumer Auto 2024-1 FT                                       | CUSIP: 000000000<br>LEI: 959800UREVUB5WK1YY20 | Long             | ABS-O            | CORP              | ES        |    345060 | PA      | $419580.85    | 0.12%             | 2037-04-21      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $57.35        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinbane 2025-RPL1 DAC                          | KINBN 2025-RPL1XZ1 0% 06-24-2078                                   | CUSIP: 000000000<br>LEI: 635400SKSJELSOJMVK25 | Long             | ABS-MBS          | CORP              | IE        |    539000 | PA      | $0.01         | 0.00%             | 2078-06-24      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $26718.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CVI OCT Acquisition Trust                      | CVI OCT Acquisition Trust                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5087871 | NS      | $5507767.53   | 1.59%             |  |  |  | No            |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $3206.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Amkor Technology Inc                           | Amkor Technology Inc                                               | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    598000 | PA      | $599170.29    | 0.17%             | 2027-09-15      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                            | SC Germany SA Compartment Consumer 2024-1                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    166667 | PA      | $196576.43    | 0.06%             | 2038-01-14      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust  | J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-HTL5   | CUSIP: 46654PAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1305000 | PA      | $1299461.58   | 0.38%             | 2038-11-15      | Floating      | 8.68%                 | Yes           |                  2 | On Loan: No      |
| Pembroke Property Finance Dac                  | Pembroke Property Finance 3 DAC                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |    500000 | PA      | $595625.25    | 0.17%             | 2043-06-01      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SDAL Trust                                     | SDAL Trust 2025-DAL                                                | CUSIP: 78437RAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2516535.00   | 0.73%             | 2042-04-15      | Floating      | 9.44%                 | Yes           |                  2 | On Loan: No      |
| BRISTOW GROUP INC                              | Bristow Group Inc                                                  | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |    800000 | PA      | $804748.00    | 0.23%             | 2028-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| PRP Advisors, LLC                              | PRPM 2025-RCF4 LLC                                                 | CUSIP: 69382WAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $449938.68    | 0.13%             | 2055-08-25      | Variable      | 4.50%                 | Yes           |                  3 | On Loan: No      |
| BELLSOLA SAU                                   | Bellsola SAU 2024 EUR Term Loan                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | ES        |         0 | PA      | $0.00         | 0.00%             | 2031-07-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20886137 L                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   1281000 | OU      | $-3610.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lendbuzz Auto Receivables Trust SS-2025-A      | LBZST 2025-A CERT 0% 08-15-2031                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    950000 | PA      | $11115359.34  | 3.21%             | 2031-08-15      | Variable      | 1.00%                 | No            |                  3 | On Loan: No      |
| SM Energy Co                                   | SM Energy Co                                                       | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    800000 | PA      | $800151.84    | 0.23%             | 2027-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                              | PRPM 2025-RCF3 LLC                                                 | CUSIP: 69392PAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $463109.49    | 0.13%             | 2055-07-25      | Variable      | 5.25%                 | Yes           |                  3 | On Loan: No      |
| Spectacle Gary Holdings LLC                    | Spectacle Gary Holdings LLC 2021 Term Loan B                       | CUSIP: 40443NAC4<br>LEI: 549300V1ELIRK8JURN28 | Long             | LON              | CORP              | US        |   2744785 | PA      | $2667025.60   | 0.77%             | 2028-12-11      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| Nassau Euro CLO DAC                            | Nassau Euro CLO I DAC                                              | CUSIP: 000000000<br>LEI: 549300PCQLS78GR4NH29 | Long             | ABS-CBDO         | CORP              | IE        |   1820000 | PA      | $2151955.46   | 0.62%             | 2034-12-15      | Floating      | 4.71%                 | Yes           |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                       | Archrock Partners LP / Archrock Partners Finance Corp              | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $801173.44    | 0.23%             | 2028-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| STREAM INNOVATIONS ISSUER TRUST                | Stream Innovations 2025-1 Issuer Trust                             | CUSIP: 86324XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    799449 | PA      | $802444.96    | 0.23%             | 2045-09-15      | Fixed         | 8.40%                 | Yes           |                  2 | On Loan: No      |
| Mill City Solar Loan 2019-2 Ltd.               | Mill City Solar Loan 2019-2 Ltd                                    | CUSIP: 59982VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    383009 | PA      | $267873.68    | 0.08%             | 2043-07-20      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 28 - ATR 72-600 x4                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    664393 | NS      | $583474.35    | 0.17%             |  |  |  | No            |                  3 | On Loan: No      |
| Clavel Residential                             | Clavel Residential 3 DAC                                           | CUSIP: 000000000<br>LEI: 635400MU59QHARR2LH34 | Long             | ABS-MBS          | CORP              | IE        |    513000 | PA      | $602582.86    | 0.17%             | 2076-01-28      | Floating      | 6.45%                 | Yes           |                  2 | On Loan: No      |
| POWIS FINANCE S A R L                          | POWIS FINANCE S A R L                                              | CUSIP: 000000000<br>LEI: 254900GEAKVYRH6JJX45 | Long             | EC               | CORP              | LU        |   1276001 | NS      | $1683760.20   | 0.49%             |  |  |  | No            |                  3 | On Loan: No      |
| BXSC Commercial Mortgage Trust                 | BXSC Commercial Mortgage Trust 2022-WSS                            | CUSIP: 05610BAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1750000 | PA      | $1749468.00   | 0.51%             | 2035-03-15      | Floating      | 9.48%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                       | Global Infrastructure Solutions Inc                                | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    800000 | PA      | $787635.92    | 0.23%             | 2029-06-01      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $10282.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Medline Borrower LP                            | Medline Borrower, LP 2024 USD Term Loan B                          | CUSIP: 58503UAE3<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2028-10-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust      | GoodLeap Home Improvement Solutions Trust 2025-1                   | CUSIP: 38237EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1706096 | PA      | $1720627.50   | 0.50%             | 2049-02-20      | Fixed         | 7.83%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                       | American Airlines Inc/AAdvantage Loyalty IP Ltd                    | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    800000 | PA      | $803000.00    | 0.23%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $32052.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                            | SC Germany SA Compartment Consumer 2022-1                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    631192 | PA      | $776166.69    | 0.22%             | 2036-10-14      | Floating      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                            | Clarivate Science Holdings Corp                                    | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $756168.32    | 0.22%             | 2029-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                    | Extended Stay America Trust 2025-ESH                               | CUSIP: 30227TAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1200000.00   | 0.35%             | 2042-10-15      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 41 - EASYJET                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     86394 | NS      | $66576.27     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| SCHOEN KLINIK SE                               | Schoen Klinik SE 2025 EUR Term Loan B                              | CUSIP: 000000000<br>LEI: 5299005C8FSZLNO2KW98 | Long             | LON              | CORP              | DE        |   1000000 | PA      | $1175882.18   | 0.34%             | 2031-01-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FCT EUROTRUCK LEASE                            | FCT EUROTRUCK LEASE                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | FR        |   1790000 | PA      | $2086839.83   | 0.60%             | 2049-04-30      | Variable      | 9.68%                 | No            |                  3 | On Loan: No      |
| SOTHEBY'S                                      | Sotheby's                                                          | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |    800000 | PA      | $799783.44    | 0.23%             | 2027-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2023-NQM1                            | CUSIP: 59980DAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    126000 | PA      | $125032.99    | 0.04%             | 2067-10-25      | Variable      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                               | CUSIP: 59981AAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    212608 | PA      | $135968.13    | 0.04%             | 2069-10-25      | Variable      | 3.54%                 | Yes           |                  3 | On Loan: No      |
| NORTHERN INST TREASURY PREM                    | NORTHERN INST TREASURY PREM                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  22462619 | NS      | $22462619.07  | 6.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                               | CUSIP: 59981AAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3601059 | PA      | $3356.80      | 0.00%             | 2069-10-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 35 - B737 x3                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |       375 | NS      | $-15922.90    | -0.00%            |  |  |  | No            |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                             | CUSIP: 59981TAV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    178000 | PA      | $121941.82    | 0.04%             | 2059-08-25      | Variable      | 3.85%                 | Yes           |                  3 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                       | Rogers Communications Inc                                          | CUSIP: 775109BS9<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    800000 | PA      | $794496.32    | 0.23%             | 2082-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-1.63        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                               | CUSIP: 59981AAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3601059 | PA      | $17358.94     | 0.01%             | 2069-10-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Ashford Hospitality Trust                      | Ashford Hospitality Trust 2018-ASHF                                | CUSIP: 04410RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1913226.80   | 0.55%             | 2035-04-15      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Ensemble RCM LLC                               | Ensemble RCM LLC 2024 Term Loan B                                  | CUSIP: 29359BAE1<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2029-08-01      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| RENASCENTIA SPV S RL                           | RENASCENTIA SPV S RL                                               | CUSIP: 000000000<br>LEI: 815600490E373D1EF661 | Long             | EC               | CORP              | IT        |   9835325 | NS      | $12781296.84  | 3.70%             |  |  |  | No            |                  3 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust  | J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-HTL5   | CUSIP: 46654PAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1608000 | PA      | $1592792.50   | 0.46%             | 2038-11-15      | Floating      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                       | Foundation Finance Trust 2025-1                                    | CUSIP: 35040WAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2016000 | PA      | $1994693.10   | 0.58%             | 2050-04-15      | Fixed         | 8.37%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $155.22       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                            | Century Communities Inc                                            | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    800000 | PA      | $800191.76    | 0.23%             | 2027-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SMRT                                           | SMRT 2022-MINI                                                     | CUSIP: 78457JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1779897 | PA      | $1753551.32   | 0.51%             | 2039-01-15      | Floating      | 6.85%                 | Yes           |                  2 | On Loan: No      |
| PGA National Resort Commercial Mortgage Trust  | PGA Trust 2024-RSR2                                                | CUSIP: 69381CAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1012318.80   | 0.29%             | 2039-06-15      | Floating      | 8.04%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2024-1                      | CUSIP: 92261CAR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    882588 | PA      | $877379.25    | 0.25%             | 2054-01-25      | Variable      | 10.88%                | Yes           |                  3 | On Loan: No      |
| Atrium Hotel Portfolio Trust                   | Atrium Hotel Portfolio Trust 2024-ATRM                             | CUSIP: 04963XAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3593312.80   | 1.04%             | 2029-11-10      | Variable      | 9.52%                 | Yes           |                  2 | On Loan: No      |
| HIH Trust                                      | HIH Trust 2024-61P                                                 | CUSIP: 40444VAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3251337 | PA      | $3270816.89   | 0.95%             | 2041-10-15      | Floating      | 9.59%                 | Yes           |                  2 | On Loan: No      |
| CVI Thompson Holdings, LLC                     | CVI Thompson Holdings, LLC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3642109 | NS      | $3664358.66   | 1.06%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI CB Holdings IV, LLC                        | CVI CB Holdings IV, LLC                                            | CUSIP: 000000000<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |         1 | NS      | $101745.91    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust               | THPT 2023-THL Mortgage Trust                                       | CUSIP: 87252LAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1385642 | PA      | $1400561.48   | 0.41%             | 2034-12-10      | Variable      | 9.56%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20460713 L                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   2002000 | OU      | $-758.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-102.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HAVN Trust                                     | HAVN Trust 2025-MOB                                                | CUSIP: 40408XAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3500655.90   | 1.01%             | 2027-10-15      | Floating      | 9.35%                 | Yes           |                  2 | On Loan: No      |
| SEASPAN CORP                                   | Seaspan Corp                                                       | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    800000 | PA      | $776800.00    | 0.22%             | 2029-08-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| INTERSECT POWER, LLC                           | INTERSECT POWER, LLC - CLASS B                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24285 | NS      | $112795.23    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| SILVA PROPERTY FINANCE LTD                     | SILVA PROPERTY FINANCE LTD                                         | CUSIP: 958LLC908<br>LEI: 213800CV7FFHL92CPU34 | Long             | EC               | CORP              | GB        |   3286181 | NS      | $4419583.69   | 1.28%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI MF Acquisition Trust II                    | CVI MF Acquisition Trust II                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1261731 | NS      | $1341704.67   | 0.39%             |  |  |  | No            |                  3 | On Loan: No      |
| ARCHES BUYER INC                               | Arches Buyer Inc                                                   | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |    800000 | PA      | $784000.00    | 0.23%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                       | Scientific Games Holdings LP/Scientific Games US FinCo Inc         | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $743272.00    | 0.21%             | 2030-03-01      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| PGA National Resort Commercial Mortgage Trust  | PGA Trust 2024-RSR2                                                | CUSIP: 69381CAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1375201 | PA      | $1382528.76   | 0.40%             | 2039-06-15      | Floating      | 8.84%                 | Yes           |                  2 | On Loan: No      |
| Asker S.a.r.l.                                 | Asker S.a.r.l.                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   7467456 | NS      | $10260528.22  | 2.97%             |  |  |  | No            |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2024-9                                  | CUSIP: 92540RAH7<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1989301.02   | 0.58%             | 2069-11-25      | Variable      | 7.36%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $12465.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $38673.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $144.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                          | Capstone Borrower Inc                                              | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    800000 | PA      | $837564.56    | 0.24%             | 2030-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                         | Penn Entertainment Inc                                             | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $799378.00    | 0.23%             | 2027-01-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-8421.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PRA GROUP INC                                  | PRA Group Inc                                                      | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    800000 | PA      | $818411.76    | 0.24%             | 2028-02-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                       | Organon & Co / Organon Foreign Debt Co-Issuer BV                   | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $772843.20    | 0.22%             | 2028-04-30      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                               | CUSIP: 59980YAM7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    203762 | PA      | $132256.98    | 0.04%             | 2066-04-25      | Variable      | 3.09%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                               | CUSIP: 59980YAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    426502 | PA      | $330155.54    | 0.10%             | 2066-04-25      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20460726 L                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   2002000 | OU      | $6716.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                               | CUSIP: 59981AAP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215603 | PA      | $123761.30    | 0.04%             | 2069-10-25      | Variable      | 3.54%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-19.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-9259.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                         | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $761546.00    | 0.22%             | 2029-01-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $-2500.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                               | CUSIP: 59980YAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    131925 | PA      | $69843.65     | 0.02%             | 2066-04-25      | Variable      | 3.09%                 | Yes           |                  3 | On Loan: No      |
| SECURITISATION OF CATALOGUE                    | SECURITISATION OF CATALOGUE                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    986000 | PA      | $1335883.80   | 0.39%             | 2032-12-13      | Variable      | 12.16%                | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 19380485 S                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        | -11439413 | OU      | $15969.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                 | SWCH Commercial Mortgage Trust 2025-DATA                           | CUSIP: 78489CAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $990619.30    | 0.29%             | 2042-02-15      | Floating      | 7.49%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2019-6                         | CUSIP: 64828GCT5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2927030 | PA      | $2013080.64   | 0.58%             | 2059-09-25      | Variable      | 4.33%                 | Yes           |                  3 | On Loan: No      |
| CARNABY INVENTORY III, LLC                     | Carnaby Inventory III Loan Facility                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2314886.98   | 0.67%             | 2049-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $131472.99    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                              | PRPM 2025-6 LLC                                                    | CUSIP: 69395KAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    708400 | PA      | $721443.86    | 0.21%             | 2028-08-25      | Variable      | 8.33%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $2556.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                               | CUSIP: 59980YAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    203762 | PA      | $127689.61    | 0.04%             | 2066-04-25      | Variable      | 3.09%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $8256.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 65 - JETTIME B737-800 x1 MSN 39057                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   1360800 | NS      | $1460281.28   | 0.42%             |  |  |  | No            |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $987.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $778.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                               | CUSIP: 59980YAP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    163809 | PA      | $92912.91     | 0.03%             | 2066-04-25      | Variable      | 3.09%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $2789.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CVI SYM HOLDINGS LLC                           | CVI SYM HOLDINGS LLC                                               | CUSIP: 000000000<br>LEI: 25490095AEVF1P439B27 | Long             | EC               | CORP              | US        |   3917226 | NS      | $3800265.70   | 1.10%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 39 - MSN 4457 and 40259                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    519359 | NS      | $534828.47    | 0.15%             |  |  |  | No            |                  3 | On Loan: No      |
| GS Mortgage Securities Trust                   | GS Mortgage Securities Corp II                                     | CUSIP: 36269JAL2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |   2509166 | PA      | $2639368.63   | 0.76%             | 2041-03-10      | Variable      | 9.26%                 | Yes           |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust      | GoodLeap Home Improvement Solutions Trust 2025-2                   | CUSIP: 38238FAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1579976 | PA      | $1605041.53   | 0.46%             | 2049-06-20      | Fixed         | 8.16%                 | Yes           |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                       | Burford Capital Global Finance LLC                                 | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    800000 | PA      | $800050.48    | 0.23%             | 2028-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CVI Platinum LP                                | Goldenpeaks Capital                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   3885083 | PA      | $4476706.58   | 1.29%             | 2029-05-02      | Variable      | 14.02%                | No            |                  3 | On Loan: No      |
| RADAR BIDCO SARL                               | Radar Bidco Sarl 2025 USD Term Loan B                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1458306 | PA      | $1463774.69   | 0.42%             | 2031-04-04      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2025-5                                  | CUSIP: 92540XAF8<br>LEI: 213800Z7TIVJRAYLRV98 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $495117.83    | 0.14%             | 2070-06-25      | Variable      | 7.33%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2023-8                                  | CUSIP: 92540DAF2<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    398000 | PA      | $399458.26    | 0.12%             | 2068-12-25      | Variable      | 8.08%                 | Yes           |                  3 | On Loan: No      |
| RECKNITZ SARL                                  | RECKNITZ SARL                                                      | CUSIP: 000000000<br>LEI: 254900D4NOXDNUNADC08 | Long             | EC               | CORP              | LU        |   2922401 | NS      | $3551469.93   | 1.03%             |  |  |  | No            |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $11744.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 19252640 S                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        | -15700000 | OU      | $100747.20    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-182.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IP 2025-IP Mortgage Trust                      | IP 2025-IP Mortgage Trust                                          | CUSIP: 449843AL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2557020.75   | 0.74%             | 2042-06-10      | Variable      | 7.97%                 | Yes           |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                 | Asimi Funding 2024-1 PLC                                           | CUSIP: 000000000<br>LEI: 635400ED9TX8KJO28Q39 | Long             | ABS-O            | CORP              | GB        |    579000 | PA      | $786798.82    | 0.23%             | 2031-09-16      | Floating      | 10.37%                | Yes           |                  2 | On Loan: No      |
| Barclays Bank PLC                              | REPUBLIC OF POLAND (5y) DEFAULT-06/20/2029-BCAPUS                  | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | PL        |  -1551000 | OU      | $-11213.91    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 59 - WESTJET B737-800 x8                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   3417923 | NS      | $3933725.22   | 1.14%             |  |  |  | No            |                  3 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc   | BAMLL Trust 2025-ASHF                                              | CUSIP: 05494CAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2504625.50   | 0.72%             | 2042-02-15      | Floating      | 8.15%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                             | CUSIP: 59981TAY1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    178000 | PA      | $110301.80    | 0.03%             | 2059-08-25      | Variable      | 3.85%                 | Yes           |                  3 | On Loan: No      |
| DGWD Trust                                     | DGWD Trust 2025-INFL                                               | CUSIP: 23347FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2502003.25   | 0.72%             | 2035-08-15      | Floating      | 8.15%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $9748.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                             | CUSIP: 59981TBG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3361066 | PA      | $67024.02     | 0.02%             | 2059-08-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $223.22       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC           | PRET 2025-NPL8 LLC                                                 | CUSIP: 69392EAB6<br>LEI: 254900EZKI569P0YE486 | Long             | ABS-MBS          | CORP              | US        |    778000 | PA      | $781345.88    | 0.23%             | 2055-08-25      | Variable      | 7.99%                 | Yes           |                  3 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC           | PRET 2025-NPL9 LLC                                                 | CUSIP: 740937AB3<br>LEI: 254900IWII23Q41Y2V47 | Long             | ABS-MBS          | CORP              | US        |    515450 | PA      | $516298.70    | 0.15%             | 2055-08-25      | Variable      | 7.51%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-27369.39    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                               | CUSIP: 59980YAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3715491 | PA      | $0.04         | 0.00%             | 2066-04-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                         | Cloud Software Group Inc                                           | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    800000 | PA      | $806976.00    | 0.23%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $480.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pembroke Property Finance Dac                  | Pembroke Property Finance 3 DAC                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |   1953000 | PA      | $2324242.24   | 0.67%             | 2043-06-01      | Floating      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| CVI CC INVESTMENT TRUST                        | CVI CC INVESTMENT TRUST                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8217399 | NS      | $8367867.38   | 2.42%             |  |  |  | No            |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                           | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-1422.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 67 - TUI B737-800 x2 TRANSAVIA B737-800 x1         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   6348361 | NS      | $6348361.13   | 1.84%             |  |  |  | No            |                  3 | On Loan: No      |
| SECURITISATION OF CATALOGUE                    | SECURITISATION OF CATALOGUE                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    540000 | PA      | $738083.52    | 0.21%             | 2032-12-13      | Variable      | 16.19%                | No            |                  3 | On Loan: No      |
| AerCap Holdings NV                             | AERGO CAPITAL - 60 - WIZZ AIR A321-200 MSN 6976                    | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | IE        |    828868 | NS      | $955397.19    | 0.28%             |  |  |  | No            |                  3 | On Loan: No      |
| POWIS FINANCE S.A R.L.                         | POWIS FINANCE S.A R.L.                                             | CUSIP: 000000000<br>LEI: 254900GEAKVYRH6JJX45 | Long             | EC               | CORP              | LU        |   2377858 | NS      | $2970859.93   | 0.86%             |  |  |  | No            |                  3 | On Loan: No      |
| Mill City Solar Loan Ltd.                      | Mill City Solar Loan 2019-1 Ltd                                    | CUSIP: 59982WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    105712 | PA      | $93669.13     | 0.03%             | 2043-03-20      | Fixed         | 5.92%                 | Yes           |                  2 | On Loan: No      |
| SOCA 1 BRR                                     | SOCA 1 BRR                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    567000 | PA      | $767285.86    | 0.22%             | 2027-01-01      | Variable      | 9.44%                 | No            |                  3 | On Loan: No      |
| Dividend Solar Loans LLC                       | Dividend Solar Loans 2019-1 LLC                                    | CUSIP: 255388AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    441799 | PA      | $391513.88    | 0.11%             | 2039-08-22      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| CVI OCT Investment Trust                       | CVI OCT Investment Trust                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2762921 | NS      | $3329657.03   | 0.96%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-27

**Name of Applicant:** AB CarVal Credit Opportunities Fund

**Signature:** Matt Johnson

**Name of Signer:** Matt Johnson

**Title:** Treasurer, Principal Financial Officer, Principal Accounting Officer