# EDGAR Filing Document

**Accession Number:** 0002012326
**File Stem:** 0001410368-26-055947
**Filing Date:** 2026-5
**Character Count:** 173584
**Document Hash:** 1f5cee13f458d4c38eb7f6afe32a6cb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-055947.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001410368-26-055947

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23939
- **FILM NUMBER:** 261038091

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

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

## Nport-Ex

**AB CarVal Credit Opportunities Fund** 

**Consolidated Portfolio of Investments** 

**March 31, 2026 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **ASSET BACKED – 39.4%** | **ASSET BACKED – 39.4%** | **ASSET BACKED – 39.4%** | **ASSET BACKED – 39.4%** |
|  **Bonds – 39.4%** | **Bonds – 39.4%** | **Bonds – 39.4%** | **Bonds – 39.4%** |
|  **Alternative Energy – 0.2%** | **Alternative Energy – 0.2%** | **Alternative Energy – 0.2%** | **Alternative Energy – 0.2%** |
|  Dividend Solar Loans LLC <br>Series 2019-1 <br>5.68%, 08/22/2039<sup>(a)</sup> | U.S.$| 406 | $369931 |
|  Mill City Solar Loan Ltd.<br>Series 2019-1<br>5.92%, 03/20/2043<sup>(a) (b)</sup> |  | 98 | 81292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.14%, 03/20/2043<sup>(a) (b)</sup> |  | 92 | 71668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1<br>15.43%, 06/20/2047<sup>(a) (b) (c) (d) (e) (f)</sup> |  | 1189 | 174469 |
|  |  |  | 697360 |
|  **Commercial Mortgage-Backed Securities – 16.3%** | **Commercial Mortgage-Backed Securities – 16.3%** | **Commercial Mortgage-Backed Securities – 16.3%** | **Commercial Mortgage-Backed Securities – 16.3%** |
|  Atrium Hotel Portfolio Trust <br>Series 2024 <br>8.599%, 11/10/2029<sup>(a)</sup> |  | 3500 | 3487881 |
|  Banc of America Merrill Lynch <br>Series 2025 <br>7.655% (SOFR 1 Month + 4.00%), 02/15/2042<sup>(a) (g)</sup> |  | 2500 | 2486452 |
|  BX Commercial Mortgage Trust <br>Series 2026-VLT9, Class E <br>7.923% (SOFR 1 Month + 4.25%), 03/15/2045<sup>(a) (g)</sup> |  | 3500 | 3475434 |
|  BXSC Commercial Mortgage Trust <br>Series 2022-WSS, Class F <br>8.989% (SOFR 1 Month + 5.33%), 03/15/2035<sup>(a) (g)</sup> |  | 1693 | 1689446 |
|  CEDR Commercial Mortgage Trust <br>Series 2022-SNAI, Class E <br>6.692% (SOFR 1 Month + 3.02%), 02/15/2039<sup>(a) (g)</sup> |  | 3000 | 2918086 |
|  Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024<br>7.927%, 12/10/2041<sup>(a)</sup> |  | 2690 | 2663421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WCL<br>8.147% (SOFR 1 Month + 4.49%), 06/15/2041<sup>(a) (g)</sup> |  | 1176 | 1169863 |
|  DC Trust <br>Series 2024-HLTN, Class F <br>10.305%, 04/13/2040<sup>(a)</sup> |  | 1000 | 1015364 |
|  DGWD Trust <br>Series 2025, Class E <br>7.673% (SOFR 1 Month + 4.00%), 08/15/2035<sup>(a) (g)</sup> |  | 2500 | 2501851 |
|  Extended Stay America Trust <br>Series 2026-ESH2, Class F <br>7.76% (SOFR 1 Month + 3.75%), 10/15/2042<sup>(a) (g)</sup> |  | 1981 | 1987082 |
|  GS Mortgage Securities Trust <br>Series 2024-70P, Class E <br>8.367%, 03/10/2041<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787195 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  HAVN Trust <br>Series 2025, Class E <br>8.723% (SOFR 1 Month + 5.05%), 10/15/2035<sup>(a) (g)</sup> | U.S.$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491278 |
|  HIH Trust <br>Series 2024-61P, Class F <br>9.097% (SOFR 1 Month + 5.44%), 10/15/2041<sup>(a) (g)</sup> |  | 3056 | 3058066 |
|  ILPT Commercial Mortgage Trust <br>Series 2025-LPF2, Class E <br>8.199%, 07/13/2042<sup>(a)</sup> |  | 3500 | 3582071 |
|  IP Mortgage Trust <br>Series 2025-IP, Class F <br>7.712%, 06/10/2042<sup>(a)</sup> |  | 2500 | 2515724 |
|  JP Morgan Chase Commercial Mortgage Securities Trust <br>Series 2025-PHNY, Class E <br>7.738% (SOFR 1 Month + 4.29%), 01/15/2041<sup>(a) (g)</sup> |  | 2000 | 1996840 |
|  MHP Commercial Mortgage Trust <br>Series 2025-MHIL2, Class F <br>7.923% (SOFR 1 Month + 4.25%), 09/15/2040<sup>(a) (g)</sup> |  | 2000 | 1987121 |
|  MILE Trust <br>Series 2025-STNE, Class E <br>8.573% (SOFR 1 Month + 4.90%), 07/15/2042<sup>(a) (g)</sup> |  | 2500 | 2494536 |
|  MTN Commercial Mortgage Trust <br>Series 2022-LPFL, Class F <br>8.945% (SOFR 1 Month + 5.29%), 03/15/2039<sup>(a) (g)</sup> |  | 2007 | 2008625 |
|  Pembroke Property Finance 3 DAC<br>6.011% (EURIBOR 3 Month + 3.95%), 06/01/2043<sup>(a) (g)</sup> | EUR | 500 | 581451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.971% (EURIBOR 3 Month + 4.91%), 06/01/2043<sup>(a) (g)</sup> |  | 1953 | 2269769 |
|  PGA National Resort Commercial Trust <br>Series 2024-RSR2, Class F <br>8.359% (SOFR 1 Month + 4.69%), 06/15/2039<sup>(a) (g)</sup> | U.S.$| 1375 | 1374667 |
|  SCG Hotel Issuer Inc <br>Series 2024-MSP, Class E <br>8.597% (SOFR 1 Month + 4.94%), 04/15/2041<sup>(a) (g)</sup> |  | 3500 | 3498722 |
|  SDAL Trust <br>Series 2025 <br>8.96% (SOFR 1 Month + 5.29%), 04/15/2042<sup>(a) (g)</sup> |  | 2500 | 2499724 |
|  SMRT Commercial Mortgage Trust <br>Series 2022-MINI, Class F <br>6.36% (SOFR 1 Month + 3.35%), 01/15/2039<sup>(a) (g)</sup> |  | 2000 | 1960760 |
|  SWCH Commercial Mortgage Trust<br>Series 2025<br>7.013% (SOFR 1 Month + 3.34%), 02/15/2042<sup>(a) (g)</sup> |  | 1000 | 985693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.899% (SOFR 1 Month + 4.24%), 02/15/2042<sup>(a) (g)</sup> |  | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971777 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 3<br>4.928% (EURIBOR 1 Month + 3.00%), 10/27/2043<sup>(a) (g)</sup> | EUR | 700 | $801611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.328% (EURIBOR 1 Month + 4.40%), 10/27/2043<sup>(a) (g)</sup> |  | 500 | 574654 |
|  THPT Mortgage Trust <br>Series 2023-THL, Class D <br>9.252%, 12/10/2034<sup>(a)</sup> | U.S.$| 1386 | 1380584 |
|  UK Logistics DAC <br>Series 2025-2A, Class E <br>7.795% (SONIA + 4.05%), 08/17/2035<sup>(a) (g)</sup> | GBP | 1174 | 1554265 |
|  Velocity Commercial Capital Loan Trust<br>Series 2022-4, Class M4<br>7.521%, 08/25/2052<sup>(a) (d) (e)</sup> | U.S.$| 1592 | 1501520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class M6<br>10.406%, 05/25/2053<sup>(a) (d) (e)</sup> |  | 789 | 718106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class M6<br>10.614%, 08/25/2053<sup>(a) (d) (e)</sup> |  | 947 | 873098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class M5<br>10.91%, 01/25/2054<sup>(a) (d) (e)</sup> |  | 762 | 749936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, M4<br>10.731%, 06/25/2054<sup>(a) (d) (e)</sup> |  | 1232 | 1224517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class M4<br>9.35%, 09/25/2055<sup>(a) (d) (e)</sup> |  | 1813 | 1777146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5, Class M4<br>9.19%, 12/25/2055<sup>(a) (d) (e)</sup> |  | 2049 | 1994834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1, Class M4<br>8.48%, 02/25/2056<sup>(a) (d) (e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880 | 3772767 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80381937 |
|  **Consumer Asset-Backed Securities – 10.2%** |  |  |  |
|  Asimi Funding PLC <br>Series 2024-1, Class F <br>10.134% (SONIA + 6.40%), 09/16/2031<sup>(a) (g)</sup> | GBP | 579 | 772994 |
|  BBVA Consumer Auto FTA <br>Series 2024-1 <br>7.429% (EURIBOR 3 Month + 5.40%), 04/21/2037<sup>(a) (g)</sup> | EUR | 286 | 340481 |
|  BBVA Consumer Fondo de Titulizacion<br>Series 2026-1, Class E<br>5.511% (EURIBOR 3 Month + 3.50%), 05/20/2039<sup>(a) (g)</sup> |  | 1200 | 1384456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1, Class F<br>7.111% (EURIBOR 3 Month + 5.10%), 05/20/2039<sup>(a) (g)</sup> |  | 1500 | 1727482 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CPS Auto Receivables Trust <br>Series 2026-A, Class E <br>6.66%, 08/15/2033<sup>(a)</sup> | U.S.$| 3000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936964 |
|  Dowson PLC<br>Series 2025-1, Class E<br>6.634% (SONIA + 2.90%), 12/20/2032<sup>(a) (g)</sup> | GBP | 648 | 855933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class F<br>8.984% (SONIA + 5.25%), 12/20/2032<sup>(a) (g)</sup> |  | 961 | 1270106 |
|  FCT Eurotruck Lease<br>7.128% (EURIBOR1M + 5.25%), 04/30/2049<sup>(d) (e) (g)</sup> | EUR | 380 | 438213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.628% (EURIBOR1M + 7.75%), 04/30/2049<sup>(d) (e) (g)</sup> |  | 1790 | 2054489 |
|  Foundation Finance Trust<br>Series 2025-1<br>8.37%, 04/15/2050<sup>(a)</sup> | U.S.$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822 | 1784112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class E<br>8.42%, 08/15/2052<sup>(a)</sup> |  | 3565 | 3607426 |
|  GoodLeap Home Improvement Solutions Trust<br>Series 2025-1<br>7.83%, 02/20/2049<sup>(a)</sup> |  | 1477 | 1482202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class C<br>8.16%, 06/20/2049<sup>(a)</sup> |  | 1359 | 1371716 |
|  Mariner Finance Issuance Trust<br>Series 2025-AA, Class E<br>8.64%, 05/20/2038<sup>(a)</sup> |  | 1431 | 1461022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class E<br>7.51%, 11/22/2038<sup>(a)</sup> |  | 3506 | 3470450 |
|  Molossus BTL PLC <br>Series 2025-1, Class F <br>8.075% (SONIA + 4.33%), 03/17/2063<sup>(a) (g)</sup> | GBP | 1408 | 1863012 |
|  Republic Finance Issuance Trust <br>Series 2025-A, Class E <br>7.70%, 11/20/2034<sup>(a)</sup> | U.S.$| 2448 | 2432269 |
|  SC Germany SA Compartment Consumer<br>Series 2022-1<br>7.44% (EURIBOR 1 Month + 5.50%), 10/14/2036<sup>(a) (g)</sup> | EUR | 631 | 751076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.44% (EURIBOR 1 Month + 8.50%), 10/14/2036<sup>(a) (g)</sup> |  | 561 | 687789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1<br>6.74% (EURIBOR 1 Month + 4.80%), 01/14/2038<sup>(a) (g)</sup> |  | 125 | 145053 |
|  Secucor Finance DAC <br>Series 2025-1, Class E <br>6.421% (EURIBOR 1 Month + 4.50%), 09/20/2036<sup>(a) (g)</sup> |  | 800 | 920509 |
|  Securitization of Catalogue Assets Ltd.<br>4.25% (SONIA + 4.25%), 01/01/2027<sup>(d) (e) (g)</sup> | GBP | 567 | 750481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.97% (SONIA + 6.97%), 01/01/2027<sup>(d) (e) (g)</sup> |  | 1526 | 2019814 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Stream Innovations Issuer Trust<br>Series 2025-1, Class D<br>8.40%, 09/15/2045<sup>(a)</sup> | U.S.$| 758 | $| 755854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class D<br>8.18%, 08/15/2046<sup>(a)</sup> |  | 2000 |  | 1981735 |
|  Veros Auto Receivable Trust<br>Series 2025 <br>8.79%, 05/17/2032<sup>(c) (d) (e)</sup> |  | 950 |  | 9217879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D<br>8.79%, 05/17/2032<sup>(a)</sup> |  | 1821 |  | 1831096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1, Class E<br>7.74%, 07/15/2031<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 |  | 1730642 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50045255 |
|  **Residential Mortgage-Backed Securities – 12.7%** | **Residential Mortgage-Backed Securities – 12.7%** | **Residential Mortgage-Backed Securities – 12.7%** | **Residential Mortgage-Backed Securities – 12.7%** | **Residential Mortgage-Backed Securities – 12.7%** |
|  Archwest Mortgage Trust<br>Series 2025-RTL1, Class M1<br>6.809%, 10/25/2040<sup>(a) (d) (e)</sup> |  | 2372 |  | 2351497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2026-RTL1, Class M2<br>8.555%, 04/25/2041<sup>(a) (d) (e)</sup> |  | 2500 |  | 2479621 |
|  CFMT LLC <br>Series 2024 <br>4.00%, 10/25/2054<sup>(a) (d) (e)</sup> |  | 1878 |  | 1705906 |
|  Ellington Financial Mortgage Trust<br>Series 2024-INV2<br>7.63%, 10/25/2069<sup>(a) (d) (e)</sup> |  | 2765 |  | 2744124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2026-INV2, Class B2<br>6.961%, 02/25/2071<sup>(a) (d) (e)</sup> |  | 2000 |  | 1922744 |
|  Jeronimo Funding DAC<br>5.065% (EURIBOR 3 Month + 3.00%), 10/25/2064<sup>(a) (g)</sup> | EUR | 400 |  | 447591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.565% (EURIBOR 3 Month + 3.50%), 10/25/2064<sup>(a) (g)</sup> |  | 941 |  | 1041495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.065% (EURIBOR 3 Month + 4.00%), 10/25/2064<sup>(a) (g)</sup> |  | 471 |  | 511505 |
|  Kinbane DAC<br>Series 2025<br>0.00%, 06/24/2078<sup>(a) (d) (e)</sup> |  | 164 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%, 06/24/2078<sup>(a) (d) (e)</sup> |  | 171 |  | 188685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%, 06/24/2078<sup>(a) (d) (e)</sup> |  | 539 |  | 0 |
|  LHOME Mortgage Trust <br>Series 2025-RTL1, Class M2 <br>8.379%, 01/25/2040<sup>(a) (d) (e)</sup> | U.S.$| 2000 |  | 2019724 |
|  Mill City Mortgage Loan Trust<br>Series 2018-4<br>0.00%, 04/25/2066<sup>(a) (b) (c) (d) (e) (f)</sup> |  | 3582 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.041%, 04/25/2066<sup>(a) (b)</sup> |  | 204 |  | 143531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.041%, 04/25/2066<sup>(a) (b) (d) (e)</sup> |  | 204 |  | 113840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.041%, 04/25/2066<sup>(a) (b) (d) (e)</sup> |  | 164 |  | 80986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.041%, 04/25/2066<sup>(a) (b) (d) (e)</sup> |  | 130 |  | 65435 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/25/2066<sup>(a) (b)</sup> | U.S.$| 427 | $337789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.64%, 04/25/2066<sup>(a) (b) (c) (d) (e) (f)</sup> |  | 3582 | 16098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1<br>3.521%, 10/25/2069<sup>(a) (b)</sup> |  | 217 | 165950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.521%, 10/25/2069<sup>(a) (b) (d) (e)</sup> |  | 213 | 132925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.521%, 10/25/2069<sup>(a) (b) (d) (e)</sup> |  | 216 | 120855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.521%, 10/25/2069<sup>(a) (b) (d) (e)</sup> |  | 214 | 84349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.62%, 10/25/2069<sup>(a) (b) (c) (d) (e) (f)</sup> |  | 3472 | 16294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.77%, 10/25/2069<sup>(a) (b) (c) (d) (e) (f)</sup> |  | 3472 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GS2<br>0.00%, 08/25/2059<sup>(a) (b) (d) (e) (f)</sup> |  | 2853 | 15049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%, 08/25/2059<sup>(a) (b) (d) (e)</sup> |  | 178 | 119570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%, 08/25/2059<sup>(a) (b) (d) (e)</sup> |  | 178 | 107738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%, 08/25/2059<sup>(a) (b) (d) (e)</sup> |  | 149 | 81971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%, 08/25/2059<sup>(a) (b) (d) (e)</sup> |  | 147 | 59112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.81%, 08/25/2059<sup>(a) (b) (c) (d) (e) (f)</sup> |  | 3224 | 66274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM1<br>6.061%, 10/25/2067<sup>(a) (b)</sup> |  | 126 | 125788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.061%, 10/25/2067<sup>(a) (b)</sup> |  | 241 | 240506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.061%, 10/25/2067<sup>(a) (b)</sup> |  | 221 | 216464 |
|  Morgan Stanley Residential Mortgage Loan Trust<br>Series 2024<br>7.343%, 10/25/2069<sup>(a) (d) (e)</sup> |  | 1115 | 1102647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPL1, Class B1<br>4.25%, 02/25/2065<sup>(a) (d) (e)</sup> |  | 1650 | 1467010 |
|  New Residential Mortgage Loan Trust<br>Series 2018-2<br>5.167%, 02/25/2058<sup>(a) (d) (e)</sup> |  | 2036 | 1520806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2<br>4.70%, 12/25/2057<sup>(a) (d) (e)</sup> |  | 2603 | 1944298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5<br>4.211%, 08/25/2059<sup>(a) (d) (e)</sup> |  | 4891 | 3410186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6<br>4.296%, 09/25/2059<sup>(a) (d) (e)</sup> |  | 2947 | 2031789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL2<br>3.954%, 02/25/2059<sup>(a) (d) (e)</sup> |  | 2618 | 1364646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023<br>7.473%, 10/25/2063<sup>(a) (d) (e)</sup> |  | 2000 | 1988593 |
|  PRET LLC <br>Series 2025-NPL12, Class A2 <br>6.90%, 11/25/2055<sup>(a) (d) (e)</sup> |  | 1800 | 1799645 |
|  Pretium Mortgage Credit Partners LLC<br>Series 2025-NPL7, Class A2<br>8.354%, 07/25/2055<sup>(a) (d) (e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL8, Class A2<br>7.991%, 08/25/2055<sup>(a) (d) (e)</sup> |  | 778 | 779307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL9, Class A2<br>7.507%, 08/25/2055<sup>(a) (d) (e)</sup> |  | 515 | 515538 |
|  PRKCM Trust <br>Series 2025-AFC1, Class B1 <br>6.808%, 10/25/2060<sup>(a) (d) (e)</sup> |  | 1000 | 981177 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  PRP Advisors LLC<br>Series 2023-RCF2<br>4.00%, 11/25/2053<sup>(a)</sup> | U.S.$| 1000 | $946102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A2<br>8.326%, 08/25/2028<sup>(a) (d) (e)</sup> |  | 708 | 706938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class A2<br>7.449%, 08/25/2030<sup>(a) (d) (e)</sup> |  | 807 | 806103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF3<br>5.25%, 07/25/2055<sup>(a) (d) (e)</sup> |  | 2500 | 2403335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF4, Class M2<br>4.50%, 08/25/2055<sup>(a) (d) (e)</sup> |  | 500 | 463280 |
|  PRPM LLC <br>Series 2025-8, Class A2 <br>7.199%, 10/25/2030<sup>(a) (d) (e)</sup> |  | 1569 | 1563686 |
|  PRPM Trust <br>Series 2026-RCF1, Class M2 <br>5.50%, 01/25/2056<sup>(a) (d) (e)</sup> |  | 1375 | 1307947 |
|  TVC Mortgage Trust <br>Series 2026-RRTL1, Class M2 <br>8.087%, 02/25/2041<sup>(a) (d) (e)</sup> |  | 1000 | 990450 |
|  Verus Securitization Trust<br>Series 2023-6<br>7.762%, 09/25/2068<sup>(a) (d) (e)</sup> |  | 1890 | 1886256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-8, Class B2<br>8.078%, 12/25/2068<sup>(a) (d) (e)</sup> |  | 398 | 398751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-INV2<br>8.002%, 08/25/2068<sup>(a) (d) (e)</sup> |  | 3139 | 3128908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4<br>8.001%, 06/25/2069<sup>(a) (d) (e)</sup> |  | 2000 | 2005144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6<br>7.338%, 07/25/2069<sup>(a) (d) (e)</sup> |  | 1402 | 1405058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7<br>7.802%, 09/25/2069<sup>(a) (d) (e)</sup> |  | 2264 | 2267474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-8<br>7.605%, 10/25/2069<sup>(a) (d) (e)</sup> |  | 785 | 784361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-9<br>7.348%, 11/25/2069<sup>(a) (d) (e)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 1990026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1<br>7.349%, 01/25/2070<sup>(a) (d) (e)</sup> |  | 500 | 494546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5, Class B2<br>7.321%, 06/25/2070<sup>(a) (d) (e)</sup> |  | 500 | 493487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class B2<br>7.338%, 07/25/2070<sup>(a) (d) (e)</sup> |  | 571 | 563973 |
|  |  |  | 62474855 |
|  Total Asset Backed <br>(cost $196,816,398) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193599407 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **Shares** | **U.S. $ Value** |
|  **LOAN PORTFOLIOS – 27.7%** |  |  |  |
|  **Equity Investments – 26.8%** |  |  |  |
|  **Alternative Energy – 0.3%** |  |  |  |
|  Coral Reef SPV S.a.r.l.<sup>(b) (d) (e) (h)</sup> |  | 851280 | $1491650 |
|  **Commercial Loan Portfolios – 6.0%** |  |  |  |
|  Elbe Investment Holdings S.a.r.l.<sup>(b) (d) (e)</sup> |  | 11147146 | 13105721 |
|  Powis Finance S.a.r.l.<sup>(b) (d) (e) (h)</sup> |  | 8858619 | 11486275 |
|  Silva Property Finance Ltd.<sup>(d) (e)</sup> |  | 3264213 | 4854892 |
|  |  |  | 29446888 |
|  **Commercial Real Estate Loans – 0.7%** |  |  |  |
|  CVI Thompson Holdings LLC<sup>(b) (d) (e) (h)</sup> |  | 3642109 | 3682507 |
|  **Consumer Loan Portfolios – 12.7%** |  |  |  |
|  Asker S.a.r.l.<sup>(b) (d) (e)</sup> |  | 8048875 | 11765763 |
|  Creditable Opportunities Fund II SCS - RAIF<sup>(b) (d) (e)</sup> |  | 7911392 | 9769659 |
|  CVI AF Acquisition Trust<sup>(b) (d) (e)</sup> |  | 6070686 | 6137834 |
|  CVI CB Holdings IV LLC<sup>(b) (d) (e) (h)</sup> |  | 409178 | 443660 |
|  CVI CB Holdings V LLC<sup>(b) (d) (e) (h)</sup> |  | 652132 | 924521 |
|  CVI CC Investment Trust<sup>(b) (d) (e)</sup> |  | 6047376 | 6598237 |
|  CVI LB Investment Trust II<sup>(b) (d) (e)</sup> |  | 5994158 | 6320906 |
|  CVI MF Acquisition Trust II<sup>(b) (d) (e) (h)</sup> |  | 1587632 | 1694983 |
|  CVI OCT Acquisition Trust<sup>(b) (d) (e) (h)</sup> |  | 8542943 | 9596489 |
|  CVI SBT Acquisition Trust<sup>(b) (d) (e)</sup> |  | 3792972 | 3857342 |
|  Kielder Funding Ltd.<sup>(b) (d) (e)</sup> |  | 3511795 | 5573542 |
|  |  |  | 62682936 |
|  **Residential Loan Portfolios – 7.1%** |  |  |  |
|  CVI HEI Holdings LLC<sup>(b) (d) (e)</sup> |  | 679212 | 679212 |
|  Encina Residential Designated Activity Company<sup>(d) (e)</sup> |  | 23314 | 53420 |
|  Galindo Holdings S.a r.l.<sup>(b) (d) (e) (h)</sup> |  | 204519 | 9227 |
|  Nimbus Funding Ltd.<sup>(d) (e)</sup> |  | 4441057 | 6025552 |
|  Powis Finance S.a.r.l.<sup>(b) (d) (e)</sup> |  | 2846875 | 3462611 |
|  Recknitz Ventus Lion S.a.r.l.<sup>(b) (d) (e)</sup> |  | 9763616 | 11603444 |
|  Renascentia SPV S.a.r.l.<sup>(b) (d) (e)</sup> |  | 9485592 | 12885362 |
|  |  |  | 34718828 |
|  |  |  | 132022809 |
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** |  |
|  **Debt Investments – 0.9%** |  |  |  |
|  **Alternative Energy – 0.9%** |  |  |  |
|  CVI Platinum LP <br>14.122%, 05/02/2029<sup>(b) (d) (e) (k)</sup> | GBP | 3885 | 4423262 |
|  Total Loan Portfolios <br>(cost $125,440,380) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136446071 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **CORPORATE SECURITIES – 10.2%** |  |  |  |
|  **Bank Debt – 5.0%** |  |  |  |
|  **Auto/Motor Carrier – 0.4%** |  |  |  |
|  Carnaby Inventory II LLC <br>18.30% (SOFR 1 Month + 14.00%), 12/01/2025<sup>(d) (e) (g) (i)</sup> | U.S.$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | $742950 |
|  Carnaby Inventory III LLC <br>17.90% (SOFR 1 Month + 13.63%), 12/01/2025<sup>(d) (e) (g) (i)</sup> |  | 2400 | 1440000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182950 |
|  **Building/Construction Products – 0.5%** |  |  |  |
|  OCS Group Holdings Ltd. <br>11/28/2031<sup>(j)</sup> | GBP | 2000 | 2625361 |
|  **Commercial Services – 0.4%** |  |  |  |
|  United Talent Agency LLC <br>Series 2025 <br>7.472% (SOFR 1 Month + 3.00%), 06/10/2032<sup>(g)</sup> | U.S.$| 1733 | 1732500 |
|  **Communications – 0.5%** |  |  |  |
|  VMED O2 U.K. Holdco 4 Ltd. <br>4.94% (EURIBOR 1 Month + 3.00%), 10/15/2031<sup>(g)</sup> | EUR | 2045 | 2195672 |
|  **Energy – 0.7%** |  |  |  |
|  VMOS SA <br>07/08/2030<sup>(j)</sup> | U.S.$| 3600 | 3603240 |
|  **Financial Services – 0.3%** |  |  |  |
|  Nexus Buyer LLC <br>Series 2025 <br>07/31/2031<sup>(j)</sup> |  | 1591 | 1526358 |
|  **Health Care – 0.7%** |  |  |  |
|  Heartland Dental LLC <br>Series 2025 <br>7.404% (SOFR 1 Month + 3.75%), 08/25/2032<sup>(g)</sup> |  | 1975 | 1969391 |
|  LSCS Holdings, Inc. <br>Series 2025 <br>8.199% (SOFR 3 Month + 4.50%), 03/04/2032<sup>(g)</sup> |  | 1420 | 1327421 |
|  |  |  | 3296812 |
|  **Leisure/Entertainment – 1.5%** |  |  |  |
|  Banijay US Holdings, Inc. <br>Series 2025 <br>03/01/2028<sup>(j)</sup> |  | 1012 | 1011577 |
|  HRNI Holdings LLC <br>Series 2021 <br>7.99% (SOFR 3 Month + 4.25%), 12/11/2028<sup>(g)</sup> |  | 2603 | 2511715 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Route 66 Development Authority 01/24/2031<sup>(j)</sup> | U.S.$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4075 | $| 4034250 |
|  |  |  |  | 7557542 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24720435 |
|  **Bonds – 4.1%** | **Bonds – 4.1%** | **Bonds – 4.1%** | **Bonds – 4.1%** | **Bonds – 4.1%** |
|  **Auto/Motor Carrier – 0.2%** | **Auto/Motor Carrier – 0.2%** | **Auto/Motor Carrier – 0.2%** | **Auto/Motor Carrier – 0.2%** | **Auto/Motor Carrier – 0.2%** |
|  IHO Verwaltungs GmbH <br>6.375%, 05/15/2029<sup>(a)</sup> |  | 800 |  | 801300 |
|  **Building/Construction Products – 0.4%** | **Building/Construction Products – 0.4%** | **Building/Construction Products – 0.4%** | **Building/Construction Products – 0.4%** | **Building/Construction Products – 0.4%** |
|  Ashton Woods USA LLC/Ashton Woods Finance Co. <br>4.625%, 08/01/2029<sup>(a)</sup> |  | 800 |  | 755780 |
|  Country Garden Holdings Co. Ltd.<br>0.00%, 12/31/2031<sup>(k) (l)</sup> |  | 2303 |  | 257068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2032<sup>(k)</sup> |  | 1112 |  | 152630 |
|  VM Consolidated, Inc. <br>5.50%, 04/15/2029<sup>(a)</sup> |  | 800 |  | 772662 |
|  |  |  |  | 1938140 |
|  **Communications – 0.3%** | **Communications – 0.3%** | **Communications – 0.3%** | **Communications – 0.3%** | **Communications – 0.3%** |
|  Arches Buyer, Inc. <br>4.25%, 06/01/2028<sup>(a)</sup> |  | 800 |  | 770864 |
|  Telenet Finance Luxembourg Notes SARL <br>5.50%, 03/01/2028<sup>(a)</sup> |  | 800 |  | 788580 |
|  |  |  |  | 1559444 |
|  **Consumer – 0.3%** | **Consumer – 0.3%** | **Consumer – 0.3%** | **Consumer – 0.3%** | **Consumer – 0.3%** |
|  Cars.com, Inc. <br>6.375%, 11/01/2028<sup>(a)</sup> |  | 800 |  | 778337 |
|  Edgewell Personal Care Co. <br>4.125%, 04/01/2029<sup>(a)</sup> |  | 800 |  | 755191 |
|  |  |  |  | 1533528 |
|  **Energy – 0.6%** | **Energy – 0.6%** | **Energy – 0.6%** | **Energy – 0.6%** | **Energy – 0.6%** |
|  Archrock Partners LP/Archrock Partners Finance Corp. <br>6.25%, 04/01/2028<sup>(a)</sup> |  | 800 |  | 800056 |
|  Burford Capital Global Finance LLC <br>6.25%, 04/15/2028<sup>(a)</sup> |  | 800 |  | 752172 |
|  Reworld Holding Corp. <br>4.875%, 12/01/2029<sup>(a)</sup> |  | 800 |  | 751720 |
|  SM Energy Co. <br>6.625%, 01/15/2027 |  | 800 |  | 800109 |
|  |  |  |  | 3104057 |
|  **Financial Services – 0.6%** | **Financial Services – 0.6%** | **Financial Services – 0.6%** | **Financial Services – 0.6%** | **Financial Services – 0.6%** |
|  AmWINS Group, Inc. <br>4.875%, 06/30/2029<sup>(a)</sup> |  | 800 |  | 766876 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. <br>6.375%, 02/01/2027<sup>(a)</sup> | U.S.$| 800 | $792044 |
|  PRA Group, Inc. <br>8.375%, 02/01/2028<sup>(a)</sup> |  | 800 | 803134 |
|  United Wholesale Mortgage LLC <br>5.50%, 04/15/2029<sup>(a)</sup> |  | 800 | 749300 |
|  |  |  | 3111354 |
|  **General Manufacturing – 0.1%** |  |  |  |
|  Novelis Corp. <br>4.75%, 01/30/2030<sup>(a)</sup> |  | 800 | 752133 |
|  **Health Care – 0.2%** |  |  |  |
|  Kedrion SpA <br>6.50%, 09/01/2029<sup>(a)</sup> |  | 800 | 766736 |
|  **Industrials – 0.2%** |  |  |  |
|  Global Infrastructure Solutions, Inc. <br>5.625%, 06/01/2029<sup>(a)</sup> |  | 800 | 784917 |
|  **Leisure/Entertainment – 0.5%** |  |  |  |
|  Deluxe Corp. <br>8.00%, 06/01/2029<sup>(a)</sup> |  | 800 | 805112 |
|  NCL Corp., Ltd. <br>6.25%, 03/01/2030<sup>(a)</sup> |  | 800 | 793956 |
|  Sotheby's <br>7.375%, 10/15/2027<sup>(a)</sup> |  | 800 | 796437 |
|  |  |  | 2395505 |
|  **Miscellaneous Industries – 0.2%** |  |  |  |
|  Grand Canyon University <br>5.125%, 10/01/2028 |  | 800 | 791600 |
|  **Technology – 0.2%** |  |  |  |
|  Iron Mountain, Inc. <br>6.25%, 01/15/2033<sup>(a)</sup> |  | 800 | 798067 |
|  **Transportation (Non Auto) – 0.3%** |  |  |  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. <br>5.75%, 04/20/2029<sup>(a)</sup> |  | 800 | 795791 |
|  FTAI Aviation Investors LLC <br>5.875%, 04/15/2033<sup>(a)</sup> |  | 800 | 783107 |
|  |  |  | 1578898 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19915679 |
|  | **Shares** | **Shares** |  |
|  **Equity Investments – 1.1%** |  |  |  |
|  **Alternative Energy – 1.1%** |  |  |  |
|  CVI Hydro LP<sup>(b) (d) (e)</sup> |  | 5000000 | 5205255 |
|  Intersect Power LLC<sup>(d) (e) (h)</sup> |  | 19 | 0 |
|  IPX Power Units<sup>(d) (e)</sup> |  | 16894 | 362604 |
|  |  |  | 5567859 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Building/Construction Products – 0.0%** |  |  |
|  Country Garden Holdings Co. Ltd.<sup>(h)</sup> | 760112 | $30536 |
|  |  | 5598395 |
|  Total Corporate Securities <br>(cost $52,475,732) |  | 50234509 |
|  **SPECIAL OPPORTUNITIES – 7.1%** |  |  |
|  **Equity Investments – 7.1%** |  |  |
|  **Aviation – 7.1%** |  |  |
|  Aergo Capital Ltd.<sup>(b) (d) (e) (h)</sup> | 28130319 | 30733382 |
|  CVI Investments Delaware 2 LP<sup>(b) (d) (e)</sup> | 4265726 | 4320942 |
|  Total Special Opportunities <br>(cost $32,396,045) |  | 35054324 |
|  **SHORT-TERM INVESTMENTS – 12.5%** |  |  |
|  **Investment Companies – 12.5%** |  |  |
|  Northern Institutional Treasury Portfolio, 4.12%<sup>(m)</sup> <br>(cost $61,626,333) | 61626333 | 61626333 |
|  **Total Investments – 96.9%** <br> (cost $468,754,888)<sup>(n)</sup> |  | 476960644 |
|  Other assets less liabilities – 3.1% |  | 15340450 |
|  **Net Assets – 100.0%** |  | $**492301094** |

---

**FORWARD CURRENCY EXCHANGE CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| HSBC Bank Plc | EUR | 70707 | USD | 81263 | 04/22/2026 | $(540976) |
| HSBC Bank Plc | GBP | 32592 | USD | 43487 | 06/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358785 |
| HSBC Bank Plc | HKD | 164 | USD | 21 | 06/17/2026 | 44 |
| HSBC Bank Plc | USD | 436 | GBP | 330 | 06/17/2026 | 1109 |
| HSBC Bank Plc | USD | 2819 | GBP | 2090 | 06/17/2026 | (53427) |
| HSBC Bank Plc | EUR | 6660 | USD | 7950 | 09/16/2026 | 199074 |
| HSBC Bank Plc | EUR | 470 | USD | 546 | 09/16/2026 | (922) |
| HSBC Bank Plc | USD | 3170 | EUR | 2740 | 09/16/2026 | 18772 |
| HSBC Bank Plc | USD | 794 | EUR | 680 | 09/16/2026 | (3009) |
|  |  |  |  |  |  | $(20551) |

---

**CENTRALLY CLEARED INTEREST RATE SWAPS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount**<br> **(000)** | **Notional<br>Amount**<br> **(000)** | <br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** |<br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 2002 | 04/21/2026 | 3.845% | 1 Day<br>SOFR | Annual | $5023 | $— | $5023 |
| USD | 1281 | 07/21/2026 | 4.014% | 1 Day<br>SOFR | Annual | (1035) | 59 | (1094) |
| USD | 2002 | 04/21/2027 | 3.537% | 1 Day<br>SOFR | Annual | 15608 |  | 15608 |
| USD | 1281 | 07/21/2027 | 3.668% | 1 Day<br>SOFR | Annual | 4259 | 25 | 4234 |
| USD | 15700 | 08/05/2027 | 1 Day<br>SOFR | 3.799% | Annual | 6264 | (5354) | 11618 |
| USD | 12800 | 08/05/2027 | 1 Day<br>SOFR | 3.799% | Annual | 5133 | (4654) | 9787 |
| USD | 45758 | 09/03/2027 | 1 Day<br>SOFR | 3.496% | Annual | (222153) |  | (222153) |
| USD | 11439 | 09/03/2027 | 1 Day<br>SOFR | 3.496% | Annual | (55538) |  | (55538) |
| USD | 1300 | 03/02/2028 | 3.282% | 1 Day<br>SOFR | Annual | 9376 | 3 | 9373 |
| USD | 2002 | 04/21/2028 | 3.473% | 1 Day<br>SOFR | Annual | 19431 |  | 19431 |
| USD | 1281 | 07/21/2028 | 3.582% | 1 Day<br>SOFR | Annual | 5198 | 20 | 5178 |
| USD | 6570 | 03/10/2033 | 3.516% | 1 Day<br>SOFR | Annual | 67618 |  | 67618 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140816) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9901) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130915) |

---

**CREDIT DEFAULT SWAPS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & <br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
| Barclay Bank PLC | Barclay Bank PLC | Barclay Bank PLC | Barclay Bank PLC | Barclay Bank PLC | Barclay Bank PLC | Barclay Bank PLC | Barclay Bank PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government Bond, 06/20/2029\* | (1.00)% | Quarterly | USD | 705 | $(11891) | $(7628) | $(4263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government Bond, 06/20/2029\* | (1.00) | Quarterly | USD | 1551 | (30038) | (17484) | (12554) |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government Bond, 12/20/2029\* | (1.00) | Quarterly | USD | 470 | (8175) | (7407) | (768) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50104) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32519) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17585) |

---

*\** *Termination date* 

*(a)* *Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At March 31, 2026, the aggregate market value of these securities amounted to $197,032,803 or 40.0% of net assets.* 

*(b)* *Affiliated investments.* 

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

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

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

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

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

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

*(i)* *Defaulted matured security.* 

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

*(k)* *Defaulted.* 

*(l)* *Convertible security.* 

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

*(n)* *As of March 31, 2026, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $18,993,689 and gross unrealized depreciation of investments was $(10,991,885), resulting in net unrealized appreciation of $8,001,804.* 

*Currency Abbreviations:* 

*EUR – Euro* 

*GBP – Great British Pound* 

*HKD – Hong Kong Dollar* 

*USD – United States Dollar* 

*Glossary:* 

*EURIBOR – Euro Interbank Offered Rate* 

*SOFR – Secured Overnight Financing Rate* 

*SONIA – Sterling Overnight Index Average* 

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

**March 31, 2026 (unaudited)** 

64.9 % United States

9.6 % United Kingdom

8.7 % Ireland

7.3 % Germany

3.0 % Italy

1.8 % Argentina

1.5 % Netherlands

1.4 % Spain

0.9 % Poland

0.5 % France

0.3 % Portugal

0.1 % China

100.0 % Total Investments

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

**AB CarVal Credit Opportunities Fund** 

**March 31, 2026 (unaudited)** 

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

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

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

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

The Fund's investments in corporate securities and derivatives are primarily valued using Level 2 inputs which generally consist of vendor pricing and multiple broker quotes based on the yield, maturity, credit quality and bids or trading activity in the security or similar securities, thereby demonstrating consensus pricing. Corporate securities valued using Level 1 inputs generally represent an immaterial portion of the investment portfolio; however, they would be valued using the readily available market prices. Inputs from Level 3 are also utilized for corporate securities and derivatives, depending on the information available and characteristics of the asset type. Investments in asset backed, loan portfolios, and special opportunities are valued with Level 3 inputs primarily using a discounted cash flow analysis. This analysis takes into consideration risk adjusted rates of return as applied to the cash inflows and outflows anticipated in connection with managing and/or disposing each specific investment. This analysis may include factors such as income streams, local market activity, timing, collateral, payment history, comparative sales values, and other similar factors that have or will influence the exit of the investment. However, certain structured credit and special opportunities investments may be valued using a market approach depending on the availability of broker quotes or other information. Further, certain asset backed investments may be valued using Level 2 inputs depending on the information available. All forward foreign currency contracts held at March 31, 2026 were valued using Level 2 inputs which include forward rates.

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

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

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Asset Backed | $— | $108034004 | $85565403 <sup>(a)</sup> | $193599407 |
| Loan Portfolios |  |  | 136446071 | 136446071 |
| Corporate Securities | 30536 | 42453164 | 7750809 <sup>(a)</sup> | 50234509 |
| Special Opportunities |  |  | 35054324 | 35054324 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61626333 |  |  | 61626333 |
| Total Investments in Securities | 61656869 | 150487168 | 264816607 <sup>(a)</sup> | 476960644 |
| **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Forward Currency Exchange Contracts |  | 577784 |  | 577784 |
| Centrally Cleared Interest Rate Swaps |  | 137910 |  | 137910 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Currency Exchange Contracts |  | (598334) |  | (598334) |
| Centrally Cleared Interest Rate Swaps |  | (278726) |  | (278726) |
| Credit Default Swaps |  | (50104) |  | (50104) |
| **Total** | $**61656869** | $**150275698** | $**264816607** **<sup>(a)</sup>** | $**476749174** |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Asset-Backed** | **Loan Portfolio** | **Corporate<br>Securities** |
| **Balance as of 06/30/2025** | $**59489936** | $**64286799** | $**8134989** |
| Accrued discounts/(premiums) | 49355 |  |  |
| Realized gain (loss) | 308422 | 297476 | 990073 |
| Change in unrealized appreciation/depreciation | (2833852) | 5381198 | (1012365) |
| Purchases | 40101122 | 153842965 | 14150999 |
| Sales/Paydowns | (9501321) | (87362367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14512887) |
| Transfers into Level 3 |  |  |  |
| Transfers out of Level 3 | (2048259) |  |  |
| **Balance as of 03/31/2026** | $**85565403** | $**136446071** | $**7750809** |
| Net change in unrealized appreciation/depreciation from investments held as of 03/31/2026 | $(2684966) | $6073656 | $(885195) |

---

---

| | | |
|:---|:---|:---|
|  | **Special<br>Opportunities** | **Total** |
| **Balance as of 06/30/2025** | $**15956555** | $**147868279** |
| Accrued discounts/(premiums) |  | 49355 |
| Realized gain (loss) |  | 1595971 |
| Change in unrealized appreciation/depreciation | 2388164 | 3923145 |
| Purchases | 25469635 | 233564721 |
| Sales/Paydowns | (8760030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120136605) |
| Transfers into Level 3 |  |  |
| Transfers out of Level 3 |  | (2048259) |
| **Balance as of 03/31/2026** | $**35054324** | $**264816607** |
| Net change in unrealized appreciation/depreciation from investments held as of 03/31/2026 | $2388161 | $4891656 |

---

The following presents information about significant unobservable inputs related to the Fund's Level 3 investments at March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
| | **Fair Value at<br>03/31/26** | **Valuation Technique** | **Unobservable Input** | **Input Range/<br>Weighted Average\*\*\*** |
| Asset Backed | $2492701 | Broker Quotes and/or 3rd Party Pricing Services\*\* | N/A | N/A |
|  | $12351328 | Discounted Cash Flow | Discount Rate | 3.35-15.00% / 11.19% |
|  | $70721374 | Market Comparables | Market Spread\* | 265-1,209bps / 441bps |
|  | $85565403 |  |  |  |
| Loan Portfolios | $132022810 | Discounted Cash Flow | Discount Rate | 12.50-18.50% /14.77% |
|  | $4423262 | Discounted Cash Flow | Discount Rate | 16.33% |
|  | $136446071 |  |  |  |
| Corporate Securities | $2182950 | Market Comparables | Expected Recovery | N/A |
|  | $5567859 | Discounted Cash Flow | Discount Rate | 18.00-18.45% /18.42% |
|  | $7750809 |  |  |  |
| Special Opportunities | $35054324 | Discounted Cash Flow | Discount Rate | 7.36-20.75% / 14.22% |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264816607 |  |  |  |

---

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

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

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

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

A summary of the Fund's transactions in affiliated entities by the Adviser for the nine months ended March 31, 2026 is as follows.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Market Value<br>06/30/2025<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Realized<br>Gain**<br> **(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appr./**<br> **(Depr.)<br>(000)** | **Market Value<br>03/31/2026<br>(000)** | **Income<br>(000)** |
| Aergo Capital Ltd. | $15958 | $21899 | $8698 | $0 | $1575 | $30734 | $19 |
| Asker S.a.r.l. | 0 | 12288 | 522 | 0 | 0 | 11766 | 5 |
| Coral Reef SPV S.a.r.l. | 2380 | 1113 | 2263 | 0 | 262 | 1492 | 6 |
| Creditable Opportunities Fund II SCS - RAIF | 3483 | 7101 | 1134 | 0 | 320 | 9770 | 39 |
| CVI AF Acquisition Trust | 0 | 15746 | 9608 | 0 | 0 | 6138 | 0 |
| CVI CB Holdings IV LLC | 665 | 0 | 291 | (3) | 73 | 444 | 131 |
| CVI CB Holdings V LLC | 1249 | 0 | 241 | 0 | (83) | 925 | 155 |
| CVI CC Investment Trust | 0 | 9021 | 2423 | 0 | 0 | 6598 | 29 |
| CVI HEI Holdings LLC | 0 | 679 | 0 | 0 | 0 | 679 | 0 |
| CVI Hydro LP | 0 | 5205 | 0 | 0 | 0 | 5205 | 0 |
| CVI Investments Delaware 2 LP | 0 | 4386 | 65 | 0 | 0 | 4321 | 0 |
| CVI LB Investment Trust II | 2628 | 14862 | 11408 | 0 | 239 | 6321 | 230 |
| CVI MF Acquisition Trust II | 1230 | 2252 | 1823 | 0 | 36 | 1695 | 62 |
| CVI OCT Acquisition Trust | 7908 | 24854 | 23779 | 0 | 613 | 9596 | 294 |
| CVI Platinum LP, 14.122%, 05/02/2029 | 4084 | 407 | 0 | 0 | (68) | 4423 | 479 |
| CVI SBT Acquisition Trust | 2310 | 24328 | 22809 | 0 | 28 | 3857 | 295 |
| CVI Thompson Holdings LLC | 3672 | 0 | 0 | 0 | 11 | 3683 | 245 |
| Elbe Investment Holdings S.a.r.l. | 0 | 13953 | 847 | 0 | 0 | 13106 | 0 |
| Galindo Holdings S.a r.l. | 91 | 0 | 87 | 0 | 5 | 9 | 0 |
| Kielder Funding Ltd. | 0 | 5788 | 214 | 0 | 0 | 5574 | 13 |
| Mill City Mortgage Loan Trust, Series 2018-4, 0.000%, 04/25/2066 | 0 | 0 | 29 | 29 | 0 | 0 | 0 |
| Mill City Mortgage Loan Trust, Series 2018-4, 3.041%, 04/25/2066 | 111 | 0 | 0 | 0 | 33 | 144 | 5 |
| Mill City Mortgage Loan Trust, Series 2018-4, 3.041%, 04/25/2066 | 103 | 0 | 0 | 0 | 11 | 114 | 4 |
| Mill City Mortgage Loan Trust, Series 2018-4, 3.041%, 04/25/2066 | 67 | 0 | 0 | 0 | 14 | 81 | 3 |
| Mill City Mortgage Loan Trust, Series 2018-4, 3.041%, 04/25/2066 | 52 | 0 | 0 | 0 | 13 | 65 | 2 |
| Mill City Mortgage Loan Trust, Series 2018-4, 3.250%, 04/25/2066 | 319 | 0 | 0 | 0 | 19 | 338 | 10 |
| Mill City Mortgage Loan Trust, Series 2018-4, 11.640%, 04/25/2066 | 17 | 0 | 0 | 0 | (1) | 16 | 0 |
| Mill City Mortgage Loan Trust, Series 2019-1, 3.521%, 10/25/2069 | 126 | 0 | 0 | 0 | 40 | 166 | 6 |
| Mill City Mortgage Loan Trust, Series 2019-1, 3.521%, 10/25/2069 | 122 | 0 | 0 | 0 | 11 | 133 | 6 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Market Value<br>06/30/2025<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Realized<br>Gain**<br> **(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appr./**<br> **(Depr.)<br>(000)** | **Market Value<br>03/31/2026<br>(000)** | **Income<br>(000)** |
| Mill City Mortgage Loan Trust, Series 2019-1, 3.521%, 10/25/2069 | $104 | $0 | $0 | $0 | $17 | $121 | $4 |
| Mill City Mortgage Loan Trust, Series 2019-1, 3.521%, 10/25/2069 | 82 | 0 | 0 | 0 | 2 | 84 | 3 |
| Mill City Mortgage Loan Trust, Series 2019-1, 11.620%, 10/25/2069 | 16 | 0 | 0 | (1) | 1 | 16 | 0 |
| Mill City Mortgage Loan Trust, Series 2019-1, 13.770%, 10/25/2069 | 0 | 0 | 0 | 0 | 2 | 2 | 0 |
| Mill City Mortgage Loan Trust, Series 2019-GS2, 16.810%, 08/25/2059 | 56 | 0 | 0 | 0 | 10 | 66 | 0 |
| Mill City Mortgage Loan Trust, Series 2019-GS2, 0.00%, 08/25/2059 | 15 | 0 | 0 | 0 | 0 | 15 | 2 |
| Mill City Mortgage Loan Trust, Series 2019-GS2, 3.845%, 08/25/2059 | 123 | 0 | 0 | 0 | (3) | 120 | 5 |
| Mill City Mortgage Loan Trust, Series 2019-GS2, 3.845%, 08/25/2059 | 104 | 0 | 0 | 0 | 4 | 108 | 5 |
| Mill City Mortgage Loan Trust, Series 2019-GS2, 3.845%, 08/25/2059 | 76 | 0 | 0 | 0 | 6 | 82 | 4 |
| Mill City Mortgage Loan Trust, Series 2019-GS2, 3.845%, 08/25/2059 | 63 | 0 | 0 | 0 | (4) | 59 | 4 |
| Mill City Mortgage Loan Trust, Series 2023-NQM1, 6.061%, 10/25/2067 | 234 | 0 | 0 | 0 | 7 | 241 | 11 |
| Mill City Mortgage Loan Trust, Series 2023-NQM1, 6.061%, 10/25/2067 | 205 | 0 | 0 | 0 | 11 | 216 | 10 |
| Mill City Mortgage Loan Trust, Series 2023-NQM1, 6.061%, 10/25/2067 | 125 | 0 | 0 | 0 | 1 | 126 | 6 |
| Mill City Solar Loan Ltd., Series 2019-1, 5.920%, 03/20/2043 | 95 | 0 | 0 | 0 | (14) | 81 | 5 |
| Mill City Solar Loan Ltd., Series 2019-1, 7.140%, 03/20/2043 | 74 | 0 | 0 | 0 | (2) | 72 | 5 |
| Mill City Solar Loan Ltd., Series 2020-1, 15.430%, 06/20/2047 | 351 | 0 | 0 | 0 | (177) | 174 | 0 |
| Powis Finance S.a.r.l. | 13577 | 1868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4517 | 0 | 558 | 11486 | 233 |
| Powis Finance S.a.r.l. | 1089 | 2250 | 0 | 0 | 124 | 3463 | 34 |
| Recknitz Ventus Lion S.a.r.l. | 3442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022 | 0 | 0 | 139 | 11603 | 0 |
| Renascentia SPV S.a.r.l. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12402 | 0 | 562 | 0 | 1045 | 12885 | 27 |
| Total |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55416

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2026-03-31

**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:** $502656652.97

**Total Liabilities:** $12345324.08

**Net Assets:** $490311328.89

**Amount of Assets Invested in Other Investment Companies:** $33811070.00

**Cash Not Reported:** $13359313.14

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 361.11000000 | **5-Year:** 490.64000000 | **10-Year:** -1687.07000000 | **30-Year:** -1661.49000000

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

- **3-Month:** -219.00000000 | **1-Year:** -12136.13000000 | **5-Year:** -39254.77000000 | **10-Year:** -22903.29000000 | **30-Year:** -26723.93000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.49%                | 0.52%                | 0.00%                |
| Class ID N/A | 0.49%                | 0.59%                | 0.10%                |
| Class ID N/A | 0.49%                | 0.38%                | 0.10%                |
| Class ID N/A | 0.40%                | 0.52%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $178490.86               | $1233313.46                                |
| Month 2  | $-84699.97               | $208624.09                                 |
| Month 3  | $3427518.54              | $-4841924.02                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMERICAN AIRLINES/AADVAN                       | American Airlines Inc/AAdvantage Loyalty IP Ltd                     | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    800000 | PA      | $795790.64    | 0.16%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AMWINS GROUP INC                               | AmWINS Group Inc                                                    | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    800000 | PA      | $766875.76    | 0.16%             | 2029-06-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| ARCHES BUYER INC                               | Arches Buyer Inc                                                    | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |    800000 | PA      | $770864.00    | 0.16%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Archwest Mortgage Trust                        | Archwest Mortgage Trust 2026-RTL1                                   | CUSIP: 03959CAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2479621.43   | 0.51%             | 2041-04-25      | Variable      | 8.56%                 | Yes           |                  3 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                       | Archrock Partners LP / Archrock Partners Finance Corp               | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $800056.00    | 0.16%             | 2028-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Archwest Mortgage Trust                        | Archwest Mortgage Trust 2025-RTL1                                   | CUSIP: 039966AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2372000 | PA      | $2351497.12   | 0.48%             | 2040-10-25      | Variable      | 6.81%                 | Yes           |                  3 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                       | Ashton Woods USA LLC / Ashton Woods Finance Co                      | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $755780.08    | 0.15%             | 2029-08-01      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                   | Atrium Hotel Portfolio Trust 2024-ATRM                              | CUSIP: 04963XAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3487881.25   | 0.71%             | 2029-11-10      | Variable      | 8.60%                 | Yes           |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc   | BAMLL Trust 2025-ASHF                                               | CUSIP: 05494CAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2486451.50   | 0.51%             | 2042-02-15      | Floating      | 7.67%                 | Yes           |                  2 | On Loan: No      |
| BXSC Commercial Mortgage Trust                 | BXSC Commercial Mortgage Trust 2022-WSS                             | CUSIP: 05610BAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1692624 | PA      | $1689445.91   | 0.34%             | 2035-03-15      | Floating      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                       | BX Commercial Mortgage Trust 2026-VLT9                              | CUSIP: 05618UAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3475433.50   | 0.71%             | 2045-03-15      | Floating      | 7.92%                 | Yes           |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                       | Burford Capital Global Finance LLC                                  | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    800000 | PA      | $752172.00    | 0.15%             | 2028-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CEDR Trust                                     | CEDR Commercial Mortgage Trust 2022-SNAI                            | CUSIP: 12524AAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2918086.20   | 0.60%             | 2039-02-15      | Floating      | 6.69%                 | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                 | CFMT 2024-R1 LLC                                                    | CUSIP: 12530YAE9<br>LEI: 984500D67D63D8645054 | Long             | ABS-MBS          | CORP              | US        |   1878228 | PA      | $1705905.95   | 0.35%             | 2054-10-25      | Variable      | 4.00%                 | Yes           |                  3 | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2024-CBM Mortgage Trust                                        | CUSIP: 12674GAN4<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |   2690000 | PA      | $2663420.92   | 0.54%             | 2041-12-10      | Variable      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| CARS.COM INC                                   | Cars.com Inc                                                        | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |    800000 | PA      | $778337.04    | 0.16%             | 2028-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2024-WCL1 MORTGAGE TRUST                                       | CUSIP: 20047DAJ3<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |   1176000 | PA      | $1169863.28   | 0.24%             | 2041-06-15      | Floating      | 8.16%                 | Yes           |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                           | Reworld Holding Corp                                                | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    800000 | PA      | $751720.00    | 0.15%             | 2029-12-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CPS Auto Trust                                 | CPS Auto Receivables Trust 2026-A                                   | CUSIP: 22410MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2936964.00   | 0.60%             | 2033-08-15      | Fixed         | 6.66%                 | Yes           |                  2 | On Loan: No      |
| DGWD Trust                                     | DGWD Trust 2025-INFL                                                | CUSIP: 23347FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2501851.00   | 0.51%             | 2035-08-15      | Floating      | 7.67%                 | Yes           |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                   | DC Trust 2024-HLTN                                                  | CUSIP: 24022FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1015364.40   | 0.21%             | 2040-04-13      | Variable      | 10.31%                | Yes           |                  2 | On Loan: No      |
| DELUXE CORP                                    | Deluxe Corp                                                         | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    800000 | PA      | $805112.00    | 0.16%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Dividend Solar Loans LLC                       | Dividend Solar Loans 2019-1 LLC                                     | CUSIP: 255388AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    406019 | PA      | $369930.94    | 0.08%             | 2039-08-22      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $430.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $29569.16     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $27828.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $26569.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $33194.48     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $31651.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $32761.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-3218.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $2753.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $1731.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $2702.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $1754.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-9303.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust             | EFMT 2024-INV2                                                      | CUSIP: 26844LAF5<br>LEI: 254900QTMZ2ZHRYMFA85 | Long             | ABS-MBS          | CORP              | US        |   2765000 | PA      | $2744124.47   | 0.56%             | 2069-10-25      | Variable      | 7.63%                 | Yes           |                  3 | On Loan: No      |
| Ellington Financial Mortgage Trust             | EFMT 2026-INV2                                                      | CUSIP: 26846TAQ2<br>LEI: 254900UDLJF220C8I638 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1922743.94   | 0.39%             | 2071-02-25      | Variable      | 6.96%                 | Yes           |                  3 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-2720.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $6563.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $5900.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $5483.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $2711.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $2140.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $7144.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-13447.03    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $16037.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $12398.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $11692.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $24157.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $85991.28     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-13276.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $36399.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-5709.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $5213.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $7551.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $5207.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $105532.15    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $-2433.31     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $7270.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $4945.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $3229.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $3923.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-117447.27   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-103793.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-111832.58   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-104591.06   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-103310.86   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD HKD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $44.32        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-374.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $669.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD EUR                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-548.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-4016.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $-576.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $-1735.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED USD / SOLD GBP                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $7178.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED GBP / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | GB        |         1 | NC      | $678.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA NA                               | PURCHASED EUR / SOLD USD                                            | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $18210.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                         | Edgewell Personal Care Co                                           | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    800000 | PA      | $755191.04    | 0.15%             | 2029-04-01      | Fixed         | 4.13%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                    | Extended Stay America Trust 2026-ESH2                               | CUSIP: 30227WAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1981358 | PA      | $1987082.25   | 0.41%             | 2043-02-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                        | FTAI Aviation Investors LLC                                         | CUSIP: 34960PAH4<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    800000 | PA      | $783107.20    | 0.16%             | 2033-04-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                       | Foundation Finance Trust 2025-1                                     | CUSIP: 35040WAE7<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |   1821540 | PA      | $1784112.09   | 0.36%             | 2050-04-15      | Fixed         | 8.37%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                       | Foundation Finance Trust 2025-3                                     | CUSIP: 35042TAE2<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |   3565000 | PA      | $3607425.64   | 0.74%             | 2052-08-15      | Fixed         | 8.42%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                   | GS Mortgage Securities Corp II                                      | CUSIP: 36269JAL2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |   3700000 | PA      | $3787195.31   | 0.77%             | 2041-03-10      | Variable      | 8.37%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                       | Global Infrastructure Solutions Inc                                 | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |    800000 | PA      | $784916.64    | 0.16%             | 2029-06-01      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust      | GoodLeap Home Improvement Solutions Trust 2025-1                    | CUSIP: 38237EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1477397 | PA      | $1482201.69   | 0.30%             | 2049-02-20      | Fixed         | 7.83%                 | Yes           |                  2 | On Loan: No      |
| GoodLeap Home Improvement Solutions Trust      | GoodLeap Home Improvement Solutions Trust 2025-2                    | CUSIP: 38238FAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1359463 | PA      | $1371716.17   | 0.28%             | 2049-06-20      | Fixed         | 8.16%                 | Yes           |                  2 | On Loan: No      |
| GRAND CANYON UNIVERSITY                        | Grand Canyon University                                             | CUSIP: 38528UAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $791600.00    | 0.16%             | 2028-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| HAVN Trust                                     | HAVN Trust 2025-MOB                                                 | CUSIP: 40408XAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3491278.00   | 0.71%             | 2035-10-15      | Floating      | 8.72%                 | Yes           |                  2 | On Loan: No      |
| Spectacle Gary Holdings LLC                    | Spectacle Gary Holdings LLC 2021 Term Loan B                        | CUSIP: 40443NAC4<br>LEI: 549300V1ELIRK8JURN28 | Long             | LON              | CORP              | US        |   2602814 | PA      | $2511715.22   | 0.51%             | 2028-12-11      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| HIH Trust                                      | HIH Trust 2024-61P                                                  | CUSIP: 40444VAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3055588 | PA      | $3058065.42   | 0.62%             | 2041-10-15      | Floating      | 9.11%                 | Yes           |                  2 | On Loan: No      |
| Heartland Dental LLC                           | Heartland Dental LLC 2025 Term Loan                                 | CUSIP: 42236WAX5<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |   1975000 | PA      | $1969391.00   | 0.40%             | 2032-08-25      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                           | IHO Verwaltungs GmbH                                                | CUSIP: 44963BAD0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    800000 | PA      | $801300.00    | 0.16%             | 2029-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| IP 2025-IP Mortgage Trust                      | IP 2025-IP Mortgage Trust                                           | CUSIP: 449843AL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2515723.75   | 0.51%             | 2042-06-10      | Variable      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Pass-through Certificates  | ILPT Commercial Mortgage Trust 2025-LPF2                            | CUSIP: 451955AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3582070.80   | 0.73%             | 2042-07-13      | Variable      | 8.20%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                              | Iron Mountain Inc                                                   | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |    800000 | PA      | $798066.64    | 0.16%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust  | JP Morgan Chase Commercial Mortgage Securities Trust 2025-PHNY      | CUSIP: 46592UAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1996840.40   | 0.41%             | 2041-01-15      | Floating      | 7.96%                 | Yes           |                  2 | On Loan: No      |
| KEDRION SPA                                    | Kedrion SpA                                                         | CUSIP: 49272YAB9<br>LEI: 81560047FA58E1BEDF67 | Long             | DBT              | CORP              | IT        |    800000 | PA      | $766736.48    | 0.16%             | 2029-09-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                           | LHOME Mortgage Trust 2025-RTL1                                      | CUSIP: 50205UAD3<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2019723.92   | 0.41%             | 2040-01-25      | Variable      | 8.38%                 | Yes           |                  3 | On Loan: No      |
| Mariner Finance Issuance Trust                 | Mariner Finance Issuance Trust 2025-A                               | CUSIP: 567920AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1431000 | PA      | $1461021.81   | 0.30%             | 2038-05-20      | Fixed         | 8.64%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                 | Mariner Finance Issuance Trust 2025-B                               | CUSIP: 56847TAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3506000 | PA      | $3470450.21   | 0.71%             | 2038-11-22      | Fixed         | 7.51%                 | Yes           |                  2 | On Loan: No      |
| Merit                                          | MHP Commercial Mortgage Trust 2025-MHIL2                            | CUSIP: 59317DAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1987121.20   | 0.41%             | 2040-09-15      | Floating      | 7.92%                 | Yes           |                  2 | On Loan: No      |
| MILE Trust                                     | MILE Trust 2025-STNE                                                | CUSIP: 59918AAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2494535.75   | 0.51%             | 2042-07-15      | Floating      | 8.57%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2023-NQM1                             | CUSIP: 59980DAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    126000 | PA      | $125787.68    | 0.03%             | 2067-10-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2023-NQM1                             | CUSIP: 59980DAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    241362 | PA      | $240505.58    | 0.05%             | 2067-10-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2023-NQM1                             | CUSIP: 59980DAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220680 | PA      | $216464.31    | 0.04%             | 2067-10-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    426502 | PA      | $337788.77    | 0.07%             | 2066-04-25      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAM7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    203762 | PA      | $143531.26    | 0.03%             | 2066-04-25      | Variable      | 3.04%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    203762 | PA      | $113839.95    | 0.02%             | 2066-04-25      | Variable      | 3.04%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAP0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    163809 | PA      | $80986.12     | 0.02%             | 2066-04-25      | Variable      | 3.04%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130278 | PA      | $65435.08     | 0.01%             | 2066-04-25      | Variable      | 3.04%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3581736 | PA      | $16097.61     | 0.00%             | 2066-04-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2018-4                                | CUSIP: 59980YAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3581736 | PA      | $0.04         | 0.00%             | 2066-04-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                                | CUSIP: 59981AAM8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    216601 | PA      | $165949.70    | 0.03%             | 2069-10-25      | Variable      | 3.52%                 | Yes           |                  2 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                                | CUSIP: 59981AAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    212608 | PA      | $132925.08    | 0.03%             | 2069-10-25      | Variable      | 3.52%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                                | CUSIP: 59981AAP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215603 | PA      | $120855.04    | 0.02%             | 2069-10-25      | Variable      | 3.52%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                                | CUSIP: 59981AAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    213634 | PA      | $84349.31     | 0.02%             | 2069-10-25      | Variable      | 3.52%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                                | CUSIP: 59981AAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3472301 | PA      | $1700.04      | 0.00%             | 2069-10-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-1                                | CUSIP: 59981AAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3472301 | PA      | $16294.43     | 0.00%             | 2069-10-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                              | CUSIP: 59981TAV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    178000 | PA      | $119569.55    | 0.02%             | 2059-08-25      | Variable      | 3.84%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                              | CUSIP: 59981TAY1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    178000 | PA      | $107738.31    | 0.02%             | 2059-08-25      | Variable      | 3.84%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                              | CUSIP: 59981TBB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    149000 | PA      | $81970.73     | 0.02%             | 2059-08-25      | Variable      | 3.84%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                              | CUSIP: 59981TBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    146910 | PA      | $59111.84     | 0.01%             | 2059-08-25      | Variable      | 3.84%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                              | CUSIP: 59981TBF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2852546 | PA      | $15049.26     | 0.00%             | 2059-08-25      | Variable      | 0.08%                 | Yes           |                  3 | On Loan: No      |
| Mill City Mortgage Trust                       | Mill City Mortgage Loan Trust 2019-GS2                              | CUSIP: 59981TBG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3224272 | PA      | $66274.07     | 0.01%             | 2059-08-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Mill City Solar Loan Ltd.                      | Mill City Solar Loan 2019-1 Ltd                                     | CUSIP: 59982WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     98385 | PA      | $81291.91     | 0.02%             | 2043-03-20      | Fixed         | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Mill City Solar Loan Ltd.                      | Mill City Solar Loan 2019-1 Ltd                                     | CUSIP: 59982WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     92295 | PA      | $71668.44     | 0.01%             | 2043-03-20      | Fixed         | 7.14%                 | Yes           |                  2 | On Loan: No      |
| Mill City Solar Loan 2020-1 Ltd.               | Mill City Solar Loan 2020-1 Ltd                                     | CUSIP: 59982XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1189304 | PA      | $174468.48    | 0.04%             | 2047-06-20      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust 2024-NQM5            | CUSIP: 61777QAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1115200 | PA      | $1102647.38   | 0.22%             | 2069-10-25      | Variable      | 7.34%                 | Yes           |                  3 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust 2025-SPL1            | CUSIP: 617946AG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1650000 | PA      | $1467010.43   | 0.30%             | 2065-02-25      | Variable      | 4.25%                 | Yes           |                  3 | On Loan: No      |
| MTN Commercial Mortgage Trust 2022-LPFL        | MTN Commercial Mortgage Trust 2022-LPFL                             | CUSIP: 62475WAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2006881 | PA      | $2008624.58   | 0.41%             | 2039-03-15      | Floating      | 8.97%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD                            | NCL Corp Ltd                                                        | CUSIP: 62886HBP5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    800000 | PA      | $793956.24    | 0.16%             | 2030-03-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2018-2                          | CUSIP: 64828CEN5<br>LEI: 549300U1MV4J7YQZG974 | Long             | ABS-MBS          | CORP              | US        |   2035580 | PA      | $1520806.45   | 0.31%             | 2058-02-25      | Variable      | 5.17%                 | Yes           |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2019-6                          | CUSIP: 64828GCT5<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |   2946846 | PA      | $2031788.78   | 0.41%             | 2059-09-25      | Variable      | 4.30%                 | Yes           |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2019-2                          | CUSIP: 64830DCF8<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |   2603202 | PA      | $1944297.98   | 0.40%             | 2057-12-25      | Variable      | 4.70%                 | Yes           |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2019-RPL2                       | CUSIP: 64830HAJ3<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |   2617939 | PA      | $1364646.05   | 0.28%             | 2059-02-25      | Variable      | 3.95%                 | Yes           |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2019-5                          | CUSIP: 64830MFJ7<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |   4891418 | PA      | $3410186.49   | 0.70%             | 2059-08-25      | Variable      | 4.21%                 | Yes           |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2023-NQM1                       | CUSIP: 64831HAF0<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1988592.84   | 0.41%             | 2063-10-25      | Variable      | 7.47%                 | Yes           |                  3 | On Loan: No      |
| NEXUS Buyer LLC                                | NEXUS Buyer LLC 2025 Term Loan B                                    | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |   1594718 | PA      | $1530212.03   | 0.31%             | 2031-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                   | Novelis Corp                                                        | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    800000 | PA      | $752132.72    | 0.15%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| OXFORD FIN LLC/CO-ISS II                       | Oxford Finance LLC / Oxford Finance Co-Issuer II Inc                | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $792043.84    | 0.16%             | 2027-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| PRA GROUP INC                                  | PRA Group Inc                                                       | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    800000 | PA      | $803134.40    | 0.16%             | 2028-02-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2023-RCF2 LLC                                                  | CUSIP: 69380RAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $946102.10    | 0.19%             | 2053-11-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PGA National Resort Commercial Mortgage Trust  | PGA Trust 2024-RSR2                                                 | CUSIP: 69381CAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1375201 | PA      | $1374667.15   | 0.28%             | 2039-06-15      | Floating      | 8.36%                 | Yes           |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2025-RCF4 LLC                                                  | CUSIP: 69382WAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $463279.78    | 0.09%             | 2055-08-25      | Variable      | 4.50%                 | Yes           |                  3 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2025-7 LLC                                                     | CUSIP: 69382YAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    807000 | PA      | $806102.79    | 0.16%             | 2030-08-25      | Variable      | 7.45%                 | Yes           |                  3 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2025-8 LLC                                                     | CUSIP: 69383BAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1569473 | PA      | $1563685.60   | 0.32%             | 2030-10-25      | Variable      | 7.20%                 | Yes           |                  3 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC           | PRET 2025-NPL12 LLC                                                 | CUSIP: 69383CAB1<br>LEI: 254900R01EOQLSB4PX26 | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $1799644.66   | 0.37%             | 2055-11-25      | Variable      | 6.90%                 | Yes           |                  3 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2026-RCF1 Trust                                                | CUSIP: 69383VAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1375000 | PA      | $1307946.72   | 0.27%             | 2056-01-25      | Variable      | 5.50%                 | Yes           |                  3 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC           | PRET 2025-NPL8 LLC                                                  | CUSIP: 69392EAB6<br>LEI: 254900EZKI569P0YE486 | Long             | ABS-MBS          | CORP              | US        |    778000 | PA      | $779306.78    | 0.16%             | 2055-08-25      | Variable      | 7.99%                 | Yes           |                  3 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2025-RCF3 LLC                                                  | CUSIP: 69392PAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2403335.18   | 0.49%             | 2055-07-25      | Variable      | 5.25%                 | Yes           |                  3 | On Loan: No      |
| PRKCM Trust                                    | PRKCM 2025-AFC1 Trust                                               | CUSIP: 69392YAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $981177.29    | 0.20%             | 2060-10-25      | Variable      | 6.81%                 | Yes           |                  3 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust          | PRPM 2025-6 LLC                                                     | CUSIP: 69395KAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    708400 | PA      | $706938.18    | 0.14%             | 2028-08-25      | Variable      | 8.33%                 | Yes           |                  3 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC           | PRET 2025-NPL7 LLC                                                  | CUSIP: 740934AB0<br>LEI: 2549001J36X6SUZ41Q96 | Long             | ABS-MBS          | CORP              | US        |   1234800 | PA      | $1238272.25   | 0.25%             | 2055-07-25      | Variable      | 8.35%                 | Yes           |                  3 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC           | PRET 2025-NPL9 LLC                                                  | CUSIP: 740937AB3<br>LEI: 254900IWII23Q41Y2V47 | Long             | ABS-MBS          | CORP              | US        |    515450 | PA      | $515537.89    | 0.11%             | 2055-08-25      | Variable      | 7.51%                 | Yes           |                  3 | On Loan: No      |
| Republic Finance Issuance Trust                | Republic Finance Issuance Trust 2025-A                              | CUSIP: 76042FAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2448000 | PA      | $2432268.91   | 0.50%             | 2034-11-20      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Route 66 Development Authority                 | Route 66 Development Authority Term Loan                            | CUSIP: 77929HAB4<br>LEI: 2549001S3OC1V69A1Q52 | Long             | LON              | CORP              | US        |   4075000 | PA      | $4034250.00   | 0.82%             | 2031-01-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SCG Hotel Issuer Inc                           | SCG 2024-MSP Mortgage Trust                                         | CUSIP: 78436EAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3498721.80   | 0.71%             | 2041-04-15      | Floating      | 8.61%                 | Yes           |                  2 | On Loan: No      |
| SDAL Trust                                     | SDAL Trust 2025-DAL                                                 | CUSIP: 78437RAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2499724.25   | 0.51%             | 2042-04-15      | Floating      | 8.96%                 | Yes           |                  2 | On Loan: No      |
| SM ENERGY CO                                   | SM Energy Co                                                        | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    800000 | PA      | $800109.28    | 0.16%             | 2027-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SMRT                                           | SMRT 2022-MINI                                                      | CUSIP: 78457JAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1960760.40   | 0.40%             | 2039-01-15      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                 | SWCH Commercial Mortgage Trust 2025-DATA                            | CUSIP: 78489CAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $985692.60    | 0.20%             | 2042-02-15      | Floating      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                 | SWCH Commercial Mortgage Trust 2025-DATA                            | CUSIP: 78489CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1971777.40   | 0.40%             | 2042-02-15      | Floating      | 7.91%                 | Yes           |                  2 | On Loan: No      |
| SOTHEBY'S                                      | Sotheby's                                                           | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |    800000 | PA      | $796437.12    | 0.16%             | 2027-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| STREAM INNOVATIONS ISSUER TRUST                | Stream Innovations 2025-1 Issuer Trust                              | CUSIP: 86324XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    757504 | PA      | $755853.82    | 0.15%             | 2045-09-15      | Fixed         | 8.40%                 | Yes           |                  2 | On Loan: No      |
| STREAM INNOVATIONS ISSUER TRUST                | Stream Innovations 2026-1 Issuer Trust                              | CUSIP: 86325MAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1981735.20   | 0.40%             | 2046-08-15      | Fixed         | 8.18%                 | Yes           |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust               | THPT 2023-THL Mortgage Trust                                        | CUSIP: 87252LAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1385642 | PA      | $1380583.85   | 0.28%             | 2034-12-10      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| tvc mortgage trust                             | TVC Mortgage Trust 2026-RRTL1                                       | CUSIP: 87306XAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $990450.30    | 0.20%             | 2041-02-25      | Variable      | 8.09%                 | Yes           |                  3 | On Loan: No      |
| CARNABY INVENTORY III, LLC                     | Carnaby Inventory III Loan Facility                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2400000 | PA      | $1440000.00   | 0.29%             | 2049-12-31      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 11 - QATAR                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     51905 | NS      | $70258.86     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 20 - AFRIJET MSN 1285                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    163514 | NS      | $214340.66    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 16 - ALBASTAR MSN 27992                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     11380 | NS      | $42423.90     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 21 - BAMBOO                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1350661 | NS      | $1277763.29   | 0.26%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 29 - SAS MSN 3335                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    425299 | NS      | $489933.32    | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 28 - ATR 72-600 x4                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    664393 | NS      | $604929.58    | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 31 - Q400 x20                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    444364 | NS      | $233170.02    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 35 - B737 x3                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |       250 | NS      | $-22163.86    | -0.00%            |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 33 - IBERIA                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    864762 | NS      | $1041687.20   | 0.21%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 39 - MSN 4457 and 40259                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    455514 | NS      | $498770.06    | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 42 - EMIRATES                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    589050 | NS      | $853108.58    | 0.17%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 41 - EASYJET                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     86394 | NS      | $69009.28     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| INTERSECT POWER, LLC                           | INTERSECT POWER COMMON UNITS                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        19 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GALINDO HOLDINGS SARL                          | GALINDO HOLDINGS S.A R.L.                                           | CUSIP: 000000000<br>LEI: 549300U4LIZV0REEQQ46 | Long             | EC               | CORP              | ES        |    204519 | NS      | $9226.91      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| UNITED TALENT AGENCY LLC                       | United Talent Agency LLC 2025 Repriced Term Loan B                  | CUSIP: 91301QAP2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1732500 | PA      | $1732500.00   | 0.35%             | 2032-06-10      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                       | United Wholesale Mortgage LLC                                       | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    800000 | PA      | $749300.00    | 0.15%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| VM CONSOLIDATED INC                            | VM Consolidated Inc                                                 | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |    800000 | PA      | $772662.00    | 0.16%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2023-3                       | CUSIP: 92258WAU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    946982 | PA      | $873098.09    | 0.18%             | 2053-08-25      | Variable      | 10.61%                | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2022-4                       | CUSIP: 92259KAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1592220 | PA      | $1501519.66   | 0.31%             | 2052-08-25      | Variable      | 7.52%                 | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2024-2                       | CUSIP: 92259QAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1231535 | PA      | $1224517.24   | 0.25%             | 2054-06-25      | Variable      | 10.73%                | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2023-2                       | CUSIP: 92260AAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    789404 | PA      | $718105.58    | 0.15%             | 2053-05-25      | Variable      | 10.41%                | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2024-1                       | CUSIP: 92261CAR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    762223 | PA      | $749936.26    | 0.15%             | 2054-01-25      | Variable      | 10.91%                | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2025-4                       | CUSIP: 92262JAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1813393 | PA      | $1777146.39   | 0.36%             | 2055-09-25      | Variable      | 9.35%                 | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2025-5                       | CUSIP: 92262KAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2048589 | PA      | $1994834.32   | 0.41%             | 2055-12-25      | Variable      | 9.19%                 | Yes           |                  3 | On Loan: No      |
| Velocity Commercial Capital Loan Trust         | Velocity Commercial Capital Loan Trust 2026-1                       | CUSIP: 92262WAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3880091 | PA      | $3772766.99   | 0.77%             | 2056-02-25      | Variable      | 8.48%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2024-7                                   | CUSIP: 924925AH3<br>LEI: 213800HQOHEFNJCQYJ07 | Long             | ABS-MBS          | CORP              | US        |   2263800 | PA      | $2267473.79   | 0.46%             | 2069-09-25      | Variable      | 7.80%                 | Yes           |                  3 | On Loan: No      |
| Veros Auto Receivables Trust                   | Veros Auto Receivables Trust 2025-1                                 | CUSIP: 92511BAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1821000 | PA      | $1831095.81   | 0.37%             | 2032-05-17      | Fixed         | 8.79%                 | Yes           |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                   | Veros Auto Receivables Trust 2026-1                                 | CUSIP: 92511CAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1730641.50   | 0.35%             | 2031-07-15      | Fixed         | 7.74%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2023-6                                   | CUSIP: 92539XAF1<br>LEI: 984500915DDB7T2ACA27 | Long             | ABS-MBS          | CORP              | US        |   1890000 | PA      | $1886255.99   | 0.38%             | 2068-09-25      | Variable      | 7.76%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2023-INV2                                | CUSIP: 92540BAF6<br>LEI: 213800D3C9UXVQ7TZF09 | Long             | ABS-MBS          | CORP              | US        |   3139200 | PA      | $3128908.23   | 0.64%             | 2068-08-25      | Variable      | 8.00%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2023-8                                   | CUSIP: 92540DAF2<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    398000 | PA      | $398750.55    | 0.08%             | 2068-12-25      | Variable      | 8.08%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2024-4                                   | CUSIP: 92540GAF5<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2005143.54   | 0.41%             | 2069-06-25      | Variable      | 8.00%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2024-8                                   | CUSIP: 92540PAF5<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |    785000 | PA      | $784361.24    | 0.16%             | 2069-10-25      | Variable      | 7.61%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2024-9                                   | CUSIP: 92540RAH7<br>LEI: 213800LFRCPWSTP6LX39 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1990025.70   | 0.41%             | 2069-11-25      | Variable      | 7.35%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2025-1                                   | CUSIP: 92540TAF7<br>LEI: 213800JOKZMXZECMAB50 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $494545.97    | 0.10%             | 2070-01-25      | Variable      | 7.35%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2025-5                                   | CUSIP: 92540XAF8<br>LEI: 213800Z7TIVJRAYLRV98 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $493486.74    | 0.10%             | 2070-06-25      | Variable      | 7.32%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust                     | Verus Securitization Trust 2025-6                                   | CUSIP: 92540YAF6<br>LEI: 213800KZO2G8SSFFDH61 | Long             | ABS-MBS          | CORP              | US        |    571429 | PA      | $563972.73    | 0.12%             | 2070-07-25      | Variable      | 7.34%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                              | REPUBLIC OF POLAND (5y) DEFAULT-06/20/2029-BCAPUS                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | PL        |   -705000 | OU      | $-4262.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CVI Platinum LP                                | Goldenpeaks Capital                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   3885083 | PA      | $4423261.69   | 0.90%             | 2029-05-02      | Variable      | 14.12%                | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | REPUBLIC OF POLAND (5y) DEFAULT-06/20/2029-BCAPUS                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | PL        |  -1551000 | OU      | $-8674.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 59 - WESTJET B737-800 x8                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   3380917 | NS      | $4098347.11   | 0.84%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI CB Holdings IV, LLC                        | CVI CB Holdings IV, LLC                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    409177 | NS      | $422954.29    | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI CB Holdings V, LLC                         | CVI CB Holdings V, LLC                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    652131 | NS      | $517815.11    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI CB Holdings V, LLC                         | CVI CB Holdings V, LLC                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $406706.13    | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI CB Holdings IV, LLC                        | CVI CB Holdings IV, LLC                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $20706.30     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| VERUS 2024 6 B2 VAR 07/25/2069                 | VERUS 2024 6 B2 VAR 07/25/2069                                      | CUSIP: 000000000<br>LEI: 213800278TKDEXPH6140 | Long             | ABS-MBS          | CORP              | US        |   1402000 | PA      | $1405058.41   | 0.29%             | 2069-07-25      | Variable      | 7.92%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 19252649 S                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        | -12800000 | OU      | $9786.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 19252640 S                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        | -15700000 | OU      | $11618.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Coral Reef SPV S.r.l.                          | Coral Reef SPV S.r.l.                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |    851280 | NS      | $1491650.13   | 0.30%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 19375788 S                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        | -45757651 | OU      | $-222153.40   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 19380485 S                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        | -11439413 | OU      | $-55538.35    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 61 - WIZZ AIR A320-200 MSN 6662                     | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | IE        |    618570 | NS      | $777506.61    | 0.16%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI OCT Acquisition Trust                      | CVI OCT Acquisition Trust                                           | CUSIP: 000000000<br>LEI: 2549003Y9XXAYBMD2461 | Long             | EC               | CORP              | US        |   9314185 | NS      | $9928986.64   | 2.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 60 - WIZZ AIR A321-200 MSN 6976                     | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | IE        |    828868 | NS      | $1011896.97   | 0.21%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI MF Acquisition Trust II                    | CVI MF Acquisition Trust II                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1587632 | NS      | $1694983.38   | 0.35%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI Thompson Holdings, LLC                     | CVI Thompson Holdings, LLC                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3642109 | NS      | $3682507.29   | 0.75%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 62 - IBERIA A320-200 MSN 5692                       | CUSIP: 000000000<br>LEI: 5299009ZXQ8NIIJ8OL30 | Long             | EC               | CORP              | IE        |    446775 | NS      | $543767.44    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI OCT Investment Trust                       | CVI OCT Investment Trust                                            | CUSIP: 000000000<br>LEI: 2549003Y9XXAYBMD2461 | Long             | EC               | CORP              | US        |   2013444 | NS      | $2635996.32   | 0.54%             |  |  |  | No            |                  3 | On Loan: No      |
| POWIS FINANCE S.A R.L.                         | POWIS FINANCE S.A R.L.                                              | CUSIP: 000000000<br>LEI: 254900GEAKVYRH6JJX45 | Long             | EC               | CORP              | LU        |   2862395 | NS      | $3631075.02   | 0.74%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | REPUBLIC OF POLAND (5y) DEFAULT-12/20/2029-BCAPUS                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | PL        |   -470000 | OU      | $-767.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 63 - WIZZ AIR A320-200 MSN 5660                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    686879 | NS      | $822054.98    | 0.17%             |  |  |  | No            |                  3 | On Loan: No      |
| CREDITABLE OPPORTUNITIES FD II                 | CREDITABLE OPPORTUNITIES FD II                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |   7911392 | NS      | $9769658.41   | 1.99%             |  |  |  | No            |                  3 | On Loan: No      |
| RENASCENTIA SPV S RL                           | RENASCENTIA SPV S RL                                                | CUSIP: 000000000<br>LEI: 815600490E373D1EF661 | Long             | EC               | CORP              | IT        |   9485592 | NS      | $12885362.09  | 2.63%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI LB INVESTMENT TRUST II                     | CVI LB INVESTMENT TRUST II                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5994158 | NS      | $6320905.87   | 1.29%             |  |  |  | No            |                  3 | On Loan: No      |
| POWIS FINANCE S A R L                          | POWIS FINANCE S A R L                                               | CUSIP: 000000000<br>LEI: 254900GEAKVYRH6JJX45 | Long             | EC               | CORP              | LU        |     23314 | NS      | $53420.28     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI SBT ACQUISITION TRUST                      | CVI SBT ACQUISITION TRUST                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3792972 | NS      | $3857342.15   | 0.79%             |  |  |  | No            |                  3 | On Loan: No      |
| Lendbuzz Auto Receivables Trust SS-2025-A      | LBZST 2025-A CERT 0% 08-15-2031                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    950000 | PA      | $9217879.06   | 1.88%             | 2031-08-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 64 - TRANSAVIA B737-800 x1 MSN 39397                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    861211 | NS      | $989771.20    | 0.20%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 65 - JETTIME B737-800 x1 MSN 39057                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   1080351 | NS      | $1238627.66   | 0.25%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20460719 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   2002000 | OU      | $5023.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20460713 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   2002000 | OU      | $19431.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20460726 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   2002000 | OU      | $15607.59     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POWIS FINANCE S.A R.L.                         | POWIS FINANCE S.A R.L.                                              | CUSIP: 000000000<br>LEI: 254900GEAKVYRH6JJX45 | Long             | EC               | CORP              | LU        |   6107694 | NS      | $8001229.00   | 1.63%             |  |  |  | No            |                  3 | On Loan: No      |
| Kinbane 2025-RPL1 DAC                          | KINBN 2025-RPL1 RFN 0% 06-24-2078                                   | CUSIP: 000000000<br>LEI: 635400SKSJELSOJMVK25 | Long             | ABS-MBS          | CORP              | IE        |    171000 | PA      | $188684.97    | 0.04%             | 2078-06-24      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Kinbane 2025-RPL1 DAC                          | KINBN 2025-RPL1XZ1 0% 06-24-2078                                    | CUSIP: 000000000<br>LEI: 635400SKSJELSOJMVK25 | Long             | ABS-MBS          | CORP              | IE        |    539000 | PA      | $0.01         | 0.00%             | 2078-06-24      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Kinbane 2025-RPL1 DAC                          | KINBN 2025-1XZ2 0% 06-24-2078                                       | CUSIP: 000000000<br>LEI: 635400SKSJELSOJMVK25 | Long             | ABS-MBS          | CORP              | IE        |    164000 | PA      | $0.01         | 0.00%             | 2078-06-24      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| POWIS FINANCE S A R L                          | POWIS FINANCE S A R L                                               | CUSIP: 000000000<br>LEI: 254900GEAKVYRH6JJX45 | Long             | EC               | CORP              | LU        |   2846875 | NS      | $3462611.23   | 0.71%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI CC INVESTMENT TRUST                        | CVI CC INVESTMENT TRUST                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6359355 | NS      | $6938634.91   | 1.42%             |  |  |  | No            |                  3 | On Loan: No      |
| NORTHERN INST TREASURY PREM                    | NORTHERN INST TREASURY PREM                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  52701169 | NS      | $52701169.49  | 10.75%            |  |  |  | No            |                  1 | On Loan: No      |
| SILVA PROPERTY FINANCE LTD                     | SILVA PROPERTY FINANCE LTD                                          | CUSIP: 958LLC908<br>LEI: 213800CV7FFHL92CPU34 | Long             | EC               | CORP              | GB        |   3264213 | NS      | $4854891.64   | 0.99%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 22176306 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   6570000 | OU      | $67618.44     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| RECKNITZ SARL                                  | RECKNITZ SARL                                                       | CUSIP: 000000000<br>LEI: 254900D4NOXDNUNADC08 | Long             | EC               | CORP              | LU        |   9763616 | NS      | $11603444.02  | 2.37%             |  |  |  | No            |                  3 | On Loan: No      |
| Asker S.a.r.l.                                 | Asker S.a.r.l.                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   8048875 | NS      | $11765762.44  | 2.40%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20886137 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   1281000 | OU      | $4234.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20886120 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   1281000 | OU      | $5178.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 20886144 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   1281000 | OU      | $-1094.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 67 - TUI B737-800 x2 TRANSAVIA B737-800 x1          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   6260511 | NS      | $6671069.43   | 1.36%             |  |  |  | No            |                  3 | On Loan: No      |
| KIELDER FUNDING LIMITED                        | KIELDER FUNDING LIMITED                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |   3511795 | NS      | $5573541.93   | 1.14%             |  |  |  | No            |                  3 | On Loan: No      |
| Aergo Capital Limited                          | AERGO CAPITAL - 66 - EASYJET A320-200 x1 MSN 4157                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   2105289 | NS      | $2280924.65   | 0.47%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI AF ACQUISITION TRUST                       | CVI AF ACQUISITION TRUST                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6070686 | NS      | $6137834.19   | 1.25%             |  |  |  | No            |                  3 | On Loan: No      |
| AERGO HOLDINGS LIMITED                         | AERGO HOLDINGS LIMITED                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   3842361 | NS      | $3941566.80   | 0.80%             |  |  |  | No            |                  3 | On Loan: No      |
| NIMBUS FUNDING LIMITED                         | NIMBUS FUNDING LIMITED                                              | CUSIP: 000000000<br>LEI: 213800IH157FES7SV569 | Long             | EC               | CORP              | GB        |   4441057 | NS      | $6025551.47   | 1.23%             |  |  |  | No            |                  3 | On Loan: No      |
| AERGO HOLDINGS LIMITED                         | AERGO HOLDINGS LIMITED                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   1890988 | NS      | $1933247.57   | 0.39%             |  |  |  | No            |                  3 | On Loan: No      |
| AERGO HOLDINGS LIMITED                         | AERGO HOLDINGS LIMITED                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |   1020113 | NS      | $1051370.96   | 0.21%             |  |  |  | No            |                  3 | On Loan: No      |
| Barclays Bank PLC                              | IRSOIS USD 21890523 L                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              |  | US        |   1300000 | OU      | $9372.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CVI HYDRO LP                                   | CVI HYDRO LP                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   5000000 | NS      | $5205255.00   | 1.06%             |  |  |  | No            |                  3 | On Loan: No      |
| ELBE INVESTMENT HOLDINGS SARL                  | ELBE INVESTMENT HOLDINGS SARL                                       | CUSIP: 000000000<br>LEI: 254900LB6PCSNFY7NB43 | Long             | EC               | CORP              | LU        |  11147146 | NS      | $13105720.67  | 2.67%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI INV DELAWARE 2 LP                          | CVI INV DELAWARE 2 LP                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4265726 | NS      | $4320941.70   | 0.88%             |  |  |  | No            |                  3 | On Loan: No      |
| CVI HEI HOLDINGS, LLC                          | CVI HEI HOLDINGS, LLC                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    679212 | NS      | $679212.43    | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| IPX POWER UNITS                                | IPX POWER UNITS                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16894 | NS      | $362604.54    | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| SC GERMANY CONSUMER                            | SC Germany SA Compartment Consumer 2022-1                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    631192 | PA      | $751075.67    | 0.15%             | 2036-10-14      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| SC GERMANY CONSUMER                            | SC Germany SA Compartment Consumer 2022-1                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    561060 | PA      | $687788.93    | 0.14%             | 2036-10-14      | Floating      | 10.44%                | Yes           |                  2 | On Loan: No      |
| SOCA 1 BRR                                     | SOCA 1 BRR                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    567000 | PA      | $750481.46    | 0.15%             | 2027-01-01      | Variable      | 4.25%                 | No            |                  3 | On Loan: No      |
| SECURITISATION OF CATALOGUE                    | SECURITISATION OF CATALOGUE                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |   1526000 | PA      | $2019814.30   | 0.41%             | 2032-12-13      | Variable      | 6.97%                 | No            |                  3 | On Loan: No      |
| SC GERMANY CONSUMER                            | SC Germany SA Compartment Consumer 2024-1                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | LU        |    125394 | PA      | $145052.70    | 0.03%             | 2038-01-14      | Floating      | 6.74%                 | Yes           |                  2 | On Loan: No      |
| EUROTRUCK LSE 49ABS                            | EUROTRUCK LSE 49ABS                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | FR        |    380000 | PA      | $438212.87    | 0.09%             | 2049-04-30      | Variable      | 7.13%                 | No            |                  3 | On Loan: No      |
| FCT EUROTRUCK LEASE                            | FCT EUROTRUCK LEASE                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | FR        |   1790000 | PA      | $2054489.09   | 0.42%             | 2049-04-30      | Variable      | 9.63%                 | No            |                  3 | On Loan: No      |
| BBVA Consumo FTA                               | Bbva Consumer Auto 2024-1 FT                                        | CUSIP: 000000000<br>LEI: 959800UREVUB5WK1YY20 | Long             | ABS-O            | CORP              | ES        |    285949 | PA      | $340481.25    | 0.07%             | 2037-04-21      | Floating      | 7.43%                 | Yes           |                  2 | On Loan: No      |
| Asimi Funding Holdings Limited                 | Asimi Funding 2024-1 PLC                                            | CUSIP: 000000000<br>LEI: 635400ED9TX8KJO28Q39 | Long             | ABS-O            | CORP              | GB        |    579000 | PA      | $772994.41    | 0.16%             | 2031-09-16      | Floating      | 10.13%                | Yes           |                  2 | On Loan: No      |
| Jeronimo Funding                               | Jeronimo Funding DAC                                                | CUSIP: 000000000<br>LEI: 635400IPDM5WJSCHSY93 | Long             | ABS-MBS          | CORP              | IE        |    471000 | PA      | $511505.02    | 0.10%             | 2064-10-25      | Floating      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Jeronimo Funding                               | Jeronimo Funding DAC                                                | CUSIP: 000000000<br>LEI: 635400IPDM5WJSCHSY93 | Long             | ABS-MBS          | CORP              | IE        |    400000 | PA      | $447590.98    | 0.09%             | 2064-10-25      | Floating      | 5.03%                 | Yes           |                  2 | On Loan: No      |
| Jeronimo Funding                               | Jeronimo Funding DAC                                                | CUSIP: 000000000<br>LEI: 635400IPDM5WJSCHSY93 | Long             | ABS-MBS          | CORP              | IE        |    941000 | PA      | $1041495.08   | 0.21%             | 2064-10-25      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Pembroke Property Finance Dac                  | Pembroke Property Finance 3 DAC                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |    500000 | PA      | $581450.45    | 0.12%             | 2043-06-01      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Secucor Finance                                | Secucor Finance 2013-1 DAC                                          | CUSIP: 000000000<br>LEI: 2138001E8BAK3OXZGG87 | Long             | ABS-O            | CORP              | IE        |    800000 | PA      | $920509.41    | 0.19%             | 2036-09-20      | Floating      | 6.44%                 | Yes           |                  2 | On Loan: No      |
| Pembroke Property Finance Dac                  | Pembroke Property Finance 3 DAC                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | IE        |   1953000 | PA      | $2269768.47   | 0.46%             | 2043-06-01      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| Vasco Finance                                  | TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 3 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |    700000 | PA      | $801611.02    | 0.16%             | 2043-10-27      | Floating      | 4.93%                 | Yes           |                  2 | On Loan: No      |
| Vasco Finance                                  | TAGUS-Sociedade de Titularizacao de Creditos SA/Vasco Finance No. 3 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |    500000 | PA      | $574654.05    | 0.12%             | 2043-10-27      | Floating      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| UK Logisitics                                  | UK Logistics 2025-2 DAC                                             | CUSIP: 000000000<br>LEI: 635400CRV6HKMHJF8S64 | Long             | ABS-MBS          | CORP              | IE        |   1173684 | PA      | $1554265.12   | 0.32%             | 2035-08-17      | Floating      | 7.80%                 | Yes           |                  2 | On Loan: No      |
| Dowson                                         | Dowson 2025-1 PLC                                                   | CUSIP: 000000000<br>LEI: 635400KCWWV87X81YE49 | Long             | ABS-O            | CORP              | GB        |    961495 | PA      | $1270106.21   | 0.26%             | 2032-12-20      | Floating      | 8.98%                 | Yes           |                  2 | On Loan: No      |
| Dowson                                         | Dowson 2025-1 PLC                                                   | CUSIP: 000000000<br>LEI: 635400KCWWV87X81YE49 | Long             | ABS-O            | CORP              | GB        |    647984 | PA      | $855932.48    | 0.17%             | 2032-12-20      | Floating      | 6.63%                 | Yes           |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                           | Country Garden Holdings Co Ltd                                      | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   2303156 | PA      | $257067.91    | 0.05%             | 2031-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                           | Country Garden Holdings Co Ltd                                      | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   1111702 | PA      | $152629.82    | 0.03%             | 2032-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BBVA Consumo FTA                               | Bbva Consumer 2026-1 Fondo de Titulizacion                          | CUSIP: 000000000<br>LEI: 9598008ZNM97MVXBD120 | Long             | ABS-O            | CORP              | ES        |   1200000 | PA      | $1384456.08   | 0.28%             | 2039-05-20      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| BBVA Consumo FTA                               | Bbva Consumer 2026-1 Fondo de Titulizacion                          | CUSIP: 000000000<br>LEI: 9598008ZNM97MVXBD120 | Long             | ABS-O            | CORP              | ES        |   1500000 | PA      | $1727481.73   | 0.35%             | 2039-05-20      | Floating      | 7.11%                 | Yes           |                  2 | On Loan: No      |
| MOLOSSUS BTL                                   | Molossus Btl 2025-1 PLC                                             | CUSIP: 000000000<br>LEI: 635400EK2YUIDKJ84N95 | Long             | ABS-MBS          | CORP              | GB        |   1407584 | PA      | $1863012.45   | 0.38%             | 2063-03-17      | Floating      | 8.08%                 | Yes           |                  2 | On Loan: No      |
| Country Garden Holdings Co Ltd                 | Country Garden Holdings Co Ltd                                      | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | EC               | CORP              | KY        |    528960 | NS      | $21249.60     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnaby Inventory II LLC                       | Carnaby Inventory II Loan Facility                                  | CUSIP: 000000000<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |   1238250 | PA      | $742950.00    | 0.15%             | 2025-12-01      | Floating      | 13.74%                | No            |                  3 | On Loan: No      |
| LSCS Holdings Inc                              | LSCS Holdings Inc 2025 Term Loan                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1419701 | PA      | $1327420.79   | 0.27%             | 2032-03-04      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| VMOS SA                                        | VMOS SA 1st Lien Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | AR        |   3600000 | PA      | $3603240.00   | 0.73%             | 2030-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OCS GROUP HOLDINGS LTD                         | OCS GROUP HOLDINGS LTD 2026 GBP TERM LOAN B5                        | CUSIP: 000000000<br>LEI: 54930002RKY3Y4LURL90 | Long             | LON              | CORP              | GB        |   2000000 | PA      | $2625361.51   | 0.54%             | 2031-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                       | Telenet Finance Luxembourg Notes Sarl                               | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |    800000 | PA      | $788580.00    | 0.16%             | 2028-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Banijay Entertainment SAS                      | Banijay Entertainment SAS 2025 USD Term Loan B3                     | CUSIP: 000000000<br>LEI: 5493008PW5N0VVCH7279 | Long             | LON              | CORP              | US        |   1011577 | PA      | $1011577.18   | 0.21%             | 2028-03-01      | Floating      | 2.75%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK HOLDCO 4 LIMITED                    | VMED O2 UK Holdco 4 Limited 2026 EUR Term Loan Z                    | CUSIP: 000000000<br>LEI: 213800ZRKYXK2SHQOW75 | Long             | LON              | CORP              | GB        |   2045105 | PA      | $2195671.84   | 0.45%             | 2031-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-24

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

**Signature:** Matt Johnson

**Name of Signer:** Matt Johnson

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