# EDGAR Filing Document

**Accession Number:** 0001342947
**File Stem:** 0001752724-23-070071
**Filing Date:** 2023-3
**Character Count:** 160083
**Document Hash:** baba6e3fdd91bc422b4e1461a7f3f650
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-070071.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001752724-23-070071

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BBH Trust
- **CENTRAL INDEX KEY:** 0001342947
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21829
- **FILM NUMBER:** 23769216

**BUSINESS ADDRESS:**
- **STREET 1:** 50 POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 800-575-1265

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **ASSET BACKED SECURITIES (14.9%)** |  |  |  |
| $2640000 | ABPCI Direct Lending Fund ABS I, Ltd. 2020-1A<sup>1</sup> | 12/20/30 | 3.199% | $2466058 |
| 2270000 | ABPCI Direct Lending Fund ABS II LLC 2022-2A<sup>1</sup> | 03/01/32 | 4.987 | 2083177 |
| 1192299 | Adams Outdoor Advertising LP 2018-1<sup>1</sup> | 11/15/48 | 4.810 | 1134674 |
| 1480000 | Ares PBN Finance Co. LLC<sup>1,2</sup> | 09/15/36 | 6.000 | 1369000 |
| 2807977 | BHG Securitization Trust 2022-A<sup>1</sup> | 02/20/35 | 1.710 | 2637070 |
| 546668 | Business Jet Securities LLC 2020-1A<sup>1</sup> | 11/15/35 | 2.981 | 501584 |
| 1430000 | CARS-DB4 LP 2020-1A<sup>1</sup> | 02/15/50 | 4.170 | 1322594 |
| 1028857 | CF Hippolyta Issuer LLC 2020-1<sup>1</sup> | 07/15/60 | 2.280 | 915372 |
| 2382491 | CF Hippolyta Issuer LLC 2022-1A<sup>1</sup> | 08/15/62 | 5.970 | 2371514 |
| 1750000 | CFG Investments, Ltd. 2021-1<sup>1</sup> | 05/20/32 | 5.820 | 1679586 |
| 2000000 | Credit Acceptance Auto Loan Trust 2020-2A<sup>1</sup> | 09/17/29 | 1.930 | 1950220 |
| 2850000 | DigitalBridge Issuer LLC 2021-1A<sup>1</sup> | 09/25/51 | 3.933 | 2480440 |
| 1070000 | Elm Trust 2020-3A<sup>1</sup> | 08/20/29 | 2.954 | 1003424 |
| 2490000 | Elm Trust 2020-4A<sup>1</sup> | 10/20/29 | 2.286 | 2332674 |
| 25962 | FCI Funding LLC 2019-1A<sup>1</sup> | 02/18/31 | 3.630 | 25931 |
| 4460000 | Flexential Issuer 2021-1A<sup>1</sup> | 11/27/51 | 3.250 | 4037323 |
| 728376 | FNA LLC 2019-1<sup>2</sup> | 12/10/31 | 3.000 | 640970 |
| 1670000 | FREED ABS Trust 2022-2CP<sup>1</sup> | 05/18/29 | 4.490 | 1625612 |
| 1348236 | Global SC Finance VII Srl 2020-1A<sup>1</sup> | 10/17/40 | 2.170 | 1223701 |
| 1266781 | Global SC Finance VII Srl 2020-2A<sup>1</sup> | 11/19/40 | 2.260 | 1147630 |
| 4270000 | Golub Capital Partners ABS Funding, Ltd. 2021-1A<sup>1</sup> | 04/20/29 | 2.773 | 3926810 |
| 767768 | Lendmark Funding Trust 2019-2A<sup>1</sup> . | 04/20/28 | 2.780 | 751381 |
| 486722 | LIAS Administration Fee Issuer LLC 2018-1A | 07/25/48 | 5.956 | 484007 |
| 318195 | Mariner Finance Issuance Trust 2019-AA<sup>1</sup> | 07/20/32 | 2.960 | 314349 |
| 1070000 | Mariner Finance Issuance Trust 2020-AA<sup>1</sup> | 08/21/34 | 2.190 | 1025772 |
| 1870000 | Monroe Capital ABS Funding II, Ltd. <sup>1</sup> | 04/22/33 | 6.650 | 1869674 |
| 1260000 | Monroe Capital ABS Funding, Ltd. 2021-1A<sup>1</sup> | 04/22/31 | 2.815 | 1158837 |
| 1790000 | Monroe Capital Income Plus ABS Funding LLC 2022-1A<sup>1</sup> | 04/30/32 | 5.150 | 1599668 |
| 2700000 | Neuberger Berman Loan Advisers CLO 40, Ltd. 2021-40A (3- |  |  |  |
|  | Month USD-LIBOR + 1.060%)<sup>1,3</sup> | 04/16/33 | 5.852 | 2669625 |
| 2520000 | New Residential Advance Receivables Trust Advance |  |  |  |
|  | Receivables Backed 2020-T1<sup>1</sup> | 08/15/53 | 1.426 | 2443151 |
| 265761 | Newtek Small Business Loan Trust 2018-1 (U.S. Prime Rate - 0.550%)<sup>1,3</sup> | 02/25/44 | 6.950 | 262031 |
| 126066 | Newtek Small Business Loan Trust 2018-1 (U.S. Prime Rate + 0.750%)<sup>1,3</sup> | 02/25/44 | 8.250 | 124813 |
| 3550000 | NextGear Floorplan Master Owner Trust 2022-1A<sup>1</sup> | 03/15/27 | 2.800 | 3382319 |
| 1660000 | NFAS2 LLC 2022-1<sup>1</sup> | 09/15/28 | 6.860 | 1660646 |
| 3960000 | Niagara Park CLO, Ltd. 2019-1A (3-Month USD-LIBOR + 1.000%)<sup>1,3</sup> | 07/17/32 | 5.792 | 3906104 |
| 2180000 | OnDeck Asset Securitization Trust III LLC 2021-1A<sup>1</sup> | 05/17/27 | 1.590 | 2011175 |

---

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **ASSET BACKED SECURITIES (continued)** |  |  |  |
| $603791 | OneMain Financial Issuance Trust 2020-1A<sup>1</sup> | 05/14/32 | 3.840% | $599965 |
| 2930000 | OneMain Financial Issuance Trust 2022-S1<sup>1</sup> | 05/14/35 | 4.130 | 2849166 |
| 5630000 | Oportun Issuance Trust 2021-C<sup>1</sup> | 10/08/31 | 2.180 | 5058581 |
| 413154 | Oxford Finance Funding LLC 2019-1A<sup>1</sup> | 02/15/27 | 4.459 | 410168 |
| 1393183 | Oxford Finance Funding LLC 2020-1A<sup>1</sup> | 02/15/28 | 3.101 | 1379155 |
| 529602 | ReadyCap Lending Small Business Loan Trust 2019-2 (U.S. Prime Rate - 0.500%)<sup>1,3</sup> | 12/27/44 | 7.000 | 504155 |
| 5150000 | Regional Management Issuance Trust 2022-1<sup>1</sup> | 03/15/32 | 3.070 | 4740254 |
| 2060000 | Republic Finance Issuance Trust 2020-A<sup>1</sup> | 11/20/30 | 2.470 | 1960891 |
| 2130000 | Sabey Data Center Issuer LLC 2020-1<sup>1</sup> | 04/20/45 | 3.812 | 2033424 |
| 878066 | Santander Drive Auto Receivables Trust 2020-1 | 12/15/25 | 4.110 | 873545 |
| 1940000 | Santander Revolving Auto Loan Trust 2019-A<sup>1</sup> | 01/26/32 | 2.510 | 1852281 |
| 2310000 | Southwick Park CLO LLC 2019-4A (3-Month USD-LIBOR + 1.060%)<sup>1,3</sup> | 07/20/32 | 5.868 | 2282280 |
| 2142658 | Stack Infrastructure Issuer LLC 2019-1A<sup>1</sup> | 02/25/44 | 4.540 | 2095486 |
| 416892 | SWC Funding LLC 2018-1A<sup>1</sup> | 08/15/33 | 4.750 | 409862 |
| 1409100 | Textainer Marine Containers VII, Ltd. 2020-1A<sup>1</sup> | 08/21/45 | 2.730 | 1301876 |
| 4697168 | Thrust Engine Leasing DAC 2021-1A<sup>1</sup> | 07/15/40 | 4.163 | 3506571 |
| 5734550 | VC 3 LS LP 2021-B<sup>1,2</sup> | 10/15/41 | 4.750 | 4755662 |
| 1836576 | **VCP RRL ABS I, Ltd. 2021-1A<sup>1</sup>**  | 10/20/31 | 2.152 | 1684755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities** <br> **(Cost $106,336,745)** |  |  | **98836993** |
|  | **COMMERCIAL MORTGAGE BACKED SECURITIES (6.7%)** |  |  |  |
| 1390000 | BPR Trust 2022-OANA (1-Month CME Term SOFR + 2.697%)<sup>1,3</sup> | 04/15/37 | 7.175 | 1348236 |
| 4740000 | BX Commercial Mortgage Trust 2022-CSMO (1-Month CME Term SOFR + 3.889%)<sup>1,3</sup> | 06/15/27 | 8.367 | 4719230 |
| 1683634 | BXMT, Ltd. 2020-FL2 (1-Month CME Term SOFR + 1.014%)<sup>1,3</sup> | 02/15/38 | 5.497 | 1634332 |
| 1250000 | BXMT, Ltd. 2020-FL3 (30-Day SOFR + 2.664%)<sup>1,3</sup> | 11/15/37 | 6.960 | 1193750 |
| 146085 | CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.000%)<sup>1,2,3</sup><br>| 11/15/31 | 8.459 | 118445 |
| 786000 | CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.000%)<sup>1,3</sup><br>| 11/15/31 | 8.459 | 649731 |
| 1375473 | CG-CCRE Commercial Mortgage Trust 2014-FL2 (1-Month USD-LIBOR + 4.750%)<sup>1,2,3</sup> | 11/15/31 | 9.209 | 887180 |
| 890000 | Citigroup Commercial Mortgage Trust 2019-SMRT<sup>1</sup> | 01/10/36 | 4.149 | 872541 |
| 3540000 | CSMC 2018-SITE<sup>1,3,4</sup> | 04/15/36 | 4.782 | 3341314 |
| 5679969 | DFVI 2021-1A<sup>1,2</sup> | 12/15/29 | 2.982 | 5426162 |
| 1000000 | Hudsons Bay Simon JV Trust 2015-HB10<sup>1,3,4</sup> | 08/05/34 | 5.447 | 798326 |

---

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **COMMERCIAL MORTGAGE BACKED SECURITIES** |  |  |  |
|  | **(continued)** |  |  |  |
| $3150000 | Intown Mortgage Trust 2022-STAY (1-Month CME Term |  |  |  |
|  | SOFR + 4.134%)<sup>1,3</sup> | 08/15/39 | 8.612% | $3122399 |
| 240000 | JPMBB Commercial Mortgage Securities Trust 2014-C24<sup>1,3,4</sup> | 11/15/47 | 3.883 | 172332 |
| 2691735 | Morgan Stanley Capital I Trust 2019-BPR (1-Month USD-LIBOR + 1.650%)<sup>1,3</sup> | 05/15/36 | 6.109 | 2588252 |
| 5860000 | MTN Commercial Mortgage Trust 2022-LPFL (1-Month CME Term SOFR + 1.896%)<sup>1,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;03/15/39 | 6.374 | 5684052 |
| 1083042 | NADG NNN Operating LP 2019-1<sup>1</sup> | 12/28/49 | 3.368 | 1012542 |
| 3900505 | Ready Capital Mortgage Financing LLC 2021-FL7 (1-Month USD-LIBOR + 1.200%)<sup>1,3</sup> | 11/25/36 | 5.706 | 3783566 |
| 2270000 | SPGN Mortgage Trust 2022-TFLM (1-Month CME TermSOFR + 2.650%)<sup>1,3</sup><br>| 02/15/39 | 7.128 | 2151445 |
| 1310000 | SPGN Mortgage Trust 2022-TFLM (1-Month CME Term SOFR + 3.500%)<sup>1,3</sup><br>| 02/15/39 | 7.978 | 1229467 |
| 890000 | STWD, Ltd. 2019-FL1 (1-Month CME Term SOFR +1.714%)<sup>1,3</sup> | 07/15/38 | 6.197 | 864878 |
| 9507 | UBS-BAMLL Trust 2012-WRM<sup>1</sup> | 06/10/30 | 3.663 | 9384 |
| 2915000 | **Wells Fargo Commercial Mortgage Trust 2020-SDAL (1-Month USD-LIBOR + 1.340%)<sup>1,3</sup><br>**  | 02/15/37 | 5.799 | 2806596 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage Backed Securities<br> (Cost $46,639,696)**  |  |  | **44414160** |
|  | **CORPORATE BONDS (44.7%)** |  |  |  |
|  | **AEROSPACE/DEFENSE (0.7%)** |  |  |  |
| 2220000 | BAE Systems, Plc.<sup>1</sup> | 04/15/30 | 3.400 | 2035116 |
| 2700000 | Boeing Co. | 02/01/28 | 3.250 | 2520518 |
|  |  |  |  | 4555634 |
|  | **AGRICULTURE (0.3%)** |  |  |  |
| 1890000 | Cargill, Inc.<sup>1</sup> | 10/11/32 | 5.125 | 1970442 |
|  | **AUTO MANUFACTURERS (0.8%)** |  |  |  |
| 2945000 | Ford Motor Credit Co. LLC | 11/04/27 | 7.350 | 3088569 |
| 2230000 | General Motors Co. | 10/15/29 | 5.400 | 2215377 |
|  |  |  |  | 5303946 |
|  | **BANKS (8.8%)** |  |  |  |
| 2790000 | ASB Bank, Ltd. (5-Year CMT Index + 2.250%)<sup>1,3</sup> | 06/17/32 | 5.284 | 2690911 |
| 1635000 | Bank Leumi Le-Israel BM<sup>1</sup> | 07/27/27 | 5.125 | 1633937 |
| 5910000 | Bank of America Corp. (5-Year CMT Index + 2.760%)<sup>3,5</sup> |  | 4.375 | 5363916 |
| 3035000 | Bank of New Zealand<sup>1</sup> | 02/07/28 | 4.846 | 3045899 |
| 3095000 | Bank of Nova Scotia | 03/11/27 | 2.951 | 2898984 |
| 2920000 | Comerica Bank (SOFR + 2.610%)<sup>3</sup> | 08/25/33 | 5.332 | 2904370 |
| 2710000 | DNB Bank ASA (SOFR + 1.950%)<sup>1,3</sup> | 10/09/26 | 5.896 | 2741654 |

---

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **CORPORATE BONDS (continued)** |  |  |  |
|  | **BANKS (continued)** |  |  |  |
| $2470000 | Goldman Sachs Group, Inc. (SOFR + 1.725%)<sup>3</sup> | 08/23/28 | 4.482% | $2427188 |
| 2140000 | HSBC Holdings, Plc (SOFR + 3.350%)<sup>3</sup> | 11/03/28 | 7.390 | 2332838 |
| 1735000 | HSBC Holdings, Plc. | 03/31/30 | 4.950 | 1740430 |
| 1140000 | HSBC Holdings, Plc (SOFR + 2.387%)<sup>3</sup> | 06/04/31 | 2.848 | 964638 |
| 2020000 | JPMorgan Chase & Co. (3-Month CME Term SOFR + 1.585%)<sup>3</sup> | 03/13/26 | 2.005 | 1900251 |
| 2025000 | Lloyds Banking Group, Plc. (1-Year CMT Index + 3.750%)<sup>3</sup> | 11/15/33 | 7.953 | 2313394 |
| 2000000 | Morgan Stanley (SOFR + 1.610%)<sup>3</sup> | 04/20/28 | 4.210 | 1941922 |
| 2055000 | Morgan Stanley (SOFR + 2.560%)<sup>3</sup> | 10/18/33 | 6.342 | 2259048 |
| 2810000 | National Australia Bank, Ltd.<sup>1</sup> | 01/12/33 | 6.429 | 2921025 |
| 2445000 | NatWest Group, Plc (1-Year CMT Index + 2.850%)<sup>3</sup> | 11/10/26 | 7.472 | 2586385 |
| 1525000 | UBS Group AG (1-Year CMT Index + 1.750%)<sup>1,3</sup> | 05/12/28 | 4.751 | 1499144 |
| 4025000 | UBS Group AG (1-Year CMT Index + 2.200%)<sup>1,3</sup> | 01/12/34 | 5.959 | 4239700 |
| 6100000 | US Bancorp (5-Year CMT Index + 2.541%)<sup>3,5</sup> |  | 3.700 | 5329875 |
| 1245000 | Wells Fargo & Co. (SOFR + 2.000%)<sup>3</sup> | 04/30/26 | 2.188 | 1171237 |
| 1165000 | Wells Fargo & Co. (SOFR + 2.100%)<sup>3</sup> | 06/02/28 | 2.393 | 1055806 |
| 3020000 | Wells Fargo & Co. (SOFR + 1.500%)<sup>3</sup> | 03/02/33 | 3.350 | 2663041 |
|  |  |  |  | 58625593 |
|  | **BEVERAGES (0.4%)** |  |  |  |
| 1310000 | Anheuser-Busch InBev Worldwide, Inc. | 01/23/39 | 5.450 | 1371788 |
| 1180000 | Diageo Capital, Plc. | 01/24/33 | 5.500 | 1277370 |
|  |  |  |  | 2649158 |
|  | **BUILDING MATERIALS (0.4%)** |  |  |  |
| 2530000 | James Hardie International Finance DAC<sup>1</sup> | 01/15/28 | 5.000 | 2402176 |
|  | **COMPUTERS (0.5%)** |  |  |  |
| 3250000 | Dell International LLC / EMC Corp. | 02/01/33 | 5.750 | 3247445 |
|  | **DIVERSIFIED FINANCIAL SERVICES (4.6%)** |  |  |  |
| 2160000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 10/29/24 | 1.750 | 2014394 |
| 485000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 10/15/27 | 4.625 | 468928 |
| 1265000 | American Express Co. | 03/04/27 | 2.550 | 1173300 |
| 1250000 | American Express Co. (SOFR + 2.255%)<sup>3</sup> | 05/26/33 | 4.989 | 1238986 |
| 2330000 | Aviation Capital Group LLC<sup>1</sup> | 12/15/24 | 5.500 | 2307628 |
| 2685000 | Avolon Holdings Funding, Ltd.<sup>1</sup> | 07/01/24 | 3.950 | 2601801 |
| 925000 | Avolon Holdings Funding, Ltd.<sup>1</sup> | 01/15/26 | 5.500 | 909250 |
| 3055000 | Bread Financial Holdings, Inc.<sup>1</sup> | 12/15/24 | 4.750 | 2772413 |
| 2338000 | Brightsphere Investment Group, Inc. | 07/27/26 | 4.800 | 2156805 |
| 2345000 | Capital One Financial Corp. | 05/11/27 | 3.650 | 2244237 |
| 2485000 | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finance<sup>1</sup> | 02/15/26 | 3.875 | 2291983 |
| 2550000 | GCM Grosvenor Diversified Alternatives Issuer LLC<sup>1,2</sup> | 11/15/41 | 6.000 | 2014755 |

---

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **CORPORATE BONDS (continued)** |  |  |  |
|  | **DIVERSIFIED FINANCIAL SERVICES (continued)** |  |  |  |
| $2050000 | Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc.<sup>1</sup> | 02/01/27 | 6.375% | $1960682 |
| 4620000 | Sculptor Alternative Solutions LLC<sup>1,2</sup> | 05/15/37 | 6.000 | 3707088 |
| 2655000 | Strategic Credit Opportunities Partners LLC | 04/01/26 | 4.250 | 2403887 |
|  |  |  |  | 30266137 |
|  | **ELECTRIC (2.2%)** |  |  |  |
| 1840000 | Alabama Power Co. | 03/15/32 | 3.050 | 1642576 |
| 1635000 | Avista Corp. | 04/01/52 | 4.000 | 1375226 |
| 2100000 | Duke Energy Florida LLC | 11/15/52 | 5.950 | 2379282 |
| 5065000 | Edison International (5-Year CMT Index + 4.698%)<sup>3,5</sup> |  | 5.375 | 4731625 |
| 2095000 | Narragansett Electric Co.<sup>1</sup> | 04/09/30 | 3.395 | 1930428 |
| 2120000 | Nevada Power Co. | 05/01/53 | 5.900 | 2420916 |
|  |  |  |  | 14480053 |
|  | **HEALTHCARE-SERVICES (0.3%)** |  |  |  |
| 2545000 | PeaceHealth Obligated Group | 11/15/50 | 3.218 | 1824022 |
| 490000 | Sutter Health | 08/15/30 | 2.294 | 412159 |
|  |  |  |  | 2236181 |
|  | **INSURANCE (10.4%)** |  |  |  |
| 4175000 | Aegon NV (6-Month USD-LIBOR + 3.540%)<sup>3</sup> | 04/11/48 | 5.500 | 3979063 |
| 2880000 | Ascot Group, Ltd.<sup>1</sup> | 12/15/30 | 4.250 | 2532612 |
| 2035000 | Athene Global Funding<sup>1</sup> | 06/29/25 | 2.550 | 1885406 |
| 2790000 | Athene Holding, Ltd. | 02/01/33 | 6.650 | 2947802 |
| 5715000 | AXIS Specialty Finance LLC (5-Year CMT Index + 3.186%)<sup>3</sup> | 01/15/40 | 4.900 | 4854813 |
| 2920000 | Corebridge Financial, Inc. (5-Year CMT Index + 3.846%)<sup>1,3</sup> | 12/15/52 | 6.875 | 2904640 |
| 4210000 | Doctors Co. An Interinsurance Exchange<sup>1</sup> | 01/18/32 | 4.500 | 3531609 |
| 1600000 | Enstar Finance LLC (5-Year CMT Index + 5.468%)<sup>3</sup> | 09/01/40 | 5.750 | 1434080 |
| 4100000 | Enstar Finance LLC (5-Year CMT Index + 4.006%)<sup>3</sup> | 01/15/42 | 5.500 | 3381679 |
| 5540000 | F&G Annuities & Life, Inc.<sup>1</sup> | 01/13/28 | 7.400 | 5677988 |
| 2195000 | Fairfax Financial Holdings, Ltd. | 04/29/30 | 4.625 | 2062881 |
| 4765000 | Fidelis Insurance Holdings, Ltd. (5-Year CMT Index + 6.323%)<sup>1,3</sup> | 04/01/41 | 6.625 | 4502925 |
| 3128000 | First American Financial Corp. | 08/15/31 | 2.400 | 2433004 |
| 1690000 | Metropolitan Life Global Funding I<sup>1</sup> | 03/21/29 | 3.300 | 1569838 |
| 1580000 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (5-Year CMT Index + 3.982%)<sup>1,3</sup> | 05/23/42 | 5.875 | 1613575 |
| 1180000 | New York Life Insurance Co.<sup>1</sup> | 05/15/50 | 3.750 | 984249 |
| 3708000 | PartnerRe Finance B LLC (5-Year CMT Index + 3.815%)<sup>3</sup> | 10/01/50 | 4.500 | 3313110 |
| 2995000 | SiriusPoint, Ltd.<sup>1</sup> | 11/01/26 | 4.600 | 2564618 |
| 3125000 | Stewart Information Services Corp. | 11/15/31 | 3.600 | 2465906 |
| 4830000 | Swiss Re Finance Luxembourg S.A. (5-Year CMT Index + 3.582%)<sup>1,3</sup> | 04/02/49 | 5.000 | 4667277 |

---

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **CORPORATE BONDS (continued)** |  |  |  |
|  | **INSURANCE (continued)** |  |  |  |
| $2520000 | Teachers Insurance & Annuity Association of America<sup>1</sup> | 05/15/50 | 3.300% | $1903846 |
| 3655000 | United Insurance Holdings Corp. | 12/15/27 | 7.250 | 1827500 |
| 6280000 | Universal Insurance Holdings, Inc. | 11/30/26 | 5.625 | 5585844 |
|  |  |  |  | 68624265 |
|  | **INVESTMENT COMPANIES (7.0%)** |  |  |  |
| 2490000 | Capital Southwest Corp. | 01/31/26 | 4.500 | 2229173 |
| 1635000 | CION Investment Corp. | 02/11/26 | 4.500 | 1498143 |
| 5725000 | Fairfax India Holdings Corp.<sup>1</sup> | 02/26/28 | 5.000 | 5309938 |
| 2930000 | Franklin BSP Lending Corp.<sup>1</sup> | 12/15/24 | 4.850 | 2784328 |
| 1370000 | FS KKR Capital Corp. | 02/01/25 | 4.125 | 1318384 |
| 3450000 | FS KKR Capital Corp.<sup>1</sup> | 02/14/25 | 4.250 | 3258599 |
| 2330000 | Gladstone Capital Corp. | 01/31/26 | 5.125 | 2190200 |
| 2580000 | Golub Capital BDC, Inc. | 04/15/24 | 3.375 | 2503087 |
| 1965000 | Main Street Capital Corp. | 05/01/24 | 5.200 | 1953375 |
| 2960000 | MidCap Financial Investment Corp. | 07/16/26 | 4.500 | 2585218 |
| 3185000 | Morgan Stanley Direct Lending Fund | 02/11/27 | 4.500 | 3049406 |
| 2095000 | OFS Capital Corp. | 02/10/26 | 4.750 | 1862117 |
| 1445000 | Owl Rock Capital Corp. II<sup>1</sup> | 11/26/24 | 4.625 | 1383907 |
| 2560000 | Owl Rock Technology Finance Corp.<sup>1</sup> | 06/30/25 | 6.750 | 2474983 |
| 2535000 | PennantPark Floating Rate Capital, Ltd. | 04/01/26 | 4.250 | 2289161 |
| 3025000 | Saratoga Investment Corp. | 02/28/26 | 4.375 | 2791922 |
| 3050000 | Silver Point Specialty Credit Fund, L.P.<sup>2</sup> | 11/04/26 | 4.000 | 2647300 |
| 1775000 | Stellus Capital Investment Corp. | 03/30/26 | 4.875 | 1627440 |
| 3165000 | Trinity Capital, Inc. | 12/15/26 | 4.250 | 2718253 |
|  |  |  |  | 46474934 |
|  | **MEDIA (0.4%)** |  |  |  |
| 2850000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>1</sup> | 03/01/31 | 7.375 | 2857125 |
|  | **PACKAGING & CONTAINERS (0.2%)** |  |  |  |
| 1465000 | AptarGroup, Inc. | 03/15/32 | 3.600 | 1273454 |
|  | **PHARMACEUTICALS (0.3%)** |  |  |  |
| 730000 | Bausch Health Cos., Inc.<sup>1</sup> | 06/01/28 | 4.875 | 469259 |
| 1630000 | Bristol-Myers Squibb Co. | 03/15/52 | 3.700 | 1378198 |
|  |  |  |  | 1847457 |
|  | **PIPELINES (2.2%)** |  |  |  |
| 4045000 | Energy Transfer LP (3-Month USD-LIBOR + 4.028%)<sup>3,5</sup> |  | 6.250 | 3812412 |
| 1725000 | EnLink Midstream LLC<sup>1</sup> | 09/01/30 | 6.500 | 1757344 |
| 887000 | EnLink Midstream Partners, LP | 06/01/25 | 4.150 | 854607 |
| 2430000 | Harvest Midstream I LP<sup>1</sup> | 09/01/28 | 7.500 | 2390513 |
| 4400000 | MPLX LP (3-Month USD-LIBOR + 4.652%)<sup>3,5</sup> |  | 6.875 | 4401320 |

---

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **CORPORATE BONDS (continued)** |  |  |  |
|  | **PIPELINES (continued)** |  |  |  |
| $1150000 | Northriver Midstream Finance LP<sup>1</sup> | 02/15/26 | 5.625% | $1104000 |
|  |  |  |  | 14320196 |
|  | **PRIVATE EQUITY (0.3%)** |  |  |  |
| 2095000 | Apollo Management Holdings LP (5-Year CMT Index + 3.266%)<sup>1,3</sup> | 01/14/50 | 4.950 | 1801517 |
|  | **REAL ESTATE INVESTMENT TRUSTS (3.3%)** |  |  |  |
| 4140000 | Arbor Realty SR, Inc.<sup>1</sup> | 10/15/27 | 8.500 | 4153591 |
| 5075000 | EF Holdco / EF Cayman Hold / Ellington Finance REIT |  |  |  |
|  | Cayman/TRS / EF Cayman Non-MTM<sup>1</sup> | 04/01/27 | 5.875 | 4817617 |
| 2065000 | HAT Holdings I LLC / HAT Holdings II LLC<sup>1</sup> | 06/15/26 | 3.375 | 1832688 |
| 2300000 | HAT Holdings I LLC / HAT Holdings II LLC<sup>1</sup> | 09/15/30 | 3.750 | 1757849 |
| 1315000 | Realty Income Corp. | 03/15/30 | 4.850 | 1317301 |
| 2000000 | SBA Tower Trust<sup>1</sup> | 01/15/28 | 6.599 | 2083680 |
| 1380000 | Scentre Group Trust 1 / Scentre Group Trust 2<sup>1</sup> | 02/12/25 | 3.500 | 1331831 |
| 1945000 | Scentre Group Trust 1 / Scentre Group Trust 2<sup>1</sup> | 01/28/26 | 3.625 | 1859896 |
| 1345000 | Scentre Group Trust 2 (5-Year CMT Index + 4.685%)<sup>1,3</sup> | 09/24/80 | 5.125 | 1183375 |
| 2065000 | Starwood Property Trust, Inc.<sup>1</sup> | 01/15/27 | 4.375 | 1853338 |
|  |  |  |  | 22191166 |
|  | **RETAIL (0.9%)** |  |  |  |
| 3450000 | Nordstrom, Inc. | 04/01/30 | 4.375 | 2768038 |
| 3390000 | Target Corp. | 09/15/32 | 4.500 | 3418997 |
|  |  |  |  | 6187035 |
|  | **SEMICONDUCTORS (0.3%)** |  |  |  |
| 2100000 | ams-OSRAM AG<sup>1</sup> | 07/31/25 | 7.000 | 2021319 |
|  | **TELECOMMUNICATIONS (0.1%)** |  |  |  |
| 875000 | Connect Finco S.a r.l. / Connect US Finco LLC<sup>1</sup> | 10/01/26 | 6.750 | 836719 |
|  | **TRUCKING & LEASING (0.3%)** |  |  |  |
| 1925000 | Penske Truck Leasing Co. LP / PTL Finance Corp.<sup>1</sup> | 02/01/28 | 5.700 | 1973672 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds**<br> **(Cost $316,218,357)** |  |  | **296145624** |
|  | **LOAN PARTICIPATIONS AND ASSIGNMENTS (15.5%)** |  |  |  |
| 5110000 | AAdvantage Loyality IP, Ltd. (3-Month USD-LIBOR +4.750%)<sup>3</sup> | 04/20/28 | 9.558 | 5243320 |
| 3316625 | AHP Health Partners, Inc. (1-Month USD-LIBOR + 3.500%)<sup>3</sup> | 08/24/28 | 8.070 | 3285946 |
| 4537200 | Air Canada (3-Month USD-LIBOR + 3.500%)<sup>3</sup> | 08/11/28 | 8.130 | 4529895 |
| 2285834 | AL NGPL Holdings LLC (3-Month USD-LIBOR + 3.750%)<sup>3</sup> | 04/14/28 | 8.375 | 2285834 |
| 3019123 | Allen Media LLC (3-Month CME Term SOFR + 5.500%)<sup>3</sup> | 02/10/27 | 10.230 | 2419706 |
| 2302360 | Allspring Buyer LLC (3-Month USD-LIBOR + 3.000%)<sup>3</sup> | 11/01/28 | 7.750 | 2293243 |
| 952613 | Allspring Buyer LLC (3-Month CME Term SOFR + 3.750%)<sup>3</sup> | 11/01/28 | 8.330 | 949936 |

---

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **LOAN PARTICIPATIONS AND ASSIGNMENTS** |  |  |  |
|  | **(continued)** |  |  |  |
| $297826 | Athenahealth Group, Inc. (3-Month USD-LIBOR + 3.500%)<sup>3</sup> | 02/15/29 | 3.500% | $281693 |
| 2430459 | Athenahealth Group, Inc. (1-Month CME Term SOFR + 3.500%)<sup>3</sup> | 02/15/29 | 8.012 | 2298801 |
| 1180745 | <br> Avolon TLB Borrower 1 (US) LLC Term B3 (1-Month USD-LIBOR + 1.750%)<sup>3</sup> | 01/15/25 | 6.236 | 1182032 |
| 2080000 | <br> Axalta Coating Systems Dutch Holding B BV Term B4 (3-Month CME Term SOFR + 3.000%)<sup>3</sup> | 12/20/29 | 7.506 | 2087800 |
| 2320500 | <br> Bausch Health Companies, Inc. (1-Month CME Term SOFR + 5.250%)<sup>3</sup> | 02/01/27 | 9.828 | 1779731 |
| 2789083 | BCP Renaissance Parent LLC Term B3 (1-Month CME Term SOFR + 3.500%)<sup>3</sup> | 11/02/26 | 8.061 | 2781106 |
| 1376300 | Buckeye Partners LP Term B1 (1-Month USD-LIBOR + 2.250%)<sup>3</sup> | 11/01/26 | 6.634 | 1375873 |
| 3630000 | Central Parent, Inc. (3-Month CME Term SOFR + 4.500%)<sup>3</sup> | 07/06/29 | 9.080 | 3619800 |
| 1916239 | Clarios Global LP (1-Month USD-LIBOR + 3.250%)<sup>3</sup> | 04/30/26 | 7.820 | 1907003 |
| 3840884 | Connect Finco S.a.r.l. (1-Month USD-LIBOR + 3.500%)<sup>3</sup> | 12/11/26 | 8.070 | 3808889 |
| 2500000 | Delos Finance S.a.r.l. (3-Month USD-LIBOR + 1.750%)<sup>3</sup> | 10/06/23 | 6.480 | 2499100 |
| 2260892 | Eastern Power LLC (3-Month USD-LIBOR + 3.750%)<sup>3</sup> | 10/02/25 | 8.480 | 1998629 |
| 2325261 | Elanco Animal Health, Inc. (1-Month USD-LIBOR + 1.750%)<sup>3</sup> | 08/01/27 | 6.119 | 2287476 |
| 1910813 | Geon Performance Solutions LLC (Fka. Echo US Holdings LLC) (3-Month USD-LIBOR + 4.500%)<sup>3</sup> | 08/18/28 | 9.230 | 1899462 |
| 1747608 | GIP II Blue Holding, LP (3-Month USD-LIBOR + 4.500%)<sup>3</sup> | 09/29/28 | 9.230 | 1743781 |
| 1559677 | Global Medical Responce, Inc. (1-Month USD-LIBOR + 4.250%)<sup>3</sup> | 03/14/25 | 8.820 | 1142463 |
| 4945580 | ILPEA Parent, Inc. (1-Month USD-LIBOR + 4.500%)<sup>3</sup> | 06/22/28 | 9.070 | 4784848 |
| 1661776 | Iridium Satellite LLC Term B2 (1-Month CME Term SOFR + |  |  |  |
|  | 2.500%)<sup>3</sup> | 11/04/26 | 7.161 | 1660547 |
| 2549208 | Jazz Pharmaceuticals Plc. (1-Month USD-LIBOR + 3.500%)<sup>3</sup> | 05/05/28 | 8.070 | 2545614 |
| 2268600 | LendingTree, Inc. Term B (1-Month USD-LIBOR + 3.750%)<sup>3</sup> | 09/15/28 | 8.320 | 2073886 |
| 2830500 | Lumen Technologies, Inc. Term A (1-Month USD-LIBOR + 2.000%)<sup>3</sup> | 01/31/25 | 6.570 | 2772701 |
| 3027125 | Medline Borrower, LP (1-Month USD-LIBOR + 3.250%)<sup>3</sup> | 10/23/28 | 7.820 | 2935887 |
| 3046975 | MIP V Waste LLC (1-Month USD-LIBOR + 3.250%)<sup>3</sup> | 12/08/28 | 7.820 | 2999991 |
| 3036563 | MPH Acquisition Holdings LLC (3-Month USD-LIBOR + 4.250%)<sup>3</sup> | 09/01/28 | 8.985 | 2724829 |
| 2666951 | NorthRiver Midstream Finance LP Term B (3-Month USD-LIBOR + 3.250%)<sup>3</sup> | 10/01/25 | 8.004 | 2662657 |

---

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Interest <br>Rate | Value | Value |
|  | **LOAN PARTICIPATIONS AND ASSIGNMENTS** |  |  |  |  |  |
|  | **(continued)** |  |  |  |  |  |
| $5560325 | OCM System One Buyer CTB LLC (3-Month CME Term SOFR + 4.000%)<sup>3</sup> | 03/02/28 | 8.730 | 8.730% | $5449118 | 5449118 |
| 2592371 | Organon & Co. (3-Month USD-LIBOR + 3.000%)<sup>3</sup> | 06/02/28 |  | 7.750 |  | 2584490 |
| 3080000 | Propulsion (BC) Newco LLC (3-Month CME Term SOFR + 4.000%)<sup>3</sup> | 09/14/29 |  | 8.580 |  | 3045350 |
| 2004500 | SkyMiles IP, Ltd. (3-Month USD-LIBOR + 3.750%)<sup>3</sup> | 10/20/27 |  | 8.558 |  | 2070909 |
| 1810000 | Starwood Property Mortgage LLC (1-Month CME Term SOFR + 3.250%)<sup>3</sup> | 11/18/27 |  | 7.811 |  | 1797185 |
| 3723675 | <br> United AirLines, Inc. Term B (3-Month USD-LIBOR + 3.750%)<sup>3</sup> | 04/21/28 |  | 8.568 |  | 3715334 |
| 1128671 | <br> Verscend Holding Corp. Team B1 (1-Month USD-LIBOR + 4.000%)<sup>3</sup> | 08/27/25 |  | 8.570 |  | 1125443 |
| 1794028 | <br> Vistra Operations Company LLC (fka Tex Operations Co. LLC) (1-Month USD-LIBOR + 1.750%)<sup>3</sup> | 12/31/25 |  | 6.300 |  | 1789543 |
| 2145000 | <br> Wyndham Hotels & Resorts, Inc. Term B (1-Month USD-LIBOR + 1.750%)<sup>3</sup> | 05/30/25 |  | 6.320 |  | 2141976 |
|  | **Total Loan Participations and Assignments <br> (Cost $105,221,736)** |  |  |  |  | **102581827** |
|  | **MUNICIPAL BONDS (0.9%)** |  |  |  |  |  |
| 1645000 | Indiana Finance Authority, Revenue Bonds | 03/01/51 |  | 3.313 |  | 1158531 |
| 5605000 | **Port Authority of New York & New Jersey, Revenue Bonds** | 10/01/33 |  | 2.000 |  | 4640984 |
|  | **Total Municipal Bonds <br> (Cost $7,330,923)** |  |  |  |  | **5799515** |
|  | **PREFERRED STOCK (2.6%)** |  |  |  |  |  |
| 178600 | Eagle Point Credit Co., Inc. | 01/31/29 |  | 5.375 |  | 3939916 |
| 99600 | First Eagle Alternative Capital BDC, Inc. | 05/25/26 |  | 5.000 |  | 2337612 |
| 132600 | Gladstone Investment Corp. | 11/01/28 |  | 4.875 |  | 2902614 |
| 93600 | Horizon Technology Finance Corp. | 03/30/26 |  | 4.875 |  | 2227680 |
| 130800 | Oxford Lane Capital Corp. | 01/31/27 |  | 5.000 |  | 2943000 |
| 114000 | **Trinity Capital, Inc.** | 01/16/25 |  | 7.000 |  | 2868240 |
|  | **Total Preferred Stock<br> (Cost $18,770,836)** |  |  |  |  | **17219062** |
|  | **RESIDENTIAL MORTGAGE BACKED SECURITIES (0.2%)** |  |  |  |  |  |
| 464777 | Cascade Funding Mortgage Trust 2018-RM2<sup>1,3,4</sup> | 10/25/68 |  | 4.000 |  | 451347 |
| 604543 | Cascade Funding Mortgage Trust 2019-RM3<sup>1,3,4</sup> | 06/25/69 |  | 2.800 |  | 585057 |
| 350458 | RMF Proprietary Issuance Trust 2019-1<sup>1,3,4</sup> | 10/25/63 |  | 2.750 |  | 323564 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Total Residential Mortgage Backed Securities (Cost $1,415,495)**  |  |  |  |  | **1359968** |

---

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal <br>Amount |  | Maturity <br>Date | Interest <br>Rate | Value |
|  | **U.S. TREASURY BONDS AND NOTES (13.4%)** |  |  |  |
| $37305000 | U.S. Treasury Bond<sup>6</sup> | 08/15/41 | 1.750% | $27177275 |
| 2250000 | U.S. Treasury Bond | 08/15/46 | 2.250 | 1717998 |
| 3350000 | U.S. Treasury Bond | 11/15/52 | 4.000 | 3582406 |
| 700000 | U.S. Treasury Note<sup>6</sup> | 02/15/23 | 2.000 | 699311 |
| 1200000 | U.S. Treasury Note<sup>6</sup> | 10/31/23 | 1.625 | 1172250 |
| 19000000 | U.S. Treasury Note | 12/31/24 | 4.250 | 19000000 |
| 300000 | U.S. Treasury Note<sup>6</sup> | 08/15/26 | 1.500 | 277524 |
| 500000 | U.S. Treasury Note<sup>6</sup> | 08/31/28 | 1.125 | 437617 |
| 150000 | U.S. Treasury Note<sup>6</sup> | 12/31/28 | 1.375 | 132498 |
| 18400000 | U.S. Treasury Note<sup>6</sup> | 05/15/30 | 0.625 | 15051344 |
| 23300000 | **U.S. Treasury Note<br>**  | 08/15/31 | 1.250 | 19551066 |
|  | **Total U.S. Treasury Bonds and Notes<br> (Cost $88,512,164)** |  |  | **88799289** |
|  | **U.S. TREASURY BILLS (1.4%)** |  |  |  |
| 9350000 | U.S. Treasury Bill<sup>7</sup> | 03/30/23 | 0.000 | 9286009 |
| 450000 | **U.S. Treasury Bill<sup>6,7</sup>**  | 04/13/23 | 0.000 | 445985 |
|  | **Total U.S. Treasury Bills****<br> (Cost $9,732,279)** |  |  | **9731994** |
| **TOTAL INVESTMENTS (Cost $700,178,231)<sup>8</sup>** | **TOTAL INVESTMENTS (Cost $700,178,231)<sup>8</sup>** | **100.3%** |  | $**664888432** |
| **LIABILITIES IN EXCESS OF OTHER ASSETS** | **LIABILITIES IN EXCESS OF OTHER ASSETS** | **(0.3)%** |  | **(2273050)** |
| **NET ASSETS** | **NET ASSETS** | **100.0%** |  | $**662615382** |

---

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities owned at January 31, 2023 was $273,924,302 or 41.3% of net assets.

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

<sup>3</sup> Variable rate instrument. Interest rates change on specific dates (such as coupon or interest payment date). The yield shown represents the January 31, 2023 coupon or interest rate.

<sup>4</sup> This variable rate security is based on a predetermined schedule and the rate at period end also represents the reference rate at period end.

<sup>5</sup> Security is perpetual in nature and has no stated maturity date.

<sup>6</sup> All or a portion of this security is held at the broker as collateral for open futures contracts.

<sup>7</sup> Security issued with zero coupon. Income is recognized through accretion of discount.

<sup>8</sup> The aggregate cost for federal income tax purposes is $700,178,231, the aggregate gross unrealized appreciation is $7,848,231 and the aggregate gross unrealized depreciation is $39,700,998, resulting in net unrealized depreciation of $31,852,767.

Abbreviations:

---

| | |
|:---|:---|
| CME | Chicago Mercantile Exchange. |
| CMT | Constant Maturity Treasury. |
| LIBOR | London Interbank Offered Rate. |
| SOFR | Secured Overnight Financing Rate. |

---

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

**FINANCIAL FUTURES CONTRACTS**

The following futures contracts were open at January 31, 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of <br>Contracts** | **Expiration <br>Date** | **Notional <br>Amount** | **Market <br>Value** | **Unrealized Appreciation/ <br>(Depreciation)** |
| **Contracts to Buy:** | |  | | | |
| U.S. Treasury 5-Year Notes | 381 | March 2023 | $41168814 | $41621274 | $452460 |
| U.S. Treasury 10-Year Notes | 810 | March 2023 | 91435414 | 92757656 | 1322242 |
| U.S. Long Bond | 200 | March 2023 | 25603813 | 25975000 | 371187 |
| U.S. Ultra Bond | 235 | March 2023 | 32274201 | 33311250 | 1037049 |
| U.S. Treasury 10-Year Ultra Bond | 219 | March 2023 | 26136296 | 26543484 | 407188 |
|  |  |  |  |  | $3590126 |
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 2-Year Notes | 213 | March 2023 | $43650023 | $43803117 | $(153094) |
| Net Unrealized Gain on Open Futures Contracts |  |  |  |  | $3437032 |

---

**FAIR VALUE MEASUREMENTS**

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

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

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

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

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

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

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

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

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

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

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

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of January 31, 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments, at value | Unadjusted Quoted<br> Prices in Active Markets<br> for Identical Investments<br> (Level 1) | Significant Other<br> Observable Inputs<br> (Level 2) | Significant<br> Unobservable Inputs<br> (Level 3) | Balance as of<br> January 31, 2023 |
| Asset Backed Securities | $– | $92071361 | $6765632 | $98836993 |
| Commercial Mortgage Backed Securities |  | 37982373 | 6431787 | 44414160 |
| Corporate Bonds |  | 287776481 | 8369143 | 296145624 |
| Loan Participations and Assignments |  | 102581827 |  | 102581827 |
| Municipal Bonds |  | 5799515 |  | 5799515 |
| Preferred Stock | 17219062 |  |  | 17219062 |
| Residential Mortgage Backed Securities |  | 1359968 |  | 1359968 |
| U.S. Treasury Bonds and Notes |  | 88799289 |  | 88799289 |
| U.S. Treasury Bills | – | 9731994 | – | 9731994 |
| &nbsp;&nbsp;&nbsp;**Total Investment, at value** | $**17219062** | $**626102808** | $**21566562** | $**664888432** |
| Other Financial Instruments, at value |  |  |  |  |
| Financial Futures Contracts | $3437032 | $– | $– | $3437032 |
| &nbsp;&nbsp;&nbsp;**Other Financial Instruments, at value** | $**3437032** | $**–** | $**–** | $**3437032** |

---

**BBH INCOME FUND**

PORTFOLIO OF INVESTMENTS (continued)

January 31, 2023 (unaudited)

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period ended January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Asset Backed<br> Securities | Commercial<br> Mortgage Backed<br> Securities | <br>Corporate Bonds | <br>Total |
| Balance as of October 31, 2022 | $6860896 | $6703260 | $11623862 | $25188018 |
| Purchases |  |  | 395513 | 395513 |
| Sales/Paydowns | (146968) | (190031) |  | (336999) |
| Realized gains/(losses) |  |  |  |  |
| Change in unrealized appreciation/(depreciation) | 51704 | (81193) | (327225) | (356714) |
| Amortization |  | (249) | 2635 | 2386 |
| Transfers from Level 3 |  |  | (3325642) | (3325642) |
| Transfers to Level 3 |  |  |  |  |
| Balance as of January 31, 2023 | $6765632 | $6431787 | $8369143 | $21566562 |

---

The Fund's investments classified as Level 3 were valued using a model approach, including the Fund's assumptions in determining their fair value.

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 50 Post Office Square

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $672922180.00

**Total Liabilities:** $10603463.24

**Net Assets:** $662318716.76

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1586.00000000 | **1-Year:** 24040.00000000 | **5-Year:** 65103.00000000 | **10-Year:** 69758.00000000 | **30-Year:** 25897.00000000

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

- **3-Month:** 235.00000000 | **1-Year:** 7753.00000000 | **5-Year:** 35917.00000000 | **10-Year:** 4473.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000201413 | 3.14%                | -0.24%               | 4.02%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1200706.69             | $10001071.71                               |
| Month 2  | $70283.08                | $-1738046.00                               |
| Month 3  | $459867.70               | $14717997.93                               |

**Designated Index Information**

- **Index Name:** income_fund_security_portfolio

- **Index Identifier:** n/a

### Schedule of Portfolio Investments

| Name                             | Title                                                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ATHENE GLOBAL F 2.55% 06/29/25   | ATHENE GLOBAL FUNDING REGD 144A P/P 2.55000000                                                       | CUSIP: 04685A2N0<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   2035000 | NS      | $1885405.56   | 0.28%             | 2025-06-29      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| T/L ZEBRA BUYER 0% 11/01/2028    | T/L ZEBRA BUYER LLC REGD 0.00000000                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2302360 | NS      | $2293242.52   | 0.35%             | 2028-11-01      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| STWD 2019-FL1 B V/R 02/15/24     | STWD 2019-FL1 LTD SER 2019-FL1 CL B V/R REGD 144A P/P 6.19730000                                     | CUSIP: 78485WAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    890000 | NS      | $864878.24    | 0.13%             | 2038-07-15      | Variable      | 6.20%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH HEALTH  4.875% 06/01/28   | BAUSCH HEALTH COS INC REGD 144A P/P 4.87500000                                                       | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    730000 | NS      | $469258.60    | 0.07%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| T/L ILPEA PARENT 0% 06/22/28     | T/L ILPEA PARENT INC REGD 0.00000000                                                                 | CUSIP: 45236FAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4945580 | NS      | $4784848.17   | 0.72%             | 2028-06-22      | Variable      | 9.07%                 | No            |                  2 | On Loan: No      |
| ENSTAR FINANCE LL V/R 01/15/42   | ENSTAR FINANCE LLC REGD V/R 5.50000000                                                               | CUSIP: 29360AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4100000 | NS      | $3381678.98   | 0.51%             | 2042-01-15      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| BHG 2022-A A 1.71% 02/20/35      | BHG SECURITIZATION TRUST 2022-A SER 2022-A CL A REGD 144A P/P 1.71000000                             | CUSIP: 054977AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2807977 | NS      | $2637070.13   | 0.40%             | 2035-02-20      | Fixed         | 1.71%                 | Yes           |                  2 | On Loan: No      |
| REALTY INCOME C 4.85% 03/15/30   | REALTY INCOME CORP REGD 4.85000000                                                                   | CUSIP: 756109BR4<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |   1315000 | NS      | $1317300.62   | 0.20%             | 2030-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| APTARGROUP INC 3.6% 03/15/32     | APTARGROUP INC REGD 3.60000000                                                                       | CUSIP: 038336AA1<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | DBT              | CORP              | US        |   1465000 | NS      | $1273454.37   | 0.19%             | 2032-03-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| T/L GRIZZLY ACQUI 0% 10/01/25    | T/L GRIZZLY ACQUISITIONS INC   REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |   2666951 | NS      | $2662657.23   | 0.40%             | 2025-10-01      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| PEACEHEALTH OB 3.218% 11/15/50   | PEACEHEALTH OBLIGATED GR REGD SER 2020 3.21800000                                                    | CUSIP: 70462GAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2545000 | NS      | $1824022.22   | 0.28%             | 2050-11-15      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| DBRG 2021-1A  3.933% 09/25/26    | DIGITALBRIDGE ISSUER LLC SER 2021-1A CL A2 REGD 144A P/P 3.93300000                                  | CUSIP: 25402JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2850000 | NS      | $2480440.50   | 0.37%             | 2051-09-25      | Fixed         | 3.93%                 | Yes           |                  2 | On Loan: No      |
| T/L GIP II BLU 0% 09/29/2028     | T/L GIP  II BLUE HOLDING LP    REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1747608 | NS      | $1743780.63   | 0.26%             | 2028-09-29      | Variable      | 9.23%                 | No            |                  2 | On Loan: No      |
| T/L IRIDIUM SAT 0% 11/04/26      | T/L IRIDIUM SATELLITE LLC REGD 0.00000000                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1661776 | NS      | $1660546.55   | 0.25%             | 2026-11-04      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| AXIS SPECIALTY FI V/R 01/15/40   | AXIS SPECIALTY FINANCE REGD V/R 4.90000000                                                           | CUSIP: 05463HAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5715000 | NS      | $4854813.23   | 0.73%             | 2040-01-15      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| THRST 2021-1A 4.163% 07/15/27    | THRUST ENGINE LEASING 2021 DAC SER 2021-1A CL A REGD 144A P/P 4.16300000                             | CUSIP: 88603UAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4697168 | NS      | $3506570.87   | 0.53%             | 2040-07-15      | Fixed         | 4.16%                 | Yes           |                  2 | On Loan: No      |
| US TREAS BDS 1.75% 08/15/41      | UNITED STATES TREASURY BOND 1.75000000                                                               | CUSIP: 912810TA6<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  37305000 | NS      | $27177275.20  | 4.10%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| T/L CLARIOS GLOB 0% 04/30/26     | T/L CLARIOS GLOBAL LP    REGD 0.00000000                                                             | CUSIP: C8000CAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1916239 | NS      | $1907002.56   | 0.29%             | 2026-04-30      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| GLADSTONE CAPI 5.125% 01/31/26   | GLADSTONE CAPITAL CORP REGD 5.12500000                                                               | CUSIP: 376535AC4<br>LEI: 549300AWMOT9JR1SIJ74 | Long             | DBT              | CORP              | US        |   2330000 | NS      | $2190200.00   | 0.33%             | 2026-01-31      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING  6.65% 02/01/33   | ATHENE HOLDING LTD REGD 6.65000000                                                                   | CUSIP: 04686JAF8<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | BM        |   2790000 | NS      | $2947801.76   | 0.45%             | 2033-02-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| BXMT 2020-FL2 A V/R 07/15/22     | BXMT 2020-FL2 LTD SER 2020-FL2 CL A V/R REGD 144A P/P 5.49730000                                     | CUSIP: 12434LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1683634 | NS      | $1634331.70   | 0.25%             | 2038-02-15      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2019-RM3 A V/R 06/25/69     | CASCADE FUNDING MORTGAGE TRUST 2019-RM3 SER 2019-RM3 CL A V/R REGD 144A P/P 2.80000000               | CUSIP: 147271AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    604543 | NS      | $585057.28    | 0.09%             | 2069-06-25      | Variable      | 2.80%                 | Yes           |                  2 | On Loan: No      |
| STHWK 2019-4A A1 V/R 07/20/32    | SOUTHWICK PARK CLO LLC SER 2019-4A CL A1R V/R REGD 144A P/P 5.86771000                               | CUSIP: 846031AN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2310000 | NS      | $2282280.00   | 0.34%             | 2032-07-20      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| RMIT 2022-1 A 3.07% 05/15/26     | REGIONAL MANAGEMENT ISSUANCE TRUST 2022-1 SER 2022-1 CL A REGD 144A P/P 3.07000000                   | CUSIP: 75907DAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5150000 | NS      | $4740253.64   | 0.72%             | 2032-03-15      | Fixed         | 3.07%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS C 5.4% 10/15/29   | GENERAL MOTORS CO REGD 5.40000000                                                                    | CUSIP: 37045VAY6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   2230000 | NS      | $2215377.73   | 0.33%             | 2029-10-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CAUTO 2020-1A  4.17% 02/15/25    | CARS-DB4 LP SER 2020-1A CL B1 REGD 144A P/P 4.17000000                                               | CUSIP: 12510HAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1430000 | NS      | $1322593.70   | 0.20%             | 2050-02-15      | Fixed         | 4.17%                 | Yes           |                  2 | On Loan: No      |
| BANK LEUMI LE- 5.125% 07/27/27   | BANK LEUMI LE-ISRAEL REGD P/P 5.12500000                                                             | CUSIP: M1R786AY4<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | DBT              | CORP              | IL        |   1635000 | NS      | $1633937.25   | 0.25%             | 2027-07-27      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DFVI 2021-1 A 2.982% 12/15/29    | SER 2021-1 CL A REGD 144A P/P 2.98200000                                                             | CUSIP: 45783VAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5679969 | NS      | $5426161.61   | 0.82%             | 2029-12-15      | Fixed         | 2.98%                 | Yes           |                  3 | On Loan: No      |
| T/L CONNECT FINCO 0% 12/11/26    | T/L CONNECT FINCO SARL REGD 0.00000000                                                               | CUSIP: L2000DAD6<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |   3840884 | NS      | $3808889.26   | 0.58%             | 2026-12-11      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL  3.375% 04/15/24   | GOLUB CAPITAL BDC REGD 3.37500000                                                                    | CUSIP: 38173MAA0<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |   2580000 | NS      | $2503087.36   | 0.38%             | 2024-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I  3.75% 09/15/30   | HAT HOLDINGS I LLC/HAT REGD 144A P/P 3.75000000                                                      | CUSIP: 418751AD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2300000 | NS      | $1757849.41   | 0.27%             | 2030-09-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL SOUTHWES 4.5% 01/31/26   | CAPITAL SOUTHWEST CORP REGD 4.50000000                                                               | CUSIP: 140501AB3<br>LEI: 54930023YZ4YEJEDBO56 | Long             | DBT              | CORP              | US        |   2490000 | NS      | $2229172.50   | 0.34%             | 2026-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AVISTA CORP 4% 04/01/52          | AVISTA CORP REGD 4.00000000                                                                          | CUSIP: 05379BAR8<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | DBT              | CORP              | US        |   1635000 | NS      | $1375225.90   | 0.21%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC /  5.75% 02/01/33   | DELL INT LLC / EMC CORP REGD 5.75000000                                                              | CUSIP: 24703DBL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3250000 | NS      | $3247444.69   | 0.49%             | 2033-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FREED 2022-2CP 4.49% 10/18/24    | FREED ABS TRUST 2022-2CP SER 2022-2CP CL B REGD 144A P/P 4.49000000                                  | CUSIP: 35633LAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1670000 | NS      | $1625611.90   | 0.25%             | 2029-05-18      | Fixed         | 4.49%                 | Yes           |                  2 | On Loan: No      |
| BPR 2022-OANA C V/R 04/15/24     | BPR TRUST 2022-OANA SER 2022-OANA CL C V/R REGD 144A P/P 7.17504000                                  | CUSIP: 05592DAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1390000 | NS      | $1348236.34   | 0.20%             | 2037-04-15      | Variable      | 7.18%                 | Yes           |                  2 | On Loan: No      |
| RPIT 2019-1 A V/R 10/25/24       | RMF PROPRIETARY ISSUANCE TRUST 2019-1 SER 2019-1 CL A V/R REGD 144A P/P 2.75000000                   | CUSIP: 74968RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    350458 | NS      | $323563.98    | 0.05%             | 2063-10-25      | Variable      | 2.75%                 | Yes           |                  2 | On Loan: No      |
| T/L ALLEN MEDIA 0% 02/10/2027    | T/L ALLEN MEDIA LLC AKA ENTERT REGD 0.00000000                                                       | CUSIP: 01771JAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3019123 | NS      | $2419706.39   | 0.37%             | 2027-02-10      | Variable      | 10.23%                | No            |                  2 | On Loan: No      |
| US TREAS NTS 1.375% 12/31/28     | UNITED STATES TREASURY NOTE 1.37500000                                                               | CUSIP: 91282CDP3<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    150000 | NS      | $132498.05    | 0.02%             | 2028-12-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| OXFIN 2020-1A 3.101% 12/15/24    | OXFORD FINANCE FUNDING 2020-1 LLC SER 2020-1A CL A2 REGD 144A P/P 3.10100000                         | CUSIP: 69144AAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1393183 | NS      | $1379155.35   | 0.21%             | 2028-02-15      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| ONDK 2021-1A A 1.59% 05/17/24    | ONDECK ASSET SECURITIZATION TRUST III LLC SER 2021-1A CL A REGD 144A P/P 1.59000000                  | CUSIP: 68236WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2180000 | NS      | $2011175.13   | 0.30%             | 2027-05-17      | Fixed         | 1.59%                 | Yes           |                  2 | On Loan: No      |
| ABDLF 2022-2A 4.986% 03/01/32    | ABPCI DIRECT LENDING FUND ABS II LLC SER 2022-2A CL B REGD 144A P/P 4.98650000                       | CUSIP: 00090NAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2270000 | NS      | $2083176.73   | 0.31%             | 2032-03-01      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| T/L VERSCEND HOLDIN 0% 8/27/25   | T/L VERSCEND HOLDING CORP REGD 0.00000000                                                            | CUSIP: 92531HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1128671 | NS      | $1125443.11   | 0.17%             | 2025-08-27      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| NADG 2019-1 A 3.368% 12/28/24    | NADG NNN OPERATING LP SER 2019-1 CL A REGD 144A P/P 3.36800000                                       | CUSIP: 629682AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1083042 | NS      | $1012542.37   | 0.15%             | 2049-12-28      | Fixed         | 3.37%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN EXPRES 2.55% 03/04/27   | AMERICAN EXPRESS CO REGD 2.55000000                                                                  | CUSIP: 025816CS6<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1265000 | NS      | $1173299.61   | 0.18%             | 2027-03-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| JPMBB 2014-C24 D V/R 10/15/24    | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUS SER 2014-C24 CL D V/R REGD 144A P/P 3.88316100             | CUSIP: 46643GAY6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    240000 | NS      | $172332.14    | 0.03%             | 2047-11-15      | Variable      | 3.88%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R 05/12/28        | UBS GROUP AG REGD V/R 144A P/P 4.75100000                                                            | CUSIP: 902613AP3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1525000 | NS      | $1499144.20   | 0.23%             | 2028-05-12      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SORT 2020-1 B1 2.28% 07/15/25    | CF HIPPOLYTA ISSUER LLC SER 2020-1 CL B1 REGD 144A P/P 2.28000000                                    | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1028857 | NS      | $915371.70    | 0.14%             | 2060-07-15      | Fixed         | 2.28%                 | Yes           |                  2 | On Loan: No      |
| GCPAF 2021-1A 2.773% 04/20/29    | GOLUB CAPITAL PARTNERS ABS FUNDING 2021-1 LTD SER 2021-1A CL A2 REGD 144A P/P 2.77300000             | CUSIP: 38178HAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4270000 | NS      | $3926810.28   | 0.59%             | 2029-04-20      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| MIDCAP FINANCIAL 4.5% 07/16/26   | MIDCAP FINANCIAL INVEST REGD 4.50000000                                                              | CUSIP: 03761UAH9<br>LEI: 5493005P14I7WFB3FW47 | Long             | DBT              | CORP              | US        |   2960000 | NS      | $2585218.18   | 0.39%             | 2026-07-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WFCM 2020-SDAL B V/R 02/15/37    | WELLS FARGO COMMERCIAL MORTGAGE TRUST SER 2020-SDAL CL B V/R REGD 144A P/P 5.79900000                | CUSIP: 95002GAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2915000 | NS      | $2806595.81   | 0.42%             | 2037-02-15      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| REPS 2020-A A 2.47% 11/20/30     | REPUBLIC FINANCE ISSUANCE TRUST 2020-A SER 2020-A CL A REGD 144A P/P 2.47000000                      | CUSIP: 76042EAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2060000 | NS      | $1960891.13   | 0.30%             | 2030-11-20      | Fixed         | 2.47%                 | Yes           |                  2 | On Loan: No      |
| RCMT 2021-FL7 A V/R 09/25/26     | READY CAPITAL MORTGAGE FINANCING 20 SER 2021-FL7 CL A V/R REGD 144A P/P 5.70586000                   | CUSIP: 75575WAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3900505 | NS      | $3783566.25   | 0.57%             | 2036-11-25      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| T/L AL NGPL HOLD 0% 04/14/28     | T/L AL NGPL HOLDINGS LLC 0.00000000                                                                  | CUSIP: 01021AAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2285834 | NS      | $2285834.19   | 0.35%             | 2028-04-14      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| OXFIN 2019-1A 4.459% 03/15/24    | OXFORD FINANCE FUNDING 2019-1 LLC SER 2019-1A CL A2 REGD 144A P/P 4.45900000                         | CUSIP: 69145AAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    413154 | NS      | $410167.58    | 0.06%             | 2027-02-15      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| T/L ATHENAHEAL 0% 02/15/29       | T/L ATHENAHEALTH INC REGD 0.00000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    297826 | NS      | $281692.85    | 0.04%             | 2029-02-15      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA COR V/R /PERP/   | BANK OF AMERICA CORP REGD V/R /PERP/ SER RR 4.37500000                                               | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5910000 | NS      | $5363916.00   | 0.81%             | 2171-04-27      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 04/13/23           | UNITED STATES TREASURY BILL ZCP 0.00000000                                                           | CUSIP: 912796YU7<br>LEI: N/A                  | Long             | STIV             | UST               | US        |    450000 | PA      | $445985.17    | 0.07%             | 2023-04-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG 7% 07/31/25         | AMS-OSRAM AG REGD 144A P/P 7.00000000                                                                | CUSIP: 03217CAA4<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |   2100000 | NS      | $2021318.73   | 0.31%             | 2025-07-31      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| MFIT 2019-AA A 2.96% 08/21/23    | MARINER FINANCE ISSUANCE TRUST 2019-A SER 2019-AA CL A REGD 144A P/P 2.96000000                      | CUSIP: 56847MAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    318195 | NS      | $314348.60    | 0.05%             | 2032-07-20      | Fixed         | 2.96%                 | Yes           |                  2 | On Loan: No      |
| CGCC 2014-FL2 ST V/R 11/15/31    | CG-CCRE COMMERCIAL MORTGAGE TRUST 2014-FL2 SER 2014-FL2 CL STC1 V/R REGD 144A P/P 8.45900000         | CUSIP: 12528PAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    146085 | NS      | $118445.45    | 0.02%             | 2031-11-15      | Variable      | 8.46%                 | Yes           |                  3 | On Loan: No      |
| OWL ROCK TECHNO 6.75% 06/30/25   | OWL ROCK TECHNOLOGY FINA REGD 144A P/P 6.75000000                                                    | CUSIP: 691205AA6<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |   2560000 | NS      | $2474983.45   | 0.37%             | 2025-06-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| T/L ATHENAHEAL 0% 02/15/29       | T/L ATHENAHEALTH INC REGD 0.00000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2430459 | NS      | $2298801.42   | 0.35%             | 2029-02-15      | Variable      | 8.01%                 | No            |                  2 | On Loan: No      |
| ENLINK MIDSTREA 4.15% 06/01/25   | ENLINK MIDSTREAM PARTNER REGD 4.15000000                                                             | CUSIP: 29336UAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    887000 | NS      | $854606.76    | 0.13%             | 2025-06-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| HBCT 2015-HB10 C V/R 08/05/22    | HUDSONS BAY SIMON JV TRUST 2015-HBS SER 2015-HB10 CL C10 V/R REGD 144A P/P 5.44700000                | CUSIP: 44422PBY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | NS      | $798325.80    | 0.12%             | 2034-08-05      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| OFS CAPITAL COR 4.75% 02/10/26   | OFS CAPITAL CORP REGD 4.75000000                                                                     | CUSIP: 67103BAA8<br>LEI: 549300XTK3HSWPDBJD13 | Long             | DBT              | CORP              | US        |   2095000 | NS      | $1862117.29   | 0.28%             | 2026-02-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO S 6.75% 10/01/26   | CONNECT FINCO SARL/CONNE REGD 144A P/P 6.75000000                                                    | CUSIP: 20752TAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    875000 | NS      | $836718.75    | 0.13%             | 2026-10-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GCM GROSVENOR DIV  6% 11/15/31   | GCM GROSVENOR DIV LLC REGD 144A P/P 6.00000000                                                       | CUSIP: 36831FAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2550000 | NS      | $2014755.00   | 0.30%             | 2031-11-15      | Fixed         | 6.00%                 | Yes           |                  3 | On Loan: No      |
| NIAPK 2019-1A AR V/R 07/17/32    | NIAGARA PARK CLO LTD SER 2019-1A CL AR V/R REGD 144A P/P 5.79243000                                  | CUSIP: 65357LAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3960000 | NS      | $3906103.61   | 0.59%             | 2032-07-17      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| MDCP 2020-4A  2.286% 01/20/27    | ELM 2020-4 TRUST SER 2020-4A CL A2 REGD 144A P/P 2.28600000                                          | CUSIP: 28924AAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2490000 | NS      | $2332673.58   | 0.35%             | 2029-10-20      | Fixed         | 2.29%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS  5.5% 01/15/26   | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 5.50000000                                                    | CUSIP: 05401AAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    925000 | NS      | $909250.04    | 0.14%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AEGON NV V/R 04/11/48            | AEGON NV REGD V/R 5.50000000                                                                         | CUSIP: 007924AJ2<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | DBT              | CORP              | NL        |   4175000 | NS      | $3979062.95   | 0.60%             | 2048-04-11      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 1.625% 10/31/23     | UNITED STATES TREASURY NOTE 1.62500000                                                               | CUSIP: 912828T91<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   1200000 | NS      | $1172250.00   | 0.18%             | 2023-10-31      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 10/18/33      | MORGAN STANLEY REGD V/R 6.34200000                                                                   | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2055000 | NS      | $2259047.63   | 0.34%             | 2033-10-18      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| CGCC 2014-FL2 D V/R 11/15/31     | CG-CCRE COMMERCIAL MORTGAGE TRUST 2014-FL2 SER 2014-FL2 CL D V/R REGD 144A P/P 8.45900000            | CUSIP: 12528PAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    786000 | NS      | $649730.63    | 0.10%             | 2031-11-15      | Variable      | 8.46%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/ 7.375% 03/01/31   | CCO HLDGS LLC/CAP CORP REGD 144A P/P 7.37500000                                                      | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1900000 | NS      | $1904750.00   | 0.29%             | 2031-03-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| BAE SYSTEMS PLC 3.4% 04/15/30    | BAE SYSTEMS PLC REGD 144A P/P 3.40000000                                                             | CUSIP: 05523RAD9<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |   2220000 | NS      | $2035115.98   | 0.31%             | 2030-04-15      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| T/L BCP RENAISSANC 0% 11/02/2026 | T/L BCP RENAISSANCE PARENT     LLC REGD 0.00000000                                                   | CUSIP: 05549PAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2789083 | NS      | $2781105.81   | 0.42%             | 2026-11-02      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| OPTN 2021-C A 2.18% 10/08/31     | OPORTUN ISSUANCE TRUST 2021-C SER 2021-C CL A REGD 144A P/P 2.18000000                               | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5630000 | NS      | $5058580.90   | 0.76%             | 2031-10-08      | Fixed         | 2.18%                 | Yes           |                  2 | On Loan: No      |
| BX 2022-CSMO C V/R 06/15/27      | BX COMMERCIAL MORTGAGE TRUST 2022-CSMO SER 2022-CSMO CL C V/R REGD 144A P/P 8.36654000               | CUSIP: 05610MAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4740000 | NS      | $4719230.27   | 0.71%             | 2027-06-15      | Variable      | 8.37%                 | Yes           |                  2 | On Loan: No      |
| T/L WYNDHAM 0% 05/30/25          | T/L WYNDHAM HOTELS & RESORTS   INC ZCP REGD 0.00000000                                               | CUSIP: 98310CAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2145000 | NS      | $2141975.55   | 0.32%             | 2025-05-30      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| TARGET CORP 4.5% 09/15/32        | TARGET CORP REGD 4.50000000                                                                          | CUSIP: 87612EBP0<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |   3390000 | NS      | $3418996.81   | 0.52%             | 2032-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTR 6.429% 01/12/33   | NATIONAL AUSTRALIA BANK REGD 144A P/P 6.42900000                                                     | CUSIP: 632525BC4<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |   2810000 | NS      | $2921024.93   | 0.44%             | 2033-01-12      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| BJETS 2020-1A 2.981% 11/15/35    | BUSINESS JET SECURITIES 2020-1 LLC SER 2020-1A CL A REGD 144A P/P 2.98100000                         | CUSIP: 12327FAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    546668 | NS      | $501583.98    | 0.08%             | 2035-11-15      | Fixed         | 2.98%                 | Yes           |                  2 | On Loan: No      |
| NWSB 2018-1 B V/R 11/25/24       | NEWTEK SMALL BUSINESS LOAN TRUST 2018-1 SER 2018-1 CL B V/R REGD 144A P/P 8.25000000                 | CUSIP: 65252MAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    126066 | NS      | $124813.03    | 0.02%             | 2044-02-25      | Variable      | 8.25%                 | Yes           |                  2 | On Loan: No      |
| SIDC 2019-1A A 4.54% 02/26/24    | STACK INFRASTRUCTURE ISSUER LLC SER 2019-1A CL A2 REGD 144A P/P 4.54000000                           | CUSIP: 85236KAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2142658 | NS      | $2095485.74   | 0.32%             | 2044-02-25      | Fixed         | 4.54%                 | Yes           |                  2 | On Loan: No      |
| STELLUS CAPITA 4.875% 03/30/26   | STELLUS CAPITAL INVESTME REGD 4.87500000                                                             | CUSIP: 858568AB4<br>LEI: 5493001DZV6QC1KUSC43 | Long             | DBT              | CORP              | US        |   1775000 | NS      | $1627439.51   | 0.25%             | 2026-03-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SWISS RE FINANCE  V/R 04/02/49   | SWISS RE FINANCE LUX REGD V/R 144A P/P 5.00000000                                                    | CUSIP: 87089NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   4830000 | NS      | $4667277.30   | 0.70%             | 2049-04-02      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS P 4.95% 03/31/30   | HSBC HOLDINGS PLC REGD 4.95000000                                                                    | CUSIP: 404280CF4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1735000 | NS      | $1740430.20   | 0.26%             | 2030-03-31      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| F/C US 10YR NOTE (CBT)MAR23      | FUTURE CONTRACT ON           US 10YR NOTE (CBT)MAR23 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       810 | NC      | $92757656.25  | 14.00%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C US 2YR NOTE (CBT) MAR23      | FUTURE CONTRACT ON           US 2YR NOTE (CBT) MAR23 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |      -213 | NC      | $-43803117.29 | -6.61%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 08/23/28   | GOLDMAN SACHS GROUP INC REGD V/R 4.48200000                                                          | CUSIP: 38141GZU1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2470000 | NS      | $2427187.42   | 0.37%             | 2028-08-23      | Variable      | 4.48%                 | No            |                  2 | On Loan: No      |
| MTN 2022-LPFL B V/R 03/15/27     | MTN COMMERCIAL MORTGAGE TRUST 2022-LPFL SER 2022-LPFL CL B V/R REGD 144A P/P 6.37364000              | CUSIP: 62475WAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5860000 | NS      | $5684052.33   | 0.86%             | 2039-03-15      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| SCENTRE GROUP TRU V/R 09/24/80   | SCENTRE GROUP TRUST 2 REGD V/R 144A P/P 5.12500000                                                   | CUSIP: 76025LAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   1345000 | NS      | $1183374.89   | 0.18%             | 2080-09-24      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ALABAMA POWER C 3.05% 03/15/32   | ALABAMA POWER CO REGD 3.05000000                                                                     | CUSIP: 010392FX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1840000 | NS      | $1642576.34   | 0.25%             | 2032-03-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| MUNICH RE V/R 05/23/42           | MUNICH RE REGD V/R 144A P/P 5.87500000                                                               | CUSIP: 62582PAA8<br>LEI: 529900MUF4C20K50JS49 | Long             | DBT              | CORP              | DE        |   1580000 | NS      | $1613575.00   | 0.24%             | 2042-05-23      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MET LIFE GLOB FU 3.3% 03/21/29   | MET LIFE GLOB FUNDING I REGD 144A P/P MTN 3.30000000                                                 | CUSIP: 59217GEZ8<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   1690000 | NS      | $1569837.79   | 0.24%             | 2029-03-21      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| T/L ALLSPRING 0% 11/01/28        | T/L ALLSPRING BUYER LLC        ZCP REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    952612 | NS      | $949935.66    | 0.14%             | 2028-11-01      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 4.25% 12/31/24      | UNITED STATES TREASURY NOTE 4.25000000                                                               | CUSIP: 91282CGD7<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  19000000 | NS      | $19000000.00  | 2.87%             | 2024-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| F/C US 5YR NOTE (CBT) MAR23      | FUTURE CONTRACT ON           US 5YR NOTE (CBT) MAR23 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       381 | NC      | $41621273.63  | 6.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FCITL 2019-1A  3.63% 07/15/22    | FCI FUNDING 2019-1 LLC SER 2019-1A CL A REGD 144A P/P 3.63000000                                     | CUSIP: 30259MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     25962 | NS      | $25930.66     | 0.00%             | 2031-02-18      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| RCLT 2019-2 A V/R 12/27/44       | READYCAP LENDING SMALL BUSINESS LOAN TRUST 2 SER 2019-2 CL A V/R REGD 144A P/P 7.00000000            | CUSIP: 75576QAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    529602 | NS      | $504155.20    | 0.08%             | 2044-12-27      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| TRINITY CAPITAL INC/MD /PFD/     | TRINITY CAPITAL INC/MD        /PREFERRED/ 0.00000000                                                 | CUSIP: 896442506<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EP               | CORP              | US        |    114000 | NS      | $2868240.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG 5.959% 01/12/34     | UBS GROUP AG REGD 144A P/P 5.95900000                                                                | CUSIP: 902613AV0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   4025000 | NS      | $4239699.78   | 0.64%             | 2034-01-12      | Fixed         | 5.96%                 | Yes           |                  2 | On Loan: No      |
| BREAD FINANCIAL 4.75% 12/15/24   | BREAD FINANCIAL HLDGS REGD 144A P/P 4.75000000                                                       | CUSIP: 018581AK4<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |   3055000 | NS      | $2772412.50   | 0.42%             | 2024-12-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CSMC 2018-SITE C V/R 04/15/24    | CSMC 2018-SITE SER 2018-SITE CL C V/R REGD 144A P/P 4.78204000                                       | CUSIP: 12690CAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3540000 | NS      | $3341314.31   | 0.50%             | 2036-04-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| T/L MPH ACQUISITI 0% 09/1/28     | T/L MPH ACQUISITION HOLDINGS LLC  REGD 0.00000000                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3036562 | NS      | $2724828.99   | 0.41%             | 2028-09-01      | Variable      | 8.98%                 | No            |                  2 | On Loan: No      |
| BOEING CO 3.25% 02/01/28         | BOEING CO REGD 3.25000000                                                                            | CUSIP: 097023DB8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2700000 | NS      | $2520518.47   | 0.38%             | 2028-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SPGN 2022-TFLM D V/R 02/25/27    | SPGN 2022-TFLM MORTGAGE TRUST SER 2022-TFLM CL D V/R REGD 144A P/P 7.97804000                        | CUSIP: 78473HAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1310000 | NS      | $1229467.23   | 0.19%             | 2039-02-15      | Variable      | 7.98%                 | Yes           |                  2 | On Loan: No      |
| MPLX LP                          | MPLX LP                         6.875%-FRN SUB PERP USD1000 6.87500000                               | CUSIP: 55336VAU4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4400000 | NS      | $4401320.00   | 0.66%             | 2049-12-31      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| T/L JAZZ FINANC 0% 05/05/2028    | T/L JAZZ FINANCING LUX S A R L REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2549208 | NS      | $2545613.68   | 0.38%             | 2028-05-05      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| SREV 2019-A A 2.51% 11/25/24     | SANTANDER REVOLVING AUTO LOAN TRUST 2019-A SER 2019-A CL A REGD 144A P/P 2.51000000                  | CUSIP: 80286JAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1940000 | NS      | $1852280.57   | 0.28%             | 2032-01-26      | Variable      | 2.51%                 | Yes           |                  2 | On Loan: No      |
| JAMES HARDIE INTL  5% 01/15/28   | JAMES HARDIE INTL FIN REGD 144A P/P 5.00000000                                                       | CUSIP: 47032FAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2530000 | NS      | $2402176.05   | 0.36%             | 2028-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CFG 2021-1 B 5.82% 10/20/25      | CFG INVESTMENTS LTD SER 2021-1 CL B REGD 144A P/P 5.82000000                                         | CUSIP: 12528GAE2<br>LEI: 549300C3OD89QRWQ1Y92 | Long             | ABS-CBDO         | CORP              | US        |   1750000 | NS      | $1679586.48   | 0.25%             | 2032-05-20      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| SCULTOR ALTERN SOL 6% 05/15/29   | SCULTOR ALTERN SOLUTIONS REGD 144A P/P 6.00000000                                                    | CUSIP: 811243AE4<br>LEI: 549300MT2IHVJVYVLW85 | Long             | DBT              | CORP              | US        |   4620000 | NS      | $3707088.00   | 0.56%             | 2029-05-15      | Fixed         | 6.00%                 | Yes           |                  3 | On Loan: No      |
| US TREAS NTS 2% 02/15/23         | UNITED STATES TREASURY NOTE 2.00000000                                                               | CUSIP: 912828UN8<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    700000 | NS      | $699310.65    | 0.11%             | 2023-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPE 4.375% 01/15/27   | STARWOOD PROPERTY TRUST REGD 144A P/P 4.37500000                                                     | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   2065000 | NS      | $1853337.50   | 0.28%             | 2027-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| OMFIT 2022-S1  4.13% 08/14/26    | ONEMAIN FINANCIAL ISSUANCE TRUST 2022-S1 SER 2022-S1 CL A REGD 144A P/P 4.13000000                   | CUSIP: 68267HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2930000 | NS      | $2849165.70   | 0.43%             | 2035-05-14      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| T/L UNITED AI 0% 04/21/28        | T/L UNITED AIRLINES INC        REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3723675 | NS      | $3715333.97   | 0.56%             | 2028-04-21      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| SCENTRE GROUP  3.625% 01/28/26   | SCENTRE GROUP TRUST 1/2 REGD 144A P/P 3.62500000                                                     | CUSIP: 80622GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   1945000 | NS      | $1859896.02   | 0.28%             | 2026-01-28      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL ONE FIN 3.65% 05/11/27   | CAPITAL ONE FINANCIAL CO REGD 3.65000000                                                             | CUSIP: 14040HCE3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2345000 | NS      | $2244237.48   | 0.34%             | 2027-05-11      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CAALT 2020-2A  1.93% 12/15/23    | CREDIT ACCEPTANCE AUTO LOAN TRUST 2020-2 SER 2020-2A CL B REGD 144A P/P 1.93000000                   | CUSIP: 22535MAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | NS      | $1950219.80   | 0.29%             | 2029-09-17      | Fixed         | 1.93%                 | Yes           |                  2 | On Loan: No      |
| STRAT CREDIT OP 4.25% 04/01/26   | STRAT CREDIT OPP PARTNRS REGD P/P 4.25000000                                                         | CUSIP: 86275#AA1<br>LEI: 5493003CSKFS2RY0JR63 | Long             | DBT              | CORP              | US        |   2655000 | NS      | $2403887.45   | 0.36%             | 2026-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED INS HOLD 7.25% 12/15/27   | UNITED INS HOLDINGS CORP REGD 7.25000000                                                             | CUSIP: 910710AA0<br>LEI: 5299002P9105LJQA8G51 | Long             | DBT              | CORP              | US        |   3655000 | NS      | $1827500.00   | 0.28%             | 2027-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MFIT 2020-AA A 2.19% 08/21/34    | MARINER FINANCE ISSUANCE TRUST 2020-A SER 2020-AA CL A REGD 144A P/P 2.19000000                      | CUSIP: 56848MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1070000 | NS      | $1025772.41   | 0.15%             | 2034-08-21      | Fixed         | 2.19%                 | Yes           |                  2 | On Loan: No      |
| MDCP 2020-3A  2.954% 11/20/26    | ELM 2020-3 TRUST SER 2020-3A CL A2 REGD 144A P/P 2.95400000                                          | CUSIP: 289338AB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1070000 | NS      | $1003423.74   | 0.15%             | 2029-08-20      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| T/L AXALTA CO 0% 12/07/29        | T/L AXALTA COATING SYSTEMS     DUTCH HOLDING B B.V./REGD 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |   2080000 | NS      | $2087800.00   | 0.32%             | 2029-12-07      | Variable      | 7.51%                 | No            |                  2 | On Loan: No      |
| CGCMT 2019-SM 4.149% 01/10/24    | CITIGROUP COMMERCIAL MORTGAGE TRUST 2019-SMRT SER 2019-SMRT CL A REGD 144A P/P 4.14900000            | CUSIP: 29429MAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    890000 | NS      | $872541.14    | 0.13%             | 2036-01-10      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| T/L STARWOOD PROP 0% 11/03/27    | T/L STARWOOD PROPERTY MORTGAGE LLC REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1810000 | NS      | $1797185.20   | 0.27%             | 2027-11-03      | Variable      | 7.81%                 | No            |                  2 | On Loan: No      |
| T/L AVOLON TLB BO ZCP 01/15/25   | T/L AVOLON TLB BORROWER 1 US REGD ZCP TERM LOAN 0.00000000                                           | CUSIP: 05400KAE0<br>LEI: 635400O84AGITYFZQB55 | Long             | LON              | CORP              | US        |   1180745 | NS      | $1182032.39   | 0.18%             | 2025-01-15      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND 4.625% 10/15/27   | AERCAP IRELAND CAP/GLOBA REGD 4.62500000                                                             | CUSIP: 00774MAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    485000 | NS      | $468927.60    | 0.07%             | 2027-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 04/20/28      | MORGAN STANLEY REGD V/R 4.21000000                                                                   | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2000000 | NS      | $1941922.16   | 0.29%             | 2028-04-20      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I 3.375% 06/15/26   | HAT HOLDINGS I LLC/HAT REGD 144A P/P 3.37500000                                                      | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2065000 | NS      | $1832687.50   | 0.28%             | 2026-06-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| T/L GEON PERFORMANC 0% 8/18/28   | T/L GEON PERFORMANCE           SOLUTIONS LLC REGD 0.00000000                                         | CUSIP: 37254YAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1910812 | NS      | $1899462.27   | 0.29%             | 2028-08-18      | Variable      | 9.23%                 | No            |                  2 | On Loan: No      |
| OWL ROCK CAPIT 4.625% 11/26/24   | OWL ROCK CAPITAL CORP II REGD 144A P/P 4.62500000                                                    | CUSIP: 69121DAA8<br>LEI: 549300MMNWZO5XKDDX47 | Long             | DBT              | CORP              | US        |   1445000 | NS      | $1383907.22   | 0.21%             | 2024-11-26      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| STEWART INFORMAT 3.6% 11/15/31   | STEWART INFORMATION SERV REGD 3.60000000                                                             | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |   3125000 | NS      | $2465906.25   | 0.37%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| EF HOLD/EF KY/ 5.875% 04/01/27   | EF HOLD/EF KY/ELL KY/TRS REGD 144A P/P SER QIB 5.87500000                                            | CUSIP: 26845AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   5075000 | NS      | $4817617.01   | 0.73%             | 2027-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FAIRFAX FINL H 4.625% 04/29/30   | FAIRFAX FINL HLDGS LTD REGD SER WI 4.62500000                                                        | CUSIP: 303901BF8<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |   2195000 | NS      | $2062880.78   | 0.31%             | 2030-04-29      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SDCP 2020-1 A 3.812% 04/20/25    | SABEY DATA CENTER ISSUER LLC SER 2020-1 CL A2 REGD 144A P/P 3.81200000                               | CUSIP: 78520EAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2130000 | NS      | $2033424.10   | 0.31%             | 2045-04-20      | Fixed         | 3.81%                 | Yes           |                  2 | On Loan: No      |
| OXFORD FIN LLC 6.375% 02/01/27   | OXFORD FIN LLC/CO-ISS II REGD 144A P/P 6.37500000                                                    | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2050000 | NS      | $1960681.50   | 0.30%             | 2027-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ASB BANK LIMITED V/R 06/17/32    | ASB BANK LIMITED REGD V/R 144A P/P 5.28400000                                                        | CUSIP: 04342JAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | NZ        |   2790000 | NS      | $2690911.03   | 0.41%             | 2032-06-17      | Variable      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| CGCC 2014-FL2 ST V/R 11/15/31    | CG-CCRE COMMERCIAL MORTGAGE TRUST 2014-FL2 SER 2014-FL2 CL STC2 V/R REGD 144A P/P 9.20900000         | CUSIP: 12528PAK8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1375472 | NS      | $887179.76    | 0.13%             | 2031-11-15      | Variable      | 9.21%                 | Yes           |                  3 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 11/03/28   | HSBC HOLDINGS PLC REGD V/R 7.39000000                                                                | CUSIP: 404280DR7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   2140000 | NS      | $2332838.22   | 0.35%             | 2028-11-03      | Variable      | 7.39%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA S 2.951% 03/11/27   | BANK OF NOVA SCOTIA REGD SER FXD 2.95100000                                                          | CUSIP: 06418BAE8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   3095000 | NS      | $2898983.72   | 0.44%             | 2027-03-11      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FIRST EAGLE ALTERNATIVE /PFD/    | FIRST EAGLE ALTERNATIVE       /PREFERRED/ 0.00000000                                                 | CUSIP: 26943B407<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     99600 | NS      | $2337612.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L SYSTEM ONE HOLD 0% 3/02/28   | T/L SYSTEM ONE HOLDI 0% REGD 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5560325 | NS      | $5449118.51   | 0.82%             | 2028-03-02      | Variable      | 8.73%                 | No            |                  2 | On Loan: No      |
| CFMT 2018-RM2 A V/R 10/25/23     | CASCADE FUNDING MORTGAGE TRUST 2018-RM2 SER 2018-RM2 CL A V/R REGD 144A P/P 4.00000000               | CUSIP: 14727QAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    464777 | NS      | $451347.02    | 0.07%             | 2068-10-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PENNANTPARK FLO 4.25% 04/01/26   | PENNANTPARK FLOATING RAT REGD 4.25000000                                                             | CUSIP: 70806AAA4<br>LEI: 529900BH3IP6381K4L72 | Long             | DBT              | CORP              | US        |   2535000 | NS      | $2289160.52   | 0.35%             | 2026-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 1.5% 08/15/26       | UNITED STATES TREASURY NOTE 1.50000000                                                               | CUSIP: 9128282A7<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    300000 | NS      | $277523.44    | 0.04%             | 2026-08-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SCENTRE GROUP TR 3.5% 02/12/25   | SCENTRE GROUP TRUST 1/2 REGD P/P 3.50000000                                                          | CUSIP: 806213AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   1380000 | NS      | $1331830.93   | 0.20%             | 2025-02-12      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| SDART 2020-1 C 4.11% 01/15/24    | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2020-1 SER 2020-1 CL C REGD 4.11000000                        | CUSIP: 80287AAF0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    878066 | NS      | $873545.29    | 0.13%             | 2025-12-15      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| FIRST AMERICAN F 2.4% 08/15/31   | FIRST AMERICAN FINANCIAL REGD 2.40000000                                                             | CUSIP: 31847RAH5<br>LEI: 549300B6VEZK3N0A1P55 | Long             | DBT              | CORP              | US        |   3128000 | NS      | $2433003.51   | 0.37%             | 2031-08-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| SILVER POINT SPEC 4% 11/4/26     | SILVER POINT SPECIALTY CREDIT FUND LP SERIES 2021A SNR NOTE /RESTRICTED/ 4% DUE 11/4/2026 4.00000000 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   3050000 | NS      | $2647300.23   | 0.40%             | 2026-11-04      | Fixed         | 4.00%                 | No            |                  3 | On Loan: No      |
| BRIGHTSPHERE INV 4.8% 07/27/26   | BRIGHTSPHERE INVESTMENT REGD 4.80000000                                                              | CUSIP: 10948WAA1<br>LEI: 5493004FTLQNQTBOP608 | Long             | DBT              | CORP              | US        |   2338000 | NS      | $2156805.00   | 0.33%             | 2026-07-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 1.125% 08/31/28     | UNITED STATES TREASURY NOTE 1.12500000                                                               | CUSIP: 91282CCV1<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    500000 | NS      | $437617.19    | 0.07%             | 2028-08-31      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| T/L ELANCO ANIMAL 0% 8/1/27      | T/L ELANCO ANIMAL HEALTH       INCORPORATED REGD 0.00000000                                          | CUSIP: 28414BAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2325261 | NS      | $2287475.95   | 0.35%             | 2027-08-01      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| SPGN 2022-TFLM C V/R 02/25/27    | SPGN 2022-TFLM MORTGAGE TRUST SER 2022-TFLM CL C V/R REGD 144A P/P 7.12804000                        | CUSIP: 78473HAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2270000 | NS      | $2151444.48   | 0.32%             | 2039-02-15      | Variable      | 7.13%                 | Yes           |                  2 | On Loan: No      |
| US TREAS BDS 2.25% 08/15/46      | UNITED STATES TREASURY BOND 2.25000000                                                               | CUSIP: 912810RT7<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   2250000 | NS      | $1717998.05   | 0.26%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MID 5.625% 02/15/26   | NORTHRIVER MIDSTREAM FIN REGD 144A P/P 5.62500000                                                    | CUSIP: 66679NAA8<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |   1150000 | NS      | $1104000.00   | 0.17%             | 2026-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ADMSO 2018-1 A 4.81% 11/15/25    | ADAMS OUTDOOR ADVERTISING LP SER 2018-1 CL A REGD 144A P/P 4.81000000                                | CUSIP: 006346AS9<br>LEI: 549300BTFXNHDCUHER30 | Long             | ABS-CBDO         | CORP              | US        |   1192299 | NS      | $1134674.31   | 0.17%             | 2048-11-15      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| T/L PROPULSION 0.00% 02/10/29    | T/L PROPULSION BC FINCO REGD 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |   3080000 | NS      | $3045350.00   | 0.46%             | 2029-02-10      | Variable      | 8.58%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CRED 7.35% 11/04/27   | FORD MOTOR CREDIT CO LLC REGD 7.35000000                                                             | CUSIP: 345397C35<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2945000 | NS      | $3088568.75   | 0.47%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| OMFIT 2020-1A  3.84% 10/16/23    | ONEMAIN FINANCIAL ISSUANCE TRUST 2020-A SER 2020-1A CL A REGD 144A P/P 3.84000000                    | CUSIP: 68269LAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    603791 | NS      | $599964.59    | 0.09%             | 2032-05-14      | Fixed         | 3.84%                 | Yes           |                  2 | On Loan: No      |
| T/L TPF II POWER 0% 10/02/2025   | T/L TPF II POWER LLC TL B 0.00000000                                                                 | CUSIP: 87264NAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2260892 | NS      | $1998628.63   | 0.30%             | 2025-10-02      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEA 5.7% 02/01/28   | PENSKE TRUCK LEASING/PTL REGD 144A P/P 5.70000000                                                    | CUSIP: 709599BS2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1925000 | NS      | $1973672.05   | 0.30%             | 2028-02-01      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 11/15/33   | LLOYDS BANKING GROUP PLC REGD V/R 7.95300000                                                         | CUSIP: 539439AW9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2025000 | NS      | $2313394.20   | 0.35%             | 2033-11-15      | Variable      | 7.95%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW Y 2% 10/01/33   | PORT AUTH OF NEW YORK & NEW JE REGD N/C B/E AMT 2.00000000                                           | CUSIP: 73358XCV2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5605000 | NS      | $4640984.28   | 0.70%             | 2033-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 06/02/28   | WELLS FARGO & COMPANY REGD V/R MTN 2.39300000                                                        | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1165000 | NS      | $1055806.40   | 0.16%             | 2028-06-02      | Variable      | 2.39%                 | No            |                  2 | On Loan: No      |
| ASCOT GROUP LTD 4.25% 12/15/30   | ASCOT GROUP LTD REGD 144A P/P 4.25000000                                                             | CUSIP: 04365XAA6<br>LEI: 213800DJV7WRJBE2II28 | Long             | DBT              | CORP              | BM        |   2880000 | NS      | $2532611.95   | 0.38%             | 2030-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| UBSBM 2012-WR 3.663% 06/10/22    | UBS-BAMLL TRUST 2012-WRM SER 2012-WRM CL A REGD 144A P/P 3.66300000                                  | CUSIP: 90269PAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      9507 | NS      | $9384.23      | 0.00%             | 2030-06-10      | Fixed         | 3.66%                 | Yes           |                  2 | On Loan: No      |
| T/L  AIR CANADA 0% 8/11/2028     | T/L  AIR CANADA REGD 0.00000000                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |   4537200 | NS      | $4529895.11   | 0.68%             | 2028-08-11      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| US TREAS BDS 4% 11/15/52         | UNITED STATES TREASURY BOND 4.00000000                                                               | CUSIP: 912810TL2<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   3350000 | NS      | $3582406.25   | 0.54%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN 3.313% 03/01/51   | INDIANA ST FIN AUTH REVENUE REGD B/E 3.31300000                                                      | CUSIP: 45506EDG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | NS      | $1158530.40   | 0.17%             | 2051-03-01      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| PARTNERRE FINANCE V/R 10/01/50   | PARTNERRE FINANCE B LLC REGD V/R 4.50000000                                                          | CUSIP: 70213BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3708000 | NS      | $3313109.83   | 0.50%             | 2050-10-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC 4.375% 04/01/30    | NORDSTROM INC REGD 4.37500000                                                                        | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |   3450000 | NS      | $2768038.50   | 0.42%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DIAGEO CAPITAL P 5.5% 01/24/33   | DIAGEO CAPITAL PLC REGD 5.50000000                                                                   | CUSIP: 25243YBH1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1180000 | NS      | $1277369.88   | 0.19%             | 2033-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 04/30/26   | WELLS FARGO & COMPANY REGD V/R 2.18800000                                                            | CUSIP: 95000U2N2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1245000 | NS      | $1171237.10   | 0.18%             | 2026-04-30      | Variable      | 2.19%                 | No            |                  2 | On Loan: No      |
| NWSB 2018-1 A V/R 11/25/24       | NEWTEK SMALL BUSINESS LOAN TRUST 2018-1 SER 2018-1 CL A V/R REGD 144A P/P 6.95000000                 | CUSIP: 65252MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    265761 | NS      | $262031.03    | 0.04%             | 2044-02-25      | Variable      | 6.95%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 03/02/33   | WELLS FARGO & COMPANY REGD V/R MTN 3.35000000                                                        | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3020000 | NS      | $2663040.95   | 0.40%             | 2033-03-02      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| T/L DELOS FINANCE 0% 10/06/23    | T/L DELOS FINANCE S A R L REGD 0.00000000                                                            | CUSIP: L2324EAE1<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |   2500000 | NS      | $2499100.00   | 0.38%             | 2023-10-06      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC V/R 11/10/26   | NATWEST GROUP PLC REGD V/R 7.47200000                                                                | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   2445000 | NS      | $2586384.89   | 0.39%             | 2026-11-10      | Variable      | 7.47%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 0.625% 05/15/30     | UNITED STATES TREASURY NOTE 0.62500000                                                               | CUSIP: 912828ZQ6<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  18400000 | NS      | $15051343.70  | 2.27%             | 2030-05-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| SWC 2018-1A A 4.75% 02/15/24     | SWC FUNDING LLC 2018-1 SER 2018-1A CL A REGD 144A P/P 4.75000000                                     | CUSIP: 78488LAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    416892 | NS      | $409861.81    | 0.06%             | 2033-08-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| NFMOT 2022-1A A 2.8% 03/15/25    | NEXTGEAR FLOORPLAN MASTER OWNER TRUST SER 2022-1A CL A2 REGD 144A P/P 2.80000000                     | CUSIP: 65341KBT2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3550000 | NS      | $3382318.95   | 0.51%             | 2027-03-15      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| VCRRL 2021-1A 2.152% 10/20/31    | VCP RRL ABS I LTD SER 2021-1A CL A REGD 144A P/P 2.15200000                                          | CUSIP: 92243RAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1836576 | NS      | $1684754.52   | 0.25%             | 2031-10-20      | Fixed         | 2.15%                 | Yes           |                  2 | On Loan: No      |
| SUTTER HEALTH 2.294% 08/15/30    | SUTTER HEALTH REGD SER 20A 2.29400000                                                                | CUSIP: 86944BAG8<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |    490000 | NS      | $412158.82    | 0.06%             | 2030-08-15      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS  V/R 05/26/33   | AMERICAN EXPRESS CO REGD V/R 4.98900000                                                              | CUSIP: 025816CX5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1250000 | NS      | $1238986.46   | 0.19%             | 2033-05-26      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| T/L MEDLINE BORROW 0% 10/23/28   | T/L MEDLINE BORROWER LP REGD 0.00000000                                                              | CUSIP: 58503UAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3027125 | NS      | $2935887.45   | 0.44%             | 2028-10-23      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| T/L DELTA AIR 0% 10/20/2027      | T/L DELTA AIR LINES INC REGD 0.00000000                                                              | CUSIP: 24736CBS2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2004500 | NS      | $2070909.09   | 0.31%             | 2027-10-20      | Variable      | 8.56%                 | No            |                  2 | On Loan: No      |
| NEVADA POWER CO 5.9% 05/01/53    | NEVADA POWER CO REGD SER GG 5.90000000                                                               | CUSIP: 641423CF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2120000 | NS      | $2420915.83   | 0.37%             | 2053-05-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| FIDELIS INSUR HLD V/R 04/01/41   | FIDELIS INSUR HLD LTD REGD V/R 144A P/P 6.62500000                                                   | CUSIP: 31575FAB2<br>LEI: 549300CDMGCAGJQ7DX03 | Long             | DBT              | CORP              | BM        |   4765000 | NS      | $4502925.00   | 0.68%             | 2041-04-01      | Variable      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| T/L CDK GLOBAL INC0% 06/08/29    | T/L CDK GLOBAL INC REGD 0.00000000                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3630000 | NS      | $3619799.70   | 0.55%             | 2029-06-08      | Variable      | 9.08%                 | No            |                  2 | On Loan: No      |
| LFT 2019-2A A 2.78% 04/20/24     | LENDMARK FUNDING TRUST 2019-2 SER 2019-2A CL A REGD 144A P/P 2.78000000                              | CUSIP: 52604AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    767768 | NS      | $751381.04    | 0.11%             | 2028-04-20      | Fixed         | 2.78%                 | Yes           |                  2 | On Loan: No      |
| F/C US LONG BOND(CBT) MAR23      | FUTURE CONTRACT ON           US LONG BOND(CBT) MAR23 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       200 | NC      | $25975000.00  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANKLIN BSP LE 4.85% 12/15/24   | FRANKLIN BSP LENDING COR REGD 144A P/P 4.85000000                                                    | CUSIP: 12325JAF8<br>LEI: 549300K8IFP295FLKS39 | Long             | DBT              | CORP              | US        |   2930000 | NS      | $2784327.55   | 0.42%             | 2024-12-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| AVIATION CAPITAL 5.5% 12/15/24   | AVIATION CAPITAL GROUP REGD 144A P/P 5.50000000                                                      | CUSIP: 05369AAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2330000 | NS      | $2307627.60   | 0.35%             | 2024-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| HARVEST MIDSTREA 7.5% 09/01/28   | HARVEST MIDSTREAM I LP REGD 144A P/P 7.50000000                                                      | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |   2430000 | NS      | $2390512.50   | 0.36%             | 2028-09-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| SARATOGA INVES 4.375% 02/28/26   | SARATOGA INVESTMENT CORP REGD 4.37500000                                                             | CUSIP: 80349AAD1<br>LEI: 54930023WJCWPAGSWE41 | Long             | DBT              | CORP              | US        |   3025000 | NS      | $2791922.21   | 0.42%             | 2026-02-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANC V/R 12/15/52   | COREBRIDGE FINANCIAL INC REGD V/R 144A P/P 6.87500000                                                | CUSIP: 21871XAN9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2920000 | NS      | $2904639.92   | 0.44%             | 2052-12-15      | Variable      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| SEACO 2020-1A  2.17% 03/18/30    | GLOBAL SC FINANCE VII SRL SER 2020-1A CL A REGD 144A P/P 2.17000000                                  | CUSIP: 37959PAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BB        |   1348236 | NS      | $1223700.71   | 0.18%             | 2040-10-17      | Fixed         | 2.17%                 | Yes           |                  2 | On Loan: No      |
| DUKE ENERGY FLO 5.95% 11/15/52   | DUKE ENERGY FLORIDA LLC REGD 5.95000000                                                              | CUSIP: 26444HAN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | NS      | $2379282.32   | 0.36%             | 2052-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HORIZON TECHNOLOGY FINAN /PFD/   | HORIZON TECHNOLOGY FINAN      /PREFERRED/ 0.00000000                                                 | CUSIP: 44045A409<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     93600 | NS      | $2227680.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC 2019-BPR A V/R 05/15/21      | MORGAN STANLEY CAPITAL I TRUST 2019-BPR SER 2019-BPR CL A V/R REGD 144A P/P 6.10900000               | CUSIP: 61769GAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2691735 | NS      | $2588251.49   | 0.39%             | 2036-05-15      | Variable      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| SIRIUSPOINT LTD 4.6% 11/01/26    | SIRIUSPOINT LTD REGD 144A P/P 4.60000000                                                             | CUSIP: 82968FAA2<br>LEI: 549300OGXFI85N3YZZ51 | Long             | DBT              | CORP              | BM        |   2995000 | NS      | $2564618.50   | 0.39%             | 2026-11-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| DNB BANK ASA V/R 10/09/26        | DNB BANK ASA REGD V/R 144A P/P 5.89600000                                                            | CUSIP: 23341CAC7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   2710000 | NS      | $2741653.97   | 0.41%             | 2026-10-09      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| MCAF 2021-1A  2.815% 04/22/31    | MONROE CAPITAL ABS FUNDING 2021-1 LTD SER 2021-1A CL A2 REGD 144A P/P 2.81500000                     | CUSIP: 610331AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1260000 | NS      | $1158837.12   | 0.17%             | 2031-04-22      | Fixed         | 2.81%                 | Yes           |                  2 | On Loan: No      |
| TMCL 2020-1A A 2.73% 05/21/29    | TEXTAINER MARINE CONTAINERS VII LTD SER 2020-1A CL A REGD 144A P/P 2.73000000                        | CUSIP: 88315LAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1409100 | NS      | $1301876.52   | 0.20%             | 2045-08-21      | Fixed         | 2.73%                 | Yes           |                  2 | On Loan: No      |
| T/L ORGANON & CO 0% 06/02/28     | T/L ORGANON & CO REGD 0.00000000                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2592371 | NS      | $2584490.03   | 0.39%             | 2028-06-02      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL 4.125% 02/01/25   | FS KKR CAPITAL CORP REGD 4.12500000                                                                  | CUSIP: 302635AE7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |   1370000 | NS      | $1318384.20   | 0.20%             | 2025-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL  4.25% 02/14/25   | FS KKR CAPITAL CORP REGD 144A P/P 4.25000000                                                         | CUSIP: 30313RAA7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |   3450000 | NS      | $3258599.31   | 0.49%             | 2025-02-14      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY D 4.5% 02/11/27   | MORGAN STANLEY DIRECT REGD 4.50000000                                                                | CUSIP: 61774AAD5<br>LEI: 549300QEX22T2J8IB029 | Long             | DBT              | CORP              | US        |   3185000 | NS      | $3049405.76   | 0.46%             | 2027-02-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONA V/R /PERP/   | EDISON INTERNATIONAL REGD V/R /PERP/ SER A 5.37500000                                                | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   5065000 | NS      | $4731625.30   | 0.71%             | 2171-09-15      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| ENSTAR FINANCE LL V/R 09/01/40   | ENSTAR FINANCE LLC REGD V/R 5.75000000                                                               | CUSIP: 29360AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | NS      | $1434080.00   | 0.22%             | 2040-09-01      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| ARES PBN FIN 6% 9/15/36          | ARES PBN FIN CO LLC REGD   144A 6.00000000                                                           | CUSIP: 04019VAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1480000 | NS      | $1369000.00   | 0.21%             | 2036-09-15      | Fixed         | 6.00%                 | Yes           |                  3 | On Loan: No      |
| NARRAGANSETT E 3.395% 04/09/30   | NARRAGANSETT ELECTRIC REGD 144A P/P 3.39500000                                                       | CUSIP: 631005BJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2095000 | NS      | $1930427.53   | 0.29%             | 2030-04-09      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| T/L  MIP V WAST 0% 12/08/2028    | T/L  MIP V WASTE HOLDINGS LLC  REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3046975 | NS      | $2999990.65   | 0.45%             | 2028-12-08      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| ENLINK MIDSTREAM 6.5% 09/01/30   | ENLINK MIDSTREAM LLC REGD 144A P/P 6.50000000                                                        | CUSIP: 29336TAD2<br>LEI: 54930000GY1H533OBE23 | Long             | DBT              | CORP              | US        |   1725000 | NS      | $1757343.75   | 0.27%             | 2030-09-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| T/L  CENTURYLINK 0% 01/31/2025   | T/L  CENTURYLINK INC REGD 0.00000000                                                                 | CUSIP: 15669GAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2830500 | NS      | $2772701.19   | 0.42%             | 2025-01-31      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR  8.5% 10/15/27   | ARBOR REALTY SR INC REGD 144A P/P SER QIB 8.50000000                                                 | CUSIP: 03881NAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4140000 | NS      | $4153591.50   | 0.63%             | 2027-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| FLX 2021-1A A2 3.25% 11/25/26    | FLEXENTIAL ISSUER 2021-1 SER 2021-1A CL A2 REGD 144A P/P 3.25000000                                  | CUSIP: 33938MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4460000 | NS      | $4037322.68   | 0.61%             | 2051-11-27      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| T/L AIR MEDICAL GR 0% 03/14/25   | T/L AIR MEDICAL GROUP HOLDINGS INC REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1559677 | NS      | $1142463.37   | 0.17%             | 2025-03-14      | Variable      | 8.82%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQ 3.7% 03/15/52   | BRISTOL-MYERS SQUIBB CO REGD 3.70000000                                                              | CUSIP: 110122DW5<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   1630000 | NS      | $1378198.43   | 0.21%             | 2052-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| F/C US ULTRA BOND CBT MAR23      | FUTURE CONTRACT ON           US ULTRA BOND CBT MAR23 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       235 | NC      | $33311250.00  | 5.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SORT 2022-1A A 5.97% 02/15/27    | CF HIPPOLYTA ISSUER LLC SER 2022-1A CL A1 REGD 144A P/P 5.97000000                                   | CUSIP: 12530MAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2382491 | NS      | $2371513.93   | 0.36%             | 2062-08-15      | Fixed         | 5.97%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 06/04/31   | HSBC HOLDINGS PLC REGD V/R 2.84800000                                                                | CUSIP: 404280CH0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1140000 | NS      | $964638.25    | 0.15%             | 2031-06-04      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| OXFORD LANE CAPITAL CORP /PFD/   | OXFORD LANE CAPITAL CORP      /PREFERRED/ 0.00000000                                                 | CUSIP: 691543888<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    130800 | NS      | $2943000.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TEACHERS INSUR & 3.3% 05/15/50   | TEACHERS INSUR & ANNUITY REGD 144A P/P 3.30000000                                                    | CUSIP: 878091BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2520000 | NS      | $1903845.96   | 0.29%             | 2050-05-15      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| FAIRFAX INDIA HOLD 5% 02/26/28   | FAIRFAX INDIA HOLDINGS REGD 144A P/P 5.00000000                                                      | CUSIP: 303897AA0<br>LEI: 549300K2JHXU7AX7CV78 | Long             | DBT              | CORP              | CA        |   5725000 | NS      | $5309937.50   | 0.80%             | 2028-02-26      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NFAS 2022-1 A 6.86% 09/15/25     | NFAS2 LLC SER 2022-1 CL A REGD 144A P/P 6.86000000                                                   | CUSIP: 62909JAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1660000 | NS      | $1660646.40   | 0.25%             | 2028-09-15      | Fixed         | 6.86%                 | Yes           |                  2 | On Loan: No      |
| TOWN 2022-STAY D V/R 08/15/24    | INTOWN 2022-STAY MORTGAGE TRUST SER 2022-STAY CL D V/R REGD 144A P/P 8.61200000                      | CUSIP: 46117NAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3150000 | NS      | $3122398.76   | 0.47%             | 2039-08-15      | Variable      | 8.61%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND  1.75% 10/29/24   | AERCAP IRELAND CAP/GLOBA REGD SER 3NC1 1.75000000                                                    | CUSIP: 00774MBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2160000 | NS      | $2014394.46   | 0.30%             | 2024-10-29      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| NRART 2020-T1 1.425% 08/15/23    | NEW RESIDENTIAL ADVANCE RECEIVABLES TRUST  SER 2020-T1 CL AT1 REGD 144A P/P 1.42570000               | CUSIP: 62942QCR2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2520000 | NS      | $2443150.84   | 0.37%             | 2053-08-15      | Fixed         | 1.43%                 | Yes           |                  2 | On Loan: No      |
| DOCTORS CO INTER 4.5% 01/18/32   | DOCTORS CO INTERINSURANC REGD 144A P/P 4.50000000                                                    | CUSIP: 256141AB8<br>LEI: MKYKR1GWDRIJRLI1S211 | Long             | DBT              | CORP              | US        |   4210000 | NS      | $3531609.48   | 0.53%             | 2032-01-18      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| T/L AMERICAN AIRLI 0% 4/20/28    | T/L AMERICAN AIRLINES INC REGD 0.00000000                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5110000 | NS      | $5243319.90   | 0.79%             | 2028-04-20      | Variable      | 9.56%                 | No            |                  2 | On Loan: No      |
| BXMT 2020-FL3 C V/R 11/15/37     | BXMT 2020-FL3 LTD SER 2020-FL3 CL C V/R REGD 144A P/P 6.95992000                                     | CUSIP: 05608XAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | NS      | $1193750.00   | 0.18%             | 2037-11-15      | Variable      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| US BANCORP V/R /PERP/            | US BANCORP REGD V/R /PERP/ 3.70000000                                                                | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   6100000 | NS      | $5329875.00   | 0.80%             | 2172-01-15      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| VC 3 LS 2021 LP 4.75% 10/15/41   | VC 3 LS 2021 LP CLASS B 4.75000000                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-CBDO         | CORP              | US        |   5734550 | NS      | $4755662.47   | 0.72%             | 2041-10-15      | Fixed         | 4.75%                 | No            |                  3 | On Loan: No      |
| T/L AHP HEALTH PAR 0% 08/24/28   | T/L AHP HEALTH PARTNERS INC.   (AKA ARDENT HEALTH PARTNERS    LLC) REGD 0.00000000                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3316625 | NS      | $3285946.14   | 0.50%             | 2028-08-24      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| MCAF 2023-1A A 6.65% 01/22/26    | MONROE CAPITAL ABS FUNDING II LTD SER 2023-1A CL A1 REGD 144A P/P 6.65000000                         | CUSIP: 61035MAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1870000 | NS      | $1869674.43   | 0.28%             | 2033-04-22      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| GLADSTONE INVESTMENT COR /PFD/   | GLADSTONE INVESTMENT COR      /PREFERRED/ 0.00000000                                                 | CUSIP: 376546883<br>LEI: 549300HFFTVIBC98Z362 | Long             | EP               | CORP              | US        |    132600 | NS      | $2902614.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L BAUSCH HEAL 0% 1/27/2027     | T/L BAUSCH HEALTH COMPANIES    INC REGD 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |   2320500 | NS      | $1779730.68   | 0.27%             | 2027-01-27      | Variable      | 9.83%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES &  7.4% 01/13/28   | F&G ANNUITIES & LIFE INC REGD 144A P/P 7.40000000                                                    | CUSIP: 30190AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5540000 | NS      | $5677987.88   | 0.86%             | 2028-01-13      | Fixed         | 7.40%                 | Yes           |                  2 | On Loan: No      |
| CION INVESTMENT  4.5% 02/11/26   | CION INVESTMENT CORP REGD 4.50000000                                                                 | CUSIP: 17259UAA3<br>LEI: 549300XN70JLF94XKX80 | Long             | DBT              | CORP              | US        |   1635000 | NS      | $1498142.46   | 0.23%             | 2026-02-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE &  V/R 03/13/26   | JPMORGAN CHASE & CO REGD V/R 2.00500000                                                              | CUSIP: 46647PBH8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2020000 | NS      | $1900250.54   | 0.29%             | 2026-03-13      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| T/L BUCKEYE PART 0% 11/01/26     | T/L BUCKEYE PARTNERS  L P      REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1376300 | NS      | $1375873.09   | 0.21%             | 2026-11-01      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE I 3.75% 05/15/50   | NEW YORK LIFE INSURANCE REGD 144A P/P 3.75000000                                                     | CUSIP: 64952GAT5<br>LEI: TAE73CY392TBWJ3O3305 | Long             | DBT              | CORP              | US        |   1180000 | NS      | $984248.94    | 0.15%             | 2050-05-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| TRINITY CAPITAL 4.25% 12/15/26   | TRINITY CAPITAL INC/MD REGD 4.25000000                                                               | CUSIP: 896442AH3<br>LEI: 549300YGT4SBRQYDVU48 | Long             | DBT              | CORP              | US        |   3165000 | NS      | $2718253.38   | 0.41%             | 2026-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| F/C US 10YR ULTRA FUT MAR23      | FUTURE CONTRACT ON           US 10YR ULTRA FUT MAR23 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       219 | NC      | $26543484.38  | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREAS NTS 1.25% 08/15/31      | UNITED STATES TREASURY NOTE 1.25000000                                                               | CUSIP: 91282CCS8<br>LEI: N/A                  | Long             | DBT              | UST               | US        |  23300000 | NS      | $19551066.35  | 2.95%             | 2031-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS 3.95% 07/01/24   | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 3.95000000                                                    | CUSIP: 05401AAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2685000 | NS      | $2601801.22   | 0.39%             | 2024-07-01      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| ABDLF 2020-1A 3.199% 10/20/27    | ABPCI DIRECT LENDING FUND ABS I LTD SER 2020-1A CL A REGD 144A P/P 3.19900000                        | CUSIP: 00090TAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2640000 | NS      | $2466058.32   | 0.37%             | 2030-12-20      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| DRAWBRIDGE SPE 3.875% 02/15/26   | DRAWBRIDGE SPEC OPPOR FU REGD 144A P/P 3.87500000                                                    | CUSIP: 26150TAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2485000 | NS      | $2291983.14   | 0.35%             | 2026-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CARGILL INC 5.125% 10/11/32      | CARGILL INC REGD 144A P/P 5.12500000                                                                 | CUSIP: 141781BZ6<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |   1890000 | NS      | $1970442.16   | 0.30%             | 2032-10-11      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER LP V/R /PERP/    | ENERGY TRANSFER LP REGD V/R /PERP/ SER A 6.25000000                                                  | CUSIP: 29273VAH3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   4045000 | NS      | $3812412.50   | 0.58%             | 2171-02-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| COMERICA BANK V/R 08/25/33       | COMERICA BANK REGD V/R 5.33200000                                                                    | CUSIP: 200339EX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2920000 | NS      | $2904370.20   | 0.44%             | 2033-08-25      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH  5.45% 01/23/39   | ANHEUSER-BUSCH INBEV WOR REGD 5.45000000                                                             | CUSIP: 03523TBU1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1310000 | NS      | $1371788.04   | 0.21%             | 2039-01-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 03/30/23           | UNITED STATES TREASURY BILL ZCP 0.00000000                                                           | CUSIP: 912796YM5<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   9350000 | PA      | $9286008.99   | 1.40%             | 2023-03-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LAFI 2018-1A A 5.956% 07/25/28   | LIAS ADMINISTRATION FEE ISSUER LLC SER 2018-1A CL A REGD 5.95600000                                  | CUSIP: 53000LAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    486722 | NS      | $484007.16    | 0.07%             | 2048-07-25      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| MCIP 2022-1A B 5.15% 04/30/32    | MONROE CAPITAL INCOME PLUS ABS FUNDING LLC SER 2022-1A CL B REGD 144A P/P 5.15000000                 | CUSIP: 61033MAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1790000 | NS      | $1599668.41   | 0.24%             | 2032-04-30      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| T/L LENDINGTREE  I 0% 09/15/28   | T/L LENDINGTREE  INC REGD 0.00000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2268600 | NS      | $2073886.06   | 0.31%             | 2028-09-15      | Variable      | 8.32%                 | No            |                  2 | On Loan: No      |
| APOLLO MANAGEMENT V/R 01/14/50   | APOLLO MANAGEMENT HOLDIN REGD V/R 144A P/P 4.95000000                                                | CUSIP: 03765HAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2095000 | NS      | $1801517.06   | 0.27%             | 2050-01-14      | Variable      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| FNA 2019-1 LLC 3% 12/10/31       | FNA 2019-1 LLC 3.00000000                                                                            | CUSIP: 30312PAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    728376 | NS      | $640970.46    | 0.10%             | 2031-12-10      | Fixed         | 3.00%                 | No            |                  3 | On Loan: No      |
| EAGLE POINT CREDIT CO /PFD/      | EAGLE POINT CREDIT CO         /PREFERRED/ 0.00000000                                                 | CUSIP: 269809885<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    178600 | NS      | $3939916.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MAIN STREET CAPI 5.2% 05/01/24   | MAIN STREET CAPITAL CORP REGD 5.20000000                                                             | CUSIP: 56035LAD6<br>LEI: 5493001FS9QJLJNF3E20 | Long             | DBT              | CORP              | US        |   1965000 | NS      | $1953375.14   | 0.29%             | 2024-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUS 6.599% 01/15/28   | SBA TOWER TRUST REGD 144A P/P 6.59900000                                                             | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | NS      | $2083680.20   | 0.31%             | 2028-01-15      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| UNIVERSAL INSU 5.625% 11/30/26   | UNIVERSAL INSURANCE HLDS REGD SER WI 5.62500000                                                      | CUSIP: 91359VAC1<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | DBT              | CORP              | US        |   6280000 | NS      | $5585844.16   | 0.84%             | 2026-11-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SEACO 2020-2A  2.26% 03/17/30    | GLOBAL SC FINANCE VII SRL SER 2020-2A CL A REGD 144A P/P 2.26000000                                  | CUSIP: 37959PAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BB        |   1266781 | NS      | $1147629.93   | 0.17%             | 2040-11-19      | Fixed         | 2.26%                 | Yes           |                  2 | On Loan: No      |
| NEUB 2021-40A A V/R 04/16/33     | NEUBERGER BERMAN LOAN ADVISERS CLO 4 SER 2021-40A CL A V/R REGD 144A P/P 5.85243000                  | CUSIP: 64134JAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2700000 | NS      | $2669625.00   | 0.40%             | 2033-04-16      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| T/L VISTRA OPERAT ZCP 12/31/25   | T/L VISTRA OPERATIONS CO LLC ZCP TERM LOAN 0.00000000                                                | CUSIP: 88233FAK6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1794028 | NS      | $1789543.41   | 0.27%             | 2025-12-31      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** BBH Trust

**Signature:** Charles Schreiber

**Name of Signer:** Charles Schreiber

**Title:** Treasurer