# EDGAR Filing Document

**Accession Number:** 0001676326
**File Stem:** 0001752724-25-197810
**Filing Date:** 2025-8
**Character Count:** 187264
**Document Hash:** 8e3416bb93ec12f68981d75f05babe6b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-197810.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001752724-25-197810

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley ETF Trust
- **CENTRAL INDEX KEY:** 0001676326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23820
- **FILM NUMBER:** 251242358

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212.296.1404

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

## Series and Classes Contracts Data

### Eaton Vance Short Duration Income ETF (Series ID: S000084183)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000248456 | Eaton Vance Short Duration Income ETF |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Morgan Stanley ETF Trust

- **b. Investment Company Act file number:** 811-23820

- **c. CIK number of Registrant:** 0001676326

- **d. LEI of Registrant:** 549300HASXQLXGOR9H31

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

  - **Street Address 1:** 1585 Broadway

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 800-548-7786

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

- **a. Name of Series:** Eaton Vance Short Duration Income ETF

- **b. EDGAR series identifier (if any):** S000084183

- **c. LEI of Series:** 254900H1WCGW58VEGZ62

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $492469822.93

**Total Liabilities:** $40223162.74

**Net Assets:** $452246660.19

**Cash Not Reported:** $530782.66

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 956.04063700 | **1-Year:** 19293.27919000 | **5-Year:** 52266.68894600 | **10-Year:** 7271.84907600 | **30-Year:** 2104.69581400

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

- **3-Month:** 57.91173300 | **1-Year:** 1556.51687700 | **5-Year:** 1533.24949400 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248456 | 0.59%                | 0.22%                | 0.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-60135.24               | $488564.75                                 |
| Month 2  | $165953.01               | $-114465.30                                |
| Month 3  | $55261.70                | $2265216.97                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31388UNK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       551 | PA      | $573.80       | 0.00%             | 2032-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                | UniCredit SpA                                                                             | CUSIP: 904678AU3<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |   2626000 | PA      | $2612573.08   | 0.58%             | 2026-09-22      | Variable      | 2.57%                 | Yes           |                  2 | On Loan: No      |
| Broadcom, Inc.                               | Broadcom, Inc.                                                                            | CUSIP: 11135FBH3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    885000 | PA      | $791633.18    | 0.18%             | 2031-02-15      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| NRTH Mortgage Trust                          | NRTH Mortgage Trust, Series 2024-PARK, Class A                                            | CUSIP: 67021HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    480000 | PA      | $480952.42    | 0.11%             | 2039-03-15      | Floating      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                       | Sonic Automotive, Inc.                                                                    | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |    840000 | PA      | $815628.49    | 0.18%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA or FHLMC                                | UMBS, Single Family, 30 Year                                                              | CUSIP: 01F052672<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3692000 | PA      | $3691132.93   | 0.82%             | 2055-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                          | Societe Generale SA                                                                       | CUSIP: 83368RCG5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   3768000 | PA      | $3843968.61   | 0.85%             | 2031-05-22      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                       | Sequoia Mortgage Trust, Series 2004-7, Class A2                                           | CUSIP: 81744FCW5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     43481 | PA      | $40450.34     | 0.01%             | 2034-08-20      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| COPT Defense Properties LP                   | COPT Defense Properties LP                                                                | CUSIP: 22003BAN6<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    353000 | PA      | $321739.71    | 0.07%             | 2029-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding LLC                    | Driven Brands Funding LLC, Series 2019-2A, Class A2                                       | CUSIP: 26208LAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1894861 | PA      | $1867195.43   | 0.41%             | 2049-10-20      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                   | J.P. Morgan Mortgage Trust, Series 2024-HE1, Class A1                                     | CUSIP: 46658AAA3<br>LEI: 529900PFHUFMSHU0UV97 | Long             | ABS-O            | CORP              | US        |    257113 | PA      | $257797.52    | 0.06%             | 2054-08-25      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| Global Atlantic Fin Co.                      | Global Atlantic Fin Co.                                                                   | CUSIP: 37959GAA5<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |   2469000 | PA      | $2397695.43   | 0.53%             | 2029-10-15      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31391PBD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       311 | PA      | $325.69       | 0.00%             | 2032-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                    | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397XL2<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1138851.27   | 0.25%             | 2025-08-04      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                    | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2620000 | PA      | $2602800.51   | 0.58%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BAE Systems plc                              | BAE Systems plc                                                                           | CUSIP: 05523RAH0<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    801000 | PA      | $810571.54    | 0.18%             | 2027-03-26      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31389L2Y4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       651 | PA      | $681.51       | 0.00%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31389FLF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1973 | PA      | $2064.32      | 0.00%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NRM FHT1 Excess Owner LLC                    | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A                                      | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    494302 | PA      | $500353.40    | 0.11%             | 2032-03-25      | Variable      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Celanese US Holdings LLC                     | Celanese US Holdings LLC                                                                  | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   1013000 | PA      | $1049720.00   | 0.23%             | 2027-07-15      | Fixed         | 6.42%                 | No            |                  2 | On Loan: —       |
| MGIC Investment Corp.                        | MGIC Investment Corp.                                                                     | CUSIP: 552848AG8<br>LEI: 254900S8483WM4M98R28 | Long             | DBT              | CORP              | US        |     87000 | PA      | $87003.27     | 0.02%             | 2028-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ORL Trust                                    | ORL Trust, Series 2024-GLKS, Class A                                                      | CUSIP: 67120DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    712000 | PA      | $712837.88    | 0.16%             | 2039-12-15      | Floating      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| MFA Trust                                    | MFA Trust, Series 2024-NPL1, Class A1                                                     | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    461153 | PA      | $462736.16    | 0.10%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                            | HSBC Holdings plc                                                                         | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1270000 | PA      | $1294242.51   | 0.29%             | 2028-05-17      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31385JB98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     38802 | PA      | $40874.86     | 0.01%             | 2032-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                            | NatWest Group plc                                                                         | CUSIP: 780097BL4<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $99260.88     | 0.02%             | 2030-05-08      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| Videotron Ltd.                               | Videotron Ltd.                                                                            | CUSIP: 92660FAN4<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |    709000 | PA      | $680881.20    | 0.15%             | 2029-06-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| HYT Commercial Mortgage Trust                | HYT Commercial Mortgage Trust, Series 2024-RGCY, Class C                                  | CUSIP: 449173AE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    297000 | PA      | $297028.99    | 0.07%             | 2041-09-15      | Floating      | 7.15%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                          | Intesa Sanpaolo SpA                                                                       | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   1096000 | PA      | $1104729.80   | 0.24%             | 2025-11-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust             | OneMain Financial Issuance Trust, Series 2021-1A, Class B                                 | CUSIP: 68269MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1627000 | PA      | $1522075.75   | 0.34%             | 2036-06-16      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| Bank of Ireland Group plc                    | Bank of Ireland Group plc                                                                 | CUSIP: 06279JAC3<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |   1620000 | PA      | $1625322.45   | 0.36%             | 2026-09-16      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| First Horizon Corp.                          | First Horizon Corp.                                                                       | CUSIP: 320517AE5<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | DBT              | CORP              | US        |    847000 | PA      | $859399.88    | 0.19%             | 2031-03-07      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| American National Global Funding             | American National Global Funding                                                          | CUSIP: 02771D2B9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $653586.99    | 0.14%             | 2030-06-03      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| EPR Properties                               | EPR Properties                                                                            | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   1855000 | PA      | $1852112.32   | 0.41%             | 2028-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Willis Engine Structured Trust VIII          | Willis Engine Structured Trust VIII, Series 2025-A, Class A                               | CUSIP: 97063RAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1660000 | PA      | $1682767.23   | 0.37%             | 2050-06-15      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Diamond Infrastructure Funding LLC           | Diamond Infrastructure Funding LLC, Series 2021-1A, Class A                               | CUSIP: 25265LAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $570974.04    | 0.13%             | 2049-04-15      | Fixed         | 1.76%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance IV Ltd.             | Horizon Aircraft Finance IV Ltd., Series 2024-1, Class A                                  | CUSIP: 43990EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1087625 | PA      | $1090141.11   | 0.24%             | 2049-09-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Crossroads Asset Trust                       | Crossroads Asset Trust, Series 2024-A, Class A2                                           | CUSIP: 227927AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    234640 | PA      | $237592.44    | 0.05%             | 2030-08-20      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| N/A                                          | U.S. Treasury 2 Year Notes                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       595 | NC      | $518757.69    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Oportun Issuance Trust                       | Oportun Issuance Trust, Series 2025-A, Class A                                            | CUSIP: 68377TAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $499849.40    | 0.11%             | 2033-02-08      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Las Vegas Sands Corp.                        | Las Vegas Sands Corp.                                                                     | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1386000 | PA      | $1430382.27   | 0.32%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bunker Hill Loan Depositary Trust            | Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1                                | CUSIP: 12062RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     46534 | PA      | $45880.50     | 0.01%             | 2055-02-25      | Variable      | 1.72%                 | Yes           |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Bonds                                                                       | CUSIP: 912810FM5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1056000 | PA      | $1170427.51   | 0.26%             | 2030-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital, Inc.  | HA Sustainable Infrastructure Capital, Inc.                                               | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |   1194000 | PA      | $1194793.71   | 0.26%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers Issuer LLC     | Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A                       | CUSIP: 76134KAA2<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |   1106000 | PA      | $1097999.75   | 0.24%             | 2048-09-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC               | PEAC Solutions Receivables LLC, Series 2025-1A, Class A3                                  | CUSIP: 69392HAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    430000 | PA      | $436939.00    | 0.10%             | 2032-07-20      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Commonbond Student Loan Trust                | Commonbond Student Loan Trust, Series 2021-AGS, Class A                                   | CUSIP: 20268WAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    681367 | PA      | $589751.94    | 0.13%             | 2052-03-25      | Fixed         | 1.20%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                 | CaixaBank SA                                                                              | CUSIP: 12803RAG9<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   1869000 | PA      | $1933468.86   | 0.43%             | 2030-03-15      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: —       |
| Ford Motor Credit Co. LLC                    | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397ZR7<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2631000 | PA      | $2573575.00   | 0.57%             | 2029-05-03      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Utah Acquisition Sub, Inc.                   | Utah Acquisition Sub, Inc.                                                                | CUSIP: 62854AAN4<br>LEI: 254900JOFV74IJ7H9933 | Long             | DBT              | CORP              | US        |   1383000 | PA      | $1370276.16   | 0.30%             | 2026-06-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Var Energi ASA                               | Var Energi ASA                                                                            | CUSIP: 92212WAF7<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |   1740000 | PA      | $1783785.60   | 0.39%             | 2030-05-22      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Imperial Brands Finance plc                  | Imperial Brands Finance plc                                                               | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |   1432000 | PA      | $1476819.45   | 0.33%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Golub Capital Partners ABS Funding Ltd.      | Golub Capital Partners ABS Funding Ltd., Series 2021-1A, Class A2                         | CUSIP: 38178HAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1183679 | PA      | $1177792.73   | 0.26%             | 2029-04-20      | Fixed         | 2.77%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC STACR REMIC Trust, Series 2022-DNA2, Class B2                                       | CUSIP: 35564KSQ3<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |   1035000 | PA      | $1133971.88   | 0.25%             | 2042-02-25      | Floating      | 12.81%                | Yes           |                  2 | On Loan: No      |
| Driven Brands Funding LLC                    | Driven Brands Funding LLC, Series 2021-1A, Class A2                                       | CUSIP: 26209XAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    847433 | PA      | $793365.03    | 0.18%             | 2051-10-20      | Fixed         | 2.79%                 | Yes           |                  2 | On Loan: No      |
| Octane Receivables Trust                     | Octane Receivables Trust, Series 2023-1A, Class A                                         | CUSIP: 67571BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    121598 | PA      | $121871.31    | 0.03%             | 2029-05-21      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Lithia Motors, Inc.                          | Lithia Motors, Inc.                                                                       | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   1470000 | PA      | $1403092.51   | 0.31%             | 2029-06-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31391FP85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1973 | PA      | $2061.52      | 0.00%             | 2032-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31371HTA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       826 | PA      | $853.12       | 0.00%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                       | Marlette Funding Trust, Series 2023-1A, Class C                                           | CUSIP: 57110PAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1730900 | PA      | $1744508.68   | 0.39%             | 2033-04-15      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Structured Trust         | Castlelake Aircraft Structured Trust, Series 2025-1A, Class A                             | CUSIP: 14856VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1869035 | PA      | $1897785.79   | 0.42%             | 2050-02-15      | Fixed         | 5.78%                 | Yes           |                  2 | On Loan: No      |
| General Motors Co.                           | General Motors Co.                                                                        | CUSIP: 37045VAU4<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   1395000 | PA      | $1453109.41   | 0.32%             | 2027-10-01      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC, REMIC, Series 5483, Class FB                                                       | CUSIP: 3137HHNE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1127528 | PA      | $1128323.47   | 0.25%             | 2054-12-25      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                | Lendbuzz Securitization Trust, Series 2025-2A, Class B                                    | CUSIP: 52611JAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1165000 | PA      | $1172300.05   | 0.26%             | 2030-11-15      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                      | Mosaic Solar Loan Trust, Series 2020-1A, Class A                                          | CUSIP: 61946NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    138842 | PA      | $123527.68    | 0.03%             | 2046-04-20      | Fixed         | 2.10%                 | Yes           |                  2 | On Loan: No      |
| DB Master Finance LLC                        | DB Master Finance LLC, Series 2021-1A, Class A2I                                          | CUSIP: 233046AN1<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    902275 | PA      | $869300.73    | 0.19%             | 2051-11-20      | Fixed         | 2.04%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                           | Banco Santander SA                                                                        | CUSIP: 05964HAY1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    355000 | PA      | $378768.39    | 0.08%             | 2028-11-07      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| VCP RRL ABS I Ltd.                           | VCP RRL ABS I Ltd., Series 2021-1A, Class A                                               | CUSIP: 92243RAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    186937 | PA      | $180022.65    | 0.04%             | 2031-10-20      | Fixed         | 2.15%                 | Yes           |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                        | FMC GMSR Issuer Trust, Series 2020-GT1, Class A                                           | CUSIP: 30259RAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1467593.40   | 0.32%             | 2026-01-25      | Variable      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| OneMain Financial Issuance Trust             | OneMain Financial Issuance Trust, Series 2022-2A, Class B                                 | CUSIP: 68268VAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1800000 | PA      | $1807333.38   | 0.40%             | 2034-10-14      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Cloud Capital Holdco LP                      | Cloud Capital Holdco LP, Series 2024-1A, Class A2                                         | CUSIP: 102104AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    780000 | PA      | $791514.36    | 0.18%             | 2049-11-22      | Fixed         | 5.78%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                                                     | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1388000 | PA      | $1391845.88   | 0.31%             | 2027-01-20      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| GNMA                                         | GNMA, Series 2011-H11, Class FA                                                           | CUSIP: 38375BLN0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     19027 | PA      | $19059.02     | 0.00%             | 2061-03-20      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| EPR Properties                               | EPR Properties                                                                            | CUSIP: 26884UAF6<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    368000 | PA      | $350553.70    | 0.08%             | 2029-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                | Centene Corp.                                                                             | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    650000 | PA      | $640557.06    | 0.14%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Oceanview Mortgage Loan Trust                | Oceanview Mortgage Loan Trust, Series 2020-1, Class A1A                                   | CUSIP: 676477AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    133107 | PA      | $125400.97    | 0.03%             | 2050-05-28      | Variable      | 1.73%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                         | GNMA, Series 2024-43, Class FB                                                            | CUSIP: 38384KNV9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    603458 | PA      | $604174.29    | 0.13%             | 2054-03-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| JW Commercial Mortgage Trust                 | JW Commercial Mortgage Trust, Series 2024-MRCO, Class B                                   | CUSIP: 46657XAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    436000 | PA      | $436747.13    | 0.10%             | 2039-06-15      | Floating      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                 | BX Commercial Mortgage Trust, Series 2021-MC, Class A                                     | CUSIP: 05608GAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1100000 | PA      | $1084055.17   | 0.24%             | 2034-04-15      | Floating      | 5.13%                 | Yes           |                  2 | On Loan: No      |
| JDE Peet's NV                                | JDE Peet's NV                                                                             | CUSIP: 47216QAB9<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |   1609000 | PA      | $1531466.76   | 0.34%             | 2027-01-15      | Fixed         | 1.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                          | U.S. Treasury 5 Year Notes                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        60 | NC      | $54330.69     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                   | Occidental Petroleum Corp.                                                                | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    170000 | PA      | $179868.50    | 0.04%             | 2030-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes      | Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class F                           | CUSIP: 80290CBB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    261244 | PA      | $263281.17    | 0.06%             | 2032-08-16      | Fixed         | 11.91%                | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31384VYU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       132 | PA      | $136.43       | 0.00%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                      | Loanpal Solar Loan Ltd., Series 2021-2GS, Class A                                         | CUSIP: 53948QAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1064829 | PA      | $864579.21    | 0.19%             | 2048-03-20      | Fixed         | 2.22%                 | Yes           |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                        | Delta Air Lines, Inc.                                                                     | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1949200 | PA      | $1954636.79   | 0.43%             | 2028-10-20      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                        | Athene Global Funding                                                                     | CUSIP: 04685A4E8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1548000 | PA      | $1558835.97   | 0.34%             | 2027-01-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC                                                                                     | CUSIP: 31300LTA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79831 | PA      | $81542.55     | 0.02%             | 2036-01-01      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| FS Commercial Mortgage Trust                 | FS Commercial Mortgage Trust, Series 2023-4SZN, Class A                                   | CUSIP: 30334RAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    920000 | PA      | $942825.38    | 0.21%             | 2039-11-10      | Fixed         | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Start Ltd.                                   | Start Ltd., Series 2018-1, Class A                                                        | CUSIP: 85572RAA7<br>LEI: 549300VIQYFIDJQCKZ43 | Long             | ABS-O            | CORP              | BM        |    739372 | PA      | $737553.30    | 0.16%             | 2043-05-15      | Fixed         | 4.09%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1158000 | PA      | $1182219.16   | 0.26%             | 2028-04-22      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Domino's Pizza Master Issuer LLC             | Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II                              | CUSIP: 25755TAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    463750 | PA      | $463342.18    | 0.10%             | 2045-10-25      | Fixed         | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Stream Innovations Issuer Trust              | Stream Innovations Issuer Trust, Series 2024-1A, Class A                                  | CUSIP: 86324CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    242828 | PA      | $252374.24    | 0.06%             | 2044-07-15      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| US Bancorp                                   | U.S. Bancorp                                                                              | CUSIP: 91159HJV3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1905000 | PA      | $1943662.15   | 0.43%             | 2031-05-15      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $1040434.12   | 0.23%             | 2031-04-22      | Variable      | 5.10%                 | No            |                  2 | On Loan: —       |
| BX Commercial Mortgage Trust                 | BX Commercial Mortgage Trust, Series 2022-CSMO, Class C                                   | CUSIP: 05610MAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    980000 | PA      | $994523.45    | 0.22%             | 2027-06-15      | Floating      | 8.20%                 | Yes           |                  2 | On Loan: No      |
| Ajax Mortgage Loan Trust                     | Ajax Mortgage Loan Trust, Series 2020-B, Class A1                                         | CUSIP: 00969YAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375421 | PA      | $353433.63    | 0.08%             | 2059-05-25      | Variable      | 1.70%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC                                                                                     | CUSIP: 31300LTB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    101560 | PA      | $103718.88    | 0.02%             | 2037-03-01      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| ELFI Graduate Loan Program LLC               | ELFI Graduate Loan Program LLC, Series 2021-A, Class A                                    | CUSIP: 28628BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    984368 | PA      | $876114.77    | 0.19%             | 2046-12-26      | Fixed         | 1.53%                 | Yes           |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CCR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     71000 | PA      | $65469.77     | 0.01%             | 2028-07-31      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31390HG33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1234 | PA      | $1294.87      | 0.00%             | 2032-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31384WMS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4224 | PA      | $4363.33      | 0.00%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Mortgage Trust                  | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class D                                    | CUSIP: 44855PAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1075000 | PA      | $1114903.68   | 0.25%             | 2040-01-13      | Variable      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Bonds                                                                       | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     93000 | PA      | $44712.66     | 0.01%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CJV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    242000 | PA      | $242004.35    | 0.05%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management, Inc. | Jones Deslauriers Insurance Management, Inc.                                              | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10606.58     | 0.00%             | 2030-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Aircastle Ltd.                               | Aircastle Ltd.                                                                            | CUSIP: 00929JAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    752000 | PA      | $773762.41    | 0.17%             | 2031-10-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Falcon Aerospace Ltd.                        | Falcon Aerospace Ltd., Series 2019-1, Class A                                             | CUSIP: 30610GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    116122 | PA      | $113988.88    | 0.03%             | 2039-09-15      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Group Ltd.                         | Macquarie Group Ltd.                                                                      | CUSIP: 55608JBF4<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   1110000 | PA      | $1110424.32   | 0.25%             | 2026-08-09      | Variable      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| Discovery Communications LLC                 | Discovery Communications LLC                                                              | CUSIP: 25470DAR0<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1097566.43   | 0.24%             | 2028-03-20      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Subway Funding LLC                           | Subway Funding LLC, Series 2024-3A, Class A2II                                            | CUSIP: 864300AJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    497500 | PA      | $496998.82    | 0.11%             | 2054-07-30      | Fixed         | 5.57%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                        | Athene Global Funding                                                                     | CUSIP: 04685A3V1<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1184000 | PA      | $1194832.21   | 0.26%             | 2026-05-08      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 912828YB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1384000 | PA      | $1274793.75   | 0.28%             | 2029-08-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                               | ACM Auto Trust, Series 2025-1A, Class A                                                   | CUSIP: 00161EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300853 | PA      | $301165.88    | 0.07%             | 2029-06-20      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                          | U.S. Treasury Long Bonds                                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         2 | NC      | $4058.76      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris, Inc.                                | Viatris, Inc.                                                                             | CUSIP: 92556VAD8<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |   2271000 | PA      | $2023663.78   | 0.45%             | 2030-06-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: —       |
| LPL Holdings, Inc.                           | LPL Holdings, Inc.                                                                        | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1416000 | PA      | $1375900.32   | 0.30%             | 2029-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                | Lendbuzz Securitization Trust, Series 2024-1A, Class A2                                   | CUSIP: 525935AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    698902 | PA      | $704795.57    | 0.16%             | 2029-08-15      | Fixed         | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Reach ABS Trust                              | Reach ABS Trust, Series 2024-2A, Class A                                                  | CUSIP: 75525HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    193272 | PA      | $193778.66    | 0.04%             | 2031-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                                                     | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1882000 | PA      | $1929434.36   | 0.43%             | 2031-01-24      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| NLG Global Funding                           | NLG Global Funding                                                                        | CUSIP: 62915W2A0<br>LEI: 635400SKBQOWEJZLTW68 | Long             | DBT              | CORP              | US        |   1266000 | PA      | $1303922.40   | 0.29%             | 2030-01-23      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.              | Jefferies Financial Group, Inc.                                                           | CUSIP: 47233JBH0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $996561.79    | 0.22%             | 2030-01-23      | Fixed         | 4.15%                 | No            |                  2 | On Loan: —       |
| Auxilior Term Funding LLC                    | Auxilior Term Funding LLC, Series 2023-1A, Class A2                                       | CUSIP: 05335JAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    461540 | PA      | $465395.27    | 0.10%             | 2028-12-15      | Fixed         | 6.18%                 | Yes           |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                          | Intesa Sanpaolo SpA                                                                       | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   3050000 | PA      | $3057110.56   | 0.68%             | 2026-01-15      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: —       |
| PRM5 Trust                                   | PRM5 Trust, Series 2025-PRM5, Class D                                                     | CUSIP: 693980AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $597969.06    | 0.13%             | 2033-03-10      | Variable      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| CI Financial Corp.                           | CI Financial Corp.                                                                        | CUSIP: 125491AT7<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |   2303000 | PA      | $2431053.59   | 0.54%             | 2029-05-30      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Extra Space Storage LP                       | Extra Space Storage LP                                                                    | CUSIP: 30225VAF4<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    335000 | PA      | $296367.81    | 0.07%             | 2031-06-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: —       |
| STAR Trust                                   | STAR Trust, Series 2025-SFR5, Class A                                                     | CUSIP: 85520CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1279000 | PA      | $1281285.57   | 0.28%             | 2042-02-17      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Westpac New Zealand Ltd.                     | Westpac New Zealand Ltd.                                                                  | CUSIP: 96122FAB3<br>LEI: 549300MW73M5PK1PNG73 | Long             | DBT              | CORP              | NZ        |    695000 | PA      | $704092.75    | 0.16%             | 2027-02-26      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: —       |
| Angel Oak SB Commercial Mortgage Trust       | Angel Oak SB Commercial Mortgage Trust, Series 2020-SBC1, Class A1                        | CUSIP: 03465BAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    348739 | PA      | $329362.27    | 0.07%             | 2050-05-25      | Variable      | 2.07%                 | Yes           |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Bills                                                                       | CUSIP: 912797QH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1530000 | PA      | $1523678.13   | 0.34%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                            | NatWest Group plc                                                                         | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   2759000 | PA      | $2805142.56   | 0.62%             | 2031-05-23      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| PK Alift Loan Funding 3 LP                   | PK Alift Loan Funding 3 LP, Series 2024-1, Class A1                                       | CUSIP: 69291VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    313263 | PA      | $317575.84    | 0.07%             | 2039-09-15      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| NRM FNT1 Excess LLC                          | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A                                            | CUSIP: 62956YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    308409 | PA      | $313814.23    | 0.07%             | 2031-11-25      | Variable      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC         | Charter Communications Operating LLC                                                      | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1137000 | PA      | $1136935.11   | 0.25%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| GNMA                                         | GNMA, Series 2023-101, Class FM                                                           | CUSIP: 38384CBT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1935094 | PA      | $1932014.72   | 0.43%             | 2053-07-20      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Enact Holdings, Inc.                         | Enact Holdings, Inc.                                                                      | CUSIP: 29249EAA7<br>LEI: 9845003CA5664B741N19 | Long             | DBT              | CORP              | US        |   1814000 | PA      | $1883263.22   | 0.42%             | 2029-05-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust     | Research-Driven Pagaya Motor Asset Trust, Series 2025-1A, Class B                         | CUSIP: 76089YAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1198541.52   | 0.27%             | 2033-06-27      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                | AIB Group plc                                                                             | CUSIP: 00135TAD6<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |    500000 | PA      | $529251.47    | 0.12%             | 2029-09-13      | Variable      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| Raizen Fuels Finance SA                      | Raizen Fuels Finance SA                                                                   | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |    812000 | PA      | $806925.00    | 0.18%             | 2032-07-08      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                         | GNMA I, 30 Year                                                                           | CUSIP: 36241LCE4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        99 | PA      | $100.88       | 0.00%             | 2030-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Ally Financial, Inc.                         | Ally Financial, Inc.                                                                      | CUSIP: 02005NBU3<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1882000 | PA      | $1987775.08   | 0.44%             | 2030-01-03      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC, REMIC, Series 5529, Class AF                                                       | CUSIP: 3137HKU51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1279576 | PA      | $1277447.84   | 0.28%             | 2055-03-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| NJ                                           | NJ, Series 2025-WBRK, Class C                                                             | CUSIP: 65486BAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540000 | PA      | $542382.37    | 0.12%             | 2035-03-05      | Variable      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                 | Blue Owl Credit Income Corp.                                                              | CUSIP: 69120VAZ4<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    320000 | PA      | $329285.04    | 0.07%             | 2031-03-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: —       |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CKT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4751000 | PA      | $4881652.50   | 1.08%             | 2029-05-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                   | J.P. Morgan Mortgage Trust, Series 2023-HE2, Class A1                                     | CUSIP: 46657FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    511052 | PA      | $513514.77    | 0.11%             | 2054-03-20      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                      | Mosaic Solar Loan Trust, Series 2021-1A, Class B                                          | CUSIP: 61947DAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    672797 | PA      | $536747.21    | 0.12%             | 2046-12-20      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                             | Deutsche Bank AG                                                                          | CUSIP: 25160PAQ0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1772000 | PA      | $1803544.10   | 0.40%             | 2029-01-10      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| Antares Holdings LP                          | Antares Holdings LP                                                                       | CUSIP: 03666HAE1<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |    495000 | PA      | $476084.41    | 0.11%             | 2027-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Charles Schwab Corp. (The)                   | Charles Schwab Corp. (The)                                                                | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    600000 | PA      | $610215.66    | 0.13%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Subway Funding LLC                           | Subway Funding LLC, Series 2024-3A, Class A2I                                             | CUSIP: 864300AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    625371 | PA      | $623162.11    | 0.14%             | 2054-07-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| KeyBank NA                                   | KeyBank NA                                                                                | CUSIP: 49327M3F9<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    500000 | PA      | $516335.06    | 0.11%             | 2027-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: —       |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 3138EGTR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13863 | PA      | $14612.46     | 0.00%             | 2037-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| XPLR Infrastructure Operating Partners LP    | XPLR Infrastructure Operating Partners LP                                                 | CUSIP: 65342QAL6<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |   1147000 | PA      | $1121327.04   | 0.25%             | 2026-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FOCUS Brands Funding LLC                     | FOCUS Brands Funding LLC, Series 2017-1A, Class A2II                                      | CUSIP: 34417MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2252160 | PA      | $2239828.30   | 0.50%             | 2047-04-30      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CDP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    845000 | PA      | $780799.81    | 0.17%             | 2028-12-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31390ABQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2668 | PA      | $2787.86      | 0.00%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables XII LLC   | Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class A2                      | CUSIP: 03236YAB1<br>LEI: 5493000K1GV1VHEHGY40 | Long             | ABS-O            | CORP              | US        |    256687 | PA      | $259255.19    | 0.06%             | 2029-12-20      | Fixed         | 6.09%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                  | Extended Stay America Trust, Series 2021-ESH, Class B                                     | CUSIP: 30227FAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1029273 | PA      | $1030326.11   | 0.23%             | 2038-07-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                 | UBS Group AG                                                                              | CUSIP: 90352JAC7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   4759000 | PA      | $4733953.62   | 1.05%             | 2028-03-23      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Alterna Funding III LLC                      | Alterna Funding III LLC, Series 2024-1A, Class A                                          | CUSIP: 02157JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    820051 | PA      | $828334.58    | 0.18%             | 2039-05-16      | Fixed         | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                | Lendbuzz Securitization Trust, Series 2024-3A, Class A2                                   | CUSIP: 52609YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340250 | PA      | $340706.78    | 0.08%             | 2029-10-15      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| Home RE Ltd.                                 | Home RE Ltd., Series 2021-2, Class B1                                                     | CUSIP: 43730VAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1005000 | PA      | $1031215.43   | 0.23%             | 2034-01-25      | Floating      | 8.46%                 | Yes           |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class B                                  | CUSIP: 811304AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    437000 | PA      | $435516.56    | 0.10%             | 2039-05-15      | Floating      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| INTOWN Mortgage Trust                        | INTOWN Mortgage Trust, Series 2025-STAY, Class C                                          | CUSIP: 46117WAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1976000 | PA      | $1973140.93   | 0.44%             | 2042-03-15      | Floating      | 6.56%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC                                                                                     | CUSIP: 31300LBF1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79908 | PA      | $81650.15     | 0.02%             | 2038-07-01      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                          | U.S. Treasury 10 Year Notes                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -167 | NC      | $-401769.34   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Fortitude Group Holdings LLC                 | Fortitude Group Holdings LLC                                                              | CUSIP: 34966XAA6<br>LEI: 2549006R9ZUL08JFIH12 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514622.18    | 0.11%             | 2030-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CJE2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12977000 | PA      | $13004557.70  | 2.88%             | 2025-10-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| VOLT XCVI LLC                                | VOLT XCVI LLC, Series 2021-NPL5, Class A1                                                 | CUSIP: 92873FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     45321 | PA      | $45341.51     | 0.01%             | 2051-03-27      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC Gold Pool, 30 Year                                                                  | CUSIP: 3128M7S49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2599 | PA      | $2701.38      | 0.00%             | 2032-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                           | Banco Santander SA                                                                        | CUSIP: 05964HAU9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   2400000 | PA      | $2479751.64   | 0.55%             | 2028-08-08      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                      | Hyundai Capital America                                                                   | CUSIP: 44891ADV6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2317048.93   | 0.51%             | 2028-06-23      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Stanwich Mortgage Loan Co. LLC               | Stanwich Mortgage Loan Co. LLC, Series 2021-NPB1, Class A1                                | CUSIP: 85501YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1618 | PA      | $1619.32      | 0.00%             | 2026-10-16      | Variable      | 6.23%                 | Yes           |                  2 | On Loan: No      |
| CSMC Trust                                   | CSMC Trust, Series 2022-RPL4, Class A1                                                    | CUSIP: 12663TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1226447 | PA      | $1189159.19   | 0.26%             | 2062-04-25      | Variable      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Citadel Securities Global Holdings LLC       | Citadel Securities Global Holdings LLC                                                    | CUSIP: 17289RAA4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1138730.49   | 0.25%             | 2030-06-18      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC                                                                                     | CUSIP: 3128S5PL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     35087 | PA      | $35883.68     | 0.01%             | 2038-06-01      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                 | Barclays plc                                                                              | CUSIP: 06738EBZ7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2101000 | PA      | $2101634.69   | 0.46%             | 2026-08-09      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners ABS Funding Ltd.      | Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2                         | CUSIP: 38177UAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    412130 | PA      | $410357.74    | 0.09%             | 2029-01-22      | Fixed         | 3.21%                 | Yes           |                  2 | On Loan: No      |
| CFMT LLC                                     | CFMT LLC, Series 2023-HB12, Class M1                                                      | CUSIP: 12530QAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2025000 | PA      | $1993165.18   | 0.44%             | 2033-04-25      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ALTDE Trust                                  | ALTDE Trust, Series 2025-1A, Class A                                                      | CUSIP: 00166NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    755096 | PA      | $771658.31    | 0.17%             | 2050-08-15      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Concentrix Corp.                             | Concentrix Corp.                                                                          | CUSIP: 20602DAA9<br>LEI: 5493000EAJN1KMPVA737 | Long             | DBT              | CORP              | US        |   1468000 | PA      | $1495133.12   | 0.33%             | 2026-08-02      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    138000 | PA      | $138740.35    | 0.03%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Synovus Bank                                 | Synovus Bank                                                                              | CUSIP: 87164DVJ6<br>LEI: DX0JX77PRMOELF7VG772 | Long             | DBT              | CORP              | US        |    737000 | PA      | $745158.06    | 0.16%             | 2028-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust                      | Mosaic Solar Loan Trust, Series 2019-2A, Class B                                          | CUSIP: 61945LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1525112 | PA      | $1377289.67   | 0.30%             | 2040-09-20      | Fixed         | 3.28%                 | Yes           |                  2 | On Loan: No      |
| PNMAC GMSR Issuer Trust                      | PNMAC GMSR Issuer Trust, Series 2024-GT1, Class A                                         | CUSIP: 69354WAJ5<br>LEI: 5493007JEN3QN6CZC711 | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $710453.94    | 0.16%             | 2029-03-25      | Floating      | 7.52%                 | Yes           |                  2 | On Loan: No      |
| A/S Mileage Plan IP Ltd.                     | A/S Mileage Plan IP Ltd.                                                                  | CUSIP: 00218QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1167000 | PA      | $1155506.60   | 0.26%             | 2029-10-20      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: —       |
| FHLMC                                        | FHLMC Gold Pool, 30 Year                                                                  | CUSIP: 3128M7S56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3190 | PA      | $3368.90      | 0.00%             | 2031-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                         | GNMA, Series 2025-2, Class FB                                                             | CUSIP: 38385BP53<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1984629 | PA      | $1985389.57   | 0.44%             | 2054-12-20      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                | Lendbuzz Securitization Trust, Series 2025-2A, Class A2                                   | CUSIP: 52611JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2200000 | PA      | $2206264.16   | 0.49%             | 2030-05-15      | Fixed         | 5.18%                 | Yes           |                  2 | On Loan: No      |
| Bank of New York Mellon (The)                | Bank of New York Mellon (The)                                                             | CUSIP: 06405LAH4<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |    995000 | PA      | $1009205.45   | 0.22%             | 2029-04-20      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                        | Theorem Funding Trust, Series 2022-3A, Class A                                            | CUSIP: 882925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19319 | PA      | $19362.30     | 0.00%             | 2029-04-15      | Fixed         | 7.60%                 | Yes           |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes               | Chase Auto Credit Linked Notes, Series 2025-1, Class B                                    | CUSIP: 46591HCS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1560000 | PA      | $1565048.16   | 0.35%             | 2033-02-25      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust          | New Residential Mortgage Loan Trust, Series 2019-1A, Class A1                             | CUSIP: 64830CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    145638 | PA      | $135986.91    | 0.03%             | 2057-09-25      | Variable      | 3.80%                 | Yes           |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes               | Chase Auto Credit Linked Notes, Series 2025-1, Class C                                    | CUSIP: 46591HCT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $701880.01    | 0.16%             | 2033-02-25      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Oaktree Strategic Credit Fund                | Oaktree Strategic Credit Fund                                                             | CUSIP: 67403AAE9<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1116762.15   | 0.25%             | 2029-07-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust          | New Residential Mortgage Loan Trust, Series 2015-2A, Class A1                             | CUSIP: 64829EAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54802 | PA      | $53239.48     | 0.01%             | 2055-08-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                   | LAD Auto Receivables Trust, Series 2024-1A, Class A3                                      | CUSIP: 501689AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    627599 | PA      | $629063.95    | 0.14%             | 2028-01-18      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Jersey Mike's Funding LLC                    | Jersey Mike's Funding LLC, Series 2019-1A, Class A2                                       | CUSIP: 476681AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    748525 | PA      | $742526.55    | 0.16%             | 2050-02-15      | Fixed         | 4.43%                 | Yes           |                  2 | On Loan: No      |
| Amcor Flexibles North America, Inc.          | Amcor Flexibles North America, Inc.                                                       | CUSIP: 02344AAD0<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |    510000 | PA      | $518923.30    | 0.11%             | 2030-03-17      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CCY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    288000 | PA      | $266518.13    | 0.06%             | 2028-09-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CFW6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7192000 | PA      | $7196244.86   | 1.59%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Bank of New York Mellon Corp. (The)          | Bank of New York Mellon Corp. (The)                                                       | CUSIP: 06406RCB1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    690000 | PA      | $704778.04    | 0.16%             | 2031-02-11      | Variable      | 4.94%                 | No            |                  2 | On Loan: —       |
| CI Financial Corp.                           | CI Financial Corp.                                                                        | CUSIP: 125491AN0<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |    260000 | PA      | $229470.35    | 0.05%             | 2030-12-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                       | Goldman Sachs Bank USA                                                                    | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    841000 | PA      | $848085.15    | 0.19%             | 2027-05-21      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31380EJH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        29 | PA      | $29.50        | 0.00%             | 2028-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                      | American Airlines, Inc.                                                                   | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1153847 | PA      | $1151920.79   | 0.25%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CKS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1358000 | PA      | $1367829.19   | 0.30%             | 2026-05-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC, REMIC, Series 5402, Class FB                                                       | CUSIP: 3137HC3A8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    823144 | PA      | $825089.36    | 0.18%             | 2054-04-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Essent Group Ltd.                            | Essent Group Ltd.                                                                         | CUSIP: 29669JAA7<br>LEI: 254900QUO860OUT6ZF83 | Long             | DBT              | CORP              | BM        |   1802000 | PA      | $1867331.02   | 0.41%             | 2029-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                              | Citigroup, Inc.                                                                           | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    653000 | PA      | $654497.58    | 0.14%             | 2026-09-29      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                      | Uber Technologies, Inc.                                                                   | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    920000 | PA      | $915231.08    | 0.20%             | 2029-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: —       |
| General Motors Financial Co., Inc.           | General Motors Financial Co., Inc.                                                        | CUSIP: 37045XFG6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    893000 | PA      | $903849.38    | 0.20%             | 2032-04-04      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Co.                                                                         | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1821353.61   | 0.40%             | 2031-01-24      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| GAIA Aviation Ltd.                           | GAIA Aviation Ltd., Series 2019-1, Class A                                                | CUSIP: 87404LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    370928 | PA      | $358337.61    | 0.08%             | 2044-12-15      | Variable      | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Capital Power US Holdings, Inc.              | Capital Power US Holdings, Inc.                                                           | CUSIP: 14041TAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2996000 | PA      | $3037188.65   | 0.67%             | 2028-06-01      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| General Motors Financial Co., Inc.           | General Motors Financial Co., Inc.                                                        | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    656000 | PA      | $659099.05    | 0.15%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FNMA                                         | FNMA, REMIC, Series 2023-46, Class FA                                                     | CUSIP: 3136BQLF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1943396 | PA      | $1949522.70   | 0.43%             | 2053-10-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                            | Clarios Global LP                                                                         | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     40000 | PA      | $41623.48     | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Hawaii Hotel Trust                           | Hawaii Hotel Trust, Series 2025-MAUI, Class A                                             | CUSIP: 419909AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    520000 | PA      | $521008.75    | 0.12%             | 2042-03-15      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Wingspire Equipment Finance LLC              | Wingspire Equipment Finance LLC, Series 2024-1A, Class A2                                 | CUSIP: 97415AAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    347000 | PA      | $347389.20    | 0.08%             | 2032-09-20      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CJS1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    215000 | PA      | $215012.57    | 0.05%             | 2025-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC                          | Rocket Mortgage LLC                                                                       | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1340923.68   | 0.30%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| MACH 1 Cayman Ltd.                           | MACH 1 Cayman Ltd., Series 2019-1, Class A                                                | CUSIP: 55446MAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    159834 | PA      | $155600.83    | 0.03%             | 2039-10-15      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Newtek Small Business Loan Trust             | Newtek Small Business Loan Trust, Series 2023-1, Class A                                  | CUSIP: 65254RAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    483905 | PA      | $489060.67    | 0.11%             | 2050-07-25      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Citadel LP                                   | Citadel LP                                                                                | CUSIP: 17288XAD6<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |   1819000 | PA      | $1881460.71   | 0.42%             | 2030-01-23      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: —       |
| ECMC Group Student Loan Trust                | ECMC Group Student Loan Trust, Series 2020-3A, Class A1B                                  | CUSIP: 26833BAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    431546 | PA      | $433924.41    | 0.10%             | 2070-01-27      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Delta Air Lines, Inc.                        | Delta Air Lines, Inc./SkyMiles IP Ltd.                                                    | CUSIP: 830867AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    296827 | PA      | $296148.68    | 0.07%             | 2025-10-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes       | NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A                         | CUSIP: 65246QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370818 | PA      | $359557.42    | 0.08%             | 2026-11-25      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| Seagate HDD Cayman                           | Seagate HDD Cayman                                                                        | CUSIP: 81180WBM2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    900000 | PA      | $1015266.60   | 0.22%             | 2032-12-01      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Silver Hill Trust                            | Silver Hill Trust, Series 2019-1, Class A1                                                | CUSIP: 82773XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     83589 | PA      | $82292.74     | 0.02%             | 2049-11-25      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Pacific Gas and Electric Co.                 | Pacific Gas and Electric Co.                                                              | CUSIP: 694308KL0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    370000 | PA      | $383474.78    | 0.08%             | 2029-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Liberty Utilities Co.                        | Liberty Utilities Co.                                                                     | CUSIP: 531542AA6<br>LEI: 549300UN1FEYPC5BKW09 | Long             | DBT              | CORP              | US        |    482000 | PA      | $496088.20    | 0.11%             | 2029-01-31      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PDX1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3330000 | PA      | $3500584.51   | 0.77%             | 2029-10-23      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC                        | Foundry JV Holdco LLC                                                                     | CUSIP: 350930AG8<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1987023.25   | 0.44%             | 2033-01-25      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)     | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475BV6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1315000 | PA      | $1335208.53   | 0.30%             | 2028-01-21      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| ACHV ABS Trust                               | ACHV ABS Trust, Series 2024-3AL, Class C                                                  | CUSIP: 00092KAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183438 | PA      | $183801.53    | 0.04%             | 2031-12-26      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Goddard Funding LLC                          | Goddard Funding LLC, Series 2024-1A, Class A2                                             | CUSIP: 380241AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    654710 | PA      | $665329.53    | 0.15%             | 2054-10-30      | Fixed         | 6.83%                 | Yes           |                  2 | On Loan: No      |
| Start II Ltd.                                | Start II Ltd., Series 2019-1, Class A                                                     | CUSIP: 85573LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |   1045211 | PA      | $1035157.34   | 0.23%             | 2044-03-15      | Fixed         | 4.09%                 | Yes           |                  2 | On Loan: No      |
| SERVPRO Master Issuer LLC                    | SERVPRO Master Issuer LLC, Series 2019-1A, Class A2                                       | CUSIP: 817743AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1074465 | PA      | $1057515.74   | 0.23%             | 2049-10-25      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.              | Jefferies Financial Group, Inc.                                                           | CUSIP: 47233JGT9<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    325000 | PA      | $282909.87    | 0.06%             | 2031-10-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: —       |
| GNMA                                         | GNMA, Series 2012-H15, Class FA                                                           | CUSIP: 38375BUB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        84 | PA      | $83.29        | 0.00%             | 2062-05-20      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                        | Theorem Funding Trust, Series 2022-3A, Class B                                            | CUSIP: 882925AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    852000 | PA      | $870490.10    | 0.19%             | 2029-04-15      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| Vontier Corp.                                | Vontier Corp.                                                                             | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   2556000 | PA      | $2501229.78   | 0.55%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                       | Oportun Issuance Trust, Series 2025-A, Class C                                            | CUSIP: 68377TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    719000 | PA      | $719202.76    | 0.16%             | 2033-02-08      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| ACM Auto Trust                               | ACM Auto Trust, Series 2025-2A, Class A                                                   | CUSIP: 00161TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1694794 | PA      | $1697285.44   | 0.38%             | 2028-06-20      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| HLTN Commercial Mortgage Trust               | HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class B                                 | CUSIP: 40424UAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $400702.64    | 0.09%             | 2041-06-15      | Floating      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31416JAZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21043 | PA      | $22164.31     | 0.00%             | 2037-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC, REMIC, Series 5556, Class FA                                                       | CUSIP: 3137HMBS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3690000 | PA      | $3694764.16   | 0.82%             | 2055-07-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Neighborly Issuer LLC                        | Neighborly Issuer LLC, Series 2021-1A, Class A2                                           | CUSIP: 64016NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1243200 | PA      | $1164481.32   | 0.26%             | 2051-04-30      | Fixed         | 3.58%                 | Yes           |                  2 | On Loan: No      |
| Cologix Data Centers US Issuer LLC           | Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2                              | CUSIP: 19521UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1225000 | PA      | $1186143.86   | 0.26%             | 2051-12-26      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| STAR Trust                                   | STAR Trust, Series 2021-SFR2, Class F                                                     | CUSIP: 78474LAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    509000 | PA      | $510263.44    | 0.11%             | 2039-01-17      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| Jefferies Financial Group, Inc.              | Jefferies Financial Group, Inc.                                                           | CUSIP: 47233JDX3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    562000 | PA      | $474295.89    | 0.10%             | 2032-10-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)              | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38145GAM2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1356000 | PA      | $1357917.60   | 0.30%             | 2026-08-10      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                 | Blue Owl Credit Income Corp.                                                              | CUSIP: 09581CAB7<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    905000 | PA      | $931429.42    | 0.21%             | 2029-09-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Smithfield Foods, Inc.                       | Smithfield Foods, Inc.                                                                    | CUSIP: 832248AZ1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |   2928000 | PA      | $2900898.87   | 0.64%             | 2027-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                         | LHOME Mortgage Trust, Series 2024-RTL1, Class A1                                          | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    610000 | PA      | $616244.08    | 0.14%             | 2029-01-25      | Variable      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                     | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  15683816 | NS      | $15683815.60  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings, Inc.                       | Kyndryl Holdings, Inc.                                                                    | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |   1786000 | PA      | $1613774.54   | 0.36%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BFLD Mortgage Trust                          | BFLD Mortgage Trust, Series 2024-VICT, Class A                                            | CUSIP: 05555VAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1762000 | PA      | $1769306.13   | 0.39%             | 2041-07-15      | Floating      | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Vantage Data Centers Issuer LLC              | Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2                                 | CUSIP: 92212KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1389181.50   | 0.31%             | 2045-09-15      | Fixed         | 1.65%                 | Yes           |                  2 | On Loan: No      |
| United Airlines, Inc.                        | United Airlines, Inc.                                                                     | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   1643000 | PA      | $1633165.17   | 0.36%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust            | GLS Auto Select Receivables Trust, Series 2024-1A, Class A2                               | CUSIP: 37988XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    501487 | PA      | $504496.26    | 0.11%             | 2030-03-15      | Fixed         | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Hexcel Corp.                                 | Hexcel Corp.                                                                              | CUSIP: 428291AN8<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |    870000 | PA      | $862073.48    | 0.19%             | 2027-02-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: —       |
| MAPS Trust                                   | MAPS Trust, Series 2021-1A, Class A                                                       | CUSIP: 55292RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220156 | PA      | $207625.95    | 0.05%             | 2046-06-15      | Fixed         | 2.52%                 | Yes           |                  2 | On Loan: No      |
| FNMA or FHLMC                                | UMBS, Single Family, 30 Year                                                              | CUSIP: 01F060675<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  16348000 | PA      | $16614298.29  | 3.67%             | 2055-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Mortgage Trust                   | J.P. Morgan Mortgage Trust, Series 2024-HE2, Class A1                                     | CUSIP: 46593HAA6<br>LEI: 529900ELA1S09AZO9Q54 | Long             | ABS-O            | CORP              | US        |    289406 | PA      | $289339.47    | 0.06%             | 2054-10-20      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Qorvo, Inc.                                  | Qorvo, Inc.                                                                               | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |    965000 | PA      | $871053.68    | 0.19%             | 2031-04-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Loanpal Solar Loan Ltd.                      | Loanpal Solar Loan Ltd., Series 2021-1GS, Class A                                         | CUSIP: 53948PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    800255 | PA      | $668962.17    | 0.15%             | 2048-01-20      | Fixed         | 2.29%                 | Yes           |                  2 | On Loan: No      |
| HYT Commercial Mortgage Trust                | HYT Commercial Mortgage Trust, Series 2024-RGCY, Class A                                  | CUSIP: 449173AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    380000 | PA      | $380886.24    | 0.08%             | 2041-09-15      | Floating      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| ONEOK, Inc.                                  | ONEOK, Inc.                                                                               | CUSIP: 682680CQ4<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    835000 | PA      | $853151.73    | 0.19%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| Domino's Pizza Master Issuer LLC             | Domino's Pizza Master Issuer LLC, Series 2018-1A, Class A2I                               | CUSIP: 25755TAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    513545 | PA      | $512001.59    | 0.11%             | 2048-07-25      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31382KWD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       366 | PA      | $378.12       | 0.00%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CDF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     37000 | PA      | $34316.05     | 0.01%             | 2028-10-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                             | CCO Holdings LLC                                                                          | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    704000 | PA      | $702217.49    | 0.16%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                | Lendbuzz Securitization Trust, Series 2025-1A, Class A2                                   | CUSIP: 525938AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $752751.23    | 0.17%             | 2030-10-15      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                         | GNMA I, Single Family, 30 Year                                                            | CUSIP: 36296DNA2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     37488 | PA      | $39099.87     | 0.01%             | 2038-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Oscar US Funding XVI LLC                     | Oscar US Funding XVI LLC, Series 2024-1A, Class A2                                        | CUSIP: 68784GAB9<br>LEI: 3538004TGTV49T7RNL88 | Long             | ABS-O            | CORP              | JP        |    242817 | PA      | $243601.14    | 0.05%             | 2027-02-10      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| TX Trust                                     | TX Trust, Series 2024-HOU, Class A                                                        | CUSIP: 90216DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $373240.76    | 0.08%             | 2039-06-15      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31383HYG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10015 | PA      | $10538.89     | 0.00%             | 2029-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Brean Asset-Backed Securities Trust          | Brean Asset-Backed Securities Trust, Series 2023-RM6, Class A1                            | CUSIP: 10638AAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1640759 | PA      | $1634898.13   | 0.36%             | 2063-01-25      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                    | Ford Motor Credit Co. LLC                                                                 | CUSIP: 345397G23<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    175000 | PA      | $171911.02    | 0.04%             | 2029-09-06      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Discovery Communications LLC                 | Discovery Communications LLC                                                              | CUSIP: 25470DBF5<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    308000 | PA      | $265044.78    | 0.06%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BHG Securitization Trust                     | BHG Securitization Trust, Series 2023-A, Class A                                          | CUSIP: 08860FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    372523 | PA      | $373189.31    | 0.08%             | 2036-04-17      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| EPR Properties                               | EPR Properties                                                                            | CUSIP: 26884UAG4<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    146000 | PA      | $132705.88    | 0.03%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BX Trust                                     | BX Trust, Series 2025-GW, Class B                                                         | CUSIP: 12433GAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1675000 | PA      | $1681455.28   | 0.37%             | 2042-07-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HLTN Commercial Mortgage Trust               | HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class A                                 | CUSIP: 40424UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    322500 | PA      | $323167.58    | 0.07%             | 2041-06-15      | Floating      | 5.95%                 | Yes           |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC               | PEAC Solutions Receivables LLC, Series 2024-1A, Class A2                                  | CUSIP: 69433BAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    334966 | PA      | $337672.48    | 0.07%             | 2027-06-21      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| BAMLL Trust                                  | BAMLL Trust, Series 2024-BHP, Class A                                                     | CUSIP: 05493WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    534000 | PA      | $537737.84    | 0.12%             | 2039-08-15      | Floating      | 6.66%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)     | PNC Financial Services Group, Inc. (The)                                                  | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   2113000 | PA      | $2140343.34   | 0.47%             | 2031-05-13      | Variable      | 4.90%                 | No            |                  2 | On Loan: —       |
| Driven Brands Funding LLC                    | Driven Brands Funding LLC, Series 2020-1A, Class A2                                       | CUSIP: 26209XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    682174 | PA      | $666622.55    | 0.15%             | 2050-07-20      | Fixed         | 3.79%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                     | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |  23199523 | NS      | $23199523.20  | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Master Issuer LLC             | Planet Fitness Master Issuer LLC, Series 2022-1A, Class A2II                              | CUSIP: 72703PAE3<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |    483750 | PA      | $447812.36    | 0.10%             | 2051-12-05      | Fixed         | 4.01%                 | Yes           |                  2 | On Loan: No      |
| Synovus Financial Corp.                      | Synovus Financial Corp.                                                                   | CUSIP: 87161CAN5<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |    390000 | PA      | $389862.87    | 0.09%             | 2025-08-11      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC Seasoned Credit Risk Transfer Trust, Series 2019-4, Class HA                        | CUSIP: 35563PMF3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    433073 | PA      | $379904.22    | 0.08%             | 2059-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce           | Canadian Imperial Bank of Commerce                                                        | CUSIP: 13607PH98<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    732000 | PA      | $740014.70    | 0.16%             | 2029-03-30      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| BAMLL Commercial Mortgage Securities Trust   | BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class BNM                    | CUSIP: 05492PAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    591000 | PA      | $554852.19    | 0.12%             | 2032-11-05      | Fixed         | 3.46%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust          | New Residential Mortgage Loan Trust, Series 2015-1A, Class A3                             | CUSIP: 64829CAD0<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-MBS          | CORP              | US        |      5011 | PA      | $4803.80      | 0.00%             | 2052-05-28      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| SHR Trust                                    | SHR Trust, Series 2024-LXRY, Class A                                                      | CUSIP: 784234AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $500619.80    | 0.11%             | 2041-10-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| American National Group, Inc.                | American National Group, Inc.                                                             | CUSIP: 025676AN7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |   1639000 | PA      | $1679202.87   | 0.37%             | 2029-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STAR Trust                                   | STAR Trust, Series 2025-SFR5, Class C                                                     | CUSIP: 85520CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    497000 | PA      | $497600.97    | 0.11%             | 2042-02-17      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC, REMIC, Series 5513, Class FA                                                       | CUSIP: 3137HKE42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    191636 | PA      | $191366.34    | 0.04%             | 2055-03-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co.                                                                      | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1897600.07   | 0.42%             | 2031-01-24      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                               | ACM Auto Trust, Series 2024-2A, Class A                                                   | CUSIP: 00461WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    478521 | PA      | $479838.85    | 0.11%             | 2029-02-20      | Fixed         | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Ally Financial, Inc.                         | Ally Financial, Inc.                                                                      | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1732000 | PA      | $1763202.86   | 0.39%             | 2029-05-15      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31371HQX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       815 | PA      | $841.85       | 0.00%             | 2029-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Eaton Vance Floating-Rate ETF                | Eaton Vance Floating-Rate ETF                                                             | CUSIP: 61774R833<br>LEI: 254900BDISIY9SGE8S56 | Long             |  | RF                | US        |    101000 | NS      | $5035860.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RAM LLC                                      | RAM LLC, Series 2025-1, Class A                                                           | CUSIP: 748950AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1677136 | PA      | $1683717.85   | 0.37%             | 2040-05-15      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| N/A                                          | U.S. Treasury 10 Year Ultra Bonds                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -27 | NC      | $-89067.74    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC                                        | FHLMC Gold Pool, 30 Year                                                                  | CUSIP: 3128M7SU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5830 | PA      | $6192.38      | 0.00%             | 2035-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Radnor Re Ltd.                               | Radnor Re Ltd., Series 2023-1, Class M1A                                                  | CUSIP: 75050KAA4<br>LEI: 254900P3K895250PCC81 | Long             | ABS-MBS          | CORP              | BM        |    556186 | PA      | $560082.01    | 0.12%             | 2033-07-25      | Floating      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                      | BPCE SA                                                                                   | CUSIP: 05571AAR6<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    799000 | PA      | $846431.76    | 0.19%             | 2029-10-19      | Variable      | 6.71%                 | Yes           |                  2 | On Loan: No      |
| Monroe Capital ABS Funding Ltd.              | Monroe Capital ABS Funding Ltd., Series 2021-1A, Class A2                                 | CUSIP: 610331AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    881468 | PA      | $872787.93    | 0.19%             | 2031-04-22      | Fixed         | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Chesapeake Funding II LLC                    | Chesapeake Funding II LLC, Series 2024-1A, Class A1                                       | CUSIP: 165183DE1<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    551500 | PA      | $557253.75    | 0.12%             | 2036-05-15      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Antares Holdings LP                          | Antares Holdings LP                                                                       | CUSIP: 03666HAD3<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |   1098000 | PA      | $1054257.52   | 0.23%             | 2027-01-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: —       |
| Oaktree Strategic Credit Fund                | Oaktree Strategic Credit Fund                                                             | CUSIP: 67403AAB5<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |    470000 | PA      | $506935.39    | 0.11%             | 2028-11-14      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                       | Cascade MH Asset Trust, Series 2022-MH1, Class A                                          | CUSIP: 14732KAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1336018 | PA      | $1296982.05   | 0.29%             | 2054-08-25      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Lunar Structured Aircraft Portfolio Notes    | Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A                         | CUSIP: 83438LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1301629 | PA      | $1214483.45   | 0.27%             | 2046-10-15      | Fixed         | 2.64%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                       | Oportun Issuance Trust, Series 2021-B, Class B                                            | CUSIP: 68377GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    364311 | PA      | $355816.42    | 0.08%             | 2031-05-08      | Fixed         | 1.96%                 | Yes           |                  2 | On Loan: No      |
| TerraForm Power Operating LLC                | TerraForm Power Operating LLC                                                             | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |    915000 | PA      | $906302.65    | 0.20%             | 2028-01-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Navigator Aviation Ltd.                      | Navigator Aviation Ltd., Series 2024-1, Class A                                           | CUSIP: 63943DAA7<br>LEI: 984500UF8C3O89B30652 | Long             | ABS-O            | CORP              | KY        |    584036 | PA      | $578883.77    | 0.13%             | 2049-08-15      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31378XA63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       756 | PA      | $780.91       | 0.00%             | 2028-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BFLD Commercial Mortgage Trust               | BFLD Commercial Mortgage Trust, Series 2024-UNIV, Class B                                 | CUSIP: 08861RAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $501503.50    | 0.11%             | 2041-11-15      | Floating      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31390QQS7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29827 | PA      | $31271.67     | 0.01%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp.                                                                     | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4151000 | PA      | $4151670.14   | 0.92%             | 2028-04-27      | Variable      | 4.38%                 | No            |                  2 | On Loan: —       |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31384V4M1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3665 | PA      | $3785.97      | 0.00%             | 2030-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                    | HCA, Inc.                                                                                 | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1481650.78   | 0.33%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ACM Auto Trust                               | ACM Auto Trust, Series 2025-1A, Class B                                                   | CUSIP: 00161EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1014168.60   | 0.22%             | 2031-11-20      | Fixed         | 7.87%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31418MJP8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7085 | PA      | $7521.30      | 0.00%             | 2037-08-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| American International Group, Inc.           | American International Group, Inc.                                                        | CUSIP: 026874DW4<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1514453.11   | 0.33%             | 2030-05-07      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding LLC                    | Auxilior Term Funding LLC, Series 2024-1A, Class A2                                       | CUSIP: 05335FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    147834 | PA      | $148613.47    | 0.03%             | 2027-03-15      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31382M2J2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3093 | PA      | $3194.63      | 0.00%             | 2029-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31382LM45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       704 | PA      | $727.49       | 0.00%             | 2029-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                         | FNMA, REMIC, Series 2024-33, Class KF                                                     | CUSIP: 3136BSFC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    541147 | PA      | $542995.81    | 0.12%             | 2054-01-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                      | BPCE SA                                                                                   | CUSIP: 05571AAZ8<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   3124000 | PA      | $3241527.54   | 0.72%             | 2031-01-14      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31418MJT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6112 | PA      | $6445.77      | 0.00%             | 2032-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NYCT Trust                                   | NYCT Trust, Series 2024-3ELV, Class A                                                     | CUSIP: 62956HAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    725000 | PA      | $730060.36    | 0.16%             | 2029-08-15      | Floating      | 6.30%                 | Yes           |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corp.            | Algonquin Power & Utilities Corp.                                                         | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   3700000 | PA      | $3720540.70   | 0.82%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CCE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     90000 | PA      | $83974.22     | 0.02%             | 2028-05-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Romania                                      | Romanian Government Bond                                                                  | CUSIP: N/A<br>LEI: 315700IASY927EDWBK92       | Long             | DBT              | NUSS              | RO        |   1044000 | PA      | $894353.95    | 0.20%             | 2031-02-14      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                         | GNMA, Series 2015-H13, Class FL                                                           | CUSIP: 38376RCN4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2509 | PA      | $2487.70      | 0.00%             | 2063-05-20      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| LOANDEPOT GMSR Trust                         | loanDepot GMSR Trust, Series 2025-GT1, Class A                                            | CUSIP: 53946TAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1282000 | PA      | $1282000.00   | 0.28%             | 2030-05-16      | Floating      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| Reach Abs Trust                              | Reach Abs Trust, Series 2024-1A, Class A                                                  | CUSIP: 75526PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85866 | PA      | $86076.00     | 0.02%             | 2031-02-18      | Fixed         | 6.30%                 | Yes           |                  2 | On Loan: No      |
| TYSN Mortgage Trust                          | TYSN Mortgage Trust, Series 2023-CRNR, Class A                                            | CUSIP: 87332PAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540000 | PA      | $572480.24    | 0.13%             | 2033-12-10      | Variable      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Canada                      | National Bank of Canada                                                                   | CUSIP: 63307A3G8<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    650000 | PA      | $650207.44    | 0.14%             | 2027-03-05      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Oscar US Funding XVII LLC                    | Oscar US Funding XVII LLC, Series 2024-2A, Class A2                                       | CUSIP: 68784BAB0<br>LEI: 353800UI8625NXT7ND41 | Long             | ABS-O            | CORP              | JP        |    515076 | PA      | $514645.34    | 0.11%             | 2027-12-10      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| ReadyCap Lending Small Business Loan Trust   | ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A                        | CUSIP: 75576QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25282 | PA      | $25265.04     | 0.01%             | 2044-12-27      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC, REMIC, Series 5451, Class FA                                                       | CUSIP: 3137HFL60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1820583 | PA      | $1821152.71   | 0.40%             | 2054-09-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Dext ABS LLC                                 | Dext ABS LLC, Series 2023-2, Class A2                                                     | CUSIP: 25216CAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500076 | PA      | $504341.44    | 0.11%             | 2034-05-15      | Fixed         | 6.56%                 | Yes           |                  2 | On Loan: No      |
| Seaspan Corp.                                | Seaspan Corp.                                                                             | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    841000 | PA      | $800216.88    | 0.18%             | 2029-08-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Tricon Residential Trust                     | Tricon Residential Trust, Series 2025-SFR1, Class C                                       | CUSIP: 895974AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1620000 | PA      | $1620582.71   | 0.36%             | 2042-03-17      | Floating      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| DOC DR LLC                                   | DOC DR LLC                                                                                | CUSIP: 71951QAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    940000 | PA      | $829874.88    | 0.18%             | 2031-11-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: —       |
| CSMC Trust                                   | CSMC Trust, Series 2021-BPNY, Class A                                                     | CUSIP: 12659XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1233623 | PA      | $1157634.95   | 0.26%             | 2026-08-15      | Floating      | 8.14%                 | Yes           |                  2 | On Loan: No      |
| Theorem Funding Trust                        | Theorem Funding Trust, Series 2023-1A, Class A                                            | CUSIP: 88338QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33137 | PA      | $33254.37     | 0.01%             | 2029-04-15      | Fixed         | 7.58%                 | Yes           |                  2 | On Loan: No      |
| NRZ FHT Excess LLC                           | NRZ FHT Excess LLC, Series 2020-FHT1, Class A                                             | CUSIP: 62955MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    156602 | PA      | $155497.00    | 0.03%             | 2025-11-25      | Fixed         | 4.21%                 | Yes           |                  2 | On Loan: No      |
| Sunnova Helios V Issuer LLC                  | Sunnova Helios V Issuer LLC, Series 2021-A, Class A                                       | CUSIP: 86746EAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    719493 | PA      | $564034.25    | 0.12%             | 2048-02-20      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31387KBA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3276 | PA      | $3383.69      | 0.00%             | 2031-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer LLC             | Planet Fitness Master Issuer LLC, Series 2024-1A, Class A2I                               | CUSIP: 72703PAF0<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |   1056020 | PA      | $1072990.14   | 0.24%             | 2054-06-05      | Fixed         | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Synovus Financial Corp.                      | Synovus Financial Corp.                                                                   | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |   1726000 | PA      | $1771204.70   | 0.39%             | 2030-11-01      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Warnermedia Holdings, Inc.                   | Warnermedia Holdings, Inc.                                                                | CUSIP: 55903VBA0<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   2753000 | PA      | $2569129.08   | 0.57%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                           | Banco Santander SA                                                                        | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1483000 | PA      | $1474802.17   | 0.33%             | 2028-03-24      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                  | Continental Resources, Inc.                                                               | CUSIP: 212015AV3<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    891000 | PA      | $749504.89    | 0.17%             | 2032-04-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Eaton Vance Ultra-Short Income ETF           | Eaton Vance Ultra-Short Income ETF                                                        | CUSIP: 61774R700<br>LEI: 254900V7QBF5XYWO0K24 | Long             |  | RF                | US        |     90000 | NS      | $4572900.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CKY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17870700 | PA      | $17977148.97  | 3.98%             | 2026-06-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 912828ZQ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     78000 | PA      | $67125.70     | 0.01%             | 2030-05-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| ServiceMaster Funding LLC                    | ServiceMaster Funding LLC, Series 2020-1, Class A2I                                       | CUSIP: 81761TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    376184 | PA      | $349964.88    | 0.08%             | 2051-01-30      | Fixed         | 2.84%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                       | Oportun Issuance Trust, Series 2025-A, Class B                                            | CUSIP: 68377TAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    274000 | PA      | $273816.58    | 0.06%             | 2033-02-08      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)              | Goldman Sachs Group, Inc. (The)                                                           | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1880000 | PA      | $1927811.30   | 0.43%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: —       |
| BNP Paribas SA                               | BNP Paribas SA                                                                            | CUSIP: 09659W2V5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2625000 | PA      | $2665296.93   | 0.59%             | 2029-01-13      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust               | Option One Mortgage Loan Trust, Series 2000-5, Class A                                    | CUSIP: 68389FBH6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25971 | PA      | $26339.51     | 0.01%             | 2030-08-20      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| Crockett Partners Equipment Co. IIA LLC      | Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A                          | CUSIP: 22689LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    412500 | PA      | $417199.83    | 0.09%             | 2031-01-20      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| American National Global Funding             | American National Global Funding                                                          | CUSIP: 02771D2A1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    303000 | PA      | $309627.27    | 0.07%             | 2030-01-28      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust            | GLS Auto Select Receivables Trust, Series 2024-2A, Class A2                               | CUSIP: 379924AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    154965 | PA      | $156479.18    | 0.03%             | 2030-06-17      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| A/S Mileage Plan IP Ltd.                     | A/S Mileage Plan IP Ltd.                                                                  | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    190000 | PA      | $187041.69    | 0.04%             | 2031-10-20      | Fixed         | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Marex Group plc                              | Marex Group plc                                                                           | CUSIP: 566539AA0<br>LEI: 549300DWX0SVICJAL507 | Long             | DBT              | CORP              | GB        |   1298000 | PA      | $1336625.38   | 0.30%             | 2029-11-04      | Fixed         | 6.40%                 | No            |                  2 | On Loan: —       |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31391C5N1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3317 | PA      | $3475.22      | 0.00%             | 2032-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                         | UMBS, 30 Year                                                                             | CUSIP: 31418MJQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11714 | PA      | $12196.55     | 0.00%             | 2033-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                         | GNMA, Series 2014-H03, Class FA                                                           | CUSIP: 38375UEJ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     11725 | PA      | $11756.03     | 0.00%             | 2064-01-20      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2322000 | PA      | $2334426.32   | 0.52%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Gilead Aviation LLC                          | Gilead Aviation LLC, Series 2025-1A, Class A                                              | CUSIP: 37556TAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    622294 | PA      | $635029.35    | 0.14%             | 2050-03-15      | Fixed         | 5.79%                 | Yes           |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                        | FMC GMSR Issuer Trust, Series 2022-GT2, Class A                                           | CUSIP: 30259RAP0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1627215.68   | 0.36%             | 2027-07-25      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| Jersey Mike's Funding                        | Jersey Mike's Funding, Series 2021-1A, Class A2I                                          | CUSIP: 476681AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    588060 | PA      | $569846.25    | 0.13%             | 2052-02-15      | Fixed         | 2.89%                 | Yes           |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                   | Occidental Petroleum Corp.                                                                | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    325000 | PA      | $326284.08    | 0.07%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: —       |
| American National Group, Inc.                | American National Group, Inc.                                                             | CUSIP: 02772AAA7<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |    546000 | PA      | $560515.64    | 0.12%             | 2032-06-13      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |
| ING Groep NV                                 | ING Groep NV                                                                              | CUSIP: 456837BR3<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   2800000 | PA      | $2848897.46   | 0.63%             | 2031-03-25      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                           | T-Mobile USA, Inc.                                                                        | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2030000 | PA      | $1818252.49   | 0.40%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                           | VICI Properties LP                                                                        | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1431000 | PA      | $1385175.54   | 0.31%             | 2029-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| BF Mortgage Trust                            | BF Mortgage Trust, Series 2019-NYT, Class A                                               | CUSIP: 62954PAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    578000 | PA      | $568584.55    | 0.13%             | 2035-12-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Ferrellgas LP                                | Ferrellgas LP                                                                             | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    894000 | PA      | $887323.07    | 0.20%             | 2026-04-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Wendy's Funding LLC                          | Wendy's Funding LLC, Series 2019-1A, Class A2I                                            | CUSIP: 95058XAG3<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |    405278 | PA      | $400054.67    | 0.09%             | 2049-06-15      | Fixed         | 3.78%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                        | Athene Global Funding                                                                     | CUSIP: 04685A3T6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   2132000 | PA      | $2168425.52   | 0.48%             | 2027-03-25      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| ORL Trust                                    | ORL Trust, Series 2024-GLKS, Class D                                                      | CUSIP: 67120DAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    254000 | PA      | $254202.03    | 0.06%             | 2039-12-15      | Floating      | 7.10%                 | Yes           |                  2 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes       | NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A                         | CUSIP: 62955MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    345451 | PA      | $337379.04    | 0.07%             | 2026-07-25      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                    | HCA, Inc.                                                                                 | CUSIP: 404119DA4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1252000 | PA      | $1292768.59   | 0.29%             | 2032-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust     | Research-Driven Pagaya Motor Asset Trust, Series 2025-1A, Class A                         | CUSIP: 76089YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    906962 | PA      | $905673.12    | 0.20%             | 2033-06-27      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                          | Medline Borrower LP                                                                       | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    157000 | PA      | $155890.76    | 0.03%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: —       |
| United States of America                     | U.S. Treasury Notes                                                                       | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4517000 | PA      | $4579108.75   | 1.01%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Boeing Co. (The)                             | Boeing Co. (The)                                                                          | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2721000 | PA      | $2877391.68   | 0.64%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Grantor Trust                 | Pagaya AI Debt Grantor Trust, Series 2025-1, Class A2                                     | CUSIP: 69544NAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    529955 | PA      | $531570.00    | 0.12%             | 2032-07-15      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| Cajun Global LLC                             | Cajun Global LLC, Series 2021-1, Class A2                                                 | CUSIP: 12803VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1351784 | PA      | $1324185.33   | 0.29%             | 2051-11-20      | Fixed         | 3.93%                 | Yes           |                  2 | On Loan: No      |
| STAR Trust                                   | STAR Trust, Series 2022-SFR3, Class F                                                     | CUSIP: 78474PAN7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    420000 | PA      | $421149.71    | 0.09%             | 2039-05-17      | Floating      | 8.81%                 | Yes           |                  2 | On Loan: No      |
| Biogen, Inc.                                 | Biogen, Inc.                                                                              | CUSIP: 09062XAN3<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |   1208000 | PA      | $1230286.21   | 0.27%             | 2031-01-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC, REMIC, Series 5410, Class FE                                                       | CUSIP: 3137HCV82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    711532 | PA      | $713244.49    | 0.16%             | 2054-05-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                          | Petroleos Mexicanos                                                                       | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   1457000 | PA      | $1447788.26   | 0.32%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings, Inc.        | NextEra Energy Capital Holdings, Inc.                                                     | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1166757.87   | 0.26%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance LLC              | Post Road Equipment Finance LLC, Series 2024-1A, Class A2                                 | CUSIP: 737473AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    422257 | PA      | $424409.16    | 0.09%             | 2029-11-15      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| COPT Defense Properties LP                   | COPT Defense Properties LP                                                                | CUSIP: 22003BAM8<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |    805000 | PA      | $712461.35    | 0.16%             | 2031-04-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: —       |
| NextEra Energy Capital Holdings, Inc.        | NextEra Energy Capital Holdings, Inc.                                                     | CUSIP: 65339KCM0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    645000 | PA      | $653971.75    | 0.14%             | 2028-02-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: —       |
| FHLMC                                        | FHLMC, REMIC, Series 2182, Class ZC                                                       | CUSIP: 3133TM7G5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     58566 | PA      | $59747.99     | 0.01%             | 2029-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Oportun Funding Trust                        | Oportun Funding Trust, Series 2024-3, Class B                                             | CUSIP: 68377NAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $801112.80    | 0.18%             | 2029-08-15      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                 | BX Commercial Mortgage Trust, Series 2022-CSMO, Class A                                   | CUSIP: 05610MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $755666.25    | 0.17%             | 2027-06-15      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Truist Financial Corp.                       | Truist Financial Corp.                                                                    | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   1154000 | PA      | $1169732.30   | 0.26%             | 2027-06-08      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                | Centene Corp.                                                                             | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   2270000 | PA      | $2209385.10   | 0.49%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AASET MT-1 Ltd.                              | AASET Ltd., Series 2025-2A, Class A                                                       | CUSIP: 00039NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2550000 | PA      | $2580951.90   | 0.57%             | 2050-02-16      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Radian Group, Inc.                           | Radian Group, Inc.                                                                        | CUSIP: 750236AW1<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $2127729.33   | 0.47%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                        | FHLMC STACR REMIC Trust, Series 2021-DNA7, Class B2                                       | CUSIP: 35564KNE5<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |    685000 | PA      | $736239.85    | 0.16%             | 2041-11-25      | Floating      | 12.11%                | Yes           |                  2 | On Loan: No      |
| HAT Holdings I LLC                           | HAT Holdings I LLC                                                                        | CUSIP: 418751AD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1740000 | PA      | $1597879.41   | 0.35%             | 2030-09-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: —       |
| SoFi Consumer Loan Program Trust             | SoFi Consumer Loan Program Trust, Series 2025-2, Class B                                  | CUSIP: 83407HAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    945000 | PA      | $954190.79    | 0.21%             | 2034-06-25      | Fixed         | 4.97%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                           | Energy Transfer LP                                                                        | CUSIP: 29273VAZ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    368000 | PA      | $377119.67    | 0.08%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Great Wolf Trust                             | Great Wolf Trust, Series 2024-WOLF, Class A                                               | CUSIP: 39152MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1391000 | PA      | $1394924.43   | 0.31%             | 2039-03-15      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Swedbank AB                                  | Swedbank AB                                                                               | CUSIP: 87020PAX5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   1516000 | PA      | $1548926.60   | 0.34%             | 2026-09-12      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                         | GNMA, Series 2012-H20, Class BA                                                           | CUSIP: 38375BVQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     46055 | PA      | $46146.37     | 0.01%             | 2062-09-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC         | Charter Communications Operating LLC                                                      | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2633000 | PA      | $2757359.67   | 0.61%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Synchrony Bank                               | Synchrony Bank                                                                            | CUSIP: 87166FAD5<br>LEI: 549300UATVPGSLE43Z27 | Long             | DBT              | CORP              | US        |   1917000 | PA      | $1916673.44   | 0.42%             | 2025-08-22      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ACHV ABS Trust                               | ACHV ABS Trust, Series 2024-3AL, Class B                                                  | CUSIP: 00092KAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    322899 | PA      | $325001.11    | 0.07%             | 2031-12-26      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Morgan Stanley ETF Trust

**Signature:** Francis J. Smith

**Name of Signer:** Francis J. Smith

**Title:** Principal Financial Officer