# EDGAR Filing Document

**Accession Number:** 0001545440
**File Stem:** 0000910472-25-006130
**Filing Date:** 2025-12
**Character Count:** 55683
**Document Hash:** 617fcdf8e81b100644e796782481a4cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-006130.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000910472-25-006130

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ultimus Managers Trust
- **CENTRAL INDEX KEY:** 0001545440

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22680
- **FILM NUMBER:** 251605333

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Westwood Alternative Income Fund (Series ID: S000072839)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000229465 | Westwood Alternative Income Fund Ultra Shares         | WMNUX           |
| C000229466 | Westwood Alternative Income Fund Institutional Shares | WMNIX           |
| C000229467 | Westwood Alternative Income Fund A Class Shares       | WMNAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Ultimus Managers Trust

- **b. Investment Company Act file number:** 811-22680

- **c. CIK number of Registrant:** 0001545440

- **d. LEI of Registrant:** 549300FU214TAR7BFY91

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

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

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

- **a. Name of Series:** WESTWOOD ALTERNATIVE INCOME FUND

- **b. EDGAR series identifier (if any):** S000072839

- **c. LEI of Series:** 549300ODTU016FPTQP22

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

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

- **b. Date as of which information is reported:** 2025-10-31

**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:** $204058148.73

**Total Liabilities:** $71649603.30

**Net Assets:** $132408545.43

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 684.11701020 | **5-Year:** 931.80654057 | **10-Year:** 36.33549967 | **30-Year:** 0.00000000

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

- **3-Month:** 55.16197390 | **1-Year:** 738.71269868 | **5-Year:** 832.60568617 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229465 | 0.82%                | 1.09%                | 0.93%                |
| Class ID C000229466 | 0.80%                | 1.08%                | 0.91%                |
| Class ID C000229467 | 0.70%                | 1.17%                | 0.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $129213.55               | $2897472.08                                |
| Month 2  | $1789020.84              | $5632556.96                                |
| Month 3  | $2641106.61              | $1122129.52                                |

**Designated Index Information**

- **Index Name:** WESTWOOD ALT INCOME DRP

- **Index Identifier:** WESTWOOD ALT INCOME DRP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BNP Paribas                                     | Box, Inc                                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20700 | NC      | $14379.92     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Shift4 Payments Inc                             | Shift4 Payments, Inc. 0.500%, Due 08/01/27                      | CUSIP: 82452JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2751000.00   | 2.08%             | 2027-08-01      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| Centrus Energy Corp.                            | Centrus Energy Corp 0%, Due 8/15/2032                           | CUSIP: 15643UAF1<br>LEI: 549300G6VDK9G8276661 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $2309450.00   | 1.74%             | 2032-08-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Tetra Tech Inc                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -32300 | NC      | $18718.20     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Advanced Energy Industries Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -13000 | NC      | $-151696.26   | -0.11%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Peabody Energy Corp                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -21300 | NC      | $91989.64     | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| Ormat Technologies Inc.                         | Ormat Technologies, Inc. 2.500%, Due 07/15/2027                 | CUSIP: 686688AB8<br>LEI: 5493000TSHHWY24VHM09 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $2258375.00   | 1.71%             | 2027-07-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Chicago Board of Trade                          | CBOT 5 Year US Treasury Note 2025-12-31                         | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DCO              | CORP              | US        |        57 | NS      | $-164.27      | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| BNP Paribas                                     | Akamai Technologies, Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -14200 | NC      | $-18558.28    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| Northern Oil And Gas, Inc.                      | Northern Oil and Gas Inc 3.625%, Due 04/15/29                   | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2810100.00   | 2.12%             | 2029-04-15      | Fixed         | 3.62%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Synaptics Inc                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -6400 | NC      | $-7575.32     | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Etsy, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -1700 | NC      | $15701.37     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Cheesecake Factory Inc                          | Cheesecake Factory Inc/The 2.0% Due 03/15/2030                  | CUSIP: 163072AB7<br>LEI: 529900872XMLK10SY247 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983000.00    | 0.74%             | 2030-03-15      | Fixed         | 2.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Northern Oil and Gas, Inc.                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -33100 | NC      | $-12353.97    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Nutanix Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -25000 | NC      | $-80664.02    | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| Microchip Technology Incorporated               | Microchip Technology Inc 0.75% Due 06/01/2030                   | CUSIP: 595017BG8<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1459500.00   | 1.10%             | 2030-06-01      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| Tempus AI Inc.                                  | Tempus AI Inc 0.75%, Due 07/15/2030                             | CUSIP: 88023BAD5<br>LEI: 2549009LA0KWRAGQBX50 | Long             | DBT              | CORP              | US        |    500000 | PA      | $680000.00    | 0.51%             | 2030-07-15      | Fixed         | 0.75%                 | Yes           | 2                  | On Loan: No      |
| Parsons Corporation                             | Parsons Corp 2.625% Due 03/01/2029                              | CUSIP: 70202LAD4<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3423000.00   | 2.59%             | 2029-03-01      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Nebius Group NV                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -2200 | NC      | $-47393.42    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| DigitalOcean Holdings Inc                       | DigitalOcean Holdings Inc 0%, Due 08/15/2030                    | CUSIP: 25402DAC6<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2506000.00   | 1.89%             | 2030-08-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | The Chefs' Warehouse Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -26400 | NC      | $6568.88      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Itron, Inc.                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -9200 | NC      | $309422.10    | 0.23%             |  |  |  | No            | N/A                | On Loan: No      |
| Liberty Media Corp Del                          | Liberty Media Corp - Liberty Formula One 2.250%, Due 08/15/2027 | CUSIP: 531229AQ5<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1919250.00   | 1.45%             | 2027-08-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Rapid7 Inc                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -3100 | NC      | $-338.86      | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Cipher Mining Inc                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -40000 | NC      | $21500.66     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | The Cheesecake Factory Inc.                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -8500 | NC      | $39874.22     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Wix.com                                                         | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -2600 | NC      | $-25098.74    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| Vishay Intertechnology, Inc.                    | Vishay Intertechnology Inc 2.250%, Due 09/15/30                 | CUSIP: 928298AR9<br>LEI: 5493009O8F3QQJTCQR75 | Long             | DBT              | CORP              | US        |    500000 | PA      | $464500.00    | 0.35%             | 2030-09-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Granite Construction Inc                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20600 | NC      | $75555.94     | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Shift4 Payments Inc                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -8000 | NC      | $52179.18     | 0.04%             |  |  |  | No            | N/A                | On Loan: No      |
| Pennymac Corporation                            | Pennymac Corporation 5.5%, Due 03/15/2026                       | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497000.00    | 0.38%             | 2026-03-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Ligand Pharmaceuticals Incorporated             | Ligand Pharmaceuticals Inc 0.75%, Due 10/01/2030                | CUSIP: 53220KAG3<br>LEI: 5493008K7TB0IKP37H79 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2343000.00   | 1.77%             | 2030-10-01      | Fixed         | 0.75%                 | Yes           | 2                  | On Loan: No      |
| JD.com Inc.                                     | JD.com Inc 0.25% Due 06/01/2029                                 | CUSIP: 47215PAJ5<br>LEI: 549300HVTWB0GJZ16V92 | Long             | DBT              | CORP              | KY        |   2500000 | PA      | $2637500.00   | 1.99%             | 2029-06-01      | Fixed         | 0.25%                 | No            | 2                  | On Loan: No      |
| Cipher Mining Inc                               | Cipher Mining Inc 0.0%, Due 10/01/2031                          | CUSIP: 17253JAB2<br>LEI: 254900QABG5HCQZ28A17 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1412500.00   | 1.07%             | 2031-10-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | UBER TECHNOLOGIES                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20700 | NC      | $-37717.18    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| Celanese US Holdings Llc                        | Celanese US Holdings LLC 6.350%, due 11/15/28                   | CUSIP: 15089QAW4<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    915000 | PA      | $947725.89    | 0.72%             | 2028-11-15      | Fixed         | 6.85%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Evergy Inc                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -13100 | NC      | $1179.00      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Lantheus Holdings Inc                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -5000 | NC      | $-5377.84     | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| Dropbox Inc                                     | Dropbox Inc. 0.000%, Due 03/01/28                               | CUSIP: 26210CAD6<br>LEI: 549300JCDF7UAR6TJR51 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2033000.00   | 1.54%             | 2028-03-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Parsons Corp                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -17000 | NC      | $18878.90     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | CMS Energy Corp                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -12300 | NC      | $23195.62     | 0.02%             |  |  |  | No            | N/A                | On Loan: No      |
| Live Nation Entertainment, Inc.                 | Live Nation Entertainment Inc 3.125%, Due 01/15/29              | CUSIP: 538034BA6<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $3016800.00   | 2.28%             | 2029-01-15      | Fixed         | 3.12%                 | No            | 2                  | On Loan: No      |
| Advanced Energy Industries, Inc.                | Advanced Energy Industries Inc 2.500%, Due 09/15/28             | CUSIP: 007973AE0<br>LEI: 549300756XI3QLFT2U27 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $3591675.00   | 2.71%             | 2028-09-15      | Fixed         | 2.50%                 | No            | 2                  | On Loan: No      |
| Veeco Instruments Inc.                          | Veeco Instruments Inc 2.875%, Due 06/01/2029                    | CUSIP: 922417AJ9<br>LEI: 5493004201F72ADDZW04 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1241500.00   | 0.94%             | 2029-06-01      | Fixed         | 2.88%                 | No            | 2                  | On Loan: No      |
| Datadog Inc                                     | Datadog Inc 0%, Due 12/01/2029                                  | CUSIP: 23804LAC7<br>LEI: 549300F6JNO0KRPO1K63 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2651250.00   | 2.00%             | 2029-12-01      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Service Properties Trust                        | Service Properties Trust 8.625% Due 11/15/2031                  | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1160262.40   | 0.88%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Live Nation Entertainment, Inc.                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -15300 | NC      | $91223.27     | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Ormat Technologies, Inc.                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -13400 | NC      | $36605.88     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Granite Construction Inc                        | Granite Construction Inc 3.25% Due 06/15/2030                   | CUSIP: 387328AF4<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2914000.00   | 2.20%             | 2030-06-15      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Lumentum Holdings Inc.                          | Lumentum Holdings Inc 1.5% Due 12/15/2029                       | CUSIP: 55024UAH2<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $2955000.00   | 2.23%             | 2029-12-15      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                | Kratos Defense & Security Solutions, Inc. 11/21/2025 100 Call   | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |       -80 | NS      | $-39200.00    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| BNP Paribas                                     | Centrus Energy                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -5000 | NC      | $33889.59     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Mirion Technologies Inc                         | Mirion Technologies Inc 0.25% Due 06/01/2030                    | CUSIP: 60471AAA9<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1440000.00   | 1.09%             | 2030-06-01      | Fixed         | 0.25%                 | Yes           | 2                  | On Loan: No      |
| Akamai Technologies, Inc.                       | Akamai Technologies Inc 0.25% Due 05/15/2033                    | CUSIP: 00971TAP6<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2020000.00   | 1.53%             | 2033-05-15      | Fixed         | 0.25%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Liberty Media Corporation                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -11200 | NC      | $43602.02     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Wisdomtree, Inc.                                                | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -29100 | NC      | $36434.24     | 0.03%             |  |  |  | No            | N/A                | On Loan: No      |
| Rapid7 Inc.                                     | Rapid7, Inc. 1.250%, Due 03/15/29                               | CUSIP: 753422AH7<br>LEI: 549300GNVG5D60KEYN14 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $899900.00    | 0.68%             | 2029-03-15      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| Seagate HDD Cayman                              | Seagate HDD Cayman 3.5% Due 6/1/2028                            | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |   1000000 | PA      | $3130500.00   | 2.36%             | 2028-06-01      | Fixed         | 3.50%                 | No            | 2                  | On Loan: No      |
| Ionis Pharmaceuticals, Inc.                     | Ionis Pharmaceuticals Inc 1.75%, Due 06/15/28                   | CUSIP: 462222AF7<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $3043800.00   | 2.30%             | 2028-06-15      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Digital Ocean Holdings Inc                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -35400 | NC      | $94936.04     | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Datadog Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -6000 | NC      | $-15135.92    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas Swap Gain Loss                      | BNP Paribas Swap Gain Loss                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | RF                | US        |    -54808 | PA      | $-54808.42    | -0.04%            |  |  |  | No            | 1                  | On Loan: No      |
| Meritage Homes Corp                             | Meritage Homes Corp 1.25% Due 05/15/2028                        | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1494130.46   | 1.13%             | 2028-05-15      | Fixed         | 1.75%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Ligand Pharmaceuticals, Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -5900 | NC      | $-37104.00    | -0.03%            |  |  |  | No            | N/A                | On Loan: No      |
| Trip.com Group Ltd.                             | Trip.com Group Ltd 0.75% Due 06/15/2029                         | CUSIP: 89677QAB3<br>LEI: 2549004RMYDSRQL4KW41 | Long             | DBT              | CORP              | KY        |   2000000 | PA      | $2441000.00   | 1.84%             | 2029-06-15      | Fixed         | 0.75%                 | No            | 2                  | On Loan: No      |
| MKS Inc.                                        | MKS Inc 1.25% Due 06/01/2030                                    | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2640000.00   | 1.99%             | 2030-06-01      | Fixed         | 1.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | MP Materials Corporation                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -41800 | NC      | $1097014.60   | 0.83%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Ionis Pharmaceuticals Inc                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -28000 | NC      | $-50093.62    | -0.04%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Seagate Technology Holdings                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -11800 | NC      | $-425826.60   | -0.32%            |  |  |  | No            | N/A                | On Loan: No      |
| Blackline Inc                                   | BlackLine Inc 1.00% Due 06/01/2029                              | CUSIP: 09239BAF6<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2145200.00   | 1.62%             | 2029-06-01      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| Merit Medical Systems Inc.                      | Merit Medical Systems, Inc. 3.000%, Due 02/01/29                | CUSIP: 589889AA2<br>LEI: 549300OYTY138SP2CE83 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1806750.00   | 1.36%             | 2029-02-01      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| Nebius Group N.V.                               | Nebius Group NV 1.0%, Due 09/15/2030                            | CUSIP: 63954QAE6<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $637250.00    | 0.48%             | 2030-09-15      | Fixed         | 1.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | JD.com Inc                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -25300 | NC      | $3930.80      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Nutanix Inc                                     | Nutanix Inc 0.25% Due 10/01/2027                                | CUSIP: 67059NAH1<br>LEI: 549300X7J6E8TKVIXW09 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2675000.00   | 2.02%             | 2027-10-01      | Fixed         | 0.25%                 | No            | 2                  | On Loan: No      |
| Evergy Inc                                      | Evergy Inc 4.5%, Due 12/15/2027                                 | CUSIP: 30034WAD8<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1271000.00   | 0.96%             | 2027-12-15      | Fixed         | 4.50%                 | No            | 2                  | On Loan: No      |
| Commvault Systems Inc.                          | Commvault Systems Inc 0%, Due 8/15/2032                         | CUSIP: 204166AA0<br>LEI: 65T5VRP62VXG39YFML83 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $911000.00    | 0.69%             | 2030-09-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| Five9 Inc.                                      | Five9 Inc 1.0% Due 3/15/2029                                    | CUSIP: 338307AF8<br>LEI: 254900MXP6EWY0SFFR59 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $892500.00    | 0.67%             | 2029-03-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Five9 Inc                                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -2900 | NC      | $-6883.08     | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Tempus AI Inc                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -3000 | NC      | $6566.27      | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | MKS Instruments Inc                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -8500 | NC      | $-60027.72    | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| Alibaba Group Holding Ltd.                      | Alibaba Group Holding Ltd 0.50% Due 06/01/2031                  | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |   2000000 | PA      | $3536000.00   | 2.67%             | 2031-06-01      | Fixed         | 0.50%                 | No            | 2                  | On Loan: No      |
| Snowflake Inc                                   | Snowflake Inc 0.0%, Due 10/01/2030                              | CUSIP: 833445AD1<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $3685000.00   | 2.78%             | 2029-10-01      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Core Scientific Inc.                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -42000 | NC      | $-66158.07    | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Dexcom, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -1800 | NC      | $13138.72     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Snowflake Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -10300 | NC      | $-346261.20   | -0.26%            |  |  |  | No            | N/A                | On Loan: No      |
| Peabody Energy Corp.                            | Peabody Energy Corp 3.25%, Due 03/01/2028                       | CUSIP: 704551AD2<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | DBT              | CORP              | US        |    500000 | PA      | $774250.00    | 0.58%             | 2028-03-01      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| Fluor Corporation                               | Fluor Corporation 1.125%, Due 08/15/29                          | CUSIP: 343412AJ1<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2895750.00   | 2.19%             | 2029-08-15      | Fixed         | 1.12%                 | No            | 2                  | On Loan: No      |
| Chefs Warehouse Inc.                            | Chefs' Warehouse Inc/The 2.375% Due 12/15/2028                  | CUSIP: 163086AE1<br>LEI: 549300JYEDC8C547E980 | Long             | DBT              | CORP              | US        |   1470000 | PA      | $2165604.00   | 1.64%             | 2028-12-15      | Fixed         | 2.38%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Dropbox Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -33800 | NC      | $-55.20       | -0.00%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Veeco Instruments                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20600 | NC      | $7592.48      | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| Tetra Tech Inc                                  | Tetra Tech, Inc. 2.250%, Due 08/15/2028                         | CUSIP: 88162GAB9<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2655750.00   | 2.01%             | 2028-08-15      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Zscaler Inc                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |      -900 | NC      | $-25456.40    | -0.02%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | B2Gold Corp                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |   -140300 | NC      | $77310.18     | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| GEO Group Inc                                   | GEO Group Inc/The 8.625% Due 04/15/2029                         | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1583064.00   | 1.20%             | 2029-04-15      | Fixed         | 8.62%                 | No            | 2                  | On Loan: No      |
| DexCom Inc                                      | Dexcom, Inc. 0.375%, Due 05/15/28                               | CUSIP: 252131AM9<br>LEI: 549300YSK3QDSFR5EU59 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1359750.00   | 1.03%             | 2028-05-15      | Fixed         | 0.38%                 | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT | MORGAN STANLEY & COMPANY MARGIN DEPOSIT ACCOUNT                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |     71250 | PA      | $71250.00     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| BNP Paribas                                     | Alibaba Group Holding Ltd                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -15600 | NC      | $-65121.20    | -0.05%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Merit Medical Systems Inc                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -10700 | NC      | $-74210.46    | -0.06%            |  |  |  | No            | N/A                | On Loan: No      |
| Iron Mountain Inc.                              | Iron Mountain, Inc. 7.000%, Due 02/15/29                        | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1030107.00   | 0.78%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           | 2                  | On Loan: No      |
| Zscaler Inc                                     | Zscaler Inc 0%, Due 07/15/2028                                  | CUSIP: 98980GAC6<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1031500.00   | 0.78%             | 2028-07-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Fluor Corp                                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -31400 | NC      | $64205.32     | 0.05%             |  |  |  | No            | N/A                | On Loan: No      |
| Blackstone Mortgage Trust, Inc                  | Blackstone Mortgage Trust Inc 5.5%, Due 03/15/2027              | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $984500.00    | 0.74%             | 2027-03-15      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| Western Digital Corp.                           | Western Digital Corp 3.0%, Due 11/15/2028                       | CUSIP: 958102AT2<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |    800000 | PA      | $3204000.00   | 2.42%             | 2028-11-15      | Fixed         | 3.00%                 | No            | 2                  | On Loan: No      |
| Wix.com Limited                                 | Wix.com Ltd 0.0%, Due 09/15/2030                                | CUSIP: 92940WAE9<br>LEI: 5493008P6N29Q1AG9464 | Long             | DBT              | CORP              | IL        |   1000000 | PA      | $995000.00    | 0.75%             | 2030-09-15      | None          | 0.00%                 | Yes           | 2                  | On Loan: No      |
| OSI System Inc.                                 | OSI Systems Inc 2.25%, Due 08/01/2029                           | CUSIP: 671044AF2<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $3150000.00   | 2.38%             | 2029-08-01      | Fixed         | 2.25%                 | No            | 2                  | On Loan: No      |
| Redwood Trust Inc                               | Redwood Trust Inc 7.75% Due 06/15/2027                          | CUSIP: 758075AF2<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1494750.00   | 1.13%             | 2027-06-15      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| First American Funds Inc.                       | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND - CLASS U            | CUSIP: 31846V211<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   6430104 | PA      | $6430104.43   | 4.86%             |  |  |  | No            | 1                  | On Loan: No      |
| B2Gold Corp.                                    | B2Gold Corp 2.75%, Due 02/01/2030                               | CUSIP: 11777QAC4<br>LEI: 549300F7OK456M5NLM05 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $777250.00    | 0.59%             | 2030-02-01      | Fixed         | 2.75%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Mirion Technologies                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -33800 | NC      | $-146801.19   | -0.11%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Trip.com Group Ltd                                              | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -19000 | NC      | $-13743.96    | -0.01%            |  |  |  | No            | N/A                | On Loan: No      |
| JPRIME                                          | JPRIME                                                          | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | RF                | US        |        -1 | PA      | $0.00         | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Kratos Defense & Security Solutions, Inc.       | Kratos Defense & Security Solutions, Inc.                       | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      8000 | NS      | $724800.00    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Alnylam Pharmaceuticals Inc.                    | Alnylam Pharmaceuticals, Inc. 1.000%, Due 09/15/2027            | CUSIP: 02043QAB3<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $3454500.00   | 2.61%             | 2027-09-15      | Fixed         | 1.00%                 | No            | 2                  | On Loan: No      |
| MP Materials Corp                               | MP Materials Corp 3.000%, Due 03/01/30                          | CUSIP: 553368AC5<br>LEI: 89450063PHPS61USMT84 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $3023500.00   | 2.28%             | 2030-03-01      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION                | iShares Russell 2000 ETF 11/21/2025 226 Put                     | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       500 | NS      | $31000.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Lantheus Holdings Inc                           | Lantheus Holdings Inc 2.625%, Due 12/15/27                      | CUSIP: 516544AB9<br>LEI: 5299005HUB5IOJGO7S39 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1108000.00   | 0.84%             | 2027-12-15      | Fixed         | 2.62%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | BlackLine Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -15800 | NC      | $-120193.78   | -0.09%            |  |  |  | No            | N/A                | On Loan: No      |
| Uber Technologies Inc                           | Uber Technologies Inc 0.875%, Due 12/01/2028                    | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2912000.00   | 2.20%             | 2028-12-01      | Fixed         | 0.88%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Lumentum Holdings, Inc.                                         | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -13500 | NC      | $-604040.32   | -0.46%            |  |  |  | No            | N/A                | On Loan: No      |
| Core Scientific Inc                             | Core Scientific Inc 3.0%, Due 09/01/2029                        | CUSIP: 21874AAC0<br>LEI: 5299003RGB2LAZ65RK73 | Long             | DBT              | CORP              | US        |    700000 | PA      | $1488900.00   | 1.12%             | 2029-09-01      | Fixed         | 3.00%                 | Yes           | 2                  | On Loan: No      |
| BNP Paribas                                     | Vishay Intertechnology, Inc.                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -6600 | NC      | $121.14       | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Alnylam Pharmaceuticals, Inc.                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -6300 | NC      | $94598.80     | 0.07%             |  |  |  | No            | N/A                | On Loan: No      |
| WisdomTree, Inc.                                | WisdomTree Inc 3.25%, Due 8/15/2029                             | CUSIP: 97717PAH7<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |    500000 | PA      | $593000.00    | 0.45%             | 2029-08-15      | Fixed         | 3.25%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Western Digital Corp.                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |    -20600 | NC      | $-608695.18   | -0.46%            |  |  |  | No            | N/A                | On Loan: No      |
| Itron, Inc.                                     | Itron Inc 1.375% Due 07/15/2030                                 | CUSIP: 465741AQ9<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2060000.00   | 1.56%             | 2030-07-15      | Fixed         | 1.38%                 | No            | 2                  | On Loan: No      |
| Synaptics Incorporated                          | Synaptics Inc .75%, Due 12/01/2031                              | CUSIP: 87157DAH2<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1006000.00   | 0.76%             | 2031-12-01      | Fixed         | 0.75%                 | Yes           | 2                  | On Loan: No      |
| Etsy Inc                                        | Etsy Inc 1% Due 06/15/2030                                      | CUSIP: 29786AAP1<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |    200000 | PA      | $212600.00    | 0.16%             | 2030-06-15      | Fixed         | 1.00%                 | Yes           | 2                  | On Loan: No      |
| Box Inc.                                        | Box Inc 1.50%, Due 09/15/29                                     | CUSIP: 10316TAD6<br>LEI: 549300KQUCPD8687YS68 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2016000.00   | 1.52%             | 2029-09-15      | Fixed         | 1.50%                 | No            | 2                  | On Loan: No      |
| CMS Energy Corporation                          | CMS Energy Corp 3.375%, Due 5/1/2028                            | CUSIP: 125896BX7<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2475000.00   | 1.87%             | 2028-05-01      | Fixed         | 3.38%                 | No            | 2                  | On Loan: No      |
| BNP Paribas                                     | Commvault Systems                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -2300 | NC      | $76170.06     | 0.06%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Microchip Tech                                                  | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -3400 | NC      | $9856.44      | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | OSI Systems Inc                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -7600 | NC      | $-162421.12   | -0.12%            |  |  |  | No            | N/A                | On Loan: No      |
| BNP Paribas                                     | Meritage Homes Corp                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |     -4600 | NC      | $10011.02     | 0.01%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

**Name of Applicant:** Westwood Alternative Income Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** Treasurer